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Professor Bill Fung
BNP Paribase Hedge Fund Center
London Business School
Professor David Hsieh
Fuqua School of Business
Duke University
Dr William Shadwick
Managing Director
Omega Analysis Limited
Peter Norman
Executive President
Dave Finstad
Director, Hedge Fund & External Equity
Alberta Investment Management
Nicholas Verwilghen
Head of Quant and Research
E.I.M. S.A.
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Meet our speakers
Head of Risk Management,
Albourne Partners Ltd
Gaurav joined Albourne in July 2006. Since Jan 07 he is heading the risk management department.
Gaurav joined Albourne from Schroders. He joined the fund of hedge funds team at Schroders in September 2002 and was responsible for analyzing and identifying potential investments in quantitative hedge fund strategies like statistical arbitrage, systematic traders and volatility traders. He was also Head of risk management and member of the portfolio management team.
He has co-authored with Harry Kat, six papers on various aspects of investing in hedge funds all of which have been published in well respected journals.
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Managing Partner and Chief Executive Officer,
FGS Capital
Giovanni is Managing Partner at FGS Capital LLP, where he is the CEO and is responsible for portfolio management. Previously he was Associate Director of hedge funds at First Quadrant Ltd, where he set up and was the portfolio manager of its Pan European long/short equity market neutral portfolios, and was responsible for UK-based hedge fund business. He has extensive experience of managing equity market neutral portfolios since 1995, when he joined the firm. Prior to that he was a tenured Research Fellow with the Economics Department of the University of Bologna in Italy, and he has held appointments with BARRA International and Eastern Group Plc. He was an Associate Director of the Real Options Group, looking at research and applications of Real Options to corporate finance and investments. He is an active member of AIMA (Alternative Investment Management Association) and a Board and Research Committee member of INQUIRE UK and INQUIRE Europe. He is a Board member of the International Association of Financial Engineers (IAFE). He is the European Chair of the Steering Group of the Investor Risk Committee (IRC) of IAFE working on guidelines for disclosure and transparency for hedge funds. Giovanni is a CFA Charterholder.
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Senior Managing Director, Head of Corporate Strategy and Gottex Structured Products ,
Gottex Fund Management
Mr. Bousbib joined Gottex in June 2005. Prior to this he served as President and Chief Executive Officer of PlusFunds and Chairman of the PlusFunds Risk Committee until December 2004. Mr. Bousbib led PlusFunds’ dramatic growth, taking it from the novel unproven concept of hedge fund indices in 2001 to the largest independently owned hedge fund managed account platform in the world with nearly US$ 3 billion under management by the end of 2004. From 1996 to 2001, Mr. Bousbib held a number of operating and corporate development positions with the Reuters Group, including Managing Director of Business Development as well as Senior Vice President and Chief Operating Officer, Risk Management Division. Prior to joining Reuters, Mr. Bousbib was a Managing Director and principal of the CBM Group, Inc., a management consulting firm specializing in financial services and risk management. Mr. Bousbib started his career in the securities industry in 1987 when he joined Merrill Lynch Capital Markets as a risk manager and senior associate in Merrill Lynch’s global derivatives group. Mr. Bousbib holds an M.B.A. from Columbia University Graduate School of Business and is a graduate from Ecole Polytechnique in Paris.
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Founder and Head of Research,
RiskData, S.A.
With 10 years of experience in the banking industry (risk management, option models, trading strategies...) and 20 years research in pure and applied mathematics Dr. Douady is one of the founders of Riskdata. Renowned for his high performance numerical techniques and statistical analysis, Dr. Douady created and animates the New-York University Seminar of Mathematical Finance. He graduated from Ecole Normale Superieure of Paris and has a PhD in mathematics.
