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Thursday, April 3, 2008
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10:00a
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Registration
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1:45p
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Welcoming Lunch
Sponsored by:
ALEXANDRA INVESTMENT MANAGEMENT
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3:20
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Welcoming Remarks
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3:30
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"MITIGATING HEDGE FUND OPERATIONAL RISKS WITH MANAGED ACCOUNTS. BRINGING NEW STANDARDS IN HEDGE FUNDS INVESTING"
VP, Structured Product Sales for Brazil, SG AMERICAS SECURITIES, LLC
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4:00
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Discussion on Sovereign Wealth Management Funds
A growing number of countries are setting up Sovereign Wealth Funds (SWF) as investment vehicles for foreign currency assets under sovereign management. Financial interest has focused on SWF as their assets grow rapidly. In addition, political interest has intensified as these assets are allocated away from fixed income and toward equity positions in a search for yield. Currently, foreign assets under sovereign management are driven by large current account surpluses and gross capital inflows. They globally stand at US$7 trillion, with US$5.6 trillion held as international reserves and the remainder as other foreign assets in SWF. Projections indicate that Sovereigns will continue to accumulate international assets at the rate of over US$800 billion per year.
Potential implications for global capital markets
• SWF could push up the prices of riskier and illiquid assets.
• SWF could face political opposition to their investments when acquiring ownership of assets (and corporate control),
• raising concerns of financial protectionism.
• SWF may lower U.S. and European bond prices and the value of the US dollar.
• Transparency and risk issues could affect global financial markets.
What are implications for decisions by Sovereign Wealth Funds?
• What portion of EM Sovereign foreign assets should be managed by SWF,taking into account liquidity and
• risk-adjusted return considerations?
• While SWF have a greater risk appetite than central banks, what strategic considerations should guide
• their optimal investment strategy?
• What can SWF learn from best practices?
What are implications for decisions by EM Sovereigns?
• What are appropriate management practices when setting up SWF (including reporting requirements,
• accountability, and risk management)?
• Care needs to be taken
E M STRATEGIES, INC. (Former Assistant Director ICM, INTERNATIONAL MONETARY FUND)
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4:30
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“PORTFOLIO OPTIMIZATION WITH STRUCTURED PRODUCTS”
• Defining framework for using structured products in portfolios
• Recent trends and developments in structured products
• Market overview and current developments
• Opportunities with structured products
Head of Structured Solutions Group – Brazil, BNP PARIBAS
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5:00
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Refreshment Break
Sponsored by
MERIDIAN CAPITAL PARTNERS, INC.
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5:15
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ASSET ALLOCATION FOR LATIN AMERICAN PENSIONS
• What are the current and prospective Latin American trends in asset allocation
• What challenges and developments are facing Latin American Pensions in the asset allocation process and what
• strategies will work best in the current/future environment
• What is the outcome of client driven strategy allocations & custom-made approaches to portfolio construction
• Tactical vs. strategic asset allocation
• What role should Alternative Investments play in the Asset Allocation process and should the same guidelines
• apply to Latin American Pensions.
Speaker:
Senior Director, INVESCO
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5:45
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STYLES AND STRATEGIES
An in-depth review examining which investment styles and strategies managers are employing to stay ahead of the curve and how will these strategies benefit Latin American Pensions.
• Using 130/30 Strategies
• Event Driven & Relative Value Arbitrage
• Rationale for pursuing hedge fund strategies
• The evolution of absolute return investing
• Why and how should pension funds allocate to volatility based strategies?
• Asset backed lending strategies
• The increase of multi-asset class structured products
Panelists:
President & Partner, ALEXANDRA INVESMENT MANAGEMENT
Director Latin America, GOTTEX FUND MANAGEMENT
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6:15
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ALTERNATIVE INVESTMENTS VS. TRADITIONAL WHAT IS THE RIGHT MIX FOR LATIN AMERICAN PENSIONS
• Comparison of relative vs. absolute returns
• Long only vs. long and short investing
• Use of leverage
• Use of asset classes and derivatives
• Trading flexibility
• Correlation to markets
• Comparative liquidity
• Comparative transparency
• Volatility
• Risk management issues
Panelists:
Partner, MERIDIAN CAPITAL PARTNERS
Managing Partner, HIGH STREET ADVISORS, L.P.
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6:45
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Cocktail Reception
Sponsored by:
SG AMERICAS SECURITIES, LLC
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Friday, April 4, 2008
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8:30 a
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Continental Breakfast
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9:30
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Investor Discussion
This panel will be comprised of United States and Latin American pension directors. They will discuss their differences and similarities in addition to challenges they face in this uncertain economic environment.
Speakers:
Trustee, BALTIMORE RETIREMENT SYSTEMS
Diretor-Superintendente, FUNTERRA-Fundação de Previdência Privada da Terracap
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10:00
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“GLOBAL APPROACH TO ALTERNATIVE INVESTMENTS: MULTI-BOUTIQUE”
Product Specialist, CREDIT AGRICOLE ASSET MANAGEMENT
Head of Development Strategy, CREDIT AGRICOLE ASSET MANAGEMENT
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10:30
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“EQUITY LONG/SHORT FUNDS- A MANAGER REVIEW”
• Position Selection Process
• Sound money management: portfolio structure and rules
• The Human Manager
• Variety of valid structures and/or strategies address a wide range of objectives
• Development and transparency of global equity markets vs. markets for other securities
• Difficulty measuring alpha and beta in a noisy world filled with biases
William Furber, Managing Partner, HIGH STREET ADVISORS, LP
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11:00
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Private Equity/Venture Capital
• How will the relaxation of Latin American pension fund allocation rules affect the private equity sector?
• What is the current state of the private equity sector and what impact will it have on Latin American pensions?
• Is there too much capital pursuing too few deals? What to expect as a result of this
• Identifying top-performing private equity managers via quantitative and/or qualitative analysis
• Implementing private equity and venture capital into your institutional portfolio
• Managing successful exits
• Raising a fund: challenges faced and what should investors be looking for
Moderator:
Project Manager, ABDI
Panelists:
Gerente de Participacoes, FUNCEF
Senior Managing Partner, CRP PARTICIPAÇÕES
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11:45
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HEDGE FUNDS/FUND OF HEDGEFUNDS
• Direct hedge fund investing vs. direct traditional manager investing: how do they differ?
• Fund of funds vs. multi-strategy
• Is there evidence that hedge funds can time the market?
• Manager incentives and expenses associated with hedge funds
• Performance measurement of hedge funds
• How are fund of funds evolving to sustain performance in a ever changing environment
• Synthetic hedge funds
• Do international funds of funds offer an advantage to Latin American pensions?
Panelists:
Partner, MERIDIAN CAPITAL PARTNERS
President & Partner, ALEXANDRA INVESTMENT MANAGEMENT
Director Latin America, GOTTEX FUND MANAGEMENT
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12:30p
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INVESTING IN COMMODITIES
• Examining current trends and identifying future opportunities for Latin American Pensions
• Importance of Portfolio Diversification, Negative Correlation, and the Use of Commodities as an Inflation Hedge
• Commodities and global growth
• Current state of the commodity markets
• Is investor interest in commodities over-crowding the market?
Panelists:
Trustee, BALTIMORE RETIREMENT SYSTEMS
Managing Director, GRESHAM INVESTMENT MANAGEMENT
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1:00
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CONSULTANTS PERSPECTIVE
Speaker:
Business Leader for Brazil, MERCER CONSULTING
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1:15
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Luncheon
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3:00
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CLOSING REMARKS
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TEXT AGENDA (as of 03-31-2008)__