Hedge Funds for Pension Funds Amsterdam

IQPC’s 4th Annual pan-European forum dedicated to pension funds looking towards hedge funds SAVE €100 Book by 20 Feb Hedge Funds for Pension Funds 2...
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IQPC’s 4th Annual pan-European forum dedicated to pension funds looking towards hedge funds

SAVE €100 Book by 20 Feb

Hedge Funds for Pension Funds 2 Day Conference: 28 – 29 April 2004 Grand Hotel Amsterdam

Amsterdam New experiences and strategies to unlock hedge fund potential

Access a unique group of expertise - from the perspective of pension funds committed to hedge funds, through to direct advice from leading investment specialists. Hear: • How you can achieve a trustee-accepted balance between risk and reward in a hedge fund strategy • Proven tools available to ensure your eyes are open to the inherent hurdles, and risks within the disparate hedge fund strategies and styles • Why the importance of manager selection has never been greater, or more challenging • What methods you can employ to ensure robust hedge fund management and operation • How your peers have chosen the right kind of fund for their business strategy and how you can be sure to do the same • The transparency, volatility and risk levels you can expect from the hedge fund market in the current climate • When and how hedge funds are best integrated within your portfolio to complement both short and long term strategies

Supporting Association:

Electrolux Hermes Pension Management Kodak Prudential PLC Suez-TRACTEBEL Unilever Mutual Insurance Company Pension-Fennia PP Pension Telia Pension Skandia Liv Equalt Alternative Asset Management The Fortune Group London Business School Lovells PFPC Robeco Astérias Fund Partners BV Schulte Roth & Zabel International LLP Pacific Alternative Asset Management Company Union Bancaire Privée Watson Wyatt LLP ABN AMRO Equities (UK) Limited FGS Capital LLP Conference Sponsor:

Supporting Media Partners:

Alternative Investment Management Association

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As the popularity of hedge funds gains momentum within Europe, IQPC’s 9th hedge funds for pension funds conference reflects the fresh challenges facing any institution investing in, or looking towards this alternative investment opportunity: • Finding the right hedge funds still open for investment • Choosing the most effective approach in a finite capacity market • Assessing an increasingly complex offering of hedge fund strategies and styles • Selecting management with scalability and skill • Monitoring the performance and operation of the fund to ensure management are living up to expectation You need to face these challenges and stay ahead of the rest by hearing actual and, crucially, unbiased experiences - not from salesmen, but from your institutional peers. Heads of investments and alternatives within pension funds have been attending IQPC’s hedge funds for pension funds series for the past 5 years to do just that. This event is recognised as the leading source of knowledge and experience specifically from pension funds, for pension funds. A timely opportunity to hear a variety of institutional peers’ perspectives - from pension funds looking towards hedge funds, to mature hedge fund allocators: Michael Stockwell (Director Total Compensation, Kodak) will discuss how they convinced themselves and their Trustees of the merits of hedge fund investment, and will reveal the details of their investment strategy Kristian Nammack (Co-Head Alpha Strategies, Skandia Liv) will show how Skandia Liv selected the correct strategy and management to work with it’s sizeable allocation to hedge funds Per Almesjo (Head of Treasury, Electrolux) will share why and how Electrolux is being more pro-active in it’s alternative fund allocation decisions and why hedge funds play a crucial part to it’s future allocation strategy James Walsh (Head of Economics and Strategy, Hermes Pension Management) intends to share Hermes key do’s and don’ts which have evolved from their hands on experience of hedge fund investment

Conference Sponsor: Robeco, founded in 1929, is one of Europe’s most prestigious asset managers with EUR 100 billion of assets under management. Robeco provides discretionary asset management products and services, as well as complete range of mutual funds to a large number of institutional and retail clients worldwide. Robeco’s product range encompasses fixed-income and equity investments, as well as balanced accounts, money-market funds and alternative investments. Robeco distributes its funds for the retail market directly, and through other financial institutions. Several of its mutual funds, including the flagship Robeco N.V., are listed on major European stock exchanges such as Amsterdam, Paris, Frankfurt and London. Web: www.robeco.com/institutional E-mail: [email protected] Tel: +31 (0) 10 - 224 24 12 Fax: +31 (0) 10 – 224 21 88

