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Perry Mehrling: Fischer Black and the Revolutionary Idea of Finance

ISBN: 0-471-45732-9
Hardcover
374 pages
August 2005

The story of a giant in the world of finance
Besides revolutionizing finance by providing the methodology to price a new instrument-through the Black-Scholes option pricing model-Fischer Black revolutionized Wall Street by effectively developing what is now known as quantitative finance. Black deciphered the universe of modern finance in ways that went underappreciated for many years-and would have won the Nobel Prize in Economics, if not for his untimely death in 1995.

Wiley is offering a 20% savings for Opalesque subscribers – price is only only GBP15.99/EUR20.88/USD$23.96plus P&P. Quote promotion code CWD when prompted, or contact cs-books@wiley.co.uk for further details. Access order page here: If you get this newsletter in the text version please paste the following link into your browser to access the links to Wiley: http://www.opalesque.com/main.php?act=recread. Remember to quote CWD for the reduced price.

To the Recommended Reading archive

How to get your money back when you lost confidence: Insiders tell story how Consulting Services Group (CSG) divested from Bayou over a year ago
Industry sources told Opalesque that contrary to recent media reports Consulting Services Group CSG actually divested from Bayou over a year ago.

CSG runs a program where the firm negotiates fee reductions for distribution and client services from fund of funds. All of those reductions are passed on to the end customer. According to the industry sources, the company is indifferent to whether a manager reduces his fee or not. All of the prospective funds are shown to the customers, together with information on the available discounts. Historically, investors have invested in both discounted fund of funds as well as fund of funds that did not offer discounts.

About 18 months ago the Bayou fund switched administrators. The reason given was to get ahead of the SEC and change the funds so that each of the funds would be designated for particular types of investors. Shortly after that the info flow slowed to a trickle and CSG became concerned that they could not verify funds invested. CSG could not get final NAV’s or audits.

According to the sources, CSG sent a series of questions in advance of a face to face meeting. During the meeting it became apparent that the info would not be forthcoming and the immediate indication was CSG would redeem. Bayou paid out 90% of the investment according to the documents. The remaining 10% was held back.

When it was time to receive the tail 10% Bayou indicated to the analyst that they would be closing the fund and they were given the “opportunity” to leave the last 10% in the fund and receive all of the gains to the closing date after the final audit. CSG and its clients took the remainder of their money in full. No online Source

Jewish charity says was Bayou fund victim
From TheStreet.com: Think the well-publicized travails of the Bayou hedge fund only matter to a bunch of jet-setters who should've known better? Think again. The Jewish Federation of Metropolitan Chicago, a major Chicago-area philanthropic organization, claims in a lawsuit that it lost $4 million on an investment it made last year in the onetime $400 million Connecticut-based hedge fund. Full article: {literal}Source{/literal}

Lifting the curtains on hedge-fund window dressing
From the WSJ: There are several names for it but the most common are Painting the Tape or Portfolio Window-Dressing. That's when a fund manager buys lots of shares in a specific company they already own, helping push the share price higher and thereby helping to dress up performance figures. Such practices have historically focused on the last day or days of the quarter, since mutual-fund managers focus intently on quarterly performance figures.

...But now it appears as if strange movements are appearing at the end of the month. Why? It may be because of the proliferation of hedge funds. Full article: (WSJ subscription required): {literal}Source{/literal}

Dow Jones Daily Hedge Fund Indices Estimates August 2005

 

August

YTD

Convertible Arbitrage

0.31

-6.05

Distressed Securities

1.36

5.41

Equity Long/Short (U.S.)

-0.33

-0.07

Equity Market Neutral

0.08

1

Event Driven

0.61

5.13

Merger Arbitrage

0.37

3.12
{literal}Source{/literal}

S&P Daily Hedge Fund Index Estimates August 2005

Index

 

MTD

YTD

 

 

 

 

S&P Hedge Fund Index

 

0.32%

1.44%

 

 

 

 

 

S&P Arbitrage Index

-0.32%

-0.11%

 

 

 

 

 

S&P Event-Driven Index

0.61%

3.82%

 

 

 

 

 

S&P Directional/Tactical Index

0.67%

0.60%

 

 

 

 

S&P Managed Futures Index

 

4.11%

-5.43%

 

 

 

 

S&P Equity Long/Short Index

 

0.93%

4.11%

 

 

 

 

 

S&P ELSI Index - US

0.16%

3.00%

 

 

 

 

 

S&P ELSI Index - Global Ex-US

 

1.69%

 

3.93%
{literal}Source{/literal}

Dutch regulator says transparency of hedge funds a cause for concern, publishes 76 page study, download link
The Dutch regulator AFM considers the lack of transparency of hedge funds to be a cause for concern. In a report published today, the AFM identifies a number of risks attached to the rapid rise of hedge funds. Although the AFM sees no pressing need for more regulation or tighter supervision, a follow-up investigation is to be carried out at a number of institutions, in order to obtain more information about Dutch market practices.

