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Day One Tuesday October 7 - Morning
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08.30 | Registration and refreshments
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08.50 | Chairman's opening remarks
David P. Michaels,
Chairman Emeritus, Uruguayan American Chamber of Commerce;
Vice President, Foreign Press Association; Principal, Capper Associates
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| THE NEW ORDER OF GLOBAL HEDGE FUND INVESTING |
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09.00 | The impact of current credit market conditions on the distressed debt market and outlook
Dr. Edward I. Altman, Max L Heine Professor of Finance, NYU Stern School of Business
Dr. Altman is without a doubt one of the world’s leading experts on corporate finance, bankruptcy and reorganization. In this unique and very timely presentation he will draw from the wealth of experience and research that have given him an international reputation as an authority on high yield bonds, distressed debt and credit risk analysis.
Professor Altman will provide a fascinating insight into the impact of current credit market conditions on the distressed debt market. He will explore the the opportunities that the subprime lending crisis will present for both the broader market and the distressed securities investors in particular.
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09.40 | Keynote address: extreme costs and extreme benefits in the architecture of new global risk
- How will the shift from local to global risk impact the investment decisions of the future?
- What is the role of governments and central banks in providing financial stability?
- How will the private sector weather the storm if there is a drop in commodity prices
- The changing global competitive landscape – how will the balance between risk and opportunity evolve?
- What are policy makers doing to insulate each other in an increasingly interdependent world?
- Vulnerabilities linked to interest rates, global terrorism, property prices, food prices and oil prices
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| | Hon. L. Ronald Scheman, Former United States Executive Director of the Inter-American Development Bank; Chairman & CEO, iMallsGlobal, Inc, iMallsGlobal, Inc.
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10.20 | Morning refreshments
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| GLOBAL INVESTOR EXPECTATIONS |
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10.40 | Keynote address: lessons learned in hedge fund investing from a global investor
- What can we learn from large institutional investors who have incorporated hedge funds into their investment portfolio?
- How can we define the asset class and what can we expect from it?
- What are the implications from an investment management perspective?
- How are the potential risks being factored into today’s investment decisions?
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| LATAM STRENGTHS & VULNERABILITIES |
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11.20 | A defining moment for Latin America – will hedge funds fill the void in LatAm finance?
- Forecasting the drivers in LatAm economies (China/US, commodities, global liquidity conditions, monetary policy)
- Charting the development of LatAm capital markets including regulatory conditions
- Why is it different this time around? - Has LatAm definitively moved away from the pattern of “boom and bust”
- What are the long-term vulnerabilities: poverty, inequality and polarization of politics, immature capital markets
- How are hedge funds are presenting the opportunity to fill the void in traditional LatAm banking?
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| | Dr. Robert S. Gay, Former Federal Reserve Economist; Chief Strategist, , Bulltick Capital Markets
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12.00 | Panel discussion: is LatAm and Alpha or a Beta play?
- What are the challenges of shorting in emerging markets?
- How do you hedge risk in Latin America?
- Alpha on market inefficiencies and beta on commodities
- Hedge funds vs. long-only funds – who wins the performance battle on a risk-adjusted basis? and adjusting for fees – ie net returns to investors
- Getting your exposure to LatAm right (mix of asset classes, country exposures, currency risks)
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12.45 | Lunch
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Day One Tuesday October 7 - STREAM 1
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| ALTERNATIVE VEHICLES ACADEMY
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14.30 | 14:30 Innovation in structured alternative investment products
- Trends and opportunities for structured financial products in Latin America
- How can structured products help investors meet the increasing challenges of achieving target returns whilst controlling risk?
- Can structured products meet the needs of all types of investors – those new to hedge funds and those with appetite for risk?
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15.00 | 15:00 What can ETFs & Indices offer to the LatAm investor?
- What is the range of passive vehicles available to the the LatAm market?
- Who is currently using ETFs and what can they bring to an alternative investment portfolio
- When and how should they be used?
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15.30 | Effectiveness of investment vehicles to access LatAm commodities & natural resources
- Accessing the next generation of investment opportunities in natural resources & commodities
- Highlighting the risks for commodity investing: how do they differ across metals, energy, softs and agricultural commodities?
