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CONFERENCE DAY ONE - Wednesday 25th March 2009
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08.00 | Registration and refreshments
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08.45 | Opening remarks from Isabel Martín Castellá, Managing Director, Madrid Centro Financiero Internacional
Chairman: José M. Marín, IMDEA Professor of Finance, IE Business School |
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| SPAIN ADAPTING TO THE NEW ECONOMIC PANORAMA |
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09.00 | Keynote address: how is the Spanish asset management industry adapting to the new economic panorama?
The former CIO of Spain’s largest pension fund, now having established his own single hedge fund in Spain discusses the lessons learned from both sides of the fence in asset management and asset allocation.
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| A PENSION FUND MADE IN THE USA |
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09.45 | Keynote address: what are the critical challenges that a pension fund faces when allocating to hedge funds?
Drawing on 20 years of investment experience, one of the top 20 pension funds in the USA discusses the critical considerations to take into account when allocating to hedge funds. What should an investor expect from the asset class and what are the implications from a risk management perspective?
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| | Dr. Edwin T Burton, Trustee , Virginia Retirement System & Professor of Economics, University of Virginia
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10.45 | Morning refreshments
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| REGULATORY UPDATE |
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11.15 | Regulatory update from the CNMV
The latest in hedge fund regulation, the development of the local market and necessary developments moving forward with a key representative from the Spanish financial regulatory body
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| CREDIT CRUNCH IMPACT - THE TOP PERFORMING STRATEGIES |
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11.50 | Panel discussion: where are we in the economic cycle and which strategies are best placed to benefit?
- Global macro
- CTAs
- Event driven and distressed
- Market neutral and equity long short
- Fixed income and arbitrage
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| THE SPANISH DISTRIBUTION LANDSCAPE |
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12.30 | Panel discussion: how effective is the distribution platform an effective sales instrument?
- How can a distribution platform help foreign hedge funds reach the investor?
- Why is the distribution platform the best way to gain access to the highest quality alternative products?
- What changes need to be made to legislation to create a more open route to talent outside of Spain?
- Promotion and education in the Spanish market
- Identifying and developing talent in the local market
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13.15 | Lunch
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| HEDGE FUND SHOWCASES |
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14.15 | Trend is your friend? what you need to know about investing in CTAs in the current environment |
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| THE BUSINESS OF SETTING UP A HEDGE FUND |
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15.00 | What should managers demand from their depositary entity?
- What are the current relationship requirements with other actors such as Prime Brokers and fund administrators?
- What are the key questions I should be asking my Depositary?
- Why is the reputation of your depositary of key importance?
- Are the fees really worth it?
- What are the critical requirements for setting up a fund of fund as opposed to a single fund?
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| | Mr. Elena Mesonero, Head of Sales & Relationship Management - Spain, BNP Paribas Securities Services
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15.30 | Afternoon refreshments
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| ADVANCED RISK MANAGEMENT |
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16.00 | Panel discussion: how should investors approach the growing threat of counterparty risk?
- Has counterparty risk pushed investors to reduce their use of CDS?
- Global risk management in hedge funds: market risk, credit risk, liquidity risk, fraud risk, etc.
- Will we see a centralised clearing system?
- Why is a clearing entity operated by an Exchange preferable to one operated by a bank?
- Advanced risk management techniques
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| | Mr. Elena Rueda , Head de análisis cuantitativo y riesgos , Valira Asset Management
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| STRATEGIES UP CLOSE |
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16.30 | The strategy that made George Soros a billionaire – Global Macro
- Absolute approaches to global macro strategies
- How do global macro managers spot opportunities?
- Importance of risk management
- What is the viability of this strategy in today's fast moving global markets?
- Evolution of Global Macro style
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17.00 | Market neutral equity / event driven vs. equity long short
- Misconceptions about the fundamental differences in the strategies
- Wat are the fundamental differences and similarities?