The rapid rise of hedge funds, combined with the trend towards 'retailisation' of hedge fund products, led the AFM to carry out its survey. Until a few years ago, hedge funds were almost exclusively the domain of very wealthy private investors. Because of the lowering of the investment thresholds and the rise of funds that offer a selection of hedge funds as a single product - the so-called fund-of-hedge funds - less affluent retail investors can now also participate in hedge funds. As a consequence, the risks associated with these products are becoming relevant to a growing and more vulnerable part of the investor population.

Based on the survey, the AFM identifies the hedge funds' lack of transparency as a key area of regulatory concern. In addition, the AFM calls into question whether fund managers themselves always have sufficient understanding of the investment policies and the risk profile of the hedge funds in which they invest. This might put at risk investors' interests. The AFM is carrying out a follow-up investigation to examine, amongst other things, possibilities for improving the transparency of hedge funds.

According to the AFM, there is currently no compelling case to introduce measures specifically targeted against hedge funds. Only a small number of hedge funds are authorised on the Dutch market: five single manager hedge funds and some forty-five fund-of-hedge funds. In contrast with many other countries, where hedge funds are only partially supervised, if at all, the funds on the Dutch market are subject to the same supervisory requirements as all other collective investment schemes. Hedge funds are exempt from supervision in the Netherlands if they are offered exclusively to professional parties, to less than 100 persons or if the value of the participations on offer is greater than 50,000 Euro.

Besides the risks attached to hedge funds, the AFM also points at the positive effects of hedge funds. For example, the activities of hedge funds can contribute significantly to improving the efficiency of the market, e.g. by providing liquidity. Source

The full 76 page study (in English) can be downloaded here: {literal}Source{/literal}

Reuters Summit - Investors seek more hedge fund information
Hedge funds are still pulling in billions of dollars in new assets but investors are starting to make demands by asking more questions about how these investment pools work and trying to cut their often hefty fees.

Pension funds, endowments and charities are expected to help hedge fund industry assets quadruple to $4 trillion by 2013 after having helped them double to their current $1 trillion level over the last five years.

But as hedge funds play a bigger role in portfolios, investment officers are saying that this once super secretive and expensive asset class is losing some of its mystique as more fund managers accommodate clients' wishes to take their money. "Looking ahead, people will dig deeper, look harder and wait longer before investing," said Justin Dew, a hedge fund analyst at research and ratings agency Standard & Poor's.

Industry experts will discuss these topics and others at the Reuters Hedge Funds Summit which will be held at Reuters U.S. headquarters in New York on Wednesday through Friday. {literal}Source{/literal}

Allenbridge Hedgeinfo rates two Gems funds A-
Allenbridge Hedgeinfo, the global hedge fund rating firm, confirms the “A-“ rating of Gems Low Volatility Portfolio (originally issued in July 2004) and assigns “A-“ as a first time rating to Gems Recovery Portfolio (the second best rating in rating scale of eight, top 10%).

Gems Low Volatility has over 10 year track record and USD 930 million AUM. Gems Recovery has over three year track record while the fund itself has only USD 106 mm AUM, the firm manages approximately USD 1.3 bln. Both funds demonstrate very good risk adjusted performance.

