InvestHedge Forum 2012

Venue: The British Museum
Location: London, UK
Dates: Tuesday, 02 October 2012 - Wednesday, 03 October 2012

A unique hedge fund conference, the InvestHedge Forum tackles a variety of investor-related topics and examines how investors are investing in and buying hedge funds. More than 350 hedge funds, institutional investors and funds of hedge funds will meet at the British Museum to discuss the most pressing issues of the day, including tail risk, equities, emerging markets, Asia, M&A, regulation, transparency and commodities. Speakers inlude, Ash Williams, Florida State Board of Administration, Martin Källström, AP1 and Dame Amelia Fawcett, Hedge Fund Standards Board. REGISTER NOW - UK: +44 (0)20 7779 7222 / US: +1 212 224 3570 or email: events@hedgefundintelligence.com


Programme*

Our events are renowned for their strong content, which is put together by the editorial staff of HedgeFund Intelligence, who are closely linked to the industry. They ensure that only the most experienced and talented people in the industry speak at the Forum and that only the most relevant topics are debated.

 

 

Day one: Tuesday 2 October

 

09.30

 

Doors open, registration & breakfast

 

10.15 Revealed: The secrets of making macro work
Has transparency and political intervention taken the edge off global macro, or are there managers out there still able to find pockets of performance? How do they do it? What’s the story in Europe, who will be the next to fall and will they ever be allowed to fail? Who is in charge - politicians, regulators or the financial centres and will the PIIGS ever fly again? What are the strategies for exploring stressed and distressed opportunities in Europe and beyond?

Speakers include:
Steven Bell, GLC
Tim Bond, Odey Asset Management
Ben Funk, Liongate Capital Management
George Papamarkakis, North Asset Management

Moderator: Neil Wilson, HedgeFund Intelligence

11.00 Lies, Damned Lies & Statistics: The truth about performance
A pension fund that invested in a FoHF in 2008 is going to believe that the performance has been appalling, but is that the full picture? How have the other asset classes performed? Did they buy protection or performance? Are they benchmarked correctly? Are they in the right part of the portfolio? Over time do the investments look better? Is it about timing? What do investors really want? How can hedge funds be used properly to maximise performance? 
 

Speakers:
Professor Robert Kosowski, Imperial College London
Roxanne Martino, Aurora Investment Management
Ian Prideaux, Grosvenor Estate
Mike Weston, DMGT Pensions

Moderator: Niki Natarajan, InvestHedge 

11.45 

Coffee Break

 

12.15 

Keynote speaker: Martin Källström, portfolio manager, AP1

Martin Källström is the portfolio manager responsible for hedge fund investments ($1.6 billion) at AP1.
AP1 manages $35 billion worth of assets and is part of the Swedish state pension system. Martin has researched hedge funds in different capacities for close to 10 years. Prior to heading up the hedge fund portfolio, he was responsible for the private equity portfolio at AP1 with fund commitments of $1.8 billion.

Introduced by: Thomas Raber, Alvine Capital

13.00 CTAs & Quant Strategies: The ultimate must-have for non-correlated returns?
Returns may have been tepid in recent years (post-2008) but when the equity markets have tanked, commodity trading advisors and other quant strategies have generally been among the best at preserving capital and delivering returns - such as most recently in May 2012. Will these strategies continue to be best at delivering non-correlated returns?

Speakers:
Ewan Kirk, Cantab Capital Partners
Bernd Scherer, FTC Capital
Mikael Stenbom, RPM Risk & Portfolio Management
Thomas Weber, LGT Capital Partners

Moderator: James Skeggs, Newedge

13.45 

Lunch

 

15.00 

Keynote speaker: Dame Amelia Chilcott Fawcett, chairman, Hedge Fund Standards Board

Amelia Chilcott Fawcett is the chairman of the Hedge Fund Standards Board in London.  She also is chairman of the Guardian Media Group plc in London, a non-executive director of State Street Corporation in Boston, Massachusetts and a non-executive director of Investment AB Kinnevik in Stockholm.
Between 2007 and 2010, Amelia was chairman of Pensions First, a financial services and systems solutions business.

Introduced by: Nick Evans, EuroHedge

15.45

Is risk management and transparency killing performance?
Institutional investors are doing everything they can not to get burned. They want all the risk management and transparency they can get, and the managed account industry is thriving because of this fear. But is this fear killing the golden performance goose? Can investors have it all? 

Speakers:
Luke Ellis, FRM
Hilmi Unver, Notz Stucki
Pierre Sequier, Exane Asset Management
Julian Shaw, Permal

Moderator: Neil Wilson, HedgeFund Intelligence


Workshop:
Digging beyond the obvious: How superior due diligence distinguishes the authentic amidst imposters and the outright absurd.
What does effective due diligence look like? How can investors identify firms that integrate qualitative, quantitative and operational investment expertise among firms that inaccurately represent themselves? Will the drive to cut fees result in corners being cut in due diligence? And will this result in a painful surprise for investors? The Aurora team will lead this interactive workshop and share what they have learned in 25 years of performing hedge fund due diligence.

