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About Hedge Funds

Davide Zari – workshop organizer

January 2011

Strutture, trends and involved

professionalities

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A sustained growth

Alternative fund investment market growth worldwide from $500 Bil in 2000 to $1600 Bil Asset under Management in 2010. Estimated 7000 funds available.

A bit different situation in Italy, with limited assets and a dense market with few dozen operators.

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Big but not always guaranteed results HF - J. Paulson Newcits - E. Carmignac

$4 Bil revenue during del 2007 downturn.

Active management style based on credit arbitrage.

Next year other $1.2 Bil revenue.

During 2009 forecasted markets reverting and growth by 17,6%.

Global marco-styled investment management with day liquidity.

Last 2 years quadrupled Assets under Management

From HFR during 2010 HF on average score not better than FTSE index before commissions.

Some managers returned money to investors after sharp losses.

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Less market entry barrers

Private investors classification

Hedge funds was historically reserved to porfolios of wealthy individuals with min €0,5 Mil investable.

From specialized ETF and FoF quotas it’s now possible to accsess starting from € 1000.

Asked commissions are lowering from standard 2/20 to value near to 1.5/15

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Today speakers

Alberto Rolla

1

Luca Anzola

2

Paola Bissoli

3

Eugenio Namor

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SPEAKER TOPICS PROFILE

HF introduction

Analyst role

Founder Hammer Partners SA

M&A extensive experience

Top rank equity analyst

Italian industry

Strategies/outlook

New scenarios

Processes

HF Research Manager Aletti Gestielle Sgr

CAIA member

Saint George Capital Management case

CEO Saint George Capital Management

HF manager since 2002

CAIA member

Detailed profile

Regulation

Trends

Performance analysis

Anthilia Capital Partners President, La Compagnia Finanziaria director, board member Tages Capital

Expert group EU commission member (Giovannini Group) 1996