- Value or alpha driver?
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17.30 | Fixed income and arbitrage: like throwing nickels before a steam roller?
- Risk and return in fixed income and arbitrage?
- What can we learn from the blow ups surrounding this strategy?
- What is the viability of this strategy for the Spanish investor?
- Asset based lending
- Distressed
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| | Mr. Sergio Miguez, Chief Executive Officer Alternative Investments-Hedge Funds, BanSabadell Inversión
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18.00 | Speed networking drinks
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20.30 | Gala Dinner
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CONFERENCE DAY TWO Thursday 26th March 2009
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08.15 | Registration and refreshments
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08.45 | Chairman’s opening remarks
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| IT’S ALWAYS DARKEST BEFORE DAWN |
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09.00 | Keynote address: what critical challenges will pension funds face in the new global economic panorama?
Sindo Oliveros is the Director of the Pension Plan and Endowments the World Bank and a member of the World Bank Treasury management team. He manages over 16 billion US dollars invested across asset classes, from fixed income to hedge funds and private equity.
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| RETURNS IN A BRAVE NEW WORLD |
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09.45 | Keynote address: generating returns in the brave new world as a result of structural changes in the market
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10.20 | Panel discussion: what are current investor attitudes to hedge funds?
- The good: misgivings aside investors with unabated appetite
- The bad: investors happy to stick with vanilla
- The wait & see: the look before you leap attitude
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| | Mr. Xavier Auguets, Director de la Área de Seguros, Gestoras Y Participaciones Empresariales, , Caixa Catalunya
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| INVESTING BEYOND GREED AND FEAR |
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11.00 | Morning refreshments
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| DISTRESSED OUTLOOK |
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11.30 | Behavioural finance - insights into irrational minds and markets
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12.00 | Distressed words you may love to hate
- Defaults; foreclosures; bankruptcies
- How will the landscape change in 2009?
- Will defaults finally start to pile up?
- Will hedge funds and others stop bailing companies out?
- Which sectors will turnaround artists and distressed debt investors find most appealing?
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| OPPORTUNITIES ACROSS ASSET CLASSES |
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12.30 | Where to look for the long term value across asset classes?
- Comparing hedge funds with infrastructure, commodities, infrastructure and alternative energies
- How interconnected are these different investments?
- What are the advantages and disadvantages to investing?
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| | Mr. Ivan Poza, Chief Executive Officer, Harcourt Investments SGIIC SA
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13.30 | Lunch
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| FUND OF HEDGE FUNDS POST MADOFF |
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14.30 | Panel discussion: A case for the fund of hedge funds model
- The changing role of the intermediary
- Direct involvement in your portfolio
- Managing your liquidity profile
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| | Confirmed: Alison Fleming, Head of Institutional Advisory, Aurum Funds, Aurum Funds Limited
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| INVESTOR PANEL DISCUSSIONS |
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15.00 | Why are Saving Banks delaying the active marketing of funds of hedge funds?
An active example of how they have integrated hedge funds into their client distribution, highlighting some of the major challenges that need to be over come before the retail industry begins to bite.
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| | Moderator: Mr Santiago Moro, Fouder & Managing Director, Valira Asset Management
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15.30 | Afternoon refreshments
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16.00 | Institutional investor panel discussion: what further changes need to be made for pension funds and insurance companies to allocate to hedge funds?
Leading Spanish institutional investors discuss the barriers and opportunities that have been encountered since integrating hedge funds into their portfolio. Highlighting the critical considerations when making asset allocation decisions.
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| | Mr. Xavier Auguets, Director de la Área de Seguros, Gestoras Y Participaciones Empresariales, , Caixa Catalunya
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16.30 | Private investor panel discussion: how do private banks & family offices manage a portfolio of highly illiquid assets?
Private banks and family offices in Spain discuss the barriers and opportunities that have been encountered in advising their HNW clients.
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17.00 | Close of conference
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