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Director and Head of Research, Alternative Beta Strategies,
Credit Suisse
Dr. Drachman is a Director and head of research of the Alternative Beta Strategies group focusing on the creation of new alternative beta products. Dr. Drachman joined Credit Suisse in 2007 from Banc of America Securities where he developed options strategies and other mathematical models for the Equity Financial Products Group in New York. Prior to this, Dr. Drachman was a Quantitative Researcher for Jemmco Capital where he led a team that produced statistical models and trading strategies. Dr. Drachman has also worked at J.P. Morgan & Co. in the Quantitative Trading Group and the Corporate Risk Management Group where he developed trading models and risk management techniques. Dr. Drachman received a B.S. in Mathematics from the Massachusetts Institute of Technology and a Ph.D. in Mathematics from Stanford University.
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Director, Hedge Funds and External Equity,
Alberta Investment Management
Dave Finstad is Director, Hedge Funds & External Equity for Alberta Investment Management (AIM) and has served in that position since November 2004. In this role, he leads a team of six investment professionals who manage AIM’s $15 billion external manager program which includes hedge funds, currency and traditional equity managers.
Prior to joining AIM in 1999, Dave was Senior Portfolio Analyst at Worker’s Compensation Board – Alberta, where he was instrumental in making manager selection and asset mix decisions. He also worked as a quantitative analyst for Frank Russell Canada in Toronto.
Dave has published a number of articles on manager selection and institutional fund management. He is a CFA charterholder and he obtained an M.Sc. in Finance from the London School of Economics.
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Head of Asset Allocation,
AP Fonden 2
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BNP Paribas Hedge Fund Centre,
London Business School
Bill Fung is Visiting Research Professor at the BNP Paribas Hedge Fund Centre, London Business School. He also serves on the board of financial services companies in Europe and North America and is currently Chairman of the Board of Directors of the Maple Financial Group, Canada and a member of the Supervisory Board of Maple Bank GmbH. Bill was educated in England where he received his doctorate in Mathematics from the University of London, and subsequently a doctorate in Finance from the University of Manchester.
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Managing Director,
Pacific Alternative Asset Management Company
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Bank of America Professor of Finance,
Fuqua School of Business, Duke University
Professor Hsieh obtained his B.S. in Economics and Mathematics from Yale University and a Ph.D. in Economics from the Massachusetts Institute of Technology. He taught at the Graduate School of Business, University of Chicago from 1981 to 1989. He joined the Fuqua Faculty in 1989.
Professor Hsieh's current research focuses on the style, risk, and performance evaluation of hedge funds. This research has been featured in the Review of Financial Studies, Journal of Empirical Finance, Journal of Fixed Income, Financial Analysts Journal and the Journal of Portfolio Management. He has been invited to give presentations on hedge funds to academics, regulators, and institutional investors.
Professor Hsieh has also worked in the area of statistical modeling of high frequency financial data, especially volatility clustering in stocks, bonds, and foreign exchange. The results have been published in the Journal of Business, the Journal of Business and Economic Statistics and the Journal of Finance, and the Journal of International Economics. The statistical theory and empirical results are summarized in a book entitled Nonlinear Dynamics, Chaos and Instability: Statistical Theory Dynamics, which is coauthored with Professors William Brock and Blake LeBaron and published by the MIT press.
Professor Hsieh won the Smith-Breeden First Prize for the bestpaper in the Journal of Finance in 1990 with Nobel Laureate Merton Miller, and the Fischer Black Memorial Foundation's 1999 Robert J. Schwartz Memorial Prize for the best paper on hedge funds with William Fung. In 2004, he received a CFA Institute's Graham and Dodd Award of Excellence for his paper with co-author Willimg Fung on hedge fund benchmarks published in the Financial Analysts Journal.
Professor Hsieh teaches Global Financial Management, Fixec Income Securities & Risk Management, International Corporate Finance, and Investments & Portfolio Management. Along with Professor Ernst Maug, he won the Teaching Award from the Cross-Continent Executive MBA Class of 2002. He also won the Bank of America Faculty Award in 2002.
