Excellence in Asset Management


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Excellence in Asset Management

  1. 1. The 3rd Annual Excellence in Asset Management An investor-only forum for skill-based investment management showcasing the world’s top-performing funds Followed by GFA’s Annual Dinner and Awards 23rd January 2003 The Royal Lancaster Hotel, London W2 Platinum Sponsors Gold Sponsors Silver Sponsor Co-Sponsors
  2. 2. Excellence in Asset Management lobal Fund Analysis divides its manager research activity into three main categories. G These are Opportunistic, Event Driven and Relative Value.The conference panels have been designed to reflect this approach. Within these main sections we will cover sub-categories of manager styles. In particular, we will divide the three opportunistic sessions into panels which cover specific areas of investment such as long/short equity by region, and some long-only and sector managers. As speakers are confirmed, the exact make up of each panel will be posted on the conference web site at www.globalfundanalysis.com/excellence 8:00 Registration and coffee 8:30-8:40 Opening Address David Moore, CEO, Global Fund Analysis 8:40-9:10 A VIEW OF THE WORLD ECONOMY FROM THE CENTRAL BANKER’S CHAIR AND THE IMPLICATIONS FOR HEDGE FUND STRATEGIES IN THIS CONTEXT Moderated by: David Moore, Global Fund Analysis Charles Gave, president of Global Fund Analysis and founder and co-chairman of GaveKal, the longtime asset allocation partners of GFA Anatole Kaletsky, co-chairman of GaveKal and economic commentator for The Times of London 9:10-10:10 ARE HEDGE FUNDS RELEVANT TO INSTITUTIONAL INVESTORS? A topical discussion featuring senior executives from two of the world’s leading investment groups Moderated by top-rated asset management analyst, Huw van Steenis, Morgan Stanley Will Jump, chief executive officer, AXA Rosenberg Alan Brown, group chief investment officer, State Street Global Advisors 10:10-10:30 Coffee Break 10:30-11:30 Discussion Panel including renowned industry gurus Moderated by Nancy Curtin, chief investment officer, Fortune Group Jack D. Schwager, author of the Market Wizards series, legendary hedge fund investor, and advisor to Market Wizards Funds Nassim Nicholas Taleb, author of the best-selling work: Fooled by Randomness and principal The Programme and fund manager, Empirica Kurtosis These key industry movers and shakers share original and often provocative views that are now driving the debate on hedge funds. 11:30-12:30 THE BIG DEBATE: GFA will again pit against one another, two leading lights of the active investment management world in a format guaranteed to pack the hall. THE MOTION: “The only way to invest in hedge funds is through a fund of funds”. FOR: "Hedge funds provide one of few bright lights on the investment horizon and fund of funds help the uninitiated negotiate their way through a land of often arcane and complex strategies in search of true skill-based investment management expertise." Charles Hopkinson-Wooley, director, Deutsche Bank AG (London) AGAINST: "Hedge Funds of Funds are nothing more than a short term expedient to enable big investment groups to soak up cyclical demand for hedge funds - the fees are unjustifiable.They have no foreseeable life span.” Speaker to be confirmed The views of the speakers do not necessarily reflect the views of their companies 12:30-14:00 Lunch Sponsored by Here’s what people “GFA's Excellence is one of “I wanted to thank you for inviting had to say about few events really worth attending.” me to ‘Excellence in Asset Management’. Being relatively Excellence in Asset “It was extremely well new in the market, I was able to Management 2002: organized with an impressive meet quite a few new faces and 2 array of speakers, so well done I definitely enjoyed the sessions.” to all at GFA/Fortune.”
