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Kim Lankshear Portfolio
“I feel privileged for the opportunity to
be useful in amongst fresh burgeoning
talent encouraged by World Heart Beat’s
commitment to a great and evolving vision.”
Julian Joseph
“It’s all about gangs these days. You can see
the difference between those that do music
and those that don’t. We have something to
take our minds off things. Instead of going
out on the streets and doing what they
do, selling drugs and stuff, we have our
instruments to practice. At World Heart Beat,
we have music – we have somewhere to go.
They have nothing to do and nowhere to go,
so they just spend their time on the streets.”
51st State Band Member
Overview 4
Vision 4
Mission 4
Objectives 4
Historic and projected growth 5
Raison d’etre 7
History and achievements 8
Genesis 8
Competitive advantage 9
Notable achievements 10
Transformational impact of music 12
Music as a tool for career preparation and
employment 14
Music as a socio-economic force 15
Employment opportunities 15
Market overview of music teaching 16
Key factors of local demand 16
Types, scopes and levels of music
teaching provision 16
Competitor analysis 17
World Heart Beat’s market position 18
Teaching delivery 19
Our unique pedagogic approach 19
Our rich diversity 20
Individual and group lessons 20
Ground-breaking teaching projects 21
Learning performance skills 21
Broadcasting and recording skills 22
Levels embraced 22
Outstanding examination success in many
instruments and genres 23
Our people 24
A special breed 24
Categories of people engaged 24
Inspirational leaders 25
Teachers from top musical echelons 26
Specialist advisors and volunteers 28
Hosting interns 28
Modus operandi 29
Legal entity 29
Organisation 29
Board of trustees 30
Day-to-day management 30
Programme delivery 30
Fundraising 31
Marketing 32
Reputation 33
Strategic plan 34
SWOT analysis 35
Organic growth for risk-free expansion 36
Talent acquisition 38
Good housekeeping 39
Location and relocation 39
A cultural icon for Wandsworth 40
Routes to new premises 41
Financial projections 42
Appendix ??
Contents
WORLD HEART BEAT MUSIC ACADEMY 1312 WORLD HEART BEAT MUSIC ACADEMY
Every child is born with an innate connection to music
which begins with that most essential rhythm of life,
the heart beat.
Music is a potential source of joy, vitality, and purpose
through childhood years and into adulthood. It can
develop into a language that expresses the value of
each individual, and it bridges cultural and social
divides.
Learning music and playing it with others enables
young people to feel that they are part of something
that nobody can take away from them. This confi-
dence translates to other areas of their lives, giving
them the freedom to make choices and to be happy
and successful adults. It improves wellbeing and
brings relief of stress.
Research shows that music has the power to do
extraordinary things, ranging from the movements of
a baby in the womb, to improvements in emotional
Wherever we sit in the age spectrum, we can all receive
World Heart Beat’s own audit of a sample of some
young people who played music and of some who did
not showed that children who were exposed to music
Music learning can transform lives and frequently
does, as is witnessed by the words of World Heart
Beat students.
Transformational impact of music
“If it wasn’t for playing music, I wouldn’t be alive. I
used to carry a knife a few years ago, but music
changed all that. Playing an instrument is my
protection now – I just don’t need any knives or
weapons on me.”
“You can see the difference between those who
have music and those who don’t. We have some-
where to go, something to aim for – we have
music.”
“Without music I would be nothing – I just wouldn’t
be happy. At primary school I felt distant and in year
8 I started self-harming. Music is now a really big
part of my life – I can’t imagine my life without it.”
“If I didn’t pick up the flute, or I didn’t have music in
my life, I wouldn’t have anything to focus on, I
would just be unhappy. I would be influenced by
bad things, I would have no motivation, and I would
have nothing really – nothing.”
6 WORLD HEART BEAT MUSIC ACADEMY
2015-2025 projections
£100,000
£120,000
£140,000
£160,000
£180,000
£200,000
2024-2025
2023-2024
2022-2023
2021-2022
2019-2020
2018-2019
2017-2018
2016-2017
2015-2016
Funding from trusts and foundations
0
£100,000
£200,000
£300,000
£400,000
£500,000
£600,000
2024-2025
2023-2024
2022-2023
2021-2022
2020-2021
2019-2020
2018-2019
2017-2018
2016-2017
2015-2016
Total movement of funds to capital fund
Funding from social enterprises
0
£100,000
£200,000
£300,000
£400,000
£500,000
2024-2025
2023-2024
2022-2023
2021-2022
2020-2021
2019-2020
2018-2019
2017-2018
2016-2017
2015-2016
Core costs: salaries & direct teaching costs
0
£100,000
£200,000
£300,000
£400,000
£500,000
£600,000
£700,000
2024-2025
2023-2024
2022-2023
2021-2022
2020-2021
2019-2020
2018-2019
2017-2018
2016-2017
2015-2016
?
Staff requirement
Full time Part time Teaching musical staff
2015-2016 3 3 35
2016-2017 4 4 35
2017-2018 5 4 36
2018-2019 6 4 36
2019-2020 7 5 36
2020-2021 7 5 38
2021-2022 8 4 40
2022-2023 8 4 40
2023-2024 9 5 40
2024-2025 9 6 40
Development plan of afresh, modern social enterprise
Business proposal
designed for World Heart Beat Music Academy
World Heart Beat . . .
