Hedge Fund Alert - University of Virginia
Transcription
Hedge Fund Alert - University of Virginia
HEDGE FUND The Weekly Update on the Alternative-Investment Community www.HFAlert.com APRIL 23, 2003 6 CAPITAL-INTRODUCTION PLAYERS 2 Macro Player Opens to Outsiders 3 JP Morgan Preps Registered Vehicle 3 Swiss Firm Touts New Marketing Unit 3 Manager Seeks ‘Mutual-Fund Timers’ 3 Investorforce Briefs Brokers on Marketing 4 LATEST LAUNCHES Tiger Vet Establishing Multi-Manager Venture A Tiger Management alumnus who most recently ran the University of Virginia’s $1.7 billion endowment is setting up a fund-of-funds operation. Michael Bills is eyeing an elite group of hedge-fund managers for the planned fund, called Bluestem Partners. He intends to start trading the Charlottesville, Va., entity in July with an undisclosed amount of capital. The fund — whose principals include Tim Davis, a former hedge-fund analyst at the University of Virginia — expects to take in as much as $200 million of additional cash on Jan. 1, 2004. Bluestem won’t disclose the identities of the funds that will receive its allocations. But Bills’ membership in the fraternity of Julian Robertson’s prolific “Tiger cubs” is expected to give him access to many of the industry’s top players. For that reason, and because the University of Virginia’s endowment raked in large profits and made heavy hedge-fund bets under Bills’ guidance, Bluestem will probably have an easy time attracting investors. Bills initially joined Tiger See TIGER on Page 6 Team Puts Finishing Touches on Arb Fund THE GRAPEVINE Jason Huemer has left his post as chief operating officer at York Capital to join Synthesis Asset Management, a $1 bil- lion fund-of-funds shop in New York. Huemer started at Synthesis on April 15. Word has it he’ll spend some of his time there helping to build an operation that will seed start-up fund managers. Huemer had been at York, an event-driven shop in New York, for three-and-a-half years. New York asset-management firm Neuberger Berman has lured Barbara Doran from Selalu Partners, a hedgefund marketing concern. Doran joined Neuberger April 20 as an institutional sales staffer selling the firm’s stock research to hedge funds. She reports to the head of Neuberger’s equity division, Jack Rivkin, who she once worked for at Lehman Brothers. By jumping to Neuberger, she has given up her partSee GRAPEVINE on Back Page The former head of HBK Investment’s Japanese unit is getting ready to start a global multi-arbitrage fund with three partners. Bill Park expects to start trading his Aviator Partners and its non-U.S. companion, Aviator Overseas, on July 1 with $100 million. He and his partners will manage the vehicles through their New York firm, Aviator Fund Management. They will close the vehicle to new investors on July 1, but continue to accept money gradually from the original investors. They expect to have $250 million under management at yearend. Aviator aims to produce average annual returns of 12-15%, after fees equal to 2% of assets and 20% of profits. It has a minimum investment requirement of $1 million. The partners hope to distinguish themselves based on their expertise with various arbitrage techniques, shifting the firm’s capital among the strategies and adding new ones as needed. Park, who worked as a portfolio See TEAM on Page 6 Partners Shut Down Firm After Two Decades Dallas hedge-fund shop Regal Asset Management has shut down. The 19-year-old firm returned $300 million this month to investors in Regal Trading Partners because partners Howard Rachofsky and Beau Purvis are retiring, said president Bill Ward, who is leaving the firm to start his own fund. The managers decided to end their short-term trading operation after Regal Trading lost about 2.5% in 2002 — the first calendar-year loss it suffered since a 4% drop in 1984, it’s first year of operation. Ward plans to launch Headstream Value Partners on May 1, probably with $50 million. Joining him will be Josh Smith, one of Regal’s top portfolio managers. Smith’s investments in small- and mid-cap value stocks generated average annual