  3. 3. Excellence in Asset Management OPTION A OPTION B 14:00-15:00 OPPORTUNISTIC EMERGING MANAGER SHOWCASE Moderator: Sanjay Tikku Moderator: Nancy Curtin Stephen Morant, MW Japan Fund Ltd B, Morant Wright Management Hans Humes, Van Eck Global Opportunities Fund, presents the cream of the latest hedge Van Eck Capital fund offerings Rob Drijkoningen, INGIM EMD Hard Currency George Muzinich, Hedgeyield, Muzinich & Co. Fund, ING Investment Management Simon Nocera, Lumen Global Emerging Value Fund, Lumen Advisors Chakara Sisowath, Comgest Asia Fund, Comgest (Far East) Ltd 15:00-15:45 OPPORTUNISTIC RELATIVE VALUE Moderator: Simon Hopkins Moderator: Stuart Martin John Innes, MPC Pilgrim Fund, MPC Investors Andrew Hick, Compass I Fund, Compass Asset Management Christopher Murphy, The London Blue Chip Fund, Pricepro Analysis Ltd George Philips, NW European Convertible Arbitrage Fund, Axis Capital Andrew Formica, Henderson UK Absolute Return Fund, Henderson Global Investors George Long, LIM Asia Arbitrage Fund, Long Investment Management Jonathan Lamb, Principal, Market Neutral Funds, Barclays Global Investors 15:45-16:00 Afternoon Tea Afternoon Tea 16:00-16:45 EVENT DRIVEN OPPORTUNISTIC-SECTOR MANAGERS Moderator: Richard Tarvin Moderator: Simon Hopkins Bruce Richards, Marathon Special Opportunity Stuart O’Gorman, Henderson Horizon Global Tech Fund, Marathon Asset Management Fund, Henderson Global Investors Paul Glazer, Glazer Offshore Fund, Paul Arena, Phoenix Four Fund, Glazer Capital Management Strategic Resources Corporation Other speakers to be confirmed Eric Jacobs, Acadia/Cerulean, Cerulean Partners 16:45-17:30 OPPORTUNISTIC Moderator: Nancy Curtin Michael Katz, Glenrock Global Partners (BVI) Inc., RELATIVE VALUE Moderator: Stuart Martin Sohail Hasan, IIG Trade Opportunities Fund, The Programme Glenrock Asset Management International Investment Group Hugh Cohen, Ivory Investment Fund, Stephen Bossu, Global Interest Rate Fund Ltd., Ivory Capital Management Lotsoff Capital Management Other speakers to be confirmed Harlan Simon, Trinity Fund, Clinton Group 18:15 Conference cocktail Sponsored by 19:30 Global Fund Analysis and Fortune Asset Management host their annual gala evening with live entertainment from Paul McKenna and GFA’s Awards for Excellence in Asset Management Co-sponsored by “Overall, congratulations for an “It was a pleasure meeting you “I just wanted to write and say interesting conference, bringing at the Excellence in Asset how much I enjoyed the GFA good insights and very well Management Conference. ‘experience’ last week. organised.” We were grateful for the I learned a lot and the people opportunity to participate and we met were very interesting.” proud of our 5-star rating.” 3
  4. 4. Excellence in Asset Management PLATINUM SPONSORS: highly skilled and motivated staff providing the very best tailored client service. GFS works proactively with specialist and emergent investment managers to provide a range of services configured to their unique needs. GFS has established a long-term partnership agreement Barclays Capital is the investment banking division of with US-based Advent to provide specialised accounting Barclays Bank PLC. Focused on financing, risk management and valuation systems platforms to support our hedge fund and corporate finance advisory services, it is unique and fund of funds businesses globally. GFS’s international among investment banks in its exclusive concentration on network of offices including Bermuda, Cayman Islands, products and services in which it has an unrivalled track Dublin, Guernsey, Isle of Man, Luxembourg, New York, record in adding value for its clients. Hong Kong, and Singapore enables us to work collaboratively Since its inception in 1998, Barclays Capital has focused with a wide range of managers and institutions around the its key businesses in bonds, loans and risk management world. Our clients can choose to place their business in products such as convertible bonds, derivatives and jurisdictions that meet both their needs and those of their commodities trading. The expertise it has developed has investors. been recognised by the broadest spectrum of clients, including governments, supranationals, financial institutions Contact Details: and corporate borrowers from AAA-rated names through In the Americas: to high-yield issuers. Barclays Capital has worked hard at Contact: Fergus Healy minimising their clients' cost of funding, and broadening Tel: +1-212-715-6454 their investor base in the process. Email: fergus.healy@bankofbermuda.com Barclays Capital has offices in 23 countries and some 5,500 people worldwide with headquarters located in In Europe: London, New York and Hong Kong. Enjoying the Contact: Drew Douglas unequivocal support of a AA rated parent bank with Tel: +44-207-296-4125 a balance sheet of close to £400bn, Barclays Capital is Email: drew.douglas@bankofbermuda.com