PROGRAM 

Day 1

Monday, June 16, 2008

 

7:30 a.m. 

 

Registration and Continental Breakfast 


Continental Breakfast
Hosted by Moody's Analytics, Inc. 

General Session
Hosted by Rothstein Kass & Company 

8:45 a.m. 

 

Introduction and Opening Remarks 

 

Randy Snook 

Senior Managing Director, EVP

Securities Industry and Financial Markets Association 

 

9:00 a.m. 

 

State of the Industry

Philip N. Duff 

 

Philip N. Duff

Chief Executive Officer and General PartnerDuff Capital Advisors

9:30 a.m. 

 

Keynote Address 

 

James Chanos 

 

James Chanos 

President and Founder

Kynikos Associates, LP 

 

10:00 a.m. 

 

Refreshment Break in the Exhibit Hall 
Hosted by Goodwin Procter LLP 

10:30 a.m. 

 

General Session 

 

Current Legal & Regulatory Issues and Trends

 

What are the hot button legal, regulatory and commercial issues facing hedge fund managers today, and how should they be addressed?  Learn about the issues presented by side letters, gates, modified high water marks and illiquid positions.  What are the trends in structuring compensation arrangements with the management team?  Panel members will provide their insights on these and other practical, day-to-day questions that arise when structuring and operating a hedge fund. 

 

 

Moderator:

Steven J. Fredman 

Partner

Schulte Roth & Zabel LLP 

 

Panelists:

Megan Kelleher 

Managing Director

Larson/Kelleher Capital Management, LP

 

Michael Neus 

General Counsel

Perry Capital, LLC 

 

Robert B. O’Connor 

Managing Director, Legal and Compliance Division

Morgan Stanley

 

Karl Wachter

Managing Director and General Counsel

Diamond Lake Investment Group, LP 

 

12:00 p.m. 

 

Lunch in the Exhibit Hall 

 

1:30 p.m. 

 

* * *Breakout - Concurrent Sessions* * *

 

 

 

Constructing an Effective Hedge Fund Compliance Program- Panel I

 

How should hedge fund managers respond to the renewed focus of both regulators and investors on compliance?  This panel will focus on how managers can take a proactive approach to compliance and structure a compliance program that will satisfy the evolving demands of both regulators and investors.  Learn how to meet recent changes in regulatory rules and focus, as well as how market leading compliance practices can add value to your business development efforts. 

 

 

Moderator:

Marc Baum 

General Counsel & Chief Compliance Officer

Ramius LLC

 

Panelists:

Norman B. Champ III 

Executive Vice President and General Counsel

Chilton Investment Company, LLC

 

Susanne V. Clark 

General Counsel & Managing Director

Basso Capital Management, LP

 

John C. Nagel 

Director and Deputy General Counsel

Head of Global Compliance

Citadel Investment Group, LLC 

 

Kirk D. Rule 

Chief Compliance Officer & Senior Counsel

TPG-Axon Capital Management, LP

 

 

Valuation and Transparency- Panel II

 

This panel will discuss FAS 157 implementation issues and timelines.  Learn about the practical aspects of the 3 level hierarchy and the accounting systems and  disclosures that are required for financial statements for December 31, 2008.  Listen to the head of a valuation firm and the processes they use to ascertain fair value for hard to value securities.  Discuss how side pockets can benefit both the fund manager and investors.This panel will bring together the views of a CPA firm, a valuation firm, a law firm and management of a Hedge Fund complex.

 

 

Moderator: 

Howard Altman 

Co-Managing Principal

Rothstein Kass

 

Panelists:

Steven B. Nadel

Partner

Seward & Kissel, LLP

 

Andrew Rabinowitz, CPA, Esq.

Chief Operating Officer

Chief Financial Officer

Marathon Asset Management

 

Espen Robak, CFA

President

Pluris Valuation Advisors, LLC

 

Martin Duffy 

Vice President Senior Credit Officer

Moody’s Global Managed Funds

 

2:30 p.m. 

