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Day One Wednesday 28 November
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08.30 | Registration and refreshments
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08.50 | Chairman’s opening remarks
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| IMPACT OF GLOBAL LIQUIDITY & VOLATILITY ON HEDGE FUND STRATEGIES |
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09.00 | Keynote: examining the future of hedge fund investing on a global scale
- Why are there record levels of liquidity?
- recycled oil money
- Examining if assets are far more inflated than investors realize
- Where is the petrodollar money going?
- How far are we away from ‘endgame’?
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09.30 | Examining the impact of greater liquidity in the hedge fund industry in Switzerland
- Sources of liquidity available to hedge funds
Outlining how hedge fund managers have taken advantage of high levels of liquidity
- Assessing how long current liquidity levels will be maintained
- Analysing the effects on hedge funds and their investors of a liquidity squeeze
- Examining whether changes in liquidity conditions are a threat or an opportunity for hedge funds?
- What segments of the hedge fund community can best protect themselves from these consequences
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10.00 | Panel discussion: analyzing whether hedge fund managers can maintain success if the market changes
- How can private investors assess whether hedge fund managers can cope with higher volatility?
Leading investors and industry experts will explore the issues outlined in the previous two presentations and apply them to Swiss investors:
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| | Ms Romy Cabrera, Assistant Vice President, Global Investment Service, EFG Bank Mr Alexander Ineichen, Senior Investment Officer, Alternative Investment Service, UBS Global Asset Management
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10.40 | Morning refreshments
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| THE LATEST DEVELOPMENTS IN ALTERNATIVE INVESTING: THREAT OR OPPORTUNITY? |
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11.10 | Panel debate: convergence of alternative and traditional investing - should hedge fund managers attempt to compete with long-only managers in setting up 130/30 funds?
- Can long-only managers acquire the necessary level of skill to effectively short?
- Assessing whether 130/30 funds are purely suited to institutional investors: can hedge fund providers guarantee an acceptable level of risk?
- What is the optimum level of shorting?
- Examining the possibility of using a UCITS vehicle
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11.50 | Hedge fund replication: can these products really compete with actual hedge funds?
- Are these products just average hedge funds? what are their limits?
- Why replicate in the first place: the problems with hedge fund indices
- How can you mix these products with alpha?
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12.20 | Lunch
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| STRUCTURING YOUR INVESTMENT PORTFOLIO FOR MAXIMIZING ALPHA CAPACITY |
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13.30 | Case study: examining the future of asset allocation for institutional investors
- Examining how pension funds allocate to hedge funds currently
- How can hedge funds and pension funds fit together?
- Outlining how the Julius Baer Pension Fund uses asset allocation methodology
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14.00 | Case study: how can dynamic core satellite allocation enable investors to incorporate hedge fund satellites into their portfolio?
- More than just a fund of fund: hedge funds as an integral part of the total asset allocation
- Hedge funds as substitutes: examining the implementation process of traditional asset categories in consideration of hedge funds
- Hedge funds as complements: exploring how the existing traditional investment universe can be enlarged through selective hedge fund investments
- How costly and time consuming is this approach?
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| | Mr David Keel, Managing Director, Harcourt Investment Consulting AG
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14.30 | SPEED NETWORKING
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15.20 | Afternoon refreshments
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15.50 | Portfolio Construction: incorporating single strategy funds of funds into investment portfolio
- Asset allocation: a holistic approach
- Understanding the life cycle of the market, industry, strategies and managers
- Due diligence and manager selection: capacity and lock-ups
- Risk management
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16.20 | Alternative alpha: a viable alternative to fund of hedge funds investing
- Fund of hedge funds have consistently underperformed against single hedge funds due to their double fee layer
- Most recently synthetic hedge funds have been launched as another way to get into the asset class
- Alternative alpha: a new way of obtaining both hedge fund beta and multi-manager alpha with costs no higher than single hedge funds
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16.35 | Panel debate: the future of fund of funds - are they becoming redundant?
- Do fund of funds serve any purpose now that investors have started creating their own fund of funds?
- Exploring if specialized fund of funds can exploit gaps in the market left by the bigger players
- Can large fund of funds sufficiently tailor their solutions to their investor clients?
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| | Mr Christoph Gort, Deputy Head of Hedge Funds Investments, City of Zurich Pension Fund Mr Alexander Ineichen, Senior Investment Officer, Alternative Investment Service, UBS Global Asset Management
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17.15 | Chairperson’s closing remarks
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17.25 | Networking drinks reception
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Day Two Thursday 29 November
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08.50 | Chairperson’s opening remarks
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| RISKS AND OPPORTUNITIES IN CONSUMPTION TRENDS AND RESOURCES |
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09.00 | Panel discussion: the case for investing in renewable energies
- Examining the benefits of renewable energies as an investment strategy
- Debating the implications for investors of the trend towards biofuels
- How volatile is the sector and what are the implications of this?