committed to offering an outstanding service to its clients In Asia Pacific: irrespective of market conditions or the global macroeco- Contact: Joanne Murphy nomic backdrop. The firm has an international network Tel: +1-852-2847-1432 of offices spanning the Americas and Asia-Pacific regions, Email: joanne.murphy@bankofbermuda.com giving it the distribution power to meet clients' needs, wherever they are based. Barclays Global Investors: BGI is the world’s leading provider of ETFs, offering investors worldwide a choice of 109 funds, 13 of which are listed on the London Stock AXA Rosenberg Investment Management is a specialist Exchange. equity manager employing over 180 people and managing $13bn worldwide.The company was founded in 1985 by BGI was the first company to launch ETFs in the UK. In Dr. Barr Rosenberg, one of the founders of the BARRA The Sponsors April 2000, we launched iShares FTSE 100, followed by Risk Model. the iShares iFTSE TMT in October 2000. These have been joined by a range of European sector indices as well As a global equity investment manager, our goal is to as the iShares FTSE Eurotop 100 and the iShares FTSE consistently outperform the market while carefully Euro 100. In March 2002, the iShares S&P 500 was managing risk. launched, the first ETF listed in the UK to offer investors exposure to the leading US large cap companies. Our investment process is based on the analysis of funda- mental data. We believe that by combining fundamental For further information please call 0845 357 7000, visit knowledge with technology, we distinguish ourselves www.ishares.net, or email feedback@ishares.net from other investment managers and that this gives us a competitive advantage in today's global environment. GOLD SPONSOR ◆ Our investment process is sustainable and repeatable. The use of technology allows us to apply the same process globally on a consistent basis. ◆ Our perspective is broader and deeper. Using technology, we are able to analyse nearly 200 fundamental characteristics on more than 17,500 companies worldwide. We update our view on each company every three Bank of Bermuda’s Global Fund Services (GFS) division minutes using current market prices. has been providing a comprehensive range of fund administration, custody, banking, trust, and investment AXA Rosenberg manages long only as well as long-short services internationally for over forty years. It is focused strategies. We offer Large and Small Cap strategies for on providing packages of services to the international global and regional portfolios as well as the US and UK. investment industry including hedge funds, fund of funds, Long-short strategies, which we have been managing emerging market funds, traditional funds and private since 1995, are offered for US, Europe, Japan and also on 4 equity funds. GFS’s business approach is predicated on a Global basis.
  5. 5. Excellence in Asset Management SILVER SPONSOR CONFERENCE COCKTAIL SPONSOR Gabelli Asset Management has operated under a simple Citigroup (NYSE: C), the preeminent global financial premise since 1977: to earn a simple return for our clients. services company with some 200 million customer We do this through a variety of value-added products in accounts in more than 100 countries, provides consumers, the high net worth and institutional marketplace using corporations, governments and institutions with a broad fundamental research.The firm is traded on the New York range of financial products and services, including Stock Exchange (GBL), and has a diversified product mix consumer banking and credit, corporate and investment to serve the financial objectives of a broad spectrum of banking, insurance, securities brokerage, and asset investors. We are research-driven fundamental investors management. Major brand names under Citigroup's focusing on “value with a catalyst” investing, based on the trademark red umbrella include Citibank, CitiFinancial, principles of Graham & Dodd, and further adapted by Primerica, Salomon Smith Barney, Banamex, and our Chief Investment Officer, Mario Gabelli, with his Travelers Life and Annuity. development of private market value analysis. The increasing demand for alternative investments based In the alternative investment marketplace, we have a on hedge funds has been embraced by a number of our family of absolute return products with dedicated teams specialist desks. Citigroup has developed a comprehensive looking for investment opportunities, utilizing the Gabelli approach to this sector by combining risk management, philosophy of investing. In today’s volatile markets, we regulatory capital optimisation, balance sheet, lending, and believe such investment vehicles provide our clients with capital market structuring capabilities. Salomon Smith proven absolute returns that can meet their investment goals. Barney is also global leader in both