EuroHedge Summit 2005

Venue: Palais de la Bourse
Location: Paris
Dates: Wednesday, 20 April 2005 - Thursday, 21 April 2005

This was the third EuroHedge Forum, and, as in previous years, it combined a series of structured debates as well as panel sessions and keynote speakers. Previous events have attracted over 500 hedge fund professionals.


Back to Paris in the springtime

Big players lined up for this year's EuroHedge Summit to debate the hot topics, including how the industry can continue to outperform and what are the best new ideas

20-21 April 2005, Palais de la Bourse, Paris

The EuroHedge Summit was held on Wednesday and Thursday, 20 & 21 April 2005, at The Old Stock Exchange "Le Palais de la Bourse" in Paris.

This year close to 700 hedge fund professionals attended the Summit.

To see the full line up for the two days see our programme below.

Platinum sponsor for the event was Goldman Sachs, with the other main sponsors being Barclays Capital, CSFB, Citigroup, DPM Mellon and Fimat, which also sponsored the gala cocktails on the evening of the 20th. Lunches were sponsored by the Chicago Board of Trade and Systeia Capital Management.

In order to allow for more content in the programme and to drill down in more detail on some of the issues, we for the first time also introduced a set of parallel stream sessions on the first afternoon in partnership with associate sponsors HSBC's Alternative Fund Services, Isle of Man Finance, JPMorgan, Old Mutual Asset Managers and Simmons & Simmons. Subjects discussed in the streams included institutional approaches to hedge funds, structured products, risk management, credit derivatives, regulatory issues and the structuring of hedge funds.

As last year, outside the main auditorium there was also an active exhibition of services, with exhibitors including AIMA, Beauchamp Financial Technology, Citco, Chicago Mercantile Exchange, E*Trade, Fortis, Front Capital Systems, HedgeBay, the Irish Stock Exchange, Moody's KMV and Opal Advice.

Also following on from last year, we concluded the event by mid-afternoon on the second day - allowing delegates to return to London in good time for the ARK Charity Dinner held that evening.

Please click here for a write up of last year's EuroHedge Summit.

Return to top of pageEuroHedge Summit Programme

DAY ONE - MORNING

9.00: Introduction

9.15: How will the Industry Sustain its Historic Outperformance?

Is rapid growth stifling the hedge fund industry's ability to generate superior returns?
 
Are managers and investors talking the same language?

Moderator: Roger Denby-Jones, Goldman Sachs - Speakers: Paul Ruddock, Lansdowne Partners; Arne Hassel, Coronation Fund Managers; Sandra Manzke; Arié Assayag, SGAM Alternative Investments

10.00: New Ways to Generate Alpha in Equities

Going more long-biased or even long-only?
 
Keeping fully-invested at all times?
 
Is there still scope for a low-volatility approach?

Moderator:Denis Jackson, Citigroup - Speakers: Pierre Lagrange, GLG Partners; Simon Roberts, BlueCrest Capital; Marc Bataillon, Selectium Capital; Michele Ragazzi, Newman Ragazzi

10.45: Break

11.15: Arbitrage on trial?

Have the markets become simply too efficient for marketneutral strategies? A panel debate the ways forward for arbitrage approaches

Moderator: Bernard Oppetit, Centaurus Capital - Speakers: Peter Schoenfeld, PSAM; Nabil Debs, Plutus Capital; Roddy Campbell Cross Asset Management; Emmanuel Martin, Fortis Investments

12.00: How Far Can Public-To-Private Go?

One of the most successful recent new directions in long/short equity strategies has been the rapid development of event-related public-to-private strategies, some of which have been hugely successful:

Why are the best opportunities in small caps?
 
How far can the public-to-private trend go?

Moderator:Rod Barker, CSFB- Speakers: Philip Richards, RAB Capital; Guillaume Molhant-Proost, GMP Asset Management, Matthew Roeser, Saginaw; Doug Smith, Hanover Investors

12.45: Lunch sponsored by Chicago Board of Trade

DAY ONE - AFTERNOON SESSION

2.00: Keynote Speaker: Ian Wace of Marshall Wace introduced by Iain Jenkins, HedgeFund Intelligence

Ian Wace of Marshall Wace assesses the relationship between investment banks and fund managers, and challenges the conventional wisdom that alpha resides solely in the hands of the manager.