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09.35 | Panel debate: has the commodities bubble burst?
- Analyzing the recent developments in the commodities market
- Outlining the advantages and disadvantages of investing in commodities
- Assessing whether investments should be made in the commodities themselves or equities of the companies
- Examining how viable precious metals are instead of bonds
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| | Mr Rian Akey, Vice President and Chief Operating Officer, Cole Asset Management
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10.10 | Panel discussion: reacting to Solvency II - examining why insurance linked securities (ILS) has become its own asset class?
- Taking risk off the balance sheet
- How does ILS differ to other asset classes?
- Examining how it copes with the longevity problem for institutional investors
- Analyzing why insurance companies have looked to securitize risk
- Assessing how big the market is from both a supply and demand point of view
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| | Mr Pierre Guillemin, Head Quantitative Asset Management, Head Alternative Investments, Swiss Life Michael Stahel, Head of Insurance Linked Securities, Clariden Leu Alternative Investments
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10.45 | Morning refreshments
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| EMERGING MARKETS FOCUS |
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11.15 | Capitalizing on growth opportunities in Russia
- Taking advantage of the accelerating equities and derivatives markets
- Better understanding of the opportunities presented by the privatisation of Russian utilities companies
- To what extent are Russian capital markets affected by politics and the 2008 presidential elections?
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11.45 | Accessing frontier markets in Central Asia
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12.00 | Examining what Brazil has to offer
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12.15 | Panel discussion: emerging markets: uncovering the possibilities for India, China, Latin America and Africa
- Taking advantage of the inefficiencies in the emerging markets
- Using more liquid instruments to short
- Examining the needs of local infrastructure
- How important is local expertise when choosing a fund of fund to select your manager?
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| | Ms Romy Cabrera, Assistant Vice President, Global Investment Service, EFG Bank
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| EXPLORING TECHINCAL NEW INVESTMENT STRATEGIES |
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13.00 | Lunch
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14.00 | Case study: when is the time to stop investing in event driven strategies?
- Selecting a manager that can successfully make money in all market trends
- Debating how cautious investors should be with activist hedge funds
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14.30 | Panel debate: Private Equity vs Hedge Funds
- Dealing with liquidity: examining how comfortable investors are with being locked up
- Understanding risk appetite
- Liquidity premium
- Protection from damage: can hedge funds sell the lock-up idea?
- Can hedge funds exploit what private equity cannot offer?
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15.10 | Afternoon refreshments
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15.40 | Panel debate: examining the suitability of distressed debt for Swiss investors
- Can distressed debt be simplified for institutional investors?
- Examining the effects of a lack of liquidity
- Assessing how uncorrelated distressed debt is with core fixed income
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16.10 | Panel debate: examining the potential for volatility arbitrage
- Assessing the potential gain by trading a delta-neutral portfolio of an option and its underlies
- Analyzing the advantages and disadvantages for investors
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16.50 | Close of day two
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Pre-conference workshop Tuesday 27 November 2007 - Morning
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| What are the risks and opportunities associated with climate change? |
- Risks: physical, reputation and litigation; how to adapt your portfolio to existing conditions
- Does climate change alter the fiduciary equation for investors?
- Opportunities: new markets, asset classes and investment products
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| Examining renewable energy sources |
- Will fuels replace foods? examining the investment opportunities
- What is the Cleantech opportunity and why are major investors allocating to ‘environmental technology’
- How volatile is the biofuels sector and what are the implications of this?
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| ESG/SRI and enhanced analytics |
- Is ‘SRI’ (Socially Responsible Investing) still a relevant term?
- How to begin incorporating ESG (Environmental, Social and Governance) factors into a mainstream investment portfolio
- Which social, ecological and economic sustainability aspects should be considered with respect to long-term investments?
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Pre-conference workshop Tuesday 27 November 2007 - Afternoon
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14.00 | Your workshop leaders
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| Comparing 130/30 funds and single hedge fund strategies? |
- What are the key differences?
- What are the advantages of adopting either approach?
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| UCITs III: uncovering the opportunities for pension funds |
What is the maximum range that investors can adopt?
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| Welcome to the world of 130/30 investing and hedge funds investing |
- What is a 130/30 product?
- Why consider a 130/30 product?
- What can investors expect?
- Enhancing the risk/reward level of these strategies
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| What can single hedge funds deliver? |
- Alpha creating engine behind these strategies
- Examining the risk/reward level of these strategies
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Alexander Ineichen
Christopher Gort
Peter Thiel
Rob-Roy Rodel
Luc Estenne