EuroHedge Summit 2006

Venue: Palais de la Bourse
Location: Paris
Dates: Wednesday, 15 March 2006 - Thursday, 16 March 2006

Over 750 delegates gathered on 15-16 March to take part in the third annual EuroHedge Summit, held once again at the magnificent Palais de la Bourse in Paris. Among the highlights of the two-day event was a commanding performance from one keynote speaker, GLG's co-CEO Emmanuel Roman, on why hedge funds have become such an important feature of the overall investment management business - and on what that means going forward. Delegates also witnessed a very engaging address from the other keynote speaker, Michael Hintze of CQS - on the extraordinary lengths to which a top hedge fund firm must go to stay on top of the complex challenges of risk management in the business today. And they saw a thoroughgoing (if sobering) assessment of current global macro fundamentals - and the likely opportunities that these will generate - led by Fulcrum Asset Management chairman Gavyn Davies.


Commanding performances from Roman, Hintze and Davies were among the highlights of the two-day EuroHedge Summit in Paris, which attracted a crowd of more than 750 people

 

 

 

 

 

 

Emmanuel Roman and Gavyn Davies
address the EuroHedge Summit

 

Over 750 delegates gathered on 15-16 March to take part in the third annual EuroHedge Summit, held once again at the magnificent Palais de la Bourse in Paris.

Among the highlights of the two-day event was a commanding performance from one keynote speaker, GLG's co-CEO Emmanuel Roman, on why hedge funds have become such an important feature of the overall investment management business - and on what that means going forward.

Delegates also witnessed a very engaging address from the other keynote speaker, Michael Hintze of CQS - on the extraordinary lengths to which a top hedge fund firm must go to stay on top of the complex challenges of risk management in the business today.

And they saw a thoroughgoing (if sobering) assessment of current global macro fundamentals - and the likely opportunities that these will generate - led by Fulcrum Asset Management chairman Gavyn Davies.

The Summit kicked off with a high-profile panel on the big-picture outlook, featuring four of the biggest allocators in the business - Paul Dunning from FRM, Adam Geiger from Ivy, Roxanne Martino from Harris and Tim Gascoigne from HSBC Republic.

Collectively accounting for up to 5% of the industry's total assets, the four panellists gave varying views on how they are wrestling with the many challenges for investors in the business today - including their expectations for growth, the possible effects of changes to ERISA rules in the US, and how to cope with the longer lock-ups being applied by many bigger funds, especially in the US.

They were followed by a manager panel representing four leading multi-product firms - Jonathan Hughes-Morgan from Thames River, Mark Williams from TT, Naïm Abou-Jaoudé from Dexia, and Gay Huey-Evans from Tribeca - on how they are positioning themselves to continue providing more product for such investors while maintaining their competitive edge.

The overall theme of the event was Strategies for the Future, and the programme drilled down to specific opportunities in many of the industry's key strategy areas. These began with an entertaining session on equity investing featuring four managers with very differing approaches - Zafar Ahmadullah of ZA Capital, Peter Jebsen of Concentric, Thierry Serero of C60 and David Baverez of KDA.

But the biggest attendance was attracted by the following panel - featuring Jean-Pierre Aguilar of CFM, Jonathan Hiscock of GSA, Mike Gleason of Gartmore and Eoin Murray of Old Mutual - asking whether quant strategies offer the very best diversification tool, and whether they are set to become as big in Europe as they already have become in the US.

The focus on specific strategy areas continued during the stream sessions on the first day, with sessions on credit and opportunities in Asia, and again during the second day - with the panel on macro followed by a session on multi-strategy investing, featuring Ron Beller of Peloton, Erich Bonnet of ADI, JK Brown of Och-Ziff, and Jason Mitra of Ruby. Featured speaker Tom Sandell also addressed multi-strategy investing in the event-driven sphere.

And the strategy focus concluded with a fascinating closing session on a variety of 'off-piste' strategies, featuring Don Procter of New Amsterdam Capital, Fabien Dornier of Systeia, David Bates of the soon-to-launch Carbon Trading fund, and Paul Kelly of Ritchie Capital, which has a pioneering multi-strategy off-piste approach.

The stream sessions also allowed scope in the programme to discuss a variety of more specific issues for the industry - including a panel featuring Andrew Shrimpton, head of hedge fund supervision at the FSA, to discuss the evolving regulatory climate.

There were also dedicated stream sessions focusing on the specific issues both for end-investors and for the fund of funds sector, as well as on the range of operations and risk management issues for a variety of different types of management firms.

