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APRIL 23, 2003 Tiger Vet Establishing Multi-Manager Venture A alumnus who most recently ran the University of 6 CAPITAL-INTRODUCTION PLAYERS Virginia’s $1.7 billion endowment is setting up a fund-of-funds operation. 2 Macro Player Opens to Outsiders Michael Bills is eyeing an elite group of -fund managers for the planned fund, called Bluestem Partners. He intends to start trading the Charlottesville, Va., 3 JP Morgan Preps Registered Vehicle entity in July with an undisclosed amount of capital. The fund — whose princi- pals include Tim Davis, a former hedge-fund analyst at the University of Virginia 3 Swiss Firm Touts New Marketing Unit — 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 alloca- 3 Manager Seeks ‘Mutual-Fund Timers’ tions. But Bills’ membership in the fraternity of ’s prolific “Tiger cubs” is expected to give him access to many of the industry’s top players. 3 Investorforce Briefs Brokers on Marketing 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 4 LATEST LAUNCHES 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 former head of HBK Investment’s Japanese unit is getting ready to start a global multi- fund with three partners. Bill Park expects to start trading his Aviator Partners and its non-U.S. com- panion, Aviator Overseas, on July 1 with $100 million. He and his partners will THE GRAPEVINE 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 Jason Huemer has left his post as chief money gradually from the original investors. They expect to have $250 million operating officer at York Capital to join under management at yearend. Synthesis , a $1 bil- Aviator aims to produce average annual returns of 12-15%, after fees equal lion fund-of-funds shop in New York. to 2% of assets and 20% of profits. It has a minimum investment requirement Huemer started at Synthesis on April of $1 million. The partners hope to distinguish themselves based on their expert- 15. Word has it he’ll spend some of ise with various arbitrage techniques, shifting the firm’s capital among the his time there helping to build an strategies and adding new ones as needed. Park, who worked as a portfolio operation that will seed start-up fund See TEAM on Page 6 managers. Huemer had been at York, an event-driven shop in New York, for three-and-a-half years. Partners Shut Down Firm After Two Decades Dallas hedge-fund shop Regal Asset Management has shut down. New York asset-management firm The 19-year-old firm returned $300 million this month to investors in Regal Neuberger Berman has lured Barbara Trading Partners because partners Howard Rachofsky and Beau Purvis are retiring, Doran from Selalu Partners, a hedge- said president Bill Ward, who is leaving the firm to start his own fund. fund marketing concern. Doran joined The managers decided to end their -term trading operation after Regal Neuberger April 20 as an institutional Trading lost about 2.5% in 2002 — the first calendar-year loss it suffered since sales staffer selling the firm’s stock a 4% drop in 1984, it’s first year of operation. research to hedge funds. She reports Ward plans to launch Headstream Value Partners on May 1, probably with $50 to the head of Neuberger’s equity divi- million. Joining him will be Josh Smith, one of Regal’s top portfolio managers. sion, Jack Rivkin, who she once worked Smith’s investments in small- and mid-cap value stocks generated average for at Lehman Brothers. By jumping to annual gains of 23.5% during his eight-and-a-half years at Regal. Smith will Neuberger, she has given up her part- serve as Headstream’s lead portfolio manager, although Ward will participate in See GRAPEVINE on Back Page stock selection. Headstream will have more of a long bias than Regal. ❖ April 23, 2003 2

Macro Player Opens to Outsiders 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 global- fees 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 lever- officially launched last month with just $7.5 million of cap- aged investments in stocks, bonds, commodities, currencies ital. Since Emergent started trading the entity on June 1, and 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 trad- ed a variety of products before starting the bank’s European mar- ket-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 capital- markets groups at J.P. Morgan, HSBC and -Mitsubishi International, where he worked most recently as the head of all sales and trading activity. He is trained as an accountant and spe- cializes in bonds, as well as inter- est-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 cap- ital before. The firm currently runs $40 million. Its oldest fund, Emergent Alternative, has produced Find today’s market puzzling? an average annual return of 11% Let SLK’s Electronic Transaction Services team over the last four years by follow- help you rise above the confusion. ing an emerging-markets macro 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 com- fund, 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. ❖ markets. Add next generation intelligent order routing, customized interfaces and 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. 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 dis- © Copyright 2003 Spear, Leeds & Kellogg, L.P. counted group subscriptions, All Rights Reserved. Member NASD, NYSE, SIPC. please call 201-659-1700. April 23, 2003 HEDGE FUND 3

