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Masterclass A: Monday 8th Sep 2008 9am - 1pm
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9am | The use of offshore funds as effective capital raising vehicle
Complimentary for registered delegates!
To register, please email Christine Tran at Christine.tran@terrapinn.com. This masterclass is complimentary for registered delegates of Hedge Funds World Asia 2008. Limited to 40 seats only!
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The use of offshore funds as capital raising vehicles and for investment purposes is growing rapidly in Asia. The investment fund market is booming as surplus capital created by the substantial economic success of Asia in the past decade looks for viable returns. For managers, in order to successfully launch offshore, careful consideration is needed in choosing an appropriate domicile for the fund. Offshore funds hold many advantages as regulation is less restrictive and for BVI and Cayman funds in particular the corporate, segregated portfolio and partnership vehicles used are more flexible allowing for a greater scope in structuring the fund. Understanding the legal and regulatory environment is the key to launching a successful product that will attract investors. In the right circumstances offshore funds offer the greatest flexibility for investors and for the manager.
Who should attend?
This workshop is aimed at the full range of fund managers, lawyers and financial institutions– from individual investment advisors launching their first offshore fund to institutions starting alternative investment departments.
This half-day workshop will address:
(a) Key considerations for setting up a fund offshore
(b) An analysis of the offshore domicile – debunking the myth
(c) Choosing an appropriate structure
(d) Anti-money laundering regulation and how this affects the fund, the manager and investors into the fund
(e) Contemporary issues: side letters, enforceability of penalty clauses.
About Ogier
Ogier is a leading provider of offshore legal and fiduciary services. The global organisation will have offices in nine financial centres around the world namely British Virgin Islands, the Cayman Islands, Guernsey, Hong Kong, Ireland, Jersey, London, Montevideo and New Zealand and employ over 700 staff.
About the masterclass leader
Duncan Smith's background is in structured finance and he has broad experience in corporate law relating to offshore vehicles. Since 1997 he has been providing banks with comfort on cross-border insolvency (netting, collateral & security interest) advice and has been liaison for ISDA with regard to British Virgin Islands law matters since 1997, providing the British Virgin Islands netting opinion. He was a member of the committee devoted to drafting a new Insolvency Act for the territory in 1999 & 2000 and is a member of the advisory committee charged with implementation.
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Masterclass B: Monday 8th Sep 2008 9am - 5pm
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9am | Hedge fund marketing for start-ups and established managers
Registration for the masterclass will start at 8.30am. The masterclass will commence at 9am and end at 5pm. Morning and afternoon refreshments as well as lunch are scheduled into the day’s proceedings.
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Marketing – Options for the start-up manager
• Should you be running your own fund? – things to consider
• Running a business is much more than simply managing a portfolio
• Targets for initial assets to manage - individual HNW and small family offices vs institutional investors
• Seeding – is it a viable option?
• Hedge fund “hotels – are they right for you?
• Minimum requirements – AUM, performance, strategy, team, back office
Getting ready for business
• Your team – personnel recruitment and selection
• Your team – functional responsibilities
• Your team – compensation (base, performance, equity)
• Business plan development
• Cash flow and financial management
Getting ready for market
• Define your unique selling proposition
• Market research to understand what your investors are interested in
• Understand your most probable target investors
• Lay out a marketing plan and timeline • Assess regulatory and reporting requirements for target market
Pre-Marketing - Marketing materials development
• Factsheets - descriptive info, monthly numbers, stats, terms, commentary
• Executive Summary - narrative overview, strategy, team, performance, terms
• Pitchbook - tailor to USP, revise according to market response
• Generic due diligence questionnaire - required to deal with consultants
• OM - lawyers, accountants
• Ongoing process – marketing materials are never “done”
• Web site – development, operation and maintenance
Pre-Marketing – Hiring placement agent (3rd party marketer) vs. inhouse sales
• Cost - direct and indirect
• Infrastructure requirements - broker-dealer, database, management
• Timing - getting to market within timeline
• Qualifications - professional, selling, regulatory
• Process - define and be ready to adjust
• Prime broker cap intro services
Marketing – Manage the selling process to different audiences
• HNW
• Family offices
• Funds of funds
• Consultants
• Pension funds
• Endowments and foundations
• Banks and financial institutions
Post-sale – Managing your investors
• Communication – conference calls, written reporting, meetings
• Transparency – don’t compromise portfolio management, but be transparent
• Reporting - regular, written, monthly, quarterly, annual
• Bad performance – how to handle
• Your non-portfolio management team – incredibly important
About the masterclass leader
Mr. Cunningham is President and Co-Founder of Touchstone Group, LLC, a financial services firm that raises institutional capital for hedge fund and private equity managers in the United States, Canada, Europe, and Australasia. Touchstone was founded in 2002 and operates with six full-time professionals in New York, Philadelphia, San Francisco, and Sydney, Australia. The company’s principals have helped raise over $2.5 billion in institutional capital.
