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Barton Biggs
Managing Partner
Traxis Partners,
United States of America
Dr Mark Mobius
Managing Director
Templeton Asset Management,
Singapore
Jeffrey Blumberg
Executive
Director – Alt Investment &
Manager Selection Group, Goldman
Sachs Asset Man
Int , UK
David Friedland
President
Magnum U.S. Investments Inc.
and Hedge Funds Association,
USA
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Conference:
Day 1
11 Nov 8:15am-5pm
Gala dinner: 7:30 pm
Cape Sun
Day 2
12 Nov 8:25am-5:15pm
Workshops:
Investing in Sub-Saharan
Africa – issues and
challenges
Masterclass I: 10 Nov 9am-5pm
Practical steps to investing in
alternatives and choosing the
right hedge fund
Masterclass II:13 Nov 9am-5pm
› Full conference programme
› Add this to my calendar
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Hedge Funds World Africa Awards
Hedge Funds World Africa Awards is the biggest and most prestigious event in the hedge funds industry calendar in this region.
Entries for the Hedge Funds World Africa Awards will be open second quarter of the year and all industry players are welcome to participate. For more information about nominating, please contact Evashnee Pillay
› Visit our awards website |
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Programme
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conference day one, Tuesday, 11 November
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7.15am | Registration and welcome refreshments
| 8.15am | Welcome remarks by chairperson
Gavin Betty
Managing Director
Peregrine Securities, South Africa
| | THE BIG PICTURE: GLOBAL AND AFRICA |
| 8.30am | Guest strategist keynote address: Investment opportunities
in a violent and volatile world
- 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?
Barton Biggs
Managing Partner
Traxis Partners, United States of America
Barton Biggs, founded and built Morgan Stranley Investment Management (MSIM) into a global powerhouse, and now runs Traxis Partners LLC, a global macro hedge fund based in New York. Institutional Investor magazine names Barton as a strategist to its “All-America Research Team” eleven times, and from 1996 to 2002 he was voted the world’s top global strategist by the Institutional Investor global research poll.
| 9.30am | Africa hedge funds panel: Tackling the last niche
investment frontier
- Why Africa funds?
- How does Africa fit into an investor’s portfolio?
- What investors should look out for?
- Investments in undervalued Sub-Saharan African and Africarelated securities
- Impact of investment growth from China, India and Japan in Africa
- Regulation, economy, politics, resources, recovery and growth issues
- How to launch an African fund?
Moderator:
Matthias Knab, Director
Opalesque, Germany
Panelists:
Dexter Mahachi, Portfolio Strategist
Finch International Advisors, South Africa
Francis Beddington, Head of Research
Insparo Asset Management, United Kingdom
Roelof Horne, Portfolio Manager, Africa
Investec Asset Management, South Africa
Tutu Agyare, Managing Partner
Nubuke Investments, United Kingdom
Shane Watkins, Executive Director
Silk Road Fund Managers, South Africa
| 10.15am | Morning refreshments
| | ENERGY INVESTMENT STRATEGIES FOR HEDGE FUNDS |
| 11am | Why should investors consider energy and environmental
trading strategies for their portfolio?
- New opportunities in alternative energy – water, solar power, energy conservation and clean energy
- Looking at challenges, opportunities and growth trends globally and regionally
- What’s the potential growth of the carbon markets over the next few years?
Peter Oldacre
Managing Director
Camco, South Africa
| | QUEST FOR ALPHA AND RETURNS |
| 11.45am | In search of excellence – finding and investing in the best hedge fund managers
- What do funds of hedge funds need to do?
- Finding and investing in the best single managers
- Experience and challenges
- Identifying and extracting real and persistent alpha
- Sourcing and securing capacity over the long term
Anthony M. Lawler
Head of Investment Due Diligence /
Investment Committee Member
Glenwood Capital Investments, USA
| 12.30pm | Networking luncheon
| 2pm | Fund managers forum: Evaluating the relationship between hedge funds returns and investor satisfaction
- Do hedge funds truly add alpha or is their only advantage a wider mandate?
