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CONFERENCE DAY ONE: Monday, 19 October 2009
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08.00 | Registration and refreshments
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08.45 | Chairman’s opening remarks
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| GLOBAL INVESTING IN A BRAVE NEW WORLD |
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09.00 | Global macro economic address: how resilient are emerging markets to the global crisis?
• What lessons have been learned through the global economic crisis and how have the emerging market economies reacted?
• The paradigm shift in global risk and the consequences for emerging markets
• What are the driving trends that have caused cross winds in Latin America, Middle East and Asia (global slowdown, deleveraging, inflation moderating)
• Old challenges revisited: an assessment of the overhaul in the global hedge fund industry post credit crisis
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| | Mr Paulo Leme, M.D. & Director of Emerging Markets Research, Goldman, Sachs & Co.
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| THE CHANGING FACE OF HEDGE FUND MODELS |
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09.35 | Reinventing the Hedge Fund Industry
• What role will the hedge fund sector play in the broader financial tapestry in the future? Will hedge funds fill the financial void that investment banks have left behind?
• Which dangerous strategies will become obsolete and when will we see the re-emergence of talent and balanced risk taking in the hedge funds sector?
• Which business models are best placed to exploit the investment opportunities of the future?
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10.50 | Morning refreshments
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11.30 | The shift in the balance of power: what should investors demand from their managers?
• What are the key lessons that investors have learned through the crisis?
• Is the promise of alpha backed by a strong track record no longer sufficient?
• The question of fees – when are they justifiable?
• Which types of opportunities represent long term value for global investors?
• The million dollar question: what will it take for investors to comfortably return to hedge fund allocations?
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| | Moderator: Ms Amy Bensted, Managing Analyst - Hedge Funds, Preqin Ltd. Mr Jerry Davis, Chairman, Board of Trustees, Employees' Retirement System, City of New Orleans (USA) Mr Rene Nuñez, Chief Investment Officer, Texas Permanent School Fund
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12.15 | Global Macro strategy & systematic trading strategies
• Good resistance to 2008 crisis and expected to outperform in 2009
• Current volatile and challenging market environment favor these strategies
• Long standing track record
• Low correlation to traditional markets and lower correlation during crisis
• Liquid Strategy as it is exposed to the most liquid instruments
• Recent market issues (liquidity, leverage) have limited impact on both strategies
• A portfolio mixing both strategies proved to outperform on a risk/adjusted basis
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| | Ms Sarah Assi, Managing Director, Head of Europe (ex-France), Credit Agricole Asset Management, Alternative Investments
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| INVESTOR FRIENDLY PRODUCTS
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13.00 | Why and how hedge funds are using ETFs
- Growth in use of ETFs for hedge funds
- ETF Investment solutions including alpha porting, risk management and tactical allocations
- How to choose the right Beta solution -- Comparison between ETFs, futures and swaps.
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13.30 | Lunch
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| NEW WORLD CAPITAL RAISING ACADEMY |
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14.30 | Panel discussion: how to raise permanent capital for managers & investors
• How to approach institutional investors in Brazil – what are their specific needs
• The importance of a well diversified investor base to the health of your business
• The future of permanent capital hedge fund vehicles in the wake of the crisis
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15.00 | Panel discussion: a guide to going offshore & attracting international investors
• What is required to launch an offshore hedge fund?
• How will you capture the international investor?
• Making the right connections internationally
Senior representative, Bermuda International Business Association to be confirmed
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| | Mark Chapman, Managing Partner, Deloitte British Virgin Islands
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15.15 | Responding to LatAm investor demand for international hedge funds and fund of hedge funds
• How has the demand for international managers changed in the Latin American investor market?
• What kind of diversity can international managers offer to local LatAm investors?
• How can international hedge fund and FoF managers access the LatAm onshore investor market?
• The right product design the right marketing
• How can international hedge fund and FoF managers access the LatAm onshore investor market?
• What are the obstacles of setting up onshore and accessing institutional investors?
Fernando Lifsic, Partner, Research, Itajubá Investimentos
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15.30 | Getting marketing & distribution right outside Latin American
• How best to reach international investors?
• What are the specific routes to investors in Europe as opposed to the USA?
• Which are the best distribution platforms and what you need to know before approaching them?