2000
51st State Band
formed, starting in
a living room with
six children
2002
51st State Band
gives third
performance
at Putney Arts
Theatre with 82
children playing
2009
51st State Band
reaches 112
children and
performs at Royal
Festival hall
with renowned
saxophonist
Patrick Clahar
World Heart Beat
Music Academy is
incorporated as a
company
2012
World Heart Beat
Music Academy
opens its doors
to students in
a beautifully
converted disused
warehouse in
Southfields
Asian School
starts, headed by
Alok Verma
Reggae School
is formed. Levi
Roots performs
with our students
Platinum
recording artist
Daisy Chute
leads our Vocal
Programme
18 piano students,
some as young
as five, perform
at our first Piano
Party
Our musicians
perform as part
of the Cultural
Olympics
Students perform at a Summer Gala at
Kensington Palace in front of Prince and
Princess Michael of Kent
The 606 Club dedicate an evening on its
premises to a charity performance by our jazz
students
In an exchange programme created with the
Brazilian Ministry of Culture, our students
perform Brazilian music at Speakers House,
Palace of Westminster, courtesy of the Rt
Hon John Bercow, Speaker of the House of
Commons
At the Brazilian Embassy in London, our
students stage a concert led by leading
Brazilian musicians
Our students perform at Wandsworth’s
prestigious Riverside Quarter courtesy of
Maestro Arts
Julian Joseph engages our students to provide
live music for the Cicada Road Street Party
London Communities Foundation chooses our
students to perform at their major reception held
at Wimbledon’s All England Lawn Tennis Club
We hold a Piano Party in aid of the Liberia
Charity Project
Gypsy Violin becomes one of our core
programmes, led by sixth generation Hungarian
musician, Laci Olah
World Heart Beat Music Hour secures
the highest ratings of any programme in
Wandsworth Radio’s first year of broadcasting
Our students perform at the official opening of
Battersea Art Station exhibition, organised by
Battersea Power Station Development Co.
We stage Argentinian patera music workshops
in four schools achieving outreach to over 5,100
in the London community
We teach over 10,800 student hours 
Global Giving makes us a partner as a result of
our fund-raising success
Arctic Monkey’s label, Domino Recording Co,
sponsor our Stardust Choir
Two of our students gain places at the Royal
Academy of Music, one securing an exclusive
scholarship
Two students achieve Trinity College London
diplomas, one (aged 16) earning a distinction
One of our students stars in a West End Burt
Bacharach musical, Close to You
Our Gucci Scholarship students play at the
Open Colonna in Rome with Oscar winner
Nicola Piovanni
Students of our Asian School pass grade 2
tabla exams
Putney Arts Theatre sells out yet again for 51st
State Band in Concert
Our Jazz Funk Concert creates a unique vibe at
World Heart Beat
Our top jazz students again blend with Joe
Macari’s Ferraris for the annual Wandsworth
Chamber of Commerce Property Group’s
prestigious reception
We perform at Kings Place in a charity fund
raiser for victims of Hurricane Katrina
We perform at the Wallace Collection for
Manchester Square Partners 10th Anniversary
The number of our core programmes reaches 18
Thanks to a grant from the Jack Petchey
Foundation, we build our very own recording studio
To advance our ability to train in radio
presentation and production, we install our own
studio suite
We stage our Gucci Awards ceremony and a
private concert for top Gucci executives
49 students take exams and achieve a 98.6%
pass rate for all examinations from Grade 1 to 8,
of which 91.4% receive a distinction or a merit
Our average over 3 years is 99.3% success rate
from 117 students who entered examinations.
50.4% are at grade 5 or above.
Sahana Gero wins Action for Arts Special Award
2013
GRAMMY Recording Academy in Los
Angeles partners Gucci Timepieces
and Jewelry with a major scholarship
programme for World Heart Beat
Emeli Sande and Jo Wiley front
launch of Gucci/GRAMMY
programme where our students
perform in front of the world’s press
Directed by top jazz vocalist
Cleveland Watkiss, our Stardust
People Choir performs at Testbed 1.
Julian Joseph, top jazz pianist and
broadcaster – and our lead patron
- writes a special piece for Stardust
Choir’s performance
100% pass rate in Trinity College
London examinations with 112
students entered. 93.5% gain a
distinction or merit
Film music composer Michael Csanyi-
Willis heads music composition
programmes
Home of jazz, 606 Club hosts
performances by our students
GRAMMYS President Neil Portnow
visits World Heart Beat
Russian music legend Boris
Grenbenshikov visits World Heat Beat
Celtic Violin School opens with 12
children enrolled
Our Jazz School formed led by top
jazz professional Trevor Watkis
Mobi Award winning saxophonist
Tony Kofi joins our distinguished
panel of teaching musicians
Arts Council funding secured for
Cascade, a unique programme in
which our musicians first mentor 16 -
21 year-old students who then mentor
our younger students.
