1. Special thanks to our advisory board for their time and input in creating an investor driven agenda:
Ernest A. Liébré
Managing Director Ruth Ryerson
Cambridge Financial Services Group Executive Director / CIO
Fort Worth Employees' Retirement
James Fleming Fund
Vice-Chairman Board of Trustee
Matt Strube
Alberta Teachers' Retirement Fund
Board Senior Investment Manager
Teachers Retirement System of Texas
Bruce W. Madding,
Eric Pedde
Senior Vice President & Chief Financial
Officer Portfolio Manager
Henry J. Kaiser Family Foundation Alberta Investment Management
Company
Mike Hennessy
Toza Siriski
Managing Director, Investments
Morgan Creek Capital Management Manager Pensions Investments
Royal Bank of Canada
Peter Dunphy
Steven Algert
Treasurer
Michelin North America, Inc. Managing Director Hedge Funds
The J. Paul Getty Trust
Alison Cruz
Deputy Director, Mayor's Pension Office
City of New York Department of
Finance
For more information or to register, please contact Jeeway Kan at 212.224.3256 or
jkan@institutionalinvestor.com

2. Sunday - April 26, 2009
7:30 am Wine Tour Departs
3 pm Registration Opens
6 pm Welcome Cocktail Party
Monday - April 27, 2009
7:30 am Registration & Continental Breakfast
8:20 am Welcoming Remarks
8:30 am Keynote Discussion: A Look Ahead
Two of the most accomplished and celebrated investors reflect on the road ahead for an
industry both revered and reviled for its role in the current economic crisis.
Mark Anson, President, Nuveen Investments
Jane Buchan, CEO, Pacific Alternative Asset Management Company (PAAMCO)
9:15 am The Big Picture: The Global Economy
What is next for the global economy? With markets in turmoil and the broad global
economy in recession, few have been spared the widespread pain. And more questions
have been asked then answered: What role will inflation or deflation play? How will the
government help or hinder a recovery? When will the vast amount of sideline money
return to the market? This panel will explore both the political and economic landscape
on the horizon and seek to answer the omnipresent question of, “what is next?”
Moderator: Bruce W. Madding, Senior Vice President & Chief Financial Officer, Henry
J. Kaiser Family Foundation
Gerard Gardner, Partner, North Asset Management
Bimal Patel, Director - Fixed Income, Columbia Management
Patrick Wolff, Principal, Clarium Capital Management LLC
10:00 am Coffee Break
For more information or to register, please contact Jeeway Kan at 212.224.3256 or
jkan@institutionalinvestor.com

3. 10:30 am Main Session: Investor Only Track
A Global Perspective Fiduciary Best Practices
Presented by Antonio Borges, What are the potential liabilities facing
Chairman, Hedge Fund fiduciaries today? How can a fiduciary “check
up” help to prevent potential problems? What
Standards Board Ltd.
are the most common reasons for fiduciaries to
face litigation and how can you best evaluate
external managers to prevent such issues? This
panel of experts will present a detailed roadmap
for fiduciaries as well as host a Question &
Answer session.
Moderator: David Alai, Corporate Vice
President, Sharp Electronics
Blaine F. Aikin, Chief Executive Officer, Fi360
Roger Levy, Managing Director, Cambridge
Fiduciary Services, LLC
Jason C. Roberts Esq., Partner, Reish Luftman
Reicher & Cohen
11:15 am Main Session: Investor Only Track
Best Practices for the New Liquidity Now
Reality
The need for liquidity seems to be on the mind of
every investor and manager. In an era of gates
Amid counter-party risk, liquidity
and frozen redemptions, what options exist for
management, and valuation issues,
those needing liquidity? This panel will discuss
a new set of best practices has
the various ways that investors are accessing
emerged. This panel will discuss
liquidity and will examine the benefits and
the necessary elements to managing
potential pitfalls.
a sustainable business in the new
world. Moderator: Peter Dunphy, Treasurer, Michelin
Brian J. Tsai, Chief Operating North America, Inc.
