The largest gathering of Hedge Fund of Funds & their … largest gathering of Hedge Fund of Funds &...

The largest gathering of Hedge Fund of Funds& their investors in the USA in 2006

September 18-20, 2006 • Pier Sixty • New York, NY

Register Today! CALL: 212 661 3500 Ext: 3286 FAX: 212 661 8908 EMAIL: [email protected] Quote VIP code: TT16

Craig R. Dandurand, CFA,Investment Officer, Absolute ReturnStrategies, CalPERS

Kevin E. Lynch, Head of StrategicRelationships & AbsoluteReturn Strategies,Verizon InvestmentManagement Corp

Mario Therrien, Vice President -Specialized Funds ofHedge Funds,Caisse De Dépôt EtPlacement Du Québec

Sheila Healy Berube, CFA,Manager Benefit FundsInvestment, 3M Company

Jane Buchan, Chief Executive Officer,Pacific AlternativeAsset Management Co.

Kent A. Clark, CFA, Chief Investment Officer, Goldman Sachs HedgeFund Strategies (HFS)

Robert A. Jaeger, Ph.D.,Vice Chairman and ChiefInvestment Officer,EACM Advisors LLC

George I. Main, CFA,CEO & CIO, DiversifiedGlobal AssetManagement Inc.

Carrie A. McCabe, Chief Executive Officer,FRM Research LLC

Thomas Strauss, Chief Executive Officer andChief Investment Officer, Ramius HVB Partners,LLC

Jerry Wang, Chief Executive Officer,Vision InvestmentManagement Limited

Paul Zummo, CFA, Chief Investment Officer,J.P. Morgan AlternativeAsset Management

n The largest, most senior gathering of hedge fund offund leaders in the US, including:

n More CEOs & CIOs of hedge fund of funds,examining investment opportunities, than at any otherevent this year

n 20 of the top 50 global hedge fund of funds discussingtheir allocation strategies

n In excess of 650 senior decision - making allocators andleading managers expected to attend

n Over 20 hand picked, out-performing niche hedge fundof funds discussing how they are generating alpha anddifferentiating themselves in a crowded space

n International representation from over 23 differentcountries at the global meeting place for hedge fund offunds industry in the heart of New York City

n 1 GAIM USA Fund of Funds – the only “Must attend”event for the hedge fund of fund industry and itsinvestors in 2006

At GAIM USA Fund of Funds 2006:

Leading InvestorsSheila Healy Berube, 3M CompanyKarin E. Brodbeck, Nestlé Business ServicesCraig R. Dandurand, CalPERSJoel Katzman Kevin E. Lynch, Verizon Investment Management CorpMaurice E. Maertens, New York University Donald Pierce, San Bernardino County EmployeesRetirement AssociationMario Therrien, Caisse De Dépôt Et Placement Du QuébecDavid W Wiederecht, GE Asset Management IncorporatedSalim A. Shariff, Weyerhaeuser Company Retirement Plan

Leading ConsultantsJanine Baldridge, Russell Investment GroupAlan H. Dorsey, CRA RogersCaseyTim Jackson, Rocaton Investment AdvisorsJ. Alan Lenahan, Fund Evaluation GroupKevin P. Quirk, Casey, Quirk & Associates

Leading Hedge Fund of FundsMustafa Jama, Morgan StanleyCarrie A. McCabe, FRM Research LLC George H. Walker, Goldman Sachs & CoThomas Strauss, Ramius HVB Partners, LLC Judson P. Reis, Sire Management CorporationCharles M. Johnson, III, Private Advisors, LLCR. Kelsey Biggers, K2 AdvisorsKent A. Clark, Goldman Sachs Hedge Fund Strategies (HFS)Madhav Misra, AllianceHFP Michael F. Klein, Aetos CapitalJerry Baesel, Morgan Stanley Alternative Investment PartnersStuart Leaf, Cadogan Management, LLCJean Karoubi, The Longchamp GroupRobert A. Jaeger, EACM Advisors LLCJane Buchan, Pacific Alternative Asset Management Co.(PAAMCO)Albert W. Hsu, Anchor Point Capital Reid Bernstein, OneCapital Management Partners, LLCRandy Slifka, Slifka Asset Management LLCSteven L. Bossi, DB Absolute Return StrategiesMarc Roston, Silver Creek Capital Management LLCCorey Case, JP. Morgan Alternative Asset ManagementEmanuel Derman, Prisma Capital PartnersDuncan Hennes, PFG Advisors, LLCGeorge I. Main, Diversified Global Asset Management Inc.Sean Simon, Ivy Asset ManagementMichael Staveley, Eden Rock Capital ManagementAlexander M. Ineichen, UBSGerald Messier, HSBC Private Bank (Suisse) SaDerrick Roper, Novare Investments Eduardo Deschapelles, Permal Asset ManagementSimon Hopkins, The Fortune GroupEliza Lau, SAIL Advisors Ltd. Sudhir Krishnamurthi, Rock Creek GroupPeter Brown, Meridian Capital PartnersLara Price, Octane ManagementJason D. Papastavrou, Aris Capital ManagementNathanael Benzaken, Lyxor Asset Management John P. Nicholas, HFR Asset ManagementDavid M. Thill, Meridian Capital Partners, Inc.John J. Fitzgibbon, Lighthouse Investment Partners, LLCChristopher J. Acito, Investcorp International IncJerry Wang, Vision Investment Management LimitedPaul Zummo, J.P. Morgan Alternative Asset ManagementSteven Zoric, Man Investments Sudhir Krishnamurthi, Rock Creek Group

Leading Hedge FundsTrey Beck, D. E. Shaw & Co., L.P. James Dinan, York Capital ManagementMarc Lasry, Avenue Capital GroupDaniel S. Loeb, Third Point LLCJonathan Sandelman, Sandelman PartnersShailesh Vasundhra, Deephaven Capital Management

Industry ExpertsWilliam N. Goetzmann, International Center For Finance AtThe Yale School Of ManagementDr. Raphael Douady, RiskdataJack L. Hansen, The Clifton GroupH. Kurt Overley, BNP Paribas Americas Maury Cartine, Bisys Alternative Investment ServicesMarina W. Lewin, Bank of New YorkPaul M. Weisenfeld, Smith Barney Alternative InvestmentsCary Meer, Kirkpatrick and LockhartCraig Goos, Bear StearnsAdam Taback, Wachovia Alternative Strategies, Inc.Christopher C. Finger, RiskMetrics GroupChristopher W. Mears, Rothstein KassWilliam G. Butterly, III, Robeco Investment ManagementAndrea de Cholnoky, Spencer StuartDoug Hanslip, Korn Ferry InternationalJohn Breault, MJE Recruiters

New opportunities for managers &allocators to meet, one-on-one, via the

“Manager & Allocators’Access Platform” see p 13 for details

Gold Sponsors: Silver Sponsors: Bronze Sponsors:

Trey Beck, CFA,Managing Director, D. E.Shaw & Co., L.P.

Marc Lasry, Managing Partner,Avenue Capital Group

James Dinan, Founder & Chief Executive Officer,

York Capital Management

Daniel S. Loeb, Chief Executive

Officer, Third PointLLC

Jonathan Sandelman, Chief Executive Officer,Sandelman Partners, L.P.

Leading Institutional Investors

CEOs and CIOs of Leading Hedge Fund of Funds

New for 2006 –Leading multi-strategyhedge funds share theirperspectives on the futureof the industry

Register Today! CALL: 212 661 3500 Ext: 3286 FAX: 212 661 8908 EMAIL: [email protected] Quote VIP code TT16

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Established as the largest gathering of hedge fund of funds and their investors –GAIM USA Fund of Funds offers you unique networking opportunities and a chance tohear the leading minds of the hedge fund industry debate the strategic, operational andperformance related challenges critical at this time of convergence, consolidation andindustry maturation.

Last year GAIM USA Fund of Funds event attracted over 700 senior hedge fundindustry professionals and was widely regarded as one of the high points for debate andnetworking of the year. This year you will meet the Who’s Who” of the Fund ofFunds industry, leading multi-strategy managers and institutional investors at the onemust attend event this year in New York.

A Speaker Faculty Unlike Any Other Assembled in 2006

Where else will you meet senior decision makers from the following funds:

Morgan Stanley - FRM Research LLC - J.P. Morgan Alternative AssetManagement - Goldman Sachs & Co - Ramius HVB -Partners, LLC - SireManagement Corporation - Private Advisors, LLC - K2 Advisors - Aetos Capital -Cadogan Management, LLC - The Longchamp Group - EACM Advisors LLC -Pacific Alternative Asset Management Co - Anchor Point Capital - OneCapitalManagement Partners, LLC - Slifka Asset Management LLC - DB AbsoluteReturn Strategies - Silver Creek Capital Management LLC - JP. MorganAlternative Asset Management - Prisma Capital Partners - PFG Advisors, LLC -Diversified Global Asset Management Inc. - Ivy Asset Management - Eden RockCapital Management – UBS - HSBC Private Bank (Suisse) Sa - NovareInvestments - Permal Asset Management - The Fortune Group - SAIL AdvisorsLtd. - Rock Creek Group - Meridian Capital Partners - Octane Management -Aris Capital Management - Lyxor Asset Management - HFR Asset Management -Meridian Capital Partners, Inc. - Lighthouse Investment Partners, LLC -Investcorp International Inc - Vision Investment Management Limited - ManInvestments

Manager & Allocators’Access Platform

Recognizing that attendees of GAIM USA Fund of Funds represent some of the mostinfluential allocators and talented hedge fund managers in the industry, the event willfeature a brand new platform to facilitate one-on-one meetings at the event: the“Manager & Allocators’Access Platform.”

All hedge funds attending GAIM USA Fund of Funds are invited to submit a briefsummary of their fund strategy, current AUM and track record to the special AccessPlatform email address. Summaries will be sent to allocators in advance of the eventfor review. Allocators will then have the opportunity to select and meet managers forone-on-one follow up at the event.

To protect allocators’ privacy, contact will be initiated by allocators only.

For more information about the Manager & Allocators’Access Platform please turnto P 13

Hear leading multi-strategy managers share their views of the future of the hedge fund industry

As multi-strategy hedge funds become an increasingly present threat to hedge fund offunds’ market share it’s essential for fund of fund professionals to understand theirdevelopment strategies to ensure they can compete in the long term. That’s why atGAIM USA Fund of Funds you will hear from some of the most successful multi-strategy managers in the world sharing their perspectives on the future direction of theindustry; information no Fund of Funds CEO can afford to miss. At which other eventthis year will you have the opportunity to hear from:

Daniel S. Loeb, Founder and CEO of Third Point LLC, a $4.0 billion investmentmanagement firm, founded in 1995.

James Dinan, Founder & Chief Executive Officer, York Capital ManagementMr. Dinan is the Founder and Chief Executive Officer of York Capital Management. Heis a Managing Member of the firm and is a member of the firm's Senior ManagementCommittee. He has responsibility for the implementation and execution of York'sinvestment process as well as its overall business strategy.

Jonathan Sandelman, Chief Executive Officer, Sandelman Partners, L.P.Jonathan Sandelman is the CEO of Sandelman Partners, L.P. Mr. Sandelman has beenhonored with Risk Magazine’s prestigious “Derivative Superstar” award and DerivativeMagazine’s “Derivative Person of the Year”. Mr. Sandelman was also recentlynominated for the Emerging Manager Award by the Alternative Investment News.

Marc Lasry, Managing Partner, Avenue Capital GroupMarc Lasry is one of the pioneers of the distressed securities market, which has beenthe exclusive focus of his professional career. Marc is a Founder and Managing Partnerof Avenue Capital Group, a distressed fund manager with assets totaling over $9billion.

Trey Beck, CFA, Managing Director, D. E. Shaw & Co., L.P.Trey Beck is the managing director responsible for heading the firm's productdevelopment and investor relations group, and participates in the development of

the D. E. Shaw group's overall business strategy. Mr. Beck oversees the development ofthe firm's institutional asset management business and, in that context, interactsextensively with the institutional portfolio management team.

First hand information from some of the most influential institutional investors in the US

Once again GAIM USA Fund of Funds has assembled some of the nation’s leadinginstitutional investors to share their future allocation plans with you. As many investorsconsider or are already making a transition from multi-strategy fund of fundinvestments to single strategy, core and satellite and ultimately direct investment inhedge funds its imperative for you to be fully aware of the current concerns and futureintentions of institutional investors. Here are just a few of the leading investors thatyou will meet:

Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies,CalPERSCraig Dandurand, Investment Officer for CalPERS’s Risk Managed Absolute ReturnStrategies (RMARS) Program, is responsible for overseeing all aspects of CalPERS’srelationships with international fund-of-hedge-fund managers. He also assists withanalysis and monitoring of the RMARS Program’s existing and potential direct hedgefund investments.

Karin E. Brodbeck, CFA, Director - Retirement Investments,Nestlé Business ServicesAs Director – Retirement Investments, Karin co-leads the Nestlé RetirementInvestments Shared Service Center for Nestlé Business Services in North America.Karin is responsible for oversight of investment managers for a $2.5 billion definedbenefit trust and a $2.0 billion defined contribution trust, in addition to a variety offoundations, VEBAS and other assets supporting nonqualified retirement benefit plans.

Donald Pierce, Investment Officer, San Bernardino County EmployeesRetirement AssociationMr. Pierce has served as the Investment Officer for the San Bernardino CountyEmployees’ Retirement Association (SBCERA) since 2001. He is responsible for theday-to-day operation of the investment division for the $5.1 billion public pension fund.He directly assists the Executive Director with developing policy and investment goals,implementing investment objectives and the selection of investment managers.

Sheila Healy Berube, CFA, Manager Benefit Funds Investment, 3M CompanyAs Manager, Benefit Funds Investment, Sheila is responsible for the public managersin the $9.5 billion defined benefit plan and the $1.5 billion in four VEBA plans. In thiscapacity she leads policy change recommendations, asset allocation decisions, managerselection and monitoring, and reports to the 3M Investment Management Committee.In addition, she assists as a technical advisor for assets in the $6+ billion 401k Plan.Increasingly, she consults with 3M’s overseas subsidiaries regarding investmentdecisions in their DB and DC Plans.

Maurice E. Maertens, Chief Investment Officer, New York University Maurice E. Maertens is the Chief Investment Officer of New York University thelargest private university in the U.S. He is responsible for the design andimplementation of investment programs for the NYU Endowment Fund. He also hasresponsibility for a number of other NYU-related pension and trust funds.

David W Wiederecht, Vice President, Managing Director AlternativeInvestments, GE Asset Management Incorporated Mr. Wiederecht is Vice President – Alternative Investments for GE Asset Management,where he co-heads the absolute return strategy team. He also has portfoliomanagement responsibilities for various private equity and real estate investmentstrategies

Mario Therrien, Vice President - Specialized Funds of Hedge Funds, Caisse DeDépôt Et Placement Du QuébecSince August 2002, Mario Therrien has been Vice President – Specialized Funds ofHedge Funds, a business unit that specializes in management of international hedgefunds. In this capacity, Mr. Therrien oversees a team whose mandate is to developstrategies using hedge funds.

Only ONE GAIM USA Fund of Funds – ONE serious networking opportunity remains in 2005

Simply put, this is the best opportunity you will have this year to hear where and howthe most influential allocators from the hedge fund of funds industry will be placingcapital in the year ahead.

As a senior member of the hedge fund industry, with a vested stake in keepinginformed about where future opportunities in the industry lie, I know this is an eventyou will not want to miss. I look forward to seeing you in person this September.

Amanda RodriguesEvent Director & Head of Research - GAIM USA Events

GAIM USA Fund of FundsSeptember 18-20, 2006 – Pier 60 New York, NY

Amanda Rodrigues

8.00 Registration & Breakfast

8.45 Opening remarks from the conference Chairman

Kevin E. Lynch, Head of Strategic Relationships & Absolute Return StrategiesVerizon Investment Management Corp.

9.00 Examining the impact of global socio-political and economic factors and their impact on strategicinvestment decision making for successful fund of funds

Duncan Hennes, CEO, PFG Advisors, LLC

9.45 View from the consultants on prospects for fund of funds

Janine Baldridge, Director—U.S. Consulting, Russell Investment GroupTim Jackson, Founder and Partner, Rocaton Investment AdvisorsJ. Alan Lenahan, CFA, Vice President, Alternative Investments, Fund Evaluation Group

10.30 Managing liquidity to meet the needs of investors & new research on the expected alpha of extended lock ups

Emanuel Derman, Professor Financial Engineering Columbia University & Head of Risk, Prisma Capital PartnersShailesh Vasundhra, Managing Director and Portfolio Manager, Deephaven Capital ManagementDr. Raphael Douady, Head of Research, RiskdataCorey Case, Chief Operating Officer & Head of Risk Management and Quantitative Analysis, JP. MorganAlternative Asset Management

11.15 Morning networking break

11.45 An overview of current market opportunities for mergers & acquisitions in the fund of hedge fund industry:

Jerry Baesel, Ph.D., Senior Investment Advisor, Morgan Stanley Alternative Investment Partners

12.30 How ‘Act II’ of the SEC’s regulation of hedge funds will potentially impact the industry?

1.15 Lunch

Register Today! CALL: (888) 670-8200 or (941) 951-7885 FAX: (941) 365-2507 EMAIL: [email protected] WEB: www.gaimusafof.com

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Agenda-at-a-glance

TRACK A TRACK B

2.15 Analyzing the global flow of funds - Where are asset flows going, who are the winners & losers and how isthe money that is coming in being allocated?