fixed income and We have been managing absolute return portfolios since equity prime brokerage. Our product breadth enables us 1977 and introduced our first targeted portfolio, our to service a broad range of investment strategies within merger arbitrage fund in 1985. Another such portfolio the industry - from equity long-short, event driven, and was launched in 1986 focusing on U.S. special situations, convertible arbitrage to capital structure arbitrage to followed by two offshore funds in 1989. Building on the specialised fixed income, currency and macro funds. firm’s strengths in the global-event driven value investing, Capital protection (CPPI), and Securitisation (CFOs) are several new hedge funds have been added to balance just a couple of the techniques we specialise in to allow investors’ geographic and strategy requirements. managers to access new investor markets. The possibility of distributing these collaborative products through GALA DINNER SPONSORS Citigroup's private banking and institutional networks also exists. We take the time to understand your business so we can partner with you to help you achieve your strategic goals. Aspect Capital Limited is a specialist money manager at the forefront of research into financial markets. Anthony LUNCH SPONSOR Todd, Eugene Lambert, Martin Lueck and Michael Adam created the London-based company in 1997. All four were key figures behind the development and success The Sponsors of Adam Harding and Lueck (AHL) one of the most successful hedge fund managers globally and now part of Lazard Asset Management, which comprises investment the Man Group plc. With a fresh vision, the founders management organisations in London, New York (where of Aspect set about building a progressive investment the firm has its headquarters), Tokyo, Sydney, Frankfurt company that applies quantitative research techniques and Paris operates as a global investment organisation. across a broad spectrum of products and markets. Aspect Investment analysis is drawn from our own professionals secured substantial backing from a major Swiss institution based all over the world, and portfolios are constructed and recruited a high calibre team of research, trading taking into account the specific needs of each client. and operations professionals. This has provided the solid The firm is privately owned, giving great organisational foundation for Aspect's continued growth. stability, which is a significant factor in our ability to retain and recruit the highest calibre of staff. Today we manage US$ 70 billion of assets of which US$ 4 billion are in alternative strategies including long/short, fixed income and closed-end investing. Henderson Global Investors Limited is a dynamic participant www.lazardnet.com in investment markets across the globe, providing a wide range of investment products and services to institutions and individuals in Asia Pacific, Europe, and North and South America. Henderson is the international investment management subsidiary of AMP, the international financial services group. It manages over £98 billion (as at June 2002) in assets and employs more than 1,600 people around the world. Henderson has a clear focus on investment management. Its purpose is to build people's wealth and security through skilful investment. Our goal is to be a world class 5 investment management company, operating globally.
  6. 6. Excellence in Asset Management Julius Baer Investments Ltd. (JBIL) is the London based arm of Julius Baer’s institutional asset management busi- Schulte Roth & Zabel LLP, founded in 1969, has more ness and specialises in the management of fixed income than 330 lawyers providing sophisticated legal counsel on mandates across all sectors. Our investment process is general corporate law (including investment manage- driven by fundamental in-house research with in-depth ment, securities, banking, asset-based lending, structured credit analysis and emerging market skills. The investment finance and business reorganization), litigation, real estate, style is active and diversified, with great attention paid to risk/return and the emphasis on client service. JBIL also intellectual property, employment and employee benefits, manages the first directly invested hedge fund ever tax, trusts and estates and environmental law. launched by the Julius Baer Group while equity, balanced In September 2002, the firm opened a London office led and alternative fund of funds mandates are offered in by partners Daniel S. Shapiro, a senior US tax partner, and association with other offices within the Group. UK fund lawyer Christopher Hilditch. The firm's Investment Management and Regulatory Group, recognized OTHER SPONSORS as the market-leading hedge fund practice in the United States, now offers unparalleled experience advising on the full range of issues raised by the creating, structuring and