- Understanding the commodities boom: at the top of the cycle?
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16.00 | Afternoon Refreshments
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Day One Tuesday October 7 - STREAM 2
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| LATAM CREDIT OPPORTUNITIES
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14.30 | The rise of structured credit, ABS & MBS in LatAm
- What is the investment outlook for structured credit opportunities in LatAm?
- The fundamentals and growth in asset backed securities and mortgage backed securities?
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15.00 | The emergence of a sustainable middle class in LatAm and consumer credit opportunities
- Financial techniques to facilitate credit risk transfer
- What is the fundamental health of LatAm debt markets and what is their staying power?
- How has investor appetite grown for differing credits and various types of risk?
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15.30 | Capturing the dividends in special situations
- Growing domestic liquidity and cross-border investment opportunities
- How are managers profiting from the flourish of M&A and IPO activity in LatAm
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16.00 | Afternoon Refreshments
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Day One Tuesday October 7 - Afternoon
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| STAR MANAGERS & INVESTORS HAVE THEIR SAY |
Chaired by: Marco A S Martins, Head of Latin America Practice, Harney Westwood & Riegels
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16.15 | SINGLE HEDGE FUND SHOWCASES
Your opportunity to hear strategies, styles and experiences of hedge fund managers. Each manager will have 15 minutes to make their presentation
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16.45 | FUND OF HEDGE FUND SHOWCASES
Your opportunity to hear strategies, styles and experiences of fund of hedge fund managers. Each manager will have 10 minutes to make their presentation
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17.15 | Investor panel discussion – how are sophisticated investors using a new generation of investment products
- Identifying and allocating to alpha in portfolio construction
- Determining expected returns in asset allocation
- Methodology of selecting hedge fund strategies and portfolio managers
- Pros and cons of FoFs verses independent consultants and the estimated cost of both
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17.45 | Speed networking & drinks
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19.30 | Awards & Gala Dinner champagne reception
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Day Two Wednesday October 8 - Morning
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08.30 | Registration and refreshments
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08.50 | Chairman’s opening remarks
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| BRAZIL – THE GIANT HAS RISEN |
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09.00 | Keynote address: the bull market that is Brazil – opportunities in IPOs, commodities and energy
- The flourish of IPOs in Brazil, its liquidity as a consequence and the window of opportunity for US institutional investors
- Is Brazil poised to take advantage of the commodities supercycle?
- Making investment grade – why is it different for Brazil?
- What has the Petrobras discovery oil meant to Brazil’s current account and global economic position?
- China the factory, India the office and Brazil the farm – Brazil and the new opportunities in the agri-food business
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09.40 | Panel discussion: Brazilian star managers review performance and forecast returns
- Performance figures and trends for the last year
- Liquidity and trading conditions in Brazil
- Relative performance of the recent IPOs
- Migration to the Novo Mercado
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| | Mr. Ronaldo Patah, Equity & Alternative Investments Director, Unibanco Asset Management
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10.30 | Panel discussion: matching the investor with the right hedge fund in Brazil
- Taking the pulse of investors – what are their priorities and challenges?
- Why invest in Brazilian onshore funds? Returns, diversification or both
- What are the critical issues that investors should consider when making their asset allocation decisions?
- Regulatory risks associated with capital introduction activities
- Home grown talent or international experience?
- What improvements need to be made in regulation in order to facilitate further investments?
- How do local fund managers compensate for lack of track record?
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| | Confirmed: Mr. Al Samper, Former Chairman, Virginia Retirement System
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10.45 | Morning Refreshments
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| TAKING THE PULSE OF INVESTORS |
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| ECONOMIC ADDRESS – CENTRAL BANK OF BRAZIL |
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11.30 | Keynote address: Brazil’s economic prospects in beating the boom bust cycle
- Fiscal policy - how friendly are government policies towards the hedge fund industry?
- What efforts are being made to attract and retain international investors to Brazil?
- What advances are being made to liberalise external trade and foreign exchange market regulations to improve Brazil’s integration into the wider international economy?