- Alternative beta managers vs. alpha generating managers
- Response to the current financial market crisis in equities
- Generating returns in an environment of growing systematic risk
- Adding value through opportunity set
Moderator:
Isabella Burke, Co-Head
Investec Prime Broking, South Africa
Panelists:
Reza Khan, Director: Multi-Management
Brait Public Markets, South Africa
Royce Long, Director
Obsidian Capital, South Africa
Kofi Fynn, Head of Asset Management
Oceanic Capital, Nigeria
Rayhaan Joosub, Director
Sentio Capital, South Africa
| | LEGISLATION AND RISK MANAGEMENT – WHERE TO FROM HERE? |
| 2.45pm | A regulatory dialogue: the impact of changes in legislation for hedge fund managers
- New regulations and its effect on the hedge fund market
- Are half of hedge fund failures due to operational problems?
- How have market practices in operations and risk management evolved?
- Application of risk and performance measures
- Comparing South African regulations with the UK and Europe
- Q&A session
Wendy Hattingh
Head: FAIS Supervision
Financial Services Board, South Africa
| 3.15pm | The impact and benefits of BEE within hedge funds and the
investment sector
- Industry’s progress on BEE
- Can the industry afford not to pay attention to BEE?
- Planning the next step and tailoring it
Malungelo Zilimbola
Director
Mazi Capital, South Africa
| 3.45pm | Afternoon refreshments & Speed Networking – bring your business cards
Speed Networking – this is the revolutionary, exciting, quick and non-pressurised way to meet fellow conference delegates and industry peers in one session. These brief meetings are the starting point for conversation and networking throughout the conference. This is where long-lasting and profitable business relationships begin.
| | HEDGE FUNDS GURUS FORUM |
| 4.15pm | Power panel: The investment outlook and ideas
for the year to come
The following panel is an open discussion on the investment outlook and what the next new opportunities and ideas for the future of this sector are. Make your mark by preparing your questions and taking part in this open learning session.
Moderator:
Barton Biggs, Managing Partner
Traxis Partners, United States of America
Panelists:
David Gerstenhaber, Founder & Portfolio Manager
Argonaut Capital Management, United States of America
Ann Thivierge, Managing Director and Head of Active
International Allocation Strategy
Morgan Stanley, United States of Americ
| 5pm | Chairperson’s closing remarks and close of day one
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conference day two, Wednesday, 12 November
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8am | Welcome refreshments
| 8.25am | Opening remarks by chairperson
Nicholas Kunze
Head of CFD Trading
Nedbank Capital, South Africa
| | OUTLOOK FOR EMERGING MARKETS |
| 8.30am | Leading keynote address: Future of emerging markets
Dr Mark Mobius
Managing Director
Templeton Asset Management, Singapore
Mark Mobius, Ph.D., managing director, joined Templeton in 1987 as president of the Templeton Emerging Markets Fund, Inc. He currently directs
the analysts based in Templeton’s 11 emerging markets offices and manages the emerging markets portfolios. Dr Mobius has spent more than 30 years
working in emerging markets all over the world.
Boasting one of the highest profiles of any investor in the region and is regarded by many in the financial industry as one of the most successful emerging markets investors over the last 20 years. Despite tough times during the financial crisis
nine years ago, he still commands a strong following in the investment world and is influencing the direction of billions of investment dollars.
| | HEDGE FUNDS – STILL MASTER OF THE UNIVERSE? |
| 9.15am | Keynote address: Indecent exposure – an exploration of
South African hedge funds
Dr Daniel Polakow
Director and Head of Research
Peregrine Securities, South Africa
| 9.45am | Keynote address: The renaissance of the trading manager
- Volatility and dislocation – the trader’s friends
- The credit crisis; creating longer term opportunities
- Blending styles within a multi-manager portfolio
Kier Boley
Investment Manager
GAM, United Kingdom
| 10.15am | Morning refreshments
| | INSTITUTIONAL INVESTOR PARADIGM – INVESTOR NEEDS VS. RETURNS |
| 10.45am | Investors power panel: What are the new lessons in hedge fund investing?
- Transparency vs. returns – institutional investor view of alternative assets
- What do investors really want from hedge funds and are they still getting it?
