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News

Service

Senator proposes modifying ERISA rules to allow up to 50% of assets in alternatives
From PIOnline.com: Sen. Charles Schumer, D-N.Y., plans to introduce an amendment to the Senate Finance Committee’s pension reform bill that would modify ERISA’s prohibited transactions rules, according to a news release from the Senator’s office. According to the article, the proposal update the definition of “plan assets,” specifically the provision that currently states that any pension plan with 25% of its assets in alternative investments is subject to ERISA restrictions. The proposal will seek to allow a plan to have 35% to 50% of its assets in alternatives…

Opalesque note: ERISA stands for EMPLOYEE RETIREMENT INCOME SECURITY ACT - a 1974 law governing the operation of most private pension and benefit plans. Full article: {literal}Source{/literal}

Barclay hedge funds index up 1% in August, managed futures rise 0.57%
Hedge funds gained 1.01 percent in August according to statistics gathered by The Barclay Group. The Barclay/GHS Hedge Fund Index is up 5.45 percent year-to-date through August. Barclay’s Fund of Funds Index gained 0.77 percent in August, up 3.23 percent for the year.

In managed futures, the Barclay CTA Index gained 0.56 percent, however it remains down 1.39 percent for 2005 after five years of gains. The Barclay BTOP50 Index, which measures the performance of the largest traders, was nearly even with a rise of 0.03 percent in August. The BTOP50 is still down 0.75 percent year-to-date.

“More than 87% of the 881 hedge funds that have thus far reported an August return have outperformed the S&P 500,” says Sol Waksman, president of The Barclay Group. “Even after 2 consecutive months of losses in March and April during which hedge funds lost 2.38%, the year-to-date returns for this sector continue to make an eloquent case for investment diversification.”

Nearly all hedge fund strategies tracked by Barclay were profitable in August, with 17 of 18 indices showing gains, see performance tables here: {literal}Source{/literal}

Energy sector drives S&P hedge fund indices to gain 0.32% in August
Standard & Poor's, the world's leading index provider, announced today that hedge fund returns as measured by the S&P Hedge Fund Index (S&P HFI), gained 0.32% in August with energy, and all of its related markets, driving performance throughout the month. Year-to-date, the S&P HFI has returned 1.44%.

Press release with performance tables: {literal}Source{/literal}

Eurekahedge August Flash Indices

Eurekahedge Index 

 August

 YTD

2004

North American Hedge Fund Index

0.97

3.93

9.58

European Hedge Fund Index

1.38

8.12

8.84

Latin American Hedge Fund Index

1.65

8.12

18.77

Asian Hedge Fund Index

1.19

6

9.65

Japan Hedge Fund Index

2.19

7.83

9.29

Absolute Return Fund Index

0.86

10.5

17.21

Fund of Funds Index

0.85

3.53

6.63
No online Source

Hedge funds shrug off gripes on high fees
Hedge funds are turning a deaf ear to gripes about them charging high fees for low returns because money is still flowing into these loosely regulated pools, investors told the Reuters Hedge Fund Summit on Thursday.

Complaints about the $1 trillion industry's hefty price tags -- typically a 1 percent management fee plus an incentive fee of around 20 percent -- have mounted now that returns are hovering in the low single digits after years of double-digit performance.

But investors said hedge fund managers deserve their large paychecks because they do something far more complicated than the average mutual fund manager who gets paid only a fraction for buying and holding securities…Full article: {literal}Source{/literal}

M.D. Sass announces new energy arbitrage group, prelude to hedge fund
HedgeWorld.com writes investment management firm M.D. Sass partnered with Erk Hinrichsen and Edwin Tweedy to form and invest in Energy Arbitrage Management, an investment management company focusing on market neutral energy derivative strategies, as a prelude to offering hedge funds in the near future. Full article: {literal}Source{/literal}

Bayou unlikely to put off hedge fund investors
The recent collapse of U.S.- based Bayou Management LLC is unlikely to suppress the appetite for hedge funds, but investors should diversify to reduce the risk of large losses, an industry executive said on Thursday.

"The industry has grown. The probability of a significant loss by a hedge fund manager is always out there," said Kirk Strawn, director, intermediary sales at Man Investments in the United States. "We, as investors don't put all our money in one stock or one bond and we shouldn't put it all in one hedge fund ... in any industry there are bad apples," he said. Full article: {literal}Source{/literal}

SEC registration will curb hedge fund cheaters-Buchan
U.S. hedge fund managers who might have been tempted to hide losses by rigging their books will likely be forced to stay more honest when industry regulation becomes effective next year, a well-known hedge fund investor told the Reuters Hedge Funds Summit on Thursday.