JP Morgan Preps Registered Vehicle based on market conditions. Wimbledon is emphasizing managers who invest in over- J.P. Morgan Chase’s alternative-investments unit is gear- seas funds, as opposed to vehicles that trade only U.S. stocks. ing up to start trading an SEC-registered at Such mutual-fund timers often plow money into interna- midyear. tional funds just as the closes in the U.S., The J.P. Morgan Atlas Global Long/Short Equity Fund, man- attempting to exploit the impact overseas. aged by senior analysts Mihir Meswani and Aamer Zahid, will Wimbledon Timing currently has more than $21 mil- attempt to outperform Morgan Stanley Capital International’s lion under management. Weston believes the vehicle’s size MSCI World Index by allocating money to 12 to 20 hedge will more than triple in the near future, based on the funds. changes it made on April 1. ❖ Atlas Global has a minimum investment requirement of $2 million. Investors must pony up at least $100,000 for each Investorforce Briefs Brokers on Marketing additional installment. The number of multi-manager funds that are registered Investorforce’s newest side business is quickly gaining with the SEC is growing rapidly. Many are trying to reach steam. individual investors who want the extra disclosure that In January, the Wayne, Pa., company started advising bro- comes with registration. But some public hedge funds are kerages on how to market hedge funds to investors without seeking pension-fund investors whose holdings of unregis- running afoul of regulatory restrictions. The service has tered investments are limited by law. ❖ already attracted five clients, whose staffers are receiving basic product-and-sales training, including an explanation Swiss Firm Touts New Marketing Unit of the strict marketing limits for hedge funds. The initiative has also helped Investorforce get its foot in A financial-services firm in Geneva is seeking hedge-fund the door for other consulting services, such as helping one clients for a marketing business that it just launched. brokerage find a new manager for a fund of funds it is strug- The five-year-old firm, called Sphinx Consulting, is partic- gling to run on its own. ularly interested in representing long/short, global-macro Brokerage houses need such consulting, in part, because and convertible-arbitrage funds. It’s primarily interested in their employees need to learn the basics of hedge funds as entities that produce the consistent returns favored by its investors increasingly clamor for the investment vehicles. It’s Swiss institutional investors. no coincidence that Investorforce started offering the service Sphinx’s plan is to represent just one fund in each strate- the same month that the National Association of Securities gy. In exchange for its services, it will charge an up-front Dealers instructed Wall Street players to take better steps to retainer and will take a cut of the annual management and ensure that they’re selling hedge funds to investors with suf- incentive fees applied to the capital it places with its fund ficient levels of sophistication. customers. Investorforce is known mostly for its analytics tools that The new venture is headed by Edward M. Karr, Sphinx’s investors use to compare returns of traditional money man- capital-markets manager. Two other Sphinx employees cur- agers and the Investorfoce database of hedge funds, former- rently work under him, and the firm may hire additional ly known as the Altvest database. It also sells marketing serv- staffers for the effort. ices to money managers. ❖ Sphinx performs a variety of services for its clients, including accounting, trustee, private-banking and asset- management work. To avoid conflicts of interest, it won’t recommend its hedge-fund clients to its asset-management ❖ Checking out a fund manager? customers. Sizing up a service provider? Manager Seeks ‘Mutual-Fund Timers’ Weston Capital Management has rejiggered its two-year-old Instantly find whomever or whatever Wimbledon Timing, a vehicle that allocates money to so- you’re looking for by searching called mutual-fund timers. Hedge Fund Alert’s archives at The Westport, Conn., firm recently added two unidenti- HFAlert.com fied funds to the Wimbledon portfolio. Until it made those additions, Weston was funneling all of the portfolio’s capital Free for Hedge Fund Alert subscribers, and to just one mutual-fund timer. It’s seeking to allocate money $2.95 per article for everyone else. to other hedge-fund managers who whip money among stock and bond mutual funds, as well as cash positions, April 23, 2003 HEDGE FUND 4