BREAKOUT SESSIONS

Stream I

2.45: Institutional Approaches to Hedge Funds

With ever more investors entering the hedge fund space, is there a right way for them to go about it? We discuss the experience of some major institutional allocators and the different routes that end-investors can take.

Speakers: Peter Baxter, Old Mutual Asset Management; James Walsh, Hermes; Kristian Nammack, Blue Ocean Group; Niki Natarajan, InvestHedge.

3.30: Break

4.00: Structured Products

Structured products are not only being created as tools specifically for hedge funds to buy, but structured products are also being created with hedge funds embedded within them:

Do investors understand what they are buying?
 
How do you or should you incorporate structured products into portfolios of hedge funds?
 
After costs, are they worth it?

Moderator:Donald Leitch, Merrill Lynch -

Speakers:Martin Schweikhart, Man Investments; John Godden, HFR; Eric Van Laer, Credit Suisse First Boston; Jean-Francois Valicon, Barep Asset Management4.45: Risk Management

A panel discuss some of the issues in risk management, from the perspective of both managers and investors:Effective systems and management processes to monitor and measure risk

Risk reporting: what should be disclosed?
 
Has the industry lost some of its appetite for risk, and is this a good or bad development?

Speakers: David Coast, HSBC; Richard Cross, Exane; Rajiv Sachdeva, Dalton Strategic Partnership; Christophe Reech, Sungard Reech

Stream 2

2.45: Credit Derivatives

A more detailed look at the products fuelling the massive growth of the European credit markets and their application for hedge funds and other users:

How the instruments can be deployed by hedge funds
 
Improving the liquidity and transparency of CDS
 
New products and future innovation

Moderator: Paolo Cuniberti, JPMorgan - Speakers: Jonathan Laredo, Solent Capital; David Gillard, Rogge Global Partners; John Brewer, Fusion Asset Management

3.30: Break

4.00: Regulatory Issues for Hedge Funds

A panel discuss some of the current legal issues for hedge funds, including:

The development of new regimes for onshore hedge funds in Europe
 
The impact of new SEC registration requirements for funds managed outside the US

Speakers: Iain Cullen, Simmons & Simmons; Erich Bonnet, ADI Gestion; Luc Huyghebaert, KiCap Management

4.45: Structuring Hedge Funds

A more detailed look at some of the current tax, accounting and other structural issues for European managers and investors, including:

Appropriate structures for management companies - LLPs and other structures
 
Avoiding tax pitfalls
 
Portfolio valuation issues
 

Offshore Domicile and Incorporation

Speakers: Mark Boyes, Fortis (Isle of Man); Philip Hands, AdvantHedge Capital; Alistair Nash, KPMG; Joe Seet, Sigma Partnership

17.45: Cocktails sponsored by Fimat

DAY TWO - MORNING

9.00: Welcome

9.15: Featured Speaker; Bill Browder  of Hermitage inroduced by Alan Tooker of DPM Europe

Bill Browder of Hermitage talks about his experience in the past decade and ongoing investment opportunities in Russia.

10.00: Credit Focus

A panel discuss where the best opportunities are in these asset classes:

How far can credit evolve?
 
Where next in structured credits?

Moderator: Brett Tejpaul, Barclays Capital - Speakers: David Peacock, Cheyne Capital; Mark Wauton, Gartmore Investments; Gilles Frisch, Dexia Asset Management; David Benarous, AXA IM

10.45: Break

11.15: Are CTAs Still Best for Uncorrelated Returns?

When other strategies are struggling, trendfollowers usually thrive. But that didn't happen in 2004. A panel discuss whether managed futures is still the best asset class for diversification:

Was 2004 an aberration and if so why?
 
What is the outlook for systematic traders?
 
Alongside more short-term systems, what are the new ideas from trend-followers?