"I think (managers) will be less likely to do this if they know the SEC can come in and check all of this pricing data," said Jane Buchan, CEO of Pacific Alternative Asset Management Co., which invests $7.5 billion for pension funds and other clients. "That's where I think the registration will have some bite," she said. {literal}Source{/literal}

Hedge funds return to commercial real estate
From AP/Mcall.com: …While hedge funds have made their presence known in the last 12 to 18 months, they are not newcomers to commercial real estate. They were a dominant force in commercial property finance until the hedge fund Long Term Capital Management collapsed in 1998. Within the world of real estate finance, lenders who underwrite mortgages for commercial real estate purchases repackage their loans into mortgage-backed securities which are then purchased by insurance companies, mutual funds and banks. Hedge funds have purchased some of these securities, but lately they have actually teamed up with banks to help finance the purchase of a commercial property like a shopping mall…Full article: {literal}Source{/literal}

Hedge funds play critical role in IPOs
As hedge funds snap up more shares of newly listed companies, they are diluting a handful of mutual funds' ability to set prices for initial public offerings, senior bankers told the Reuters Hedge Funds Summit on Thursday. Sometimes blamed for prompting market declines by using trading techniques that are off limits at most mutual funds, hedge funds are now getting some select praise for the role they play in the IPO market. "I'm all in favor of having hedge funds in the IPO market…Full article: {literal}Source{/literal}

UBS new hedge fund unit to manage single-digit billion dollars
From Morningstar.com: Costas said that includes investment from UBS and from third-party investors. He declined to disclose the size of the fund, other than to say UBS had made a " multi-billion investment." Costas expressed confidence that Dillon Read Capital Management will grow faster than other hedge funds. "Do we have fund-raising capabilities with clients through UBS and the resources from UBS? Should we be the fastest-growing in that space? I think so…Full article: {literal}Source{/literal}

Background article: John P. Costa`s transition from UBS`s suite of power to the sweat of a hedge fund, to build the `No. 1 alternative asset management company in the world`
From the NY Times: …"I love building stuff," he said. So when the bank contemplated starting a giant hedge fund to capture the talent of a small group of 120 bond and other fixed-income traders, he asked for the job.

That group, which also includes the commercial real estate trading unit, is now part of the new venture, called Dillon Read Capital Management. UBS invested an estimated $2 billion to $3 billion in the venture, according to two people inside the company, making the initial work for Mr. Costas significantly easier. "We have the chance to be the No. 1 alternative asset management company in the world…Full article: {literal}Source{/literal}

Comment: Window dressing is not a hedge fund technique
From Greg Newton`s Blog, commenting on an earlier WSJ article: …But by focusing on a single hedge fund, and suggesting that “the proliferation of hedge funds” may be responsible for “strange movements appearing at the end of the month,” Eisinger missed the bigger window-dressing story. It took a few hours with a spreadsheet and some some datapoints freely available on Russell’s website to demonstrate the substantial, and growing, impact of window-dressing on on small- and micro-cap indices, where the more easy-to-manipulate stocks reside.

Eisinger said that “the practice was never widespread, but was too common for comfort.” The practice is, in fact, widespread, obvious, and appears to be spreading. It is of such long-standing, and so obvious, that hedge funds – leverage notwithstanding – cannot be alone in abetting the manipulation.

The thesis of Eisinger’s article is essentially that window-dressing, “historically focused on the [end] of the quarter, since mutual-fund managers focus intently on quarterly performance,” has moved to a monthly focus because “Many hedge-fund investors get monthly updates. A down month sets off red flags for hot-money investors and can cause an unwanted exodus of cash.” That “blame the hedge funds” position does rather ignore the reality that mutual-fund managers have become equally focused on monthly results for various reasons, including the facts that…Full article: {literal}Source{/literal}

Johns Hopkins University hires first chief investment officer
The Johns Hopkins University has named Kathryn J Crecelius to fill the newly created position of chief investment officer, with responsibility for further diversifying the university's USD 2.165bn endowment into alternative investments including hedge funds and private equity. Among all university endowments in 2004, Hopkins' endowment ranked 24th. {literal}Source{/literal}

HSBC Investments hires chief investment officer
HSBC has appointed Joanna Munro as global chief investment officer of HSBC Investments, the banking group said on Thursday. {literal}Source{/literal}

NY judge throws out suit against hedge fund administrator Olympia Capital
An aggrieved New York businessman’s civil suit against hedge fund administrator Olympia Capital International Inc. of Bermuda was dismissed last week by a New York federal court for being a “misuse” of the court’s time.