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Conference Day One Tuesday 9 Sep 2008
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8am | Registration and Breakfast at Hedge Funds World Cafe
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8.40am | Organiser’s welcome remarks
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8.45am | Chairman’s opening remarks
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8.50am | DIFC’s welcome remarks
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| | Mr Kevin Birkett, Executive Director, Asset Management, Dubai International Finance Centre Authority
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| GLOBAL ECONOMIC OUTLOOK, ASIAN INVESTMENT OPPORTUNITIES |
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9am | Chief economist address: Outlining prospects for the global economy in 2009: What does the future hold for Asia?
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What’s ahead for the global economy in 2009?
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Investigating the limits and risks of decoupling between the US, Asia and other world economies
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Assessing the depth of liquidity in the global markets
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Will Asian economies continue their growth momentum in 2009?
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Analysing the biggest risks for Asian economies- oil and commodities prices, Asian currency appreciation, inflation, market volatility
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9.30am | Global CIO Think Tank: Evaluating investment opportunities and trends around the world
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Gauging the impact of the credit crisis on the global economy- What are the investment implications?
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Identifying the key investment opportunities and themes for 2009
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Predicting the asset classes and regions that will outperform the markets over the next twelve months
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| | Mr Peter Noris, Chief Investment Officer, Ivy Asset Management Corporation Mr Mihir Meswani, Director of Public Market Managers, Robert Wood Johnson Foundation Ms Eliza Lau, Chief Executive Officer and Chief Investment Officer, SAIL Advisors Limited
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10.15am | Asia CEO Think Tank: Building a scalable hedge fund business in Asia during times of uncertainty
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An overview of the trends, performance and the state of the Asian hedge fund industry
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What are the most crucial issues facing Asian-based hedge funds and their investors in 2009?
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Revealing optimal business models and pinpointing operational risks
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Managing conflicts of interest / ethical considerations
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Recruiting and retaining talent
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| | Mr Gerard Lee, Chief Executive Officer, Fullerton Fund Management Moderator: Mr Craig Mercer, Manager Research Consultant, Global Manager Research Team, Watson Wyatt Worldwide
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11am | Cuppa & Chat hosted by
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| INNOVATION AND DEVELOPMENT |
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11.40am | Third generation funds of hedge funds -The smartest way to invest in hedge funds
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| | Mr Mehraj Mattoo, Global Head of Alternative Investment Strategies, Commerzbank AG
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12.10pm | Dubai - A new centre for the global funds industry
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| | Mr Kevin Birkett, Executive Director, Asset Management, Dubai International Finance Centre Authority
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12.40pm | Networking lunch
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Day One Investment Track
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| GENERATING ALPHA IN CURRENT MARKETS |
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2.30pm | Strategy panel: Assessing the performance of macro and currency managers amid the current market conditions
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| | Moderator: Mr Kirby Daley, Senior Strategist, Head of Capital Introductions - Asia, Prime Brokerage Group, Newedge Group (Hong Kong)
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3.10pm | Mind vs Model panel: Extracting alpha from systematic quant based strategies including statistical arbitrage, volatility trading and technically focused CTA's
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How have quant funds been affected by this year’s market volatility?
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Assessing which quant models work best in which market environments
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Balancing risk and return: Use of leverage and mitigation of tail risk
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Garbage in/garbage out: Ensuring models are maintained to stay relevant under changing market conditions
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| | Mr Luke Smith, Managing Director, New York Life Investment Management LLC Moderator: Mr Clark Cheng, Head of US Research, Alternatives Investment Group, HSBC Private Bank
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3.50pm | Speed networking
Hosted by: 
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4.10pm | Cuppa & Chat hosted by
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| DEMYSTIFYING ASIA |
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4.40pm | Panel: Shorting in Asia: Myth vs fact? Do Asian hedge funds really hedge?