Allenbridge Hedgeinfo is a London-based, dedicated global hedge fund rating and research firm, specialising in the quantitative, structural and qualitative due diligence of alternative investment vehicles. Allenbridge Hedgeinfo is part of Allenbridge Group plc. The rating scale consists of eight rating marks and ranges from A (benchmark quality), A- (superior quality), B+ (very satisfactory) to D (not satisfactory) and NR (not rated). {literal}Source{/literal}

Matrix Fund Services now offers comprehensive hedge fund administration
Matrix Fund Services, a division of the NYC based Matrix Capital Group, has announced that it is now offering comprehensive hedge fund administration services such as: Initiation and Incubation, Transfer Agency, Fund Administration, Multi-Lingual Shareholder Services, Distribution and Compliance, including adherence to the soon to become effective SEC Rule 203(b)(2)-2 . These activities complement Matrix Fund Services existing mutual fund administration services. Matrix specializes in fund start ups and working with funds in the capital accumulation phase. Matrix is known for providing excellent service to its client’s at the most competitive rates in the industry. {literal}Source{/literal}

Reminder: NY hedge fund charity events coming up, High Water Women deliver 800 backpacks
Hedge funds sponsor NY Fundraiser for Children
Hosted by CapitalRock Advisors and Dover Management LLC. All Proceeds Will Benefit: Juvenile Diabetes Research Foundation, Toys For Tots, Paige Whitney Babies Center. Thursday, September 8th, 2005, 4:00 pm cocktails, 6:00 pm BBQ & Live Music (on dock). Aboard the Peking, a four-masted Barque Tall Ship moored at Pier 16, South Street Seaport Museum, South Street at Fulton Street, NYC. Source

NYC Hedge fund managers poised to win in Amazon charity competition
A group of us from the hedge fund industry are planning a major cocktail party to benefit DonorsChoose on Tuesday, September 13 from 7 to pm at EARTH, www.earth-nyc.com, on 116a 10th Ave at 17th St. I hope you can join us. Tickets are $150 but larger donations would be greatly appreciated. This is especially urgent because DonorsChoose is a finalist in a competition in which Amazon matches up to $1 million in donations.Source

`Highwaterwomen` delivered 800 backpacks to children
High Water Women announced this week that it had delivered 800 backpacks loaded with school supplies to the children of homeless and HIV-positive mothers living in the New York Metropolitan area.

The backpacks were distributed through local organizations including Iris House, The Children's Aid Society, Newark Now, Women in Need and the Queens Children's Guidance Center.

Among the biggest donors for the effort were: Kingdon Capital, Paradigm Consulting Services, The Invus Group, Phinity Capital, Torrey Funds, Goldman Sachs, JD Clark, CSFB, Angelo Gordon, Ridgefield Capital, CMRA and Corbin Capital.

More than 200 women from these and other hedge fund groups helped pack the knapsacks, reflecting the emphasis on volunteerism as well as philanthropy that High Water Women was founded on earlier this year. {literal}Source{/literal}

Elliott files schedule 13D disclosing substantial ShopKo ownership, strongly opposes current offer for the company
Elliott Associates, L.P. and its sister fund, Elliott International, L.P. have more than $5.2 billion of capital under management as of July 1, 2005. Founded in 1977, Elliott Associates is one of the oldest hedge funds under continuous management.

Elliott Associates, L.P., and its sister fund, Elliott International, L.P., today announced that the funds filed a Schedule 13D with the Securities and Exchange Commission disclosing an 8% percent ownership position in the common stock of ShopKo Stores, Inc., and that the funds have sent the following letter to the Board of Directors of ShopKo: {literal}Source{/literal}

Swift wants to bring standardization to hedge funds and derivatives
Securitiesindustry.com writes The Society for Worldwide Interbank Financial Telecommunication is looking for growth in the world of "hedge funds and complex [financial] instruments," James Donovan, the incoming chief of Swift's securities industry division, said as the organization opened its annual Sibos conference in Copenhagen this week.

Citing the explosion of derivatives -- an annual volume of 1.6 billion contracts -- and the fact that hedge funds by some estimates account for as much as half of New York Stock Exchange and London Stock Exchange activity -- Donovan said Swift can bring order to the burgeoning and haphazard exchanges of transaction data among highly active traders and their banks, brokers and securities market centers. Swift is ideally placed to bring its standardization methods to bear on those messaging flows, Donovan told a press conference….Full article: {literal}Source{/literal}

J&W Seligman files lawsuit against Spitzer in mutual fund probe
Reuters writes J&W Seligman, an investment advisory firm swept up in New York Attorney General Eliot Spitzer's probe into mutual fund timing, turned the tables on Tuesday and filed a lawsuit against the crusading prosecutor, claiming he's overreached his authority by trying to regulate fees. Full article: {literal}Source{/literal}

Baring launches EMEA Absolute Return Fund
Portfolio-international.com writes Baring Asset Management is to launch its third long/short hedge fund, the EMEA Absolute Return Fund. Targeting the Emerging, Middle East and African markets, it complements the Japan and China absolute return funds launched in the past year.