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Partner and Head of Alternative Beta Strategies,
Partners Group
Lars Jaeger holds a PhD degree in theoretical physics from the Max-Planck Institute for Physics of Complex Systems, Dresden. He studied physics and philosophy at the University of Bonn, Germany, and Ecole Polytechnique, Paris. After his post-doctorate studies in Dresden, Lars began his finance career as a quantitative researcher on econometric and mathematical modeling of financial markets at Olsen & Associates AG in Zurich. He subsequently joined the Hedge Fund group of Credit Suisse Asset management, where he was responsible for risk management and quantitative strategy analysis. Lars is a founding partner of saisGroup, an investment firm specializing on alternative investment strategies which merged with Partners Group, where he is now heading the group “Alternative Investment Research”. Lars holds the CFA charter and is a certified Financial Risk Manager (FRM). He is the author of numerous research publications and the books “Risk Management of Alternative Investment Strategies”, published in 2002 with Financial Times Prentice Hall, “The New Generation of Risk Management for Hedge Funds and Private Equity“ (ed.) published by Euromoney in 2003, and “Through the Alpha Smokescreen: A guide to hedge fund return sources”, published by Institutional Investors (2005).
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Chief Executive Officer and Founding Partner,
Blue White Alternative Investments Ltd
Jaakko has over 34 years of experience in the financial industry, most recently as the Chief Investment Officer and Member of Executive Board of Attica Alternative Investments Ltd. that he and other owners sold to Sal Oppenheim KAG. Previously, he was the CIO of Key Asset Management Group and Director of Hedge Fund Research and Selection at International Asset Management Ltd., all hedge fund of funds located in London. Having joined CSFB in 1988 in London, Jaakko worked over 12 years at various investment banks, including CSFB, CS, EBRD and ING Barings, being responsible for external multi-manager Mortgage Backed Securities and Fixed Income Arbitrage investment programmes (USD 1 billion, over 4 years), proprietary trading, bond and derivatives structuring and trading, market and model risk management, financial engineering and investment research.
Previously, for over 12 years Jaakko was a Finance Professor and Economics Research Fellow, teaching Finance, Investments, Derivatives and Economics at a number of universities in the USA, UK and Finland, most recently at the London Business School (LBS) of the University of London, where he also received his PhD in Finance in 1984.
Jaakko also has MPhil and MSc degrees in Economics, Statistics and Accountancy, and he holds the Chartered Alternative Investment Analyst CAIATM designation and the UKSIP full IMC Certificate in Investment Management. Jaakko has been adviser and consultant to a large number of central banks, supra-nationals, insurance companies, pension funds and investment banks. He is also CEO of a London based management and risks consulting company, Aegis Consultants Ltd that he founded in 1995, the Chairman of Risk Advisory Board of Finles investment and insurance group in the Netherlands and Member of the Board of Blue White Investments Ltd.
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Global Co-Head of FX Structuring,
Barclays Capital
Philippos Kassimatis is a Managing Director and Co-Head of FX Structuring at Barclays Capital. The team is responsible for designing of new structured FX products as well as providing bespoke solutions for institutional investors globally.
Mr. Kassimatis joined Barclays Capital in 2005. He started his finance career with Merrill Lynch in 1998 in New York focusing on mergers and acquisitions / financings in the corporate sector. Subsequently he moved with Merrill Lynch to London where he was responsible for the FX structured business for European financial institutions.
Philippos holds a BA degree in Engineering, Economics and Management from Oxford University, an MA in International Economics from Yale University and an MBA from Yale School of Management.
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Principal Investment Officer,
The World Bank Pension Fund
Ms. Klingebiel is a Principal Investment Officer for the World Bank’s Pension Fund where she is co-managing the USD 2.0 bn hedge fund portfolio. The portfolio is diversified across all strategies and consists of about 45 managers. Since joining the hedge fund team she has strengthened the asset allocation, manager selection and risk management tools and has restructured the risk management processes. Previously, she was responsible for the international equity portfolio, the currency portfolio and the GTAA portfolio. In that capacity, she developed quantitative tools for manager selection and portfolio construction and developed a currency trading model for 11 developed market currencies that trades live.