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How difficult is it to short in Asia compared to other markets around the world in terms of cost, availability and regulatory constraints?
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How has the environment changed in the last few years? What are the future trends?
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What are the implications of lenders tightening margins on hedge fund trades? How does this affect Asia-centric hedge funds?
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Day One Business Track
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| TAX HAVENS AND CAPITAL RAISING |
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2.30pm | Mini case studies: Domicile shopping! A quick comparison of offshore havens for establishing a fund of hedge fund
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How are the newer hedge fund servicing offshore centres (i.e Jersey, BVI, Guernsey, Netherlands Antilles) establishing themselves as alternatives to traditional servicing centres (i.e. Cayman and Bermuda) as a place for structuring fund of hedge funds?
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Are the newer centres becoming a competitive threat and luring business away?
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Hightlighting the key critical considerations for establishing a funds of hedge funds offshore
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3.10pm | Panel: Exploring the various fund raising options available to small emerging managers in Asia: Getting off the ground floor
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Reviewing the options: What you get and what you pay for it
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Pros and cons of incubators, fund of fund "farm teams" and placement agents/third party marketers
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What do investors really want from new emerging hedge fund managers?
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Highlighting the key pitfalls and successes experienced by emerging managers in the start-up process
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3.50pm | Speed networking
Hosted by:
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4.10pm | Cuppa & Chat hosted by
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| MANAGING BUSINESS GROWTH |
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4.40pm | Panel: Emerging managers: Challenges and issues in growing a hedge fund to the “second stage”
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Transitioning from $50m to $500m – What are the key issues to watch out for
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Overcoming the challenges in raising capital and running the money in the first few years
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Identifying the key mistakes frequently made by emerging hedge fund managers when managing the growth of the business
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| | Moderator: Mr Paul Smith, Chief Executive Officer, Triple A Partners
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Day One General Session
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| GETTING THE MESSAGE ACROSS |
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5.20pm | Mainstream media panel: How does the media affect the hedge funds industry?
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Does bad hedge fund news breed bad sentiments amongst viewers/readers?
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How transparent/objective is the news on hedge funds?
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Does the method of delivery obscure the message?
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Is the amount of compensation of hedge fund managers relevant?
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| | Mr Andrew Wood, Asia Capital Markets and Investment Correspondent, The Financial Times Moderator: Mr Kirby Daley, Senior Strategist, Head of Capital Introductions - Asia, Prime Brokerage Group, Newedge Group (Hong Kong)
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6pm | Chairman’s closing remarks and end of conference day one
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6.10pm | Networking cocktail reception hosted by
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Conference Day Two Wednesday 10 Sep 2008
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8am | Registration and Breakfast at Hedge Funds World Café
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8.45am | Chairman’s opening remarks
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| NAVIGATING THE MARKETS |
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8.55am | Exclusive keynote address: Identifying investment opportunities in the global credit markets
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The state of the current global financial markets – How will the landscape change going forward?
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What’s in store for emerging markets in the year ahead?
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When will liquidity conditions improve and who will bring that change?
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Identifying distressed opportunities – Where are the best opportunities to be found in 2009?
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| | Mr Bruce Richards, President and Chief Executive Officer, Marathon Asset Management, LLC
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9.30am | Asia CIO Tank Tank: Where are the best opportunities in Asia in 2009?
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Predicting the winning investment strategies, markets and instruments in 2009
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Is now the time to look at Asian frontier markets?
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Have the reductions in credit appetite hit hedge funds in Asia?
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| | Mr Suresh Withana, Managing Director and Chief Investment Officer, Harmony Capital Partners Moderator: Mr Jerry Wang, Chief Executive Officer and Chief Investment Officer, Vision Investment Management
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| ASIAN BANKS' HEDGE FUND PLATFORMS |
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10.15am | Exclusive keynote interview: Examining the viability of bank hedge fund platforms in Asia
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Are in-house hedge fund offerings becoming a threat to Asian boutique hedge fund managers?
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Can hedge fund platforms deliver competitive returns to investors, or do all the "good" managers go out on their own?
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10.45am | Cuppa & Chat hosted by
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| ASSET ALLOCATION |
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11.15am | Plenary investors panel: How institutions view their hedge fund allocation?