Who Attends IQPC’s Hedge Funds for Pension Funds Series? These are just some of the organisations which have benefited from attending previous events: Cable & Wireless Pension, Pensionfund Akzo Nobel, Bank Pension, Iimarinen Mutual Pension Insurance Company, Shell Pensioenfonds, Beheer, TPG KPN Pensioen, ABP Investments, Fondo Pensione Cometa, World Bank, Blue Sky Group, Hypo Vereinsbank, Belgacom, ING, Hermes, Ontario Teachers’ Pension Plan, Skandia Life Insurance, ABB Pensionsstiftelse, Sjatte AP – Fonden, Fortum Corporation, OKO Bank Group Pension Fund, Forsta AP-fonden, PKA, PensionFennia, AP Fonden 2, Intervalor AB, PGGM Investments, Praktikertjanst AB Pensionsstiftelse, Stichting Pensioenfonds Hunter Douglas, European Organization for Nuclear Research, Opag Pensionskassen AG, MN Services, Postens Pensionsstiftelse…

Upcoming Event Notification Risk Budgeting for Asset Allocation Conference - 19th and 20th April 2004, Café Royal, London

For more information visit: www.iqpc.co.uk/2181a or call +44 (0)20 7368 9300

 0800 652 2363 or +44 (0)20 7368 9300

Sponsorship and exhibition opportunities: Do you want to enhance your profile and demonstrate your company’s expertise to the pension fund managers who are responsible for the investment decisions of their fund? Do you offer financial strategies and solutions for the alternative investment needs of pension funds? Sponsoring or exhibiting at this event will give you invaluable faceto-face interaction with leading European pension fund managers. The delegates at this conference will be actively seeking to enter the hedge fund market, or to expand their current hedge fund investment programme; can you afford not to be profiled there? To take advantage of sponsorship opportunities, and to discuss how a package can be tailored to your business agenda, please call +44 (0) 207 368 9500 or email [email protected]

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Conference Day One: 28th April 2004 08:30

Registration and Coffee


Chairman’s welcome and opening remarks Simon Hopkins, Chief Executive, The Fortune Group


In essence, capacity for the hedge fund industry has always been estimated by gathering data on asset under management. Putting aside the accuracy of the information, very little has been done to measure "quality" of capacity in terms of risk and return. In this session, we will review some of the key issues in light of recent empirical results and propose some new ways of looking at capacity in the hedge fund industry. • Report "style-adjusted" capacity figures - the accuracy and reliability of this method • Classification – current best practice • Quantifying the dynamic aspects of capital flows – not only at a point in time but also the pattern over time and on a risk or style adjusted basis • Capital follows past winners – what does that mean to your fund strategy? Bill Fung, Principal, Centre for Hedge Fund Research, London Business School

Section I: European market evolution and growth in institutional appetite for hedge funds 09:15

KEYNOTE PRESENTATION: Portfolio diversification through hedge funds Robeco's fund of hedge funds Robeco Absolute Return counts among its investors a number of pension funds. This keynote speech will discuss the main reason why institutional investors invest in hedge funds. • Introduction to absolute returns, including risk/return profiles • Discussion of portfolio diversification through hedge funds, including efficiency gains, improvements to risk scenarios, and loss recovery • Discussion of hedge fund portfolio management, including strategy and manager diversification, and investment process Bob M. Galesloot, Head of Hedge Funds, Robeco



Networking Lunch


European hedge funds: Current legal issues • The changing investor base - impact on structure and new products • Choice of domicile - is there a move onshore? • Current legal and regulatory issues Christopher Hilditch, Partner, Schulte Roth & Zabel International LLP