management of US domestic and international hedge funds. Fortune Asset Management is a London-based asset management company, regulated by the Financial Services Authority. Founded in 1996, the company is focused on the alternative asset area, and manages a number of multi- EXHIBITORS manager funds. Fortune also acts as sponsor for a select number of early-stage hedge funds. All our funds are co-advised by our affiliate research company, Global Fund Analysis Ltd and the legendary hedge fund investor Jack Schwager, Wall Street veteran and author of the Markets Wizards books. We bring you advanced technologies that help you find liquidity and reduce transaction costs. In the pursuit of best execution, we bring you access to the ITG Platform, which electronically transmits orders to an array of liquidity sources including POSIT® and TriAct(tm),ITG's proprietary matching systems, as well as works trades through VWAP GaveKal, an independent research firm, offers institutional investors advisory services on tactical asset allocation. and SPI SmartServer(tm) technologies. Send trades to Through the study of monetary policy, fiscal policies, DOT (NYSE),OTC (NASDAQ) Market Makers and ECNs. secular trends, technical analysis and asset class valuations, Satisfying our client's execution needs and reducing trans- The Sponsors GaveKal aims to develop a dialogue with subscribers oriented around the relationship between the economies action costs are the goals that drive EquityStation. and the financial markets. www.equitystation.com The LCF Rothschild Group has over 30 years experience BrunnerInvest AG was founded in Zurich, Switzerland, in in hedge fund investments, pioneering the multi-manag- 1991 by Erwin Brunner as an independent asset management er approach by launching the first fund of alternative company catering to private and institutional clients. funds in 1969. Erwin Brunner and his team have a long and proven track record in asset management. Due to its boutique Banque Privée Edmond de Rothschild Luxembourg, a atmosphere and close client relations, superior service and member of the LCF Rothschild Group, has particular outstanding products can be guaranteed. BrunnerInvest is expertise in hedge fund administration, currently providing solely focused on selecting and combining funds based on services to a number of structures including hedge funds, qualitative and quantitative criteria.Through its excellent funds of hedge funds, multi-manager funds and private industry relations and long-standing experience equity funds. BrunnerInvest is able to select the best-in-class funds all over the world. We have established a specialist Fund Desk, our highly Contact details skilled team dedicated exclusively to alternative funds. BrunnerInvest AG, Utoquai 31, 8008 Zürich, Switzerland This innovative service offers due diligence, follow-up of Phone: +41 (0)1 269 50 90, info@brunnerinvest.ch estimated valuations and equalisation, as well as pricing 6 www.brunnerinvest.ch analysis of the underlying funds.
  7. 7. Excellence in Asset Management we service, there are funds listed on the Dublin, London and Amsterdam Stock Exchange. The investment funds have their legal seat in either BVI, Cayman Islands, Netherlands Antilles or in The Netherlands. For some of them, we produce daily fully reconciled NAV and financial statements. Measurisk is an independent, Full Service Provider (FSP) The Sponsors, Organiser & Media Partners in the risk management industry. Our web-based risk We administer also Dutch regulated funds. In these solution enables the investment professionals worldwide cases TMF is appointed the Administrator/Trustee. to optimize risk, maximize return and make informed Dutch Central Bank performed a due diligence on our investment decisions without the development and organisation in connection with some of the mandates we maintenance costs of software applications. have (competence of management, KYC policy, systems, procedures and controls). Our risk services are uniquely designed to meet the specific needs of the capital market participants. We serve the alternative market space by providing the optimum ORGANISED BY: level of risk transparency to both investors and hedge fund managers alike. Our Earnings-at-Risk and FAS 133 products are designed to assist CFOs and Treasurers in reducing earnings volatility and meeting FASB compliance. Pension funds, insurance companies, and other institutional investors utilize our Institutional risk offering Global Fund Analysis is a London-based international to manage risk across their multi-manager, multi-asset fund research and consulting firm. Established in 1996, class portfolios. Measurisk is committed to providing the and regulated by the Financial Services Authority in the highest level of service and support to its clients. United Kingdom, GFA equips investors to make informed investment