We blueprint a new style of exam
syllabus in Asian music – 8 students
pilot the programme
Saxophonist Steve Williamson and
jazz guitarist Tony Remy visit us
Baroness Floella Benjamin supports a
concert celebrating Martin Luther King
180 students study with us in 2013
2014
10 students perform at a special
Gucci Timepieces and Jewelry
concert at the Palazzo Corsini in
Florence
Julian Joseph jazz foundation
classes begin
World Heart Beat featured in
national media
Our social audit compares
children who study music with
those that don’t
50 and a Half State Band
formed to increase performance
opportunities for our younger
students
A tribute concert and arts event
to Nelson Mandela staged in
partnership with Wandsworth
Museum – funds donated to
the Nelson Mandela Children’s
Hospital
Our students play at the
Roehampton University Life
Routes Awards Ceremony as part
of a partnership with the university
Jazz legends Branford Marsalis
and Lamont Dozier Jr visit us
Partnership with Cato Music
Management formed
Little, Middle and High Schools
of Music introduced to our
organisational structure
Student numbers increase by
a further 25% over 2013 and
revenues double from 2012
Excellence continued with 100%
pass rate in Trinity College
London examinations
Joe Macari Performance Cars
scholarship programme launched
Eight of our students gain
admission to top conservatoires
and universities, two go to
Cambridge University, one -
with a rare scholarship – to
the Royal College of Music.
Other destinations are Trinity
Laban Conservatoire of Music
and Dance, Royal Welsh
College of Music, Birmingham
Conservatoire, Bristol and
Brighton Universities
2016
Our students perform at La Verdi Restaurant - Royal
Albert Hall and at Emirates Stadium
Wandsworth Economic Forum
Our jazz students chosen over professional
performers to play at London’s Century Club for top
PR agency Cascade Communications’ 5th anniversary
celebrations
Steve Rubie, 606 Club owner, organises monthly
soirees for our jazz students at Chelsea Theatre
606 Club again hosts a charity fund-raiser where our
students perform with Julian Joseph’s trio
Top musicians agency Maestro Arts holds private
dinner function for influential World Heart Beat
stakeholders
Renowned pianist Leslie Howard holds a master class
courtesy of Chinese property giant, Greenland Ram
World Heart Beat’s songwriters aged 14+ compose
and record their first track - ‘Have it all’ with world
class songwriter Tammy Weis
Our young songwriters aged 8-11 compose and record
their first track ‘Champions of the World’
Skinners Hall hosts performance by our woodwind
players for the Livery Company of Fan makers
Our young flautists invited back to Kensington Palace
to perform for their summer gala
51st State Band play their 17th annual concert at
Putney Arts Theatre
Brazilian artists return to perform with World Heart
Beat’s young students
18 students pass their Bronze and Gold Arts Awards
10 students perform in Geneva for Gucci Timepieces
and Jewelry
Contemporary record label Erased Tapes sponsor our
Piano Day and donate us a piano
Early Years Learning programme launched in
partnership with Roehampton University - World
Heart Beat now caters for age 0 upwards
Early Learning programme branched to two satellite
centres Roehampton and Battersea, providing free
music tuition to infants
World Heart Beat takes a major role in Future City’s
Arts and Culture Strategy for Wandsworth
World Heart Beat launches its Gospel Choir
2015
. . . notable achievements since 2000
Why attend the InvestHedge Forum
Niki Natarajan editor, InvestHedge
InvestHedge Forum & Awards 2013 | 24 & 25 September 2013 | British Museum | London www.investhedgeforum.com
Institutional investors are helping themselves to hedge funds, and the way they are
accessing them has changed. So too, have hedge funds that want money from these
investors. In this rapidly changing world, does performance still matter or is it just about
risk management and asset gathering?
Under the overall theme of Capitalising on Convergence, the InvestHedge Forum will offer the ultimate self-help
guide to hedge fund investing. The Forum will address the issues at the interface between hedge funds and their
investors by selecting keynotes and panellists from the hedge fund, fund of funds and institutional investor
communities who generously share their ideas and experience, providing a forum for curiosity, education and discovery.
It will also focus on the increasing convergence between funds of hedge funds and the consulting community; the convergence
between traditional long-only and alternative investing; and the rise of the retail hedge fund investor.
Themed around self-help titles, the Forum will continue to bring a fresh take on classic strategies such as credit, CTAs and the
new landscape for FoHFs as well as exploring the rise of seeding, incubation and emerging managers as a source of additional
returns in a more risk-conscious environment.
The InvestHedge Awards is being held in conjunction with the InvestHedge Forum. The Awards will recognise risk-adjusted
performance that for the majority of categories will be calculated over a five-year period, as well as rewarding long-term
excellence in the FoHF world over 10 and 20 years. If you would like to attend the Awards, please call Ian Sanderson on
T: +44 (0) 20 7779 7354 to book your table.
As in previous years, the Forum attracts over 400 delegates from the hedge fund and investor communities. Demand is expected
to be high and delegates are encouraged to book early. If you would like to register, please complete the booking form at the
back of this brochure.
I look forward to seeing you in London in September.
Life and Death in Pompeii and Herculaneum
Private viewing: 24 September 18.30 – 20.00
AD 79. In just 24 hours,
two cities in southern
Italy were buried by
a catastrophic eruption
of Mount Vesuvius.
Preserved under ash,
the cities lay buried for
just over 1,600 years,
their rediscovery pro-
viding an unparalleled
glimpse into the daily life of the Roman Empire. From the
bustling street to the intimate spaces of a Roman home, this
major exhibition will take you to the heart of people’s lives in
Pompeii and Herculaneum.
Exclusive private viewings at the British Museum
The Enlightenment Gallery
Private viewing: 24 September 18.30 – 20.00
The Enlightenment was an age of reason and learning that
flourished across Europe and America from about 1680 to
1820. This rich and diverse permanent exhibition uses
thousands of objects to demonstrate how people in Britain
understood their world during this period. It is housed in the
King’s Library, the
former home of the
library of King
George III. It was
opened in 2003 to
celebrate the 250th
anniversary of the
British Museum.
