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HFR Industry
Events


Outlook 2009
Summit Recap




 
Summit Recap Video Clips Strategists Sponsors Agenda


The event featured a sequence of four panels of four hedge fund strategists presenting
on each of the following subjects:

Equity Strategies    Event Driven & Credit Strategies    Arbitrage Strategies    Macro Strategies

HFR Industry Summit: Outlook 2009 Strategists


Russell Abrams
Founder and Senior Portfolio Manager
Titan Capital Group
Russell is Titan Capital Groupís founder and Senior Portfolio Manager. Titan Capital Group was opened in 2001 and currently serves as investment manager to various volatility arbitrage hedge funds. Russell has extensive experience managing options portfolios as well as trading both index and single stock options in a variety of markets. Prior to forming Titan, Russell was co-head of US Equity Derivative Trading and Convertible Arbitrage at Merrill Lynch from 1997-2000. Russell spent the previous five years working for Bank Paribas and then CS First Boston where he gained significant experience trading derivatives in multiple markets. During 1992 and 1993, Russell worked with Fischer Black researching derivative strategies at Goldman Sachs Asset Management.

He graduated from Boston University in 1988 with a degree in Computer Science and received his MBA in Finance in 1993 from New York University Stern School of Business.


Mark Darell-Brown
Director, CIO
RAB Capital
Mark Darell-Brown, Director, UK Equities and Chief Investment Officer ( Equities), joined RAB Capital in August 2001 and, along with Steven Thompson, is joint investment manager of the RAB UK Fund, lead manager of Elite-RAB UK Dynamic Fund and associated managed accounts. He was previously responsible for the management of UK equity fund portfolios on behalf of retail and institutional clients at Merrill Lynch Investment Managers (previously Mercury Asset Management), from 1993 to 2001, as well as managing the Merrill Lynch British Blue Chip Fund. In addition, Mark held research responsibilities across a wide range of UK equity sectors and was a member of the Pan European Asset Allocation Committee. Mark has a BSc from St Andrew's University and is FSA registered.


Marko Dimitrijevic, Founder
Everest Capital
Marko Dimitrijevic, CFA has 26 years of experience in international investment management and research analysis. Prior to founding Everest Capital in 1990, Mr. Dimitrijevic was Senior Vice President-Investments of Triangle Industries, a Fortune 500 company, where he managed large securities portfolios and analyzed, structured and negotiated acquisitions and financings. Mr. Dimitrijevic also worked in the mergers and acquisitions and high-yield bond trading departments of PaineWebber, and was a global investment manager for Compagnie de Banque et de Credit, a Swiss bank.

Mr. Dimitrijevic is a graduate of the University of Lausanne, Switzerland and holds an M.B.A. degree from the Stanford Business School where he was an Arjay Miller Scholar (Top 10%), and where he served for six years as a Trustee of the Stanford Business School Trust. Mr. Dimitrijevic is currently a member of the Stanford Graduate School of Business Advisory Council and serves on the Board of Trustees of the Miami Museum of Science & Planetarium. He has been a guest lecturer at the Darden Graduate School of Business at the University of Virginia and the Stanford Business School, and is featured in the books Inside the House of Money and Investing with the Hedge Fund Giants.

Mr. Dimitrijevic is a Chartered Financial Analyst. He is fluent in French, Spanish, Portuguese and Serbo-Croatian and is conversational in Italian.


Josh Fink
CEO and CIO
Enso Capital Management
Josh is the founder, CEO and Chief Investment Officer of Enso Capital Management, an investment management firm that invests in both public and private companies globally. Enso sources unique, alpha-generating, longer-term investment opportunities in differentiated industries around the world through rigorous primary research, intensive travel and proprietary networks. Prior to founding Enso in July 2002, Mr. Fink was a Managing Director at Argonaut Capital Management, where he operated as both a portfolio manager and an analyst. Mr. Fink has also held positions at Tiger Investment Management and Morgan Stanley Asset Management. Mr. Fink is also a member of the Clinton Global Initiative. He holds a B.A. from the University of Pennsylvania.


Carl Goldsmith, EVP
Post Advisory Group
Carl Goldsmith (Executive Vice President and Senior Investment Officer) has been with Post Advisory Group since 1994. He currently oversees the Alternative Investment Strategies for Post. He has been the Portfolio Manager on both the Post Total Return (Multi Strategy, launched 1996) and Distressed (launched 1999) platforms since their inceptions. Prior to Post, Carl worked in the Bankruptcy Support and Valuation departments at Price Waterhouse, advising debtors and creditors in bankruptcy restructurings. Carl received a bachelor's degree in economics from the University of Pennsylvania's Wharton School of Business and a J.D. from the University of California, Los Angeles School of Law.