The fund will be available to high net worth and institutional investors and aims to return 20 per cent per annum with 15 per cent volatility. It has been capped at US$250m to preserve performance. {literal}Source{/literal}

(Island of) Jersey could be `The next Connecticut` in the hedge fund world
Investorsoffshore.com writes Jersey's proximity to London, the hedge fund capital of Europe, in combination with its benign tax regime and relative absence of red tape for the investment fund sector has marked the island out as the "next Connecticut", according to hedge fund operators.

“Connecticut should be the model for Jersey,” observed Ian Cadby, chief executive of Jersey-based Liberty Ermitage, Europe’s 10th largest fund of hedge funds manager with assets of US$4 billion, in an article by Hedgeweek. “It ticks all the same boxes – its proximity to markets and research, the clean tax structure, and the improvement in quality of life over London or New York," he added. {literal}Source{/literal}

German institutions seek lower hedge fund fees
IPE.com writes German institutional investors will increasingly pressure fund of hedge fund providers to cut management and performance fees, reckons consulting firm Faros. Since hedge funds were first legalised in January 2004, German regulator BaFin has permitted insurers and traditional German pension funds called Pensionskassen to invest 5% of their holdings in the funds, known as Dachhedgefonds, or in single hedge funds.

Faros has calculated that providers of Dachhedgefonds charge, on average, a 1.5% management fee and a performance fee of 10%. However, Umlauf notes that as institutional investors become more experienced with hedge funds and opt more for the single variety, “they will want to negotiate lower fees for Dachhedgefonds.” Umlauf said he could not estimate how much lower the fees would go.

So far, 20 new Dachhedgefonds and 18 single hedge funds have been approved for sale in Germany. Major providers of the former are Union Investment and DWS, Deutsche Bank’s retail fund arm. {literal}Source{/literal}

The future is made of BRICs: Brazil, Russia, India and China likely to drive global growth over the coming decades
From FinanceAsia.com: Brazil, Russia, India and China are likely to drive global growth over the coming decades, despite their obvious vulnerabilities: Delegates to Sibos were yesterday afforded a glimpse into the fast-growing quartet of leading developing nations, hearing from representatives of Brazil, Russia, India and China. The panellists detailed how the financial systems of these countries have been transformed and now underpin the strong economic growth they are enjoying.

The session was moderated by Nelson Cunningham, the managing partner of Kissinger McLarty Associates. He described studies that showed that by 2050, these four economies would have a combined economic weight equal to the G8 of today….Full article: {literal}Source{/literal}

IXIS, Sparx Asset Mgt launch Asian hedge fund joint venture
Reuters / Asia.news.yahoo.com write French investment bank IXIS and Japanese investment group Sparx Asset Management said on Tuesday they would set up an Asian hedge fund joint venture. Sparx will be responsible for hiring fund managers to run the hedge funds. IXIS, a unit of French mutual bank Caisse d'Epargne, will help Sparx in areas such as due diligence and risk control. {literal}Source{/literal}

Macquarie opened hedge funds to retail investors, aims at $500m AUM
From Financialstandard.com.au: In response to investor demand for hedge fund strategies Macquarie has opened its hedge fund strategies to retail investors through its Newton Specialist Funds (Macquarie Newton) vehicle. Macquarie Bank division director for its equity markets group Cathy Kovacs says the market has now changed with the growth in alternative investments and advisers who more comfortable with funds who use short selling strategies.

The fund currently has $92 million under advice, Kovacs expects the figure to grow to over $500 million in the next two years which will be sourced from both domestic and offshore investors including US pension funds who are now demanding Asian based hedge fund strategies….Full article: {literal}Source{/literal}

News Briefs: Hedge funds lead compensation survey, Advent Capital rolls out fixed-income fund, Citadel signs 10-year data management services agreement with Accenture, Ibbotson names Scott Wentsel VP of traditional and hedge FoF investment, Brian Kralik joins Abria from Ontario Teachers, BISYS earns top honors in Global Custodian survey, Derivative trades rose 11% in second quarter, Kurt F. Viermetz will assume chair of the Supervisory Board of Deutsche Boerse - Breuer, Dalman and others to resign, Uproar in Italy after bank chief refuses to quit, Nikko Asset Management launches stock fund with monthly dividend
Hedge funds lead compensation survey
Hedge fund managers continue to lead the way in terms of total compensation, weighing in at $1.2 million a year, according to Greenwich Associates' annual study of the U.S. fixed-income markets. (iialternatives.com)