- Monetary policy and inflation
- External sector
- Credit and banking sector
- Economic activity
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12.30 | Lunch
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Day Two Wednesday October 8 - STREAM 1
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| COUNTRY FOCUS
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| Chaired by: Matthias Knab, Managing Director, Opalesque |
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13.30 | Mexico – investment opportunities in the Calderon era
- How does the structure of the Mexican market compare to Brazil’s?
- What is the effect of the Calderon administration’s anti-monopoly crusade?
- What are the most promising investment opportunities in the Mexican market?
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14.00 | Panel discussion: growing opportunities in Colombia, Argentina & Chile
- Is Argentina safe for investors?
- Will the United States strengthen creditor rights or will current debtor-friendly trends continue? What opportunities does Chile present to the investor?
- Confianza in Colombia – extreme investing opportunities
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14.30 | Why is Spain offering the advantage & how can LatAm benefit?
- What are the fiscal advantages between Spain and LatAm?
- Links and similarities between markets
- M&A activity a key driver for Iberian markets
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15.00 | Afternoon refreshments
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| MANAGER ACADEMY
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15.15 | The criteria for hedge fund selection from a Suisse Private Banker
- What are private bankers looking for when serving their wealthy clients?
- How do they make their asset allocation decisions?
- Transparency, liquidity or both?
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15.45 | Can the prime broker really help the hedge fund manager in the area of capital introduction?
- Assessing the role of the prime broker in Latin America
- Is shorting in short supply?
- What impact will the emergence of 130/30 funds have on LatAm
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Day Two Wednesday October 8 - STREAM 2
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| HEDGE FUND STRATEGIES I |
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| Chaired by: Mauricio R. Safdié, Founder, Saf & Co.
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13.30 | Less liquid strategies: hedge fund activism and private equity in LatAm
- Assessing the growth rate in private equity in 2008
- How possible is it to be activist in LatAm?
- Are hedge funds encroaching on private equity territory?
- Why are investors happy to accept private equity lock-ups but not hedge fund lock-ups?
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14.00 | Capitalising on infrastructure & real estate proliferation
- What are the best infrastructure and real estate opportunities in Brazil?
- How do we define the industry and how does it fit in with other alternative investments?
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14.30 | Investing in the Agri-food business in Latin America
- The fundamentals of agribusiness investing
- Getting exposure to agriculture in LatAm – is it difficult?
- Where does Brazil and Argentina fit in to the global agribusiness market
- Understanding the risk/return profile
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15.00 | Afternoon Refreshments
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| HEDGE FUND STRATEGIES II |
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15.15 | Unlocking value in equity long short
- How has the renaissance of IPOs and rampant liquidity in LatAm impacted growth of long-short equities?
- Directional, active or neutral managers?
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15.45 | Distressed investment opportunities – navigating the global credit markets
- Lessons learned in spotting the credit trends
- The here and the now of buying into distressed
- Outlook for 2009
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Day Two Wednesday October 8 - Afternoon
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| EMERGING HEDGE FUND MANAGER SHOWCASES
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Chairing judge: Mauricio R. Safdié, Founder, Saf & Co.
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16.15 | Emerging managers rapid-fire showcases
We’re offering up-and-coming hedge funds the opportunity to get their funds on the radar screen at one the most influential gatherings of asset allocators both local and international. Delegates will showcase in a dynamic and informal setting before our panel of investor judges.
How it works
- Asset Managers registered for Hedge Funds World LatAm 2008 will be prompted by our team to sign up for the rapid-fire showcases
- Ten slots will be available on the second day of the event. Managers selected to speak will be notified two weeks prior to the event
- Each manager will have 2 minutes to explain their strategies, styles, what they “like” & don’t “like”
- When all the showcases are finished, each manager will be asked one follow up question
- Managers will be judged on originality of presentation, investment team, the ability to service different types of investors, distribution strategy and risk management
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17.15 | End of Conference
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Edward Altman
Daniela Klingebiel
Henrique de Campos Meirelles
Gina Sanchez Managing Director,
Juan Luis Rivera
Roland K. Staub President
Joao Adamo Managing Director
Luis Javier Echave 