Officer, Equinox Partners, L.P. Jared R. Herman, Co-Founder, Hedgebay
Ronnie Sadka, Associate Professor of Finance,
Boston College, Carroll School of
Management
Management, LLC
John Trammell, President, Cadogan
Management, LLC
12:00 pm Is Gate a 4 Letter Word?
Emotions have run high on both sides of the Great Gate Debate. This panel of allocators
will include investors who believe that gates serve as protection to prevent managers from
having to sell at distressed prices and those will believe that a gate represents a genuine
breach of trust. What have we learned from the industry’s crisis and what will eventually
represent best practices in lock-ups, side pockets and redemptions? Are exit strategies
negotiable?
Moderator: Helaine Rosenbaum Dryden, General Counsel & Chief Compliance Officer,
JWM Partners, LLC
Steven Algert, Managing Director of Hedge Funds, J. Paul Getty Trust
For more information or to register, please contact Jeeway Kan at 212.224.3256 or
jkan@institutionalinvestor.com

4. D. Stephen Antion, President, Ridgestone Corp
Heinz Blennemann, Principal, Blennemann Family Investments
Christopher F. Jackson, President, SFG Asset Advisors
12:45 pm Lunch
2 pm Keynote Address: Max Holmes, Founder& Chief Investment Officer, Plainfield Asset
Management and Adjunct Professor of Finance, Stern Graduate School of Business at
New York University
2:45 pm CTAs: An Attractive Alternative?
In 2008, a number of CTAs went long volatility and earned high markets among investors
for their performance. Others were able to predict and capitalize on the sweeping changes
in commodity prices. Is this group still positioned to best the market in 2009? What
factors should investors consider when allocating to CTAs? And how has the demise of
leverage affected this strategy?
Dr. David Fogel, Portfolio Manager, Lincoln Vale
Patrick Welton, Chairman and CEO, Welton Investment Corporation
3:30 pm Volatility & The World Today
Is volatility here to stay? 2008 saw unprecedented volatility across credit, equities, and
commodities. Are 5% intraday moves the new norm? What assumptions need to change in
the investment process? Will we see an increase in investment in volatility as an asset
class? This panel will discuss the challenges and opportunities around increased volatility.
We'll hear opinions from industry participants about the persistence of volatility through
2009.
Moderator: Michael Mollet, Director of Business Development, CBOE
Paul Britton, CEO & Chief Risk Officer, Capstone Holdings Group
Barry Colvin, Vice-Chairman, Balyasny Asset Management LP
Pav Sethi, CIO/CEO, Gladius Investment Group
Matt Strube, Senior Investment Manager, Teachers Retirement System of Texas
4:15 pm Refreshment Break
4:45 pm Secondary Markets
As hedge fund managers have positioned gates and frozen redemptions, an explosion of
activity has been seen in the secondary hedge fund market. Is this a suitable option for
hedge fund investors? What are the repercussions of an increasingly active secondary
market? What issues should investors be aware of before buying or selling in this arena?
Aoifinn Devitt, Founder, Clontarf Capital
Curt Futch, Director, Crestline Investors
Jared R. Herman, Co-Founder, Hedgebay
5:15 pm Round Robins
Delegates will have the opportunity to meet and discuss press industry issues in small
networking groups of 10 – 15 people. Seven to ten topics will be offered and each session
will last for 15 minutes.
