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institutional investor
speakers
AP3 (Third Swedish National Pension Fund)
Sweden
APG Investments
Netherlands
BP Pension Trustees Ltd
United Kingdom
Calpers
USA
Caisse de depot et placement du Quebec
Canada
Cornell University
USA
London Pension Funds Authority
United Kingdom
Mn Services
Netherlands
Pearl Group
United Kingdom
The California Endowment
USA
Virginia Retirement System
USA
World Bank Pension Plan and Endowments
USA
Wellcome Trust
United Kingdom
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Programme
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Day one: Wednesday 22nd October 2008
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08.15 | Registration and refreshments
| 08.50 | Chairman’s opening remarks
| | THE GLOBAL BANKING SYSTEM |
| 09.00 | The global banking system
- Issues in the modern global banking system
- The rise and fall of the “shadow banking system”
- The role of central banks
- The restoration of confidence in the system
- The outlook for investment banking
Johnny Cameron, Chairman, Global Markets, Royal Bank of Scotland
Having beaten Barclays in the race to acquire ABN Amro, Johnny Cameron now faces the task of integrating the €27bn wholesale banking operations of ABN Amro into his own unit. As the top provider of leveraged finance in Europe, RBS has benefited from the private equity boom, and has unrivalled inside knowledge of the state of the sector.
| 09.45 | Funds of funds - the credit crunch and asset allocation
- The credit crunch: implications for FOHF allocations
- Monitoring prime brokerage and counterparty risks
- Will quant problems be a recurring theme in a credit-constrained world?
- Is now the time to allocate to distressed debt funds?
- The outlook for investor risk tolerance
Bob Discolo, MD, Head of Hedge Fund Strategies Group, AIG Investments
Michel Malo, Executive Vice-President, Hedge Funds, Caisse de dépot et placement du Québec
Pranay Gupta, Depty Chief Investment Officer, Pearl Group
Graham Thouret, President, Diversified Global Asset Management
| 10.30 | Morning refreshments and hedge fund showcase
In a relaxed and informal setting, three funds each have eight minutes to impress, in this optional showcase held on the main stage. Email matt.anderson@terrapinn.com to be considered.
| | GLOBAL INVESTMENT STRATEGY |
| 11.15 | Global investment strategy for 2009 and beyond
- US inflation: with the dollar weak, commodity prices high and central banks injecting liquidity, will inflation get out of control?
- Global equities and bonds
- Which regions offer the best returns?
- Commodities: how will a cyclical economic downturn impact the secular bull market?
- Currencies: will the dollar lose reserve currency status – what would be the implications?
Dr Marc Faber, Principal, The Gloom, Boom and Doom Report
Based in Hong Kong since 1973, Marc Faber is one of the world's greatest investment strategists. His recent analysis of the Bernanke mindset has proved unerringly accurate, but even investors who disagree with his conclusions find his views extremely though-provoking. Not to be missed!
| 12.15 | Global emerging markets panel
- Economic decoupling: truth or fiction?
- The impact of high oil prices
- Emerging market currencies outlook
- The outlook for emerging market bonds and equities
- Generating alpha (instead of beta) from emerging market hedge funds
Marc Faber, Principal, The Gloom, Boom and Doom Report
Jim O'Neill, Head of Global Economic Research, Goldman Sachs
Gabriel Stein, Director and Chief International Economist, Lombard Street Research
| 13.00 | Lunch
| | WHEN HEDGE FUNDS MET PRIVATE EQUITY
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| 14.00 | Hedge funds and private equity - is there convergence between the models?
- The general investing outlook
- Private equity and hedge funds
- Implications for investors
Johannes Huth, CEO Europe, Kohlberg Kravis Roberts & Co.
Rated the sixth most influential person in European capital markets in the most recent FN100 rankings, Huth ensured US buyout firm KKR was the biggest deal-maker by volume in Europe last year. He will provide a first-hand, private equity perspective into the general outlook, and discuss the investment implications.
| 14.45 | Private equity and event-driven panel
- The market outlook for private equity
- The outlook for M&A
- Understanding the performance of event-driven strategies in the last two years
- Is now the time to increase exposures to distressed debt?
- Where are the opportunities and possible pitfalls in the current environment?
Francesca Carega, Co Head of Absolute Return and Buy-Out Investments, Wellcome Trust
Christy Wood, CEO, Capital Z Asset Managment
Michael Treichl, Managing Partner and Co-founder, Audley Capital
Victoria Younghusband, Partner, Financial Markets, SJ Berwin LLP
| 15.30 | Speed networking and afternoon refreshments
| | INVESTOR PROTECTION - HEDGE FUND STANDARDS |
| 16.15 | The regulator's view of hedge funds and hedge fund standards
- Update on the FSA's regulatory framework for hedge funds
- Lessons for asset managers from the recent market events
- The FSA's market abuse initiative
- HFSB standards in brief
- How do they protect investors?
- Financial stability and systemic risk
- How fully has the HF industry embraced the new standards?
- What about overseas hedge funds?
Hector Sants, Chief Executive Officer, Financial Services Authority
Paul Marshall, Executive Chairman and Co-founder, Marshall Wace
Hector Sants in Europe's top financial regulator. He has extensive experience of the wholesale markets and has introduced a more "pro-active" approach to regulation. Paul Marshall is a co-founder of Marshall Wace LLP, Europe's largest equity hedge fund, and is a trustee of the Hedge Fund Standards Board.
| 17.15 | Panel discussion : 10%? 20%? 30%? Should institutional investors increase their HF allocations to more meaningful levels?
- Hedge funds: what are the real risks to investors?
- What future returns should hedge fund investors reasonably expect?
