| According to Ineichen, "you can hear right now a | | | | This Opalesque Roundtable is with 31 pages the |
| lot of people criticizing the fund of funds model. | | | | largest Roundtable script ever published by |
| They argue that its hey days are over. However, | | | | Opalesque. The discussion included various hot |
| I have a different view on that. I believe it is | | | | topics such as how Sharpe ratios can fool |
| mainly fund of hedge funds are in the business of | | | | investors, why investors still shun managed |
| constructing conservative portfolios, not hedge | | | | futures, a discussion on the value of transparency |
| funds. | | | | and risk factors as well as suggestions how to |
| Hedge funds are the building blocks of a | | | | restructure hedge fund fees. |
| conservative portfolio. With a fund of funds, you | | | | In addition, the experts discuss: |
| have risk management on two levels. The hedge | | | | - ...which strategies and opportunities Swiss hedge |
| fund manager controls risk on a securities and | | | | fund managers and investors are pursuing in this |
| markets level, while the fund of hedge funds | | | | recessionary environment |
| manager controls risk on a single manager level. | | | | - ...that going forward, RMF will be handling close to |
| Given the uncertainty we are discussing, with the | | | | 80% of US and Europe L/S hedge fund |
| markets where they are today - assuming that | | | | investments via managed accounts |
| they normalize somewhat - I would advocate that | | | | - ...that while managed accounts are the biggest |
| the fund of funds model isactually quite strong." | | | | demand from end-investors, this trend could |
| Ineichen authored UBS’s most re-printed | | | | actually exacerbate the problems which may be |
| research reports: "In Search of Alpha", and "The | | | | brewing for the next crisis |
| Search for Alpha Continues" and published | | | | - ...how the Swiss hedge fund industry aims to |
| "Asymmetric Returns: The Future of Active | | | | rebuild investor confidence |
| Asset Management" and "Absolute Returns: The | | | | - ...where the Swiss regulators failed during the |
| Risk and Opportunities of Hedge Fund Investing". | | | | 2008 crisis |
| Opalesque is now publishing the script of the | | | | - ...that there are already a couple of initiatives |
| Opalesque Zurich Roundtable. The event took | | | | within the Swiss hedge fund investor community |
| place on February 26th 2009 at Man Group/ | | | | to get together, and which interests they are |
| RMF’s offices in Pfäffikon and was | | | | pursuing |
| sponsored by Taussig Capital. Apart from | | | | - and share an exemplary story how one hedge |
| Ineichen, the following experts participated: | | | | fund manager changed the way a mainstream |
| - Frederic Berney. Chief Risk Officer, Harcourt | | | | newspaper writes about hedge funds. |
| Investment Consulting | | | | The Opalesque Zurich Roundtable can be |
| - Christopher Brodie, Co-founder and senior fund | | | | downloaded here: |
| manager, Krom River | | | | All other previously published Opalesque |
| - Jaime Castán, Head of Hedge Fund Research, | | | | Roundtable Scripts can be accessed here: |
| RMF | | | | About Opalesque: |
| - Uwe Eberle, Head of Institutional Relationship | | | | Matthias Knab, Director of Opalesque Ltd, |
| Management, Member of the Management | | | | moderates the Opalesque Roundtables. Matthias |
| Committee, Man Investments | | | | Knab is an internationally recognized expert on |
| - Prof. Dr. Peter Meier, Zurich University | | | | hedge funds and alternatives. |
| - Jim Mitchell, Senior Managing Director and | | | | In 2003, with the publication of its daily Alternative |
| Co-founder, EWM Global | | | | Market Briefing, Opalesque successfully launched |
| - Dr. Christian Raubach, Managing Partner of | | | | an information revolution in the hedge fund media |
| Wegelin & Co. Private Bankers | | | | space: "Opalesque changed the world by bringing |
| - Philippe Pillonel, Managing Partner, Constellation | | | | transparency where there was opacity and by |
| Capital Advisors | | | | delivering an accurate professional reporting |
| - Ernesto Prado, Co-founder and Chief | | | | service." - Nigel Blanchard, Culross. This hybrid |
| Investment Officer, Areca Investment | | | | financial news service, which combines proprietary |
| Management | | | | industry news stories and filtered third party |
| - Joseph (Joe) Taussig, Founder, Taussig Capital | | | | reports, has been credited by many industry |
| The Opalesque Zurich Roundtable can be | | | | insiders with delivering precise, accurate, and vital |
| downloaded here: | | | | information to a notoriously guarded audience. |