gains of 23.5% during his eight-and-a-half years at Regal. Smith will serve as Headstream’s lead portfolio manager, although Ward will participate in stock selection. Headstream will have more of a long bias than Regal. ❖ April 23, 2003 HEDGE FUND 2 senior fund manager Fergus Murison —who are co-managing the fund — will seek average annual returns of 20%, after A U.K. firm is accepting outside capital for a globalfees equal to 1.5% of assets and 20% of profits. Emergent macro vehicle it has been incubating for the past 10 months Cosmopolitan has a minimum investment requirement of with impressive results. $500,000, subject to the managers’ discretion. Emergent Asset Management eventually hopes to run $1 The managers intend to hold four to six positions within billion via its Emergent Cosmopolitan Macro Fund, which it each of two to five strategies at any given time, making leverofficially launched last month with just $7.5 million of capaged investments in stocks, bonds, commodities, currencies ital. Since Emergent started trading the entity on June 1, and derivative instruments. 2002, it has produced a net gain of 38.7%. Murrin, who helped start the firm in 1996, brings a Going forward, chief investment officer David Murrin and diverse background to the fund. He briefly worked in oil exploration in Papua New Guinea before joining J.P. Morgan in 1986. While at J.P. Morgan, Murrin traded a variety of products before starting the bank’s European market-analysis group in 1991. He left the bank in 1993 to start his own firm, Apollo Analysis. He is also a military historian. Murison has held high-level positions in the global capitalmarkets groups at J.P. Morgan, HSBC and Tokyo-Mitsubishi International, where he worked most recently as the head of all sales and trading activity. He is trained as an accountant and specializes in bonds, as well as interest-rate and currency derivatives. Emergent Cosmopolitan is the third fund for Emergent Asset Management, which is 10% owned by Toronto-Dominion Bank and has never sought outside capital before. The firm currently runs $40 million. Its oldest fund, Emergent Alternative, has produced an average annual return of 11% over the last four years by followLet SLK’s Electronic Transaction Services team ing an emerging-markets macro help you rise above the confusion. debt strategy. Emergent Ballistic, an The Electronic Transaction Services (ETS) team at SLK will help you make sense out of today’s emerging-markets macro equity fragmented marketplace. Equipped with our suite of direct access products, you’ll have a comfund, has returned a cumulative prehensive view of available liquidity and high-speed direct access to major U.S. and European 68% over the last two years. ❖ Macro Player Opens to Outsiders Find today’s market puzzling? markets. Add next generation intelligent order routing, customized interfaces and algorithmic trading strategies, and you’ll discover that successfully navigating today’s markets is easy when you can see the whole picture. For more information, call 212.433.REDI. © Copyright 2003 Spear, Leeds & Kellogg, L.P. All Rights Reserved. Member NASD, NYSE, SIPC. It is a violation of U.S. copyright law to photocopy or reproduce any part of this publication, or forward it electronically, without first obtaining permission from Hedge Fund Alert. For details on discounted group subscriptions, please call 201-659-1700. April 23, 2003 HEDGE FUND JP Morgan Preps Registered Vehicle J.P. Morgan Chase’s alternative-investments unit is gearing up to start trading an SEC-registered fund of funds at midyear. The J.P. Morgan Atlas Global Long/Short Equity Fund, managed by senior analysts Mihir Meswani and Aamer Zahid, will attempt to outperform Morgan Stanley Capital International’s MSCI World Index by allocating money to 12 to 20 hedge funds. Atlas Global has a minimum investment requirement of $2 million. Investors must pony up at least $100,000 for each additional installment. The number of multi-manager funds that are registered with the SEC is growing rapidly. Many are trying to reach individual investors who