Fund allocation within PP Pension: Reassessing the alternative opportunities PP Pension currently has 37% of their funds allocated to real estate. This presentation will discuss why they are looking to move away from this allocation structure and how they are evaluating the available alternative strategies including hedge funds. • Why PP Pension chose to invest heavily in real estate, and how the asset class has performed • Moving away from real estate: How PP Pension plans to increase asset diversification within its portfolio • What additional alternatives are PP Pension evaluating, and what role will hedge funds play in the diversified strategy? Tomas Lindstrand, Chief Investment Officer, PP Pension


Coffee and Networking


From traditional to alternatives: The evolution of the Electrolux pension scheme This presentation will discuss why Electrolux is moving towards alternatives such as hedge funds, and choosing to take a more active role in the asset allocation decisions • Scheme history and general set up • Traditional asset allocation for the US, UK and Sweden: Substantial equity proportions with additional allocation to fixed income and real estate • Embracing alternatives: How hedge funds will play a role in the Electrolux forward strategy • Taking a more active role in the asset allocation approach: Applying consultant knowledge and tools such as ALM studies to make effective decisions internally • Why Electrolux is accommodating more alternatives, and the reasons for doing so Per Almesjo, Head of Treasury, Electrolux

Capacity in the hedge fund industry: What we know and don't know about measuring capacity

Section II: Assessing and obtaining value from hedge funds 14:30

Investing in hedge funds: Some do's and don'ts for pension funds • Choosing the right kind of fund • Establishing exactly what you’re trying to achieve • Fulfilling your fiduciary responsibilities • What else has been learnt along the way? Key lessons James Walsh, Head Of Economics & Strategy, Hermes Pension Management


Coffee and Networking


Hedge fund investing fallacies Many commonly accepted assumptions regarding hedge fund investing are wrong, and this talk will take a look at some of these misconceptions. The fallacies explored will be: • That the benefits of diversification are minimal beyond 10-15 funds • To ensure a well diversified portfolio, you should employ a top down approach • Portfolio optimisation provides a reasonable tool for portfolio allocation • Leverage is a good measure of risk • The Sharpe ratio provides an accurate representation of risk (relative to return) • A fund’s drawdown history provides a good indication of potential risk • Correlation to a stock index is a good indication of a fund’s vulnerability to stock market declines • A stop-loss is always a good risk management tool

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• One can assess the relative merits of hedge fund investing vis-à-vis stock market investing by comparing a hedge fund index to a stock market index • Risk-taking investors should choose higher return funds rather than higher return/risk funds Jack Schwager, Manager of Market Wizards Fund, The Fortune Group 16:25



Coffee and Networking


Panel Session: How do institutional investors make decisions when allocating to hedge funds? Pension funds and other institutional investors in Europe are now allocating assets to hedge funds. This panel session will bring together investors & consultants to discuss their decision-making processes. • How is the strategic decision to invest made - ALM study? Asset class or portable alpha? • Making the case to the Board • Educational needs • How much to invest? • Single funds, multi-strategy funds or funds of funds? • Manager selection • Benchmarking and performance expectations • Vehicles, domiciles and currencies Panellists include: Stephen Oxley, Managing Director, Pacific Alternative Asset Management Company Joel Krueger, Director Derivatives Solutions, Prudential PLC Angela Docherty, Senior Corporate Investment Consultant, Unilever Jurcell Virginia, Head of Alternative Investments, Fund Partners BV Peter Antonsson, Director, Telia Pension

Hedge funds and strategic asset allocation within Tractebel pension funds • Short overview of our new strategic asset allocation (decided in June 2003 and now totaly implemented) • How do we approach the Hedge Funds Universe? • How do we invest in the Hedge Funds Universe? • Long / Short : not really a buffer profile? • How do we determine the parameters? • Why do we choose to limit the exposure to Hedge Funds ? • Conclusion Olivier Poswick, Head of Portfolio Management, Belgian Pension Funds, Suez-TRACTEBEL