 

* * *Breakout- Concurrent Sessions* * *

 

 

How to Manage SEC Inspections, Examinations and Enforcement Investigations- Panel I

 

Learn how to prepare for regulatory examinations from leading industry experts who will discuss the SEC inspection process, the steps advisors can take to prepare for them and  how to deal effectively with SEC examiners should problems arise.  These speakers will also discuss means to identify  high risk areas and red flags before an examination and how to establish a continuous process of identifying  these issues in hedge fund managers' day-to-day operations.   Panel members will provide the latest insight into the SEC's controversial 27-page "pilot" hedge fund examination letter.  This panel is not to be missed especially for newly registered hedge funds and those with a higher risk profile.   

 

 

Moderator:

Barry R. Goldsmith 

Partner

Gibson, Dunn & Crutcher, LLP 


Panelists:

Andrew B. David 

Managing Director and General Counsel

North Sound Capital, LLC


Gene A. Gohlke

Associate Director Office of Compliance Inspections and Examinations

U.S. Securities and Exchange Commission 


Bruce Karpati

Assistant Regional Director of the New York Regional Office and Head of the Commission’s Hedge Fund Working Group

U.S. Securities and Exchange Commission


Simon M. Lorne

Vice Chairman & Chief Legal Officer

Millennium Management, LLC

 

 
 
 
 
 

Running a Successful Fund of Funds- Panel II

 

Recent market events and demographic trends have pointed to the benefits and attractions of fund of hedge fund investments, where professional managers skilled in hedge fund diligence, selection, allocation, risk management and monitoring, are employed to manage a portfolio of investments in hedge funds.  Learn from our panel discussion the components necessary to operate a leading hedge fund of funds manager, what to be aware of as an investor, and what to consider as an underlying manager.  Topics to be discussed are:

● Operational due diligence

● Manager selection

● The use of “recommended lists”

● Risk management practices

● Performance and fees

● Sales, marketing and investor relationship mgt.

● Administration and accounting

● The search for capacity

 

 

Moderator: 

Gary C. Krivo

Managing Director

Global Head of Fund of Funds

JP Morgan Securities Inc.

 

Panelists: 

Karl Ehrsam

Senior Manager
Investment Management
Operations & Technology
Regulatory & Capital Markets Consulting

Deloitte & Touche, LLP

 

Lori M. Hotz

Senior Vice President

Investment Management Division

Lehman Brothers

 

3:30 p.m. 

 

Refreshment Break in the Exhibit Hall 

 

4:00 p.m. 

 

General Session 

 

Prime Brokerage and Counterparties

 

This panel will discuss the risks faced by hedge funds and their prime brokers and derivatives counterparties when dealing with each other. The panel will address ways in which these market participants assess and seek to reduce the credit risk inherent in prime brokerage and the over-the-counter derivatives market. The panel will also discuss the role that prime brokers play in addressing systemic risk by monitoring leverage and positions by hedge fund clients. In addition, the panel will discuss how the current market environment has affected the relationship between prime brokers and hedge fund clients.

 

 

Moderator:

Marcy Engel

Chief Operating Officer & General Counsel

Eton Park Capital Management, LP 

 

Panelists:

Jim Glynn

Chief Financial OfficerHighbridge Capital Management

 

Mark Seffinger

Director and Senior CounselDeutsche Bank Group

 

Richard J. Sussman 

Managing Director, Global Head of Risk Management, Global Securities Services

Goldman, Sachs & Co.

 

5:00 p.m. 

 

Cocktail Reception in the Exhibit Hall


Hosted by Deloitte & Touche, LLP 

 
 
 

Day 2

Tuesday, June 17, 2008

 

7:30a.m. 

 

Continental Breakfast in the Exhibit Hall 

Continental Breakfast
Hosted by Mesirow Financial Consulting

 

8:30 a.m. 

 

Keynote Presentation 

 

Eric Mindich 

 

Eric Mindich 

Chief Executive Officer

Eton Park Capital Management, LP 

Chair of the Asset Managers’ Committee

Formed by the President’s Working Group 

 

9:00 a.m. 