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Educating the Board
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Using a consultant vs fund of funds vs going direct
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Categorizing allocations and benchmarking performance
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Experience to date
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Gauging investors appetite for innovative strategies - 130/30 funds, portable alpha and hedge fund replication strategies
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| | Mr Nicholas Kong, Chief Investment Officer, National University of Singapore Investment Office
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11.55am | Why allocate to commodities?
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Global outlook on commodities markets, why commodities and why commodities now?
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Bullish on commodities? Active or passive investment?
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Cyclicality and long/short commodities exposure
Sponsored by 
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| | Mr Frederic Hervouet, Head of Commodity Investor Derivatives Asia - Sales and Marketing, BNP Paribas
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12.20pm | Panel: Japan: Where do the opportunities lie for achieving higher returns?
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Where is the Japanese economy headed and what are the implications for hedge fund investors?
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Gathering perspectives on how FIEL and BASEL2 have impacted Japan’s hedge fund industry
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Evaluating the growth of shareholder activism, corporate governance and private equity in Japan
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1pm | Networking lunch and exhibition-viewing
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Day Two Investment Track
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| DISTRESSED SECURITIES AND DIRECT LENDING |
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2.30pm | Panel: Investing in distressed securities: Picking up where the banks leave off
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Highlighting the major issues and trends in Asian distressed securities
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Prospects for returns - and growth in hedge fund assets - for Asian distressed securities in 2009
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Understanding the risks, opportunities and values involved in distressed investing
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3.10pm | Panel: Disintermediating the banks: Examining the growth of the direct lending business in Asia
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4pm | Cuppa & Chat hosted by
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Day Two Alpha Track
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| REAL ALPHA, REAL SKILL |
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2.30pm | Southeast Asia panel: Bargain hunting in SE Asia - Singapore, Thailand, Vietnam and other countries across the region
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3.10pm | Why hedge fund replication?
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A framework to explain the current challenges in alternative investing
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Implications for how investors can respond to these challenges
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An evaluation of the potential for systematized investing such as hedge fund replication to meet investor needs
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A view on the future of hedge fund replication
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| | Mr Ray Carroll, CIO, Absolute Return Fund, Diversified Global Asset Management
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3.40pm | Hedge Fund Indexing: A viable alternative to active funds of hedge funds?
- The attraction of hedge fund indices: trends in the alternative investment market
- Index tracking vs. investable indices
- Hedge fund indexing as a core allocation
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| | Mr Oliver Schupp, Managing Director and President, Credit Suisse Tremont Index LLC
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4pm | Cuppa & Chat hosted by
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Day Two General Session
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| QUIXOTIC APPEAL OF CHINA, INDIA AND CENTRAL ASIA |
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4.30pm | The hunt for exotic beta in Central Asia - Azerbaijan and Kazakhstan
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Reduce risk and increase returns - is it possible?
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Forecasting returns for alternative betas
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Central Asia as sources of exotic beta
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Low correlations - can they be sustained in the future?
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5pm | Panel: China and India: Where is the alpha?
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| | Ms Yanping Xu, Chief Executive Officer and Chief Investment Officer, Ginger Capital Management Mr Lou Gerken, Chief Executive Officer, Gerken Capital Associates
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5.45pm | Chairman’s closing remarks and end of conference
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China.India Alternatives Summit Thursday 11 Sep 2008
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8am | Registration and morning coffee and tea
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| HIGHLIGHTING THE ECONOMIC AND REGULATORY CLIMATE |
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8.50am | Chairman’s opening remarks
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| | Ms Anu Sahai, Managing Principal, Anew Capital Management, LLC
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9am | Keynote address: Comparative assessment on Asia’s economic powerhouses – China and India
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Are the current growth rates and development trends sustainable?
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Analysing the currencies: Yuan and Rupee
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Where are the opportunities in 2009? And what are the implications for the alternative investment space?
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| | Mr Glenn B Maguire, Asia Pacific Chief Economist, Société Générale Corporate and Investment Banking
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9.30am | Keynote address: Why India’s capital markets will outperform China
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10am | Regulatory keynote address: Hong Kong as a QDII Platform
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| | Mrs Alexa Lam, Executive Director and Deputy Chief Executive Officer, Hong Kong Securities and Futures Commission
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10.30am | Regulatory keynote address: India’s industry reforms for the fund and asset management businesses – Onshore and offshore
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What initiatives are being introduced to attract foreign investments into India?