For more information or to register, please contact Jeeway Kan at 212.224.3256 or
jkan@institutionalinvestor.com

5. • Activist Investing: Led by Jeffrey Ubben, Founding Member and Managing
Partner, ValueAct Partners
• Asset Allocation for Corporate DB Plans: Led by Toza Siriski, Manager
Pensions Investments, Royal Bank of Canada
5:45 pm Cocktail Reception
Tuesday - April 28, 2009
7:30 am Registration & Continental Breakfast
8:20 am Welcoming Remarks
8:30 am Keynote Address
John Burbank III, Managing Member & Chief Investment Officer, Passport Capital
9:15 am The State of the Hedge Fund Industry
The hedge fund has faced unprecedented challenges in the past year. Bank failures, the
short-selling ban, a global market meltdown and a host of other factors combined to
pressure the industry in extraordinary ways. This panel of experts will reflect on the
current state of the industry and discuss where we go from here.
Bill Haggerty, Chief Operating Officer, Seasons Capital
Marcel Herbst, Managing Director, Harcourt Alternative Investments (US) LLC
Hugh R. Lamle, President, M.D. Sass Investors Services, Inc.
John Trammell, President, Cadogan Management, LLC
10:00 am The Impact and Meaning of Madoff
There is an argument to be made that the Madoff scandal has done more to harm hedge
fund and hedge fund of funds, along with the investment advisory industry as a whole,
than any economic downturn in the past 50 years. There has always been a widely held
contention that hedge fund managers are “overpaid, under-regulated and insufficiently
transparent.” The criminal deception of Madoff exposes many areas of potential neglect,
from the lack of regulatory oversight and transparency to the dereliction of fiduciary duty
and responsibility of the involved investment advisory firms. This session will explore this
issue and its implications with a focus on the heightened awareness of fiduciary
responsibility it calls for among funds of funds, consultants and hedge funds themselves.
Frank Casey, President, Fortune USA
Ernest Liébré, AIFA, Managing Director, Cambridge Financial Services Group, Inc.
10:45 am Coffee Break
11:15 am Global Macro & The Long Road Is Debt the New Equity?
Credit has been roundly hammered across
Ahead
One of the few bright spots on the financial markets. From a credit crisis to the
investment horizon has been the pending doom of looming defaults, debt had few
exceptional returns of certain fans in 2008. Yet many see opportunities across
global macro players. By taking a broad spectrum from high quality to distressed
well-timed directional bets, some debt. This panel will debate the landmines and
For more information or to register, please contact Jeeway Kan at 212.224.3256 or
jkan@institutionalinvestor.com

6. funds were able to shine in the goldmines that exist within the space today.
most adverse conditions. Others
were able to navigate the most Andrew Feldstein, CEO & Chief Investment
volatile of markets, generating Officer, BlueMountain Capital Management
absolute returns amidst widespread LLC
drawdowns. How are these Mike Hennessy, Managing Director,
managers planning to continue their Investments, Morgan Creek Capital
success? What risk factors are at Management
play? And what questions should Alexander Klikoff, Managing Member, Fintan
investors ask to best evaluate this Partners
strategy? Steven D. Persky, Founder & Managing Partner,
Dalton Investments
Ari Bergmann, Managing Rod Teeple, Managing Member, Pelican Creek
Principal, Penso Capital Markets Capital LLC
Luis D. Laboy, CFA, Managing
Director, Everest Capital
Noon FX: Friend or Foe? The Next Generation of Risk Management
In an era of zero rate Fed Funds, Few areas topics are as pressing today as risk
explosive movements in currency management. Investors are demanding more
prices, and many now debunking complex and transparent risk management from
the theory of quot;global decouplingquot;, funds, while funds themselves are pressing for
what are the real risks and rewards the most sophisticated risk tools and procedures.
of FX? How much underlying What are the next steps in this trend? What will
currency risk may be in your emerge as the accepted best practices? What
portfolio and what are the best value and credibility will external risk
practices to manage it? And in a management add to a fund? This panel will
world of limited regulation and discuss and the debate the next generation of risk
evolving technology, how are due management.
diligence, fragmented liquidity, and
smart orders affecting best Moderator: Scott Prince, Managing Partner,
execution. This panel will explore SkyBridge Capital, LLC
how investors are evaluating alpha Oleg Movchan, CFA, Chief Risk Officer,
in FX and how they are achieving Alexandra Investment Management, LLC
best execution so as to protect and Taylor O'Malley, Partner, Balyasny Asset
enhance that performance. Management LP
Robert Teeter, Founding Partner and Director of
Alternatives, Ten-Sixty Asset Management
Gregg Berman, Head of Risk Business,
RiskMetrics Group
12:45 pm Lunch
2:15 pm Asset Based Lending (ABL) Strategies – Are Hedge Funds Filling the Void or
Breaking the Mold?