Speakers:
Roxanne Martino, Aurora Investment Management
Anne Marie Morley, Aurora Investment Management
David Kuenzi, Aurora Investment Management
Scott Schweighauser, Aurora Investment Management

Moderator: Niki Natarajan, InvestHedge

16.30

Coffee break

 

17.00

Long/short equity: Is it ‘no longer working’? Who has the ideas that still make it compelling?
Recent years have been very difficult for long/short equity strategies, with returns generally being low to non-existent over the past five years, and with rising correlation to markets – leading many investors to lose faith in the ability of the strategy to deliver in such a macro-driven market. But some managers have still been able to deliver strong positive returns during this period – and this panel will feature some of them, who will talk about how they have been achieving such returns, as well as the opportunities they see and their strategies for the future.

Speakers include:
Leonard Charlton, Dalton Strategic Partnership
Russell Clark, Horseman Capital Management
Fehim Sever, Marshall Wace
Rick Sopher, LCF Edmond de Rothschild Asset Management

Moderator:
William Donzeiser, RBS



Workshop:
Portfolio Alchemy: How to mix the perfect portfolio
Today, multi-manager investing is more than just picking managers. As the direct versus indirect debate rages on, it is key that investors understand how to make the most of their managers to win the performance stakes. How is value added through strategic and tactical asset allocation? And which comes first the strategy or the manager?

Speakers include:
Christian Howells, Aberdeen Asset Management
Andrew McCaffery, Aberdeen Asset Management
Subhra Tripathy, Aberdeen Asset Management

Moderator: Niki Natarajan, InvestHedge

17.45

Consultants: Trojan horse or modern day Saviour? 
The main reason most investors that can are moving to consultant driven direct investments is that they want to cut costs. But is moving to the direct model really saving that much? Is service, due diligence, monitoring being compromised and are there conflicts? What will happen in three years time when portfolios are reviewed? As consultants are increasingly being hired as outsourced CIOs is there a way to harness the due diligence power of funds of funds with the access and expertise of the consultants? How much does all this actually cost the pension fund? And who gets the blame when things go wrong?

Speakers:
Steve Charlton, NEPC
Alexandre Col, Banque Privee Edmond de Rothschild
Mark Horne, Towers Watson
Maarten Nederlof, PAAMCO

Moderator: Niki Natarajan, InvestHedge

18.30

Cocktail reception in the Enlightenment Gallery
with a private viewing of Shakespeare: staging the world

The British Museum is staging a major exhibition on the world of Shakespeare, in collaboration with the Royal Shakespeare Company. The exhibition provides a unique insight into the emerging role of London as a world city,seen through the innovative perspective of Shakespeare’s plays.

 

Day two: Wednesday 3 October

08.30

Doors open and breakfast

09.00

The art of hedge fund investing: Where do hedge funds fit in?
To some investors, hedge funds are all tarred with the same brush and treated the same way. But sophisticated hedge fund investing is about mixing different and complementary managers, in different sizes, at different times and most importantly for different reasons; are the newer direct investors missing out on the performance potential of some less obvious strategies?

Speakers: 
Robert Gardner, Redington Partners
George Main, Diversified Global Asset Managmeent
Pierre-Olivier Masmejean, Omega Asset Management
Anne Richards, Aberdeen Asset Management

Moderator: Niki Natarajan, InvestHedge

Stream: Managed accounts: Taking control over hedge fund investing

Most institutional investors and allocators to hedge fund strategies have evaluated managed accounts as a mechanism of choice to increase control and transparency in their hedge fund investments as they expand their hedge fund exposure. This journey has had its successes and challenges which have led to innovations, creating a significant body of industry experience. 
This session is a discussion amongst a panel with significant managed account related experience from an investor, a manager, a platform and a risk transparency provider and aims to analyse some key opportunities and challenges involved in managed accounts.

Speakers:
Akshaya Bhargava, InfraHedge Ltd
John Franklin, Investcorp Hedge Funds
Mark McKeon, State Street
Alex Lowe, ISAM Ltd

Moderator: Tom Healy, Genii Solutions

09.45

Keynote speaker: Ash Williams, executive director and chief investment officer, Florida State Board of Administration

Ashbel (Ash) Williams is the executive director and CIO of the Florida State Board of Administration (SBA).  The SBA manages assets under broad investment authority granted by the board’s trustees.  The trustees are Florida’s governor, chief financial officer, and attorney general.  Among the over $150 billion in assets under management are those of the Florida Retirement System (FRS) Trust Fund.

Introduced by: Robert Maharajh, HedgeFund Intelligence

10.30

Coffee break
The Absolute UCITS conference will run concurrently with Day 2 of the InvestHedge Forum. Registered delegates of the Forum will have access to this event. Click here for more details.

 

11.00 

INVESTHEDGE FORUM:
Credit and distressed: The epicentre of hedge fund returns for an era of deleveraging?
With the after-shocks of the financial crisis continuing to reverberate amid the ongoing crisis for banks in the eurozone, it seems to be only a matter of time before an avalanche of distressed credit comes to the market – especially in Europe. But will this finally provide the cascade of opportunity for hedge funds that has been predicted ever since 2008 – and when will it start to happen? A panel of managers and investors in the credit markets discuss the outlook.