Programme
09.30
10.10
10.15
11.00
11.45
12.15
13.00
Doors open, registration and breakfast
InvestHedge welcome: Niki Natarajan, editor, InvestHedge
The alchemist: Which base currency assets are turning noble?
In a world where regional instability can become an asset or a liability, where are the golden opportunities for returns? Which
currencies are returning to favour; is gold still a safe haven; and are there likely to be any more explosions in Europe? Is credit the
next accident or still a driver for returns? With the melting pot that is the investor’s multi-asset portfolio, what are the global macro
opportunities in the coming year?
Speakers: Arié Assayag, chief executive officer, Union Bancaire Privée Alternative Investments; Betsy Battle, chief investment officer, Lone
Peak Partners; Neil Meadows, managing director and founding principal, Laurentia Funds; David Smith, chief investment director, GAM
The consultant is just not that into you: How FoHFs are adapting to stay in business
Fund of funds were always going to lose market share once hedge fund investors learned the manager selection trade. A decade
later, this prophecy is coming true, accelerated by the consultants turning into asset allocators. This panel will look at what
strategies are being adopted to use the skills, such as manager selection, due diligence and portfolio construction that FoHFs have
in this new customer-led, solutions-driven environment, as well as the strategies they have adopted to show pension funds what
they are missing out on in terms of real performance and expertise.
Speakers: Penny Aitken, investment manager, FQS; Kevin Gundle, chief executive officer, Aurum Fund Management; Joseph
McCarthy, managing director, Islandbridge Capital; Gideon Nieuwoudt, managing director, Silver Creek Capital Management;
Antonia O’Connor, senior investment manager, Aberdeen Asset Management
Coffee break
Stream 1: The power of new: Seeding and incubation stage investing
For investors looking for spicier returns, a slice of the business or lower fees in a founder’s share class could provide a new
alternative. The emerging manager space is redefining the traditional hedge fund model. Where does the new generation of
talent come from? Who takes the risks with the nascent talent? Are all the spin-outs from investment banks worth backing? How
should these managers be supported and what type of owner-ship or trading environment stake will motivate them to perform?
Speakers include: Lisa Fridman, head of European research, PAAMCO; Michele Gesualdi, partner and fund manager, Kairos
Partners; Bill Michaelcheck, founder and chief investment officer, Mariner Investment Group; Philippe Paquet, deputy chief
executive officer, NewAlpha Asset Management
Stream 2: The art of due diligence: A handbook for investing safely
Should investors invest in hedge funds directly? What is lost when they dispense with the services of their FoHF? Some investors
believe that buying low volatility means due diligence is less important. Have investors really understood the importance of due
diligence? It is one of the primary costs that funds of hedge funds incur in the extra layers of fees that they charge, but is cutting
down on the depth of due diligence really a good risk/reward decision? Are Ferraris really a potential red flag, what are other tell-
tale signs of an impending fraud? This panel will discuss what good due diligence looks like and the corners that cannot be cut.
Speakers include: Alison Clark, head of hedge fund research, Hymans Robertson; Neil Dolby, head of alternative operations,
Aberdeen Asset Management; Andrew McCaffery, global head of hedge funds, Aberdeen Asset Management
Stream 1: Tipping point: how low can fees go before service is compromised?
Fees have become the battle ground between consultants and fund of funds. As Chris Hohn famously said at The EuroHedge
Summit in Paris, hedge fund managers these days are “asset gatherers, a fee in search of a strategy”. Consultants believe they
are giving investors better value by cutting out the middle man – the funds of funds – and helping them allocate directly for a
low fee. To fight back some funds of funds are offering a similar advisory service that they say is better due to their proven track
record and low to no fees. At what point will this sabotage the FoHF business model? And for such a low fee, who has liability and
who has responsibility for firing a ‘bad’ manager? Are either of these routes serving the client’s best interest?
Speakers include: Gordon Barnes, manager, business risk management, Cambridge Associates; Jaume Sabater, vice president
and portfolio manager, Banque Privée Edmond de Rothschild; Jay Youngdahl, senior fellow, initiative for responsible investment,
Hauser Center for Nonprofit Organizations, Harvard University
Stream 2: Topic to be announced
Day One: Tuesday 24 September
© Trustees of the British Museum
A view over Pompeii. © Soprintendenza Speciale per i Beni
Archeologici di Napoli e Pompei
Lead sponsor
Co-sponsors
Endorser
FORUM & AWARDS 2013
Register now
call +44 (0) 20 7779 7222www.investhedgeforum.comwww.investhedgeawards.com
• See inside for latest programme and nominations.
• Network with more than 400 investors, managers and funds of funds at the
InvestHedge Forum.
• Hear from top managers and investors discussing the issues at the
interface between hedge funds and their investors.
• Celebrate top performing funds of hedge funds at the InvestHedge Awards.
• End investors register for free.