Marina W. Lewin, Managing Director, Bank of New YorkSean Simon, Managing Director, Member Strategic Operating Committee, Ivy Asset Management

2.15 Case studies of the latest innovations in the structuring of portable alpha solutions

Sheila Healy Berube, CFA, Manager Benefit Funds Investment, 3M CompanyDonald Pierce, Investment Officer, San Bernardino County Employees Retirement AssociationH. Kurt Overley, Managing Director and Head of Fund Derivative Marketing, BNP Paribas Americas

3.00 Examining the Fund of Funds role in providing global regional diversification

Jerry Wang, Chief Executive Officer, Vision Investment Management LimitedEduardo Deschapelles, Senior Vice President, Permal Asset ManagementDerrick Roper, Director Chief Investment Officer, Novare Investments Simon Hopkins, Chief Executive Officer, The Fortune Group

3.00 Examining the latest developments in beta innovation in the deployment of portable alpha

Karin E. Brodbeck, CFA, Director - Retirement Investments, Nestle Business ServicesJack L. Hansen, CFA, CIO and Principal, The Clifton GroupH. Kurt Overley, Managing Director and Head of Fund Derivative Marketing, BNP Paribas Americas

3.45 Afternoon networking break

4.15 EXTENDED SESSION

Top performing fund of fund Chief Investment Officers explain their asset allocation and portfolioconstruction processes

Eliza Lau, Chief Investment Officer & Managing Director, Search Investment Group, SAIL Advisors Ltd. Judson P. Reis, Sire Management CorporationSudhir Krishnamurthi, DBA., Managing Director, Rock Creek Group

4.15 Examining the pros & cons separately managed accounts vs co-mingled vehicles

Jason D. Papastavrou, PhD, Founder, Aris Capital ManagementNathanael Benzaken, Head of Hedge Fund Relations and Risk Analysis, Lyxor Asset Management John P. Nicholas, Director of Portfolio Management, HFR Asset Management

4.45 Understanding the latest advances in structured products and the implications of a change in global volatility

Speakers to be confirmed

5.45 Cocktail Reception

7.30 Registration

7.45 Breakfast

8.30 Welcome from GAIM USA


Kevin E. Lynch, Head of Strategic Relationships & Absolute Return StrategiesVerizon Investment Management Corp

9.00 Identifying the impact of industry convergence and the changing asset management landscape on the typesof fund of fund business models that will be successful going forward and how this will change the prospectsfor different hedge fund strategies

Carrie A. McCabe, CEO, FRM Research LLC David W Wiederecht, Vice President, Managing Director Alternative Investments, GE Asset Management IncorporatedGeorge H. Walker, Head of Alternative Investments, Goldman Sachs & CoTrey Beck, CFA, Managing Director, D. E. Shaw & Co., L.P.

9.45 Re-defining the future of the fund of funds industry – How can fund of funds stay viable and demonstratethe value they add to their investors? What implications does this have for the fund of funds target clientbase, future growth strategies and their relations with managers?

Paul Zummo, CFA, Chief Investment Officer, J.P. Morgan Alternative Asset ManagementGerald Messier, Managing Director, HSBC Private Bank (Suisse) SaStuart Leaf, Chief Executive Officer, Cadogan Management, LLC Joel Katzman, Private Investor & ex- President and Chief Executive Officer of J.P. Morgan Alternative AssetManagement, Inc.

10.30 Morning Networking Break

11.00 Where future opportunities lie – a view from leading multi-strategy hedge funds

Daniel S. Loeb, Chief Executive Officer, Third Point LLCMarc Lasry, Managing Partner, Avenue Capital GroupJames Dinan, Founder & CEO, York Capital ManagementJonathan Sandelman, CEO, Sandelman PartnersRandy Slifka, Managing Principal, Slifka Asset Management LLC

12.00 Examining the role of fund of funds in enabling the frontiers of investing to be pushed forward and whatchanges fund of funds will need to make to adopt this as their key value proposition

Thomas Strauss, Chief Executive Officer and Chief Investment Officer, Ramius Capital Group, Ramius HVBPartners, LLC Marc Roston, Ph.D., Senior Portfolio Manager, Silver Creek Capital Management LLCMichael Staveley, Chief Investment Officer, Eden Rock Capital ManagementGeorge I. Main, CFA, Chief Executive Officer and Chief Investment Officer, Diversified Global Asset Management Inc.

12.45 Lunch

TRACK A TRACK B

2.30 Using Tactical Trading –examining niche fund of fund investment processes focused on futures contracts,currency trading, equities futures and global macro strategies

Alan H. Dorsey, CFA, Managing Director, Director of Hedge Fund Investments and Research, CRA RogerscaseyKent A. Clark, CFA, Chief Investment Officer, Goldman Sachs Hedge Fund Strategies (HFS)John J. Fitzgibbon, Investment Analyst, Lighthouse Investment Partners, LLCR. Kelsey Biggers, Managing Director, Risk Management for K2 Advisors

2.30 Incorporating and managing idiosyncratic risk within a portfolio

Alexander M. Ineichen, CFA, CAIA, Senior Investment Officer & Member of the Investment Committee,Alternative Investment Solutions, UBS

3.15 Afternoon networking break

3.45 Identifying the practicalities and consequences of client driven strategy allocations & bespoke approachesto portfolio construction

Christopher J. Acito, Managing Director, Investcorp International IncMadhav Misra, CIO, AllianceHFP Michael F. Klein, Managing Director, Co-President of Absolute Return Strategies, Aetos Capital Lara Price, Head of Research, Octane Management

3.45 Latest research in the use of returns based data for portfolio risk management

Christopher C. Finger, Head of Research – Europe, RiskMetrics Group

4.30 Examining the opportunities provided by the latest hybrid, co-investment and seeding structures and howthey balance the risks and rewards of investment

4.30 The practicalities of implementing an active risk management overlay strategy to improve risk managementwithin your portfolio and further differentiate your fund to investors

Charles M. Johnson, III Partner, Private Advisors, LLC

8.00 Registration & Breakfast


Kevin E. Lynch, Head of Strategic Relationships & Absolute Return StrategiesVerizon Investment Management Corp

9.00 Are low returns structural or cyclical and what are the implications for asset allocation decisions by fund offunds?

Jean Karoubi, President & CEO, The Longchamp GroupMaurice E. Maertens, Chief Investment Officer, New York University William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, Director InternationalCenter For Finance At The Yale School Of ManagementRobert A. Jaeger, Ph.D., Vice Chairman and Chief Investment Officer, EACM Advisors LLC

9.45 Identifying whether concentrated, sector specific, niche fund of funds are the key to higher returns andfund differentiation or ephemeral, short terms fixes?

Mario Therrien, Vice President - Specialized Funds of Hedge Funds, Caisse De Dépôt Et Placement Du QuébecKevin P. Quirk, Managing Director, Casey, Quirk & AssociatesReid Bernstein, Chief Executive Officer, OneCapital Management Partners, LLC

10.30 Institutional Investor Address - a leading institutional investor shares their allocation intentions andperspectives on the current state of the industry

Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies, CalPERS


11.30 Using separate account & open architecture platforms to market fund of funds to the mass affluent retailmarket

Paul M. Weisenfeld, Senior Vice President, Director, Smith Barney Alternative InvestmentsCraig Goos, Managing Director, Product Manager Alternative Investments, Bear SternsAdam Taback, President, Wachovia Alternative Strategies, Inc.David M. Thill, Managing Director, Meridian Capital Partners, Inc.

12.15 Identifying the advantages and risks involved in investing at different stages of a manager’s life cycle andthe implications for manager selection and investor decision making

Jane Buchan, CEO, Pacific Alternative Asset Management Co.Albert W. Hsu, CFA, Managing Director, Anchor Point Capital Salim A. Shariff, Chief Investment Officer and President Weyerhaeuser Asset Management, WeyerhaeuserCompany Retirement Plan

1.00 Lunch

Day One – Monday September 18th 2006

TRACK A - Business Issues – governance, regulation, fees, terms & conditions TRACK B

2.30 Debating the latest trends and market dynamics in fees, terms and conditions

Mustafa Jama, Head AIP, Morgan StanleySteven L. Bossi, Managing Director Head of Fund of Funds, DB Absolute Return StrategiesChristopher W. Mears, CPA Rothstein Kass

2.30 Update on critical tax, accounting & regulatory issues impacting FoF operations and administration

Maury Cartine, CPA, Executive Vice President, Bisys Alternative Investment Services

3.15 Clarification of the ERISA guidelines and how any change in status is likely to impact fund of fundopportunities to raise capital

William G. Butterly, III, Esq., General Counsel & Senior Managing Director, Robeco Investment ManagementSteven Zoric, Head of US Legal and Compliance, Man Investments Peter Brown, General Counsel, Meridian Capital PartnersCary Meer, Partner, Kirkpatrick and Lockhart

3.15 Review of current industry compensation terms and structures

Andrea de Cholnoky, Senior Director, Spencer StuartDoug Hanslip, Korn Ferry InternationalJohn Breault, MJE Recruiters.

4.00 Close of conference

Day Two – Tuesday September 19th 2006

Day Three– Wednesday September 20th 2006


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The Largest Gathering of Hedge Fund of Fundsand Their Investors in the US

Day OneMonday, September 18, 2006

7.30 Registration Sponsored by RiskData

7.45 Continental Breakfast

8.30 Welcome from GAIM USA


Kevin E. Lynch, Director, Strategic Relationships & Absolute Return Strategies,VERIZON INVESTMENT MANAGEMENT CORP.Mr. Lynch is responsible for the management of Verizon’s Strategic Partnership Network (SPN), a$6.5 billion program of global balanced portfolios with six partners. Mr. Lynch is also

responsible for the management of all Absolute Return Strategies, currently a $2.5 billion programof absolute return and cash-enhanced strategies. In this capacity, Mr. Lynch oversees existingrelationships, sources candidates for investment and conducts due diligence on prospectiveinvestments. Mr. Lynch has been with Verizon and its predecessor companies for 20+ years. Priorto his experience at Verizon Investment Management Corp., he worked in various capacities infinance and strategic planning. Mr. Lynch graduated from Villanova University with a bachelor ofarts degree and holds advanced degrees in finance and economics. Mr. Lynch also holds thedesignations of Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP).

9.00 Identifying the impact of industry convergence and the changing assetmanagement landscape on the types of fund of fund business modelsthat will be successful going forward and how this will change theprospects for different hedge fund strategies• Evaluating the impact of convergence between long only investments and alternatives on

fund of fund portfolio construction and opportunities• Where will the business reach its equilibrium and will hedge funds be able to make money

in the state of equilibrium? FeesExtent of direct investment by institutions/ migration to multi strats & or single stratsCompetition and consolidation

• What types of business models will be best positioned to deliver the type of products andservice models investors will need

• How will this new state impact the prospects for the three groups of hedge fund strategies?hedged/ arb strategieslong/ shortlong managers charging hedge fund fees

Carrie A. McCabe, Chief Executive Officer, FRM RESEARCH LLCCarrie A. McCabe has 20 years of experience in capital markets and asset management, with aparticular expertise in hedged strategies. Currently as CEO of FRM Research LLC, shemanages the New York office of Financial Risk Management’s $13 billion family of hedge fund offunds, and serves as a member of FRM's Global Advisory Committee and Investment Committee.

Previously through her strategic advisory business, Ms McCabe counseled clients with hedge fundmandates exceeding $30 billion including the world’s largest pension plans, Fortune 100corporations, top tier hedge funds, and leading global financial institutions. Previously Ms.McCabe was President and Chief Executive Officer of Blackstone Alternative Asset Managementwhere she built multi-manager hedge fund investing into a core business of the firm. Ms. McCabehad overall management responsibility for both investment and client aspects of the business. Ms.McCabe began her career at Bear Stearns, where she was elected Managing Director at the age of30. She then joined Hong Kong and Shanghai Banking Corporation (HSBC) as Senior VicePresident and Manager of Capital Markets, managing a $25 billion balance sheet and directingsales and trading with products consisting of swaps, options, foreign exchange, foreign bonds, andother derivatives. Subsequently, she founded and served as President of Midland InvestmentManagement, the institutional money management affiliation of HSBC in the Americas. Ms.McCabe graduated from Stanford University and received an MBA from Harvard Business School.

David W Wiederecht, Vice President, Managing Director Alternative Investments,GE ASSET MANAGEMENT INCORPORATED Mr. Wiederecht is Vice President – Alternative Investments for GE Asset Management, where he co-heads the absolute return strategy team. He also has portfolio management responsibilities forvarious private equity and real estate investment strategies. Prior to joining GE Asset Managementin 1988, Mr. Wiederecht held several positions throughout the General Electric Company.Companies in which he serves as a Director include, Navigant International, Edmunds.com,Elephant & Castle and Nextec. He holds a BA in Economics from St. Lawrence University.

George H. Walker, Head of Alternative Investments, GOLDMAN SACHS & CO

George leads Alternative Investment Strategies (AIS) within the Investment Management Division.These efforts include Hedge Fund Strategies (formerly "Commodities Corporation"), the PrivateEquity Group and Global Manager Strategies. AIS manages $30 billion in alternative assets,

largely via external managers, making Goldman Sachs amongst the largest managers globally in thisfield. Furthermore, these groups oversee an additional $40 billion of core mandates via traditionalexternal money managers on behalf of global institutional investors and leading private clients.Previously, George was co-head of Goldman Sachs Wealth Management/ gs.com and head of theAsset Management US Institutional effort and its high-net-worth businesses (IMS and AMS). He alsoserved in Mergers & Acquisitions in Frankfurt, London, and New York. George is a member of thefirm’s Partnership Committee. He became a managing director and partner in 1998. George is chairof the board of Parsons School of Design, vice chair of the Board of Trustees of The New School, anda member of the School of Arts and Sciences Board of Overseers at the University of Pennsylvania.Previously, George was a commissioner for two programs in the US Department of Education. Heearned his MBA from Wharton and a BA and BS from the University of Pennsylvania (summa cumlaude, Phi Beta Kappa, Benjamin Franklin Scholar, Truman Scholar and Palmer Scholar).

Moderated by:

Trey Beck, CFA, Managing Director, D. E. SHAW & CO., L.P.Trey Beck is the managing director responsible for heading the firm's product development andinvestor relations group, and participates in the development of the D. E. Shaw group's overallbusiness strategy.Since joining the D. E. Shaw group in 1993, Mr. Beck has worked on a variety of initiatives,

including the structuring of a number of the D.E. Shaw group's alternative investment vehicles, themanagement of investor affairs, and the monitoring of government, regulatory, and trade groupissues affecting the finance industry. Mr. Beck oversees the development of the firm's institutionalasset management business and, in that context, interacts extensively with the institutional portfoliomanagement team. Mr. Beck graduated from the University of Virginia in 1993 with a dual degreein history and Russian studies. He was elected to Phi Beta Kappa as an undergraduate junior andwas designated an Echols Scholar for academic distinction. Mr. Beck is a member of the executivecommittee of D. E. Shaw Investment Management, L.L.C.

9.45 Re-defining the future of the Fund of Funds industry – How can fund offunds stay viable and demonstrate the value they add to their investors?What implications does this have for the fund of funds’ target clientbase, future growth strategies and their relations with managers?• To what degree are we at an inflection point for the fund of funds’ industry?• How can fund of funds add value and distinguish themselves while facing cost pressure of

managing continued growth, fee compression and industry consolidation • How must fund of funds adapt to continue to demonstrate the relevance of their services?• What fee schedules will be appropriate/ possible?• How fund of funds’ client lists are shifting – where will the market sweet spot be for

different types of funds and products going forward and how can funds meet the bifurcatedneeds of institutional and HNW investors

Paul Zummo, CFA, Chief Investment Officer, J.P. MORGAN ALTERNATIVEASSET MANAGEMENTMr. Zummo is a managing director of J.P. Morgan Alternative Asset Management and the head ofthe Portfolio Management Group. Prior to joining JPMAAM in July 1994, Mr. Zummo served asthe manager of retirement plan investments for the Interpublic Group of Companies from 1992 to

1994, where he was responsible for analysis, asset allocation and manager selection. From 1990 to1992 he worked at the former Chase organization as an investment analyst and consultant forinstitutional clients of the Chase Consulting Group. Mr. Zummo received a B.S. from the StateUniversity of New York at Albany and an M.B.A. from New York University. He holds the CharteredFinancial Analyst (CFA) designation and is a member of the Association for InvestmentManagement and Research (AIMR).

Gerald Messier, Managing Director, HSBC PRIVATE BANK (SUISSE) SA

Stuart Leaf, Chief Executive Officer, CADOGAN MANAGEMENT, LLC Stuart N. Leaf, Chief Executive Officer, has been involved in the research, creation and managementof Cadogan’s multi-manager portfolios since the inception of the firm in 1994. He also has primaryresponsibility for business strategy and new product development. Prior to founding Cadogan, Mr.Leaf was Managing Director of IMI Advisors USA, (the asset management division of MabonSecurities), a Principal at the Leveraged Buyout firm of Clearbrook & Co. and a Senior Associate atPeers & Co., a New York merchant bank (joint venture with LTCB), where he was engaged in realestate and merger & acquisition activity between Japan and the United States. Mr. Leaf was alsoan investment banker with Goldman, Sachs & Co. in New York and a Research Analyst in InvestmentBanking for Merrill Lynch Capital Markets. He received BAs in Economics and French, both withhonors and distinction, and an MA in French literature in 1983 from Stanford University, where healso received his MBA in 1987. He was elected to Phi Beta Kappa in 1982.

Moderated by:

Joel Katzman, Private Investor & ex- President and Chief Executive Officer ofJ.P. MORGAN ALTERNATIVE ASSET MANAGEMENT, INC.Mr. Katzman was previously President and Chief Executive Officer of J.P. Morgan AlternativeAsset Management, Inc. from its inception in 1995 until his retirement in April, 2005. In this rolehe was responsible for developing and managing hedge fund of fund products for J.P. Morgan

Chase's institutional and private banking clients. During his tenure the group grew from $7 millionto over $9 billion in assets under management. At the time of his retirement the group had over 70staff and invested with over 120 hedge fund managers. Mr. Katzman joined J.P. Morgan Chase in1975. He was involved in the firm’s alternative investment business beginning in 1988 and becamehead of the group in 1993. Prior to his responsibilities in alternative investments he was involvedin the bank's strategic planning, financial management and treasury functions, both domesticallyand overseas. Mr. Katzman received a B.S. in Finance from the University of Connecticut and anM.B.A. from New York University.