want the extra disclosure that comes with registration. But some public hedge funds are seeking pension-fund investors whose holdings of unregistered investments are limited by law. ❖ Swiss Firm Touts New Marketing Unit A financial-services firm in Geneva is seeking hedge-fund clients for a marketing business that it just launched. The five-year-old firm, called Sphinx Consulting, is particularly interested in representing long/short, global-macro and convertible-arbitrage funds. It’s primarily interested in entities that produce the consistent returns favored by its Swiss institutional investors. Sphinx’s plan is to represent just one fund in each strategy. In exchange for its services, it will charge an up-front retainer and will take a cut of the annual management and incentive fees applied to the capital it places with its fund customers. The new venture is headed by Edward M. Karr, Sphinx’s capital-markets manager. Two other Sphinx employees currently work under him, and the firm may hire additional staffers for the effort. Sphinx performs a variety of services for its clients, including accounting, trustee, private-banking and assetmanagement work. To avoid conflicts of interest, it won’t recommend its hedge-fund clients to its asset-management customers. ❖ 3 based on market conditions. Wimbledon is emphasizing managers who invest in overseas funds, as opposed to vehicles that trade only U.S. stocks. Such mutual-fund timers often plow money into international funds just as the stock market closes in the U.S., attempting to exploit the impact overseas. Wimbledon Timing currently has more than $21 million under management. Weston believes the vehicle’s size will more than triple in the near future, based on the changes it made on April 1. ❖ Investorforce Briefs Brokers on Marketing Investorforce’s newest side business is quickly gaining steam. In January, the Wayne, Pa., company started advising brokerages on how to market hedge funds to investors without running afoul of regulatory restrictions. The service has already attracted five clients, whose staffers are receiving basic product-and-sales training, including an explanation of the strict marketing limits for hedge funds. The initiative has also helped Investorforce get its foot in the door for other consulting services, such as helping one brokerage find a new manager for a fund of funds it is struggling to run on its own. Brokerage houses need such consulting, in part, because their employees need to learn the basics of hedge funds as investors increasingly clamor for the investment vehicles. It’s no coincidence that Investorforce started offering the service the same month that the National Association of Securities Dealers instructed Wall Street players to take better steps to ensure that they’re selling hedge funds to investors with sufficient levels of sophistication. Investorforce is known mostly for its analytics tools that investors use to compare returns of traditional money managers and the Investorfoce database of hedge funds, formerly known as the Altvest database. It also sells marketing services to money managers. ❖ Checking out a fund manager? Sizing up a service provider? Manager Seeks ‘Mutual-Fund Timers’ Weston Capital Management has rejiggered its two-year-old Wimbledon Timing, a vehicle that allocates money to so- called mutual-fund timers. The Westport, Conn., firm recently added two unidentified funds to the Wimbledon portfolio. Until it made those additions, Weston was funneling all of the portfolio’s capital to just one mutual-fund timer. It’s seeking to allocate money to other hedge-fund managers who whip money among stock and bond mutual funds, as well as cash positions, Instantly find whomever or whatever you’re looking for by searching Hedge Fund Alert’s archives at HFAlert.com Free for Hedge Fund Alert subscribers, and $2.95 per article for everyone else. HEDGE FUND April 23, 2003 4 LATEST LAUNCHES Hedge Funds Portfolio managers, Management company Fund Aviator Partners/Aviator Overseas Domicile: U.S. and Cayman Islands ☛ SEE PAGE 1 Bill Park Aviator Fund Management, New