Ian Prideaux,
The Grosvenor Estate
Davina MacKail, author andalternative brand expert
Jay Youngdahl, Hauser Centerfor Nonprofit Organizations,Harvard University
InvestHedge has united the Forum and
Awards to create a unique global hedge
fund investor experience in London’sBritish Museum
Capitalising on Convergence
24 & 25 SEPTEMBER 2013 | BRITISH MUSEUM | LONDON
Book online at www.investhedgeforum.com or call +44 (0) 20 7779 7222
Brochure for the InvestHedge Forum and Awards designed for Hedge Fund Intelligence
InvestHedge Forum & Awards 2013 | 24 & 25 September 2013 | British Museum | London www.investhedgeawards.com
The InvestHedge Awards celebrate the best risk-adjusted performance of funds of hedge funds globally, at the British Museum in
September. The Awards will be held in conjunction with the InvestHedge Forum, making a single must-attend event for hedge funds and
the investor community. Contact Ian Sanderson to reserve your table: E: isanderson@hedgefundintelligence.com T: +44 (0) 20 7779 7354
Please note: a ticket to the InvestHedge Forum does not include entry to the InvestHedge Awards
Updated Nominations*
Arbitrage • 5 Years
Aberdeen Orbita Capital Return Strategy
Archstone Absolute Return Strategies Fund
Bodleian Partners A
Edmond de Rothschild Prifund Alpha Uncorrelated
NB Offshore Diversified Arbitrage Fund II
Pine Grove Partners
SSARIS Multi-Manager Relative Value Strategy
William Blair Green Terrain Fund
Event Driven & Distressed • 5 Years
Antarctica Credit and Distressed Fund
Avenue Strategic Partners
Fixed Income & Credit • 5 Years
GHF Sicav Fixed Income
Lighthouse Credit Opportunities Fund
Permal Fixed Income Holdings
Signet Global Fixed Income Fund
Commodities & Natural Resources • 5 Years
Aurelian Global Resources
Pinnacle Natural Resources
Global Macro & Managed Futures • 5 Years
GAM Trading II
GHF Sicav Global Macro A
Morgan Stanley AIP Global Macro Fund
Optima Discretionary Macro Fund
Permal Macro Holdings
Trading Capital Holdings
Small/Emerging Manager Specialists • 5 Years
Alternative Investments Institutional
Corbin Kingsbridge Partners
Discovery Capital Holdings
Larch Lane Absolute Return I
Prima Capital Fund
Protégé Partners Fund
Sire Partners
Asian & Emerging Markets • 5 Years
Nippon Selection Holdings
Penjing Asia Market Independent Fund
Persistent Edge Asia Partners Master Fund
Persistent Edge China Partners
SAIL Asia Pacific Managers Fund
European Strategies • 5 Years
European Capital Holdings
European Selection Holdings
MirAlt Sicav Europe I
Permal European Holdings
Global Equity • 5 Years
ABS Offshore SPC Global Segregated Portfolio
Cerrado Fund
Hedge Invest Global Fund
Lighthouse Global Long/Short Fund
LODH Multiadvisers - Global Equity Long Short Fund
Optima Partners Focus Fund
Private Advisors Hedged Equity
US Strategies • 5 Years
American Selection Holdings
AP Opportunities Fund
Leveraged Capital Holdings
Lyrical Multi-Manager Fund
Magnitude US Partners
New Providence Associates
Voyager Partners
William Blair Blue Terrain Fund
GMS $100m-$500m • 5 Years
BCM Discovery Fund
Culross Global Fund
Double Eagle Capital Ace Fund
Morgan Stanley Opportunistic Fund
PCAM Blue Chip
Permal Investment Partners
Pluscios Diversified Core
Saguenay Offshore Fund
The Hedged Strategies
GMS $500-$1bn • 5 Years
Archstone Partners
Aurora Global Opportunities
Cube Global Multi-Strategy Fund
DGAM Unique Strategies Fund
Global Managers Selection Fund
James River Multi-Strategy Fund
Magnitude Institutional
Morgan Stanley Institutional Fund of Hedge Funds
SAIL Topaz Fund
SkyBridge Legion Strategies
GMS >$1bn • 5 Years
Aurum Isis Fund
Benchmark Plus Institutional Partners Real Alpha
- Low Vol series
Corbin Pinehurst Partners
DGAM Diversified Strategies Fund
EnTrust Capital Diversified Fund
Ignis Systematic Strategies Fund
Magnitude International
Prisma Spectrum Fund
Private Advisors Stable Value Fund
SkyBridge Multi-Adviser Hedge Fund Portfolios
SSARIS Multi-Manager Absolute Return Strategy
10 Year Award $500m-$1bn
Alternative Investments Institutional
Archstone Partners
Aurora Global Opportunities
Edmond de Rothschild Prifund Alpha Uncorrelated
James River Multi-Strategy Fund
Pictet Mosaic
Persistent Edge Asia Partners Master Fund
SAIL Topaz Fund
SkyBridge Legion Strategies
Trading Capital Holdings
10 Year Award $1bn
Aberdeen Orbita Capital Return Strategy
ABS Offshore SPC Global Segregated Portfolio
Archstone Offshore Fund
Aurum Isis Fund
Corbin Pinehurst Partners
GAM Trading II
Magnitude International
Permal Fixed Income Holdings
Private Advisors Stable Value Fund
Protégé Partners Fund
SkyBridge Multi-Adviser Hedge Fund Portfolios
SSARIS Multi-Manager Absolute Return Strategy
20 Year Award >$500m
Archstone Partners
Aurora Limited Partnership
Blue Rock Capital Fund
GAM Diversity
Haussmann Holdings
Leveraged Capital Holdings
Optima Fund
Permal Macro Holdings
20 Year Award Smaller Manager Specialists
($100m-$500m)
Larch Lane Absolute Return I
Prima Capital Fund
Sire Partners
Institutional FoHF • 5 Years
To be announced online
Group of the Year • 5 Years
Global Selection Advisors
Magnitude Capital
Morgan Stanley Alternative Investment Partners
Permal Asset Management
Private Advisors
The Archstone Partnerships
The Capital Holdings Funds
Absolute FoHF • 5 Years
The nominees will be announced during the
Awards.
