·         Building up a fund of hedge funds

·         Techniques for asset allocation and individual hedge funds choice

·         Forecasts for the years to come

·         Comments from each senior representative on the other two fund techniques

·         What is the true alpha of funds of hedge funds?

·         Risk of crowding out in the hedge funds universe

·         Pressure on fees charged by funds of hedge funds

·         DPI features

·         New developments

·         Pulling out an individual strategy or several strategies from fund of hedge funds

·         Case study of a customised fund of hedge funds

• Key elements in the global macro picture
• Spain as a special case in the European context
• The short and longer term outlook

·         Identifying the first results following the new legislations

·         Who sells funds of hedge funds in Spain?

·         Are there single hedge fund managers in Spain?

·         Pinpointing the challenges that the new laws will have to regulate

·         Assessing the impact of the new regulation for non-Spanish players and how they are planning to sell their products in Spain

·         How open are the European markets for foreign hedge funds?

·         What are the effects on competition and distribution in Europe?

·         Will there be a pan-European hedge funds market?

• Highlights of the new investment law (the law has not changed from a tax perspective...)
• Identifying the best fund vehicles (Spanish or offshore) ok
• Direct vs. indirect structures ok
• Understanding investor's aims - focusing on retail clients

·         Managing volatility rather then promising return

·         The equity risk matrix concept

·         Strategy - competitive edge

·         Exposure management - management of market risk

·         Position risk - cost/benefit

·         Portfolio effects

·         The case of Aurora Offshore Limited Fund

·         The case of Frontpoint Multi Strategy Fund

·         The point of view of a structuring team (IXIS-CIB)

·         Standards within the operational process

·         Key operational risk parameters

·         Minimising risk

·         Increasing liquidity

·         Key case studies

·         Do they add value and how?

·         The key role of the manager/advisor and how to select it

·         Their suitability for institutional investors

A Terrapinn innovation, this is a revolutionary, exciting, quick and non-pressured way to meet fellow conference delegates and industry peers in one 40 minute session. This is where long-lasting and profitable business relationships begin.

• The hedge fund universe (sectors and strategies)
• Asset/manager allocation
• Manager evaluation process/criteria
• Identification of manager risks and business control points
• Ongoing monitoring - typical milestones

·         Appraisal of the Spanish hedge fund market in 2005

·         Outlook of the future challenges for the hedge fund industry

- current and new players’ moves

      - who are the new partners moving forward?

      -  Spain vs. European and worldwide players – is it competition or co-operation?

·         Business models of hedge fund providers to effectively cope with the upcoming challenges involved

·         Overview of national regulations for retail hedge fund players

·         Analysis of the EFAMA report and assessing its impact on the Spanish and European hedge funds markets

·         Are there other possible European regulations in the pipeline?

·         Which hedge fund products will be selected by large banks to target

 a) the retail distribution market

 b) the private banking sector

and

 c) the institutional investor?

·         What is structuring?

·         What are the criteria of a successful structuring?

·         Is it only a capital guarantee or is there something else in structuring?

·         The benefits of leveraging

·         Case studies

·         The case for indexing hedge funds - balancing representation and investability 

·         Best practice methodologies: transparency, due diligence, independent pricing and separately managed accounts

·         Creating tools for capturing returns - hedge fund index investing in practice  

• Understand - the migration and evolution of single hedge fund businesses and investment strategies
• Future outlook for the fund of funds model
• Commodities: is "Beta" the new "Alpha"?

·         The needs of a Spanish private client following the newly regulated access to alternative investments

·         How can a Spanish investor enhance his conventional portfolio structure by integrating hedge funds?

·         Selection criteria and strategies for conservative private investors

·         Comparative results of private portfolios with and without hedge fund allocations

·         Unique issues and challenges of devising a hedge fund programme within the institution’s investment frame

·         Funds research and selecting a hedge fund manager

·         What are the selection criteria? When to leave a fund manager?

·         Assessing hedge fund benchmarks - absolute cash and peer group performance

·         Transparency issues

·         Portfolio management

·         What are managed accounts?

·         Are managed accounts flexible enough?

·         Learning how to use managed accounts

·         How has the hedge funds industry evolved?

·         Positioning of hedge funds in new alternative opportunities

·         Implications of these changes for funds of hedge funds

·         Risk management in a multistrategy hedge fund group

·         Quantitative risk management:beyond VaR

·         Market risk in a global macro strategy

Using a proprietary international database system to conduct due diligence of a portfolio of managers and own funds of funds offerings