LATEST LAUNCHES

Hedge Funds Equity at Portfolio managers, Launch Launch Fund Management company Strategy Service providers Date (Mil.) Aviator Partners/Aviator Overseas Bill Park Global multi-strategy Prime broker: Morgan Stanley July 1 $100 Domicile: U.S. and Cayman Islands Aviator Fund Management, arbitrage Law firm: Schulte Roth ☛ SEE PAGE 1 New York Auditor: PricewaterhouseCoopers [email protected] Emergent Cosmopolitan Macro Fund David Murrin and Fergus Prime broker: Citigroup March 1 $7.5 Domicile: Bermuda Murison Law firm: Eversheds ☛ SEE PAGE 2 Emergent Asset Management, Auditor: Deloitte & Touche Administrator: Citco 44-142-865-6966 KingsGate Life Sciences Fund Chris Wolf, Kevin Wenck and Life sciences Prime broker: Banc of America April 1 Domicile: U.S. David Gershon Law firm: Shartsis Friese KingsGate Capital Auditor: Rothstein Kass Management, San Francisco 415-908-8200 Headstream Value Partners Josh Smith and Bill Ward Long-biased Prime broker: Banc of America May 1 $50 Domicile U.S. Headstream Asset Law firm: Akin Gump ☛ SEE PAGE 1 Management, Dallas Auditor: KPMG Peat Marwick 214-890-8860 Administrator: J.D. Clark

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Hedge Fund Alert gives you a competitive edge by: FEBRUARY 13, 2002 w ww.HFA lert.com 2 Rich M Schonfeld Alum ulti-Manager Funds Get Richer Hiring for The fo n 2 Trio Aim rmer top profession ‘Prop Trading s to Raise $50 M to hire abo al at trading p Identifying shifts in investor strategies and allocations. illion ut 10 senior p ow ’ Firm analysts for a m ortfolio m erhouse Schonfeld Securities 2 IRS Awaits Input on Stock Futures ulti-strategy ven anagers an Th d perhap wan rough his firm ture that he laun s twice that m ts n on Jan ’s Web site, ched any jun Covering competition among prime brokers and other industry vendors. 3 Gleacher Lures Trem . 2 as a hedge fu Dmitry Balyasny last month ior bles a proprietary-tradinnd.B refers to th . ont Exec ut in one im e veh money for o g operatio portant respect, it m icle he laun 3 Carlyle Staffs Up for Fund of Funds nly a sm n.T ched n pay n all grou hat’s becau ore-closely resem o perform p of p rincip se the firm - Dissecting capital-raising tactics and product offerings of fund managers. ance fees. als, w h , called BAM 3 Bear Loses Prim Word surfaced o unlike h , runs last year that B edge-fund investors, e-Brokerage Pros to be under Schon alyasn feld y was plan 5 ing on h ’s aegis — and that h ning a fu Brencourt Adds Convertible-Bond Pro is own,he is believed to have at leaste w th nd — origin Balyasn ould run ally thou y, a p rin $300 million ght cipal and th at m .Now op 4 LATEST LAUNCHES e head trader at C uch capital. erat- YES! Start my 3-issue FREE trial subscription to Hedge Fund Alert. hicago-based Schon 6 feld fo CALENDAR Instead of Selling, Shum See SCHONFELD on Pager five 4 There are no strings attached — I won’t receive an invoice unless I choose to subscribe. Fred Shum an Nam an, the fo decided under offu es Successors to offer ow nd-of-fu The decision nership stakes to nds firm Archstone M THE GRAPEVINE ,anno staffers of h anagem speculation unced to in is highly regard ent, has that the 61-year-o vestors in a yearen ed com Equity-an York m d letter, en pany. alyst David Gruber ulti-manager sh ld Shuman said he w ds nearly a year of Name Lehman Brothers is leaving During th op. as seekin to cover h pro at time, Goldm g to sell the N stocks for ealthcare spective bu an Sachs ew Weiss, Peck & Greer yers. B ut Shu was introdu Farber Fund. ’s W closed finan man said cing Sh He will jo PG- cial institu he rejected uman to a h firm on in the N long-time staffers tions, ch oosin bids from ost of Feb. 19 to help ew York Joe Pignatelli, Andrewg instead to aw a number of u Company was left w fill a void firm’s chief o ard in ndis- hen the fun that perating officer, Sm Small terests in A team d’s man administrative m and Dawn Goodyear. rchstone to followed co agement an all is its ch Present, -manager Shu ager. T he n ief fin ancial o Pignatelli is the who d David man is gradu ew ownersh fficer an fun eparted to start h ally tran ip structure w d Goodyear is its d in April. T is ow sferring resp as effective last m Gerald Farber, he fund is n n onsibilities an onth. Address ow run by d ownersh to who hired G ip interests joining W ruber. P See SHUM PG,Gru rior Felipe Splitting from AN on Page 4 vice presiden ber was a senior t in the eq FREE area at L uity-research Chris Felipe $1 Bil. Sirios Partnership ehman fo is end ing on m r three years, focu John Brennan ing his partn City/ST/Zip edical-su s- in charge o ership in pply com So f the $1 Sirios Capital M panies. urces familiar w billion hed anagem State Street Bank been 3-Weekith Sirio Trialge-fun d ent, leavin told that Felip s — who operation g Pershing has tapp Bren e will leav were surp . execu ed former nan will con e in Jun rised by th tive Tony Patrelli in tinue to e to spend e decision its fledglin to g Boston m run the firm more tim — have Telephone Fax g prime-brokerage b head Subscriptionutual-fu ,which th e with his fam Patrelli w 1999. A t M nd compan e pair started ily. as previou usiness. FS, Felip e m y MFS Investm shortly after leav- the prim sly responsib Fund and th anaged th ent Managem e-brokerage o le for e $1 billion e $6.3 billio ent in Donaldson, Lufkin & peration o lion MFS Capital OpportunitiesMFS Strategic Fund. Grow n Massachusetts Investors Febru Growary Jenrette f th Fund. unit, w h ’s Pershin Boston-b Brennan th ich Suisse First Boston g ased Sirios h oversaw th absorbed entity dom as $650 m e $2.2 bil- as part o iciled in the C illion in Fax this coupon to: (201) 659-4141. To order by phone, call (201) 659-1700 tionofD f its 2000 acqu accounts fo aym vested via a d LJ. State Street b isi- r the rest. an Islands. A iversified lon egan Felipe’s d companion g/short See GRAPEVINE on Back Page eparture fo vehicle in year, big-n llows a strin the U.S. Or mail to: Hedge Fund Alert, 5 Marine View Plaza, #301, Hoboken, NJ 07030. ame partners h g ofh Bowman Capital ave sep igh-profile fun an arated fro d split-ups. S You can also start your free trial at www.HFAlert.com. d Galleon Capital. ❖ m Intrepid Capital, Pequot inCapital,ce last Global coverage Market intelligence Made-to-measure Professionalism who says you can’t have it all?