York [email protected] Strategy Service providers Global multi-strategy arbitrage Prime broker: Morgan Stanley Law firm: Schulte Roth Auditor: PricewaterhouseCoopers Launch Date Equity at Launch (Mil.) July 1 $100 March 1 $7.5 Emergent Cosmopolitan Macro Fund David Murrin and Fergus Global macro Domicile: Bermuda Murison Emergent Asset Management, ☛ SEE PAGE 2 London 44-142-865-6966 Prime broker: Citigroup Law firm: Eversheds Auditor: Deloitte & Touche Administrator: Citco KingsGate Life Sciences Fund Domicile: U.S. Chris Wolf, Kevin Wenck and David Gershon KingsGate Capital Management, San Francisco 415-908-8200 Life sciences Prime broker: Banc of America Law firm: Shartsis Friese Auditor: Rothstein Kass April 1 Headstream Value Partners Domicile U.S. ☛ SEE PAGE 1 Josh Smith and Bill Ward Headstream Asset Management, Dallas 214-890-8860 Long-biased Prime broker: Banc of America Law firm: Akin Gump Auditor: KPMG Peat Marwick Administrator: J.D. Clark May 1 $50 Get the Earliest Leads On Private Investment Vehicles Every week, Hedge Fund Alert delivers the intelligence you need to anticipate new opportunities and risks facing fund-management firms, their investors and their service providers. Sign up for a FREE trial subscription and see for yourself how Hedge Fund Alert gives you a competitive edge by: n Identifying shifts in investor strategies and allocations. n Covering competition among prime brokers and other industry vendors. n Dissecting capital-raising tactics and product offerings of fund managers. YES! Start my 3-issue FREE trial subscription to Hedge Fund Alert. There are no strings attached — I won’t receive an invoice unless I choose to subscribe. HEDGE FU ND The We ekl y FEBRUARY Upd ate on the Alt ern ativ e-In 13, 2002 2 Rich Mult i-Ma nager Fund 2 Trio Aim s to s Get Rich Raise $50 Million 2 IRS Awa its Inpu t on Stock 3 Gleacher Lure s Tremont fs Up for Fund 3 Bear Lose s Futures Exec 3 Carlyle Staf 5 Brencour t er of Funds Prime-Broker age Pros Adds Converti 4 LATEST LAU ble-Bond Pro NCHES EVINE Equity-ana lyst David Gru Lehman Brot ber is leav ing hers to cov er healthcare stocks for Weiss, Farber Fun d. Address City/ST/Zip Telephone Peck & Gre er’s WPG He will join firm on Feb the New Yor . k was left whe 19 to help fill a void that n team followe the fund’s managemen d t Present, who co-manager David fund in Apr departed to start his own il. The fun d is now run Gerald Farb er, who hire by d Gruber. to joining Prio WP vice preside G, Gruber was a sen r ior nt in the equ area at Leh man for thre ity-research ing on med e ical-supply years, focuscompanies. Company Fax Fax this coupon to: (201) 659-4141. To order by phone, call (201) 659-1700 Or mail to: Hedge Fund Alert, 5 Marine View Plaza, #301, Hoboken, NJ 07030. You can also start your free trial at www.HFAlert.com. Com mu nity Schonfeld Alum Hirin g for ‘Prop ww w.H FAl ert .co m The former top profess to hire abo ional at trad ut analysts for 10 senior portfolio man ing powerhouse Sch onfeld Sec a mu agers and per urities Through his lti-strategy venture that he laun haps twice that man wants firm’s Web on Jan. 2 as y junior a hedge fun site, Dmitry Balyasny ched last month. bles a proprie refe d. But in one important rs to the vehicle he laun money for tary-trading operati resp ched ect, it on. That’s only a sma because the more-closely resemll group of pay no per firm, called formanc principals, who unlike BAM, run Word surfaced e fees. s hedge-fund last year that investors, to be under Balyasny was Sch planning a ing on his own onfeld’s aegis — and fun d — that , he is believed original he would run Balyasny, a $300 million. ly thought principal and to have at least that Now operatmuch the head trad er at Chicag capital. o-based Sch onfeld for five See SCH Trading’ Fir m Instead of ONFELD on Page 4 Selling, Sh uman Nam Fred es Successo rs 6 CALEND AR THE GRAP Name ves tme nt State Street Ban Pershing k has tapp ed former exec its fledglin utive Tony Patrelli to head g prime-br okerage bus Patrelli was ines pre the prime-br viously responsible s. for okerage ope