10.30 Morning Networking Break

11.00 Where future opportunities lie – a view from leading multi-strategyhedge funds

This special session will take a candid look at how some of the best funds in the businessview the future of the industry

Marc Lasry, Managing Partner, AVENUE CAPITAL GROUP

Marc Lasry is one of the pioneers of the distressed securities market, which has been theexclusive focus of his professional career. Marc is a Founder and Managing Partner of AvenueCapital Group, a distressed fund manager with assets totaling over $9 billion. Prior to AvenueMarc managed capital for Acadia Partners LP. Marc previously was Co-Director of theBankruptcy and Corporate Reorganization Department at Cowen & Company. Prior to that

time, he served as Director of the Private Debt Department at Smith Vasiliou ManagementCompany. Previously, Marc specialized in bankruptcy law at the New York law firm of Angel &Frankel. He holds a B.A. in History from Clark University and a J.D. from New York Law School.Marc clerked for the Honorable Edward Ryan, Chief Bankruptcy Judge of the Southern District ofNew York. Marc currently serves on the Board of The Big Apple Circus, New York Law School,Continuum Health Partners and Dress Barn. He is also Vice Chairman of the Corporate Board ofthe John F. Kennedy Center for the Performing Arts. Marc resides in New York with his wife and 5children.

Daniel S. Loeb, Chief Executive Officer, THIRD POINT LLC

Daniel S. Loeb is Founder and CEO of Third Point LLC, a $4.0 billion investment managementfirm, founded in 1995. Third Point invests internationally in equity and debt securities ofcompanies involved in event driven and special situations. In 1994, Mr. Loeb was Vice Presidentof High Yield sales at Citigroup. From 1991 to 1993, he was Senior Vice President in thedistressed debt department at Jefferies & Co. Mr. Loeb began his career as an Associate in

private equity at Warburg Pincus in 1984. Mr. Loeb is a Director of Ligand Pharmaceuticals,Director of American Restaurant Group, Director of Ception Pharmaceuticals, Director of MasseyEnergy Company, and former Director of Radia Communications, prior to its sale to TexasInstruments in July 2003. He is a Trustee of Prep for Prep, an organization dedicated to facilitatingeducation and career opportunities for underprivileged youth. He graduated with an A.B. inEconomics from Columbia University in 1984.


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September 18 – 20 • Pier 60 • New York City

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2:15 Analyzing the global flow of funds - Where are asset flows going,who are the winners & losers and how is the money that is coming inbeing allocated?• Analysis of key geographic trends• Assessing the nature of flows from key institutional and private client investor categories• Identifying the average allocation size by group and region• Understanding how asset flows trends are currently impacting different strategies

Marina Lewin, Managing Director, Director of Relationship Management, THEBANK OF NEW YORK, ALTERNATIVE INVESTMENT SERVICES Marina Lewin has responsibility for hedge fund administration relationship management at TheBank of New York. She is also responsible for the conversion team and coordinates the Bank'sglobal marketing support efforts for hedge funds. Marina co-authored the research paper"Institutional Demands for Hedge Funds: New Opportunities and New Standards" which waspublished in September 2004 in conjunction with Casey, Quirk & Acito. In this multi-facetedmanagement role, Marina is also a frequent speaker at industry events and serves as a mediaspokesperson for the Bank's hedge fund business. Prior to her involvement in the alternative assetarena, Marina was responsible for product delivery for Exchange Traded Funds, which includedthe NASDAQ 100 Exchange Traded Trust (QQQ) and the S&P Mid-Cap 400 Trust (MDY). Beforejoining the Bank, Marina was with JPMorgan and Deutsche Bank and had a variety of roles in thesecurities industry business line, including operations management, product management andproduct development. She has also had extensive experience acting as a senior manager for keybusiness integration projects. Marina graduated from Barnard College and received her M.B.A. inFinance from New York University.

Sean Simon, Managing Director, Member Strategic Operating Committee, IVYASSET MANAGEMENTSean G. Simon is a Managing Director of Ivy Asset Management Corp. (“Ivy”), a wholly owned

2:15 Case studies of the latest innovations in the structuring of portablealpha solutions

Sheila Healy Berube, CFA, Manager Benefit Funds Investment, 3M CompanyAs Manager, Benefit Funds Investment, Sheila is responsible for the public managers in the $9.5billion defined benefit plan and the $1.5 billion in four VEBA plans. In this capacity she leadspolicy change recommendations, asset allocation decisions, manager selection and monitoring,and reports to the 3M Investment Management Committee. In addition, she assists as a technicaladvisor for assets in the $6+ billion 401k Plan. Increasingly, she consults with 3M’s overseassubsidiaries regarding investment decisions in their DB and DC Plans. Prior to her currentposition, she was Director, Cash & Investments at Allina Hospitals & Clinics. While there, she hadresponsibility for investments in the defined benefit plan, insurance funds, foundation &endowment pools and 401k plan, as well as oversight responsibility for the cash operations. Shealso has held management positions with the Minnesota State Board of Investment. She startedher career as an Investment Associate in the Investment Department of American ExpressFinancial Advisors where she assisted portfolio managers in reviewing and selecting IPO offerings.Sheila holds an MBA in Finance from the University of St. Thomas and a BA in English fromMarquette University. She was awarded the CFA designation in 1998.

Donald Pierce, Investment Officer, SAN BERNARDINO COUNTYEMPLOYEES RETIREMENT ASSOCIATIONMr. Pierce has served as the Investment Officer for the San Bernardino County Employees’Retirement Association (SBCERA) since 2001. He is responsible for the day-to-day operation ofthe investment division for the $5.1 billion public pension fund. He directly assists the ExecutiveDirector with developing policy and investment goals, implementing investment objectives and theselection of investment managers. Previously, Mr. Pierce was with Watson Wyatt for nearly fouryears as an actuarial analyst for pensions and health care, progressing to a position as aninvestment analyst. During his tenure with SBCERA, Mr. Pierce introduced both internationalprivate equity and emerging market debt into the plan’s mix with notable success. Additionally, he

James Dinan, Founder & Chief Executive Officer, YORK CAPITALMANAGEMENTMr. Dinan is the Founder and Chief Executive Officer of York Capital Management. He is aManaging Member of the firm and is a member of the firm's Senior Management Committee. Hehas responsibility for the implementation and execution of York's investment process as well as

its overall business strategy. He is the Senior Co-Portfolio Manager of York's multi-strategy fundsand oversees the firm's other portfolio managers investment activities. Prior to forming York Capital Management in 1991, Mr. Dinan previously worked at Kellner, DiLeo& Co. and Donaldson, Lufkin & Jenrette.Mr. Dinan received his BS in Economics, summa cum laude, from The Wharton School, Universityof Pennsylvania and his MBA from Harvard Business School.He is a member of the Board of Directors of the Museum of the City of New York and Publicolor, anot-for-profit organization benefiting New York City public school children.

Jonathan Sandelman, Chief Executive Officer, SANDELMAN PARTNERS, L.P.Jonathan Sandelman is the CEO of Sandelman Partners, L.P. Previously he was the President ofBanc of America Securities and former Head of Debt and Equities. He was a member of theBank of America Operating Committee, Banc of America Securities Leadership Committee and

The Global Corporate and Investment Banking Compensation Committee. As Head of Debt andEquities, Sandelman was responsible for all of market risk and strategic direction of the firm’strading, distribution and new product development efforts. He also oversaw the firm’s capitalmarkets function in coordination with the head of banking. Sandelman began his career with Bancof America Securities in 1998 as head of the Equity Financial Products business, and became headof Equities in 2002. He was appointed President of Banc of America Securities in early 2004. Priorto BOA, he was deputy head of Global Equities and managing direction of equity derivatives andproprietary trading at Salomon Brothers and a member of the firm’s Risk Management Committeeand Compensation Committee. Mr. Sandelman has been honored with Risk Magazine’s prestigious“Derivative Superstar” award and Derivative Magazine’s “Derivative Person of the Year”. Mr.Sandelman was also recently nominated for the Emerging Manager Award by the AlternativeInvestment News. Jonathan is a trustee of the Whitney Museum of American Art and a Member of theNominating Committee. Sandelman earned a BS from Adelphi University and a JD from CardozoSchool of Law.

Moderated by:

Randy Slifka, Managing Principal, SLIFKA ASSET MANAGEMENT LLCRandy Slifka is the Managing Principal of Slifka Asset Management LLC, an Alternative InvestmentAdvisory firm located in New York City. Mr. Slifka specializes in Portfolio Construction, AssetAllocation, and Hedge Fund Manager Analysis. He has been a principal investor and analyst ofAlternative Investments for over 18 years. Mr. Slifka started his career at E.M. Warburg Pincus &

Co. where for five years he made Principal Investments, conducted due diligence, and sourcedinvestment opportunities. Mr. Slifka was a Senior Portfolio Professional, Principal, and PortfolioManager at Halcyon Partnerships from 1989 through 1997. At Halcyon, he was primarily responsiblefor the firm’s distressed debt and special situations effort, and created and managed an event-drivenmulti-manager fund. Mr. Slifka has done consulting for Investor Select, and many high net worthindividuals and family offices with respect to their hedge fund investment efforts, and alternativeinvestments. Currently, Mr. Slifka currently acts as Investment Advisor to the Great Bay AlternativeInvestment Fund, the Georgica Alternative Investment Fund and the Gouverneur Alternative InvestmentFund; investment vehicles with exposure to the following strategies: risk arbitrage, convertiblearbitrage, capital structure arbitrage, statistical arbitrage, distressed debt, long/short equity, macrostrategies, and emerging market strategies. Mr. Slifka is also currently the Chief Investment Officer, andAsset Strategist, for Global Hedge Advisors LLC. Mr. Slifka graduated from Brandeis University, PhiBeta Kappa, and Summa Cum Laude. Mr. Slifka has spoken at many industry conferences and hiscomments have appeared in Baron’s, Business Week and the New York Times.

12:00 Examining the role of fund of funds in enabling the frontiers of investingto be pushed forward and what changes fund of funds will need to maketo adopt this as their key value propositionWith the convergence of public and private markets, combined with investors willing toaccept higher risk premia, new opportunities exist to exploit global inefficiencies. Given thatfund of funds still hold 45-50% of access to assets in alternative it can be argued that theirallocations are still critical for start-up, more esoteric investment oportunities. This sessionwill examine how fund of funds can provide critical support for the advancement of thesefrontiers. • How fund of funds can meet the higher standards of governance required for these types

of investments• Identifying the specialist skills required to invest in these opportunities

• Reluctance of (some) consultants to recommend direct investment in hedge funds that aren’tRIAs, pursue longer lock ups, have high turnover in portfolio and maybe geographicallyremote

• Given the need to source new opportunities outside mainstream how will institutional fundof funds need to re-invent themselves or restructure their offerings to position themselves inthis way?

• How do fund of funds cover the market, source new ideas and identify the strategies they areinvesting in?

Marc Roston, Ph.D., Senior Portfolio Manager, SILVER CREEK CAPITALMANAGEMENT LLCMarc Roston, Ph.D. is a Senior Portfolio Manager, member of the Investment Committee and headsthe New York office at Silver Creek. His responsibilities include manager research and duediligence, with an emphasis on long/short strategies. Previously, Mr. Roston was an investmentmanager with McKinsey & Company in New York and, prior to that, an equity portfolio manager atJ.P. Morgan Investment Management. Mr. Roston holds a Ph.D. in economics from the University ofChicago and a B.S. from Carnegie Mellon University.

Michael Staveley, Chief Investment Officer, EDEN ROCK CAPITALMANAGEMENTMichael has 18 years experience in the financial markets and has run a variety of businessesinvolving the trading and structuring of credit risk. Most recently Michael spent five years atCommerzbank where he was global head of credit markets. Prior to that he spent three years at

General Re Financial Products as Managing Director and global head of credit trading. Michaelalso spent six years with SBC Warburg in London and New York where he was global head ofstructured credit trading and four years at Citicorp in fixed income derivatives.

Thomas Strauss, Chief Executive Officer and Chief Investment Officer,RAMIUS HVB PARTNERS, LLC

Thomas W. Strauss is CEO and Chief Investment Officer of Ramius HVB Partners, LLC and aCo-Founder and Managing Member of Ramius Capital Group, LLC, a privately held investmentfirm. Ramius Capital is focused on low volatility alternative asset class investment strategies

and manages $7.5 billion for institutions and high net worth individuals around the world. Prior tojoining Ramius Capital in 1995, Mr. Strauss was Co-Chairman of Granite Capital InternationalGroup. Mr. Strauss graduated with a B.A., Economics from the University of Pennsylvania in 1963.From 1963 to 1991 Mr. Strauss was with Salomon Brothers Inc. He was admitted as a GeneralPartner in 1972 and was appointed to the Executive Committee in 1981. In 1986, he becamePresident of Salomon Brothers Inc and a Vice Chairman and member of the Board of Directors ofSalomon Inc, the holding company of Salomon Brothers and Phibro Energy, Inc. Mr. Strauss is aformer member of the Boards of Governors of the American Stock Exchange, the ChicagoMercantile Exchange, the Public Securities Association, the Securities Industry Association and aformer member of the Federal Reserve Capital Markets Advisory Committee and U.S. JapanBusiness-Council. He is a past President of the Association of Primary Dealers in U.S.Government Securities. Mr. Strauss currently serves on the Board of Directors of Armor Holdings,Inc. He is a member of the Board of Trustees of the U.S.-Japan Foundation, the Mount Sinai-NYUHealth Board of Trustees and the Boards of Trustees of Mount Sinai Medical Center, Mount SinaiHospital and Mount Sinai Medical School. He also serves on the Advisory Board of Randall'sIsland Sports Foundation, is a Trustee Emeritus of Riverdale Country School and is Treasurer andMember of the Board of Trustees of The Bachmann-Strauss Dystonia and Parkinson Foundation.Mr. Strauss serves on several not-for-profit investment committees.

Moderated by:

George I. Main, CFA, Chief Executive Officer & Chief Investment Officer,DIVERSIFIED GLOBAL ASSET MANAGEMENT

Mr. Main is the founder, Chief Executive Officer & Chief Investment Officer of DiversifiedGlobal Asset Management. In addition to overall firm management and direction, Mr. Main isresponsible for investment decision-making including hedge fund selection, hedge fund portfolioconstruction and overlay management. Mr. Main was previously a Managing Director and ChiefInvestment Officer of Northwater Capital Management Inc., a large hedge fund-of-funds and

portable alpha manager in New York and Toronto. Mr. Main joined Northwater in 1989 and becamethe Chief Investment Officer in 1997. From 1999 through to 2003, Mr. Main grew assets undermanagement in the hedge fund-of-fund offering to over $4.5 billion. Mr. Main is an MBA graduatefrom the University of Toronto, Rotman School of Business and holds a BA in Economics fromTrinity College, University of Toronto. Mr. Main is a CFA Charterholder and is a member of theToronto Society of Financial Analysts.

12.45 Lunch Sponsored by HSBC


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subsidiary of The Bank of New York Company, and serves as Managing Director, Head of GlobalClient Development. Mr. Simon manages the activities of the client development functions, focusingon opportunities critical to Ivy’s future growth as well as management of Ivy’s client base andadvisory relationships. Mr. Simon also serves on Ivy’s Strategic Operating Committee andInvestment Allocation Committee. Mr. Simon has held various positions within Ivy since February1996. Ivy Asset Management Corp. is recognized as one of America’s leading AlternativeInvestment Fund of Funds Managers. For over 20 years, Ivy’s clients have participated in nichestyles and sophisticated strategies, not typically available to the general investing public. Thecommonality among Ivy’s partnerships is that all utilize Alternative Investment strategies includingrelative value/market neutral, special situations and long/short equity strategies. Through its fundsand advisory relationships, Ivy manages in excess of $14 billion of investor assets. Ivy’s clienteleincludes Fortune 500 and Taft-Hartley Pension Plans, a Foreign Municipality Pension Plan, HighNet Worth Individuals, Professional Money Managers, Money Center Private Banks, Multi-National Insurance Corporations, a Global Investment Banking Firm, Private Family Offices,Offshore Entities, and Foundations and Endowments. From January 1994 to February 1996, Mr.Simon was a Research Associate within the equity research department of Credit Suisse FirstBoston, a full service investment bank in New York. From October 1992 to January 1994, Mr.Simon was a business Analyst and the Director of Marketing for Allied Business Intelligence, acorporate consulting firm. Mr. Simon graduated from Boston University in 1992 with a B.S. inBusiness Administration from the University’s School of Management. Mr. Simon resides in EastHills, New York with his wife Stacey and sons Ryan and Owen.

developed a UAAL forecasting model and he spearheaded a new rebalancing methodology.Mr. Pierce earned a Bachelors of Science in Statistics from San Diego State and is a CFA charterholder. He is a member of the CFA Institute and has shared his professional expertise with variousprofessional organizations, including being a featured speaker on securities lending for theInternational Money Network.

Moderated by:

H. Kurt Overley, Managing Director & Co-Head of Structured Fund DerivativesMarketing, BNP PARIBAS

3:00 Examining the Fund of Funds role in providing global regional diversificationThis session will feature CIOs from leading fund of funds specializing in different geographicregions including Asia, Africa, Europe and key emerging markets.

