Hedge Funds - Euromoney Institutional Investor PLC

presents the
4th Annual
Pan-European
Hedge Funds
SUMMIT
Special
discounts for
Institutional Investors
23rd & 24th October 2003 • Crowne Plaza London St James
Keynote Address:
Alastair Ross Goobey, Governor, The Wellcome Trust, UK
Our expert speaker panel includes:
Joel Krueger, Director Global Derivatives, Prudential PLC, UK
Thijs Aaten, Quality Manager Alternative Investments, ABP Investments, The Netherlands
Eeva Grannenfelt, Director Capital Markets, Pension Fennia, Finland
Olivier Poswick, Senior Equity Manager, Tractebel Pension Fund, Belgium
Robert Howie, Senior Investment Consultant & Head of European Hedge Fund Research, Mercer Investment Consulting, UK
Marc Louis Landeau, President, Olympia Capital, France
Jonathan Hughes-Morgan, Managing Director, Thames River Capital, UK
Fred Fruitman, Managing Director, Loeb Partners Corporation, USA
Dietmar H. Bahr, Co-Chairman, German Alternative Investment Association (BAI), Member Supervisory Board, VCH Equity Group, Germany
Plus two separately bookable half-day pre-conference workshops
Workshop 1 (AM): Wednesday 22nd October 2003 Workshop 2 (PM): Wednesday 22nd October 2003
The role of technology in linking
a hedge fund to the outside world
Successfully starting a
European hedge fund
Supported by:
Save £100 by booking before 14th October 2003
The Fund-of-Hedge
Funds Information Specialst...

presents the
4th Annual
Pan-European
Hedge Funds
SUMMIT
4th Annual Pan-European Hedge Funds
Summit - the event that will give you
a continent of opportunities!
In the search for higher returns, both private
and institutional investors across Europe are
increasing their allocations to alternative
investments. However, the majority of investors
are still evaluating the options and deciding
whether the transition to hedge funds is right for
them. At the same time, key European countries
are modifying their regulations.
It is essential for investors, fund managers and
hedge fund service providers to gain a deep
understanding of the opportunities available
and to meet the people that matter.
Day One: Thursday 23rd October 2003
08:15 Coffee and registration
08:45 Chairman’s welcome and opening remarks
Ian Morley, CEO, Dawnay Day Olympia, UK
09:00 Keynote address:
What drives investors to look to hedge funds
● Choosing between individual managers and a fund of funds
- Thinking about the life span of a single strategy fund
- Transparency and other issues when looking at a fund of funds
● Effects of a bear market in institutional investors' demand for
hedge funds
● Are hedge funds the answer to under-funding problems
Alastair Ross Goobey, Governor, The Wellcome Trust, UK
09:30 A prime broker’s view of the key criteria for hedge
funds to achieve survival and avoid failure
● What hedge funds need to do to get through the door of
potential investors
● Key mistakes to avoid
● How to guarantee survival and success
Pascal Lambert, Senior Managing Director, Head of European
Global Clearing Services, Bear Stearns, UK
10:00 Critical risk issues for the different players in the
hedge fund industry
Each panelist will give a short presentation highlighting the risks
that affect them
Marc Louis Landeau, President, Olympia Capital, France
Dermot Butler, Chairman, Custom House, Ireland
Elena Ambrosiadou, Partner & CEO, IKOS Partners, UK
Followed by Q&A to evaluate how all the risks identified can be
effectively managed in a coherent risk strategy for the industry.
10:45 Morning coffee and networking
11:05 Are hedge funds the fireflies before the storm
● Are hedge funds a new paradigm or a bear market fad
● Are investors risk averse or loss averse
● Isn't constraining a skilled manager a paradox
● Aren’t differing sources of return the essence of portfolio
construction
Alexander M. Ineichen, Global Head of AIS Research, UBS, UK
11:35 Selecting a hedge fund manager
● Establishing the criteria and process to find the best manager
● Due diligence
● Assessing the risk involved
● Transparency - what do investors want to know
Joel Krueger, Director Global Derivatives, Prudential PLC, UK
12:05 Dealing with a manager’s under-performance -
do you need an exit strategy
● Evaluating key criteria to determine whether a manager is
performing satisfactorily
● Deciding when to change strategy
● Looking at changing managers with a minimum disruption to business
Chris Jones, Director Alternative Investments, io Investors, UK
12:35 Lunch
14:00 Building and managing a hedge fund investment portfolio
● Setting investment policies - considering capital preservation vs.