Speakers
Jay Youngdahl, a
partner in Youngdahl
& Citti, P.C. Jay
is a fellow of the
College of Labor
and Employment
Lawyers, a Network
Fellow at the Edmond
J. Safra Center for Ethics at Harvard
University, and a senior fellow at the
Initiative for Responsible Investment in
the Hauser Institute for Civil Society at
Harvard University.
Ian Prideaux, chief
investment officer
at The Grosvenor
Estate. Ian manages
the non-property
investment portfolio
including long equity and
bond portfolios, hedge
fund and private equity investments. He is
responsible for asset allocation and manager
selection, and for managing the relationships
with external investment advisers. He also
manages the charitable investment portfolio
for the Westminster Foundation.
Davina MacKail, author
and alternative brand
expert. Davina will give
us a rare insight into
the power and purpose
of the logo in her
keynote speech: The
Logo Decoded. As the
hedge fund world starts to look towards
the retail market for new investors, the
power of branding and logos will become
ever more evident. Will it be the hedge
fund with the great product or the retail
label with a great brand?
Keynote speakers
Penny Aitken, investment manager,
FQS
Arié Assayag, chief executive officer,er,
Union Bancaire Privée Alternative Investmentse Investment
Gordon Barnes, manager, business risk managemement,sk man
Cambridge Associates
Michael Barnes, founding partner,
Tricadia Credit Strategies
Betsy Battle, chief investment officer,
Lone Peak Partners
Luke Dixon, senior investment manager-hedge funds,hedge funds,
Universities Superannuation Scheme
Neil Dolby, head of alternative operations,
Aberdeen Asset Management
Kevin Gundle, chief executive officer,
Aurum Fund Management
Johannes T. Jasper, portfolio manager - hedge funds andand
commodities,
Bayerische Versorgungskammer
Rob Koyfman, senior strategist,
Lyxor Asset Management
David Kuenzi, partner, managing director, risk management and
quantitative research,
Aurora Investment Management
Jonathan Little, founder,
Northill Capital
Damian Loveday, global head of hedge fund research,
Towers Watson
Roxanne Martino, chief executive officer and portfolio manager,
Aurora Investment Management
Pierre-Olivier Masmejean, portfolio manager,ger,ierr ooliortfoorpoaneaejemejmesm namavierivie
Omega Asset ManagementOme ntntnanaAss
Neil Meadows, managing director and founding principal,prinNei d fndi ndunm, ng pad
Laurentia FundsLau ddiatiaa
Andrew McCaffery, global head of hedge funds,And ndnMcMc
Aberdeen Asset Managementber n As
Joseph McCarthy, managing director,seppeph Car
Islandbridge Capital Limitedndb dCCa
Bill Michaelcheck, founder and chief investment officer,chaaelB i ntt o cer,kk ffo
riner Investment GroupvesnvMariner Inve t GGr
Gideon Nieuwoudt, managing director,oud ,deon
Silver Creek Capital Managementl Mitaver Cree
Antonia O’Connor, senior investment manager,esor inva O’ConnAn
berdeen Asset ManagementntAsset MaAb
Donald Pepper, managing director of Alternatives,managingDonald P
Old Mutuald Mutu
Isabelle Perrault, managing director, co-head of business development,tor co-head of busierrault, managing director, co-head of business development,I
Aurora Investment Managementvestment ManageA
Gideon Nieuwoudt, managing directort, managing directorGideon Nie ,,
Silver Creek Capital ManagemenagementSilver Cree
Alexandre Pini, vice president and portfolio manager,Alexandre Pini, vice presiden
Banque Privée Edmond de Rothschildanque Privée Edmond de Rothschild
Jaume Sabater, vice president and portfolio managter, vice president and pnd portfolio manager,
Banque Privée Edmond de RothscEdmond de Rothothschild
Scott Schweighauser, president and portfolio manager,d por
Aurora Investment Management
David Smith, chief investment officer,
GAM
Mike Weston, chief investment officer,
DMGT Pensions & Benefits
Panellists include
*These categories are provisional and may be subject to change
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FORUM 2013
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funds of the year 2014
US EQUITY
Black Diamond Thematic
Brookdale International Partners
Marlin
Menta Global Offshore
Pershing Square International
Stelliam
GLOBAL EQUITY
Citadel Global Equities
Pacific & General Investments
Senvest Partners
Two Sigma Absolute Return Cayman
SPECIALIST EQUITY
Basswood Financial
Dorsal Capital Partners Master
Harvest Small Cap Partners
Perceptive Life Sciences
ZP Master Utility
EVENT DRIVEN
Greywolf Event Driven Funds
Gruss Global Investors (USD)
Pentwater Event
PSAM World Arb Partners
Sola
Sound Point Credit Opportunities Master Fund - Series B
DISTRESSED
Candlewood Special Situations