Jerry Wang, Chief Executive Officer, VISION INVESTMENT MANAGEMENT LIMITEDMr. Jerry H. Wang is the founder of Vision Investment Management (“VIM”), a Hong Kong-basedfund of hedge funds management company. Jerry has fourteen years of experience in the assetmanagement industry. In 2000, Jerry established VIM, aspiring to develop a comprehensive FOHFinvestment management company with effective investment process, stringent risk management andsuperior risk-adjusted absolute returns. As the CEO/CIO of VIM, Jerry works closely with theinvestment team to continuously enhance every phase along the investment process. The concertedeffort resulted in a sound combination of a meticulous qualitative manager selection process and aproprietary quantitative analysis platform. As of March, 2005, VIM manages over USD800 millionfor clients worldwide. Prior to forming VIM, Jerry was an Executive Director at Scudder Kemper Investments, precededby the engagement as the Director of Marketing at Merrill Lynch Capital Management Group.Jerry received a B.S. in Industrial Engineering and Management Science from the McCormickSchool of Engineering at Northwestern University in the United States

Eduardo Deschapelles, Senior Vice President, PERMAL ASSETMANAGEMENTEduardo Deschapelles has 20 years of professional experience in financial services and investmentmanagement. He currently manages all aspects of institutional client relationships at Permal.Prior to joining Permal in 2004, Mr. Deschapelles served as Director of Investment Products atCitibank where his responsibilities included hedge fund selection and due diligence. In addition,Mr. Deschapelles also served as Vice President and Regional Manager in the derivatives group atMerrill Lynch where he marketed a wide range of structured products to U.S. and internationalclients. He holds an MBA from Harvard Business School and a BSFS (cum laude) fromGeorgetown University.

Derrick Roper, Director, Chief Investment Officer, NOVARE INVESTMENTS Derrick is a graduate from the University of Stellenbosch and a Fellow of the London Institute ofActuaries. Before joining Novare he worked for a number of large financial services companies inSouth Africa and the United Kingdom where he gained experience in asset-liability matching andinvestment product development. In 2000 he was one of the founders of Novare where he isresponsible for asset-liability matching, asset manager research and all alternative investments.Novare was founded in October 2000, and is owned by the Mvelaphanda Group (50%) andmanagement (50%). Mvelaphanda was established in 1998 by Tokyo Sexwale and within a veryshort period emerged as a leading black owned company in South Africa that is listed on theJohannesburg Stock Exchange. As at 31 December 2005, Novare had US$2bilion under advice/management for institutionalclients in South Africa. Novare manage the Mayibentsha Fund of Funds which was launched in April 2003. TheMayibentsha Fund of Funds is the first internationally accessible, tax friendly investment into afund of South African hedge fund managers. In March 2006 the fund had over US$150m in totalassets. Today the Mayibentsha Fund of Funds is the largest hedge fund of funds in South Africa,investing only in South African hedge funds.

Moderated by:

Simon Hopkins, Chief Executive Officer, THE FORTUNE GROUPSimon Hopkins has over 20 years' experience in the European investment business. He started hisinvestment banking career with SG Warburg & Co in 1986, joining UBS in 1988 as a Europeanequity specialist. From 1990 to 1996 he spent over six years as a French equity market specialist inParis, first with HSBC James Capel, then the Japanese giant Nomura in France, where as directorof French equities he built a highly-rated equity sales and research business. Simon establishedFortune, a diversified hedge fund management and advisory firm, and its research affiliate GlobalFund Analysis in 1996. Earlier this year, Close Bros plc, a leading UK merchant bank, managingalternative assets of in excess of USD 7 billion, acquired a controlling interest in the firm. TodayFortune manages proprietary hedge funds including the Market Wizards Fund and the Fortunefamily of funds overseeing over 1 billion USD in total for a wide range of institutional clientsincluding insurance companies, private banks, family offices and endowments. The firm has alsoseeded 15 single strategy funds over the last decade through its unique emerging managerprogram. Simon brings to the Fortune team a deep understanding of global investors and thedriving forces of fund investing. He is a regular commentator on fund industry topics in thefinancial media and has addressed numerous conferences, the OECD and the London School ofEconomics on hedge fund investing. He graduated with honours from the University of Bristol'sFaculty of Law.

3:00 Examining the latest developments in beta innovation in the deploymentof portable alpha• An unconstrained view of beta maintenance• Alternative methods to create beta within an alpha port product• Advances in rebalancing techniques• Latest developments in estimating embedded data in alpha sources• Administrative alpha from beta portfolio management• Costs and operational issues in producing an alpha port product• Broad versus narrow beta application trade-offs

Karin E. Brodbeck, CFA, Director – Retirement Investments, NESTLÉBUSINESS SERVICESAs Director – Retirement Investments, Karin co-leads the Nestlé Retirement Investments SharedService Center for Nestlé Business Services in North America. Karin is responsible for oversight ofinvestment managers for a $2.5 billion defined benefit trust and a $2.0 billion defined contributiontrust, in addition to a variety of foundations, VEBAS and other assets supporting nonqualifiedretirement benefit plans. Karin started her career at Union Carbide and held a variety of positionsin the Pension Fund Investment and Internal Audit groups. Karin holds an MBA from theUniversity of New Haven and a BA in Economics and History from Linfield College. She wasawarded the CFA designation in 1997.

Jack L. Hansen, CFA, Chief Investment Officer and Principal,THE CLIFTON GROUPJack L. Hansen is the Chief Investment Officer and a Principal of The Clifton Group. Hisresponsibilities include portfolio management, research, and product development. Since joiningThe Clifton Group in 1985, Mr. Hansen has played a leading role in the research, development,and management of The Clifton Group's enhanced equity index, enhanced cash, and options andfutures based risk management overlay programs. He has also developed standardized andcustomized performance measurement benchmarks for options and futures based investmentprograms. Mr. Hansen earned a BS in finance and economics from Marquette University, and an MS in finance from the University of Wisconsin, Madison. Mr. Hansen holds the professionaldesignation of Chartered Financial Analyst (CFA) and is a member of the Twin Cities Society of Security Analysts. Mr. Hansen writes and lectures on the use of derivatives in portfolio management

H. Kurt Overley, Managing Director & Co-Head of Structured Fund DerivativesMarketing, BNP PARIBASMr. Overley joined BNP Paribas in 2003 when the firm acquired the fund derivatives business ofZurich Capital Markets and was charged with building the hedge fund financing business for BNPParibas. He was responsible for moving the multi-billion fund derivatives book from ZCM to BNPParibas, training BNP Paribas personnel, and developing new business for structured hedge fundproducts in the Americas. Prior to BNP Paribas, Mr. Overley was employed at Zurich Capital Markets from 1999 to 2003where he was instrumental in establishing ZCM as a premier global institution with the largeststructured fund products book (approximately $10 billion), annual revenues over $100 million, and$3 billion in alternative assets under management. Most recently, he was Managing Director andHead of Structured Products Group at ZCM where he founded the firms structured products hedgefund business. In this capacity he developed investment structures used to provide capitalprotection, financing, tax and accounting benefits, as well as developed transaction templates foroptions, loans, principal protection trades and other recurring structures. In addition, he foundedthe Javelin fund of funds and co-created the Zurich investable hedge fund indices, the firstinvestable index product on the market. From 1992 to 1998, Mr. Overley was a vice president inthe Derivative Product Group at Credit Suisse Financial Products where he founded the firmsstructured products hedge fund business and co-created the SAPIC fund of funds. In addition, hedesigned the principal protected note program, a distribution vehicle for SAPIC and other funds, aswell as developed derivative structures to provide financing and tax optimization for hedge fundinvestors and risk-management technology to limit porfolio risk for fund of funds and single hedgefund transactions. From 1986 to1989, Mr. Overley spent his summers at the Los Alamos NationalLaboratory in Los Alamos, New Mexico, where he wrote optimization software for particleaccelerator magnet design as part of the Strategic Defense Initiative. In 1986, Mr. Overleyreceived his B.S. in Mathematics and Physics from Harvey Mudd College in Claremont, California.In 1991, he received his Ph.D. in mathematical science (with dissertation on constrained nonlinearoptimization) from Rice University, Houston, Texas.

3.45 Afternoon networking break 3.45 Afternoon networking break

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“The ability to network and learn from a variety ofinvestors and providers; administrators, legal, primebrokers was valuable”

Shelia Berube, Manager benefit Funds Investment, 3M Company

“Well run, on time...great panelists” attendee GAIM USA 2005


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Day TwoTuesday, September 19, 2006

8.00 Registration & Continental Breakfast

Registration Sponsored by RiskData


Kevin E. Lynch, Director, Strategic Relationships & Absolute Return Strategies,VERIZON INVESTMENT MANAGEMENT CORP.

9.00 Are low returns structural or cyclical and what are the implications forasset allocation decisions by fund of funds?• Is the market more efficient or have alpha opportunities been crowded out?• Are lower returns due to structural changes or are they subject to the same trends generating

a glut in global liquidity• What evidence suggests that low performance is systemic at the larger funds level? • Identifying the impacts of different market conditions?

Cyclicality, Fee compression, Lower interest rates• What types of fund of funds will be positioned to take advantage of these conditions• What implications do these conditions have for the influence of manager vs strategy

selection on fund if fund asset allocation decision making?

Robert A. Jaeger, Ph.D., Vice Chairman and Chief Investment Officer, EACMADVISORS LLCBob is Vice Chairman and Chief Investment Officer of EACM Advisors LLC, a wholly-ownedsubsidiary of Mellon Financial Corporation. EACM manages diversified portfolios of hedgefunds for institutional clients. In 1984 Bob became one of the founding members of the

investment management team that eventually developed into EACM. From 1983 to 1987 Bob alsoheld research and consulting positions at Evaluation Associates, a leading institutional investmentconsulting firm that was previously affiliated with EACM. Prior to entering the investment businessBob was a member of the faculty at Yale University and at the University of Massachusetts atAmherst. Bob holds a B.A. from Princeton University, a B.Phil. from Oxford University, and aPh.D. from Cornell University. He is the author of All About Hedge Funds (McGraw-Hill, 2002).

Jean Karoubi, President & Chief Investment Officer, THE LONGCHAMPGROUPJean Karoubi is the President and co-Chief Investment Officer of the LongChamp Group which hefounded in 1981. The LongChamp Group, which is based in New York, is a family office and aprofessional organization which provides managerial and financial advisory services to wealthyfamilies, international banks, corporations and foundations. Previously, Mr. Karoubi was Presidentof Duty Free Shoppers S.A. in Paris and President of General Atlantic Inc. in New York. Mr.Karoubi is a recognized expert in alternative investments and he is a frequent speaker atinternational alternative investments conferences. Mr. Karoubi received an MBA in 1973 from theWharton School at the University of Pennsylvania where he was a Fulbright Scholar. Born inAlgeria and raised in France, he received graduate degrees from the University of Paris, in Law in1969 and in Economics in 1969, and the diploma at Institut d’Etudes Politiques in 1970.

Maurice E. Maertens, Chief Investment Officer, NEW YORK UNIVERSITYMaurice E. Maertens is the Chief Investment Officer of New York University the largest privateuniversity in the U.S. He is responsible for the design and implementation of investment programsfor the NYU Endowment Fund. He also has responsibility for a number of other NYU-relatedpension and trust funds. Prior to joining NYU in 1997, Mr. Maertens worked with the pensioninvestment activity of Ford Motor Company for 29 years. He started at Ford in 1968 and becameManager Pension Investments in 1971. In 1985 he was named Director - Pension AssetManagement, with responsibility for Ford’s worldwide pension and savings plans (which totaledmore than $50 billion at the time he took early retirement in 1997.) Mr. Maertens earned an MSfrom MIT’s Sloan School of Management and a BA degree from St Mary’s College of California.

William N. Goetzmann, Edwin J. Beinecke Professor of Finance andManagement Studies, Director, INTERNATIONAL CENTER FOR FINANCEAT THE YALE SCHOOL OF MANAGEMENTWilliam Goetzmann is an expert on a diverse range of investments, including stocks, hedge funds,mutual funds, real estate, and paintings. His research topics include global investing, forecastingstock markets, selecting mutual fund managers, housing as investment, and the risk and return ofart. His work has been featured in the Wall Street Journal, the New York Times, Business Week, theEconomist, Forbes, and Art and Auction. Professor Goetzmann has a background in arts and media

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4.15 EXTENDED SESSIONTop performing Fund of Fund Chief Investment Officers explain theirasset allocation and portfolio construction processes • Overview of the portfolio design and investment processes• Allocation strategy approach top down vs bottom up• Rationale for portfolio concentration vs diversification • Use of directional strategies• What they are looking for in terms of hedge fund portfolio construction & asset classes• How funds evaluate returns streams explaining their internal processes for:

Factor modelingIdentifying risks in individual manager investments and across aggregate portfolioQuantitative modeling of managers and their correlation to the rest of the portfolio

Eliza Lau, Chief Investment Officer & Managing Director, SEARCHINVESTMENT GROUP, SAIL ADVISORS LTD.

Judson P. Reis, President, SIRE MANAGEMENT CORPORATIONMr. Reis was born in Bryn Mawr, Pennsylvania on July 31, 1942, son of Maurice J. and Wiley(Patterson) Reis. He graduated from Pomfret School, Pomfret, Connecticut in 1960; Washingtonand Lee University, Lexington, Virginia, cum laude, in 1964; and Harvard Business School, Boston,Massachusetts, with distinction, in 1966. Mr. Reis is the President of Sire Management Corp.which manages several multi-manager investment partnerships, including Sire Partners, L.P., SireDiscovery Group, L.P., Sire Global Partners, L.P., Sire Short Biased Partners, L.P., and Sire SpecialOpportunity Partners, L.P. He is also the Managing General Partner of the entity which acts as theGeneral Partner of these partnerships. Before founding the Sire group he was Executive VicePresident in charge of investment banking and Managing Director of Kleinwort Benson NorthAmerica Incorporated, the U.S. subsidiary of Kleinwort Benson Ltd., one of the leading merchantbanks in the United Kingdom, and a Director of Kleinwort Benson Ltd. Mr. Reis began hisinvestment banking career in 1966 with Morgan Stanley & Co., spending 22 years there during themajority of which he was a Managing Director. At Morgan Stanley Mr. Reis worked in theCorporate Finance, Capital Markets and Mergers and Acquisitions Departments. Since the start ofthe 1987 – 1988 academic year Mr. Reis has been a visiting professor at the Colgate DardenGraduate School of Business Administration, University of Virginia, Charlottesville, Virginia. Mr.Reis has served as a Director of two small privately held companies and has been active in fundraising for primary and secondary private schools. He served as a Director of Pilobolus, a moderndance company, and is currently President of the Board of Trustees of the Skowhegan School ofPainting and Sculpture. Mr. Reis co-authored "The Fine Art of Valuation" in The Mergers andAcquisitions Handbook, published by McGraw-Hill in 1987 and "Determining the Value ofRestructuring Alternatives" in Corporate Restructuring, A Guide to Creating the Premium-ValuedCompany, published by McGraw-Hill in 1990. Mr. Reis resides in Manhattan. He is married andhas five grown sons.

Sudhir Krishnamurthi, DBA., Managing Director, ROCK CREEK GROUP

4.15 Examining the pros & cons separately managed accounts (SMAs) vs co-mingled vehicles• Quantifying the risk of adverse selection for managed accounts• Determining the tangible advantages of enhanced transparency & control for the investors• Managing the challenges of exiting a SMA• Evaluating the additional costs of SMAs vs co-mingled vehicles – in what particular

circumstances for which types of portfolios are they most likely to be most advantageous

Jason D. Papastavrou, PhD, Founder, ARIS CAPITAL MANAGEMENTDr. Papastavrou founded Aris Capital Management, a fund of hedge funds firm with $250 millionunder management in early 2004. Prior to founding ARIS, from 2001 through 2003, Dr.Papastavrou was the founder and Managing Director of the Fund of Hedge Funds Strategies Groupof Banc of America Capital Management (“BACAP”), with assets under management of over $800million as of his departure in December 2003, and President, BACAP Alternative Advisors. Priorto joining BACAP in 2001, he was a senior portfolio manager for Deutsche Asset Management(“DeAM”) from 1999 to 2001. When following the merger with Bankers Trust in 1999, DeAMdecided to build its internal fund of hedge fund capabilities, Dr. Papastavrou was the first hire ofthat group. His tenure saw a period of unprecedented growth as assets under management grewfrom $700 million to $4.5 billion. From 1997 to 1999, Dr. Papastavrou consulted and worked for aSwiss family office with hedge fund investments of over $1 billion. Dr. Papastavrou earned a Ph.D.and Master’s degree in electrical engineering and a Bachelor’s degree in mathematics all from theMassachusetts Institute of Technology (MIT) where his research focus was on decision makingunder uncertainty.

Lionel Erdely – Head of Asset Allocation & Investors Relations, LYXOR ASSETMANAGEMENTLionel ERDELY holds an M.B.A. degree in finance from ESSEC (École Supérieure des SciencesÉconomiques et Commerciales) in Paris (1997). Prior to joining Lyxor AM in June 2002, LionelERDELY was Vice-President in Equity Corporate Finance at Société Générale, where he worked onseveral IPOs, Capital Increases and Convertible Bond Issues, mainly on the German market. Bill brown UBS

John P. Nicholas, Director of Portfolio Management, HFR ASSETMANAGEMENTMr. Nicholas oversees the management of the firm’s custom and advisory portfolios. Prior tojoining HFR Asset Management in 2002, Mr. Nicholas structured and managed traditional andhedge fund portfolios at Morgan Stanley, and prior to that, managed traditional and alternativeinvestments at Harris Trust. Mr. Nicholas has 12 years of experience managing and overseeinghedge fund portfolios. Mr. Nicholas received a Bachelor’s degree, magna cum laude, from HarvardUniversity and a Juris Doctor from Northwestern University School of Law.

