EuroHedge Forum 2005

Venue: Sheraton Hotel, Park Lane
Location: London
Dates: Tuesday, 20 September 2005 - Wednesday, 21 September 2005

Top names from the traditional asset management world gathered with leading lights of the hedge fund world to tackle the big industry issues at the EuroHedge Forum 2005. Nicola Horlick and Stewart Newton, two of the biggest names from the mainstream asset management world, joined the big debate at the EuroHedge Forum, held again at the Park Lane Hotel in London on 20-21 September. Horlick, now of Bramdean, and Newton, whose Real Return group entered the hedge fund space with the first Veritas fund last year, participated in an opening session on how hedge funds are playing an increasing role in shaping the broader asset management industry. The theme for the event was Testing the Boundaries, and the opening session set the scene for a series of panels looking at various ways hedge funds are playing a more prominent role in the financial world.


Top names from the traditional asset management world gathered with leading lights of the hedge fund world to tackle the big industry issues at the EuroHedge Forum 2005.

Nicola Horlick and Stewart Newton, two of the biggest names from the mainstream asset management world, joined the big debate at the EuroHedge Forum, held again at the Park Lane Hotel in London on 20-21 September.

Horlick, now of Bramdean, and Newton, whose Real Return group entered the hedge fund space with the first Veritas fund last year, participated in an opening session on how hedge funds are playing an increasing role in shaping the broader asset management industry.

The theme for the event was Testing the Boundaries, and the opening session set the scene for a series of panels looking at various ways hedge funds are playing a more prominent role in the financial world.

Alongside Colin Kingsnorth of Laxey and Mark Foster-Brown of Altima, Guy Wyser-Pratte from New York and Matthew Peacock from Hanover Investors discussed how hedge funds are becoming increasingly activist. And Michael Cohen, a senior member of the Och-Ziff team in Europe, was among those speaking on the increasing overlap with private equity.

Another major panel discussed the increasing trend towards running long/short money alongside long-only, including Charles Michaels from New York hedge fund group Sierra, which recently added a long-only strategy, and George Luckraft of Framlington, one of the latest big long-only firms to enter the hedge fund space.

In keeping with the theme, keynote speaker Paul Ruddock discussed various ways the industry is testing the boundaries - as hedge funds seek to fulfil their key goal of delivering superior risk-adjusted returns - and argued that, for most strategies to continue to deliver, managers will have to be mindful of where those boundaries lie.

Our other keynote speaker was David Mullins, formerly of both LTCM and the Federal Reserve and now the chief economist at Vega, who discussed not only the 'long-only alongside hedge funds' theme but also the big question of risks in the system and regulations.

Underlying the growth is the flood of new money from institutional investors, and this too was a major subject for debate. On one panel, discussing whether this changes the goalposts for transparency, we were delighted to have speakers with the experience of Mark George, COO/CFO on the new team at Ruby Capital and formerly with Soros, and Gerard Gennotte, now of QuantMetrics and formerly with LTCM/JWM.

There was also time to address some broader themes - such as marketing and distribution, the continuingly vexed issue of the industry's image, and an update on corporate finance in relation to hedge funds.

On each day we also ran one set of parallel streams, allowing us to explore some fast-expanding strategy areas such as energy, credit and volatility.

The event concluded with a look at some of the newest frontier areas - the so-called 'alternatives to alternatives' - with speakers including Diego Wauters from weather and catastrophe insurance player Coriolis; Laurent Segalen, manager of the pioneering new CDC carbon fund; and John Dickerson, US-based manager of the world's first global water equities hedge fund.

Programme

Day One - 20 September

8.00: Doors open

9.00: Introduction

9.15: What is the Future for Asset Management? And Where Do Hedge Funds Fit In?
Are hedge funds now part of the mainstream asset management world?

Moderator: Jon Hitchon, Deutsche Bank
Speakers: Nicola Horlick, Bramdean Asset Management; Stewart Newton, Veritas; Manuel Echeverria, Optimal Investment Services; Mark Kary, Polar Capital

10.00: What Do Institutions Really Want From Hedge Funds?
How should hedge funds fit within in an overall portfolio?

Moderator: Niki Natarajan, InvestHedge
Speakers: James Walsh, Hermes; Gumersindo Oliveros, World Bank; Guy Ingram, Albourne; Alasdair Macdonald, Watson Wyatt Partners

10.45: Break

11.15: Hedge Funds and Private Equity: Who Is Eating Whose Lunch?
How are the two sides influencing each other?

Moderator: Nick Evans, EuroHedge
Speakers: Dimitri Goulandris, Cycladic; Michael Cohen, Och-Ziff Management Europe; Nadja Pinnavaia, GSAM; Theo Phanos, Trafalgar Asset Managers

12.00: Corporate Activism: Power & Responsibility
The increasing power of hedge funds, and whether it poses new responsibilities

Moderator: Glen Mifsud, CSFB
Speakers: Colin Kingsnorth, Laxey Investors; Mark Foster-Brown, Altima Partners; Guy Wyser-Pratte, Wyser-Pratte & Co; Matthew Peacock, Hanover Investors;

12.45: Lunch sponsored by Lehman Brothers

2.00: Keynote speaker
Paul Ruddock, Lansdowne Partners
Introduced by: Neil Wilson, HedgeFund Intelligence

2.45: Do Hedge Funds Have An Image Problem? How Should They Address It?

