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    SPONSORING ORGANIZATIONS SPONSORING ORGANIZATIONS Document Transcript

    • SPONSORING ORGANIZATIONS (To Date) AKSIA ADVISORY BOARD ALLIANCE BERNSTEIN ALTERNATIVE INVESTMENTS (To Date) BEAR STEARNS ASSET MANAGEMENT David J. Deutsch Chief Investment Officer CITI, PRIME FINANCE San Diego County Employees Retirement Association CREDIT SUISSE Jeremy M. Ellermeyer Director, Alternative Investments DKR CAPITAL INC. MetLife Peter Gilbert EIM MANAGEMENT (USA) Chief Investment Officer Pennsylvania State Employees’ GOLDENTREE ASSET MANAGEMENT, LP Retirement System GOLDMAN SACHS ASSET MANAGEMENT Colleen M. Obal, CFA Director, Investments IWA Forest Industry Pension Plan HALCYON ASSET MANAGEMENT LLC Matthew Stone ING ALTERNATIVE ASSET MANAGEMENT Assistant Vice President and Director of Absolute Return Investments LEHMAN BROTHERS The University of Chicago Wafa Wei MORGAN STANLEY ALTERNATIVE INVESTMENT Director, Absolute Return PARTNERS Stanford Management Company NORTHWATER CAPITAL MANAGEMENT D. Abram Weldy, CFA, CAIA Director of Alternative Investments Indiana University Foundation SOCIÉTÉ GÉNÉRALE ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 1 of 15
    • Preliminary Program as of June 18, 2007 This day and a half Symposium brings together an exclusive audience of senior investment executives from corporate and public pension plans, endowments, foundations, and consultants with a limited number of hedge fund and fund of hedge fund sponsors to discuss a wide range of contemporary issues related to the role of hedge fund and fund of hedge fund assets in institutional portfolios. The program will provide investors with an in-depth review of the continuing role hedge funds play in generating higher alpha and providing diversification, and to understand the issues involved in selecting and managing hedge fund portfolios. Tuesday, June 26 7:30-8:30 am Registration and Continental Breakfast Library 8:30-8:45 am Welcome and Benchmarking Survey of Investor Priorities and Expectations Lincoln Hall Harvey D. Shapiro Senior Advisor Institutional Investor During this opening session, an electronic audience response system will be used to poll participants about their current or contemplated investments in hedge funds and hedge funds of funds, as well as other issues related to managing their portfolios. The results will be displayed on-screen and can be used by delegates and managers to discern trends among investors, thereby allowing participants to benchmark themselves against their peers. Later in the day, the results will be made available in hard copy form for participants’ reference. 8:45-9:30 am Panel Session: Global Trends in Context: The Impact for Hedge Fund Investors Lincoln Hall Panelists: William P. Bijesse Chief Investment Officer EIM Management (USA) Rick Meckler President and Chief Investment Officer LibertyView Capital Management (a Lehman Brothers Company) Wafa Wei Director of Absolute Return and Fixed Income Stanford Management Company David Hammerstein, CFA Principal
    • Yanni Partners, Inc. What do global economic trends suggest about potential returns over the next 12-18 months? Which strategies will gain and who will be the losers? This session will offer predictions for hedge fund strategies based upon current and expected global economic conditions, and discuss what practical decisions and possible reallocations investors should consider as a result. 9:30-10:15 am Panel Session: Dodging the Next Amaranth Lincoln Hall Moderator: Seth Master Executive Vice President and Chief Investment Officer—Blend Strategies Alliance Bernstein LP Panelists: Andrew Lapkin President BearMeasurisk David Shukis Managing Director Director, Hedge Fund Research and Consulting Cambridge Associates Paul Tiranno Head of Operational Due Diligence ING Funds of Hedge Funds ING Alternative Asset Management There seems to be little mystery left to the reasons behind the collapse of Amaranth. But was this exceptional failure of a top-ranked hedge fund something that could have or should have been foreseen? Was this a case of insufficient due diligence on the part of investors or simply one of inevitable potential risks that must be absorbed and accepted? Are there particular lessons that can be taken away and applied to other situations to avoid the next blow-up? Much has been made of the necessity for prior due diligence and the ongoing monitoring of hedge fund managers, but are these well known guidelines too often ignored or conducted superficially? Are they unworkable? Or, instead, do investors need to consider other guiding principles in reviewing their hedge fund investments? This session will provide ideas and opinions on how investors can protect themselves from becoming a victim of the next implosion. 10:15-10:45 am Coffee Break Library 10:45-11:30 am Panel Session: Making Transparency Work Lincoln Hall Moderator: Jeremy M. Ellermeyer Director, Alternative Investments MetLife ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 3 of 15