Ms. Klingebiel has also worked in the World Bank’s Financial Sector Policy and Strategy, the Private Sector Development Department, and the Macroeconomics Department of the East Asia and Pacific Region. In that capacity, she has provided advice on financial sector issues including pensions to the governments of Brazil, Guinea, India, Indonesia, Malaysia, Mali, the Philippines, Poland, Russia, South Korea, Thailand and Vietnam.
She has published extensively in the areas of pension management, capital markets, financial crises, banking, enterprise and financial sector restructuring, and internationalization of financial services in leading professional and academic journals. Ms. Klingebiel joined the World Bank in 1995 as a member of the Young Professionals Program.
Ms. Klingebiel holds a Ph. D. and Master of Science in Economics and a Master of Arts in Political Science from the Albert-Ludwigs-University in Freiburg, Germany.
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Risk Manager,
E.I.M. S.A.
Dr Didier Michoud holds a MSC and a PhD in Physics from the Swiss Institute of Technology in Lausanne (EPFL). He started his career as quantitative analyst at Lloyds TSB Bank (Switzerland) to implement quantitative analysis and risk tools for the Investment Management Services. In May 2001, He joined Banque Cantonale de Genève, the Geneva state owned bank, as deputy head of Risk Management, and was responsible for Asset-Liability Management and credit risk. He was also responsible of several consulting mandates for public and private entities. After four years, he joined the Laurentian Bank of Canada in Montreal, where he was in charge of the Economic Capital Department. In December 2005, he joined as a Senior Manager the Advisory practice of PricewaterhouseCoopers in Zurich, from where he was involved in a number of Risk Management projects across Europe. He also co-authored the PwC European ALM survey issued in 2007. Since February 2007
Didier Michoud assumes his current role of Risk Manager at EIM SA.
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Strategist,
Investec Asset Management
Terence has been working in and around the hedge fund industry for ten years, both as investor and fund manager. He currently co-heads the Quant Multi-Strategy unit at IAM in London, where he focuses on developing long-term quantitative trading strategies across a wide range of markets.
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Based in London since 1997, Tony is an Executive Director focusing on structured product research. His work spans interest rates, foreign exchange, credit and commodities, as well as doing bespoke research for internal and external clients, including product development. Before moving to London, he worked for Swiss Bank Corporation's sovereign risk analysis group in Basle, where he developed models to infer expected default probabilities, recovery rates and default correlations from the prices of traded credit exposures. He also contributed to the formation of sovereign risk policy. Tony majored in economics and English literature at Dartmouth College, graduating Phi Beta Kappa. Later, he earned a doctorate in finance at New York University's Stern School of Business. His dissertation applies contingent claim models to emerging market sovereign credit risk, shedding light on empirical puzzles in the finance and international macroeconomics literature.
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Professor of Finance and Director ,
BNP Paribas Hedge Fund Centre, London Business School
Professor of Finance and Director, BNP Paribas Hedge Fund Centre at the London Business School. Educated at the Indian Institute of Technology in Bombay and the Indian Institute of anagement in Ahmedabad, Prof. Naik subsequently worked as an executive for Special Steels and the Taj Group of Hotels and as a consultant for the World Bank before obtaining a PhD in Business Administration at Duke University, North Carolina in 1991. Prof. Naik joined London Business School in 1991. He has played a key role in the development of the finance group at LBS, most notably in the role of the Director of the PhD programme in Finance, the Director of the School’s Investment Management Programme and the Director of the newly established international Centre for Hedge Fund Research and Education. Prof. Naik’s research interests include hedge funds, portfolio selection, risk management and market microstructure. Over the last decade he has authored a significant body of work in these areas, which has appeared in the top finance journals, leading practitioner journals and financial press. Prof. Naik has appeared many times on CNN, CNBC, Bloomberg, BBC, ITV and other news channels as expert finance academic. Prof. Naik has consulted widely during his career for the World Bank and private corporations in the UK, USA and Far East. He has also designed and taught tailor-made courses in corporate finance and investment management for leading investment banks.
