• Understanding the overall objectives, needs and constraints
• Develop a frame of reference for investment performance
• Investment objectives
• Defining the investment policy statement

• Historical returns and risk for various asset classes and time periods
• Alternative asset class returns and data bias
• Standard deviation and maximum loss as risk measures
• Asset allocation as the driver of 90% of portfolio return and risk
• Inflation, time horizon and risk tolerance

• Modern portfolio theory explained
• The benefits of multiple asset class investing
• The efficient frontier explained
• Mean variance portfolio optimisation and other methods
• Investment policy and strategic asset allocation

• Considerations for the execution of the strategy
• Active versus passive – a summary of the evidence
• Performance persistence – can you pick the winners
• Core and satellite – advantages and disadvantages

• Hedge funds, commodities and managed futures explained
• Advantages and disadvantages of these asset classes
• How to incorporate these asset classes into the process
• Theory to practise: case study of the super endowments
• Model portfolio examples

• How should big money respond to volatility shocks?
• Bubbles and busts in a world of excess liquidity
• The Yale model: a portfolio for all seasons?
• Traditional asset classes: 5-7 year return outlook
• Where are the best opportunities today?

• The growing influence of sovereign wealth funds
• The different models for managing sovereign wealth 
• Their impact on world stock markets
• The management of foreign exchange reserves

• Traditional fund of hedge funds: a critique
• Fund of hedge funds as super hedge funds
• Characteristics of third generation fund of hedge funds

Prior to founding Wadhwani Asset Management, Sushil was a member of the Bank of England’s MPC. Before that, he was Head of Quantitative Systems at Tudor and
Director of Equity Strategy at Goldman Sachs. He became a CBE in the Queen’s Birthday Honours list in 2002.

• Setting the stage: credit spreads, default rates, and capital flows
  Building a credit portfolio that can protect today… and outperform tomorrow
• Where now? from direct lending to long-dated distressed
• Convergence is here: leveraging private equity and hedge fund manager relationships to improve manager & strategy understanding    

• Investigating different approaches to creating alpha
• Multistrategy or multi-fund?
• People-centred or process-centred?

• What is happening in global markets and why
• What does this mean for investors
• How and where to allocate capital in an inflationary world

• Overview of the largest US university endowments
• Does asset allocation explain most of their return?
• What role does multi asset investing play?
• What alternative asset classes are used and why?

• Reduce risk and increase returns - is it possible?
• Forecasting returns for alternative betas
• Africa and Middle East as sources of exotic beta  
• Low correlations - can they be sustained in the future?
• Examples of unique and diversifying themes

• The role of hedge funds in a multi-asset portfolio
• Lessons from 27 years of hedge fund investing

• Prioritizing the different layers of risk management in a FoF 
• FoF strategy diversification and event risk management 
• The unique benefits of dedicated short selling in a diversified FoF 
• Emerging hedge fund strategies for event risk management 
• Lessons from recent market events 
• Why business philosophy matters in avoiding event risk

• Capacity issues
• Longer lock-ins
• Competition from multistrategy and replication
• IPOs and acquisitions
• Strategies to emphasise – or avoid!
• Future FOHF returns outlook

• Why traditional fund managers have biases 
• Why some hedge fund managers blow up 
• How should you manage your portfolio risk

• Brazilian small cap companies
• Brazilian IPOs and secondary offers
• Outlook for 2008

• Why MENA markets need hedge funds: historical volatility and interesting access point by global hedge funds
• MENA markets: tools and instruments
• Obstacles facing MENA hedge fund industry (regulations, pricing, size, liquidity, etc)
• Hedge fund tools and impact on performance  
   

• Recent developments
• Valuations and corporate earnings
• Structural challenges
• Corporate governance

• The Karachi Stock Exchange: the best performing market in Asia
• One of the fastest growing economies in the Middle Eastern/Asian region
• The smart hedge against global volatility
• Investment themes for winning in Pakistan’s equity markets
• The BMA Pakistan Opportunities Fund: Pakistan’s first and only off shore long-short equity fund

• Which products are most suitable for Institutional clients to access the MENA markets?
• How should long term Institutional investors think about MENA markets in comparison to the rest of the world?