    • Panelists: Oliver Schupp Managing Director and President Credit Suisse/Tremont Index, LLC Carl M. Eifler Managing Director and Head of Lyxor US Societe Generale For all the talk about the need for transparency many investors continue to want more of it while hedge fund managers too often struggle to grasp just what investors are seeking—or simply think they are asking for too much data, whether due to the administrative burden associated with providing it or concerns about its potential proprietary nature. A lack of accepted standards is perhaps primarily responsible for keeping this issue among those at the forefront for both hedge funds and investors—so far without a resolution. This session will attempt to pinpoint the key concerns of investors and managers related to demanding and providing transparency in an effort to identify those criteria that may offer both sides a way to bridge this gap. 11:30-12:15 pm Panel Session: The Convergence of Private Equity and Hedge Fund Strategies: Real and Perceived Opportunities and Challenges Lincoln Hall Moderator: Darren Spencer Global Head of Alternative Investments Aon Investment Consulting Panelists: Steve Shapiro Portfolio Manager and Founding Partner GoldenTree Asset Management, LP John Bader Co-Chairman and Chief Investment Officer Halcyon Asset Management LLC Jose Gonzalez-Heres Executive Director Morgan Stanley Alternative Investment Partners The ongoing convergence between hedge funds and private equity funds has been widely recognized, but the potential implications for investors—positive and negative—continue to be debated. One perceived negative consequence of having a greater number of market participants is that asset valuations have been exaggerated and that lower private equity returns may be the result. And if that’s the case, might investors be better served by having hedge funds focus on areas where they might discover better opportunities? Hedge funds that have only recently entered the market, some in a big way, have also raised concerns that they may have insufficient experience and expertise to create long-term value in companies in the same way as private equity funds do. However, hedge funds usually have fewer restraints in their investment strategies ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 4 of 15
    • and their ability to deploy capital, while their shorter-term return horizons may often allow them to turn a quick profit unavailable to traditional private equity funds. But investors frequently question whether mixing the two strategies makes sense based on the goals and expectations they have for each of them and the role they are expected to play in their portfolios. Speakers in this session will examine these and related issues in an effort to inform investors on the real and perceived challenges and opportunities this convergence represents. 12:15-1:00 pm Panel Session: The Dominance of Hedge Funds and the Implications for the Markets Lincoln Hall Panelists: Jim Vos Chief Executive Officer and Head of Research Aksia Venkatesh (Venky) Panchapagesan, Ph.D. Vice President, Quantitative Investment Strategies Group Goldman Sachs Asset Management Karan Sampson Director, Hedge Funds Greenwich Associates A recent Greenwich Associates study noted that hedge funds experienced a 200% increase in their fixed income trading volume, including both bonds and credit derivatives, over a 12-month period that saw overall fixed income volume rise by just 25%. This was cited in the report as just one instance in which hedge funds are considered to provide so much of the liquidity in a given sector that in some instances the markets would not function efficiently without their participation. What are the positive and negative implications for the growing clout of hedge funds in the markets? Are the systemic risks fully understood, and are the largest and most active market participants prepared for them? How has the concentration of trading activities by hedge funds changed what investors should be reviewing when examining managers and allocating capital? This session will focus on these and similar issues for credit markets which are likely to apply to other sectors as well. 1:00-2:30 pm Luncheon with Guest Speaker: Applying World-Class Negotiation Skills to Achieve Professional and Personal Goals Main Dining Room Speaker: Richard C. Holbrooke Former U.S. Ambassador to the United Nations Ambassador Richard C. Holbrooke secured his reputation as one of the world’s premier negotiators by arranging an unprecedented international agreement that brought the U.S. back into good standing with the United Nations, persuading U.N. members to reduce the U.S. share of dues and assessments. This led the U.S. Congress to release almost $1 billion in unpaid U.N. assessments and enlisted the aid of Ted Turner to ante up the balance. As a result, Ambassador Holbrooke received a standing ovation at the Senate Foreign Relations Committee led by one of ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 5 of 15
