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Focus Day - Monday 2 November 2009
HEDGE RISK WORLD
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08.00 | Registration and breakfast
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08.50 | Chairman’s opening remarks |
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09.00 | Adapting to new compliance requirements: what regulatory changes can the hedge fund industry expect?
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09.40 | Panel discussion: The new regulatory framework and investor contracts |
| | Mr Todd Groome, Managing Director, Diversified Global Asset Management
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10.00 | Case study: How has Toscafund adapted to re-establish trust among investors?
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10.20 | Critical success factors for operational and risk excellence in hedge funds, and recognizing early warning signals for failure
Thomas Deinet, Executive Director, Hedge Fund Standards Board
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11.10 | Morning refreshments
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11.40 | Assessing the impact of the credit crisis and Madoff scandal on investor expectations: how do hedge funds need to respond?
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| | Terry Raby, Operational Risk Manager, Universities Superannuation Scheme
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12.20 | Panel discussion: Addressing the shifting requirements of end investors and fund-of-funds
Panellists:
Greg Taylor, Head of Product Development, FRM Limited
Sarah Fromson, Head of Investment Risk and Performance,
Wellcome Trust
Terry Raby, Operational Risk Manager, Universities
Superannuation Scheme
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12.45 | FOCUS SESSION: Fund of fund perspectives
Meeting the requirements of a new operational due diligence era: What are the fundamental requirements of a fund of fund?
Sponsor to be confirmed |
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13.00 | Lunch
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14.10 | FOCUS SESSION: Fund of fund perspectives
Meeting the requirements of a new operational due diligence era: What are the fundamental requirements of a fund of fund?
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14.45 | Managing and getting the most out of your prime broker relationship
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15.00 | Re-evaluating the hedge fund model to retain investor confidence
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15.10 | Evaluating and managing liquidity risk in portfolio management
• Liquidity, leverage and lock-ups
• Assessing asset and liability liquidity
• Managing liquidity exposures
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17.00 | Chairman’s closing remarks followed by networking drinks reception
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Day One - Tuesday 3 November 2009 - REGENERATING THE HEDGE FUND INDUSTRY
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08.15 | Registration and breakfast
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08.45 | Chairman’s opening remarks
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| GUEST STRATEGIST |
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08.55 | Breaking the code of history: identifying the new themes and paradigms that will create alpha in the new era
- The world’s biggest problem
- Lessons learned from history
- Polarisation and the transfer of power
- Current investment themes
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| REVIEWING THE HEDGE FUND VALUE PROPOSITION |
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09.40 | Investor panel: the new standard of excellence - what criteria are investors now using to select the alternative asset managers they wish to partner with?
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| | Mr Omar Kodmani, Senior Executive Officer, Permal Investment Management Services Ltd
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| LEADING MIND ADDRESS FROM THE AUTHOR OF “THE BLACK SWAN” |
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10.15 | The future in an unlevered economic environment: strategies for managing risk in an uncertain world
• We live in a complex system. What does it mean?
• Interdependence and risk sharing
• Robustness, redundance and complexity
• Those who CAN blow up WILL blow up
• Why complex systems cannot handle leverage
• The fate of complex derivatives
• Which eggs we'll have to break to make the omelette: a glimpse at the only possible future
• Why I am optimistic about Capitalism 2.0
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| | Mr Nassim Nicholas Taleb, Principal, Universa Investments L.P. and Distinguished Professor of Risk Engineering, , Universa Investments L.P.
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11.00 | Morning refreshments
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| REGULATION AND GOVERNANCE |
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11.45 | Investor panel: the prickly issue of fees - towards a better alignment of interests
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| | Mr Philip Read, Chairman of Trustees, British Coal Staff Superannuation Scheme Mr Simon Fox, Senior Associate and Head of European Hedge Fund Research Group, Mercer
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12.25 | Hedge fund regulation: update and implications
- An update on the proposals in Europe and U.S.