Alexander Gorra
Head of the International Business and Member of the Investment Committee
ARX Capital
Alexander Gorra, a member of ARXís Investment Committee, is responsible for International Business Development. Mr. Gorra was a partner at ARX Capital since 2006 (acquired by BNY Mellon in Jan 2008) where he was responsible for launching its international fund business. Mr. Gorra previously was responsible for UBS' Key Client business in Brazil (2001-2005). Additionally, Mr. Gorra was a Corporate Finance specialist in M&A and Capital Markets transactions at Rothschild (1996-2000) and JP Morgan (1994-1996).

Alexander graduated in 1994 from the Wharton School of Business.


Sanjeev Lakhanpal
Partner
Beach Horizon LLP
Mr. Lakhanpal is a founding Partner of Beach Horizon LLP with responsibilities for trading, investment management and research for Horizon. Mr. Lakhanpal was responsible for the inception, design and building of the Horizon trading system. Until 2005 he was also a Senior Trader at Beach Capital Management Limited. Before joining Beach Capital Management Limited in 2000, Mr. Lakhanpal was the Trading Manager at CA Investment Advisers with additional responsibilities for trading system research. Mr. Lakhanpal started his career at AHL (now Man Investments Limited) as a Data Engineer in 1992. He then joined the Trading Department and later became Trading Manager. Mr. Lakhanpal had a number of roles including responsibility for the execution of fund trades where assets under management were in excess of $5B.

He founded Beach Horizon in 2005. Mr. Lakhanpal has a BSc(Hons) in Physics from King's College London and an MSc in Finance from Brunel University.


Pamela M. Lawrence
Managing Principal and Portfolio Manager
Restoration Capital Management
Pamela M. Lawrence has more than 25 years investment experience, the last 23 of which concentrate on investing in financially troubled companies. From February 1999 to December 2000, Ms. Lawrence was the Portfolio Manager of an investment portfolio of distressed and bankrupt companies at Tribeca Investments LLC, a division of Citigroup Investments. Prior to that, she was a Principal at Whippoorwill Associates, Inc. from 1992-1999, where she managed a $600 million distressed and bankrupt securities portfolio, as well as supervising the Research and Accounting Departments. From 1988 to 1992, Ms. Lawrence was a Managing Director of Magten Asset Management Corporation, where she was an analyst and trader of a distressed and high yield securities portfolio. She has also participated in several Chapter 11 and out-of-court restructuring creditor committees, including as chair of the Revco D.S. official Committee of Unsecured Creditors. Ms. Lawrence has also served as a member of the Board of Directors of American Buildings Corp., BDK Holdings, Inc. and Gardenway Inc.

Ms. Lawrence received an MBA in Finance from Pace University in 1980 and a Bachelor of Arts degree from Marymount College in 1974. Ms. Lawrence has served on the Board of Trustees for Catholic Big Sisters and Big Brothers for over 15 years, as well as for Beacon College (an accredited four-year institution for students with learning disabilities).


Jamie Lester
Founder, Managing Member
Soundpost Partners
Prior to founding Soundpost Partners, Mr. Lester was a senior analyst at SAB Capital (assets of $1.7 billion) from May 2003 through December 2004, with a concentration in industrial, cyclical, and real estate companies. From November 2002 through May 2003 he was a partner and portfolio manager at Crossroads Partners (assets of $15 million). From February 2002 to November 2002 he was an analyst and portfolio manager at Trellus Management (assets of $400 million), specializing in healthcare services and transportation. Between 2000 and 2002, Mr. Lester attended business school and spent the interim Summer working at Perry Partners (assets of $4 billion) as an analyst for the event-driven US equity team. From 1997 to 1999, Mr. Lester worked at JL Advisors (assets of $250 million) as one of two analysts for the event-driven value fund and SAC Capital (assets of $1.3 billion) as a research analyst focusing on the technology sector. Jaime began his investment career as a summer intern at Steinhardt Partners in 1995.

Mr. Lester graduated from Harvard University with an AB in Applied Mathematics and Economics (cum laude in field) and Columbia Business School with an MBA in Finance (with honors).