growth, investment horizon, diversification, liquidity, and transparency
● Establishing selection criteria - historical performance,
demonstrable alpha, indexing, and macro views
● Implementing portfolio construction - historical optimisation,
alpha, market outlook, leverage
● Managing risks - measurements, attribution, and overlays
● International diversification - US and European markets
Philippe Burke, Managing Partner, Apache Capital
Management, USA
14:30 Hedge funds regulation across Europe
● Latest changes in European legislation that affect hedge funds
● What countries have the most hedge fund-friendly legislation
● Assessing the impact of Basel II
Andreas Steck, Head of the Regulatory Department,
Linklaters Oppenhoff & Rädler, Germany
Christopher Hilditch, Partner, Schulte Roth & Zabel, UK/USA
Filippo Annunziata, Senior Partner, Studio Annunziata e
Associati, Italy
Alessandro Mulinacci, Partner, KLegal, Italy
Tim Spangler, Partner, Berwin Leighton Paisner, UK
John Stevenson, Partner, Kramer Levin, France
15:30 Coffee break
A G E
16:00 Evaluating the performance and perspectives for
different strategies
● Credit arbitrage
● Global macro
● Emerging markets
● Long - short
Franziska Blindow, Business Development Officer,
EIM, Switzerland
Sam Gover, Fund Manager, IKOS Partners, UK
17:20 Chairman’s closing remarks followed by Drinks Reception
To register -
email: sgates@euromoneyplc.com
or call
+44 (0) 207 246 5200
© Euromoney Seminars 2003

At this unique pan-European event you will:
● Hear from investors who are already
enjoying the higher returns of hedge funds
as they share their experiences and the
lessons learned
● Hear first-hand what motivates investors
across Europe to invest in hedge funds and
what their expectations and special needs are
● Gain insight from expert legal practitioners
representing different countries as they
discuss the regulatory changes that will
revolutionise the European hedge fund market
● Hear diverse perspectives on risk
management
N D A
Day Two: Friday 24th October 2003
● Review the relevance and construction
of hedge fund indices from the leading
global providers
● Find out the real state of the industry,
how much capacity is actually out there,
and the future for hedge fund distribution
● Hear about the all-important issue
of performance of different
investment strategies
Most importantly: you will meet investors,
fund managers, funds of funds and hedge
fund service providers from all over Europe
to exchange ideas, learn from each other’s
experiences and do business.
12:45 Lunch
Special Institutional Investor
Delegate Rate
Euromoney Seminars would like to welcome
institutional investors to this event. Thus we are
offering pension fund trustees, insurance
companies, charities, endowments, family
offices and foundations a discounted delegate
rate of only £395. For more information, or to
apply for one of these discounted places,
please contact Simon Gates by phone
UK +44 (0)20 7779 8050,
fax: +44 (0)20 7246 5200, or by
email: sgates@euromoneyplc.com.
These discounted places are strictly limited.
Book now to avoid disappointment!
08:15 Coffee and registration
08:45 Chairman’s opening remarks
Ian Morley, CEO, Dawnay Day Olympia, UK
09:00 The institutional and private investors’ perspective
Presentations from representatives from different countries followed
by a debate
Robert Howie, Head of European Hedge Fund Research,
Mercer Investment Consulting, UK
Thijs Aaten, Quality Manager Alternative Investments,
ABP Investments, The Netherlands
Eeva Grannenfelt, Director, Capital Markets,
Pension Fennia, Finland
Olivier Poswick, Senior Equity Manager, Tractebel Pension
Fund, Belgium
Fred Fruitman, Managing Director, Loeb Partners Corp, USA
Peter Koenig, Dr. Koenig was Executive Director at Morgan
Stanley Investment Management in Frankfurt and has recently
been elected Chairman of the Investment Committee, German
Pension Association ABA, Germany
Debate: the way forward for hedge funds and investors
10:30 Morning coffee and networking
11:00 Institutional investor case study: the merits and demerits
of moving from a long-only to a long-short strategy
● Advantages and disadvantages of running a long-only strategy
● Why make the move Opportunities and challenges presented by
long-short
● Choosing the system that fits the investor's risk profile
● Managing change and adjusting to long-short after decades of
long-only investment
● Making the most of the lessons learned
Jeremy Hewlett, CIO, GHK Asset Management, UK
11:30 Panel: The impact of the institutional investor in Europe
● Investment in hedge funds - how much progress has been made
in Europe
● What is leading the expansion of investment in hedge funds
● Integrating hedge funds into the portfolio of institutional investors
● What are the preferred strategies of institutional investors
Led by Georg Nauerz, CEO, Nauerz & Noell AG, Germany
Claude Noesen, Director of Sales Global Fund Services,
Bank of Bermuda, Luxembourg
12:15 Fees - are they justified
● How are hedge funds performing in relation to other asset classes
despite the high fees
