Workshop organized for MIP Alumny about topics trends and involved professionals into hedge fund industry

1. 1
About Hedge Funds
Davide Zari – workshop organizer
January 2011
Strutture, trends and involved
professionalities

2. 2
A sustained growth
Alternative fund investment market growth worldwide from $500 Bil in 2000 to $1600 Bil Asset under Management in 2010. Estimated 7000 funds available.
A bit different situation in Italy, with limited assets and a dense market with few dozen operators.

3. 3
Big but not always guaranteed results
HF - J. Paulson
Newcits - E. Carmignac
$4 Bil revenue during del 2007 downturn.
Active management style based on credit arbitrage.
Next year other $1.2 Bil revenue.
During 2009 forecasted markets reverting and growth by 17,6%.
Global marco-styled investment management with day liquidity.
Last 2 years quadrupled Assets under Management
From HFR during 2010 HF on average score not better than FTSE index before commissions.
Some managers returned money to investors after sharp losses.

4. 4
Less market entry barrers
Private investors classification
Hedge funds was historically reserved to porfolios of wealthy individuals with min €0,5 Mil investable.
From specialized ETF and FoF quotas it’s now possible to accsess starting from € 1000.
Asked commissions are lowering from standard 2/20 to value near to 1.5/15

5. 5
Today speakers
Alberto Rolla
1
Luca Anzola
2
Paola Bissoli
3
Eugenio Namor
4
SPEAKER
TOPICS
PROFILE
HF introduction
Analyst role
Founder Hammer Partners SA
M&A extensive experience
Top rank equity analyst
Italian industry
Strategies/outlook
New scenarios
Processes
HF Research Manager Aletti Gestielle Sgr
CAIA member
Saint George Capital Management case
CEO Saint George Capital Management
HF manager since 2002
CAIA member
Detailed profile
Regulation
Trends
Performance analysis
Anthilia Capital Partners President, La Compagnia Finanziaria director, board member Tages Capital
Expert group EU commission member (Giovannini Group) 1996