Programme

EuroHedge Summit 2006: Strategies for the Future
Le Palais de la Bourse, Paris, 15-16 March

DAY ONE: 15 March

9.00: WELCOME AND INTRODUCTION

9.15: PANEL

Where is the industry going next?

A panel of four big investors in global hedge funds discuss the changing dynamics of the hedge fund industry - on both sides of the Atlantic. How is institutionalisation changing the game? What is the traditional 'smart' money looking for now? Are the US and European industries evolving in different ways? What will be the new new thing?

Moderator: Tim Morgan, Goldman Sachs
Panellists: Adam Geiger, Ivy Asset Management; Roxanne Martino, Harris Alternatives; Tim Gascoigne, HSBC Republic Investments; Paul Dunning, Financial Risk Management

10.00: PANEL

Keeping the alpha-generation edge
Four hedge fund principals debate the challenges of keeping a performance-driven, culture alive. How do hedge fund groups adapt to the new environment? What will be the challenge from the traditional asset management world? How best to bring in new people and strategies? How to combine the best of the boutique and the institutional approaches?

Moderator: Denis Jackson, Citigroup
Panellists: Gay Huey Evans, Tribeca Global Management; Naim Abou-Jaoude, Dexia Asset Management; Mark Williams, TT International; Jonathan Hughes-Morgan, Thames River Capital

10.45: BREAK

11.15: PANEL

Equity: new routes to superior returns
A panel of managers that take different approaches to equity long/short investing - fundamental stock-picking, thematic/macro, specialist, generalist, long-biased - look at new ways to generate alpha from equities, how they are trying to stand out from the crowd and how they adapt their style to the market cycle.

Moderator: Neil Wilson, HedgeFund Intelligence
Panellists: David Baverez, KDA Capital; Peter Jebsen, Concentric Capital; Zafar Ahmadullah, ZA Capital; Thierry Serero, C60 Capital

12.00: PANEL

Quant strategies: the best diversification tool?

For many investors, quantitative strategies offer an increasingly attractive way of diversifying their portfolios with returns that are much less correlated to the market than more fundamentally based strategies. For managers, quant strategies have the attraction of being scaleable and renewable. Are the quant firms the industry giants of the future?

Moderator: Duncan Crawford, Fimat
Panellists: Jonathan Hiscock, GSA Capital; Michael Gleason, Gartmore; Jean-Pierre Aguilar, Capital Fund Management; Eoin Murray, Old Mutual Asset Managers.

12.45: LUNCH

14.00: KEYNOTE SPEAKER

Michael Hintze, CQS Management
Introduced by Stephen Foster, Credit Suisse

14.45-17.30: BREAKOUT SESSIONS

Stream I

14.45 Next steps in the credit revolution
The explosion in credit strategies launched by hedge funds threatened to be derailed for a while last year, but the pace of innovation has continued. Managers and investors discuss the next steps for funds active in this space

Moderator: Bram Smith, Bear Stearns
Panellists: David Meek, ILEX Asset Management; Laurent Kenigswald, Barep Asset Management; Nick Senn, NewSmith Asset Management; Richard Brennan, Camulos Capital

15.30: Break

16.00 Issues for the end-investor
Hedge funds continue to appeal to ever more end-investors - but also continue to pose a challenge in terms of the right way that these investors should view and seek to access the market. An update on how different investors are dealing with the challenge

Moderator: Niki Natarajan, InvestHedge
Panellists: Richard Tomlinson, Old Mutual Asset Managers; Victoria Rock, Citigroup Global Wealth Management; Ross Dunlop, Highway Insurance; Phil Irvine, Liability Solutions

16.45 Reinventing funds of funds
A panel of leading firms who run multi-manager portfolios discuss how they can stand out from an ever greater pack - such as with new ways to enhance performance and/or to manage risk. The panel will debate the latest thinking on investment terms, managed accounts, structured products and information required from managers by investors

Moderator:
William Keunen, Citco
Panellists: Kostas Iordanidis, Olympia Capital Management; Frederic Neefs, Credit Agricole, Omar Kodmani, Permal Investment Management Services; Edward Horner, Eden Rock Capital Management

Stream II

14.45 The new regulatory climate
An update and discussion on some of the key issues affecting hedge funds, focusing particularly on the FSA's evolving approaching to oversight over the industry in the UK, and its policy on tackling alleged market abuse

Moderator: Neil Wilson, HedgeFund Intelligence
Panellists: Andrew Shrimpton, FSA; Darren Fox, Simmons & Simmons; Kate O'Neill, Henderson Global Investors

