European Alternative &
  Institutional Investing
  Summit

27-29 October 2008
__Fairmont Monte Carlo Hotel, Monte Carlo, Monaco
TEXT AGENDA (as of 10-16-2008)______

Agenda

Monday 27 October 2008:

Pre-Conference Workshop: (Box Lunch Served)
Diversification for Its Own Sake? Fund of Funds or Going Direct: A Fresh Perspective
• The New Fund of Funds Landscape
• Where Fund of Funds Make Sense, and Where They May Not
• Blending Fund of Funds and Direct Managers
• Making the Leap to a Direct Program of Hedge Funds, Private Equity and Other Alternatives
• What to Consider when Building a Direct Program: A Step by Step Approach

Managing Director, CITY CAPITAL
Director, CLONTARF CAPITAL
Managing Director, PACIFIC ALTERNATIVE ASSET MANAGEMENT COMPANY

Day One Theme: Investor Perspective
All Sessions Are Panel Discussions and Power Point Presentations Are Prohibited

15:00

Co-Chairpersons’ Welcoming Remarks

Chief Executive Officer, BP PENSION TRUSTEES
Chief Executive, SAUL TRUSTEE COMPANY

15:15

Institutional Investor Discussion
• Institutional Investors: New Ways of Working for Changing Roles
• Best Practice and Innovative Governance - Tips for Assessing, Buying and Monitoring Complex Products
• Understanding Interdependence - Working with Sponsors and Regulators when Setting Investment Strategy
• for Maturing Schemes
• Increasing Collaboration Between Investors - Where Does this Make Sense for Increasing Buying Power and Influence?

Moderator:
Chief Executive Officer, BP PENSION TRUSTEES

Panelists:
Chief Executive Officer, KÅPAN PENSIONER
Chief Executive, SAUL TRUSTEE COMPANY
Deputy Head of Portfolio Management, SWEDISH NATIONAL DEBT OFFICE

16:00

Private Wealth Discussion
• Current Situation in Global Markets – Where to Invest and Where Not To
• Is This a Time for Value Investors and Contrarians?
• Can Hedge Funds and Other Alternative Investments Offer the Expected Alpha?
• If So, How to Pick Them and What to Look Out for (Assessing and Selecting Hfs. Single Hfs or Rather Fohfs?)
• How Strongly Is the Overall Long-Term, Global Wealth Strategy of Families Affected By the Current Market Condition?
• Overall Global Asset Allocation: Family Wealth Diversification and Correlation with Global Markets
• How Does Global Wealth Allocation in Families Compare with the Institutional and Individual Investors World:
• Top-Down/Bottom-Up?
• How Much Is Done In-House and How Much Is Outsourced?
• Which Asset Classes Are Core and How Do You Select Individual Providers and ‘Best Of Class’?
• How Do You Manage Overall Wealth Reporting and Consolidation?
• Are There Specific Guiding Principles for the Selection (E.G. Family Values, Ethical Values, Experience,
• History, ‘Buffetology’…)?

Moderator:
Managing Director, FERGUSON PARTNERS FAMILY OFFICE

Panelists:
Chief Executive Officer, ALPHA GLOBAL ADVISORY
Director, CAMPITELLI INVESTMENTS (FAMILY OFFICE)
PRIVATE INVESTOR
PRIVATE INVESTOR

17:00

Refreshment Break

17:30

What Opportunities Have Arisen for Institutional Investors as a Result of the Credit Market Dislocation?
• Is This a One Off Major Opportunity?
• Has the Credit Market Dislocation Finished?
• Effects of Default on Coupons/Credit Rating and SEC Supervision?
• Opportunities for Hedge Funds?
• Private Deals vs. Traded Deals?
• Should the Risk Be Increased by Leverage?
• Is Inflation Consistent with the Credit Crunch and How Would It Affect Opportunities?

Moderator:
Investment Principal, AON CONSULTING LTD.