- Understanding the drivers of investor risk appetite
- The role of hedge funds in a multi-asset portfolio
Panelists:
Professor Brian Kantor, Investment Strategist
Investec Securities, South Africa
Peet Burger, Associate Director
PricewaterhouseCoopers, South Africa
Jarred Glansbeek, Chief Executive Officer
RisCura, South Africa
+ 2 institutional investors (principal officers/trustees) will
be joining the panel
| 11.30am | Investors’ insight – pension funds, family offices & HNWs’
approach to investing in Africa
- Are the main markets overcrowded? If yes, where are the opportunities and what are the risks?
- Can growth from domestic demand survive a global correction in equities and natural resources?
- How does political risk affect the market and the funds’ strategies?
- Why does liquidity (or the lack of) affect the fund managers trading?
- Risk management practices
- Long only vs. hedge fund approach: use of derivatives, shorts, and index hedging
- What smart investors are avoiding when investing in emerging markets
- Local fund managers: do they have an advantage?
Nikos Latsos
Director – Hedge Fund Investments
Alpheus Advisors, Greece
| 12pm | U-turn
Things that keep you awake at night
Your opportunity to discuss in an open and unbiased debate, the top 5 problems identified yesterday. You have suggested the topics! Now, the chosen speakers will offer you real-time, spontaneous solutions and commentary on the issues that keep you awake at night.
| 12.30pm | Networking luncheon
| | LATEST TACTICS AND NEW DIRECTIONS |
| 1.45pm | Keynote address: Generating consistent positive returns
through Asset Based Lending (ABL)
- Why is Africa the perfect market for this strategy?
- What makes ABL so popular?
- Can ABL based on real estate be successful with falling real estate prices?
- What are the benefits of having experienced management?
- Why investors should diversify into ABL
David Friedland
President
Magnum U.S. Investments Inc. and Hedge Funds Association, United States of America
| 2.15pm | Dynamic quant-based investing: outperforming strategies
for global equity investments in developed and emerging
markets
- Which factors drive global share prices?
- Systematic adapting to changing market conditions
- Growth vs. value, developed vs. emerging markets, small caps vs. big caps: how to time it right?
- How do stocks in the region look at the moment?
Frank Holle
Director
Quant Asset Management, Singapore
| 2.45pm | 130/30 funds – just a fad or a new competitive threat to
hedge funds?
- Motivation – where have these new types of funds come from?
- What are the pros and cons in reality?
- Are they really a threat to hedge funds?
- What types of fund manager are 130/30 funds well suited for?
- Some pitfalls of launching a 130/30 fund
Grant-Irvine Smith
Portfolio Manager, Active Quants
Investec Asset Management, South Africa
| 3.15pm | Afternoon refreshments
| 3.45pm | Panel discussion: Are managed accounts the business of the future?
- Managed accounts vs. hedge funds: which offer better transparency, liquidity and performance for investors?
- How do managed accounts address emerging hedge fund manager needs vs. fund of funds?
- Successful strategies and tactics to better respond to investors
- How would enhanced transparency of the managed account platform impact the risk management process?
- How can investors maximise the use of managed accounts effectively?
- How fund of funds can invest using managed accounts
- Is this the answer to a lack of resources for operational due diligence?
- Incorporating managed accounts into wider investment strategies
- Potential conflicts for hedge fund managers
- New directions for managed accounts
Moderator:
David Friedland, President
Magnum U.S. Investments Inc. and Hedge Funds
Association, United States of America
Panelists:
Francois Cilliers, Portfolio Manager
Novare, South Africa
Ruth de Beer, Prime Broking
Peregrine Securities, South Africa
Alexia Stark, Managed Account Platform, Rand Merchant Bank, South Africa
| | THIRD GENERATION FUND OF HEDGE FUNDS |
| 4.30pm | Fund of funds leaders’ panel: Is it the smartest way to invest in hedge funds?
- Value of fund of funds for institutional investors
- Characteristics of third generation fund of hedge funds
- Does separating alpha from beta assist in selecting hedge fund managers?
- Are FoHF’s really risk free?
- What do fund of funds look for in new and emerging managers?