15.30: Break

16.00 Opportunities in the Asia Pacific
For the past year or so, Asia has been the fastest growing region of the global hedge fund market, with investors attracted by a variety of factors including the fast-growing economies of India and China, and the resurgence of Japan. A panel will discuss whether the faith of investors is well-placed, and what are the best opportunities going forward

Moderator: Paul Storey, AsiaHedge
Panellists: Robert Lewis, Novatera Capital; Andrew Main, Stratton Street Capital, Emil Wolter, Polar Capital; Christophe Lee,
SHK Fund Management

16.45 Operations and risk management
New tools and techniques - as well as more professional management systems - are providing portfolio managers, risk managers and COOs with ever more new ways to control the potential downside as well as to extract alpha. A panel discuss the impact

Moderator: Drew Douglas, HSBC Alternative Fund Services
Panellists: Robert Wakefield, Aspect Capital; David Beddington, Shooter Fund Management; Kevin Meehan, Jupiter Asset Management

17.30: GALA COCKTAILS

DAY TWO: 16 March

9.00: INTRODUCTION

9.15: KEYNOTE SPEAKER

Emmanuel Roman, GLG Partners
Introduced by James Paradise, Goldman Sachs

10.00: PANEL

Macro: playing the 'mega trends'
Against a backdrop of a global economy full of imbalances and uncertainties, this should be a perfect environment for big-picture macro traders. A panel of strategists, economists and managers will look at the big themes - China, commodities, energy, rates, currencies, emerging markets - and their likely impact. What should investors watch out for?

Chairman: Gavyn Davies, Fulcrum Asset Management
Panellists: Richard Davidson, Lansdowne Partners; Steven Bell, GLC Capital; Paresh Patel, WMG Advisors, Ivan Ivanov, Titanium Capital

10.45: BREAK

11.15: PANEL

Multi-strat: how bright is the future?

Multi-strategy hedge funds have so far proved far less popular, and successful, in Europe than in the US. In Europe, firms have tended to follow a multi-fund rather than multi-strat route. But a new breed of funds is emerging that could change this perception. Is this the time for the multi-strat approach to make its mark in Europe?

Moderator: Michael Brian, Barclays Capital
Panellists: Ron Beller, Peloton Partners; Erich Bonnet, ADI Alternative Investments; JK Brown, Och-Ziff Capital Management; Jason Mitra, Ruby Capital Partners

12.00: PANEL

New ways to play emerging markets

Managers are increasingly targeting the full spectrum of asset classes in emerging markets - local, external, equity, debt, currencies, derivatives and special situation/event-driven plays - as underlying markets grow in size and liquidity and as investors seek strategy diversification. Where are the best new opportunities? What are the risks?

Moderator: Paul Storey, AsiaHedge
Panellists: Paul Murray-John, Threadneedle Investments; Leila Kardouche, RAB Capital; Jason Maratos, Whitebeam Capital Management; Peter Getsinger, Nexstar Capital Partners

12.45: LUNCH

14.00: FEATURED SPEAKER

Thomas Sandell, Sandell Asset Management 
Introduced by Neil Wilson, HedgeFund Intelligence

14.40: BREAK

15.00: PANEL 

Finding the stars, avoiding the traps

Picking the right manager is ultimately the key to success or failure in hedge fund investing. But what do you look for? What kind of due diligence should investors be doing? What questions should you be asking? How do you avoid the landmines and spot the rising stars? A panel will look at the new opportunities, and risks, lurking out there.

Moderator: Barry Cohen, HedgeFund Intelligence
Panellists: Jeffrey Tarrant, Protégé Partners; Patric de Gentile-Williams, PCE Investors; Caron Bastianpillai, Optimal Investment Services; Nicolas Gomart, ADI - NewAlpha Advisers

15.45: PANEL 

'Off-piste' strategies: the new new thing
A panel of 'new' strategy managers - in areas like weather, insurance-linked securities, carbon emission trading, bank loans and shipping - demonstrate how they aim to generate alpha from these specialist and uncrowded strategies. What are the pros and cons of such specialised activities? How long can the early movers keep an edge?

Moderator: Neil Wilson, HedgeFund Intelligence
Panellists: Don Procter, New Amsterdam Capital Management; Fabien Dornier, Systeia Capital Management; Paul Kelly, Ritchie Capital Management; David Bates, Carbon Trading

16.30: CLOSE

Exhibitors Included:

Beauchamp
BNP Paribas
CACEIS Investor Services
CDO Software
Credit Agricole Structured Asset Management
Dresdner Kleinwort Wasserstein
DPM Mellon
E*Trade Financial
Eurex
Fortis
GFI Group
Irish Stock Exchange
JPMorgan
Lyxor AM
Markit Group Limited
UBS Fund Services