5.00 Understanding the latest advances in structured products and theimplications of a change in global volatility


5.45 Cocktail Reception hosted by Bisys



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management. As a documentary film-maker, he has written and co-produced programs for "Nova"and the "American Masters" series, including a profile of the artist Thomas Eakins. A formerdirector of Denver's Museum of Western Art, Professor Goetzmann co-authored the award winningbook, The West of the Imagination.

9.45 Identifying whether concentrated, sector specific, niche fund of fundsare the key to higher returns and fund differentiation or ephemeral,short terms fixes?• How niche fund of funds can help Investors fill gaps in existing allocations with

specific exposures• What do investors need to consider when investing in these strategies?• Identifying how niche funds quantify their value over and above market beta• How can niche strategies remain sustainable over different market cycles?

Reid Bernstein, Chief Executive Officer, ONECAPITAL MANAGEMENTPARTNERS, LLCMr. Bernstein, with over twenty-two years of merchant banking and alternative investmentexperience, began his career in the Mergers and Acquisitions Group/Principal Investment Unit ofThe First Boston Corporation (now CREDIT SUISSE). In 1985, he joined Drexel BurnhamLambert’s Mergers and Acquisitions/Leveraged Buyout Group, where he was responsible for avariety of leveraged acquisitions, related financings and restructurings, for the firm’s account andfor clients. In 1990, he joined PaineWebber (now UBS) and was responsible for leveragedacquisitions and restructurings, as well as certain capital markets, structured products, and assetmanagement activities. In 1992 he partnered with merchant banking and alternative investmentfirms to participate in a variety of investments and funds, as principal and as an advisor for clients.Such activities included the establishment and management of an investment partnership focused ondistressed European assets, the establishment and initial management of an emerging marketsprivate equity fund, and both public and private financings for companies. In 1995, he joined amerchant banking and investment firm founded by the heads of Global Merchant Banking atMerrill Lynch, and in late 1996, he formed the predecessor to OneCapital Management Partners tofocus exclusively on alternative investment businesses. In such capacity, Mr. Bernstein has been anadvisor to financial institutions including Citigroup, Investcorp, and HSBC/Republic and to severalMulti-Strategy hedge funds. Mr. Bernstein graduated with honors from The Wharton School of theUniversity of Pennsylvania with a B.S. in Economics and a MBA and was designated a UniversityScholar with the Law School of the University of Pennsylvania. While attending Wharton, Mr.Bernstein worked for Goldman, Sachs & Co. in their M&A and Capital Markets groups.

Mario Therrien, Vice President - Specialized Funds of Hedge Funds, CAISSEDE DÉPÔT ET PLACEMENT DU QUÉBECSince August 2002, Mario Therrien is Vice President – Specialized Funds of Hedge Funds, abusiness unit that specializes in management of international hedge funds. In this capacity, Mr.Therrien oversees a team whose mandate is to develop strategies using hedge funds. Mr. Therrienjoined CDP Capital's Tactical Investments Department in 1992 as a Financial Analyst. He wassubsequently promoted to Assistant Manager and Manager. In January 1999, he was appointedVice-President of CDP Capital – Varan Tactical Asset Management, a fund that specializes inmanagement of international tactical investments. The Varan Fund's main mandate is to offerportfolio management services to an external clientele. In that capacity, Mr. Therrien developedtactical asset allocation strategies for CDP Capital using a portfolio of derivatives. MarioTherrien has a bachelor's degree in economics and a master's degree in finance from theUniversité de Sherbrooke. He has also completed the Canadian Securities Course given by theCanadian Securities Institute and obtained the chartered financial analyst (CFA) designation fromthe Institute of Chartered Financial Analysts.

Kevin P. Quirk, Managing Director, Casey, QUIRK & ASSOCIATESKevin is a founding principal of Casey, Quirk & Associates. He has over 15 years of experience in theinvestment management industry and has worked directly with over 50 organizations, including manyof the industry leaders. Kevin has led assignments in broad organizational strategy, investment anddistribution platform assessment and enhancement, M&A advisory, strategic partnership developmentand company start-ups. Kevin has experience in all of the primary market segments, includingInstitutional and Retail, and in most of the major global markets (U.S., U.K., Continental Europe,Japan, Asia, South America and the Middle East). He has co-authored several industry researchpapers, including Success in Investment Management: Building and Managing the Complete Firm(2000), Fund of hedge funds-Rethinking resource requirements (2002), Search for Investment Quality(2003), and Success in Investment Management: Three Years Later (2003). Prior to founding CQA,Kevin was a Managing Director of Barra Strategic Consulting Group and RogersCasey. Hepreviously worked for Coopers & Lybrand in Boston and Los Angeles in the asset managementconsulting practice and in the Mutual Fund Services group of American Express/The BostonCompany in Boston. Kevin graduated with a B.A. in Political Science from Providence College andreceived his M.B.A. in Finance from the Stern School of Business at New York University.

10.30 Institutional Investor Address - a leading institutional investor sharestheir allocation intentions and perspectives on the current state of theindustry• Return expectations• Future intentions to allocate to fund of funds vs multi strategy funds• Concern over conflicts of interest • Criteria used to compare fund of funds

Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies,CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEMCraig Dandurand, Investment Officer for CalPERS’s Risk Managed Absolute Return Strategies(RMARS) Program, is responsible for overseeing all aspects of CalPERS’s relationships withinternational fund-of-hedge-fund managers. He also assists with analysis and monitoring of theRMARS Program’s existing and potential direct hedge fund investments. Prior to joining theRMARS Program in 2005, Mr. Dandurand spent five years in CalPERS’s fixed income unitspecializing in corporate credit research. Mr. Dandurand joined CalPERS in 2000 after spendingthree years practicing bankruptcy law, first as a clerk to a U.S. bankruptcy judge and then inprivate practice. Mr. Dandurand holds a B.S. in Mathematics from Harvey Mudd College and aJ.D. from the University of California, Davis, and is a CFA charterholder.


11.30 Using separate account & open architecture platforms to market fund offunds to the mass affluent retail market• Assessing the extent of the mass affluent market • Is there a retail market in US? • How has retail penetration succeeded in Japan & Europe but less so in the US?• What degree of success have the open architecture platforms had in raising assets for fund

of funds?

• How the platforms operate and service the broker distribution network• Outlining the legal requirements for fund distribution using these channels• What are the implications for capital flows, the ways in which managers need to package

products & service clients • What is the selection process for approved funds?

Paul M. Weisenfeld, Senior Vice President, Director, SMITH BARNEYALTERNATIVE INVESTMENTSPaul M. Weisenfeld joined Smith Barney in August 2000 and is currently a Senior Vice Presidentserving as the Director of Smith Barney Alternative Investments, overseeing the firm’s non-proprietaryand proprietary and alternative investment consulting and transactional offering platforms, includinghedge funds, funds of hedge funds, managed futures, private equity, real estate and structuredalternative investment products. He was formerly an associate and member in the InvestmentManagement Group of Dechert Price and Rhoads and, prior thereto, an associate in the FinancialServices Department of Tannenbaum Helpern Syracuse & Hirschtritt LLP. His practice area was U.S.securities and general corporate law, with a focus on structuring domestic and offshore privateinvestment vehicles. Mr. Weisenfeld advised U.S. and non-U.S. clients as to matters relating to theU.S. Investment Advisers Act of 1940, U.S. Investment Company Act of 1940, the CommodityExchange Act, as well as SEC, NFA and CFTC and Blue Sky compliance issues. He made a numberof presentations on matters relating to the establishment of hedge funds, securities offerings on theInternet and “hedge fund marketplaces.” He has authored articles entitled "Marketing PrivateInvestment Funds on the Internet" which appeared in Wallstreetlawyer.com, published by GlasserLegalWorks, and "SEC Interpretations on securities transactions on the Internet," which appears as achapter in a compilation of articles called "Offshore Funds," published by ISI Publications. He alsocontributed to a Practising Law Institute publication entitled Investment Adviser Regulation: A Step-By-Step Guide to Compliance and the Law. Mr. Weisenfeld served as a judicial law clerk in theSuperior Court of New Jersey in 1995. He graduated from Cornell University (B.S. 1992) andBenjamin N. Cardozo School of Law (J.D. 1995). Mr. Weisenfeld is Series 7 and 63 licensed.

Craig Goos, Managing Director, Alternative Investments, BEAR STEARNSMr. Goos is a product manager responsible for oversight of alternative investment offerings. Heserves on the Consulting Services’ Due Diligence Committee. Prior to joining Bear Stearns in2004, he was an executive director at Oppenheimer & Co., where he was in charge of marketingand product development for Oppenheimer Asset Management’s Alternative Investments Group. Heserved as a member of the firm’s Alternative Investment Due Diligence Committee and AssetManagement Hiring Committee (1998 – 2004). Previously, he was a corporate services accountexecutive with Morgan Stanley Dean Witter, where he specialized in providing diversifiedinvestment services to corporations and their senior executives (1995 – 1998). Mr. Goos received aBA in general studies from the University of Northern Iowa.

Adam Taback, President, WACHOVIA ALTERNATIVE STRATEGIES, INC.Adam Taback serves as the President of Wachovia Alternative Strategies, Inc., a subsidiary of WachoviaCorporation. In his role, Adam is responsible for the management of the firm's proprietary and non-proprietary alternative investment platforms. Mr. Taback has been with Wachovia since 1996 and hasserved in multiple leadership roles including as the Head of Product Management for the Asset &Wealth Management Division and as the Managing Director for the retail separate account business ofEvergreen Investments. Additional experience includes serving with Blockbuster Entertainment in theirFinance and Latin American Divisions and with Raymond James & Associates. Mr. Taback received aBS from Syracuse University and an MA in accounting from Nova Southeastern University.

Moderated by:

David M. Thill, Managing Director, MERIDIAN CAPITAL PARTNERS, INC.David is responsible for overseeing all aspects of client service to the firm’s global financialintermediary business. Prior to joining Meridian, David served as a Vice President and SalesDirector with Eaton Vance, where he was responsible for comprehensive wealth management withhigh net worth advisors. David began his career as an investment consultant with Kidder, Peabody,& Co. He is a graduate of Canisius College with a B.S. degree in Finance and Marketing.

12.15 Identifying the advantages and risks involved in investing at differentstages of a manager’s life cycle and the implications for managerselection and investor decision making• What are the pros and cons of early vs late stage investing and which are favored by the

current market climate and investment trends?• What are fund of funds using as guidelines when looking at newer funds: AUM, performace

track record, what are the minimum criteria needed to start the process?• Identifying the different risks and business issues investors should consider when investing

at different stages of the manager’s lifecycle; how managing the growth between differentstages of the lifecycle can impact a manager’s performance: Growing to $100mFrom $100m – $300mFrom 300m – 1.5 bnFrom $1.5 – $5bn?

Jane Buchan, Chief Executive Officer, PACIFIC ALTERNATIVE ASSETMANAGEMENT CO.M. Jane Buchan is a Managing Director and one of the original founders of the firm. As the firm'sChief Executive Officer, Jane is responsible for overseeing overall business strategy and clientrelationships. In addition, Jane is the sectorspecialist responsible for the evaluation and managementof convertible bond and sovereign debt & mortgage hedge funds in the various PAAMCO portfolios.Jane is also a member of the Investment Management Committee. Prior to forming PAAMCO, Janeheld various positions ranging from Director of Quantitative Analysis to CIO of non-directionalstrategies at Collin Associates, an institutional fund-of-funds and consulting firm. Jane began hercareer at J.P. Morgan Investment Management in the capital markets group. Jane has numerousprofessional publications in the field of market neutral and alternative investment strategies. She wasalso an Assistant Professor of Finance at the Amos Tuck School of Business at Dartmouth. Jane haseighteen years of experience in investment management and portfolio construction.

Albert W. Hsu, CFA, Managing Director, ANCHOR POINT CAPITAL Prior to co- founding Anchor Point Capital, LLC in June 2005, Hsu was the U.S. investment officerfor The Atlantic Philanthropies, a $3.8 billion, limited life foundation which he joined in late 2001.Hsu was responsible for the U.S. based hedge fund investments which represented half of its $1.8billion multi-strategy hedge fund portfolio in over 40 funds. Prior to Atlantic, Hsu was the directorof investments for the Ludwig Institute for Cancer Research, a $1 billion foundation which hejoined in early 2001. From 1997 to 2001 Hsu was with the Xerox pension fund managing half ofthe plan's $10 billion in assets and investment managers. He co-managed Commonfund's AbsoluteReturn Fund and Hedge Fund from 1996 to 1997. He started his investment career as an analystwith a hedge fund based in Stamford, Connecticut in 1994. From 1984 to 1993, Hsu held severalpositions in the investment software development industry. Hsu grew up in a hedge fund family, hisfather Allen was a partner with a hedge fund from the mid 70’s to the early 90’s before retiring.Hsu received his BS in economics with minors in computer science and classical archeology fromthe State University of New York at Albany (1984). He holds the Chartered Financial Analyst


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2.30 Using Tactical Trading - examining the investment processes of nichefund of funds focused on futures contracts, currency trading, equitiesfutures and global macro strategies

Alan H. Dorsey, CFA, Managing Director, Director of Hedge Fund Investmentsand Research, CRA ROGERSCASEYAlan Dorsey leads the hedge fund investment and research team for CRA RogersCasey. Prior tojoining CRA RogersCasey in 2002, Alan was the Managing Director, Director of Research, atBryant Park Capital, Inc. Alan was also the Chief Investment Officer of their hedge fund. Prior tothat, Alan was a Vice President with Dillon Read & Co. Inc. where he was involved with specialsituation research, LBO, IPO, and general corporate finance assignments. Alan also worked atArgus Research Corp., a U.S. based equity research and investment management firm founded byhis Grandfather. His recent published works include: "How to Select a Hedge Fund of Fund"Institutional Investor publisher, Fall of 2004; "General Considerations for Public Plans whenImplementing Hedge Funds" CRA RogersCasey white paper, 2004; "A Primer on RegisteredInvestment Companies for Hedge Fund Investments - Can Hedge Funds be Used in DefinedContribution Plans?" CRA RogersCasey flash report, 2004.

Kent A. Clark, CFA, Chief Investment Officer, GOLDMAN SACHS HEDGEFUND STRATEGIES (HFS)Kent is the chief investment officer of Goldman Sachs Hedge Fund Strategies (HFS). Withprofessionals located in New York, London, Princeton, San Francisco and Tokyo, the groupmanages over $13 billion in assets globally and is one of the largest managers of fund of hedgefunds portfolios. Kent joined Goldman Sachs Asset Management in 1992 as a member of theQuantitative Equity team, where he managed Global Equity portfolios and equity market neutraltrading strategies. In this capacity, he also developed risk and return models. Kent became amanaging director in 1998 and partner in 2004. Kent’s research has been published in the Journalof Financial and Quantitative Analysis and in Enhanced Indexing. He co-authored A StrategicRole for Hedge Funds, Active Risk Budgeting in Action: Understanding Hedge Fund Performance,Hedge Funds: Have You Missed the Boat?, and contributed a chapter to Modern InvestmentManagement: An Equilibrium Approach. Kent serves on the Board of Governors of the GraduateFaculty at the New School University, on the board of the Managed Funds Association, and is amember of the Chicago Quantitative Alliance. Formerly, he was president of the Society of theQuantitative Analysts. Kent joined Goldman Sachs from the University of Chicago GraduateSchool of Business, where he completed all but his dissertation in the PhD program and earned anMBA. He holds a Bachelor of Commerce degree from the University of Calgary.

John J. Fitzgibbon, Investment Analyst, LIGHTHOUSE INVESTMENTPARTNERS, LLCJohn is a member of the Lighthouse Investment Committee and Chair of the Lighthouse GlobalTrading Committee. Much of his time is spent on the Lighthouse Managed Futures Fund. Since hejoined the firm in 2001, Mr. FitzGibbon has been an analyst, acting as a generalist covering allhedge fund strategies as well as having headed up European Hedge Fund Due Diligence where hewas responsible for identifying, interviewing, analyzing and communicating with existing andprospective managers. Prior to joining Lighthouse Partners, Mr. FitzGibbon was a proprietarytrader for Kottke & Associates, L.L.C. and a full member of the Chicago Mercantile Exchange,actively trading various products in both in the pits in Foreign Currency Quadrant and on thescreen-based products in the Equity Index Quadrant. For the seven years prior, he was the SeniorManager of R.C.O. Financial, Inc., a small, professional execution-boutique desk on the floor ofthe CME. In addition to managing the day to day operations and personally handling the largehedge and commodity fund clients, he was in charge of technology and research. John holds aB.A. in European History from the College of the Holy Cross in Massachusetts.

R. Kelsey Biggers, Managing Director, Risk Management for K2 ADVISORSR. Kelsey Biggers, Managing Director, Risk Management for K2 Advisors graduated fromColumbia Business School in 1980. He has worked in financial services and institutional investingsince 1983 when he joined General Electric Information Services as the Financial ServicesMarketing Manager developing global network solutions for Wall Street trading firms. In 1987,Mr. Biggers joined Bankers Trust as a Vice President responsible for on-line trust and performancemeasurement services for institutional investors. Over the next decade Mr. Biggers held a numberof management positions in trust services, performance and risk analysis. In 1993, as a ManagingDirector, he developed the Bank’s RAROC 2020 risk measurement service that commercializedmark-to-market, Value at Risk and stress testing methodologies developed at Bankers Trust. In1996, Mr. Biggers joined the Wall Street-based information technology company, Plural, asExecutive Vice President responsible for Sales and Marketing. In 1998, as CEO and President hefounded Measurisk, a web-based service company that provides risk analysis to institutionalinvestors like General Electric and The World Bank. Measurisk was funded by investments fromMorgan Stanley, The Bank of Bermuda and XL Capital. In April 2002, Mr. Biggers joined K2Advisors, a Fund of Hedge Funds headquartered in Stamford Connecticut with $1.4 billion undermanagement. He is responsible for risk management and sits on the investment committee

2.30 Incorporating and managing idiosyncratic risk within a portfolio• What are the ways to invest in this type of risk?• Practicalities of incorporating it into a portfolio• Pricing tail risk appropriately

Alexander M. Ineichen, CFA, CAIA, Senior Investment Officer & Member ofthe Investment Committee, Alternative Investment Solutions, UBSAlexander M. Ineichen, Managing Director, is a Senior Investment Officer for the AlternativeInvestment Solutions team, a key provider within Alternative and Quantitative Investments, itself abusiness within UBS Global Asset Management. Alexander’s main responsibilities include hedgefund strategies, asset allocation and research initiatives. Alexander started his financial career inorigination of risk management products at Swiss Bank Corporation in 1988. From 1991 to 2005,Alexander had various research functions within UBS Investment Bank related to equityderivatives, indices, capital flows and alternative investments.

