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HFR Industry

Mid-Year 2009 Summit

 Event Home Agenda Sponsors

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: Mid-Year 2009 Strategists

Russell Abrams
Founder and Senior Portfolio Manager
Titan Capital Group
Russell is Titan Capital Group’s 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.

Alain Barbezat
Director and Senior Fund Manager
Alain is a graduate from the College of Advanced Commercial Studies of the Canton Vaud, Switzerland. Quickly following his graduation, he began his career in the securities industry in equity sales with Nomura Securities Geneva in 1986. Four years later, he joined SG Warburg Soditic S.A. Geneva as an analyst. In 1992, Alain joined Union Bancaire Privee Geneva as a financial analyst, focusing on Japan, South Korea and South East Asia (Singapore, Malaysia, Indonesia, the Philippines and Thailand). In 1998, he became an Associate Director of Ferrier Lullin & Cie Switzerland and was given the opportunity to manage both its equity and convertible fund on Japan and overview its Asia ex-Japan SICAV fund. In January 2000, he joined Darier Hentsch (Asia) Limited in Hong Kong and was responsible for managing its DH Taipan Portfolio and DH Asian Leaders Fund.

Matthew Beddall
Chief Investment Officer
Winton Capital Management Limited
Matthew Beddall is Chief Investment Officer of the Winton Futures Fund, the flagship fund of Winton Capital Management Limited. Winton is the second largest CTA in the world with assets under management of over $12.5 billion.

As CIO, Matthew manages the investment process behind the fund as well as overseeing much of the research function. He joined Winton in 2001 after gaining a first class honours degree in Mathematics and Computer Science and also holds an MSc in Applied Statistics.

Winton was founded in 1997 with a commitment to statistical research into financial markets. The company currently employs more than 180 people, including over 90 PhDs and Masters Degrees, at specialist research campuses in London, Oxford, Cambridge and Hong Kong.

Michael Browne
Sofaer Capital
Michael Browne joined Sofaer Capital, together with Steve Frost, in late 2000, to manage the Sofaer Capital European Hedge Fund and the group's European equity strategy. Their roles have not changed since. Michael started his career with BZW Investment Management in 1986 to work in the European equity team. He was responsible for a variety of European unit trusts and segregated funds as Assistant Director. In 1994, Chase Asset Management appointed him as Managing Director with overall responsibility for building an equity fund management business for them. He recruited Steve to Chase AM in 1997 and in 1998 launched a European equity hedge fund with Steve as lead manager. In 1999 Michael was appointed head of international equities for Chase with overall responsibility for all non-US equity portfolios. BA (Hons) (Durham University).

Oren M. Cohen
Founder, Portfolio Manager and Head of Research
Brownstone Asset Management, L.P.
Over 20 years of experience in the financial markets, mostly focused on the high yield and distressed securities markets. Prior to joining Brownstone, Mr. Cohen was a Principal at Trilogy Capital, LLC, a hedge fund located in Greenwich, Connecticut, focused on intra-capital arbitrage and value investing, primarily in the high yield and distressed markets (2002-2004). Prior to Trilogy, he was a Managing Director at Merrill Lynch, overseeing the high yield media & telecommunications research effort (2000-2002). Prior to this, Mr. Cohen was head of the global high yield media & telecommunications research group at Bear Stearns & Company, Inc. and was a Senior Managing Director (1995-2000). Prior to Bear Stearns, Mr. Cohen was a Director at Salomon Brothers Inc. where he was a high yield and investment grade credit analyst covering the media and paper & forest products sectors (1991-1995). Mr. Cohen was a member of the Institutional Investor All American Fixed-Income Research Team in the Cable & Satellites and Broadcasting & Publishing categories for 8 straight years (1995-2002).

Mr. Cohen holds an M.B.A. in finance from the Wharton School (1987) and a B.A. in economics from Columbia University (1981).

Daniel Goldwater
Head of Europe,
Managing Director and Portfolio Manager
P. Schoenfeld Asset Management
Mr. Goldwater joined PSAM in January 2005. Prior to joining the firm, he was a managing director in the equities division of Goldman Sachs from 2001 to 2005. He spent the previous thirteen years at Schroder & Co and was the managing director of its European business from 1998 to 2000. He was the Head of Research for Fidelity for South East Asia, based in Hong Kong from 1986 to 1987 and started his career in the Investment management division of Charterhouse Japhet in 1982.

Mr. Goldwater graduated with a degree in Politics Philosophy and Economics from Worcester College, Oxford and holds an MSc in International Relations from the London School of Economics.