- Strategic implications: threats and opportunities
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12.50 | Lunch
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| REBUILDING INVESTOR TRUST |
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14.00 | Investor psychology and hedge funds
• Hedge funds as "phantastic objects"
• The role of the media and hedge fund hubris
• The instrusion of reality
• Transparency, trust, regulation and ethical standards
• The way forward
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14.35 | CIO panel discussion: the road to redemption - matching liquidity terms to hedge fund strategies
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| | Mr Reade Griffith, Founding Partner and Chief Investment Officer, Polygon Investment Partners Mr Mark Geene, Senior Investment Manager - Hedge Funds, PGGM Investments
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15.10 | A risky business: achieving strong internal risk, compliance and audit functions
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15.40 | Speed networking
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16.20 | Afternoon refreshments
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| THE ALPHA GENERATORS
The “funds to watch” for 2010 – established and emerging leaders
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16.30 | Earning a positive return in today’s environment
- Backdrop and the road ahead
- A focus on the fundamentals
- Managing risk – what is working.
- The opportunity and the responsibility
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16.50 | Exploiting dislocation: evolving to a multi fund platform
• The value of shared infrastructure and independence of financial control post Madoff
• Tailoring products for investor and product needs post Lehman Brothers
• Clean pools of assets versus legacy products
• Increased importance of distribution channels and seed capital 2009 and beyond
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| | Mr Reade Griffith, Founding Partner and Chief Investment Officer, Polygon Investment Partners
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17.10 | The value of strategic us treasury note management in all
types of markets
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17.30 | Deep value ideas in emerging markets
• Finding "off-the-grid" stocks in emerging markets
• Protecting a portfolio from developed world turmoil
• Implications of the global dilution of fiat money
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18.00 | Drinks reception & networking
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Day Two - Wednesday 4 November 2009 - THE NEXT GENERATION OF HEDGE FUND INVESTING
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08.15 | Registration and breakfast
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09.00 | Chairman’s opening remarks
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| GUEST STRATEGIST |
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09.15 | Turning Japanese? Lessons for today’s investors from Japan’s long experience with asset deflation
- Japan`s massive fiscal and monetary stimulus failed – is the world today in a better position to succeed?
- Collapse of equity risk-taking culture – a Japan-specific problem?
- From bad banks to good banks – why Japan failed
- Benefitting from deflation - capital flight or home currency preference?
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| IT’S ALL ABOUT ALPHA |
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10.00 | Investor panel: FOHFs on trial - is there still a place for FOHFs in institutional portfolios?
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| | Mr Paolo Barbieri, Chief Investment Officer, Funds of Hedge Funds, Pioneer Alternative Investment Management
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10.45 | Morning refreshments
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11.30 | Short-term trading - liquidity, performance, protection
- How are short-term traders different from traditional CTAs?
- Why does the strategy provide so much volatility reduction in multi-manager portfolios?
- What are the key due diligence considerations for investors in short-term trading funds?
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| IT’S ALL ABOUT BETA |
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12.00 | Optimising your alternative beta portfolio
- Where does the crisis in 2008 lead us to?
- Quo Vadis, hedge funds?
- The nature of hedge fund returns
- Alternative Beta Strategies
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| | Dr Lars Jaeger, Partner and Head, Alternative Beta Strategies, Partners Group
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12.30 | The next generation of multi-strategy investing
• Challenges that the market crisis exposed.
• Strategies to tackle these challenges.
• A roadmap for investors to move forward.
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| | Mr Ray Carroll, CIO, Mosaic Multi-Strategy Fund, Diversified Global Asset Management
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13.00 | Lunch
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| IT’S ALL ABOUT RISK |
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14.00 | Chairman’s opening remarks
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14.00 | Currency alpha: adding genuine value in an unleveraged world
• Extracting alpha
• Longevity, consistency, sustainability
• Evolution
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14.30 | Quantitative macro: a source of genuine diversification
• Using Keynes’ theories of how financial markets work
• Behaviour justification for why these strategies work during a crisis
• Low long-term correlations with the broad asset classes
Dr. Sushil Wadhwani, CBE, Chief Executive Officer and Founder, Wadhwani Asset Management LLP (UK)
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15.00 | New thinking on liquidity risk
• Managing a portfolio of hedge funds
• Why liquidity risk matters
• Estimating liquidity risk across hedge fund styles
• How FOHF can benefit from this insight
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| | Mr Bernd Scherer, Managing Director and Global Head of Quant TAA, Morgan Stanley
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15.30 | Afternoon refreshments
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| IT’S ALL ABOUT THE CLIENT |
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16.10 | Segregated accounts panel: the pros and cons of managed accounts platforms - are they really what every investor needs? |
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16.45 | Portfolio construction: hedge funds and asset allocation
• Sizing risk correctly in the portfolio
• What kind of expected returns justify less liquidity?