Hildene Opportunities
Mudrick Distressed Opportunity
Perella Weinberg Partners Asset Based Value
STS Partners
Sound Point Beacon Master Fund - Series A
CREDIT & HIGH YIELD
400 Capital Credit Opportunities
Candlewood Structured Credit Harvest
Hildene Opportunities II
One William Street Capital Master
Waterfall Eden
FIXED INCOME & MORTGAGE BACKED SECURITIES
Credit Suisse Securitized Products Master
LibreMax Partners
Magnetar Constellation
Premium Point Mortgage Credit
SPM MBS Agency
TIG Securitized Asset
Varadero Partners
GLOBAL MACRO
Alphadyne International Master
Bridgewater All Weather @12% Trading
CWOC Master
Graham Absolute Return
PIMCO Absolute Return Strategy (PARS) V
Two Sigma Horizon Cayman
COMMODITIES & MANAGED FUTURES
BBL Commodities Value
Fort Global Contrarian
Graham Tactical Trend Series A
Nestor Partners
Two Sigma Compass Cayman
MULTISTRATEGY
Citadel Tactical Trading
Citadel Wellington
D. E. Shaw Composite
Millennium USA
PIMCO Tactical Opportunities
SPM Core
Tilden Park Investment Master
EMERGING MANAGER & SMALLER FUND
($100M-$500M)
Abraham Trading Company - Diversified Program
Deltec Special Situations
EcoR1 Capital
Global Sigma Plus
Marblegate Special Opportunities Master
MMCAP Fund
SECOR Alpha
TCA Global Credit Master
venBio Select
NEW FUND OF THE YEAR
Alden Global CRE Opportunities Master
BAM ZIE
BBL Commodities Value
Blueshift Energy
PWP Global Macro
Sound Point Beacon Master Fund - Series A
Vinci Vernier Partners
LONG TERM PERFORMANCE (5 years)
Citadel Tactical Trading
STS Partners
Ellington Mortgage Opportunities
Glenview Opportunity
Hildene Opportunities
Metacapital Mortgage Opportunities Master
Waterfall Eden
LONG TERM PERFORMANCE (10 years)
Atlas Global Investments – Unrestricted
D. E. Shaw Composite
GS Gamma Investments
King Street Capital
Millennium International
Paloma Partners
Pine River Fund
SPM Structured Servicing Holdings Master
MANAGEMENT FIRM OF THE YEAR
Citadel
Graham Capital Management
Pacific Investment Management Company
Structured Portfolio Management
Two Sigma Investments
FUND OF THE YEAR
Nominees to be announced this evening
fun
UUSS EQU
Black Dia
Brookda
Marlin
Menta G
Pershing
Stelliam
GLOBA
Citadel G
Pacific &
Senvest
Two Sigm
SPECIA
Basswoo
Dorsal Ca
Harvest S
Perceptiv
ZP Maste
EVENT
Greywolf
Gruss Glo
Pentwat
PSAM W
Sola
Sound Po
programme
Absolute ReturnAwards 2014
Ticket and programme for the Absolute Return Awards dinner designed for Hedge Fund Intelligence
FEBRUARY 26, 2015
Gotham Hall
1356 Broadway at 36th Street
New York, NY 10018
Cocktails 6.00pm Dinner 7.00pm Close 10.00pm
Dress Cocktail attire (Suits & Cocktail dresses. Black tie not necessary)
ticket
Absolute Return
This ticket and a business card must be presented
at the door for entry to the Awards
Absolute Return
Awards 2014
Programme
AsiaHedge
Awards 2015
Invitation, ticket, programme, and menu
for the AsiaHedge Awards dinner
designed for Hedge Fund Intelligence
Menu
Lemon grass marinated king salmon and
Alaskan crab meat salad
with sisho cress, broccoli puree, pearl yuzu
Boston lobster bisque
flambéed with Cognac, basil and tarragon
Duo of pan fried Wagyu beef fillet and foie gras
with wilted mushrooms, fondant potatoes, truffle sauce
Guanaja 70% chocolate cremeux
accompanied by fresh raspberries and vanilla ice cream
Freshly brewed coffee and tea
with assorted petits fours
Funds of the year 2015
ARBITRAGE & RELATIVE VALUE
Northwest Fund
Pine River Asia Master Fund
True Partner Fund
ASIA EX-JAPAN
Allard Investment Fund
CC Asia Absolute Return Fund
EA Asia Absolute Return Fund
K2 Asian Absolute Return Fund
Kiara Asia Pacific Hedge Fund
Knight Mekong Fund
Platinum Asia Fund
ASIA INC-JAPAN
Doric Asia Pacific Small Cap Fund
Nezu Asia Fund
Nezu Cyclicals Fund
Sensato Asia Pacific Master Fund
WF Asia Offshore Fund
CHINA
APS Greater China Long Short Fund
ChinaAMC China Growth Fund
Greenwoods A-Share Opportunities Fund
Marco Polo Pure China Fund
NB Greater China Long Short Equity Fund
SMC China Opportunity Fund
Tairen China Fund
EVENT DRIVEN
Athos Asia Event Driven Fund
Evenstar Sub Fund 1 Segregated Portfolio
Owl Creek Asia Fund
Simplex Value Up Trust
UG Hidden Dragon Special Opportunity Fund
FIXED INCOME, HIGH YIELD & DISTRESSED
AHP Asia Credit Opportunities Segregated Portfolio
ASM Connaught House Fund
ChapelGate Credit Opportunity Fund
Samena India Credit Fund
Sentosa Asian Credit Fund
AsiaHedge
Awards 2015
29 OCTOBER 2015
Island Shangri-La
Pacific Place | Supreme Court Road | Hong Kong
Dress Business formal
Drinks 7.00pm
Dinner 8.00pm
HedgeFund Intelligence
is delighted to invite you to the AsiaHedge Awards 2015,
to celebrate the best performing Asia-Pacific hedge funds.