- Do hedge funds really have diversifying qualities?
- Why are investors scared to make meaningful allocations?
Paul Spijkers, CIO Alternative Investments, APG Investments
Roger Urwin, Global Head of Investment Consulting, Watson Wyatt
Wouter Pelser, Chief Investment Officer, Mn Services
| 18.00 | Networking drinks reception
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Day two: Thursday 23rd October 2008
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08.15 | Registration and refreshments
| 08.50 | Chairman’s opening remarks
| | THE AMERICAN PERSPECTIVE |
| 09.00 | The “subprime” US economy and the role of the Fed
- From equities to property to credit: the evolution of a bubble
- Understanding the Greenspan legacy
- Bernanke: just playing out a losing hand?
- US inflation and the “shadow statistics”
- To what extent did the property bubble bring consumption forward?
- Can emerging economies power the US economy?
- The end of dollar supremacy?
- Does the November US presidential election matter?
Nouriel Roubini, Chairman, Roubini Global Economics
Professor Nouriel Roubini is an internationally renowned economist, the founder of rgemonitor.com and a faculty member at Stern School of Business. He served as the Senior Economist for International Affairs at the White House Council of Economic Advisors and as Senior Advisor at the U.S. Treasury Department.
| 09.45 | Investor strategy panel: macro outlook and directional exposures
- Key directional exposures: currency, commodities, equities
- Directional bets with staying power
- Emerging markets: less at risk than developed markets?
- Credit spreads: current outlook
- Which “alternative beta” exposures offer best value at present?
- Overall market exposures: the big picture
Dan Bergman, Head of Risk Allocation, AP3 (Third Swedish National Pension Fund)
Farouki Majeed, Senior Investment Officer, Asset Allocation, CalPERS
Gina Sanchez, Managing Director, Public Markets and Research, The California Endowment
| 10.30 | Morning refreshments and hedge fund showcase
In a relaxed and informal setting, three funds each have eight minutes to impress, in this optional showcase held on the main stage. Email matt.anderson@terrapinn.com to be considered.
| | FINANCIAL STABILITY, LEVERAGE, AND SYSTEMIC RISK |
| 11.15 | Financial stability: the Bank's latest assessment
- Developments over the past six months
- Main downside risks
- Actions required by market participants and authorities
- Q&A with the Deputy Governor
Sir John Gieve, Deputy Governor, Bank of England
Sir John Gieve is a member of the MPC, which sets UK interest rates. His remit (financial stability) has become increasingly challenging, due to ever more complex investment strategies, the global banking and liquidity crisis, and the unusual confluence of issues surrounding monetary policy. A fascinating insight into central bank thinking!
| 12.00 | Financial stability: hedge funds and leverage
- Leverage post the sub-prime fiasco
Manny Roman, Co Chief Executive Officer, GLG Partners
| 12.20 | Hedge funds, leverage and systemic risk: are risk managers too complacent?
- The true nature of hedge fund risks
- Issues surrounding leverage
- Systemic risk
- How should best practice change in hedge fund risk management?
Alexander Ineichen, Senior Investment Officer, UBS Global Asset Management
| 13.00 | Lunch
| | QUANTITATIVE ISSUES IN HEDGE FUND INVESTING
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| 14.00 | Investing with trading systems
- Types of trading system
- Advantages of systems
- Limitations of systems
- Inductive logic and statistical inference in investment
- Investing in research
David Harding, Founder and Managing Director, Winton Capital Management
With a 20 year track record of success, David Harding is a legend in the world of CTAs and managed futures. He was the "H" in the AHL, which was brought by Man Group in 1989 and remains central to Man's success. If you want to learn how to build great trading systems, David Harding is the man.
| 14.40 | Panel: developing quant systems to generate persistent alpha
- The different approaches to developing a quant model
- Being different: how to avoid following the quant “herd”?
- Equity long/short – will quant problems be a recurring theme going forward?
- How do you know when an approach becomes over-crowded?
- How do you ensure your testing is really, truly robust?
- How do you manage risk and leverage?
- Dealing with losses in a mean reversion model: double or quit?
David Harding, Founder and Managing Director, Winton Capital Managment
Mike Turner, Head of Risk Management and Quantitative Techniques, Financial Risk Management (FRM) Ltd
Sushil Wadhwani, President and CEO, Wadhwani Asset Management
Paul Wilmott, Founder, Wilmott Associates
| 15.20 | Afternoon refreshments
| | SUCCESSFULLY MANAGING PENSIONS AND ENDOWMENTS
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| 15.50 | The key principles of highly effective investing
- Identifying alpha. Managing beta
- The role of inflation-linked natural resources
- Successful philosophies for investing in hedge funds
James Walsh, Chief Investment Officer, Cornell University
In 2006 Cornell University poached James Walsh to cross the Atlantic and run their $5bn endowment. He joined from Hermes Investment Mangement, the manager of the British Telecom and Post Office pension funds, where he was Head of Strategy and Alternatives - a role which included establishing and managing the hedge fund and commoditites portfolios.
| 16.30 | Panel: building successful investment portfolios in the 21st century
- The beta puzzle – market return forecasts
- The alpha strategy – adding value
- The risk conundrum – approaches to diversification
- Efficient portfolio construction – jigsaw pieces
- The deal machine – efficient trading
Sally Bridgeland, Chief Executive Officer, BP Pension Trustees Ltd
Vanessa James, Investment Director, London Pension Funds Authority
Al Samper, Former Chairman, Virginia Retirement System
Daniela Klingebiel, Principal Investment Officer, World Bank Pension Fund
| 17.15 | Closing drinks reception
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