The lawsuit, filed in 2003 by Thomas B. Donovan and family members in New York’s Eastern US District Court, was thrown out by District Judge Dora L. Irizarry because of being “yet another unfortunate example of a litigant’s misuse” of the federal court to try and avoid a state court ruling. {literal}Source{/literal}

Lampert takes hands-on role at Sears
Businessweek.com writes Sears Holdings Corp., the No. 3 U.S. retailer, named Aylwin Lewis to replace Alan Lacy as chief executive on Thursday and announced that Chairman Edward Lampert will take a more active role in the day-to-day management of the company.

The moves came as Sears reported a worse-than-expected $161 million profit from its first full quarter following Kmart Holding Corp.'s acquisition of Sears, Roebuck & Co. …Lampert will direct the marketing, merchandising, design and online businesses of Sears Holdings…sFull article: {literal}Source{/literal}

News Briefs: Three MetLife units to face late-trading charges, Weberbank gives DaimlerChrysler buy rating because it`s a hedge fund target, SWX denies chief Reto Francioni to head Deutsche Boerse, Sector blue-chip indexes for China launched, China and Japan still tense over oil in East China Sea, Over 200 crowd at Tokyo Hedge Funds Club meeting
Three MetLife units to face late-trading charges
MetLife Inc, the largest U.S. life insurer, said on Thursday it had been notified that three of its brokerage subsidiaries may face enforcement actions for late trading in mutual funds, according to Reuters.

MetLife said the NASD, which regulates the nation's brokerages, had made a "preliminary determination to file charges of violations" against MetLife Securities Inc., New England Securities Corp. and Walnut Street Securities Inc. (Reuters)

Weberbank gives DaimlerChrysler buy rating because it`s a hedge fund target
Weberbank gives DaimlerChrysler buy rating because it`s a hedge fund target Analysts at Weberbank have given a short-term 'buy' rating for shares in DaimlerChrysler, the German-US automotive group because the firm has become a hedge fund target. (FT/FAZ.net)

SWX denies chief Reto Francioni to head Deutsche Boerse
Citing SWX (Swiss Stock Exchange), German radio denied press reports Reto Francioni, chairman of SWX Group which runs the Swiss Stock Exchange, would be heading to become chief executive of the Deutsche Boerse.

Sector blue-chip indexes for China launched
Dow Jones Indexes and China Business Network Co. Ltd., a leading professional financial media company, yesterday launched 14 blue-chip sector indexes tracking the largest stocks traded in China. (RiskCenter.com)

China and Japan still tense over oil in East China Sea
As Japan's Teikoku Oil Corporation prepares to begin controversial test drilling in disputed areas of the East China Sea, the government in Tokyo is hoping to resume negotiations on the demarcation issue between China and Japan within the month - an expert says this is unlikely. (resourceinvestor.com)

Over 200 crowd at Tokyo Hedge Funds Club meeting
Yet again a crowd of well over 200 people turned up for another great networking evening at this week's Tokyo Hedge Funds Club. A great mix of hedge fund managers, investors and other industry professionals networked and enjoyed themselves at Aux Bacchanales in Akasaka.

The next networking evening will take place in conjunction with the Hedge Funds World Japan conference on Wednesday 7th December. No online Source

Other Voices: Latin American hedge funds, the new El Dorado?
From Pierre Lavaud, Jetfin: Funds investing in Latin America – mostly based in Brazil – enjoyed outstanding results between 2002 and 2004. Although the environment seems more difficult in 2005, the fundamentals appear sound and longer-term prospects are excellent.

The primary reasons for this success are macro-economic. The politico-economic background has stabilised since the Argentine crisis of 2001. Despite the recent problems encountered by the governing Workers Party in Brazil and the significantly weakened position of president Lula, the hyperinflation of the 1990s seems to be gone for good. The Brazilian banking sector in particular has been bolstered and consolidated, permitting a reduction in leverage and therefore in systemic risk to the financial system. A further contribution toward stability stems from the trend toward lower interest rates.

An additional positive factor is the quality of the Latin American and especially Brazilian financial markets. Latin America’s capital markets offer good liquidity as well as a level of volatility that is advantageous to hedge funds, and the same applies to the spot and forward forex markets. Large cap stocks are very liquid, especially those Brazilian shares traded on US markets as ADRs. As for derivatives markets, certain contracts such as local interest rates traded on the Brazilian Mercantile & Futures Exchange in São Paulo are among the most liquid instruments in the world. On a global scale, volatility is high, allowing fund managers to achieve extremely good performance with low levels of leverage.