Advent Capital rolls out fixed-income fund
Advent Capital, a $4 billion New York-based manager of hedge funds, mutual funds and separate accounts, last Thursday launched Advent Enhanced Phoenix Fund, an absolute return convertible hedge fund. (institutionalinvestor.com)

Citadel signs 10-year data management services agreement with Accenture
Accenture and Citadel Investment Group , LLC have signed a ten-year agreement under which Accenture will manage key aspects of Citadel's financial data management processes to help Citadel enhance the quality of its market information and secure greater returns from its data operations.

Ibbotson names Scott Wentsel VP of traditional and hedge FoF investment
Scott Wentsel, 43, brings more than 20 years of investment industry experience to Ibbotson Associates. He has been promoted to vice president of the company's traditional and hedge fund of fund investment management groups. Prior to joining Ibbotson, Mr. Wentsel was an executive director with Morgan Stanley where he worked primarily on the Van Kampen Investments asset management business.

Brian Kralik joins Abria from Ontario Teachers
Abria Alternative Investments announced Brian Kralik, CA, CFA has joined Abria as Vice President, Finance. Brian Kralik has 10 years of experience in accounting, finance and operational roles. Prior to joining Abria, Mr. Kralik spent nearly five years working at the Ontario Teachers' Pension Plan Board, and was most recently responsible for managing the Investment Finance Operations of OTPPB's C$12 billion Private Capital, Infrastructure, Timber and Alternative Investments portfolios.

Founded in 1999, Abria currently manages in excess of C$300 million, providing investors with multi-manager, alternative investment funds and structured products.

BISYS earns top honors in Global Custodian survey
BISYS, a leading provider of outsourcing solutions for the financial services sector, announced today that BISYS Fund Services received the highest weighted average score of any provider in Global Custodian magazine's Fourth Annual Mutual Fund Administration survey, which was featured in the 2005 summer issue. For the second year in a row, BISYS was the only provider in the history of the survey to record scores of very good (6.0) or higher in every service category.

Derivative trades rose 11% in second quarter
The amount of financial derivatives traded on exchanges rose 11 percent in the second quarter, driven by bets on interest-rate policy in the US and Europe. (RiskCenter.com)

Kurt F. Viermetz will assume chair of the Supervisory Board of Deutsche Boerse - Breuer, Dalman and others to resign
Kurt F. Viermetz will assume the chair of the Supervisory Board of Deutsche Börse taking effect as of the end of the Board meeting on October 10 when the current Chairman Dr. Rolf-E Breuer will resign. Furthermore, Mehmet Dalman, Dr. Stefan Jentzsch and Hessel Lindenbergh resigned their posts. This was announced by Deutsche Börse on Tuesday. Breuer and Viermetz have held discussions with suitable candidates for the available positions on the Supervisory Board as well as the position of chief executive officer of Deutsche Börse and will present these to the relevant committees. These changes mark the completion of the realignment of the Supervisory Board to reflect the company’s new ownership structure, as announced in May.

Uproar in Italy after bank chief refuses to quit
Italy lurched into a full-fledged crisis on Tuesday after the central bank governor, Antonio Fazio, refused to resign, despite losing the confidence of the Italian establishment over alleged abuse of power and his role in a wire-tapping scandal. (The Daily Telegraph)

Nikko Asset Management launches stock fund with monthly dividend
Nikko Asset Management Co. said Tuesday it will launch an open-end investment trust that targets Japanese equities and aims to pay monthly dividends. No online Source

…And finally: Youth ends at 49 (for women at 54), UK survey shows (more findings)
Reuters writes people in Britain are more likely to discriminate against you because of your age than the colour of your skin or your gender, new research showed on Tuesday.

The first national survey of age-related prejudice, carried out among 1,843 people, showed 29 percent reported suffering age discrimination -- a higher proportion than for any other kind of prejudice including sexism and racism.

"Ageism is the most pervasive form of prejudice experienced in the UK population and that seems to be true pretty much across gender, ethnicity and religion -- people of all types experience it," said Dominic Abrams, professor of Social Psychology at the University of Kent.

Speaking in Dublin at the British Association for the Advancement of Science annual Festival, Abrams said the findings of the poll were particularly relevant given recent estimates that by 2041 nearly 40 percent of the British population would be over 60. The survey, compiled for the University of Kent and Age Concern, showed that on average people see youth as ending at 49 and old age beginning at 65.