Hedge funds, unconstrained by some of the issues of traditional lenders, continue to play a
larger role in the asset based lending space. Why does this market exist? What do hedge
funds offer that commercial banks don't? How are hedge funds changing the borrowing
landscape? Avoiding the pitfalls - how do hedge funds deal with specific risks around
accounts receivable, commercial loans, or real estate financing? What are the implications
for investors re liquidity? What are the risks and potential returns? And how will asset
based lenders, private equity players and traditional lenders co-exist in the future?
For more information or to register, please contact Jeeway Kan at 212.224.3256 or
jkan@institutionalinvestor.com

7. Moderator: Rainey Sellars, Portfolio Manager, Signet Management
Kermit Claytor, Founder & Principal, Kings Mountain Capital Group LLC
Jonathan Kanterman, Managing Director, Stillwater Capital
Scott Olson, Managing Director, PBL Capital
David Schiff, Partner, Perella Weinberg Partners
3:00 pm The Role of Consultants Today
As investors have grown both in sophistication and in suspicion, how has the role of the
consultant changed? What are the various options available to investors when defining
their relationship with consultants? This panel will discuss the different ways to utilize
consultants and will feature investors and consultants analyzing the various benefits and
potentials pitfalls of each model.
Moderator: James Fleming, Vice-Chairman Board of Trustee, Alberta Teachers'
Retirement Fund Board
Jonathan Miles, Senior Associate, Mercer Investment Consulting Inc
Vidak Radonjic, Managing Partner, The Beryl Consulting Group LLC
Ruth Ryerson, Executive Director/CIO, Fort Worth Employees' Retirement Fund
John Shearman, CAIA, Senior Consultant, Albourne America LLC
3:45 pm Next Generation of Fund-of-Funds
What is next for the fund-of-fund industry? Stressed by frozen redemptions and poor
performance in underlying funds, not to mention counterparty risk and liquidity concerns,
fund-of-funds are looking to reinvent themselves and their business models. What
strategies are they most interested in right now? How will they protect themselves from
future crisis? And what questions should investors ask to properly evaluate these vehicles
in today’s uncertain environment?
Moderator: Alison Cruz, Deputy Director, Mayor's Pension Office, City of New York
Department of Finance
Geoffrey Lasry, CAIA, Associate Director, Pacific Alternative Asset Management
Company (PAAMCO)
Jeffrey Moses, Chief Operating Officer, Lyrical Partners, L.P.
Donna H. Walker, CFA, Partner, Sire Group of Partnerships
4:15 pm Non-Correlated Returns
Despite much fanfare around global decoupling, diversification and market neutrality, the
world looked alarmingly correlated in recent memory. Yet some strategies have managed
to achieve truly non-correlated returns in the most challenging times. This panel of
investors and managers will discuss the holy grail of truly uncorrelated returns.
Moderator: Elizabeth Hilpman, Chief Investment Officer, Barlow Partners
Philip J. Facchina, Chief Operating Officer, Ramsey Asset Management
Andrew E. Kaplan, Director, Systematic Alpha Management, LLC
Thomas Quinn, Chief Operating Officer, DiFiglia Capital Management LLC
Patrick Kane, Senior Managing Director & Head of Alternative Investments,
Oppenheimer Asset Management
5 pm Conference Concludes
For more information or to register, please contact Jeeway Kan at 212.224.3256 or
jkan@institutionalinvestor.com