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paid off extremely well, producing a 7.7% return, after fees. Team ... From Page 1 Those gains offset losses among the university’s stock invest- manager at HBK for five years, is the lead portfolio manager ments, helping the endowment achieve a virtually flat return at Aviator. He’ll run the planned fund’s catalyst-driven and for the year. relative-value arbitrage investments. The endowment also fared well against its peers. Also running the portfolio will be Koji Takasumi and Eric According to a Cambridge Associates survey covering results Wong. Takasumi was a co-portfolio manager and Japanese ending Dec. 31, 2002, the University of Virginia’s one-year equity-derivatives trader at KBC Financial Products in Tokyo. gain of 0.3% and three-year average of 9.3% made it the top He will run Aviator’s statistical- invest- performer in the group. The survey didn’t include the ments. Wong had been a convertible-arbitrage trader and endowments of Yale University, Stanford University or co-portfolio manager at Angelo, Gordon & Co. in New York. Rockefeller University. He will manage the fund’s convertible-arbitrage and capital- Meanwhile, the University of Virginia is in the process of structure arbitrage bets. selecting a recruiting firm to find a replacement for Bills. For The firm’s fourth partner is Peter Sparks, a former infor- now, his duties are being handled by Alice Handy, president mation-technology project manger at . Tony of the Co., the unit that runs the Tran, previously an auditor at PricewaterhouseCoopers, is endowment’s money. ❖ Aviator’s controller. ❖