YOUTH ENDS AT 49
Women, however, judge that youth ends almost five years later and old age begins three years later than men do.

The poll revealed that older people are perceived as being friendlier than younger people, but younger people are seen as more competent and capable. "Older people are seen basically as doddery but dear, and young people perhaps as clever but callous," said Abrams.

He said society needed to guard against "the essentially sympathetic but actually patronising forms of ageism" which treated older people as incompetent but loveable. {literal}Source{/literal}

GAIM USA Fund of Funds September 19-21 New York
GAIM USA Fund of Funds
September 19-21, 2005 • Pier Sixty • New York, NY

The largest gathering of Hedge Fund of Funds & their investors in the USA in 2005

This year GAIM USA Fund of Funds builds on the tremendous success of the inaugural 2004 event which attracted over 450 institutional investors, leading Hedge Fund of Funds, hedge fund managers and other industry experts. A brand new fully re-researched program brings you a speaker faculty with more industry thought leaders, key decision makers and influential allocators than at any other event this year.

The largest, most senior gathering of hedge fund of fund leaders in the US, including:

  • 20 of the world’s largest global hedge fund of funds, representing well in excess of $100 billion of capital, discussing their allocation strategies
  • Over 25 hand picked, out-performing niche hedge fund of funds discussing how they are pushing the innovation curve to generate alpha and differentiate themselves in a crowded space
  • Well in excess of 600 senior decision making investors and leading managers expected to attend
  • International representation from over 14 different countries at the global meeting place
    for the hedge fund of funds industry in the heart of New York City
  • One GAIM USA Fund of Funds – the only “Must attend” event for the hedge fund of funds industry and its investors in 2005.

Al Samper, Chairman of the Board, VIRGINIA RETIREMENT SYSTEMS
Ron Mock, Director, Alternative Investments, ONTARIO TEACHERS' PENSION PLAN BOARD
Salim A. Shariff, President, WEYERHAEUSER COMPANY RETIREMENT PLAN
Luis Bendaña, CFA, Manager Alternative Investments, THE BOEING COMPANY PENSION PLAN
Sheila Healy Berube, CFA, Manager Benefit Funds Investment, 3M COMPANY
Kevin E. Lynch, Head of Absolute Return Strategies, VERIZON INVESTMENT MANAGEMENT CORP.
Byron R. Wien, Senior Investment Strategist for the United States, MORGAN STANLEY
Alexander M. Ineichen, Head of AIS Research, UBS
Todd E. Petzel, Chief Investment Officer, AZIMUTH TRUST

Limited Complimentary Registrations available for Institutional Investors. For more information or to register visit: www.gaimusafof.com or call +1. 888.670.8200
**Please mention discount code XUAMB

Eurex FX futures: ¥ € $! Coming September 23rd to Eurex US!
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Make your move NOW with Eurex, the world’s leading derivatives exchange: www.eurexchange.com

Eurex FX futures: ¥ € $! Coming September 23rd to Eurex US!
www.eurexus.com/products/fx.html

1 Day Seminars: Technical Analysis in Commodity & FX Markets: Dubai, London - 10% rebate
Dubai, United Arab Emirates - September 27th, 2005
London, United Kingdom - October 25th, 2005

A one day seminar designed to equip traders, analysts, hedge funds, and fund managers with the most effective and up-to-date charting techniques for enhancing returns in the commodity and FX markets.

Attend this event to hear leading analysts on:
Trading Base Metals
Jeremy Goldwyn, Global Head of Industrial Commodities, Sucden
Using Fibonacci
David Sneddon, Technical Strategist, CSFB
Applying Behavioural Finance Techniques to the Oil Market
Thomas Anthonj, Head of Technical Analysis & Behavioural Finance, ABN Amro
Maximising the value of technical indicators in the commodity markets
Shaun Downey, Head of Technical Analysis, CQG
Commodity Currencies
John Noyce, FX Technical Analyst, Citigroup
Mapping the Market: Gaining an edge in the currency markets with intermarket analysis
Robin Griffiths, Head of Asset Allocation, Rathbones Investment Management

Opalesque members can get 10% discount, please type "OPAL" in the field "Your Ref". Early booking discounts available. For more information or to register visit: The Technical Analyst: www.ta-conferences.com or call +44 (0)20 7833 1441

London Hedge Fund Capital Introduction and Reception at Royal Automobile Club, 12. Sept.
Global Capital Acquisition is hosting a Hedge Fund Capital Introduction and Reception at the exclusive Royal Automobile Club in London on September 12th. The distinguished member’s only club will serve as the backdrop for both an afternoon of round table discussions with prominent hedge funds and investors, and an evening of topical speakers. A cocktail party with hors d’oeurves will follow the presentations.