Alexander is the author of the two UBS research publications “In Search of Alpha—Investing inHedge Funds” (October 2000) and “The Search for Alpha Continues—Do Fund of Hedge FundsAdd Value?" (September 2001). As of 2005 these two documents were the most often printedresearch papers in the documented history of UBS. He is also author of "Absolute Returns—TheRisk and Opportunities of Hedge Fund Investing" (Wiley Finance, October 2002). His secondWiley book “Asymmetric Returns—The Future of Active Asset Management” will be published inQ3 06. Alexander has published research on equity derivatives and hedge funds in various peer-refereed financial journals, has contributed several chapters to financial books and has writtennumerous articles for the financial press.

Alexander holds a Federal Diploma of Economics and Business Administration (SEBA) from theUniversities of Applied Sciences SIB in Zurich, Switzerland. Alexander also holds the CharteredFinancial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations. Mr.Ineichen is a member of the CFA Institute and the Board of Directors of the CAIA Association.

3.15 Afternoon networking break 3.15 Afternoon networking break

3.45 Identifying the practicalities and consequences of client driven strategyallocations & bespoke approaches to portfolio construction• How can fund of funds customize their offerings by bundling capacity in a flexible way for

clients?• How are multi strategy firms customizing portfolios for clients?• What are the operational challenges and additional costs of pursuing this approach?• Managing the length and complexity of the sales process when offering a bespoke service• How does the change in offering impact the fee structure?• What impact does the new concentrated portfolios and restructured allocations of the

customized fund of funds have on what funds are requiring of managers?• Examining the implications for hudge funds manager and traditional asset management?

Michael F. Klein, Managing Director, Co-President of Absolute ReturnStrategies, AETOS CAPITAL Mr. Klein is a Managing Director of Aetos Capital and the Co-President of Aetos Capital’sabsolute return strategies. Prior to joining Aetos Capital in March 2000, Mr. Klein was a

3.45 Latest research in the use of returns based data for portfolio riskmanagement

Christopher C. Finger, Head of Research – EUROPE, RISKMETRICSGROUPChristopher C. Finger is Head of Research - Europe at RiskMetrics Group, and director of theGeneva branch office. Mr. Finger is responsible for coordinating research across the firm, and foroverseeing RiskMetrics Group research publications. Prior to his current role, Mr. Finger managedthe credit products business, where he was responsible for RiskMetrics Group’s services related tocredit trading, economic capital and structured products, including the CreditGrades, CreditManagerand CDOManager product lines. Mr. Finger was editor of the CreditGrades Technical Document andis the author of numerous articles in the risk management field. Before joining RiskMetrics Group,Mr. Finger worked in Risk Management Services at J.P. Morgan, where he co-authored theCreditMetrics Technical Document. Mr. Finger holds a Ph.D. in Applied Mathematics from PrincetonUniversity, and a B.S. in Mathematics and Physics from Duke University.

(CFA) designation and is a member of the CFA Institute. Hsu serves on the Board of Trustees andthe Investment Committee for the YMCA Retirement Fund ($4 billion in assets) and is Chair of theNew Canaan Red Cross. Formerly, Hsu served on the Board of Trustees of the Vanderbilt YMCA,Pension Group East and the Futures Industry Association Research Division.

Salim A. Shariff, Chief Investment Officer and President Weyerhaeuser AssetManagement, WEYERHAEUSER COMPANY RETIREMENT PLAN

1.00 Lunch

“Great access to a targeted audience ina relaxed atmosphere – very well done”

Attendee GAIM USA Fund of Funds 2005

“Good choice of speakers & subjects”Attendee GAIM USA Fund of Funds 2005

“Every day got better, moreinformative.”



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Day ThreeWednesday, September 20, 2006

8.00 Registration & Continental Breakfast

Registration Sponsored by RiskData


Kevin E. Lynch, Director, Strategic Relationships & Absolute Return Strategies,VERIZON INVESTMENT MANAGEMENT CORP.

9.00 Examining the impact of global socio-political and economic factors andtheir impact on strategic investment decision making for successful fundof funds• How will key domestic and international economic and political issues could impact the

market, including:Expectations of the new Federal Reserve ChiefCurrent accountant deficitMortgage ratesPolitical unrest in Iran & elsewhereDomestic US elections– what impact could midterms have on the economyBudget deficitGlobal trade deficitHousing bubbleEquity market rallys Transfer of credit risk from banks to hedge funds

Duncan Hennes, Chief Executive Officer, PFG ADVISORS, LLCMr. Hennes is a Co-Founder and Partner at Promontory Financial Group, and CEO of PromontoryAsset Finance Company. From 1999 until 2001, he was the CEO of Soros Fund Management,where his responsibilities included management of operational infrastructure, expansion of thebusiness platform, and firm investment – including trading areas such as arbitrage activities andthe selection of third-party managers. Prior to Soros, Mr. Hennes was at Bankers Trust Companyfor 12 years, where he worked as Executive Vice President in charge of Sales, Trading andDerivatives; the Treasurer of Bankers Trust Corporation; a member of the Management, AssetLiability, and Capital Commitment Committees; and a Director of BT Alex Brown Inc. Mr. Hennes

received a M.B.A. with distinction from the Wharton School of the University of Pennsylvania in1979, and a B.S. summa cum laude from the Wharton undergraduate division in 1978.

9.45 View from the consultants on prospects for fund of funds

Tim Jackson, Founder and Partner, ROCATON INVESTMENT ADVISORSTim Jackson is a founder and Partner of Rocaton where he co-leads the hedge fund research effort.Tim is responsible for leading the qualitative and quantitative analysis of investment managementorganizations and their products as well as for general asset class coverage. Tim is alsoinstrumental in working with clients on investment manager searches in all parts of the hedge funduniverse. Tim joined Rocaton after 1 year at Barra RogersCasey where he served as Associate,Investment Consulting. Tim previously served as Senior Analyst at Northern Trust Global Advisors where he was responsible for international equity investment manager research andserved as portfolio manager for two synthetic international equity index funds. Tim has also servedas an Officer, United States Navy. Tim is a Candidate for the Level III examination of the AIMRCFA program.

J. Alan Lenahan, CFA, Vice President, ALTERNATIVE INVESTMENTS, FUNDEVALUATION GROUP

Janine Baldridge, Director—U.S. Consulting, RUSSELL INVESTMENTGROUPJanine Baldridge was named director of Russell’s U.S. consulting group in April 2001. Russellconsulting provides advice to large institutional funds on all aspects of their investment programs,including investment policy and asset allocation, asset class strategy, manager selection andperformance analysis. Janine shares oversight responsibility for consulting client relationships withthe managing director of consulting, leads Russell’s hedge fund of fund research effort, and servesas a key contact for external parties. Janine is also a senior consultant and is responsible for several of Russell’s major consultingclients since 1988. Her expertise has made her a key contributor to Russell’s research, governance,and fiduciary consulting capabilities. Janine joined Russell in 1979 in the firm’s analyticalservices business, where she ultimately managed performance and analytical reporting for NorthAmerican clients. In this role, she researched and evaluated custodians and trustees forinstitutional funds and developed enhancements to analytical reports. She is the co-author ofseveral research papers published by Russell, "The Fiduciary's Guide to Investment Management,"

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Managing Director of Morgan Stanley & Co. Mr. Klein was President and a Director of theMorgan Stanley Institutional Open and Closed-End Funds. Prior to joining Morgan Stanley, hepracticed law at the international law firm of Rogers & Wells in New York. Mr. Klein is a magnacum laude graduate of Colgate University where he was elected to Phi Beta Kappa, and receivedhis Juris Doctor degree from Boston College Law School where he graduated cum laude.

Christopher J. Acito, Managing Director, INVESTCORP INTERNATIONALINCChris Acito joined Investcorp to lead the Firm’s Hedge Fund initiatives in the United States. Priorto Investcorp, Chris was a principal at Casey, Quirk & Acito, a management consulting firmdedicated exclusively to working with investment management firms globally. Chris has worked ininvestment-related industries at such organizations as Barra, Inc, the Capital Markets practice ofBooz-Allen & Hamilton, and the President’s Council of Economic Advisors. Chris graduated withan A.B. in Economics from Duke University and received his Masters in Economics from theUniversity of Chicago.

Madhav Misra, Chief Investment Officer, ALLIANCEHFP

Lara Price, Head of Research, OCTANE MANAGEMENTLara Price serves as the Head of Research at Octane, a Swiss based fund of hedge fund solutionprovider. Octane invests with funds of funds and single strategy hedge funds as a means oftailoring products for its global institutional client base. Lara founded Octane’s New York officewhich she heads up and where all of Octane’s research activities take place. Lara chairs Octane’sInvestment Committee, which is responsible for asset allocation and the ongoing management ofits portfolios. She has been responsible for the sourcing of investments, oversees the variousallocations in the portfolios, and also oversees the performance monitoring and risk management in the group. Lara Price began her investment career at Investec Bank in SouthAfrica where as a commercial real estate analyst and then managed the Syndicated CommercialReal Estate Investment Division. She then established and managed the group’s multi-managerinvestment area for where she was responsible for product design and ongoing management of thefund of funds. Lara then joined TAG Associates, LLC, a large multi-client family office in NewYork, as a Senior Portfolio Analyst. There she was responsible for the Hedge Equity Fund ofFunds, which involved the design, strategy allocation, fund selection and ongoing management ofthe portfolio. Lara was a member of the Investment Committee. Lara Price holds a BachelorsDegree in Commerce, with an Honors in Finance and a Post-Graduate Diploma in Management inBusiness Administration.

4:30 Examining the opportunities provided by the latest hybrid, co-investment and seeding structures and how they balance the risks andrewards of investment

• What are the deals? Equity stakes percentage stakes? Fee break ranges?• Evaluating the different models for early stage investing• How can the investor compensate for the business risk of early stage investment?• How are fund of funds mitigating potential conflicts of interest when taking an equity

stake in early stage managers?


4.30 The practicalities of implementing an active risk management overlaystrategy to improve risk management within your portfolio and furtherdifferentiate your fund to investors• Understanding how an active risk management overlay can help funds offset big bets

in a portfolio• Identifying the skill set required to perform this function within a fund of funds and the

best ways to resource this trading unit• Disclosing the risks and costs to investors so they can effectively evaluate the value add of

the overlay• Reflecting the costs within the management and incentive fee structure• Managing the data flow from underlying managers to enable timely decision making

on the overlay• Practicalities of managing any conflicts of interest• Identifying the legal requirements to execute this type of strategy and how it needs to be

communicated in fund documentation

Charles M. Johnson, III, Partner, PRIVATE ADVISORS, LLC

5.15 Close of day 2

“The high quality of the speakers and topicswere very focused and authoritative. Thenetworking opportunities were abundant andsubstantive. This was a no-nonsenseconference that was highly productive”

attendee GAIM USA Fund of Funds 2005

“I made the most contacts at his event.Many felt that this proved that GAIM is thebest conference. Continue the quality of thisevent.”



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TRACK A - Business Issues – governance, regulation,

fees, terms & conditionsTRACK B

2.30 Debating the latest trends and market dynamics in fees, terms andconditions • Overview of trends in management and incentive fees• How can a fee structure be adapted to equitably work in conjunction with other key terms

and conditions?Lock up periods and annual management feeLock ups and performance fee if strategy is liquidSoft locks vs hard locksUse of gatesKey man clauseTransparency termsHurdle ratesCarry fees

Mustafa Jama, Chief Investment Officer, MORGAN STANLEYMr. Jama is a Managing Director of Morgan Stanley Alternative Investment partners and ChiefInvestment Officer and Head of the Hedge Fund of Funds Group. Prior to joining Morgan StanleyAIP, he was a Managing Director, Investment Committee Member, and Head of Manager Sourcingfor Glenwood Capital Investments, a hedge fund-of-funds manager. Prior to joining Glenwood, hewas a Director and Portfolio Manager at Deutsche Bank Absolute Return Strategies (DBARS), ahedge fund-of-fund manager. Prior to DBARS, he managed Deutsche Bank proprietary capital,after managing client capital at Bankers Trust / Deutsche bank, utilizing option strategies inequities, fixed income, currencies, and commodities. He started his Wall Street career as a fixedincome derivatives trader for Bankers Trust in New York. Prior to attending business school, hewas a Design Engineer with Los Angeles Water and Power, and was licensed to practice Civil andStructural Engineering in California. He holds an M.B.A. from Harvard Business School, an M.S.in Civil Engineering from the University of Southern California, and a B.S. in Civil Engineeringfrom Southern University in Baton Rouge.

Steven L. Bossi, Managing Director Head of Fund of Funds, DB ABSOLUTERETURN STRATEGIESSteve Bossi is Managing Director and Head of Topiary Fund Management in New York. Mr. Bossijoined Deutsche Bank in 2001 after 9 years of experience as president and chief investment officerof small firm actively invested in hedge funds and as fixed income portfolio manager at Aetna Life& Casualty. He has a BS degree from the University of Connecticut and an MBA from theUniversity of Chicago. Topiary Fund Management is the fund of funds business of DB Absolute Return Strategies, theglobal fiduciary hedge fund management business of Deutsche Bank. Topiary Fund Managementlaunched its flagship fund in 1997 and currently manages over US$4.4 billion in fund of fundsassets. Our philosophy is to deliver consistent and repeatable performance through a disciplinedinvestment process with rigorous manager research. We incorporate risk monitoring and

2.30 Update on critical tax, accounting & regulatory issues impacting fundof funds operations and administrationMaury Cartine, CPA, Executive Vice President, BISYS ALTERNATIVEINVESTMENT SERVICESMaury Cartine is an executive vice president for BISYS Alternative Investment Services. He is acertified public accountant in New Jersey and New York and also an attorney in New Jersey.Maury is primarily responsible for managing fund administration services. Maury attended SetonHall University (SHU) in South Orange, NJ, where he earned a B.S. in accounting in 1970. Upongraduation, he accepted a full-time position with the IRS as an examining agent and lateradvanced to the position of reviewer and classroom instructor. During this time, Maury alsoattended SHU School of Law in the evening where he earned his J.D. in 1976. After leaving theIRS, Maury worked for three years at a CPA firm prior to opening his own private tax andcommercial law practice in 1978. Rothstein, Kass invited Maury to lead its newly created taxdepartment in 1980. During a twenty-five year career at Rothstein, Kass, Maury served as theprincipal-in-charge of the worldwide tax practice, the firm’s vice president and a member of theboard of directors. Maury was a key contributor to the firm’s fund administration business whichwas acquired by BISYS in 2005 and he was selected to lead the operations following theacquisition. Maury is a member of the board of advisors to the Fairleigh Dickinson Universitymaster's in taxation program, the Seton Hall University W. Paul Stillman School of Business andthe Seton Hall University School of Law.

"Index Swaps" and "Capturing Alpha Through Active Currency Overlay" and is author of"Roadmap for Fiduciary Risk Management." Janine also speaks at industry conferences ongovernance and investment issues. Janine is a member of the CFA Institute, and the Seattle Societyof Financial Analysts. Before joining Russell, Janine worked in corporate accounting atWeyerhaeuser Company in Tacoma, Washington. Janine holds a B.A., Finance, University of PugetSound, 1979 and is a CFA Charterholder, CFA Institute, 1999

10.30 Managing liquidity to meet the needs of investors & new research on theexpected alpha of extended lock ups• How are funds adapting portfolio construction to longer manager liquidity terms? • What new products are funds launching to handle illiquidity?

Emanuel Derman, Professor Financial Engineering Columbia University & Headof Risk, PRISMA CAPITAL PARTNERSEmanuel Derman (www.ederman.com) is a professor at Columbia University and director of theirprogram in financial engineering, and is also the Head of Risk at Prisma Capital Partners, a fundof funds. His book, My Life as A Quant: Reflections on Physics and Finance was published byWiley in September 2004, and was one of Business Week’s top ten books of the year for 2004. DrDerman obtained a Ph.D. in theoretical physics from Columbia University in 1973. Between 1973and 1980 he did research in theoretical particle physics, and from 1980 to 1985 he worked atAT&T Bell Laboratories. In 1985 Dr Derman joined Goldman Sachs' fixed income division wherehe was one of the co-developers of the Black-Derman-Toy interest-rate model. From 1990 to 2000he led the Quantitative Strategies group in the Equities division, where they pioneered the study oflocal volatility models and the volatility smile. He was appointed a Managing Director of GoldmanSachs in 1997. In 2000 he become head of the firm’s Quantitative Risk Strategies group. He retiredfrom Goldman, Sachs in 2002. Dr Derman was named the IAFE/Sungard Financial Engineer of the Year 2000, and was elected tothe Risk Hall of Fame in 2002.