Kevin Harrington
Managing Director
Mr. Harrington directs the Manager’s research and analysis and is a member of the Investment Committee. Prior to joining Clarium in the spring of 2003, Mr. Harrington was a PhD candidate in physics at Stanford University, consulted for Stanford’s CISAC/Institute for International Studies on fissile materials protection and national infrastructure security, conducted mathematics research for the Department of Defense, and received a BS in mathematics and physics from the University of Idaho.

Claudio Macchetto
Director of Global Platforms
Paulson & Co.
Claudio Macchetto is the Director of Global Platforms for Paulson & Co., a New York based hedge fund management company, managing over $29B in assets across three fund families, the merger funds, the event driven funds and the credit opportunities funds.

Mr. Macchetto was previously the Product Manager for HedgeForum, Citigroup Alternative Investments' ("CAI") third party single manager hedge fund platform. Prior to creating HedgeForum, Mr. Macchetto was Chief Financial Officer of CAI's Funds of Hedge Funds business and had relationship management responsibilities related to several of the group's institutional investors with managed accounts. Mr. Macchetto moved into the CFO role after working as Head of Business Development for CAI.

Mr. Macchetto joined CAI after working as Vice President in Citigroup's Corporate Development team. Prior to this, Mr. Macchetto was First Vice President, Strategic Planning, Salomon Smith Barney, and Senior Associate with Booz Allen & Hamilton's financial services consulting practice.

Mr. Macchetto received an M.B.A. in Finance and Strategic Management from the Wharton School at the University of Pennsylvania in 1996 and a B.A. in Business Administration from Georgetown University, magna cum laude, in 1991.

John J. McDonald, CFA
President and COO
Forest Investment Management
Mr. McDonald oversees all operations of Forest Investment Management. He has over 19 years of experience in research and portfolio management of convertible securities, equities and fixed income. Before becoming President, Mr. McDonald held the position of Senior Portfolio Manager for the U.S. Convertible Arbitrage Portfolio. Mr. McDonald was also the Director of Research at Forest for eight years. During that time, he worked with Dr. Jingyan Wang and Mr. Scott Watson to develop the firm's proprietary valuation model for convertible securities. Prior to joining Forest in 1998, he was the Portfolio Manager of the Global Series Convertible Securities Fund at Prudential Investments. He began his career at The Phoenix Funds as a Research Analyst before becoming a Portfolio Manager. Mr. McDonald graduated from the University of Connecticut with a BS in Business Administration.

Thomas D. O'Malley, Jr.
Managing Partner
PilotRock Capital Management

Prior to founding PilotRock in 2002, Tom was a founding partner of Navigator Partners, L.P., an investment partnership investing primarily in mid and large cap U.S. equities. From 1991 to 1998, Tom was a partner at Furman Selz LLC and a managing director in Institutional Equity sales. He also served as a member of the firm's investment policy committee. Prior to Furman Selz, Tom held a variety of analytical positions within the Treasury department of American Express Co. He graduated with a degree in Economics from Boston College.

Adrian Owens
Fund Manager
Augustus Asset Managers Limited

Adrian joined AAML in 1995 from Yamaichi International (Europe) Ltd where he was the bank's European Economist. Prior to that, he worked at HM Treasury for three years. From 2001 until 2002 Adrian was based in the Julius Baer New York office where he oversaw the US fixed income investments. Adrian manages JB Global Rates Hedge Fund and JB Currency Hedge Fund-Discretionary Segregated Portfolio.

Adrian has a Masters degree in Economics from McGill University, Montreal.

Sean H. Reynolds
Managing Director, Portfolio Manager/Analyst
Lazard Asset Management LLC (New York)

Sean Reynolds is a senior Portfolio Manager/Analyst on the Rathmore team specializing in convertible arbitrage and relative value strategies. Prior to joining the Firm in 2007, Sean was a portfolio manager for convertible arbitrage strategies at SAC Capital Management from April 2003 to August 2006 and, subsequent to this, senior portfolio manager at Sailfish Capital Partners' G2 Multistrategy Fund. Previously he was a convertible arbitrage portfolio manager at the Clinton Group, Inc. From 1997 to 2002, Sean was a managing director and Head of Convertibles Sales (U.S.) at Deutsche Bank Securities, including a period as an executive member of the North American Management Committee, Deutsche Bank Equities. Prior to 1997, Sean was responsible for global convertible securities sales at UBS Securities and domestic convertibles at Merrill Lynch. He has been in the investment industry since 1993.

Sean has an MBA from the Wharton School of the University of Pennsylvania and a BA in Math and BAI (BSc) in Engineering from Trinity College Dublin.