Please contact Lisa Harvey on +1-646 270 7819 or lisa.harvey@globalcapitalacquisition for more information regarding the event.

Currencies & Commodities Conference 15-16, Sept, Chicago
Inflation Hedging For Real Returns – Currencies, Commodities, Hard Assets, Energies, & TIPS: Investing in Alternatives to Alternatives

September 15 – 16, 2005
University of Chicago Gleacher Center
Chicago, Illinois

Areas of Focus Include:

  • Currencies: Profiting in the Foreign Exchange (FX) Market
  • Tapping into the Energy Pipeline: Oil, Gas, and other Natural Resources
  • Gold: Is it the Ultimate Inflationary Hedge?
  • TIPS: Enhance Returns While Managing Risk
  • Choosing between Long-Only Commodity Indexes vs. Active Management
  • Global Opportunities: China, India and Beyond…
  • Institutional Investing in the Timber Market

COMPLIMENTARY REGISTRATION IS AVAILABLE FOR QUALIFIED PLAN SPONSORS

For more information, please visit www.srinstitute.com/cf538

MARHedge World Wealth Summit Bermuda 18.-20. September
MARHedge World Wealth Summit
Southampton Princess, Bermuda, September 18-20, 2005

The world’s best-known annual hedge fund conference this year focuses on a critical global issue: wealth. Specifically, what role should alternative investments play in increasing and extending wealth throughout the world?

For many, a trip to Bermuda represents the pinnacle of wealth. For MARHedge and its World Wealth Summit attendees, Bermuda is the starting point for a new discussion of wealth management. Please contact Rich Robinson at 646 274 6234 or rrobinson@marhedge.com

Premiere European Distressed Debt Sep 21-22 Frankfurt
Le Meridien Parkhotel
Frankfurt, Germany

Distressed Debt Investors from around the world have been targeting the European high-yield market in a frenzy reminiscent of the US Junk Bond Explosion of the 1980’s. Both supply and demand side dynamics have converged to create a booming market in Europe for high yield, NPL, and distressed debt instruments. For more information, please visit www.srinstitute.com/cx572

Hedge Funds Programme at London Business School 30-31 March
This intensive two-day programme provides you with the knowledge and frameworks needed to understand the key issues concerning hedge funds. It offers:
  • Compelling, thought-provoking and indispensable analysis
  • An enhanced understanding of hedge funds through analysis of real-life cases.
  • A thorough investigation of the economic intuition underlying various market practices.
  • Practical tools and insights needed to avoid common pitfalls
  • > transformation in the way you deal with or manage hedge funds
The programme draws on the research work carried out by Professors Narayan Naik and William Fung at the School’s Centre for Hedge Fund Research and Education.

To learn more, visit www.london.edu/finance/hf/

10% Rebate: 8th Hedge Funds World Asia 26-29 Sept. Hong Kong
26 - 29 September 2005
Hong Kong Convention and Exhibition Centre

Not only is the event Asia's premier and most comprehensive global alternative investment event, with over 600 delegates in 2004 (over 700 expected for this year) it is simply the largest annual meeting place in Asia for the most influential and successful industry players across the most cutting-edge alpha strategies hedge funds.

A stellar line up of over 80 speakers:

  • Donald Sussman, Chairman and CEO, Paloma Partners Management Co., USA
  • Mark W. Yusko, President & Chief Investment Officer, Morgan Creek Capital Management
  • Noboru Terada, Executive Investment Officer, Government Pension Investment Fund, Japan
  • Yvonne Chan, Assistant Director, Investments, Hospital Authority Provident Fund, HK
  • Bob Boldt, CEO, University of Texas Investment Management and Endowment
  • Francis Tjia, Managing Director, Income Partners Asset Management, Hong Kong
Click here www.hedgefundsworld.com/2005/hfw%5Fhk/confprog.stm to view full programme details and speakers. For more information and to claim your reduces price please contact Rani Kuppusamy at Tel: +65 63222 721 or rani.kuppusamy@terrapinn.com

10% rebate: 10th anniversary Symposium on High Performance Investing, 26-28 Sept Monte-Carlo
Special Commemorative Programming Featuring A “Ten Years Back, Ten Years Forward” Perspective On High-Performance Investing. Keynote Speakers include James H. Simons, Ph.D., President RENAISSANCE TECHNOLOGIES CORP. and Tanya Styblo Beder, CEO TRIBECA GLOBAL MANAGEMENT LLC CITIGROUP ALTERNATIVE INVESTMENTS.