Donaldson, ration of Lufkin & Jen rette’s Per unit, which shing Credit Suis se First Bos absorbed as ton part of its 2000 acquisi tionof DLJ . State Stre et began See GRAPEVI NE on Back Page Shuman, the founder of decided to fund-o offer The decisio ownership stakes to f-funds firm Archston e Manage ment, has speculation n, announced to inve staffers of his highly rega stor that the 61York multi-m year-old Shu s in a yearend letter, rded company. ends anager sho man said he p. During that was seeking nearly a year of tim to sell the e, Goldman prospective New Sachs was buyers. But intr closed fina Shuman said oducing Shu ncia long-time staf l institutions, choosin he rejected bids from man to a host of g firm’s chief fers Joe Pignatelli, And instead to award inte a number of undisoperating offi rew Small and Dawn Goo rests in Archstone to administrat cer, Sma ll is its chie ive manager dyear. Pign f financial atelli is the . The Shuman is officer and gradually tran new ownership stru Goodyear is cture sferring resp onsibilities was effective last mo its nth and ownersh ip interests . See FREE Felipe Split ting SHUMAN on Page 4 from $1 Bi l. Sirios Pa rtnership Chris Felipe is ending his John Bren partnership nan in in Sirios Cap Sources fam charge of the $1 billi ital Man on hedge-f iliar with Siri been told und operati agement, leaving os — who that on. were surp Brennan will Felipe will leave in June to spe rised by the decision ing Boston continue to run the nd more tim — have firm mu 1999. At MF tual-fund compan , which the pair star e with his family. ted shortly y MFS Inve S, Felipe man after leavstment Man Fund and aged the $6.3 the $1 billi age ment in Feb billion Mas on MFS Stra lion MFS Cap ruary sachusetts tegic Growth ital Opportu Inve Fund. Brenna stors Growth nities Fund. Boston-ba n oversaw the $2.2 bilentity dom sed Sirios has $650 mil icile accounts for d in the Cayman lion invested via a dive Islands. A the companion rsified long/short Felipe’s dep rest. vehicle in year, big-nam arture follows a stri the U.S. ng of high -pro Bowman Cap e partners have sep arated from file fund split-ups. ital and Gall Since last eon Capital. Intrepid Cap ❖ ital, 3-Week Trial Subscription Pequot Cap ital, Global coverage Market intelligence Made-to-measure Professionalism who says you can’t have it all? You want exper t brokerage services on listed or OTC derivatives and securities products. You are active across a wide range of asset classes spanning equities, fixed income, forex, tangible commodities and their related derivatives. You require lending and borrowing services, centralized processing and reporting of your portfolio, whilst enjoying the financial strength of a strong organization. Fimat is Your Global Broker. www.fimat.com Fimat and the Fimat Group refer to all companies or divisions of companies owned directly or indirectly by Société Générale that include the "Fimat" name. Only Fimat USA, Inc. is a member of the NASD and SIPC. Fimat International Banque S.A. (UK Branch) is a member of the LSE and does not deal with, or for Private Customers (as defined by the Financial Services Authority). Fimat International Banque SA (Frankfurt Branch) only conducts business with institutional customers. Only Fimat Canada Inc. is a member of the CIPF. Not all services are available from all Fimat organizations. Consult your local office for details. April 23, 2003 HEDGE FUND Team ... From Page 1 manager at HBK for five years, is the lead portfolio manager at Aviator. He’ll run the planned fund’s catalyst-driven and relative-value volatility arbitrage investments. Also running the portfolio will be Koji Takasumi and Eric Wong. Takasumi was a co-portfolio manager and Japanese equity-derivatives trader at KBC Financial Products in Tokyo. He will run Aviator’s statistical-volatility arbitrage investments. Wong had been a convertible-arbitrage trader and co-portfolio manager at Angelo, Gordon & Co. in New York. He will manage the fund’s convertible-arbitrage and capitalstructure arbitrage bets. The firm’s fourth partner is Peter Sparks, a former information-technology