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 Oakmark’s launch in August 1991 through March 2000. During this period, The Oakmark Fund’s assets grew from $100,000 to over $9 billion. In 1998, Lipper, Inc. ranked Oakmark in the top 10% of value mutual funds, and Barron’s 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 Associates’ 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.

Paul P. Tanico
Managing Principal
CastleRock Asset Management

Mr. Tanico has over 28 years of experience in the investment business, initially in research at David J. Greene & Co. and then as a Portfolio Manager at Atalanta Sosnoff, Neuberger Berman and Omega Advisors, where he was one of the original partners. Mr. Tanico was also a founder and former director of Tell Canada Telecommunication Group, Ltd., in Toronto, Canada.

Mr. Tanico received a B.S. in Finance and Accounting from New York University in 1977 and a J.D. from Fordham University School of Law in 1980 and is a member of the New York State Bar. He is a member of the Dean's Executive Board of New York University, Stern School of Business and the Dean's Planning Council of Fordham University School of Law, and serves on the Board of Trustees of Public Broadcast Station WNET, Trinity School, Xaverian High School, and The All Stars Project.

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
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.

Informational Speaker, Arrival Reception - April 22

Dr. Bob Bloomfield, PhD
Head of Innovation and Special Projects at the Natural History Museum, London
Dr. Bob Bloomfield, PhD completed a Doctorate in Genetics before his career in Science and Public Engagement. He joined the Natural History Museum to pursue his interest in informal learning and interpretative design. This culminated in leading major projects including the Museum’s Earth Galleries and the Darwin Centre Phase I.

Bob is senior policy developer and strategic manager for initiatives in the field of Science and Society and gave evidence to the 1999 House of Lords Select Committee examining this issue. His interest in the cultural and societal context of Science has led into explorations of science within wider culture and the engagement of the arts with science.

Bob was awarded a NESTA Dreamtime Fellowship on 2002 which he used retracing the first voyage of Captain James Cook – which overlapped with that of Darwin’s Beagle Voyage – writing of his encounters with the past and present along the route.

Bob is currently championing UK plans celebrating Charles Darwin’s achievements through Darwin200 and preparing partner plans for the International Year of Biodiversity 2010.

Informational Speaker, Lunch - April 23

Richard Portes
Professor of Economics at London Business School
Richard Portes is Professor of Economics at London Business School (since 1995); President of the Centre for Economic Policy Research (which he founded in 1983); and Directeur d'Etudes at the Ecole des Hautes Etudes en Sciences Sociales in Paris (since 1978). He was a Rhodes Scholar and a Fellow of Balliol College, Oxford, and has also taught at Princeton, Harvard (as a Guggenheim Fellow), and Birkbeck College (University of London). In 1999-2000, he was the Distinguished Global Visiting Professor at the Haas Business School, University of California, Berkeley, and in 2003-04 he was Joel Stern Visiting Professor of International Finance at Columbia Business School.

Professor Portes has been elected a Fellow of the Econometric Society, a Fellow of the British Academy, and a Fellow of the European Economic Association. He was Secretary-General of the Royal Economic Society, 1992-2008. He is Co-Chairman of the Board of Economic Policy. He is a member of the Group of Economic Policy Advisors for the President of the European Commission; of the Steering Committee of the Euro-50 Group; of the Bellagio Group on the International Economy; and Chair of the Collegio di Probiviri (Wise Men Committee) of MTS. He has written extensively on globalisation, sovereign debt, European monetary and financial issues, international capital flows, centrally planned economies and transition, macroeconomic disequilibrium, and European integration.

Richard Portes was the first to examine the international role of a single European currency (European Economy, 1991). He returned to these issues in 'The Emergence of the Euro as an International Currency' (Economic Policy, 1998), then in 'The International Role of the Euro' (European Economy Economic Papers 317, April 2008). His recent research includes 'The Determinants of Cross-Border Equity Flows' (Journal of International Economics, 2005), 'Price Discovery in the European Bond Market' (Journal of Business Finance and Accounting, 2007), 'Optimal Currency Shares in International Reserves' (Journal of the Japanese and International Economies, 2006). With other researchers, he published in May 2006 European Government Bond Markets: Transparency, Liquidity, Efficiency and European Corporate Bond Markets: Transparency, Liquidity, Efficiency (City of London). In November 2007, he published (with co-authors) a book on International Financial Stability (CEPR) and has written recently on the international financial crisis, Iceland, credit rating agencies, and related topics. He speaks on global financial issues in a wide range of international meetings.

Richard Portes was decorated Commander of the British Empire (CBE) in the Queen's New Year Honours List 2003.

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