    • the U.N.’s strongest congressional critics, Senator Jesse Helms. Difficult assignments are nothing new to the man who was chief negotiator at the 1995 Dayton Peace Agreement, which ended the war in Bosnia and for which he has received numerous awards, including seven Nobel Peace Prize nominations. Ambassador Holbrooke’s other experience includes stints as Vice Chairman of CS First Boston and as a Managing Director of Lehman Brothers, where he utilized his leadership and strategic planning expertise to guide the firm’s growth nationally and globally. He describes negotiating tactics and styles, giving invaluable insight into the use of teamwork, perseverance, bluff, bluster and preparation to achieve corporate and personal goals. Drawing on his experience with highly volatile situations, he discusses managing crises through leadership and determination. Sharing behind-the-scenes stories of delicate international negotiations, the Ambassador will enlighten the audience with the considerations that must be taken when guiding vital American national interests. 2:30-3:15 pm Workshop Series I Two workshops, each with a different topical focus will run concurrently. Investors will be able to choose which session to attend prior to the conference when all workshop sessions have been determined. Workshop I: Optimal Portfolio Construction Using Alternative Betas Lincoln Hall Workshop Leaders: Robert Kulperger Vice President Northwater Capital Management Neil Simons, Ph.D. Vice President Northwater Capital Management Alternative Betas exist between traditional betas and alpha across the set of available investment opportunities. Alternative betas represent persistent risk premia that offer attractive return and risk characteristics when added to a portfolio. Some alternative betas are structural in nature and result from inefficiencies within capital markets, but at times are confused with hedge fund replication. This workshop will provide a comparison of the objectives and attributes of alternative beta strategies and hedge fund replicas. Workshop II: What’s it Worth? Identifying the Issues and Best Practices in Securities Valuations Library Workshop Leaders: Frank Jordan Partner GoldenTree Asset Management, LP Keri McGinness ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 6 of 15
    • Chief Financial Officer GoldenTree Asset Management, LP George Travers Chief Compliance Officer GoldenTree Asset Management, LP Two years ago a group headed by former New York Federal Reserve President Gerry Corrigan issued a report on policy recommendations in response to concerns about the growth in the issuance and trading of credit derivatives. But while most of those recommendations were adopted many of the issues identified in the report remain as the result of further growth in the number of instruments traded as well as the number of those participating in the sector. Fundamentally the primary issue is related to ensuring that less liquid instruments are properly priced and that counterparties are using reliable standards and procedures in valuing them. A variety of observers have called this a thorny and perhaps unsolvable problem, but speakers in this session will outline the key issues and discuss how hedge funds can continue addressing them to reduce systemic risks. 3:15-4:00 pm Workshop Series II Two workshops, each with a different topical focus will run concurrently. Investors will be able to choose which session to attend prior to the conference when all workshop sessions have been determined. Workshop III: Real Problems and Real Solutions Using Structured Products Lincoln Hall Workshop Leader: James Graves Executive Director Morgan Stanley Alternative Investment Partners This session will feature one or more case studies to highlight several ways institutional investors are using structured products to address specific issues, examining both the problems investors have attempted to deal with, what solutions they selected and what the outcomes have been. Workshop IV: Global Asset Allocation Strategies (GTAA): A Provider of Liquid, Uncorrelated Alpha Returns Within a Beta Investment Environment Library Workshop Leaders: John J. Drury Director Credit Suisse Anne-Sophie van Royen Director Credit Suisse ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 7 of 15
    • GTAA strategies may be constructed using quantitative, diversified multi-asset class solutions which seek to opportunistically generate returns due to changes in market conditions and temporary global marketplace mispricings. This workshop will provide an overview of GTAA concepts as well as provide investors with examples of how GTAA may provide liquid, noncorrelated alpha returns and assist in reducing overall portfolio risk within a beta investment environment. Two workshops, each with a different topical focus will run concurrently. Investors will be able to choose which session to attend prior to the conference when all workshop sessions have been determined. 