 

General Session

 

Best Practices for the Hedge Fund Industry and for Hedge Fund Investors

 

This panel will provide an inside perspective on best practices for the hedge fund industry and its investors. Asset Managers' Committee and Investors' Committee representatives will talk about the recent publication of their Reports. Best practices for managers will focus on the important areas of disclosure, valuation, risk management, trading and business operations, and compliance, conflicts of interest and business practices. Best practices for investors will address the Fiduciary's Guide, which provides recommendations to individuals with portfolio oversight responsibilities, and the Investor's Guide, which provides recommendations to individuals who execute and administer a hedge fund program once it has been included in a fiduciary's investment portfolio.

 

 

Moderator:

Kenneth M. Raisler

Partner

Sullivan & Cromwell LLP

 

Panelists:

Darcy Bradbury 

Senior Vice President and Director of External Affairs

The D.E. Shaw Group

 

Charles Cassidy

Director of Operational Due Diligence

Cambridge Associates, LLC

   

Paul N. Roth 

Partner

Schulte Roth & Zabel, LLP

 

 

10:00 a.m. 

 

General Session 
Hosted by Rothstein Kass & Company  

 

Risk Management

 

This panel will consist of a diverse group of experts in risk management from the Hedge Fund industry. The overall goal of the discussion will be to understand the structure and philosophy of risk management by considering its implementation and practice at different firms. Specific topics will focus on how risk factors such as leverage, liquidity, and portfolio market risk are evaluated as well as what tools and approaches are used to manage these risks. In addition, panelists will discuss the fundamentals of building an integrated risk management infrastructure and the relative tradeoffs between using external vendors and developing in-house systems. To conclude, the panelists will speak to how they interact with their investment teams, investors, and counterparties. 

 

 

Moderator:

Viju Joseph

Chief Risk Officer

Eton Park Capital Management, LP 

 

Panelists:

Rajiv Bahl

Director

Portfolio & Risk Management

Financial Risk Management

 

Aaron Brown

Risk Manager

AQR Capital Management

Author The Poker Face of Wall Street 

Co-author A World of Chance: Betting on Religion, Games and Wall Street 

 

Daniel V. Kelly

Chief Risk Officer

Harvard Management Company, Inc. 

 

Lisa K. Polsky

Partner

Duff Capital Advisors

 

11:00 a.m. 

Refreshment Break in the Exhibit Hall 

 

11:30 am 

* * *Breakout- Concurrent Sessions* * *

 

 

Fund-Linked Derivatives- Panel I

 

This panel will look at the distribution opportunities for hedge funds through fund-linked derivative products, what the market is and typical terms.  The panel will also look at operation and investment concerns the products may pose of hedge fund managers as well as the legal considerations that are raised by participating in this market. 

 

 

Moderator: 

Douglas P. Dick

Partner

Dechert LLP

 

 

Panelists:

Angie Karna
Managing Director and Senior CounselLehman Brothers 

 

John A. Neubauer

Structured Alternative Investments

JP Morgan Chase  

 

Marcelo Riffaud

Managing Director and Senior Counsel

Deutsche Bank Group

 

 

Panel II

 

Rethinking Hedge Fund Performance

Oxford Metrica and The Bank of New York Mellon have produced a provoking thought leadership piece on Rethinking Hedge Fund performance. Turning on its head the usual classification system of styles and drawing on Darwinian biology, Rory Knight and Jim Whitaker explain how cluster analysis has something new to offer performance evaluation. The analysis provides particular guidance to fund of funds. Consequently this session should be of interest to anyone in the sector from investors to administrators and managers.
 

Dr. Rory Knight

Chairman

Oxford Metrica

 

Jim Whitaker

Managing Director, Hedge Fund Services

The Bank of New York Mellon Corporation

 

 

Hedge Fund Workshop

This workshop will be geared towards participants focused on hearing basic issues hedge funds present in order to help them succeed in the marketplace. This presentation will address asset classes, investment strategies, structure, and administration and legal issues.