Conference Day Two: 29th April 2004 Registration and Coffee


Chairman’s recap Bob M.Galesloot, Head of Hedge Funds, Robeco


Allocating to a single hedge fund – the operation and implementation • What are the short and long term consequences of hedge fund implementation? • Operating and managing the fund – ensuring communication and appropriate control • Monitoring operation and performance • Ensuring the fund achieves your objectives Eeva Grannenfelt, Director, Capital Markets, Mutual Insurance Company Pension-Fennia

Choosing hedge fund of funds managers: The intersections of art and science Given the scarcity and lack of reliable data, selecting a hedge fund of funds manager can prove extremely challenging. Kristian will discuss the key challenges in judging the appropriateness of a hedge fund programme for your institutional portfolio. • Due diligence in selecting a hedge fund of funds manager • Specialised fund of funds services - what are the possibilities for selecting your own investment strategies? • How can you convince pension fund managers and a board of trustees to invest in foreign hedge funds? • Overcoming the question of trust, and being confident with the manager • Building trust and long-term relationships Kristian Nammack, Co-Head, Alpha Strategies, Skandia Liv

Chairman’s Summary


Kodak's UK pension plan asset allocation and hedge fund strategy • Diversification of asset classes & managers • Kodak’s UK pension plan asset allocation strategy • Details of Kodak’s hedge fund investments • Global dividend for all Kodak pension plans • Convincing Trustees of the merits of these asset plans Michael Stockwell, Director, Total Compensation, EAMER, Kodak

Panel Session: Transparency, volatility and risk - issues and solutions The ability of the hedge fund market to ensure complete transparency, risk mitigation and provide timely information to end-investors remains an area for development, as institutions demand more. • What are the real risks underlying different strategies? • Operational risk – what measures do hedge fund managers take to counteract this? • How do managers deal with and profit from risks such as credit-rate risk, interest rate risk and liquidity risk? • Is structuration an acceptable option? • Costs incurred – management fees versus bottom line value Panellists include: Pierre Valentin, Managing Director & Chief Investment Officer Diversified Strategies, Equalt Alternative Asset Management Sophie van Straelen, Managing Director, Astérias Giovanni Beliossi, Managing Partner, FGS Capital LLP Mark James, Specialist Fund Research, ABN AMRO Equities (UK) Limited




Networking Lunch


Achieving hedge fund diversification • The benefits of hedge fund diversification – what can diversification offer your strategy?

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• How many funds make a diversified portfolio? • Smart versus naive diversification - should we trust the fund managers? • Are hedge funds less risky in the long run? Francois-Serge LHABITANT, Member of Senior Management, Union Banciare Privée, Professor of Finance, EDHEC Business School and HEC Lausanne 14:45

Effective development of tailor-made hedge fund solutions • Developing separate/customised accounts • Value added from a fund of fund manager after costs • What type of blends can fund of funds provide for pension funds? • The blending of fund of funds • Who are the specialists? • Governance - how many manager and fund relationships are appropriate for a relatively small allocation? Gideon Nieuwoudt, Manager Research Consultant, Investment Consulting, Watson Wyatt LLP


Coffee and Networking


Overcoming the operational challenges of hedge funds It has been suggested that over 50% of hedge fund collapses are down to operational hurdles as opposed to delivering alpha. This presentation will look at how institutional investors and managers of funds can ensure efficient hedge fund operations: • Developing efficient lines of communication • The importance of daily NAV’s • Investor services: What is expected? • Fiduciary and legal requirements – ensuring adherence • System automation • Where the Administrator fits in • Added value of independent, 3rd party administration • Structure, jurisdiction, listing - the target investor is king • Role of the Administrator - pre-launch & ongoing • Administrative challenges and performance fees • Style specific administration issues Simon Behan, Vice President, PFPC


Overcoming the legal hurdles involved in hedge fund investments • • • •

The key structural and jurisdictional challenges Investment restrictions and limitations on your fund Repackaging of hedge funds into eligible assets Transparency - conflicts of interest - key man protections • Equal treatment of investors; liquidity Simon Atiyah, Partner London, Lovells Gerrit-Jan Bolderman, Partner Amsterdam, Lovells 17:30