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16.15 | Special investor address: outlook for the future of insurance companies and pensions funds in Peru
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| | Mr Melvin Escudero, Peruvian Pension Fund Investment Supervisor, Bank, Insurance and Pension Fund Superintendancy
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16.45 | Afternoon refreshments
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| MEET THE REAL ALPHA MANAGERS |
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17.10 | ALPHA MANAGERS SHOWCASE
One of the major challenges investors face is finding real alpha generating managers. This session for investors will allow managers to showcase just how robust their Alpha is. Can you show how robust your alpha is?
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| | Eric Conrads, Global Strategy and Head of Research-Latin America, Armada Capital SA de CV
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18.00 | Speed Networking
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CONFERENCE DAY TWO: Tuesday, 20 October 2009
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08.00 | Registration and refreshments
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08.45 | Chairman’s opening remarks
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| LATIN AMERICA TAKES THE STRESS TEST |
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09.00 | Latin America after the dust settles from the global crisis and the implications for hedge fund management
- Latin America in the post-crisis economic realignment
- Which countries offer the right orthodox monetary tightening when necessary and at the same time have responsible fiscal behaviour?
- Back to basics: liquidity and transparency in hedge fund management
- Old challenges revisited in the industry – what are the recent lessons in hedge fund management?
- What is the optimal strategy and structure of portfolio management in the current global environment?
- Analysing the various investment asset classes in Latin America – where do arbitrage opportunities exist now?
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| | Mr Tulio P. Vera, Managing Director & Chief Investment Strategist, Bladex Asset Management
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| INTERNATIONAL INVESTOR OPINION |
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09.45 | Panel discussion: what are the investment opportunities of the future in the new paradigm of global risk?
• What have investors learned from their asset allocation choices in the last 12 months?
• What are they looking for their funds to deliver and where will they allocate going forward?
• What challenges do they face in managing their current alternative allocations?
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| | Moderator: Alex Von Ziegesar, Director and Head of Hedge Fund Analysis, Alternative Investments, BBVA Asset Management
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10.30 | Morning refreshments
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11.00 | Panel discussion: Private Banker, Family Office & Wealth Manager current attitudes to hedge funds
• Transparency verses returns: the private investor view of alternative assets
• Are investors satisfied that their managers are operating robust systems and controls?
• The good, the bad and the wait and see: investor ambivalence towards hedge funds in the wake of the crisis
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| | Alex Von Ziegesar, Director and Head of Hedge Fund Analysis, Alternative Investments, BBVA Asset Management
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| OPPORTUNITIES AND RISKS OF LATAM CORPORATE DEFAULTS |
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11.45 | LatAm Managers panel discussion: what are the risks and opportunities of corporate defaults in Latin America?
• Anticipating corporate slowdowns and reflecting the expectations and perceptions of default risk of the entire marketplace
• Currency mismatches in corporate balance sheets as an important factor underlying the severity of recent financial crises
• How to best model, measure and survey currency mismatched and corporate default risk in Latin America?
• Seizing the opportunity in Latin American corporate bonds as slower economic growth and increased defaults push up yields
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12.30 | Lunch
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| CREDIT CRISIS OPPORTUNITIES IN LATAM |
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| Afternoon sessions chaired by Ken Napolitano, Head of Sales for the Americas, Bloomberg Tradebook
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13.30 | Panel discussion: what are the best investment opportunities in Mexico in the wake of the crisis?
• Calderon’s plan for stability
• Market valuations in Mexico – historical comparisons
• Prospects for growth in key sectors: infrastructure; real estate, commodities, small cap companies
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14.00 | Spotting the best investment opportunities in the Andean region
- What are the macro opportunities in Colombia, Peru & Chile?
- Current developments in capital markets
- A more detailed look at the specific country opportunities
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| LATAM INVESTORS TALK |
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14.30 | Panel discussion: what are the investment needs of an new generation of Peruvian institutional investors?
• What have recent changes in regulation meant for Peruvian pension funds?
• What are investor expectations in terms of performance, transparency and fees?
• How are Peruvian pension funds exploring opportunities in hedge funds globally?
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| | Mr Melvin Escudero, Peruvian Pension Fund Investment Supervisor, Bank, Insurance and Pension Fund Superintendancy Mr Ray Campos, Director of International Relations, 1st Financial Concept
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15.15 | Afternoon refreshments
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15.45 | Panel discussion: the changing face of the Chilean institutional investor landscape and opportunities that have arisen as a consequence
• How will the reforms taking place in the Chilean investment regulation impact currency and asset classes?
• What new opportunities have arisen for foreign investors in fixed income as a result of changes in tax regulation?