Panelists:
Co Founder and Partner, ARAMID CAPITAL PARTNERS
Managing Principal, DURHAM ASSET MANAGEMENT
Vice-President-Institutional Bank Loan Relationships, EATON VANCE MANAGEMENT
Partner, Investment Director, SOLENT CAPITAL PARTNERS LLP

18:30

Sessions Conclude

19:00

Cocktail Reception
Hosted by: EFG EUROFINANCIAL INVESTMENT COMPANY
(15 Avenue d’Ostende, Monte Carlo, Monaco)

TUESDAY 28 October 2008:

Day Two Theme: Investment Styles and Strategies
All Sessions Are Panel Discussions and Power Point Presentations Are Prohibited

8:30

Continental Breakfast

8:45

Co-Chairpersons’ Welcoming Remarks

Chief Executive Officer, BP PENSION TRUSTEES
Chief Executive, SAUL TRUSTEE COMPANY

9:00

Meet the Managers:
This session will consist of five managers with a total of ten minutes each to speak. There will be no Power Point presentations during this session. The five managers will one by one have an opportunity to discuss their background, strategy, methodology and performance of their funds. There will be a session leader carefully monitoring the ten minute limit. After all five managers have spoken we will open the floor to questions from the audience.

Facilitator:
Company Secretary, EUROPEAN PARLIAMENT PENSION FUND

Panelists:
Managing Director, EFFICIENT CAPITAL MANAGEMENT
Managing Director, FORTUNE ASSET MANAGEMENT LTD
Executive Director, LONDON AND CAPITAL
Chief Executive Officer, TIMBERVEST, LLC
Investment Research Manager, WORLD GOLD COUNCIL

10:15

Improving Risk-Adjusted Returns with Hedge Fund Replication Clones and Alternative Beta Strategies
• What Is Hedge Fund Replication? Contrasting
• Academic Theory, Available Products and Passive
• Investable Indices
• Why Replicating? Capacity and Redemption Liquidity
• Risks, Alpha/Beta Separation
• Where Are Outflows from Funds of Hedge Funds?
• What Are Investor Concerns?
• Benchmarking Replication: Product and Risk
• Transparency, Fees, Lessons from Last Summer

Moderator:
Centre for Hedge Funds, LONDON BUSINESS SCHOOL

Panelists:
Chief Executive, ALLENBRIDGEEPIC INVESTMENT ADVISERS
Principal, DALRYMPLE FINANCE
Chief Investment Officer, PLENUM FAMILY OFFICE

What Do Credit Crunch and Listed Market Declines Mean for Investors’ Private Equity Allocations?
• Are All Pension Plans Scaling Back On Private Equity
• Allocations Due to Denominator Effect?
• Are Private Equity Allocation Models Being Rewritten?
• Did Managers Raise too Much in 2006-7 Just
• Because They Could?
• What Do Over Allocations by Pension Funds Mean for
• the Secondaries Market?

Moderator:
Investment Director, SL CAPITAL PARTNERS LLP

Panelists:
Managing Director, ADVEQ MANAGEMENT AG
Director, ATP PRIVATE EQUITY PARTNERS
Managing Director, WILSHIRE PRIVATE MARKETS GROUP

11:15

Refreshment Break

11:45

How Should Investors Seek to Integrate Alpha and Beta Decisions in Their Portfolios?
• What Is the Best Plan Structure to Follow when
• Optimizing Cost and Use of Alpha Versus Beta?
• Should Beta Implementation Be Pursued on a
• “Passive” or “Active” Basis?
• How Does One Build a Truly Diversified “Pure”
• Alpha Portfolio that Produces Steady Excess Return
• Net of Fees?
• What Is the Best Way to Capture the “Beta” of
• Derivative Instruments, a Critical Step in Determining
• the Overall Asset Class Profile of a Fund?
• What Best Practices Should Investors Follow when
• Using Structured Securities? Does Proper Optimization
• of Alpha and Beta Require Investors to Avoid these
• Complex Investment Vehicles?
• Do Plan Sponsors Make an Effort to Separate “Beta”
• Performance From “Alpha” – Or Combine these for
• Attribution Purposes?