A particularly interesting development is the explosion in the number of local hedge fund managers. Following the retrenchment of a number of large international banks in 2002 as a result of the Argentine crisis, many of the banks’ proprietary traders used their skills and experience to establish their own private asset management firms, leading to the creation of many independent hedge funds. Today there are some220 Latin American hedge funds managing around $20bn. This may represent just 2% of the global hedge fund industry but their appearance is significant.

Another improvement is in the diversity of strategies offered. A majority of funds use a multi-strategy approach suitable for the changeable and volatile Latin American markets. In order to take maximum advantage of the ever-changing opportunities in these markets, managers adopt flexible mandates that allow them to use whatever strategy is most appropriate at any particular time. There are also fixed income arbitrage managers who mostly trade sovereign debt and a significant number of managers offering distressed debt strategies, an approach that has benefited from events in Latin America such as the economic and political crises in Argentina and Ecuador and the devaluations in Venezuela and Brazil. Finally, there are two types of managers using equity strategies, directional or market neutral, although neutrality is a relative concept in such inefficient markets. Finally, since 2004 we have seen the establishment of the first funds of funds specialising in the Latin American region.

A further positive aspect is regulation. The offshore funds managed by Latin American firms tend to have the same characteristics as their European or North American counterparts. They are generally structured as mutual funds or investment companies set up under the jurisdiction of the Cayman Islands, Bermuda or the BVI. Perhaps more surprising, onshore regulation is particularly well developed, especially in Brazil. The vast majority of onshore Brazilian funds offer daily liquidity, and payments for redemptions are made within one to four working days. The Brazilian Securities Commission supervises mutual funds and hedge funds, and monitor leverage levels and portfolios on a daily basis.

For investors, the combination of highly skilled finance industry professionals and the inefficiencies that characterise the Latin American markets represent a promising source of investment opportunities. Relatively little known managers, combined with capacity that remains largely unexploited and strong medium- and long-term growth potential, make the region particularly attractive for hedge fund investment. This is the theme of the Latam Hedge Funds 05 conference, which will be staged at Geneva’s Mandarin Oriental du Rhône hotel on October 25 by hedge funds specialist Jetfin and financial conference organisers Academy & Finance. The event will provide a platform for fund managers that specialise in the region to answer investors’ questions and help them to understand the stakes involved in investment in this part of the world. A detailed conference programme is available at Source

Opalesque Note: Terrapinn is holding a similar conference in Miami, “Hedge Funds World Latin America” on 18-20 Oct at the Wyndham Beach Resort. Contact amy.johnson@terrapinn.com Tel: +44(0) 20 7242 2324 No online Source

Trader sues Vega for alleged breach
From the London Times: Vega Asset Management, once the world’s largest hedge fund manager, is being sued by a former trader for breach of contract. Michael Hall, who worked at Vega in Madrid for three years, claims in court documents that part of his earnings were withheld for a deferred compensation programme that never existed. Mr Hall, who earned $1.6 million last year, claims that the company owes him $790,000….Full article: {literal}Source{/literal}

Schoenfeld steps up European activism, Activist hedge fund Altima targets Henderson
P. Schoenfeld Asset Management, a hedge fund that agitated for a higher price for Unocal in its merger with Chevron Corp., is stepping up its "activism" in Europe, its founder told the Reuters Hedge Funds and Private Equity Summit.

Peter Schoenfeld, who heads the $1 billion firm, is pressing a case in a German court as the lead plaintiff for minority shareholders in cosmetics company Beiersdorf AG. The case reflects a widening role for hedge funds in Europe…Source

Related news: Activist hedge fund targets Henderson
Reuters/Citywire write activist hedge fund firm Altima Partners has snapped up a stake in Henderson, the fund management group currently subject to bid speculation. Altima has emerged with a 3.4 percent slice of Henderson after disclosing that it was the other buyer of the shares sold last week by AMP, the Australian insurance giant from which Henderson demerged in 2003. Full article: {literal}Source{/literal}

NY hedge executive search and consulting group opens London office
Broadreach Group, LLC today announced the formation of Broadreach Group (Europe) Ltd., and the opening of its London office. Broadreach Group is a talent organization specializing in executive search and consulting on behalf of the hedge fund and derivatives communities. The firm also provides capital placement to hedge funds. Brian Grover, founding managing partner, said the firm’s expansion is correlated to the growth of the alternative investment industry in London and Europe. Drew Froelich, partner, will head the European operation from London.