  • Exclusive Workshops For High-Net-Worth And Institutional Investors As Well As Hedge Fund Managers
  • The “Investor Master Class” Provides An Exciting And Interactive Forum For Planning And Evaluating Your Alternative Investment Programme.
  • New this year is a Manager’s Workshop. Symposium Chairpersons are Jean Karoubi, The LongChamp Group and Joel Press, Ernst & Young.

FOR MORE INFORMATION PLEASE CONTACT: Lori Jacobs, Program Director, Information Management Network (IMN), 25 West 45th Street (6th Floor), New York, NY 10036 USA
Phone: +1-212-901-0503, Fax: +1-212-764-2149
Email: LJacobs@imn.org Website: www.imn.org

4th Forum Alternative Investments, 27-28 Sept Frankfurt
The 4th Forum Alternative Investments is a must-attend-event for everybody who is active in the Alternative Investment industry in Germany. This annual event which drew more than 250 attendees to Frankfurt last year will tackle the most pertinent challenges which have arisen over the past 12 months. This two-day conference, which is organised by the German Federal Association for Alternative Investments e.V. (BAI) in co-operation with Deutsche Börse AG and Eurex, brings together leading German and European investors, managers, and intermediaries who will meet, network, and gain valuable investment insights.

For further information and registration, please visit the event website: www.forum-ai.com or contact Peter Alex (email: alex@bvai.de) on +49-(0)228-969870

10% rebate: 3rd Annual Italian Hedge Fund Investor`s Summit, 29-30 Sept, Milan
This Exceptional Event Will Be Held During "Milan Fashion Week" Immediately Following The Monaco Symposium.

  • Discussions Will Focus On The Nuances Of Italian Hedge Fund Investing.
  • Additional Sessions Designed To Educate New Entrants To The Italian Market.
  • Summit Chairpersons are Stefan Meloni, HedgeInvest and Sandra Manzke, Maxam Capital.

Closed-door invitation-only hedge fund capital introduction roundtables will immediately follow the conclusion of each of these two events.

FOR MORE INFORMATION PLEASE CONTACT: Lori Jacobs, Program Director, Information Management Network (IMN), 25 West 45th Street (6th Floor), New York, NY 10036 USA
Phone: +1-212-901-0503, Fax: +1-212-764-2149
Email: LJacobs@imn.org Website: www.imn.org

3rd Annual Global Absolute Return Congress, 24-26 Oct Boston
Now in its third year, Global ARC is the only hedge fund congress where over half the speakers are pension funds or endowments. New speakers for 2005 include:
  • Mark Anson, CIO of CalPERS, the United States largest pension fund
  • Noboru Terada, Executive Investment Officer of Government Pension Investment Fund, Japan's largest pension fund
  • Arthur Levitt, longest serving Chairman in the SEC's history
Plus: AP7 Pension Fund (Sweden), CDP (Canada), City of Philadelphia PERS, Cornell University Endowment, CSS/PSS (Australia), Danish Lawyers & Economist Pension Plan, Illmarinen Mutual (Finland), General Electric Asset Management, Georgetown University Endowment, MIT Endowment, Pfizer Pension Plan, QIC (Australia), Sumitomo Life, Insurance (Japan), Telstra Superannuation Scheme (Australia), Texas Treasury, University of Toronto Asset Management, UTIMCO, VFMC (Australia), Virginia Retirement System, Wellesley College Endowment, World Bank Pension Plan

For more information please go to www.global-arc.net or contact David Stewart at david@global-arc.net +61 412 290 023 (Sydney Australia)

Contact/Disclaimer
ISSN Number: 1450-1953
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Disclaimer: The information contained in this newsletter does not constitute an offer or solicitation to sell any security or fund to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this newsletter be considered as investment advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Opalesque Ltd. from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Opalesque Ltd. is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice.