Académique Documents
Professionnel Documents
Culture Documents
KEyNOtE spEaKErs
damE amELIa chILcOtt FawcEtt Chairman, Hedge Fund Standards Board martIN KLLstrm Portfolio manager responsible for hedge fund investments, AP1 ash wILLIams Executive director and CIO, Florida State Board of Administration
Main sponsors:
Associate sponsors:
asset management
More than 350 delegates are expected to attend the investhedge Forum
Companies registered to attend so far, include:
Aquila Capital Arden Asset Management ARK Aurum Research Aviva Investors Bluebay Asset Management BNP Paribas Securities Services BNY Mellon Alternative Investment Services Brifor Cairn Capital Cazenove Capital Pension Trustees Cornerman De Putron Fund Management Dhandsa Family Office Diversified Global Asset Management Duet Asset Management Federal Street Partners FRM FX Concepts and P&NP Finance IMQ Investment Management J.P. Morgan Asset Management UK Kuwait Fund LDF Advisers LGT Capital Partners LNG Capital Lord North Street Marfin Capital Partners Merrill Lynch International MN Oxford Martin School Pamplona Capital Management Parker Lloyd Group Passport Capital Europe PCE Investors Pensato Capital Pension Fund Service Platinum Partners Capital Poseidon SA Prisma Capital Partners Private Advisors Protg Partners REEC Family Office Revere Capital Advisors Rothschild Family Office Sabre Fund Management SkyBridge Capital South Yorkshire Pensions Authority SSARIS Advisors Thalia SA Universities Superannuation Scheme Walcot Partners Wells Fargo Global Fund Services West Midlands Pension Fund
discounts
The conference will explore the alternative UCITS hedge fund industry today particularly how it will grow and what it will look like over the next decade. With the sector expected to grow to assets of $1.5 trillion by 2020, the Absolute ucits conference will bring together leading industry speakers to examine how changing regulation, investor demand and market sentiment is enabling the alternative UCITS market to grow. sessions will include: What are the advantages of institutional and retail investors allocating to alternative UCITS? What are the advantages of institutional and retail investors allocating to alternative UCITS? How to attract assets into alternative UCITS. Are platforms the solution? Or is a new distribution model needed? The future: Alternative UCITS and the onshore hedge fund industry in 2020.
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Pre-event networking
Once you have registered for the InvestHedge Forum, you will be invited to join the private event networking group on LinkedIn. You will receive regular updates and find out who else is attending the Forum.
*Source: based on attendance at the InvestHedge Forum the in September 2011 *Source: based on attendance atheldInvestHedge Forum held in September 2011
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Programme
day one: Tuesday 2 October 2012
09.30 10.15
registration, breakfast and introduction revealed: the secrets of making macro work
Has transparency and political intervention taken the edge off global macro, or are there managers out there still able to find pockets of performance? How do they do it? Whats the story in Europe, who will be the next to fall and will they ever be allowed to fail? Who is in charge politicians, regulators or the financial centres and will the PIIGS ever fly again? What are the strategies for exploring stressed and distressed opportunities in Europe and beyond? Speakers: Steven Bell, GLC; Tim Bond, Odey Asset Management; Ben Funk, Liongate Capital Management; George Papamarkakis, North Asset Management
11.00
A pension fund that invested in a fund of hedge funds in 2008 is going to believe that the performance has been appalling, but is that the full picture? How have the other asset classes performed? Did the fund buy protection or performance? Is the portfolio benchmarked correctly? Are the hedge funds in the right part of the portfolio? Over time do the investments look better? Is it about timing? What do investors really want? How can hedge funds be used properly to maximise performance? Speakers: Robert Kosowski, Imperial College London; Roxanne Martino, Aurora Investment Management; Ian Prideaux, Grosvenor Estate; Mike Weston, DMGT Pensions. Moderator: Niki Natarajan, InvestHedge
11.45 12.15
13.00
Returns may have been tepid in recent years (post-2008) but when the equity markets have tanked, commodity trading advisors and other quant strategies have generally been among the best at preserving capital and delivering returns such as most recently in May 2012. Will these strategies continue to be best at delivering non-correlated returns? Speakers include: Ewan Kirk, Cantab Capital Partners; Bernd Scherer, FTC Capital; Mikael Stenbom, RPM Risk & Portfolio Management; Thomas Weber, LGT Capital Partners. Moderator: James Skeggs, Newedge
ctAs & quant strategies: the ultimate must-have for non-correlated returns?
13.45 15.00
lunch
Amelia is the chairman of the Hedge Fund Standards Board in London. She is also chairman of the Guardian Media Group plc in London, a non-executive director of State Street Corporation in Boston, Massachusetts and a non-executive director of Investment AB Kinnevik in Stockholm. Between 2007 and 2010, Amelia was chairman of Pensions First, a financial services and systems solutions business.
Keynote speaker: dame Amelia chilcott Fawcett hedge Fund standards board
15.45
Institutional investors are doing everything they can not to get burned. They want all the risk management and transparency they can get, and the managed account industry is thriving because of this fear. But is this fear killing the golden performance goose? Can investors have it all? Speakers: Hilmi nver, Notz Stucki; Luke Ellis, FRM; Pierre Sequier, Exane Asset Management; Julian Shaw, Permal
15.45
The world talks about doing due diligence, but what does good due diligence look like? How can investors know how to distinguish between firms that know what they are looking for legally and operationally, and those that just say they do? Is the drive to cut fees, going to see corners cut in due diligence? And will investors get what they pay for only to find out when it is too late? Speakers: Roxanne Martino, Aurora Investment Management; Anne Marie Morley, Aurora Investment Management; David Kuenzi, Aurora Investment Management; Scott Schweighauser, Aurora Investment Management
Workshop digging beyond the obvious: the art and science of due diligence
16.30 17.00
coffee break long/short equity: is it no longer working? Who has the ideas that still make it compelling?
Recent years have been very difficult for long/short equity strategies, with returns generally being low to nonexistent over the past five years, and with rising correlation to markets leading many investors to lose faith in the ability of the strategy to deliver in such a macro-driven market. But some managers have still been able to deliver strong positive returns during this period and this panel will feature some of them, who will talk about how they have been achieving such returns, as well as the opportunities they see and their strategies for the future. Speakers: Leonard Charlton, Dalton Strategic Partnership; Russell Clark, Horseman Capital Management; Fehim Sever, Marshall Wace; Rick Sopher, LCF Edmond de Rothschild Asset Management Moderator: William Donzeiser, RBS Today, multi-manager investing is more than just picking managers. As the direct versus indirect debate rages on, it is key that investors understand how to make the most of their managers to win the performance stakes. How is value added through strategic and tactical asset allocation? And which comes first the strategy or the manager? Speakers include: Christian Howells, Aberdeen Asset Management; Andrew McCaffery, Aberdeen Asset Management; Subhra Tripathy, Aberdeen Asset Management The main reason most investors that can are moving to consultant driven direct investments is that they want to cut costs. But is moving to the direct model really saving that much? Is service, due diligence, monitoring being compromised and are there conflicts? What will happen in three years time when portfolios are reviewed? As consultants are increasingly being hired as outsourced CIOs is there a way to harness the due diligence power of funds of funds and with the access and expertise of the consultants? How much does all this actually cost the pension fund? And who gets the blame when things go wrong? Speakers: Steve Charlton, NEPC; Damien Loveday, Towers Watson; Maarten Nederlof, PAAMCO; Alexandre Col, Banque Prive Edmond de Rothschild. Moderator: Niki Natarajan, InvestHedge Including a private viewing of shakespeare: staging the world The British Museum is staging a major exhibition on the world of Shakespeare, in collaboration with the Royal Shakespeare Company. The exhibition provides a unique insight into the emerging role of London as a world city, seen through the innovative perspective of Shakespeares plays.
17.00
17.45
Image adapted from an engraved portrait of Shakespeare by Martin Droeshout from the Third Folio of 16631664. The Trustees of the British Museum
Programme
day two: Wednesday 3 October 2012
THE AbsOlute ucits cOnFerence WILL RUN CONCURRENTLY WITH DAY 2 OF THE investhedge FOrum. REGISTERED DELEGATES OF THE FORUM WILL HAvE ACCESS TO THE UCITS CONFERENCE.
8.30 09.00
the art of hedge fund investing: Where do hedge funds fit in?
09.45
Ash is the executive director and CIO of the Florida State Board of Administration. The SBA manages assets under broad investment authority granted by the boards trustees. The trustees are Floridas governor, chief financial officer, and attorney general. Among the over $150 billion in assets under management are those of the Florida Retirement System Trust Fund.
10.30 11.00
coffee break investhedge FOrum | credit and distressed: the epicentre of hedge fund returns for an era of deleveraging?
With the after-shocks of the financial crisis continuing to reverberate amid the ongoing crisis for banks in the eurozone, it seems to be only a matter of time before an avalanche of distressed credit comes to the market especially in Europe. But will this finally provide the cascade of opportunity for hedge funds that has been predicted ever since 2008 and when will it start to happen? A panel of managers and investors in the credit markets discuss the outlook. Speakers: Loic Fery, Chenavari Investment Manager; David Nazar, Ironshield Capital Management; Mark Unferth, CQS; Paul Schwarz, Lighthouse Partners
11.00
The negative interest rate environment has brought challenges to many investors meaning that alpha is crucial. For many institutional investors, unable to access offshore hedging strategies, they have to access hedge fund strategies via a UCITS or onshore structure. Also retail investors who are thinking beyond cash, equities and bonds to build their portfolios will turn to alternative investments for capital protection, alpha and diversification. This session will explore the implications for investors of all types. Speakers include: Tim Haywood, GAM; Ian Heslop, Old Mutual Asset Managers; Julien Tizot, AG2R La Mondiale
AbsOlute ucits cOnFerence | What are the advantages of institutional and retail investors allocating to alternative ucits?
11.45
Global macro gets mixed reviews largely because the managers in this particular space are many and very varied in the strategies and assets they work with. Deciding to allocate to global macro is only the first step to making sure this strategy allocation enhances the portfolio rather than turns against it. Understanding the nuances of this diverse universe that falls under the global macro umbrella is as important as knowing how, where and when to blend this strategy and its managers in the overall portfolio. Speakers: Randall Dillard, Liongate Capital Management; Ash Williams, Florida State Board of Administration; Andrea Pederzolli, Mangusta Risk Management. Moderator: Tim Ng, Clearbrook
investhedge FOrum | Workshop global macro at work: gearing up for global uncertainty
11.45
volatile and risk-on/risk-off markets mean that equities have lost some of their appeal. How are asset managers responding to this challenge? Will strategies that dont need to be domiciled offshore come onshore? This session will discuss the latest strategy developments. Speakers: Steeve Brument, Dexia Asset Management; Andrew Dollery, Newedge; Michele Gesualdi, Kairos Capital; David Nikodem, Exane Asset Management; Thomas Sandell, Sandell Asset Management Europe
AbsOlute ucits cOnFerence | Who has the best strategy ideas for alternative ucits today? What is the impact of markets, regulation or the ucits wrapper itself?
12.30 13.45
lunch
Will the increased use of customised portfolios by institutional investors, mean the death of funds of funds? Or will customised portfolios become the new structure for funds of funds to operate in? How can investors partner with funds of hedge funds to maximise the potential and performance of their overall portfolios? How is performance measured and compared? Speakers include: Robert Howie, Mercer; Alexandre Pini, Banque Prive Edmond de Rothschild
investhedge FOrum | Workshop Are customised portfolios the 21st century funds of funds?
13.45
Raising capital for funds was easier for asset managers prior to the global financial crisis. Since then, the traditional distribution models have been challenged by a number of factors. This session will explore distribution models and the best way to raise assets in todays highly challenging market conditions. Speakers include: Adrian Harris, Renaissance Asset Managers; Andrew Main, Stratton Street Capital
AbsOlute ucits cOnFerence | how to attract assets into alternative ucits. Are platforms the solution? Or is a new distribution model needed?
14.30
In the hedge fund and more specifically the funds of funds industry, M&A is gathering pace. The bid to buy assets has grown exponentially, but are buyers buying value? Are the groups that are for sale just shells that will see the assets flow out once the deal is done? Is there really a viable M&A market in hedge funds and funds of funds, or is the business too personality driven? Speakers include: Jon Little, Northill Capital
14.30 AbsOlute ucits cOnFerence | the future: Alternative ucits and the onshore hedge fund industry
The sector has a lot of opportunities to grow due to convergence between the hedge fund and traditional asset management industries, more investors will demand that the funds they invest in are domiciled locally, which will mean more esoteric strategies will be available to onshore institutional and retail investors. This session will attempt to paint a picture of what the alternative UCITS and onshore hedging industry will look like over the next decade. Speakers include: Fabian Dori, 1741; Lucy Frew, Gide Loyrette Nouel; Filippo Stefanini, Eurizon Capital
in 2020
15.15 Close
The programme is provisional. Please visit www.investhedgeforum.com for updates
Main sponsors
Associate sponsors
asset management
www.investhedgeforum.com
Speakers
The InvestHedge Forum is renowned for its top-level managers and investors. More than 60 leading industry figures will participate on panels and present keynote speeches. Speakers confirmed so far include:
Anne richards, chief investment officer and head of Aberdeen Solutions Andrew mccaffery, global head of hedge funds
Alexandre col, head of investment fund department Alexandre Pini, portfolio manager
subhra tripathy, head of portfolio construction and quantitative strategies thomas raber, managing director
mark unferth, head of distressed debt and co-portfolio manager leonard charlton, partner
roxanne m. martino, partner, president and chief executive officer scott c. schweighauser, partner and chief investment officer Anne marie morley, partner and managing director
asset management
david e. Kuenzi, director of risk management Ash Williams, executive director and CIO
robert howie, European head of the alternatives boutique steve charlton, director of consulting services
george Papamarkakis, co-founder, managing partner and chief investment officer Jon little, partner
hilmi nver, partner and head of alternative investments tim bond, strategist
Paul schwarz, managing director, head of credit strategies ben Funk, managing director and head of research randall dillard, chief investment officer
maarten nederlof, managing director and head of portfolio solutions Julian shaw, head of risk management
William donzeiser, head of equity prime services and index trading, Americas robert gardner, co-chief executive
www.investhedgeforum.com
3 OCtOBEr, 2012
British Museum, London 18.45 - 22.00
Awards 2012
InvestHedge
This year the InvestHedge Awards will be held at the British Museum, London on the evening of 3 October. The Awards will bring together more than 300 guests to celebrate long-term performance of funds of hedge funds globally. The Awards will open with a drinks reception in the Egyptian Sculpture Gallery. A fabulous opportunity to network in one of the museums most beautiful galleries. Guests can view the many exhibits, including the worldfamous Rosetta Stone which provided the key to the modern understanding of Egyptian hieroglyphs. The gala dinner and awards ceremony will take place in the Queen Elizabeth II Great Court. Designed by Foster and Partners, it is the largest covered public square in Europe with a spectacular glass roof covering the space and the world-famous Reading Room at its centre.
www.investhedgeawards.com
Official After-Party
the House of St Barnabas 22.00 - 01.00
Less than six minutes walk from the British Museum, guests are invited to continue the celebrations in this beautiful 18th Century, Grade I listed property in the heart of Soho, which boasts one of the finest Rococo interiors in London. The house was first built in 1746 and retains many of its original features. In 1854 the House of St Barnabas took over the property. The charity has been supporting people affected by homelessness for over 160 years. It has been suggested that the rooms and gardens of the house were the imagined lodgings of Dr Manette and Lucy in Charles Dickens A Tale of Two Cities. Please note, a ticket to the InvestHedge Forum will not give you access to the InvestHedge Awards dinner or after party.
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