● Should institutional investors be charged preferential fees
Jonathan Hughes-Morgan, Managing Director,
Thames River Capital, UK
14:00 Panel: Hedge funds in central Europe
● Regulatory changes affecting hedge funds
● Assets under management - how will this evolve
● Successfully marketing hedge funds in Central Europe
● Constraints and restrictions in the various distribution channels
Led by: Roland G. Schulz, Managing Director,
Benchmark Alternative Strategies GmbH, Germany
Dr. Martin Krause, Partner, Linklaters Oppenhoff & Rädler,
Germany
Gerhard Biasi, Head of Alternative Investments,
HypoVereinsbank AG, Germany
Dietmar H. Bahr, Co-Chairman, German Alternative
Investment Association (BAI), Member Supervisory Board,
VCH Equity Group, Germany
Florian Hach, Managing Partner, eHedge AG, Germany
15:00 Hedge fund indices
● What is the purpose of hedge fund indices
● Can a hedge fund index be regarded as another asset class
● Is it possible to invest in an index
● How should a hedge fund index be built
● Choosing the funds to include in the index
Werner Goricki, Director Hedge Funds,
Feri Alternative Assets GmbH, Germany
Christopher Sugrue, Chairman, PlusFunds, USA
Oliver Schupp, President, CSFB/Tremont Index, USA
15:45 Coffee break
16:15 Capital introduction - not enough capacity or too
much capital
● Finding established managers who haven’t reached capacity
● Can investment in indices help solve the capacity issue
● Capacity of funds of funds - is it enough
● Looking at young funds and making the right choices
Guillaume Ricour Dumas, Product Specialist,
Credit Agricole Alternative Investments, France
16:45 Panel: The future of hedge fund distribution - the arrival
of retail investors
● Marketing hedge funds to retail investors - regulations and other issues
● How will the arrival of retail investors impact the traditional hedge
fund investors
● The impact of structured products on the hedge fund market -
do they create volatility
Stephane Liot, Global Head of Fund Derivatives,
BNP Paribas, France
Miles Collins, Investment Manager, Gillespie MacAndrew, UK
17:30 Closing remarks from the chair and end of conference
The programme may change due to unforeseen circumstances and Euromoney Seminars reserves the right to alter the venue and/or speakers

Two separately bookable, half-day pre-conference workshops
Wednesday 22nd October 2003
Workshop 1: 9am - 12.30pm
The role of technology
in linking a hedge fund
to the outside world
AGENDA
Fundamental data transmission
● Defining the tasks - what is it you must do
● Trade entry and communication
● Position maintenance
● Treasury management
● Trade communication
● Risk calculation and reporting
● Investor reporting
Identifying the players and their requirements
What information do counterparties, prime brokers, clearers,
administrators and investors demand from the fund
● Fund manager
● Investor
● Administrator
● Prime broker
● FSA and other regulators (ISE)
● Auditor
● Counterparties
Technology components - what do you need to get the job done
● Trade entry and position keeping system
● Portfolio management and accounting system
● Risk management system
Three most important areas to focus on...
reconciliations, reconciliations, reconciliations
● Build or Buy
● Time horizon
● Payback period
● Focusing on core tasks
Survey: Communicating trade information to prime brokers
● Overview
● Prime broker’s perspective
Case study: choosing and implementing/converting your
trade entry & position keeping system
Panel and question/answer session
ABOUT YOUR WORKSHOP LEADER
James Webb - Director of Business Development, New York. Jim Webb, based in
GlobeOp's New York office, is responsible for new business development in addition
to managing GlobeOp's software development effort. A founding partner at GlobeOp,
Webb previously served as global manager of management accounting at Long-Term
Capital Management (LTCM) from 1993 to 1999. At LTCM he oversaw counterparty
credit exposure, working capital management, foreign exchange exposure hedging
and daily P&L. He previously served as equity derivatives controller at Bankers Trust in
London from 1990 to 1993, having earlier supervised arbitrage support analysis teams
at Salomon Brothers in New York. Webb holds a B.S. in Accountancy from the
University of Illinois and a Masters in Computer Science from the University of Illinois.
GlobeOp Financial Services offers state-of-the-art, automated middle-,
back-office services and fund administration to hedge funds.
GlobeOp works with our customers and their prime brokers/clearers to
process trades from origination through middle-office (P&L, F/X
exposure, credit and settlement exposure and collateral management)
and back-office (trade/position/cash reconciliation, and security master
maintenance). GlobeOp is a seamless interface between fund managers and
counterparties to handle all traded instruments and all aspects of a fund's
administration and investor communications.
GlobeOp also provides independent risk analysis to managers, funds of funds,
investors, and creditors. GlobeOp is uniquely qualified to quantify portfolio risk from
the bottom up.