• How to capitalize on Chile’s fiscal response to the crisis
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| SPECIAL ADDRESS |
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16.15 | Afternoon keynote: chasing Bernie Madoff, the Madoff Ponzi scheme and the failures of Government Regulators and the Hedge Fund Industry
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17.15 | Close of day two
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20.00 | Cocktail reception
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20.45 | Awards & Gala Dinner
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CONFERENCE DAY THREE: Wednesday, 21 October 2009
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08.00 | Registration and refreshments
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08.45 | Chairman’s opening remarks
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| BRAZILIAN ECONOMIC OUTLOOK & REGULATORY ENVIRONMENT
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09.00 | A year on has the Brazilian economic growth story fundamentally changed?
• What are the key macro economic indicators in Brazil in the current global adverse environment?
• Assessing the Brazilian economy beyond commodities
• To what extent will an expanded domestic market cushion Brazil against future international shocks?
• Monetary policy and inflation
• External sector
• Credit and banking sector
• Economic activity
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| | Mr Joaquim Levy, Finance Secretary, Secretaria de Fazenda do Estado do Rio de Janeiro
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| REGULATORY UPDATE |
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10.00 | Regulatory update from the Securities and Exchange Commission of Brazil
• How does the alternative investments industry in Brazil compare to the rest of the world?
• Greater regulation
• Funding requirements
• Corporate governance
• Tax treatment
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10.45 | Morning refreshments
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| LESSONS LEARNED IN BRAZIL FROM THE CRISIS YEARS |
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11.15 | Panel discussion: what have hedge funds in Brazil learned from the early crisis years?
• If history repeats itself, what have we learned from the early crisis years in Brazil?
• What should policy makers do to insulate each other in an increasingly interdependent world?
• Vulnerabilities linked to interest rates, global terrorism, property prices, food prices and oil prices
• To what extent will an expanded domestic market cushion Brazil against future international shocks?
• How has the Brazilian HF industry evolved since the investment grade status was achieved?
Marcelo Karvelis, Founding Partner, Claritas Investimentos
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| BRAZILIAN INVESTORS TALK |
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12.00 | Panel discussion: how do Brazilian Pension Funds approach investing in alternatives?
• Taking the pulse of investors – what are their priorities and challenges?
• Why invest in Brazilian onshore funds? Returns, diversification or both?
• 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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12.30 | Panel discussion: how is Brazilian private wealth adapting in the new paradigm of global risk?
• What are the key global issues that have caused a shift in investor attitudes?
• Assessing the investor’s psychological approach to investing – are Brazilian investors rational?
• Are Brazilian investors looking to make bigger allocations offshore?
• Selecting managers – is there a preference for local talent?
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| A BRIDGE TO THE MIDDLE EAST |
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13.00 | What are the specific needs and challenges of investors in the Middle East?
• How do investors in the Middle East view global market conditions?
• Domestic Vs foreign investment opportunities?
• How can Middle Eastern investors best deploy money in a liquidity scarce environment
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13.30 | Lunch
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13.31 | NICHE STRATEGIES FOR THE CREDIT CRISIS
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14.30 | Distressed: how is distressed profiting in the current environment?
• Opportunities in distressed investing
• Opportunities in recapitalizing financials
• Opportunities in merger arbitrage
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| | Lawrence Jones, Senior Vice President, Investor Relations, Paulson & Co.
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15.00 | Panel discussion: how to integrate niche strategies into a portfolio
• Opportunities in mining and metals across Latin America
• Event driven & special situations: what are the important differences?
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15.30 | Afternoon refreshments
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| REAL ASSETS ROAD MAP |
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16.00 | Assessing Private Equity in Latin America in its virgin state
• Assessing the growth rate in private equity in 2009
• How possible is it to be activist in LatAm?
• Why are investors happy to accept private equity lock-ups but not hedge fund lock-ups?
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16.30 | Panel discussion: Examining growing opportunities in the LatAm Agri-business, real estate & infrastructure
- Comparing infrastructure with private equity, hedge funds and real estate
- Which are the investment opportunities (consolidation, arbitrage, private equity, securitization)?
- How interconnected are these different investments?
- What alternative funding structures are in place to finance the Brazilian agribusiness sector?
- Where does Brazil fit in the global agribusiness market?
- What are the advantages and disadvantages to investing in infrastructure separately?
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| | Mr Rodrigo Bresser, Founding Partner & Head Portfolio Manager, Bresser Administração de Recursos Ltda.
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17.00 | Close of Conference
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