4:00-4:45 pm Workshop Series III Lincoln Hall and Grant Room Two workshops, each with a different topical focus will run concurrently. Investors will be able to choose which session to attend prior to the conference when all workshop sessions have been determined. Workshop V: Sourcing Emerging Managers and Opportunities Abroad Lincoln Hall Workshop Leader: Harold Yoon Portfolio Manager & Head of ING Funds of Hedge Funds ING Alternative Asset Management Discovering top quality new hedge fund managers with great long-term potential remains a primary goal for investors—and one that is seen as becoming more elusive as the growth of assets under management, similar approaches to trading, a desire to avoid excessive volatility, general market conditions and other factors have made it more difficult for managers to find success. Adding to the difficulties and complexities of identifying superior talent is the increasing desire to allocate to managers operating in both established and emerging foreign markets, where some of the best opportunities for producing alpha are considered to be but where challenges in finding the best managers are also often greater. This session will explore these trends and discuss how they should be taken into account in sizing up emerging managers, particularly those operating in regions where judging what it requires to succeed can be more difficult. Workshop VI: Funds of Funds: Why Assets Keep Growing as Complaints Mount Grant Room Workshop Leader: Bradford Williams Vice President Goldman Sachs Asset Management High, layered fees and low relative returns. Similar portfolios that inevitably concentrate much of their capital in many of the same large underlying hedge funds. Returns that can frequently be duplicated using hedge fund indices. These are some of the more common complaints about ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 8 of 15
    • hedge fund of funds—complaints that are predictably followed by predictions that fees will soon be adjusted lower and more and more institutions will opt for direct hedge fund investment programs. Yet as these grievances have grown and continued institutional investors have shown no slackening in their appetite to allocate to funds of funds. In fact, not only have assets under management through funds of funds risen year over year without pause, annual surveys have regularly shown that investors plan to increase their allocations without exception. This workshop will examine this seeming paradox and provide an open forum for investors to discuss the issues this topic raises. 4:45-6:00 pm Cocktail Reception Members Lounge Wednesday, June 27 7:30-8:15 am Continental Breakfast Library 8:15 am Welcome and Introduction: Lincoln Hall Harvey D. Shapiro Senior Advisor Institutional Investor 8:15-9:15 am Panel Session: Replicating the Success of Endowments with Hedge Fund Investments Lincoln Hall Moderator: John Fell Director Citi, Capital Introductions Panelists: Robert Russell Former Portfolio Manager Harvard Management Company Paul Robson President Northwater Capital Management Kevin E. Lynch Managing Director, Co-Head of Non-Traditional Research RogersCasey Matthew Stone Assistant Vice President and Director of Absolute Return Investments The University of Chicago ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 9 of 15
    • University endowments continue to be among the most aggressive investors in hedge funds. Their collective performance also remains at the top among institutional investors, with the 53 endowments with more than $1 billion under management, representing a total of $217 billion, reporting annual average returns of 15.34% on their roughly $40 billion in hedge fund investments, according to a recent report. Moreover, the report noted that almost 80% of U.S. university endowments have at least a portion of their assets in hedge funds, and that some of the best performing endowments have allocated from a low of around 17% of their assets to hedge fund strategies, to a high of 52%, with an average allocation of 20%. While each class of institutional investors has unique needs and issues that are complicated by the skills and resources available at individual institutions within those classes, what are the fundamental lessons other investors can take from endowments and apply to the management of their own assets? What makes endowments so adept at selecting managers who consistently provide solid returns? 9:15-10:00 am Workshop Series IV Two workshops, each with a different topical focus will run concurrently. Investors will be able to choose which session to attend prior to the conference when all workshop sessions have been determined. Workshop VII: Deconstructing Returns to Capture ‘Hidden’ Assets Lincoln Hall Workshop Leader: Christophe Pochart Managing Director, Pension Solutions SG Americas Securities, LLC Michel Serieyssol Managing Director, Pension Solutions SG Americas Securities, LLC This session will explore some of the ways derivatives and structured products can unlock the “hidden” value in both long-only equity and hedge fund strategies, whether by accessing the implied volatility for a particular portfolio of funds, supplementing the beta exposure of a particular fund or group of funds or providing a complementary non-correlated return stream. The speakers will discuss how these approaches can be customized to meet the specific objectives of investors over a long period of time and explain why in most cases the desired result is limited only by an investor’s imagination. Workshop VIII: Lenders of Last Resort? The Implications of Hedge Funds’ Increasing Role as Banks to Troubled Companies Grant Room Workshop Leader: Steven Mandis Managing Principal Halcyon Asset Management LLC One estimate holds that about 75% of loans to troubled companies now originate from hedge funds or private equity funds. Some observers have dubbed this the “loan to own” model of ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 10 of 15