Workshop 2: 2pm - 5.30pm
Successfully starting a
European hedge fund
AGENDA
Developing the business plan
● Key relationships
● The regulator
● Legal, tax and regulatory structure
● Operational infrastructure
● Marketing and launch
Developing the structure
● Offshore fund domicile
● Use of Master/Feeder
● Whether to list
● Structure of manager
● Tax planning and tax risk
● The investment manager exemption
The FSA process
● Critical path planning
● Content of the application
● What the FSA are looking for
● Other tasks
Operational infrastructure
● Location, location, location
● Systems, IT and risk management
● Selection of prime broker and fund administrator
● Recruiting the team
● Outsourcing
How much does it cost
● What to expect
● Impact of regulatory capital
● Who else can pay
● Annual costs after launch
ABOUT YOUR WORKSHOP LEADERS
HedgeStart Partners LLP
HedgeStart provides strategic, financial, tax and operational consultancy
services to both start-up and established hedge fund managers. The business was
founded at the end of 2000 by Matthew Wilson, who was formerly a senior
figure in Soros’ London office, where he oversaw the growth in operations and
staffing from 4 to 70 employees over a period of some 7 years, and then Chief
Financial Officer at London and New York based $1bn hedge fund start-up,
Bessent Capital.
In early 2002 Matthew was joined by Rob Edwards, to expand the range of
services into the important area of tax planning and implementation advice.
Having led the UK Asset Management Tax Practice and the UK Hedge Fund
Practice at Arthur Andersen, Rob brought with him 22 years of financial services
tax experience, and with it a wealth of experience in dealing with the issues and
opportunities facing hedge fund managers on the tax front. He provides
HedgeStart’s clients with comprehensive tax services, including tax and
remuneration planning advice and implementation services, corporate and
personal tax compliance, VAT advice and tax risk management.
HedgeStart offers managers a wide range of integrated services covering
assistance with business plans, fund and management group planning and
structuring, full tax consulting and compliance services, accounting outsourcing,
finding and designing suitable office space, comprehensive systems selection
and implementation, technology and telecomms strategy and implementation,
financial and regulatory capital advice, service provider selection and overall
project management. HedgeStart partners with its clients to provide a practical
and hands-on service, value-oriented and bespoke to each client’s needs.

Forthcoming events
Event Location Date
September
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Mayor’s Municipal Investment and Project Finance Summit Paris 18-19
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FOR FURTHER INFORMATION ON THESE EVENTS,
PLEASE CALL UK+44 (0)20 7779 8050 OR VISIT WWW.EUROMONEYPLC.COM
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20th November 2003, Royal Garden Hotel, London
October
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Are you a service provider to the
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What our delegates say about us
Controversial issues and topics were
discussed, which was refreshing.
Patric Corti, LGT Capital Partners, Switzerland
European Hedge Funds Summit 2002
"It is so rare to find an event where all the
speakers are so well informed - uniformly excellent"
Sandra Williams, TCA Consulting
Hedge Funds Services Summit 2003
Euromoney events are always quality orientated,
full of substance and very informative
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20th Annual World Leasing Convention 2002

4th Annual Pan-European Hedge Funds SUMMIT
To register for this event please complete your details below:
_____ Delegate/s attending Conference only £1095
_____ Delegate/s attending Conference & one workshop
specify workshop 1 ■ workshop 2 ■ £1390
_____ Delegate/s attending Conference and both Workshops £1590
_____ Delegate/s attending Workshop 1 only £295
_____ Delegate/s attending Workshop 2 only £295
■ I claim the early registration discount of £100
(by 14th October 2003, applies to full conference registration fee only) Vat@17.5%
Institutional investors attend for £395. Please contact Allison Lindsay for further
information, by phone: +44 (0)20 7779 8791 or by email: alindsay@euromoneyplc.com
23rd & 24th October 2003 • Crowne Plaza London St James
Total Remittance
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ADMINISTRATIVE INFORMATION
4th Annual Pan-European Hedge Funds SUMMIT • 23rd & 24th October 2003 • Crowne Plaza London St James
CANCELLATION POLICY:
If you cannot attend you must cancel your registration
in writing before 9th October 2003 to receive a refund
less a 10% administration charge. We cannot accept
verbal cancellations. Cancellations received after
9th October 2003 are liable for the full conference fee.
We suggest you send a substitute to attend in your
place at no extra charge.
REGISTRATION FEE:
The registration fee includes participation in the
conference, lunches and documentation material,
which will be distributed at the beginning of the event.
All bookings are considered binding on receipt
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Tel: +44 (0) 20 7834 6655
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Nearest tube: St. James’ Park
For preferential room rates please book through
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TRAVEL & ACCOMMODATION:
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