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Executive President,
AP7 Pension Fund (Sweden)
Peter Norman is Executive President at AP7 (the Seventh Swedish National Pension Fund), where he has been since 2000. AP7 manages almost $12bn of assets. Prior to 2000 he was Chief Executive Officer at Alfred Berg Asset Management. He also spent time, from 1994-1996 as a Director at Sveriges Riksbank, as Head of Monetary and Exchange Rate Policy Department.
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Managing Director and President,
Credit Suisse Tremont Index LLC
Oliver Schupp is a Managing Director within FAS, President of Credit Suisse Tremont Index, LLC and a member of the Credit Suisse/Tremont Hedge Fund Index Committee. Mr. Schupp's responsibilities include product development and oversight of investments for the index-linked product suite. Prior to joining FAS, Mr. Schupp traded for Credit Suisse's Global Portfolio Trading Group in London. Mr. Schupp joined Credit Suisse in 2000 from Commerzbank Securities in London where he was a trader for the Program Trading and Index Arbitrage desk and a portfolio analyst in the quantitative research department. He has also served as a Senior Consultant at Barra in Frankfurt and London advising international money managers in risk management, optimization and asset allocation models.
Mr. Schupp received a Master's Degree in Economics specializing in Finance, Accounting and Public Finance from Johannes Gutenberg University in Mainz, Germany. Mr. Schupp holds Series 3, 7, and 63 licenses.
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Managing Director,
Omega Analysis
William F. Shadwick is Managing Director of Omega Analysis Limited. A prominentmathematician, he was responsible for establishing the Fields Institute for Research inMathematical Sciences before entering the finance industry in 1998 with DresdnerKleinwort Benson. He was a member of the Steering Committee of the Financial MarketsGroup at the London School of Economics from 1998 to 2002 and is a founding memberof the Steering Committee for the UK Quantitative Finance Network. He has publishedkey contributions to finance theory and practice and has made invited presentations of hiswork in quantitative finance to leading industry groups and academic centers. Jointlywith Ana Cascon, he was the 2007 recipient of the Journalism Award of the InvestmentManagement Consultant’s Association.
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Partner, Director of Investment Strategy,
Fulcrum Asset Management
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Managing Director, Quantitative & Derivatives Strategies,
Morgan Stanley
Yazid Sharaiha joined Morgan Stanley’s Institutional Securities Division in 1997. He is the global head of the Quantitative and Derivative Strategies (QDS) group at Morgan Stanley. Yazid holds a Master's in Engineering from UC Berkeley and a PhD in Operations Research from Imperial College, London (1991). Before joining Morgan Stanley, he worked as a University Lecturer at Imperial College for six years. He has published over forty articles in the fields of optimization and financial modeling and co-authored/edited two books.
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Chief Executive Officer,
Diversified Hedge Investment Advisors LLC
Richard Van Horne has been self-employed as an asset manager in
alternative investments for private clients since 1992. He has
focussed on portfolio management and manager selection in the fund of
funds space since 2001. Prior to 1992, he worked for Merrill Lynch
and JP Morgan. He earned his MBA from Stanford University, and he is
a CFA charterholder and a CAIA charterholder.
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European head of Equity Derivatives,
Merrill Lynch
Alex Ypsilanti is the European head of Merrill Lynch’s Equity Derivatives Strategy team, based in London. In this role he is responsible for developing solutions using equity derivatives and other financial engineering tools that allow investors to generate alpha, manage their risk/return profiles more efficiently, and gain exposure to themes or related asses classes such as volatility and hedge funds. Mr. Ypsilanti is also responsible for articulating Merrill Lynch’s view on market volatility and correlation. He produces a number of research products including a regular report on equity volatility trends and global derivative trading ideas.
Mr. Ypsilanti joined the firm in 1999 after completing his PhD in Mathematical Finance from Imperial College, London. He also holds an MSc in Communications and Signal Processing and a BSc in Information Systems Engineering from Imperial College, University of London.
Between 2002 and 2004, he was based in Hong Kong, where he headed the Equity Derivatives Strategy team for the Asia-Pacific region (excluding Japan).
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“One of the best conferences I have attended in years”
Professor Hossein Kazemi, University of Massachusetts
› Press Releases on Alt Beta
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