    • investing that gives hedge funds the rights to the assets of the companies, should they default. Some evidence suggests this trend is driving up the price of acquisitions and could hurt the returns of both hedge funds and private equity firms. Several critical observers also have expressed concerns that too few hedge fund managers have the expertise and experience necessary for sustaining success. Is the key role hedge funds have developed in the lending arena a cause for alarm? What are the broader implications that may possibly extend beyond the hedge fund industry itself? Do investors have a sufficient understanding of what it takes for a manager to be successful with this strategy? 10:00-10:45 am Workshop Series V Two workshops, each with a different topical focus will run concurrently. Investors will be able to choose which session to attend prior to the conference when all workshop sessions have been determined. Workshop IX: Using Customized Fund of Hedge Fund Structures to Augment Traditional Asset Allocations Lincoln Hall Workshop Leader: William Bijesse Chief Investment Officer EIM Management (USA) Inc. This presentation will look at two case studies that demonstrate why the use of an equity or a bond substitute may be a better way to implement traditional equity and fixed income allocation strategies. Workshop X: The Murky Waters of Hedge Fund Investing: Fishing Out Conflicts of Interest Grant Room Workshop Leader: Simon Fludgate Head of Operational Due Diligence and Risk Aksia Hedge Fund investing can seem frightening in a world where fraudulent activities seem more prevalent. A vital step to protecting your investment from falling victim to a hedge fund blowup is being aware of where unbeknownst minefields might lie. This workshop will attempt to demystify hedge funds by identifying possible conflicts of interest buried beneath the surface. Participants will learn the right questions to ask to ascertain information not easily revealed and understand where the opportunity for fraud exists within the hedge fund business. 10:45-11:30 am Workshop Series VI Lincoln Hall and Grant Room Two workshops, each with a different topical focus will run concurrently. Investors will be able to choose which session to attend prior to the conference when all workshop sessions have been determined. ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 11 of 15
    • Workshop XI: The Outlook for the Technology Industry Lincoln Hall Workshop Leader: Daniel Niles Chief Executive Officer Neuberger Berman Technology Management, LLC (a Lehman Brothers Company) Technology spending and development continues to be a key indicator of economic trends and represents a sector where significant investment opportunities and risks always exist. What does the current macroeconomic climate suggest about information technology spending, particularly in the semiconductor sub-sector? What are the themes and new product offerings that will have the biggest impact on IT spending? And how will these developments influence the stock market and technology stocks in particular? Workshop XII: Getting the Most From International Investment Portfolios Grant Room Workshop Leader: John Mullin Managing Director Bear Stearns Asset Management Globalization has become a buzz word to describe many aspects of the world economy, but perhaps the most important attribute for institutional investors is the integration of markets and the access to them that has expanded opportunities to create the possibility of truly international portfolios. This session will demonstrate the importance of country allocation vs. sector allocation for the performance of international equity portfolios and provide key predicators of country returns. The speaker will also discuss some indicators that would have helped investors avoid a major crisis, such as the Asian currency crisis of 1997. Finally, the session will highlight the consequences of a strategy that tends to overweight emerging markets. 11:30-12:15 pm Workshop Series VII Lincoln Hall and Grant Room Two workshops, each with a different topical focus will run concurrently. Investors will be able to choose which session to attend prior to the conference when all workshop sessions have been determined. Workshop XIII: It Looks Good in Theory, But How Does it Actually Work? Lincoln Hall Workshop Leaders: Paul St. Pierre Vice President DKR Capital LP Howard Wiesenfeld ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 12 of 15