Tiger ... From Page 1 Capital-Introduction Players in 1986. He was serving as head trader when he left in 1992 to teach at the The dozen banks listed below employ capital-introduction units that University of Virginia. He returned to connect well-heeled investors with current or aspiring hedge-fund man- Tiger as chief operating officer in 1996 agers. Prime-brokerage groups rely heavily on their capital-introduction and remained at the firm until 1999. staffs to win fund managers as clients — relationships that can prove highly He remains one of three members on profitable to the brokerage firms. Investor contacts for the capital-introduc- the advisory board of Tiger alumnus tion units are shown below. If there is a designated contact for European Steve Mandel’s Lone Pine Capital of investors, that name is also included. Greenwich, Conn., and serves as fund liquidator for Tiger veteran Andreas Brokerage Matchmaker Telephone Halvorsen’s New York-based Viking ABN Amro Joe Young 212-251-3014 Global. Banc of America Peter Burrus 212-583-8656 At the University of Virginia, where Typhaine Zagoreos (Europe) 212-583-8742 he worked as chief investment officer Barclays Capital Rosemarie Lakeman 212-412-7669 of the unit that manages the endow- Jamie Phillips (Europe) 44-207-773-9191 ment from 2001 until January 2003, Bear Stearns Bill Ullman 212-272-6473 Bills ran $1 billion of hedge-fund Pari Rajkotia (Europe) 44-207-516-5160 investments — an amount equal to Citigroup Dan Lancellotti 212-723-4871 60% of the school’s investments. Paul Radley (Europe) 44-207-986-0744 That’s the largest hedge-fund alloca- Credit Suisse First Boston Bob Leonard 212-325-2000 tion of any university endowment. Rod Barker 44-207-888-6971 During the 2002 fiscal year, which Deutsche Bank John Dyment 212-469-3130 ended June 30, Bills’ hedge-fund bets Christy York (Europe) 44-207-547-7254 Goldman Sachs Tom Lynch 212-902-5147 Tim Morgan (Europe) 44-207-552-5138 An advertisement placed in Lehman Brothers Laurie Stearn 212-526-8623 Hedge Fund Alert can deliver your Merrill Lynch Kevin Dunleavy 212-449-6060 important message to hundreds Morgan Stanley Dave Barrett 212-762-5087 of professionals active in the Martin Byman (Europe) 44-207-425-2108 alternative-investment business. UBS Warburg Joe Pescatore 212-713-3668 For more information, call Tyne Cameron and Mary Romano at 800-283-9363. Or Melissa Carnathan (Europe) 44-207-568-4730 visit HFAlert.com for a media kit. What prime brokers want to be when they grow up.

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as director of tax and estate planning. ance updates. It would do so through THE GRAPEVINE Schmitt previously ran his own law its Center for International Securities practice in Green Bay, Wis. and Derivatives Markets, which over- ... From Page 1 sees the Zurich nership in Ridgefield, Conn.-based Wealthy families are sticking with Performance Database of 2,500 hedge Selalu. Her former partner, Donna their hedge-fund investments, accord- funds and managed-futures vehicles. Anderson Schole, will continue to run ing to a joint survey by Naples, Fla., The center supplies data to various Selalu. fund-of-funds shop LJH Global academics, Mar/Hedge (the former Investments and the Institute for Private owner of the database) and Strategic Irv Kessler is rapidly building up his Investors, a New York-based organiza- Financial Solutions, which uses the new hedge-fund firm, Provident tion of 300 rich families. Of the 71 information for its PerTrac 2000 SE. Advisors. The two-month-old Wayzata, families that responded to the survey, Minn., shop already employs 12 37 said they planned to expand their staffers, including eight analysts, hedge-fund holdings this year. They CALENDAR traders and portfolio managers. Kessler currently allocate an average of 18% intends to add even more staff as he of their portfolios to hedge funds, May 12-14: London is the venue for prepares to start marketing a fund to compared to 34% for stocks and 20% Terrapinn’s “Hedge Funds World London investors in early May. He expects to for bonds, the survey found. 2003.” start trading the vehicle on July 1. 44-207-827-5997 Kessler is best known as the founder of Strategic Financial Solutions has added www.hedgefundsworld.com Deephaven Capital Management, a $1.2 the MSCI Hedge Fund Indices to its May 14: Euromoney Business Meetings billion multi-strategy hedge-fund performance-analysis software, holds a “Meet the Investor Forum” in New shop. He left the firm in 2001, after PerTrac 2000 SE. MSCI, run by York. selling it to Knight Trading. Morgan Stanley Capital International, 44-207-779-8439 tracks the performance of more than business-meetings.co.uk Sumnicht & Associates, an Appleton, 1,500 hedge funds. It represents the Wis., firm that advises wealthy 11th group of indices included in the May 14-15: Strategic Research Institute investors, has added two staffers. Rob PerTrac software, which allows users presents a New York conference titled, Riedle joined this month to head busi- to compare the performance and “Combined Summit on Credit Derivatives and CDOs.” ness development and provide finan- characteristics of hedge funds. 888-666-8514 cial-planning advice to the firm’s srinstitute.com clients. Sumnicht, which has $100 A University of Massachusetts research million of its $300 million allocated center hopes by next year to start To view the full conference calendar, visit to hedge funds, also added Joe Schmitt releasing weekly hedge-fund perform- The Marketplace section of HFAlert.com

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