Moderator:
Managing Director, ALBAN ROW INVESTMENTS, LLC

Panelists:
Chief Investment Officer, AMAS BANK
Managing Director, EFFICIENT CAPITAL MANAGEMENT
Chief Executive, INALYTICS

What Levels of Allocation are Institutional Investors Making to Real Estate and How Do Their Approaches Vary?
• How Do You Determine Your Allocation to Real Estate?
• If By Using an ALM-Model, What Assumptions Do You
• Use for Expected Return and Correlations with Other
• Asset Classes?
• Main Reasons for Including Real Estate in Portfolio:
• Diversification, Hedging Interest Rate and Inflation
• Risk and/or Alpha?
• Is Real Estate Part of the Alternatives or an Asset
• Class on its Own?
• Do You Make a Difference Between Listed Real Estate
• (REITS) and Non-Listed or Private Real Estate (In
• Terms of Correlation and/or Expected Return)?
• How Do You Diversify Your Real Estate Portfolio: By
• Geography? By Sector (Office, Retail, Residential,
• Logistics)?
• Is there Room in Your Real Estate Portfolio for
• Infrastructure and/or Forestry Investments? Or Are
• These Different Assets with Different Characteristics?

Moderator:
Managing Director, KBC PENSIOENFONDS

Panelists:
Managing Director, ING VOLUNTARY AND MANDATORY PENSION FUND
Director Research & Market Information, INREV (EUROPEAN ASSOCIATION FOR INVESTORS IN NON-LISTED REAL ESTATE VEHICLES)
Chief Executive Officer, TIMBERVEST, LLC
Portfolio Manager, European Real Estate, TKP INVESTMENTS

12:45

Will Current Global Market Conditions Continue to Sustain the Commodity Boom or Lead to a Bursting Bubble?
• What Is the Underlying Cause of the Recent Strong
• Agricultural Commodities Markets: Energy Prices,
• India and China or Too Long Too Low Prices?
• Will Agricultural Commodities Behave Differently
• from Energy and Metals?
• Are There Lesson from History that Can Be Applied
• to Today’s Markets?
• Where Will Commodity Markets Be in Relation to
• A) Next Year, B) Three Years and C) Five Years?
• Which Commodities Are Very Out of Line and Why
• Should or Why Should They Not Remain High?
• If This Is a Bubble, What Might Cause It to Burst? If
• Not a Bubble Will Prices Drop or Stay at These Levels?

Moderator:
INDEPENDENT ADVISOR

Panelists:
Managing Director, UK, FOURWINDS CAPITAL Commodities and Financial Risk Advisory, KPMG
MANAGEMENT (UK) LIMITED
PRIVATE INVESTOR

Convergence in Alternative Investments - Is It Happening, What Does It Mean?
• Are Alternative Investments an Add-On or A Substitute
• For the Traditional Asset Classes?
• Are Alternative Investments Already Mainstream …
• and What’s Next?
• How to Organize Partnerships in the Field of
• Alternative Investments?
• Benchmarking Alternative Investments
• Approaching Alternative Asset Classes: Open
• Mandate or Narrow Guidelines?
• Do We Understand the Real Risks of Alternative
• Investments?

Moderator:
Chief Investment Officer, MN SERVICES

Panelists:
Senior Managing Director, CHANNEL CAPITAL GROUP LLC
Director, CLONTARF CAPITAL
Adjunct Professor, NYU STERN SCHOOL OF BUSINESS and Partner, DORSET MANAGEMENT

13:45

Luncheon

15:00

Evaluating Risks and Opportunities in Emerging Markets
• What Are the Main Long-Term Drivers for Institutional Investors to Invest in Emerging Markets?
• Can Emerging Markets be Viewed as Homogeneous, or Are there Significant Country Variations? What Impact
• Does This Have When Investing?
• What Are the Main Risks and How do You Manage Them?
• Frontier Markets: What Are the Opportunities and Risks?
• Is It Better to Access Emerging Markets Through Active or Passive Funds? What Are the Merits of Country
• Specific Funds?
• Emerging Markets Have Traditionally Been Non Income-Generating. Is This Still True?
• What Weighting to Emerging Markets Should Institutions Consider?