project manger at Goldman Sachs. Tony Tran, previously an auditor at PricewaterhouseCoopers, is Aviator’s controller. ❖ Tiger ... From Page 1 in 1986. He was serving as head trader when he left in 1992 to teach at the University of Virginia. He returned to Tiger as chief operating officer in 1996 and remained at the firm until 1999. He remains one of three members on the advisory board of Tiger alumnus Steve Mandel’s Lone Pine Capital of Greenwich, Conn., and serves as fund liquidator for Tiger veteran Andreas Halvorsen’s New York-based Viking Global. At the University of Virginia, where he worked as chief investment officer of the unit that manages the endowment from 2001 until January 2003, Bills ran $1 billion of hedge-fund investments — an amount equal to 60% of the school’s investments. That’s the largest hedge-fund allocation of any university endowment. During the 2002 fiscal year, which ended June 30, Bills’ hedge-fund bets paid off extremely well, producing a 7.7% return, after fees. Those gains offset losses among the university’s stock investments, helping the endowment achieve a virtually flat return for the year. The endowment also fared well against its peers. According to a Cambridge Associates survey covering results ending Dec. 31, 2002, the University of Virginia’s one-year gain of 0.3% and three-year average of 9.3% made it the top performer in the group. The survey didn’t include the endowments of Yale University, Stanford University or Rockefeller University. Meanwhile, the University of Virginia is in the process of selecting a recruiting firm to find a replacement for Bills. For now, his duties are being handled by Alice Handy, president of the Investment Management Co., the unit that runs the endowment’s money. ❖ Capital-Introduction Players The dozen banks listed below employ capital-introduction units that connect well-heeled investors with current or aspiring hedge-fund managers. Prime-brokerage groups rely heavily on their capital-introduction staffs to win fund managers as clients — relationships that can prove highly profitable to the brokerage firms. Investor contacts for the capital-introduction units are shown below. If there is a designated contact for European investors, that name is also included. Brokerage ABN Amro Banc of America Barclays Capital Bear Stearns Citigroup Credit Suisse First Boston Deutsche Bank Goldman Sachs An advertisement placed in Hedge Fund Alert can deliver your important message to hundreds of professionals active in the alternative-investment business. For more information, call Mary Romano at 800-283-9363. Or visit HFAlert.com for a media kit. 6 Lehman Brothers Merrill Lynch Morgan Stanley UBS Warburg Matchmaker Joe Young Peter Burrus Typhaine Zagoreos (Europe) Rosemarie Lakeman Jamie Phillips (Europe) Bill Ullman Pari Rajkotia (Europe) Dan Lancellotti Paul Radley (Europe) Bob Leonard Rod Barker John Dyment Christy York (Europe) Tom Lynch Tim Morgan (Europe) Laurie Stearn Kevin Dunleavy Dave Barrett Martin Byman (Europe) Joe Pescatore Tyne Cameron and Melissa Carnathan (Europe) Telephone 212-251-3014 212-583-8656 212-583-8742 212-412-7669 44-207-773-9191 212-272-6473 44-207-516-5160 212-723-4871 44-207-986-0744 212-325-2000 44-207-888-6971 212-469-3130 44-207-547-7254 212-902-5147 44-207-552-5138 212-526-8623 212-449-6060 212-762-5087 44-207-425-2108 212-713-3668 44-207-568-4730 What prime brokers want to be when they grow up. UBS Hedge Fund Services. Taking prime brokerage to the next level. Introducing a new support and execution platform with an integrated suite of services and capabilities. More than a prime brokerage, we bring to bear the full weight and sophistication of UBS Warburg and the entire UBS financial network. Your fund will partner with one of the most active global equity traders, a world-class global research team and, through UBS, the world’s leading private bank. Your UBS Hedge Fund Services Relationship Manager will focus the strength of UBS Warburg to bring you fresh, proactive ideas that will make you wonder how you ever got by with just a prime broker. Talk to