Moderator: Rami Habib, Fimat - Speakers: David Harding, Winton Capital; Lawrence Staden, GLC; David Obert, Systeia Capital Management; Dr Simon Jones, Ikos

12.00: Keynote Speaker - Andy Preston of KBC AIM

Andy Preston of KBC talks about the prospects for a revival of opportunities in convertibles and the ongoing opportunities in credit.

12.45: Lunch sponsored by Systeia Capital Management

AFTERNOON SESSION

2.00: The Macro Outlook

A panel discuss the macroeconomic outlook, and the opportunities going forward for macro managers, such as:

The impact of economic development in China and India.
 
How low can the dollar go?
 
A new phase in the interest rate cycle?

Moderator: Sushil Wadhwani, Wadhwani Asset Management - Speakers:Vilas Gadkari, Rubicon Asset Management; Willem Buiter, European Bank for Reconstruction and Development; Jim O'Neill, Goldman Sachs

2.45: New Frontiers in Emerging Europe

A panel debate the growing opportunities in emerging Europe - Russia, Turkey and the central and eastern European economies - and the risk/reward criteria for investors:

Controlling the risk in volatile markets
 
Is a long/short strategy really viable?
 
New opportunities in debt/equity arbitrage

Speakers: Jochen Wermuth, Wermuth Asset Management; George Case, Clareville Capital; Yuli Stein, Griffin Capital ; Rafael Berber, RP Capital

Return to top of pageSpeakers

Arie Assayag SocGen Asset Management
Rod Barker CSFB
Marc Bataillon Selectium
Peter Baxter Old Mututal Asset Management
David Benarous AXA
Rafael Berber RP Capital
Erich Bonnet ADI Gestion
Mark Boyes Fortis
John Brewer Fusion Asset Management
William Browder Hermitage
Willem Buiter EBRD
Roddy Campbell Cross Asset Management
George Case Clareville Capital
David Coast HSBC
Richard Cross Exane
Iain Cullen Simmons & Simmons
Paolo Cuniberti JPMorgan
Nabil Debs Plutus Capital Management
Roger Denby-Jones Goldman Sachs
Ross Dunlop Highway Insurance
Gilles Frisch Dexia
Vilas Gadkari Rubicon
David Gillard Rogge Global Partners
John Godden HFR Asset Management
Rami Habib Fimat
Philip Hands AdvantHedge Capital
Jean-Michel Hannoun GLG Partners
David Harding Winton
Arne Hassel Coronation International
Alan Higgins Orn Capital
Luc Huyghebaert KiCap Management
Denis Jackson Citigroup
Simon Jones Ikos
Pierre Lagrange GLG
Jonathan Laredo Solent Capital
Donald Leitch Merrill Lynch
Sandra Manzke
Emmanuel Martin Fortis Investments
Guillaume Molhant-Proost GMP Asset Management
Kristian Nammack Blue Ocean Group
Alistair Nash KPMG
David Obert Systeia
Jim O'Neill Goldman Sachs
Bernard Oppetit Centaurus
David Peacock Cheyne Capital
Matthew Peacock Hanover Investors
Andy Preston KBC
Michele Ragazzi Giono Capital
Christophe Reech SunGard Reech
Alain Reinhold ADI Gestion
Philip Richards RAB
Simon Roberts BlueCrest Capital
Matthew Roeser Saginaw
Paul Ruddock Lansdowne
Rajiv Sachdeva Dalton Strategic Partnership
Peter Schoenfeld PSAM
Martin Schweikhart Man Investments
Joe Seet Sigma Partnership
Doug Smith Hanover Investors
Lawrence Staden GLC
Yuli Stein Griffin Capital
Brett Tejpaul Barclays Capital
Alan Tooker DPM
Jean-Francois Valicon Barep Asset Management
Eric van Laer CSFB
Ian Wace Marshall Wace
Sushil Wadhwani Wadhwani Asset Management
James Walsh Hermes
Mark Wauton Gartmore
Jochen Wermuth Wermuth Asset Management