Moderator: Barry Cohen, HedgeFund Intelligence
Speakers: Florence Lombard, AIMA; Charles Bathurst, Old Mutual Asset Managers; Kate O'Neill, Henderson Global Investors; Paul Lockstone, Merlin Financial

3.30: Break

STREAM SESSIONS
Stream I

4.00: Can Institutions Trust The Numbers?
As strategies proliferate and increase in complexity, a panel debate how much investors can trust fund valuations

Moderator: Neil Wilson, HedgeFund Intelligence
Speakers: Michael Ezra, Independent Consultant; Andrew Ashworth, Abacus Fund Administration; Eoin Macmanus, Ernst & Young; Martin Pabari, CQS LLP

Stream II

4.00: Volatility: The New Frontier?
A new wave of funds makes a strong start, so is it the start of something big?

Moderator: Philippe Carrel, Reuters
Speakers: Robert Hanna, Mako Investment Managers; Mark Shooter, Shooter Fund Management;  Martin Estlander, er Capital Management; Mike Wexler, Maple Leaf Capital

5.00: Debate: Style Drift or Evolution?
When is it right - or is it ever right - for managers to stick to their declared strategy, even if it is not working as market conditions change? A panel debate the issue

Moderator: Nick Evans, EuroHedge
Speakers: Stuart Mitchell, S.W. Mitchell Capital; Nabil Debs, Plutus Capital; David Yarrow, Clareville Capital; Chris Palmer, Gartmore

5.45: Cocktails sponsored by HSBC

Day Two - 21 September

8.00: Doors open

8.30: Welcome

8.45: Featured speaker                                                                                                         

Hector Sants of the Financial Services Authority will continue the debate on hedge funds following the FSA Discussion Paper of 23 June. He will highlight the perceived risks hedge funds pose and discuss potential mitigating actions FSA might take

9.15: Long/Short and Long-Only: Two Worlds Collide
More boutiques as well as institutional firms are running both strategy types side by side. A panel discuss

Moderator: Donald Pepper, Merrill Lynch
Speakers: Michele Ragazzi, Newman Ragazzi; George Luckraft, Framlington; Charles Michaels, Sierra Global; Paul Ross, Arundel Partners

STREAM SESSIONS
Stream I

10.00 Is Energy Still the Biggest Opportunity?
Does the energy and natural resources sector still provide the best opportunities going forward? And if so with what type of strategy?

Moderator: Neil Wilson, HedgeFund Intelligence
Speakers: Philip Richards, RAB Capital; Peter Andersland, Sector Investments; Henri-Daniel Samama, Exane; Chris Butler, Martin Currie

Stream II

10.00: Credit Derivatives: Are They Working As Intended?
Recent gyrations have tested the fast-growing credit derivatives market. A panel debate how well the instruments stood up and new ways forward

Moderator: Nick Evans, EuroHedge
Speakers: Tim Haywood, Julius Baer; Ralph Danielski, Eurex; Marcus Schueler, Deutsche Bank; Tim Frost, Cairn Capital

10.45: Break

11.15: Transparency: The Institutional Requirements?
What are the challenges for operations, NAV calculation and reporting - given the greater needs of institutional investors?

Moderator: William Keunen, Citco
Speakers: Luke Ellis, FRM; Gerard Gennotte, QuantMetrics; Mark George, Ruby Capital; Tim Gascoigne, HSBC Republic Investments

12.00: New Marketing Horizons: How Far Can Distributors Push Hedge Funds?
Beyond the mass affluent, how much further?

Moderator: Niki Natarajan, InvestHedge
Speakers: David Royds, Matrix Group; Richard Burns, Citigroup; John Burridge, Orchid Advisory Ltd; Ian Morley, Dawnay Day Olympia

12.45: Lunch sponsored by Ernst & Young

2.00: Keynote Speaker
David Mullins, Vega Asset Management
Introduced by: Charlie MacLean, Barclays Capital

2.45: Corporate Finance and Hedge Funds: How Far Can Takeovers and Listings Go?

Moderator: Nick Evans, EuroHedge
Speakers: Florian Homm, Absolute Capital Management; Charles Williams, Hawkpoint Partners; Brett Bastin, Grail Partners;
Colin Barrow, Alpha Strategic

3.30: Break

4.00: Alternatives to Alternatives: Are they Really Still Hedge Funds?

Moderator: Neil Wilson, HedgeFund Intelligence
Speakers: Diego Wauters, Coriolis Capital; Laurent Segalen, CDC IXIS; John Dickerson, Summit Global Management; Christopher Derricott, Curzon Capital Ltd

4.45: Final comments