the investment bank that puts clients first. Call 212-713-9033 or visit www.ubswarburg.com, then click on “Hedge Funds.” UBS Warburg – the UBS investment bank. © UBS AG 2003. The products and services referred to above are provided in the United States by UBS Warburg LLC. UBS PaineWebber Inc. also provides prime brokerage and stock borrow and loan services in the United States. UBS AG provides swaps (through UBS Warburg LLC as agent) and offshore administration services. Each of UBS Warburg LLC and UBS PaineWebber Inc. is a wholly owned subsidiary of UBS AG, and is a registered broker-dealer and a member of the New York Stock Exchange and other principal exchanges and SIPC. HEDGE FUND April 23, 2003 8 as director of tax and estate planning. Schmitt previously ran his own law practice in Green Bay, Wis. THE GRAPEVINE ... From Page 1 nership in Ridgefield, Conn.-based Selalu. Her former partner, Donna Anderson Schole, will continue to run Selalu. ance updates. It would do so through its Center for International Securities and Derivatives Markets, which oversees the Zurich Alternative Investment Performance Database of 2,500 hedge funds and managed-futures vehicles. The center supplies data to various academics, Mar/Hedge (the former owner of the database) and Strategic Financial Solutions, which uses the information for its PerTrac 2000 SE. Wealthy families are sticking with their hedge-fund investments, according to a joint survey by Naples, Fla., fund-of-funds shop LJH Global Investments and the Institute for Private Investors, a New York-based organization of 300 rich families. Of the 71 families that responded to the survey, 37 said they planned to expand their hedge-fund holdings this year. They currently allocate an average of 18% of their portfolios to hedge funds, compared to 34% for stocks and 20% for bonds, the survey found. Irv Kessler is rapidly building up his new hedge-fund firm, Provident Advisors. The two-month-old Wayzata, Minn., shop already employs 12 staffers, including eight analysts, traders and portfolio managers. Kessler intends to add even more staff as he prepares to start marketing a fund to investors in early May. He expects to start trading the vehicle on July 1. Kessler is best known as the founder of Deephaven Capital Management, a $1.2 billion multi-strategy hedge-fund shop. He left the firm in 2001, after selling it to Knight Trading. CALENDAR May 12-14: London is the venue for Terrapinn’s “Hedge Funds World London 2003.” 44-207-827-5997 www.hedgefundsworld.com Strategic Financial Solutions has added the MSCI Hedge Fund Indices to its performance-analysis software, PerTrac 2000 SE. MSCI, run by May 14: Euromoney Business Meetings holds a “Meet the Investor Forum” in New York. 44-207-779-8439 business-meetings.co.uk Morgan Stanley Capital International, tracks the performance of more than 1,500 hedge funds. It represents the 11th group of indices included in the PerTrac software, which allows users to compare the performance and characteristics of hedge funds. Sumnicht & Associates, an Appleton, Wis., firm that advises wealthy investors, has added two staffers. Rob Riedle joined this month to head business development and provide financial-planning advice to the firm’s clients. Sumnicht, which has $100 million of its $300 million allocated to hedge funds, also added Joe Schmitt May 14-15: Strategic Research Institute presents a New York conference titled, “Combined Summit on Credit Derivatives and CDOs.” 888-666-8514 srinstitute.com A University of Massachusetts research center hopes by next year to start releasing weekly hedge-fund perform- To view the full conference calendar, visit The Marketplace section of HFAlert.com TO SUBSCRIBE HEDGE FUND ALERT YES! Sign me up for a one-year subscription to Hedge Fund Alert at a cost of $1,797. I understand I can cancel at any time and receive a full refund for the unused portion of my 48-issue subscription. Telephone: 201-659-1700 Sarah Wood Managing Editor 201-234-3971 [email protected] DELIVERY (check one): E-mail. Fax. Mail. 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