Speakers include:
Loic Fery, Chenavari Investment Managers
David Nazar, Ironshield capital Management
Paul Schwarz  Lighthouse Partners
Mark Unferth, CQS Moderator: Nick Evans, EuroHedge


ABSOLUTE UCITS CONFERENCE:
What are the advantages of institutional and retail investors allocating to alternative UCITS?
The negative interest rate environment has brought challenges to many investors – meaning that alpha is crucial. For many institutional investors, unable to access offshore hedging strategies, they have to access hedge fund strategies via a UCITS or onshore structure. Also retail investors who are thinking beyond cash, equities and bonds to build their portfolios will turn to alternative investments for capital protection, alpha and diversification. This session will explore the implications for investors of all types.

Speakers include:  
Tim Haywood, GAM
Ian Heslop, Old Mutual Asset Managers
Julien Tizot, AG2R La Mondiale

Moderator: Joy Dunbar, Absolute UCITS

11.45

INVESTHEDGE FORUM:
Workshop: Global macro at work: Gearing up for global uncertainty
Global macro gets mixed reviews largely because the managers in this particular space are many and very varied in the strategies and assets they work with. Deciding to allocate to global macro is only the first step to making sure this strategy allocation enhances the portfolio rather than turns against it. Understanding the nuances of this diverse universe that falls under the global macro umbrella is as important as knowing how, where and when to blend this strategy and its managers in the overall portfolio.

Speakers include:
Randall Dillard, Liongate Capital Management
Andrea Pederzolli, Mangusta Risk Management
Ash Williams, Florida State Board of Administration

Moderator: Tim Ng, Clearbrook


ABSOLUTE UCITS CONFERENCE:
Who has the best strategy ideas for alternative UCITS today? What is the impact of markets, regulation or the UCITS wrapper itself?

Volatile and risk-on/risk-off markets mean that equities have lost some of their appeal. How are asset managers responding to this challenge? Will strategies that don’t need to be domiciled offshore come onshore? This session will discuss the latest strategy developments.

Speakers include:
Steeve Brument, Dexia Asset Maangement
Andrew Dollery, Newedge
David Nikodem, Exane Asset Management
Thomas Sandell, Sandell Asset Management Europe

Moderator: Michele Gesualdi, Kairos Capital

12.30

Lunch

 

13.45

INVESTHEDGE FORUM:
Workshop: Are customised portfolios the 21st century funds of funds?
Will the increased use of customised portfolios by institutional investors, mean the death of funds of funds? Or will customised portfolios become the new structure for funds on funds to operate in? How can investors partner with funds of hedge funds to maximise the potential and performance of their overall portfolios? How is performance measured and compared?
 

Speakers include:
Robert Howie, Mercer
John Novogratz, Millennium Management
Alexandre Pini, Banque Privee Edmond de Rothschild


ABSOLUTE UCITS CONFERENCE:
How to attract assets into alternative UCITS? Are platforms the solution? Or is a new distribution model needed?
Raising capital for funds was easier for asset managers prior to the global financial crisis. Since then, the traditional distribution models have been challenged by a number of factors. This session will explore distribution models and the best way to raise assets in today’s highly challenging market conditions.

Speakers include:
Adrian Harris, Renaissance Asset Managers
Andrew Main, Stratton Street Capital
Manuel Prenant, P. Schoenfeld Asset Management

Moderator: Herve Brunel, Credit Suisse

14.30

INVESTHEDGE FORUM:
Survival of the biggest: The Way of M&A

In the hedge fund and more specifically the fund of funds industry, M&A is gathering pace. The bid to buy assets has grown exponentially, but are buyers buying value? Are the groups that are for sale just shells that will see the assets flow out once the deal is done? Is there really a viable M&A market in hedge funds and fund of funds, or is the business too personality driven?

Speakers include:
Knut Dahl, Spencer House Partners
Jon Little, Northill
Ian Morley, Allenbridge Epic and Wentworth Hall Consultancy
Stavros Siokos, Sciens Capital 

Moderator: Niki Natarajan, InvestHedge


ABSOLUTE UCITS CONFERENCE:
The future: Alternative UCITS and the onshore hedge fund industry in 2020
The sector has a lot of opportunities to grow – due to convergence between the hedge fund and traditional asset management industries, more investors will demand that the funds they invest in are domiciled locally, which will mean more esoteric strategies will be available to onshore institutional and retail investors. This session will attempt to paint a picture of what the alternative UCITS and onshore hedging industry will look like over the next decade. 

Speakers include:
Lucy Frew, Gide Loyrette Nouel
Daniel Mannix, RWC Partners
Donald Pepper, TT International
Filippo Stefanini, Eurizon Capital

Moderator: Joy Dunbar, Absolute UCITS

15.15 Close
 

 *The programme is provisional and subject to change

 

18.45

The InvestHedge Awards, click here for more information.

Contact Ian Sanderson to reserve your table: isanderson@hedgefundintelligence.com / +44 (0) 20 7779 7354