Dr. Raphael Douady, Head of Research, RISKDATARaphael Douady combines over ten years experience in the banking industry - working on riskmanagement, option models, and trading strategies – with some twenty years of research in pureand applied mathematics. Dr. Douady was one of the founders of Riskdata in 1998, and activelyparticipated in the design and development of the company’s key patents. Renowned for his highperformance numerical techniques and statistical analysis, Dr. Douady created and directs the NewYork University Seminar of Mathematical Finance. He graduated from the Ecole NormaleSuperieure of Paris and has a PhD in mathematics. Dr. Douady’s current research interestsinclude: Hedge fund dynamic strategies and their statistical properties, Nonlinear dynamiceconometric models, Position-based versus return-based portfolio risk analysis, Alternative marketfactors. Dr Douady is a frequent speaker at many leading industry events, and contributes to avariety of both academic journals and alternative investment publications.

Shailesh Vasundhra, Managing Director and Portfolio Manager, DEEPHAVENCAPITAL MANAGEMENTShailesh Vasundhra is a Managing Director and Portfolio Manager of the Volatility, CapitalStructure and Convertible Arbitrage strategies at Deephaven Capital Management. Prior to joiningDeephaven, Shailesh was the founding principal and head portfolio manager of CobraManagement, LLC, an investment firm specializing in Convertible Arbitrage. Shailesh received hisMBA from the Amos Tuck School of Business at Dartmouth College. He also has an undergraduatedegree in Electronics and Communications Engineering from the University of Mysore, India.

Moderated by:

Corey Case, Chief Operating Officer & Head of Risk Management andQuantitative Analysis, JP. MORGAN ALTERNATIVE ASSET MANAGEMENTMr. Case is responsible for the functional oversight of the Risk Management & QuantitativeAnalysis, Client Solutions, Product Development, Geneva Advisory, and Infrastructure groups atJPMAAM. Prior to joining JPMAAM in January 2001, Mr. Case was head of risk management foralternative investments at the former J.P. Morgan Investment Management, covering hedge funds,real estate and the private equity businesses from 1999 to 2001. Prior to that role, Mr. Case workedin the financial risk management group supporting J.P. Morgan's proprietary trading and marketmaking functions, concentrating on the fixed income and foreign exchange books, and latermanaged the group supporting global credit risk management from 1996 to 1999. Other experienceincludes developing and heading an asset/liability management function for a regional bank andcredit analysis from 1993 to 1996. He received a B.S. in Finance from SUNY Institute ofTechnology, and an M.B.A. from LeMoyne College. Mr. Case has completed the three examinationsfor the Chartered Financial Analyst program.

11.15 Morning networking Break

11.45 An overview of current market opportunities for mergers & acquisitionsin the fund of hedge fund industry:• Is every fund of fund boutique for sale?• Why have more independent funds not gone public?• What are potential buyers looking for in today’s market• Behind the high costs of acquisition – what are realistic deal multiples? • Review of recent M&A deals• What types of mergers have been successful recently, how have the dynamics worked and

where did key synergies between buyer and seller reside?• How did market dynamics impact valuations

Moderated by:

Jerry Baesel, Ph.D., Senior Investment Advisor, MORGAN STANLEYALTERNATIVE INVESTMENT PARTNERSMr. Baesel is a Managing Director of Morgan Stanley AIP and Senior Investment Advisor. Prior tothe formation of Morgan Stanley AIP, Mr. Baesel served nine years with the Weyerhaeuser PensionFund Investment Group. Prior to joining Weyerhaeuser, Mr. Baesel was a General Partner atPrinceton Newport Partners, a fund focusing on quantitative arbitrage strategies, where he led thedevelopment of an affiliated fund, OSM Partners, a fund-of-funds strategy which invested in liquidmarkets funds. Prior to that, he served as tenured professor of Finance at the University ofCalifornia at Irvine. Mr. Baesel holds a B.S. in Economics from California State University atFullerton. He received M.S. and Ph.D. degrees in Finance with a focus on investments from UCLA

12.30 How ‘Act II’ of the SEC’s regulation of hedge funds will potentiallyimpact the industry?Six months on from the initial regulation deadline the SEC are invited to share theirassessment of the impacts of registration and their future plans for the industry

1.15 Lunch

“Good content and a good variety of firmsin attendance. This was a great event andprovided an excellent industry update.Keep it up!”


“Extremely good line up of Fund ofFunds…I gained a great deal of insight.”



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TRACK A - Business Issues – governance, regulation,

fees, terms & conditionsTRACK B

management throughout the investment and portfolio management process. The Topiary FundManagement product range includes asset-class, strategy-specific and emerging manager funds.

Moderated by:

Christopher Mears, CPA, Principal, ROTHSTEIN KASSChris serves as principal and is extensively involved with the Firm's financial and entrepreneurialservices practices. He has over 15 years of experience in all aspects of client service. Chrisworks closely with clients such as broker-dealers, private equity funds and hedge funds. He alsoworks with privately held businesses in distribution, transportation, maritime, import/export,manufacturing and professional services. As principal, Chris assists middle-market businesseswith business strategies and management, cost control, cash flow and aligning their internalbusiness systems with their overall operations. In addition, he also advises alternative investmentclients at the initial organizational phase to ensure that the partnership agreement and privateplacement memorandum clarifies the intended economics of the fund as well as addresses theaccounting and tax matters impacting the fund. After fund formation, he continues to serve hisclients via supervision of audits and ongoing consultation regarding many diverse operational andtax matters. Chris earned a B.S. in accounting from Rutgers University in 1989. He is a memberof the New Jersey Society of Certified Public Accountants (NJSCPA) and the American Institute ofCertified Public Accountants (AICPA).

3.15 Clarification of the ERISA guidelines and how any change in status islikely to impact fund of fund opportunities to raise capital

William G. Butterly, III, Esq., General Counsel & Senior Managing Director,ROBECO INVESTMENT MANAGEMENTWilliam G. Butterly, III was appointed General Counsel of Robeco Investment Management inMarch 2005. Mr. Butterly also serves as the Head of the Legal and Compliance Department.Before coming to Robeco, he was the Chief Compliance Officer of General Motors AssetManagement. Prior to that, he was General Counsel for Deutsche Asset Management Americas,Institutional Group. Mr. Butterly also served as General Counsel and Chief Compliance Officerof Lazard Asset Management. He began his career as an Associate in the Compensation andBenefits group of Shearman & Sterling. Mr. Butterly holds a JD from Columbia Law School andis a Magna Cum Laude graduate of Connecticut College.

Steven Zoric, Head of US Legal and Compliance, MAN INVESTMENTS Steven Zoric heads the US Legal and Compliance team within the Man Investments division ofMan Group plc. Steven also serves as a director and/or officer of a number of the entities withinMan Investments. • Steve was previously an associate in the financial services group of KattenMuchin Zavis (now Katten Muchin Rosenman) on two occasions. In the interim period, Steve wasthe Futures and Commodities Compliance Manager at Morgan Stanley & Co. Inc. in New York.Before joining Katten Muchin Zavis, Steve was an attorney in the financial services group atSidley & Austin. • Steven received a BA in Political Science from Northwestern University and his JD with Honorsfrom DePaul University College of Law.

Peter Brown, General Counsel, MERIDIAN CAPITAL PARTNERSPeter Brown is the General Counsel and Chief Compliance Officer of Meridian Capital Partners,Inc., a hedge fund of funds manager with over $3 billion in assets under management with officesin New York City and Albany, New York. Peter is a member of the firm’s Executive Committee,Risk Management Group, and Operating Committee. He is responsible for all aspects of the firm’slegal and regulatory compliance functions. Prior to joining Meridian, Peter served as anAssistant General Counsel at The Ayco Company, now a Goldman Sachs subsidiary, and began hiscareer at Willkie Farr & Gallagher. He is a graduate of the University of Notre Dame andreceived a J.D. degree from Albany Law School of Union University.

Moderated by:

Cary Meer, Partner, KIRKPATRICK AND LOCKHARTMs. Meer is a partner in Kirkpatrick & Lockhart Nicholson Graham LLP’s Washington, D.C.office. Her principal areas of concentration are corporate, securities and commodities matters. Inparticular, she has focused her practice on private investment companies or hedge funds,negotiated mergers and acquisitions of operating companies as well as investment advisers andbroker-dealers, derivatives and related areas. Ms. Meer structures hedge funds as limited liabilitycompanies, limited partnerships, common trust funds and business trusts, and prepares disclosuredocuments and organizational documents for such entities. She also advises investment advisers,private fund managers and investment companies on compliance issues, including the InvestmentAdvisers Act of 1940 and whether their futures-related trading or advice brings them within theregulatory structure of the Commodity Exchange Act and, if so, with respect to their obligationsunder the regulations of the Commodity Futures Trading Commission and the National FuturesAssociation. Ms. Meer also represents commercial enterprises and financial institutions withrespect to public and private equity and debt financings, private fund offerings and strategicalliances, counsels clients regarding federal securities law disclosure matters (including annual and quarterly reports, press releases, proxy statements, derivatives transactions, anddealing with analysts) and other SEC compliance issues (for example, insider trading and short-swing profits issues), and structures employment arrangements and stock-based executivecompensation programs

3.15 Review of current industry compensation terms and structures

Doug Hanslip, KORN FERRY INTERNATIONALMr. Hanslip is a Managing Director and Senior Client Partner in the Chicago and New Yorkoffices of Korn/Ferry International and a member of the firm’s Global Financial Services Marketspecializing in the recruitment of senior investment management and capital marketsprofessionals. As a Managing Director of the firm’s Investment Banking Practice, Mr. Hanslip isresponsible for management of the firm’s North American Capital Markets search assignments.He specializes in recruiting global professionals with a strong emphasis in the equity and fixedincome arenas. In addition, all facets and professionals related to an investment bank’s PrimeBrokerage unit are another focal area of strength for him. As a Managing Director in our AssetManagement Practice, Mr. Hanslip’s client development and search execution focus includessenior operating executives and investment professionals (Portfolio Managers and Analysts), aswell as individuals in the sales/marketing distribution, risk management, operations andquantitative research arenas for the traditional, institutional, and retail market places.Additionally, as Global Head of the firm’s Alternative Investment Practice, he is particularly notedfor his expertise in recruiting professionals in those same functional areas for single strategylong/short equity funds, multi- strategy arbitrage funds, and fund of funds. Prior to joining Korn/Ferry, Mr. Hanslip was a Managing Director for Banc of AmericaSecurities, where he was responsible for the Central Region Institutional Equities area. Mr.Hanslip’s financial services career also includes serving as Managing Director of InstitutionalEquities for Vector Securities, and as a Vice President for both Lehman Brothers and NatwestSecurities in their Equities Division. Mr. Hanslip graduated from Northwestern University with aBachelor of Science degree. He also holds an MBA degree from Northwestern’s Kellogg GraduateSchool of Management, with concentrations in Finance and Management Policy.

Andrea de Cholnoky, Senior Director, SPENCER STUARTAndrea has been in search for over fifteen years and is a Senior Director in Spencer Stuart’sFinancial Services Practice. She plays a leading role in Alternative Investments and co-heads theInvestment Banking Practice. Much of her recent search work has been with hedge funds andhedge fund of funds. Andrea also works across most financial services sectors and has broadfirst-hand industry and product knowledge. Her work has involved a wide range of assignments,including searches for corporate finance, merger and acquisition sales, trading, research,marketing, finance, risk management and investment management (including hedge fund, privateequity and real estate) professionals.

Prior to search, Andrea spent eight years on Wall Street, most recently with Goldman Sachs, andbefore that, with Merrill Lynch and Chemical Bank. Andrea holds a B.A. from PrincetonUniversity and an M.B.A. from Harvard Business School.

John Breault, MJE RECRUITERSJohn joined MJE Advisors as a Managing Director in 2001 after serving as the Chief OperatingOfficer of Heidrick & Struggles' Financial Services Practice (CY 2000 revenues $152m), where heworked directly for Brian Sullivan (then Managing Partner of Heidrick & Struggles’ GlobalFinancial Services Practice and now Chairman & CEO of Christian & Timbers and the founder ofSullivan & Co.) and Barry Bregman (formerly CFO Practice Leader at Heidrick & Struggles andnow a Partner at Christian & Timbers. Prior to that, John was Director/Chief of Staff for the VicePresident of Human Resources at Dow Jones, publisher of the Wall Street Journal, where heimplemented a strategy to align the Human Resources area more closely to support the business.Before Dow Jones, John spent seven years at Goldman Sachs/Commodities Corporation, where hewas responsible for compensation, benefits, employment and a number of systems projectsincluding a headcount and control system for the Asset Management Division (GSAM). He wasalso on the project team that established Stockton Reinsurance, a Bermuda-based reinsurancecompany. John joined Commodities Corporation from Patrick Shea Consulting, where he wasfounder and President. His clients included Commodities Corporation and Goldman Sachs & Co,Time-Warner and Blue Cross/Blue Shield of Pennsylvania. John has also worked for RoadwayExpress, Hewlett-Packard, Asea Brown Boveri and Honeywell. John graduated from UnionCollege in Schenectady, New York, where he played football and lacrosse, with a B.S. inPsychology/Science. He also holds a Masters in Human Resources and Industrial Relations fromRutgers University and he attended New Jersey Institute of Technology, where he pursued aMasters in Computer Science. John is a member of the Managed Funds Association and the Mid-Atlantic Hedge Fund Association and has spoken at the Managed Funds Association meetings.

4.00 Close of GAIM USA Fund of Funds 2006

“Congratulations with the very well organizedevent. It was interesting and there was a goodmix of Hedge Funds, Fund of Funds, fellowinvestors and service providers.”

attendee GAIM USA 2005

“Good content, good networking”Attendee GAIM USA Fund of Funds 2005

“Extremely good line up of Fund of Funds…Igained a great deal of insight.”


w w w . g a i m e m . c o mRegister Today and Save! Stop by the registration desk or visit

Register Today! CALL: (888) 670-8200 or (941) 951-7885 WEB: www.gaimem.com

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The World’s Most Comprehensive Collection ofEmerging Market Fund Managers and Their Investors

The Only Alternatives Event Exclusively Devoted to All Emerging Market Regions

• 300+ Attendees expected, consisting of the mostsophisticated emerging markets allocators, the top emergingmarkets fund managers and the most prominent emergingmarket thought leaders

• 60+ Hand-picked, influential emerging market expertspeakers

• 28 exclusive sessions offering proven methods to gainexposure to the emerging markets through hedge funds,private equity/venture capital, currency, commodities, realestate, distressed debt and ETFs

• 20+ Countries representing the world’s fastest growingeconomies in Asia, Latin America, Eastern Europe, Africaand the Middle East and their investors

• 9 hours of networking

• 2 education-packed days

• 1 The only forum in the world bringing the emergingmarkets’ top investors and managers to New York

Institute for International ResearchFor sponsorship opportunities, please contact Andrew Borowiec at 212.661.3500 x3707 or [email protected].

For exhibition opportunities, please contact Jeff Dubs at 212.661.3500 x3082 or [email protected].

September 21-22, 2006 • Pier 60 • New York City

Immediately FollowingGAIM USA Fund of Funds

How many reasons do you need to attend GAIM Emerging Markets?

Manager & Allocators’Access Platform

Recognizing that attendees of GAIM USA Fund of Funds representsome of the most influential allocators and talented hedge fundmanagers in the industry, the event will feature a brand new platformto facilitate one-on-one meetings at the event: the “Manager &Allocators’Access Platform.”

All hedge funds attending GAIM USA Fund of Funds are invited tosubmit a brief summary of their fund strategy, current AUM and trackrecord to the special Access Platform email address. Summaries willbe sent to allocators in advance of the event for review. Allocatorswill then have the opportunity to select and meet managers for one-on-one follow up at the event.

Managers must submit their fund details [email protected] subject “Manager Submissions,” nolater than August 14th 2006 to guarantee inclusion in the AccessPlatform Summary which will be sent to all participating allocatorsprior to the event.

To participate in the Manager & Allocators’ Access Platformparticipants’ registrations must be fully paid.

To protect allocators’ privacy, contact will be initiated by allocators only.

IIR reserves the right to qualify all participants and materialssubmitted to the Access Platform.

Brand new for 2006:

New electronic networking technology tohelp you maximize networking time at

GAIM USA Fund of Funds

To help you make one-on-one contact at the event we have invested inelectronic networking technology. Each attendee will have a PersonalElectronic Delegate Identifier (PEDI) to help maximize their time andthe networking opportunities at GAIM USA Fund of Funds.

How it works:

If you wish to use a PEDI, pick one up at registrationHave your photo taken for distribution to other PEDI usersYou will have read only access of the list of participants using PEDIduring the event

Search the list for attendees you want to meetAllocators can use PEDI to set up meetings with managers selectedfrom the GAIM USA Fund of Funds Access PlatformSend messages and exchange details with mutual consentAccess the event agenda to help plan your time


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Gold Sponsors

Bear Measurisk is a leader in providing Fund of Funds and otherinstitutional investors with sophisticated risk transparency and riskmeasurement solutions designed to help assess, manage and communicate

risk across multi-manager Hedge Fund portfolios. Bear Measurisk services enhance investment decision-making, portfolio construction, management oversight, and investor communications. Bear Measurisk acts as anintermediary between the Hedge Fund and its investors, using the best available information to model risk onthe funds; positions, exposure or returns. The firm’s interactive Web based risk reporting provides the optimumlevel of risk transparency to investors while protecting the confidentiality of managers. Bear Measurisk’sservices include data management, risk modeling, and reporting. www.bearmeasurisk.com

DPM Mellon provides fund administration, back-and middle-officeoutsourcing, and integrated risk administration solutions for fund managers,asset allocators, institutional investors and proprietary traders. DPM Mellon’ssuite of services addresses all your administrative needs and improves your

operational efficiency. From the most basic administrative reports to complex portfolio valuations, risk analysisand daily transparency; we have the systems, infrastructure and experience to handle your toughestadministrative challenges. PM Mellon’s services include offshore administration; back office transaction processing and reconciliation;independent portfolio valuation, including daily NAV; consolidated reporting across managers, funds or primebrokers; and tax layering and reporting across jurisdictions.