 

Professor Christopher Geczy

Assistant Professor of Finance

The Wharton School University of Pennsylvania

 

Hedge Fund Workshop
Hosted by Mesirow Financial Consulting

12:30 p.m. 

 

Lunch in the Exhibit Hall 

 

2:00 p.m. 

 

* * *Breakout- Concurrent Sessions* * *

 

 

The Role of the Administrators and Banks- Panel I

 

Historically service provider roles were clearly defined and limited in scope.  However given the growth of the industry, the evolving investment participants and the volatility which has driven the markets, this role is currently changing.  This panel will explore the changing role of fund administrators and banks in servicing hedge funds, the funds of hedge funds and private equity vehicles.  From independent fund evaluations, short term cash and monitoring risk and liquidity, this panel will discuss the impact on the service provider to a changing hedge fund landscape and the overall market conditions.

 

 

Moderator:

Jim Whitaker

Managing Director, Hedge Fund Services

The Bank of New York Mellon Corporation

 

Panelists:

Lisa M. Ambrosia 

Head of Business Development Infrastructure

Perella Weinberg Partners, LP  

 

Joseph Fisher 

Partner
Investment Management / Hedge Fund Services

Deloitte & Touche, LLP 

 

Elizabeth Shea Fries

Partner

Goodwin Procter, LLP

 

 

Hedge Fund Distribution- Panel II

 

This panel of industry experts will discuss the general business issues surrounding hedge fund distribution including sales practices, product sourcing and approval, termination, reporting, and accountability for eligibility and suitability.  These speakers will also discuss hedge fund structure (direct vs... feeder fund and private vs... registered), leveraging third party distribution resources and access to retail distribution.  Finally, this panel will discuss the impact of private placement requirements on hedge fund marketing and advertising.  

 

 

Moderator:

Paul M. Weisenfeld

COO, GWM Alternative Investments

Citigroup Global Wealth Management 

 

Panelist:

A. Todd Ladda

Managing Director

Fortress Investment Group

 

Malik Sarwar

Senior Vice President

Permal Group Inc.

 

Shawn T. Wells

First Vice President

Merrill Lynch & Co., Inc.

 

3:00 p.m. 

 

* * *Breakout- Concurrent Sessions* * *

 

 

Operations, Back Office and Trading Issues- Panel I

 

Hear from leading industry experts on what is needed to create an effective back office process from a technology perspective and the importance of risk management.  This panel will also discuss outsourcing strategies and its impact on clients and operations relationship management.

 

 

Moderator:

Bill Freilich 

General Counsel

Bear, Stearns Securities Corporation

 

Panelists:

Darren Hodges 

Vice President

Securities Operations

The Goldman Sachs Group, Inc. 

 

Stephen Kane 

Principal

OpHedge Investment Services, LLC

 

Samer M. Ojjeh 

Principal, Financial Services, Asset Management

Ernst & Young, LLP

 

 

Trends in Hedge Fund Entities- Panel II

 

• Partial sales
• Acquisition / valuation
• Joint ventures

 

 

Moderator:

Scott M. Lawin 

Managing Director, Chief Operating Officer

Drawbridge Liquid Markets

Fortress Investment Group

  

Panelist:

Brian Reilly

Managing Director

Alternative Asset Management Group, Investment Banking

Lehman Brothers

 

Karan Sampson

Director, Hedge Funds

Greenwich Associates

 

4:00 p.m. 

 

Conferences Adjourns

 

 

SIFMA thanks the following sponsors for supporting the 2008 Hedge Funds & Alternative Investment Summit & Exposition:

Lanyard - Compliments of Omgeo LLC 
Contributor - Sponsored by Millennium Trust Company, LLC
Wall Street Journal -Compliments of  Dow Jones 
Attendee Notebook - Compliments of OpHedge Investment Services, LLC 
Continental Breakfast - Hosted by Mesirow Financial Consulting
Hedge Fund Workshop - Hosted by Mesirow Financial Consulting