    • Principal DKR Ibex LP Investors are peppered with PowerPoint presentations and manager presentations describing various trading strategies. Most of us understand how these strategies work in a broadly theoretical way, but rarely get to see how they actually work in practice. The workshop will review in depth the conception, formulation, execution, management of and exit from a series of trades in the risk arbitrage and event driven area. Idiosyncratic and systemic risk will be reviewed, along with the day to day work that goes in to the decision to hold or reduce a particular exposure. Workshop XIV: Facilitated Discussion Group Grant Room Discussion Leader: Harvey D. Shapiro Senior Advisor Institutional Investor This facilitated open forum will provide an opportunity to share views and ideas about issues, trends, markets, strategies or related topics that may have been discussed during the conference or simply of concern or interest to the participants in attendance. 12:15-1:00 pm Panel Session: Hedge Fund Evaluation: Looking Beyond the Numbers Lincoln Hall Moderator: Elliot Alchek Managing Director DKR Capital Inc. President DKR Capital Securities Corporation Panelists: David Wiederecht Senior Managing Director, Hedge Funds GE Asset Management Additional panelists to be confirmed A review of operational and investment risks, combined with broad statistical analysis, are the basis on which most investors rely to evaluate hedge funds, all of which is necessary. However, considerations that may often be less emphasized or even disregarded, combined with an over reliance on more accepted or traditional due diligence efforts, could pose pitfalls for investors that they might otherwise avoid. This session will discuss some of the less obvious and perhaps idiosyncratic factors investors may want to take into account when conducting due diligence on hedge fund managers or monitoring managers to whom they have allocated capital. 1:00-2:30 pm Luncheon with Guest Speaker: How Much Are You Paying for the Extra Eighth? ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 13 of 15
    • Main Dining Room Speaker: Martin Mayer Guest Scholar, Economic Studies The Brookings Institution The role of hedge funds in institutional portfolios is typically expected to be to provide non- correlated returns that complement traditional investments and reduce both volatility and long- term risks. But ensuring you’re getting what you’re paying for—and knowing what you’re paying for to begin with—can frequently be difficult, particularly with the extensive use of leverage, the growing amount of trading using derivatives and sophisticated multi-legged strategies, and the number of illiquid, hard to value securities many hedge funds have at any time in their portfolios. Marking to model is especially dangerous when the proprietors of the fund won’t or can’t appropriately explain the model. This issue will be examined with a view informed by events of the past to shine a light on what investors should consider when investing in hedge funds. 2:30 pm Symposium Concludes A separate event: 6:30 pm Institutional Investor’s 5th Annual Hedge Fund Industry Awards Dinner Gotham Hall, New York Hosted in conjunction with Alternative Investment News, Institutional Investor is delighted to present the 5th Annual Hedge Fund Industry Awards Dinner. The evening will start with a cocktail reception, followed by dinner and the awards ceremony. This gala affair will bring together the hedge fund industry to recognize and applaud the achievements of their peers. The awards dinner will include key industry players – hedge fund managers, funds of funds, endowments, foundation, and corporate and public pension funds. Those interested in joining, please contact Clare Hollywood, Director of Investor Relations, at (212) 224-3970 or CHollywood@iiconferences.com Institutional Investor Conferences has been a leading provider of highly interactive investment strategy meetings for senior money managers and financial executives seeking new insights into important strategic issues for over 35 years. Our purpose is to equip participants with information that can be utilized for both immediate decision-making as well as forward planning of investment strategies, administrative policies and operating procedures. Participants are able to develop new contacts and compare experiences in informal, focused discussion and debate as well as during social activities. For more information about the Hedge Fund Investor Symposium, please contact: Clare Hollywood Director, Investor Relations ________________________________________________________ Telephone: 212-224-3970 th Annual Hedge Fund Investor Symposium Institutional Investor’s 6 Fax: 212-224-3802 26-27, 2007 ~ Union League Club, New York June e-mail: CHollywood@iiconferences.com Page 14 of 15 www.iiconferences.com • www.iiplansponsors.com
    • ________________________________________________________ Institutional Investor’s 6th Annual Hedge Fund Investor Symposium June 26-27, 2007 ~ Union League Club, New York Page 15 of 15