Matt Luckett
Partner
Balestra Capital
Mr. Luckett began his career as an industry analyst at Gartner Group, where he helped launch several successful research practices, advising Fortune 500 enterprises on software licensing and pricing issues, as well as tracking emerging software companies.† Mr. Luckett was a Principal and Senior Research Analyst at SoundView Technology Group (NASDAQ: SNDV), where he was responsible for technology coverage of software and services companies. In 2000, he was named to the Wall Street Journal ďBest on the StreetĒ analyst team.† Upon the successful sale of the firm (to Wit Capital, then to Charles Schwab), he became a venture capitalist and senior operating executive.

He joined Balestra Capital as an investment partner and member of the General Partnership in 2004. †He was a George F. Baker Scholar at Georgetown University where he graduated with honors. He holds a Bachelor of Arts degree in American Studies with a minor in Japanese.


Charles Marais
Founder, Principal
Shorewater Advisors LLC


Charles Marais is co-founder and a Principal of Shorewater Advisors LLC. He has been involved in all phases of the firmís development since its founding in 1999. Charles began his career at IBM before starting his own consulting business in South Africa, writing computer applications for stockbrokers and banks. Charles then joined James Capel & Company in London as a Sales Executive specializing in European equity derivatives. Charles worked for Barclays de Zoete Wedd in London and then in New York before joining Eagle Capital Management, Inc in 1996.

Charles holds a Bachelorís degree in Mathematics and Computer Science from the University of Stellenbosch, South Africa.

Larry Pokora
Managing Director
Paulson & Co.


Larry Pokora is Senior Vice President of Investor Relations at Paulson & Co. Inc. where he is responsible for institutional marketing and consultant relations globally. Larry has over twenty years of industry experience. Prior to working with Paulson, he was Vice President of Client Service and Marketing at Chartwell Investment Partners from 2004-2006. Prior to this, he was the Director of Global Marketing at Brandywine Asset Management from 1998-2003 and Managing Director, SEI Investments from 1991-1998.

Larry is currently president for AIMSE and sits on the Institutional Investor Institute Public Funds Advisory Council.


Andrew Redleaf
Chief Executive Officer
Whitebox Advisors


Andrew Redleaf is the Founder and Chief Executive Officer of Whitebox Advisors. He holds over 30 years' experience in the investment industry. Prior to creating Whitebox Advisors, Andy was with Deephaven Capital Management, where he founded the Deephaven Market Neutral Fund. Prior to Deephaven, Andy was an Options Trader on the Chicago Board Options Exchange. Andrew brings a refreshing combination of insight, energy, and humor to managing a highly successful and creative family of hedge funds.

Andrew graduated from Yale University in three years with a BA and MA in Mathematics. He was recognized as the top mathematics student of his graduating year.


R. Michael Reveley
President, Deputy Chief Investment Officer
Seagate Global Advisors


Mr. Reveley is the portfolio manager for the HFR / Seagate Global Macro Fund. Prior to joining Seagate Global Advisors in 1996, Mr. Reveley was Director of Syndicate and Derivatives Group at SBC Warburg in London and New York where he developed his proprietary bond tracker as a pricing tool for fixed income trading; Vice President of Global Derivatives Group at Swiss Bank; Vice President of Global Derivatives Group at First Interstate Bank where he co-managed a $20 billion derivatives portfolio with William Lawton and Douglas Metcalf.

Mr. Reveley received his BA in Finance at University of Southern California.


Robert Sanborn, Co-founder
Sanborn Kilcollin Partners
Robert Sanborn is the co-founder of Sanborn Kilcollin Partners and is primarily responsible for all the investment decisions of the Firm. He has over 19 years experience in portfolio management and investment analysis. Mr. Sanborn was the portfolio manager of The Oakmark Fund, the flagship mutual fund of Harris Associates, L.P., from Oakmarkís launch in August 1991 through March 2000. During this period, The Oakmark Fundís assets grew from $100,000 to over $9 billion. In 1998, Lipper, Inc. ranked Oakmark in the top 10% of value mutual funds, and Barronís named Mr. Sanborn the 1997 Fund Manager of the Year. Mr. Sanborn has been a strong and consistent proponent of value investing.

Mr. Sanborn was a long-time member of Harris Associatesí Board of Directors and Stock Selection Committee. Before joining Harris in 1988, he was a security analyst and equity portfolio manager for the Ohio State Teachers Retirement System, from 1983 to 1988.