Chairman’s Summary and Close of Conference

CPD POINTS: Receive 12 points for the 2-day conference

Panel Exhibitors: Equalt is the alternative asset management specialist of Crédit Agricole Indosuez: • e 900 million in assets under management • Demonstrated expertise ; focus on performance and capital preservation • A full range of Equity, Fixed Income and Quantitative strategies available in 10 Euro-denominated funds • Transparent and rigorous risk control • In-house structuration capabilities Web: www.equalt.com Email: [email protected] Tel: +33 (0)1 45 96 70 14 Pacific Alternative Asset Management Company (PAAMCO) is a specialist fund of hedge funds firm that provides diversified hedge fund portfolios to institutional investors. PAAMCO manages some $3 billion in multi-manager, multi-strategy hedge fund portfolios for pension funds, insurance companies and other financial institutions. PAAMCO has a sector-specialist, research-driven approach to investment management, in which each Managing Director is responsible for two specific hedge fund strategy sectors and where investee hedge funds provide full position level transparency. Web: www.paamco.com Email: [email protected] Tel: +44 (0)207 409 5020

Supporting Association: The Alternative Investment Management Association (AIMA) is the global, not-for-profit trade association dedicated to representing the world’s alternative investment community. Founded in 1990, AIMA’s objectives are to increase investor Alternative Investment education, transparency, and promote due diligence and Management Association related best practices, and to work closely with regulators and interested parties in order to better promote and control the use of alternative investments. Spanning 43 countries, its corporate members include hedge fund managers, fund of funds managers, institutional investors, fund administrators, lawyers, brokers, consultants and other service providers to the industry. The Association’s activities are purely non-commercial and include industry research, the AIMA Journal, guideline tools for sound practices, ongoing liaison with national regulators and invitation-only, educational events for the investor community. AIMA also negotiates discounts to third-party commercial conferences and publications for its membership. AIMA – addressing real issues shaping the industry’s development. For further information, please visit www.aima.org.

Supporting Media Partners: Asterias is a London based advisory firm that has developed an industry wide reputation for its research driven analysis of the hedge fund industry in Europe. Asterias assists institutional investors in identifying and selecting the proper universe of hedge funds to include in their portfolio, based on their risk appetite. Asterias also offers market entry strategic advises for a selection of US and European hedge funds and funds of hedge funds. Global Fund Analysis is a London-based fund research and investment consulting firm. Established in 1996, and regulated by the Financial Services Authority, GFA equips investors to make informed decisions in the world of hedge funds. GFA has rated more than six hundred hedge funds and interviewed nearly 2000 managers. Its activities today span manager selection, hedge fund portfolio construction and risk management for some of the world's most prestigious investment groups. Its affiliate, Fortune Asset Management Ltd, offers investors a range of fund of funds including the flagship Market Wizards Fund. Investment & Pensions Europe (IPE) is the pioneering institutional asset management magazine written for Europe’s leading pension funds and institutional investors. Launched in 1997, IPE has been welcomed as a significant source of information on the fast growing European pensions markets by pension funds, institutional asset managers and consultants. For further information, please call +44 (0)20 7261 0666 or visit www.IPE.com – the free access internet site for Europe’s pensions industry. Register free for the daily email news alert! Guarantee Your Edge in the AlternativeInvestment Arena Every week, Hedge Fund Alert delivers the early intelligence you need to anticipate new risks and opportunities facing fund-management firms, their investors and service providers. Be first to identify new capital-raising tactics, investor strategies and competition among industry vendors. Sign up for a three-issue FREE trial subscription to Hedge Fund Alert by calling 201-659-1700 or visiting www.HFAlert.com. "EUBFN.com provides the wider investment community with the ability to access leading independent analysis on a wide variety of banking and finance issues across the European Union, such as Prime Brokerage, Hedge Funds, Cash Management through to Banking IT areas of CRM, IT Security and Straight Through Processing."

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Hedge Funds for Pension Funds Amsterdam 2 Day Conference: 28 – 29 April 2004: Grand Hotel Amsterdam


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