decisions in relation to internationally marketed mutual funds and hedge funds. Our focus on the international offshore fund sector embraces over 10,000 traditional and hedge funds.As well as providing incisive research reports on the best of breed The TMF Group is a financial services organisation and managers, our team of experienced analysts offers manager has offices in 20 countries. Currently the group has over search and portfolio construction advice to many of the 600 staff. Head office of TMF is based in Amsterdam, world's most prestigious investment groups. the Netherlands. The group has 3 operating divisions (management and accounting services, fund services and Every month we visit a different asset class, compiling a financial services). shortlist of the industry's top performers over the course of the year. We then subject these names to a detailed We administer from our Dutch offices over 100 investment qualitative overlay. Our task is to compliment the better funds and other entities. Amongst the investment funds strategies and weed out those that are weak or dangerous. Media Partners 7
  8. 8. Administration Details DATE PAYMENT CONFIRMATION Tuesday 23rd January 2003 By cheque Drawn on a London bank After receiving written confirmation of your account in sterling booking together with your payment, we will VENUE send you admission details and VAT receipt. By credit card See booking form Please contact us if you have not received The Royal Lancaster Hotel this within 2 weeks as we cannot be held By bank transfer An additional £15 should Lancaster Terrace responsible for the non-arrival of your be added to the total London W2 booking. payment. Bank details: Tel: +44 (0)20 7262 6737 Investec Bank (UK) Ltd. Fax: +44 (0)20 7724 3191 2 Gresham Street, London, EC2V 7QP. ACCOMMODATION FEES Sort code 30-00-72, Accommodation is not included in the fee. For Conference: £995 + VAT = £1169.13 per Account number preferential hotel rates please contact Interstay delegate. (Please note that a booking for the conference 70146022 on Tel: +44 (0)20 7402 9377, Fax: +44 (0)20 is not a booking for the gala dinner. The dinner is an 7402 3377 or e-mail hotels@interstay.co.uk additional fee of £100 + VAT). Fees are inclusive Please note: payment must be made before the of refreshments, lunch and documentation. conference or admission may be denied. Gala Dinner: £100 + VAT = £117.50 per SPONSORSHIP & EXHIBITION delegate. Please fill in the form and send with your Under UK excise regulations delegates are payment (made payable to Global Fund To discuss sponsorship and exhibition required to pay VAT on all conferences taking Analysis Limited) to: Imogen Craig, Imprint opportunities please contact: place in the UK. All bookings carry a 50% Events Ltd., 40 Upper Grosvenor Road, Mary Winn on +1 212 586 4484 cancellation charge under the cancellation/ Tunbridge Wells, Kent TN1 2ET e-mail mary@globalfundanalysis.com substitution terms. or Imogen Craig on +44 (0)1892 541087 e-mail imogencraig@imprintevents.com REGISTRATION CANCELLATION/SUBSTITUTIONS By Fax +44 (0)1892 615115 followed Notice of cancellation must be received in ENQUIRIES by a cheque with registration writing by 9 am on 9th January 2002 to secure a 50% refund. All bookings carry a 50% liability For all enquiries please contact Mary Winn on form +1 212 586 4484 or Imogen Craig on as soon as a fully completed registration form By Post Cheque with registration form has been received by Imprint Events and up to +44 (0)1892 541087 from website or conference two weeks before the event. After 9th January brochure 2002 the full fee is due. A substitute delegate The organisers reserve the right to change the By Website See above may attend at any time. programme, speakers or venue if necessary. Registration Form - EXCELLENCE IN ASSET MANAGEMENT Please complete this form and return to: Thursday 23rd January 2003 Imprint Events, 40 Upper Grosvenor Road Tunbridge Wells, Kent TN1 2ET Fax: +44 (0)1892 615115 Mr/Mrs/Ms First name Surname Job Title Company Address Postcode Country Telephone Facsimile E-mail Nature of business Please make all cheques payable to Global Fund Analysis Limited OPTION 1 Please charge my AmEx/Visa/Mastercard No. I will be attending the conference on the 23rd January (No other cards accepted) at a cost of £995 + VAT. OPTION 2 Signature (required on all orders) I will be attending the Gala Dinner on the 23rd January Expiry date at a cost of £100 + VAT. Card billing address (if different from above) OPTION 3 VAT No. 702 255 767 I will be attending both the conference and dinner on DATA PROTECTION:The personal information that you provide will be held on a database by the 23rd January at a cost of £1095 + VAT. Global Fund Analysis. We may occasionally release your details to other reputable companies. If you would prefer not to be included in this service please tick here