• What role do hedge funds play in controlling the downside risks of the total plan?
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17.15 | New thinking on absolute returns: protecting the client - sheltering from the perfect storm
• Optimising alpha-seeking portfolios
• Avoiding extreme drawdowns
• Avoiding the coincidence of negative tail events
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17.45 | Drinks reception & networking
Sponsored by:
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Day Three - Thursday 5 November 2009 -GLOBAL INVESTING IN THE NEW ERA
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08.15 | Registration and breakfast
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08.50 | Chairman’s opening remarks
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| | Mr Steven Bell, Director and Portfolio Manager, GLC Global Macro, GLC Ltd
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| GLOBAL INVESTMENT OUTLOOK |
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09.00 | Guest Economist: walking a tightrope - will quantitative easing bring about the rebirth of inflation?
• Excess capacity and the deflation threat.
• Why QE might not do much good.
• How QE can and should be reversed.
• Might governments and central banks actively choose higher inflation?
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09.40 | Guest Strategist: the global economy and macro investing in an era of instability
• Have government efforts at reviving the broken monetary transmission mechanism really been successful?
• Is a sustained rebound in global economic activity possible against a backdrop of debt deflation?
• What impact will the resurgence of state capitalism have on the outlook for interest rates and exchange rates?
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10.15 | Institutional investor panel: understanding the challenges facing institutional investors today
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10.50 | Morning refreshments
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| GLOBAL MACRO INVESTING |
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11.30 | Leader’s address: quantitative macro trading – the creation of alpha
• Quant vs. discretionary trading
• Why quant has value
• Different approaches to systematic trading
• Quant 2.0: what does the future hold?
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| | Mr Steve Evans, Partner and Director of Systems Trading, Tudor Investment Corporation
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12.00 | Asset allocation in a transition era
• The world is enduring a transition phase between different economic orders
• What are the implications for the type and scale of growth to be expected?
• How do investors position themselves to protect against and benefit from this transition?
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| | Mr Tim Bond, Managing Director, Global Asset Allocation Strategy, Barclays Capital
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12.30 | Risk panel: the new laws of effective diversification - what lessons have we learnt in the last two years on managing risk in a portfolio of hedge funds?
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| | Ms Judy Curry, Finance Director and Secretary, Commonwealth Education Trust
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13.00 | Lunch
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14.00 | Chairman’s opening remarks
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| | Mr Arne Hassel, Managing Director, GTAA and Multi-strategy, Millennium Global Investments
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14.00 | The world’s “engine-room”: mapping China’s recovery
• The first major economy to recover from recession?
• China’s policy strategy – leveraging its strong ‘balance sheet’ to deliver an impressive ‘income statement’
• Will shorting China on global rebalancing play pay off?
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| | Mr Qing Wang, Chief Economist - Greater China, Morgan Stanley
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| CHINA AND COMMODITIES |
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14.30 | Gold, oil and commodities: essential diversifiers or dead weights?
• The short term risks
• The longer term trends
• Do the core commodities offer long-term “value” at these levels?
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| GLOBAL MARKETS TECHNICAL INDICATORS
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15.00 | Global liquidity: from QT to QE and back?
• Global liquidity cycle - lessons from 50 years of history
• How bad investors muddle trend and cycle
• The investment clock- where next for asset allocation?
• Liquidity risks - don't ignore Asia
• Implementing behavioural finance in asset allocation using liquidity data
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15.30 | Mapping the markets: a global overview of world markets
• Equities, bonds, commodities and currencies
• How economic cycles are revealed by technical analysis
• Where are we now?
• What is the way ahead?
• Are there any green shoots?
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16.00 | End of Global Strategy Day
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