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Investigating the impact of SEBI’s regulations on the PN market and its affect on hedge fund managers
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Updating on short selling and FII issues
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| | Mr TC Nair, Whole Time Member, Securities and Exchange Board of India
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11am | Morning refreshments and exhibition-viewing
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11.40am | Entry strategies into India
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| | Mr Punit Shah, Executive Director, Tax and Regulatory Services (Financial Services), PricewaterhouseCoopers
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| SEARCHING FOR ALPHA |
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12.10pm | 12.10 Family office perspective: Revealing an investor’s allocation to alternative investments
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Assessing the rewards and challenges of having both alternative and traditional assets in our investment portfolio
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What’s working and what’s not with our alternative investment programme – Assessing hedge fund replication, 130/30, ETF, private equity, hedge funds and others
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Why are we allocating to Asia? Why China? Why India?
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Implementing risk management practices
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12.40pm | Capturing & sustaining alpha - A quantitative process approach
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Which strategies have a good probability to capture alpha in certain market cycles?
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Which strategies are best to obtain sustainable alpha independently of market cycles
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Methods for investors to capture alpha & challenges for managers to sustain alpha in the future
Sponsored by:
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1pm | Networking lunch and exhibition-viewing
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| HEDGE FUNDS AND PRIVATE EQUITY |
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1.50pm | Emerging Managers Think Tank: Identifying the new investment opportunities for superior returns in China’s hedge fund industry
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What are the implications and opportunities of QDII/QFII for the hedge fund industry?
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How are China-focused hedge fund managers coping with the current volatility in the market? How are investors reacting?
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Where are the opportunities? Forecasting the hot sectors in the year ahead
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Assessing public vs private deals, A-shares / H-shares
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| | Mr Alex Li, Chief Executive Officer, Pinpoint Investment Advisor Mr Kevin Yip, Chief Executive Officer, Sun Partners Investment Management
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2.30pm | Emerging Managers Think Tank: Indian Hedge Funds Managers
Differentiating in an increasing competitive hedge fund landscape – What are the key drivers for success?
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Identifying key developments and regulatory initiatives in the Indian hedge fund sector in the next three to five years
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What have been the performance drivers for India-focused strategies?
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Forecasting the hot sectors in the year ahead
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Is the phasing out of p-notes = to the end to all hedges using onshore vehicles?
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| | Ms Anu Sahai, Managing Principal, Anew Capital Management, LLC
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3.10pm | China or India: Which country offers the better investment climate for private equity investing?
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Evaluating the different entry strategies into China and India – What are the main obstacles for the ‘new kids on the block’?
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Assessing the strengths and weakness of each nation
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Identifying the keys to successful private-equity investments in both countries
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3.35pm | Chindia: Opportunities and challenges for PE firms
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Past trends in PE investing in India and China (past 4-5 years) and future projections
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Challenges and pitfalls in India and China
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How firms are dealing with the issues and still doing deals
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Success stories
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4pm | Afternoon refreshments and exhibition-viewing
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| WHERE ARE THE BUYING OPPORTUNITIES? |
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4.30pm | Interview: Evaluating China and India’s impact on global commodity markets
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Challenges: India’s growth, Chinese demand, high volatility, seasonality, low liquidity, what’s the story?
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Where are we in the cycle? An analysis and observation on the performance of the commodity classes and what to expect going forward
- Gold and Precious Metals – How insatiable is the Chinese’ appetite for
steel?
- Base Metals
- Energy
- Softs and Agricultural
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5pm | Panel: China India real estate- Where is it heading in 2009?
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Assessing the current state of the real estate sector
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Where will the greatest returns come from and what strategies will succeed in 2009?
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What is the next hot asset class?
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| | Moderator: Mr Glyn Nelson, Head of Real Estate Intelligence Service – Asia, Jones Lang LaSalle Mr Bryan Southergill, Executive Director, Head of Asia Real Estate Investing, Principal Investment Management
, J.P. Morgan Securities (Asia Pacific) Ltd
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5.40pm | Chairman’s closing remarks and end of conference
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| | Ms Anu Sahai, Managing Principal, Anew Capital Management, LLC
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