Eisner is one of the premier accounting and advisory firms in the country. OurFinancial Services Industry Group serves the audit, accounting, tax, andoperational and regulatory needs of businesses ranging from start-ups to largeglobal operations. Clients include Hedge Funds, Fund of Funds, Private EquityFunds, Registered Investment Advisors, Mutual Funds and Broker-Dealers.

PFPC is a premier provider of processing, technology and business solutions to theglobal alternative investment industry. We offer securities services and investorservices to U.S. and non-U.S.domiciled funds and other commingled investmentproducts. Our multi-jurisdictional, multi-fund capabilities allow us to support

complex fund structures ? hedge funds, fund of funds, private equity, and master/feeder funds.

PFPC301 Bellevue ParkwayWilmington, DE 19809302-791-2000 Fax: 302-791-1570Email: [email protected] Web site: www.pfpc.com

Contact: Fred W. Jacobs, Senior Vice President

Reuters is a leading provider of financial content and data managementsoftware for the Hedge Fund industry. Reuters tools and content, both realtimeand historical are helping Hedge Funds to run their businesses more efficiently.

By utilizing Reuter's experience in delivering data and helping Funds distribute the data throughout theirorganization, Fund managers are free to focus on what they do best; manage the portfolio.

SunGard, a global leader in integrated software and processing solutions,offers a fully integrated, end-to-end solution suite for the alternativeinvestments industry. Visit the SunGard booth and see how we're helping

hedge fund and fund of funds managers and third-party administrators meet their portfolio and partnershipaccounting challenges head on.

Exhibitors

Industry Partners

The Bank of New York Company, Inc. (NYSE: BK), a global leader insecurities servicing for issuers, investors, and financial intermediaries, plays anintegral role in the infrastructure of the capital markets, servicing securities inmore than 100 markets worldwide. The Company provides quality solutionsthrough leading technology for global corporations, financial institutions, asset

managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of NewYork, founded in 1784, has a distinguished history of serving clients around the world through its four primarybusinesses: Securities Servicing, Treasury Management, Investment Management Services, and Individual andRegional Banking Services. Additional information on the Company is available at www.bankofny.com

Citigroup Global Prime Brokerage is built on a unified platform ofcomprehensive products and services, highly personalized client relationshipsand leading research, execution and lending resources. Along with our focus ondelivering premier client service and customized solutions, our competitive

edge is the extensive range of our offerings:• Securities Lending’s vast, dependable inventory of hard-to-borrows• Financing Alternatives’ competitive rates in enhanced leverage and synthetic prime brokerage• Relationship Management’s exceptional levels of personalized service• Citigroup’s global presence and 24-hour-a-day coverage

We are your one point of contact for Citigroup’s universe of financial products and services.

HSBC's Alternative Fund Services is a leader in global fund administration servicesfor absolute return funds, hedge funds, fund of funds, emerging market funds andprivate equity funds. With over US$225 billion assets under administration as at 31December 2005, our highly skilled and motivated staff work proactively withspecialist, emergent and institutional managers to provide a range of administration

services configured to their individual needs. Our services include accounting and valuation, tailored investor servicing, cash management, foreign exchange,liquidity and leverage facilities, corporate management and secretarial services. We offer our clients a truly globalservice platform through leading, wide ranging technology for front to back office needs.

J.P. Morgan Alternative Asset Management, Inc. (JPMAAM), part ofJPMorgan Asset Management, offers institutional and high net worth clientsa variety of hedge fund of funds investment vehicles that provide access to

best in class hedge fund talent through a range of innovative products. The group was founded in 1994 and manages more than $8 billion in assets with over 70 employees, including over 25 investment and riskmanagement professionals.

Pirate Capital LLC, a registered investment adviser, was founded in July 2002. Theinitial managed assets came from Mr. Thomas R. Hudson Jr., the founder, ManagingMember and Portfolio Manager of Pirate Capital. Pirate Capital's AUM is currentlyapproximately $1.9BN.

Pirate focuses on investing in a diversified portfolio of companies that it hasdetermined to be undervalued. Investments may be in the form of equity, preferred stock, bonds or senior debtwith the expectation of an "event or catalyst" within 6-18 months of each investment to realize full value. Themajor difference between Pirate's value-oriented approach and others is that it focuses on companies withsignificant "hard" tangible assets, which Pirate believes provide a floor of value "hedge" in a downside scenario.

Riskdata® is the leader in risk management for the hedge funds industry.Riskdata’s FOFiX® enables professional hedge fund investors to increaseeffectiveness in fund selection, monitoring and portfolio construction.

Offering easy, intuitive access, Riskdata helps clients maintain an institutional level of risk management andinvestment process consistency. Riskdata serves many of the most successful managers, helping them attract themost demanding investors. Riskdata’s fund of funds clients grew assets by 60% in the past year, and won overhalf the 2005 Hedge Funds Review FOF Awards.

Riskdata has offices in New York, London and Paris. www.riskdata.com; email [email protected]

RiskMetrics Group provides financial analytics and wealth managementsolutions to hundreds of financial institutions, corporations and centralbanks worldwide. Since 1994, RiskMetrics Group research has set thestandard for financial risk management. RiskMetrics Group analytics, data

and services enable users to measure and manage risk, and to communicate that risk to managers, clients,investors, shareholders and regulators. Formerly a division of JP Morgan, RiskMetrics Group became anindependent company in 1998. The company is headquartered in New York City, with nine offices worldwide,including London, Tokyo and Singapore.

Rothstein Kass’ Financial Services Group provides services foralternative investments (hedge funds, fund of funds and private equityfunds), broker-dealers and registered investment advisors. Start-ups and

established entities benefit from our highly specialized and expert staff. We keep an eye on the economic, taxand regulatory issues impacting your business so you can focus on money management. Rothstein Kass wasrecently ranked as the #1 accounting firm service provider for hedge funds by Alpha magazine.

BISYS Alternative Investment Services is one of the industry’s leading globalproviders of administration, accounting, advisory and tax services for alternativeinvestment products. Investment managers of hedge and private equity funds,including fund-of-funds and other alternative investments, turn to BISYS forinnovative and tailored solutions. Clients all over the world have entrusted BISYS

with the administration of more than $200 billion in alternative investment assets. BISYS AlternativeInvestment Services is a division of The BISYS Group, Inc.

BNP Paribas BNP Paribas, the Eurozone’s first bank (profit, marketcapitalization) and among the top10 worldwide (net assets) is also in the top5 inEquity Derivatives (winner of the “Best Equity Derivatives House of the Year”

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Silver Sponsors

Bronze Sponsors

Register Today! CALL: 212 661 3500 Ext: 3286FAX: 212 661 8908 EMAIL: [email protected] Quote VIP Priority Code TT16

15


GAIM USA Fund of FundsAdvisory BoardIIR would like to express sincere thanks to the GAIM USAFund of Funds event advisory board for their invaluabletime, support, help and advice:

Jerry Baesel, Ph.D., Morgan Stanley AlternativeInvestment Partners

William A. Brown, UBS O'Connor

Jane Buchan, Pacific Alternative Asset Management Co.

Putnam Coes, Morgan Stanley Hedge Fund Partners

Alan H. Dorsey, CFA, CRA RogersCasey

Albert W. Hsu, CFA, Anchor Point Capital LLC

Robert A. Jaeger, Ph.D., EACM Advisors LLC

Joel Katzman

Robert E. Kiernan III, Advanced Portfolio Management

Kevin E. Lynch, Verizon Investment Management Corp.

George I. Main, CFA, Diversified Global AssetManagement

Carrie A. McCabe, FRM Research LLC

Jason D. Papastavrou, PhD, Aris Capital Management

Marc Roston, Ph.D., Silver Creek Capital ManagementLLC

Bruce D. Ruehl, Gleacher Fund Advisors LP

Salim A. Shariff, Weyerhaeuser Company AssetManagement

MarioTherrien, Caisse De Dépôt Et Placement DuQuébec

Randall S. Yanker, Alternative Asset Managers, L.P.(AAM)

About Pier Sixty:With the Statue of Liberty and vibrant rivertraffic part of the sweeping views, Pier Sixty isalive with history. In years past, luxury linersdeparted from the piers amid streamers flyingand champagne flowing. Now reinvented, PierSixty preserves the same spirit with soaringspace, fine architectural details and floor toceiling windows that frame spectacular views.

Pier Sixty is Manhattan’s most flexible event space and the city’s largest venue with water views. Finely appointedballrooms and state-of-the-art meeting facilities complement award winning cuisine. Pier Sixty is a breath of fresh air forany business occasion.

Pier 60 is easily accessible from anywhere in New York and is located within the Chelsea Piers Sports and EntertainmentComplex. Vehicles may enter the complex from the West Side Highway between 22nd and 23rd Streets where there isample on site parking. Taxi drop off is available at the front door at Pier Sixty. In addition, a transportation captain canassist you in arranging a taxi or car service to any destination.

For more information vvisit: www.piersixty.com

About the Official Hotel:The Crowne Plaza Times Square

Whether visiting New York for business or pleasure, the 46-story Crowne Plaza Times SquareManhattan offers the best in service and value. Located in the heart of the Theater District, it isthe perfect place; take in a Broadway show, shop on Fifth Avenue, stroll in Central Park or wanderto the city's numerous landmarks and attractions. Our 770 guest rooms andsuites all provide spectacular views of the Manhattan skyline. Rated by theZagat Guide as “the friendliest hotel in New York City”, our staff looksforward to making your stay truly memorable.

Our brand has spent a great deal of time researching and implementing ourSleep Advantage Program. We put our resources into creating a better place to sleep by enlistingthe expertise of Dr. Michael Breus, Ph.D. Our program is a holistic approach to a better night'ssleep, which includes: Comfortable New Beds, Quiet Zones, Sleep CD and Relaxation Tips, SleepAmenities, and Guaranteed Wake-Up Call.

Samplings Restaurant and the Lobby Bar offer a wide selection of food and drinks from dawnuntil dusk, whether you're looking for a light snack, a full dinner, cocktails or a glass from ourrange of wines. In-room dining is available. Take care of your fitness needs with our extensivehealth and leisure facilities, including Manhattan's largest indoor swimming pool. We alsooffer full Concierge services, on-site valet parking, Business Center services, and a tour andtravel desk.

5 Easy Ways to RegisterREGISTRATIONS: Please complete and return the registration form to Anthony Finelli:FAX: 212 661 8908CALL: 212 66 13500 Ext 3286MAIL: IR NY, P.O. Box 3685, Boston, MA 02241-3685

EMAIL: [email protected]

WEB: QUOTE VIP PRIORITY CODE TT16

Group Discounts AvailablePlease contact Anthony Finelli on (212) 661-3500 ext. 3286 for details.

No two discounts can be combined.

FeeThe standard fee for attending IIR's GAIM USA Fund of Funds is outlined on the registration form.This includes the luncheon and refreshments, and the conference documentation and materialssubmitted by the speakers. You may enclose payment with your registration or we will send aninvoice. Payment is due within 30 days of registering. If registering within 30 days of the event,payment is due immediately. Payments may be made by check, Visa, MasterCard, Discover, DinersClub or American Express. Please make all checks payable to the “Institute for InternationalResearch, Inc.” and write the name of the delegate(s) on the face of the check, as well as our referencecode: U2131. If payment has not been received prior to registration the morning of the conference, acredit card hold will be required.

Dates and VenueGAIM USA Fund of FundsSeptember 18-20, 2006Pier Sixty23rd St at Hudson RiverNew York, NY10011www.piersixty.com

AccommodationsThe official hotel for GAIM USA Fund of Funds will be:Crowne Plaza Times Square1605 BroadwayNew York, NY 10019Please book your hotel room early. GAIM USA Fund of Funds coincides with a busy time in NewYork City and hotel space will sell out.

A block of rooms will be held for a limited period of time at the Crowne Plaza Times Square. Allhotel bookings must be made through The Global Executive's Internet booking site. Please visitwww.globalexec.com/iir to make your reservation. If you do not have web access, or need additionalassistance, please call The Global Executive at (800) 516-4265 or (203) 431-8950. You can also sendthem an email at [email protected] or fax them at (203) 431-9305. The hotel will not acceptindividual calls for room reservations at the IIR negotiated group rate.

Substitutions and CancellationsShould you be unable to attend for any reason, please inform IIR IN WRITING prior to September 4,2006 and a credit voucher for the full amount will be issued which must be used within one year of

issuance. If you prefer, a full refund less a $395 non-refundable deposit will be issued. No refunds orcredits will be given for cancellations received on or after September 4, 2006.Substitutions of enrolled delegates may be made at any time. Please indicate upon registration whetheryou are eligible for a discount. No two discounts can be combined. If, for any reason, IIR decides tocancel this conference, IIR does not accept responsibility for covering airfare, hotel or other costsincurred by registrants including delegates, speakers, sponsors and guests. Program content subject tochange without notice. Press permission must be obtained prior to the event and is dependant uponspeakers' approval. The press may not quote speakers or delegates unless they have obtained theirapproval in writing. Press passes do not include admittance to break-out sessions.

Documentation OrderIf you are unable to attend the program, or would simply like to order additional sets ofdocumentation for your colleagues, they are available for $395 per set, including taxes, postage andshipping in the U.S.Please fill out the order form on the back of the brochure. The documentation is available forshipment two weeks after the conference takes place.

CREDIT CARD PAYMENT ONLY.

Any disabled individual desiring an auxiliary aid for this conference should notify IIR at least 3 weeksprior to the conference in writing by faxing (212) 661-6045.

Sponsored Events and Table Top ExhibitsAre you looking for a creative way to reach top-level decision-makers? Why not consider sponsoring aluncheon, cocktail party or refreshment break? Maybe you’re looking for the perfect forum toshowcase your products and services or an onsite communication center. For information onsponsorship or exhibition opportunities please contact Sarene Yablonsky at 212.661.3500 ext. 3798.

Exhibitions: Exhibit space will be available at this conference offering you the perfect forum toshowcase your products and services. This is your chance to make valuable contacts and have yourtabletop display serve as your communications center. Please call Jeffrey Dubs, 212-661-3500, ext.3082 for showcase opportunities.

Complaint Resolution PolicyFor more information regarding administrative policies such as complaint and refund, please contactour offices at (888) 670-8200 or (941) 951-7885.

Institute for International Research is registered with the National Association of State BoardsofAccountancy (NASBA) as a sponsor of continuing professional education on the NationalRegistry of CPE Sponsors. State boards of accountancy have final authority on theacceptance of individual courses for CPE credit. Complaints regarding registered sponsors

may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN37219-2417. Web site : www.nasba.org

Institute for International Research (IIR) is dedicated to providing quality continuing legal educationto professionals interested in its’ course offerings. In that regard, IIR has a financial hardshippolicy for professionals who are unable to afford the course tuition but are interested incontinuing legal education courses offered at IIR. For further information regarding IIR’s

financial hardship policy, please contact La Shawn Jackson at 212-661-3500, ex 3052 or via email [email protected].

Administrative Detalis

Institute for International Research708 Third Avenue, 4th FloorNew York, NY 10017-4103

GAIM USA FUND OF FUNDS REGISTRATION FORM

r I have enclosed Payment

r I will register now and pay later**

r Please charge my credit card: r Visa r MasterCard r American Express r Discover

Credit Card No. ___________________________________________ Exp. Date ______________

Signature _______________________________________________________________________

**Payment must be received by September 4, 2006

Exhibitions/Sponsorships: Please send me more information on how to: r Exhibit r Sponsor

Incorrect Mailing Information: If you are receiving multiple mailings, have updated informationor would like to be removed from our database, please contact IIR at (212) 661-3876 or fax thispage to (419) 781-6036. Please keep in mind that amendments can take up to 6 weeks.

PLEASE DO NOT REMOVE MAILING LABEL

U2131

PRSRT STD U.S. Postage

PAID Plattsburgh, N.Y. 12901

Permit N0.44

Five Easy Ways to Register:

• Fax 212 661 8908% Call 212 661 3500 Ext 3286 to speak with Anthony Finellih Mail Institute for International Research, NY

P.O. Box 3685, Boston, MA 02241-3685ok E-mail [email protected] Internet QUOTE VIP PRIORITY CODE TT16r Yes! Please register the following individual(s) for GAIM USA Fund of Funds, September 18-

20, 2006 (Please circle the appropriate Box)

*Institutional Investors: Senior Investment Professional from Plan Sponsors, Endowments andFoundations may qualify for complimentary registration at this event. To request approval, pleasee-mail Marc Weitzman at [email protected].

Name __________________________________________________________________________

Title __________________________________________________ Department _______________

Your Manager _________________________________________ Title ______________________

Company _______________________________________________________________________

Address _________________________________________________________________________

City ____________________________________________ State _________ Zip ______________

Tel ________________________________________ Fax _________________________________

E-mail __________________________________________________________________________

r Yes! Please keep me informed about future GAIM USA event via fax

Signature _______________________________________________________________________

r Yes! Please keep me informed about future GAIM USA events via e-mail

Signature _______________________________________________________________________

Method of Payment

Please refer to the categories below and indicate which category you consider yourself to fallinto. All applicants are subject to authorization by GAIM USA.

Register by Asset Allocators:Plan Sponsors,Endowments &Foundations

Asset ManagersHedge Funds &Fundof Funds

Service Providers

June 20, 2006 FREE* $2895 $3495

July 28, 2006 FREE* $3095 $3695

September 1, 2006 FREE* $3295 $3895

After September 1,2006

FREE* $3495 $4095

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Bronze

Sponsors:

The largest gathering of Hedge Fund of Funds & their … largest gathering of Hedge Fund of Funds &...

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