Mr. Sanborn holds a BA from Dartmouth College (1980) and an MBA from the University of Chicago (1983). He has been married to Louise Vesco and is the proud father of twins.


Jerry V. Swank
Managing Partner
Swank Capital
Jerry Swank founded Swank Capital in 2001. The firm currently has 3 lines of business and 8 Hedge Funds (3 of which are closed).

Mr. Swank originally formed the firm to capitalize on the MLP and Royalty Trust sectors both of which were under followed by Wall Street and under-owned by institutions. The goal was to bring a high quality proprietary research effort to these asset classes to take advantage of the market inefficiencies.

Prior to forming the firm, Mr. Swank spent five years with John S. Herold, Inc (JSH). JSH is a 50 year old independent Oil & Gas research and consulting company. He joined Herold in 1995 and served as Managing Director heading up its sales and new product development team until May 1998 when he assumed the position of President and CEO. During this period Mr. Swank developed an in-depth knowledge of the Worldwide Energy Industry, Sector profitability, Global growth prospects and Supply/Demand dynamics.

Prior to joining Herold, Mr. Swank spent 14 years with CS First Boston in Institutional Equity and Fixed Income Sales in its Dallas office; during the last ten years he was a First Boston Director and Southwestern Regional Sales Manager. Prior to First Boston, Mr. Swank worked for seven years on the buy side as an analyst and portfolio manager. Mr. Swank holds a B.A. from the University of Missouri (Economics) and an M.B.A. from the University of North Texas.

HFR Group

Joseph G. Nicholas
CEO, Founder and Chairman
HFR Group L.L.C.
Joseph G. Nicholas is Founder and Chairman of HFR Group L.L.C. and its affiliated companies. The HFR companies specialize in alternative investments, providing investment products and advisory and research services. HFR Group includes HFR Asset Management, L.L.C., an SEC Registered Investment Adviser based in Chicago, with offices in London and Tokyo, specializing in fund of funds management, index funds management, product structuring, trading manager selection and risk management; and Hedge Fund Research, Inc., the industry's leading supplier of data and research on hedge funds, specializing in the construction and management of hedge fund indices. Mr. Nicholas is author of several books on investing in Hedge Funds and Fund of Funds Investing (Bloomberg Press). Mr. Nicholas received a Bachelor of Science degree in Commerce from DePaul University and a Juris Doctor degree from the Northwestern University School of Law.


Kenneth J. Heinz
President
Hedge Fund Research, Inc.
Kenneth J. Heinz, CFA is the President at Hedge Fund Research, Inc., a research firm specializing in the aggregation, dissemination and analysis of alternative investment information. Kenneth has contributed broadly & extensively to print, electronic and live financial media sources which include CNBC, Bloomberg, Wall Street Journal, Financial Times, Dow Jones and various hedge fund industry specific publications. Prior to assuming the role of President, Kenneth had been with HFR Asset Management since 2002, most recently as Manager of the Investment Management Division. Prior to joining HFRAM, he had over 5 years of experience as a trading member of the Chicago Mercantile Exchange and the Chicago Board of Options Exchange. Kenneth has a MBA from the University of Chicago with a concentration in Finance, Statistics and Econometrics, as well as a Bachelor's Degree in Finance from the University of Illinois; he maintains the designation of Chartered Financial Analyst.



Note: Additional panelists to be announced soon


Informational Speaker, Lunch Break

Dr. Paul C. Sereno
Professor, University of Chicago
Explorer-in-Residence, National Geographic Society
Paul Sereno grew up in Naperville, a suburb of Chicago, and studied art and biology as an undergraduate at Northern Illinois University. He earned a doctorate in geology at Columbia University and the American Museum of Natural History in New York. In 1987, he joined the faculty of the University of Chicago, where he teaches paleontology and evolution to graduate and undergraduate students and human anatomy to medical students. Dr. Sereno has led expeditions to Inner Mongolia, North America, South America, Africa, India and Tibet. This year he plans on making return expeditions to both Niger and Inner Mongolia. He is an Explorer-in-Residence with the National Geographic Society and has discovered and named more than a dozen new dinosaur species. Together with educator Gabrielle Lyon, he is cofounder of Project Exploration, a nonprofit dedicated to making science accessible to the public-especially minority youth and girls-through personalized experiences with science and scientists.

Photo credit: © Mike Hettwer, courtesy Project Exploration


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