EuroHedge Summit 2005
Venue: Palais de la Bourse
Location: Paris
Dates: Wednesday, 20 April 2005
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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.
EuroHedge Summit Programme
DAY ONE - MORNING
9.00: Introduction
9.15: How will the Industry Sustain its Historic Outperformance?
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Is rapid growth stifling the hedge fund industry's ability to generate superior returns?
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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
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Going more long-biased or even long-only?
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Keeping fully-invested at all times?
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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:
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Why are the best opportunities in small caps?
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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:
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Do investors understand what they are buying?
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How do you or should you incorporate structured products into portfolios of hedge funds?
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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
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Risk reporting: what should be disclosed?
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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:
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How the instruments can be deployed by hedge funds
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Improving the liquidity and transparency of CDS
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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:
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The development of new regimes for onshore hedge funds in Europe
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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:
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:
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How far can credit evolve?
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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:
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Was 2004 an aberration and if so why?
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What is the outlook for systematic traders?
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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:
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The impact of economic development in China and India.
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How low can the dollar go?
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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:
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Controlling the risk in volatile markets
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Is a long/short strategy really viable?
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New opportunities in debt/equity arbitrage |
Speakers: Jochen Wermuth, Wermuth Asset Management; George Case, Clareville Capital; Yuli Stein, Griffin Capital ; Rafael Berber, RP Capital
Speakers
| 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 |
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| 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 |