Broadreach Group (Europe) Ltd. will launch its talent search business first, followed by the extension of its capital placement business once the firm’s FSA-regulated broker-dealer is established. The group also announced the launch of its re-tooled Web site at {literal}Source{/literal}

Study questions benefits of full FX hedging
IPE.com writes a 100% hedge should never be applied for a long-term investment in different currencies, according to research by Dutch consultancy Compendeon. According to a survey by Compendeon’s investment chief Erik van Dijk and senior investment manager Harry Geels, full hedging in this case will lead to unnecessary costs and will undo the factor of benevolent volatility.

"The emotion of regret, for not having chosen 'the alternative', plays an important role in hedging decisions,” said Van Dijk and Geels. "It can lead to irrational behaviour, e.g. naive rules, like the hedging of 50%.” Referring to a study by Kenneth Fisher and Meir Statman, the researchers argue that in the volatile period between 1998 and 2002, the returns of a totally hedged and a non-hedged international portfolio were almost the same: 9.8% and 9.7% respectively….Full article: {literal}Source{/literal}

First performance fee only hedge FoF launched in UK
Portfolio-International writes London-based Absolute Fund Managers have launched the Absolute Focus Fund, a fund of hedge funds that only charges fees when it performs positively. The target return of the fund is 10 per cent. There is no basic management fee or performance fee if the fund underperforms. Commission for independent financial advisers is 3.5 per cent in the first year. Source

Opalesque note: This fund may be the first one within the UK, but not on a global scale, see our interview from Nov. 2004: {literal}Source{/literal}

Funds of hedge funds expect best returns from Japan
Reuters writes funds of hedge funds expect to make solid, though not spectacular, profits over the next six months, with the best opportunities coming from spotting trends in the Japanese equities market, a Reuters poll shows.

The Reuters survey of 12 funds of hedge funds, which together manage some $76.5 billion (41.6 billion pounds) in assets, forecast above average returns for investments in Japanese stocks, thanks to improving economic growth and the prospect of reforms….Full article: {literal}Source{/literal}

Aussie firm looking for hedge fund managers
Moneymanagement.com.au writes Australian Wholesale Funds Marketing (AWFM) is planning to apply for a retail licence to enable it to offer two overseas funds to advisers and platforms. AWFM director Paul Pickering said the company was in the final stages of preparing its application for a retail licence.

Pickering said the company was looking to add further overseas managers to its portfolio including a fund-of-fund hedge fund, global infrastructure, large cap growth and a global property fund in the next 18 months. {literal}Source{/literal}

….And finally: Crouching tiger, hidden donkey – the truth about Chinese kitchen secrets
The cat is out of the bag at a restaurant in northeast China that had been serving donkey meat spiked with tiger urine in pricey dishes advertised as endangered Siberian tigers. Local media in Heilongjiang province got wind the restaurant was offering stir-fried dishes and medicinal liquor made from tiger meat and bones, sparking local police and health inspectors to pounce, the China Daily said today.

"After inspection, the owner confessed that the so-called tiger meat was donkey meat that had been dressed with tiger urine to give the dish a 'special' flavour," the newspaper said. The restaurant had been charging as much as $131 a dish for the illegal, "rare" fare, tapping into traditional Chinese belief that tiger meat has aphrodisiacal properties. {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!
A lot of motion but no action? Get infinite liquidity: Futures and Options on the Dow Jones EURO STOXX 50SM Index.
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

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

10% rebate: Hedge Funds World Latin America , 18-20 Oct Miami
World premier event on Hedge Funds in Latin America
Wyndham Beach Resort, Miami, USA

It is estimated that the total LatAm hedge fund universe, both offshore and onshore is around 220 funds and this figure is fast increasing. There is no better time to get in on the ground floor and benefit from opportunities that promise to yield outstanding results! Hedge Funds World LatAm 2005 is a timely, groundbreaking event with a unique format designed to give you all the tools to understand and successfully leverage the potential of this new, outstanding market. The annual meeting where managers and investors come together to discuss major themes including:

  • Economic trends and hedge funds landscape in LatAm Hedge funds returns
  • Opportunities for investors and fund of funds
  • Opportunities in the convergence of hedge funds and private equity
  • Who is investing in Latin American hedge funds
  • What drivers fuel Latin America hedge funds growth?
  • Future outlook for private equity and hedge fund performance in LatAm
Contact: amy.johnson@terrapinn.com Tel: +44(0) 20 7242 2324

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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