- Is the rise of alternative beta providers a real threat to the funds of funds industry?
- Competition from multi-strategy and replication
- How will fund of funds evolve, and the future outlook?
Moderator:
Fatima Vawda, Managing Director
27Four Investment Managers, South Africa
Panelists:
Kier Boley, Investment Manager
GAM, UK
James Gilfillan, Director
Alpha Asset Management, South Africa
Simone Lowe, Portfolio Manager
Thames River Capital, South Africa
Murray Todd, Portfolio Manager
Edge Capital, South Africa
| 5.15pm | Chairperson’s closing remarks and close of conference
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masterclass I, Monday, 10 November
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| Investing in Sub-Saharan Africa – issues and challenges
Monday, 10 November 2008 | Registration for the masterclass will be at 08:30; the masterclass will commence at 09:00 and conclude at 17:00. Morning and afternoon refreshments, as well as lunch, are scheduled into the day’s proceedings.
Objective
The masterclass will provide a comprehensive overview of the issues and challenges associated with investing across Sub-Saharan Africa.
The one-day interactive course will include case studies and hands-on exercises giving the participants an opportunity to pose questions to
leading experts with hands-on operating experience in the region.
Agenda
Investing in Sub-Saharan Africa – Part I: Where’s the Beta?
- Generating returns in a systematic risk environment
- Overview of leading African indices
- Performance benchmarking
- Market inefficiencies
- Experience and challenges
Investing in Sub-Saharan Africa – Part II: How do investors capture Alpha?
- Manager skill in Africa
- High barriers to entry
- Access to capital markets information
- Access to company management
- Hedging investment performance
Investing in Sub-Saharan Africa – Part III: How do investors gain access?
- Equity trading/execution
- Fundamental company research
- Macro/country research
- Capital markets research
- Corporate finance
- Foreign exchange considerations
Investing in Africa – Part IV: How is performance monitored and calculated?
- Fund administration
- Pricing and position transparency
- Trust and custody
- Code of best practices, ethics and professional standards
- Shareholder services and corporate governance
Your masterclass presenters
Brian Mugabe
Managing Director
Securities Africa, South Africa
Dexter Mahachi
Portfolio Strategist
Finch International Advisors, South Africa
Craig Dickinson
Finance Director
Swiss Fund Services, South Africa
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masterclass II, Thursday, 13 November
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| Practical steps to investing in alternatives and choosing the right hedge fund
Thursday, 13 November 2008 | Registration for the masterclass will be at 08:30; the masterclass will commence at 09:00 and conclude at 17:00. Morning and afternoon refreshments, as well as lunch, are scheduled into the day’s proceedings.
Agenda
Wealth management: a strategic overview
- Understanding the overall objectives, needs and constraints
- Develop a frame of reference for investment performance
- Investment objectives
- Defining the investment policy statement
Asset allocation
- 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
Active versus passive – execution of the 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
Alternative asset classes and the asset allocation process
• 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
Selection and monitoring of hedge funds
• Hedge fund strategies and styles
- Demystifying leverage, shorting, dynamic exposure management
- Understanding fund fees and liquidity terms
- The service providers are of great importance
- How to construct the ‘right’ portfolio
- Risk management processes, tools and operational risks
- Monitoring hedge fund performance and risks
Target audience
Institutional investors, wealth managers and those who are interested in learning more about investing in alternatives.
About your masterclass presenter
Nikos Latsos
Director – Hedge Fund Investments
Alpheus Advisors, Greece
Nikos is responsible for the alternative investments at Alpheus since he
joined in January 2007. Between 2004 and 2007, Nikos was the founding
partner and the Managing Director at IKOS SA, an investment advisory and
technology firm backed by IKOS Asset Management. Key functions
included portfolio and risk management of the hedge fund portfolio,
systems development, middle & back office processes & procedures, and
strategy consulting for hedge fund businesses. Prior to IKOS, Nikos spent
four years as a senior hedge fund analyst at Merrill Lynch and Schroders in
London. His main responsibility was to conduct research on hedge funds
across strategies and had direct involvement in the portfolio construction
and accountability for risk management.
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