Moderator:
Director of Finance & Administration, CORAM FAMILY FOUNDATION

Panelists:
Managing Director, ALDEN GLOBAL CAPITAL
Chief Investment Officer, BELHOUL INVESTMENT OFFICE, LLC
Principal, EMERGING MARKET STRATEGIES COMPANY
Managing Director, FABIEN PICTET & PARTNERS LTD

16:00

Refreshment Break

16:30

Risk Conscious Portfolio Construction: FX Risk/Reward Case Study
• Myths and Realities About FX, Risk Budgeting and Risk Allocation
• Critical Strategic Design and Engineering Decisions: Objectives, Volatility, Diversification, Fees
• Tactical Management, Active Management, Passive Management

Moderator:
PRIVATE INVESTOR

Panelists:
Director of Product Development and Client Service, HATHERSAGE CAPITAL MANAGEMENT, LLC
Head of Currency, HERMES INVESTMENT MANAGEMENT LTD
Adviser, Hedge Fund Selection, VALQUANT

17:30

Strategy Allocation and Manager Selection in Fund of Funds: What Is More Important and What Are the Factors for Success?
• Who Are the Winners and Losers in the Current Market, and Why?
• How Do You Select a Good Manager? Is It Based on Track Record, Strategy, Size, or Something Else?
• When Does Diversification Become Dilution?
• How Does One Best Manage Gates, Redemption, and Liquidity Issues?
• Multi Strategy vs. Fund of Hedge Funds - Which Way Are Investors Heading?
• Will Alternative Beta and Hedge Fund Replication Replace Diversified Fund of Funds?
• Should Leverage and Derivative Overlays Be the Role of the Fohfs Manager?

Moderator:
Senior Manager, KPMG LLP

Panelists:
Chief Executive Officer, FINLES CAPITAL MANAGEMENT
Portfolio Manager, LYXOR ASSET MANAGEMENT
Chief Risk Officer, ROCK MAPLE FUNDS

18:30

Sessions Conclude

18:30

Cocktail Reception

WEDNESDAY 29 October 2008:

Day Three Theme: Liability & Ethics
All Sessions Are Panel Discussions and Power Point Presentations Are Prohibited

8:30

Continental Breakfast

8:45

Co-Chairpersons’ Welcoming Remarks

Chief Executive Officer, BP PENSION TRUSTEES
Chief Executive, SAUL TRUSTEE COMPANY

9:00

The Risk Debate: Do Institutional Investors Understand the Risks of the Current Market?
Live Debate Oxbridge Rules. No Sacred Cows Protected.

Debate Chairman:
Director, DAWNAY DAY QUANTUM LIMITED

Panelists in the Affirmative:
Joint Managing Director and Head of Investment, CORAZON CAPITAL
Director, ASSET RISK CONSULTANTS LIMITED

Panelists in the Negative:
Director of Research, LIABILITY SOLUTIONS
Chairman, CAMCO INTERNATIONAL

10:00

Integrating Responsible Investment Principles in Institutional Investors’ Portfolios
• Whose 'Responsible Principles'?
• Monitoring Compliance
• Responding to Single-Issue Pressure Groups
• Securities Class Action Concerns
• Reporting to Investors and Plan Members
• What Should the Admin and Risk Budget Be?
• Legal and Political Constraints

Moderator:
Chairman, ALFRED MCALPINE PENSION SCHEME

Panelists:
Chief Executive Officer and President, ASSET4
Corporate Governance Analyst, CO-OPERATIVE INSURANCE SOCIETY
Responsible Investments, KLP INSURANCE
Senior Investment Manager, VBV GROUP

11:00

Incorporating Climate Risk Issues Into the Investment Process
• To What Extent Is Climate Change Currently Being Incorporated Into Investment Decisions?
• What Are the Main Barriers to Integrating Climate Change Into the Existing Processes?
• What Should Pension Funds Do to Exploit Climate Opportunities and Minimise the Risks?
• How Well Are Asset Managers Integrating Climate Change Into Their Activities and Their Investment
• Decision-Making?
• What Will the Main Drivers Be for Integrating Climate Change Into Investment Processes Going Forward?
• What Role Can Collaborative Initiatives Play in Supporting The Integration of Climate Change Into Existing
• Investment Processes?

Moderator:
Head of Corporate Governance, RAILPEN INVESTMENTS

Panelists:
Director Europe, CARBON DISCLOSURE PROJECT
Managing Director, DA VINCI INVEST LTD. (MULTI-FAMILY OFFICE OF FAMILY MÜLLI & ALBRECHT)
Vice President, ETHIX SRI ADVISORS
Programme Officer, INSTITUTIONAL INVESTOR’S GROUP ON CLIMATE CHANGE

12:00

Conference Concludes