• Economic drivers of environmental economics
• Investment possibilities and considerations
• How to access the environmental investment opportunities

• Comparing systematic vs. fundamental approaches
• Optimally combining the different alpha sources

• Identifying the “beta” drivers of FOHF returns
• Which strategies work best in which environments?
• How best to rebalance FOHF exposures

• How do investors select hedge fund managers?

• How to make attractive return opportunities with limited risk
• Alpha generation prospects in more diverse emerging markets
• The outlook for emerging markets in 2008

• Exploring for hidden opportunities
• Investing across asset classes, from public to private equity and real estate
• The advantage of focus and reach
• Sourcing investments through local presence

• Why do barriers to entry in Asia create inefficiencies? 
• Why multivariate arbitrage is a successful strategy for Asia 
• How can hedge funds pursue a market neutral strategy in China? 
• Strategic use and expansion of derivatives in Asia

• The demand for Asian hedge funds
• Asia is not just about equity
• Where do the best opportunities lie in Asian funds?

• How to invest in global companies that consistently pay high dividends 
  Today’s Asia focus
• Achieving a combination of high dividend income (4%-6%pa*) plus capital appreciation (7%-9%pa*)
• How to achieve a consistent total return in all market conditions, without the use of leverage
• Establishing a diversified and balanced portfolio – both geographically and in industry sectors

• Allocation and leverage
• Transparency and evaluation
• Behaviour of hedge fund managers before and during the crisis

• The most promising sectors
• Private equity opportunities
• Debt financing opportunities
• IPO opportunities

• The changing role of API trading in FX
• FX as a asset class for professional traders (banks & funds)
• How electronic platforms are adapting to the changes

• MENA Region current outlook
• Overview of GCC economic challenges
• Growth in Islamic Finance

1. Strong demand and product innovation
2. Sukuk, a new asset class

• Prospects for Islamic Alternatives in the GCC

1. A niche market with high growth rates
2. Challenges going forward

• Business Companies Act: updating the market leading corporate registration regulations 
• BVI: second amongst offshore hedge fund domiciles and why it is continuing to grow 
• The growth of segregated portfolio companies (SPCs)

• Systemic risk
• Liquidity crunch
• Crowded trades
• Political risk, regulatory risk
• Fraud
• Economic risk
• How to protect against risks?

Anthony Stalker is a Partner and COO of ADM Capital Europe LLP and a member of ADM Capital’s Investment Committee. He joined ADM Capital from Merrill Lynch where he spent 11 years based in Asia. When he left Merrill Lynch in 2004 he was a Managing Director responsible for the global distribution of all equity and equity related products, including cash equity sales, equity derivative sales, and structured products, for Asia, Japan and Australia. Since 2005 he has sourced deals and developed ADM Capital’s expansion into Turkey, including the country’s first private debt restructuring. Anthony holds an MA and BA from Cambridge University and a Masters of Business Administration from the University of California.
Christopher Botsford is a co-founder of ADM Capital, CEO of ADM Capital and a member of ADM Capital’s Investment Committee.  Before establishing ADM Capital, Chris ran the Asia-Pacific regional debt and derivatives operation for Republic National Bank of New York. In 1995, he was a founding board member of the Asian arm of the International Swaps and Derivatives Association, the self-governing body for the derivatives industry.  Chris holds an MA and BA from Cambridge University.
 

• Manning the soup kitchen – outlook for distressed investing.
• Primary deals – priming the pump for distressed opportunities?
• Covering your assets – How weird does it get?
• The strains of being a cockroach. How to survive the next financial winter

• How to restructure companies in India (case study)
• Legal, regulatory and tax issues in the Indian market 
• What is a non bank financial company license?
• Deal flow and sourcing in India

• How to restructure companies in Turkey (case study)
• Legal, regulatory and tax issues in the Turkish market 
• Opportunity set in Turkey 2008