RSVP
Jenny Shepherd, HedgeFund Intelligence
E: jenny.shepherd@hedgefundintelligence.com
AsiaHedge
Awards 2015
29 OCTOBER 2015
Island Shangri-La, Pacific Place
Supreme Court Road, Hong Kong
Dress Business formal
Drinks 7.00pm
Dinner 8.00pm
This ticket and a business card must be
presented at the door for entry to the Awards
TICKET
InvestHedge
Awards 2015
programme menu
wines
Soft Boiled Hens Egg and Smoked Bacon
with asparagus, shaved vegetables and tarragon mayonnaise
Roasted Lamb Rump
with summer garlic, pea and bacon ragout, confit potatoes and heritage carrots
Classic Burnt Cream
with English berry compote, lavender shortbread and hazelnut brittle
contains nuts
Freshly brewed coffee and tea
If you have any allergies please check with your server
Raymond Morin Sauvignole Sauvignon Blanc 2014
Raymond Morin Saumur Champigny 2014
Sponsored by
InvestHedge Hall
of Fame honours
industry pioneers
The InvestHedge Hall of Fame has been established to recognise the
innovation, entrepreneurship and investment acumen of experienced
allocators to hedge funds – and the contribution that individuals
have made to the development of the hedge fund investment
industry over the years.
Within this elite group, entrepreneurship and the confidence in
backing tomorrow’s hedge fund talent are musts. They have also
displayed a willingness to adapt investment products and business
models to meet investors’ evolving needs. It is all part of a managerial
focus that is uniquely coupled with a set of long-term views and
principles that are able to withstand market crisis and uncertainty.
The inaugural InvestHedge Hall of Fame inductees (in alphabetical
order) for 2015 are:
Jane Buchan is managing director, chief executive officer and
a co-founder of California-based PAAMCO, which was founded
in 2000 when the institutional investor demand for hedge
funds was in its infancy. She is responsible for overall business
strategy and firm direction, and is a member of the Investment
Oversight Committee. Buchan began her career at JP Morgan
Investment Management in the Capital Markets Group.
Entering the fund of hedge fund business at a unique time
in the hedge fund industry’s evolution 15 years ago, Buchan’s
firm was able to secure the backing of several major pension
fund investors. This institutional interest meant that PAAMCO
established an early focus on fees, transparency, liquidity
and control of assets that has helped the firm weather many
market cycles. Today the firm has grown to $16.53 billion in
assets under management and ranks among the top 10 firms
in the InvestHedge Billion Dollar Club.
“We’ve added value by doing things institutional investors
do every day on the traditional side of their portfolios,” says
Buchan. “These are simple and basic things but they usually
weren’t done in hedge fund investing.”
Buchan boils down the fund of funds business to basic
investment principles. “Fund of hedge funds management is
about facts, data and structures,” she says.
Jane Buchan
PAAMCO
(Pacific Alternative Asset
Management Company)
Hall of Fame
J. Tomilson (‘Tom’) Hill is vice chairman of New York-based
Blackstone Group and president and chief executive officer
of Blackstone Alternative Asset Management, the group’s
hedge fund solutions business. Assets under management for
the world’s largest fund of hedge funds business hit a record
$67.8 billion this year, thanks in part to growth in customised
strategies and continued diversification of BAAM’s platform.
Hill is responsible for overseeing the day-to-day activities
of the group, including investment management, client
relationships, marketing, operations and administration.
Originally making a name for himself in the leveraged buyout
boom in the 1980s, Hill worked at Lehman for a period with
Peter Peterson and Stephen Schwarzman before they left to
form Blackstone in 1985. Hill took over the fund of hedge fund
business at Blackstone in 2000, and originally the firm was set
up as an internal investment vehicle for Blackstone’s partners.
Over time the business began accepting assets from clients of
Blackstone’s other business lines. Hill has become a key figure
in the hedge fund industry as Blackstone’s assets from 2007 to
2012 grew at an average rate of 20% per year.
Hill has built a business known for its seeding initiatives,
institutional branding, asset raising prowess and now mutual fund
aims.
US mutual fund giant Columbia Management teamed up with
Blackstone to launch the Columbia Adaptive Alternatives Fund,
following the formation of a strategic collaboration between
the firms in the last quarter of 2014. This followed the launch
of the Blackstone Alternative Multi-Manager Fund.
Luke Ellis is president of Man Group, based in London, and a
member of the Man Group Executive Committee. As president
of Man Group, Ellis is responsible for overseeing the firm’s four
investment engines: Man AHL, Man GLG, Man Numeric and
Man FRM. Prior to assuming his current role, Ellis was head
and chief investment officer of Man Group’s multi-manager
business. Before joining Man Group in 2010, he was non-
executive chairman of GLG’s Multi-Manager activities and
manager of the GLG Multi-Strategy Fund from April 2009. Prior
to this, he was managing director of FRM from 1998 and was
one of two partners running the business.
Over the years, Ellis has found that “nothing beats experience.”
With more than $11 billion in assets under management,
Ellis has built up Man FRM’s multi-manager process with a
disciplined skillset gleaned from first-hand experience.
“It’s important for analysts to meet with dozens of managers
regularly. It’s hard to form a valuable opinion until you have
met with around 100 managers,” says Ellis of the investment
process. The end game for him as a fund of funds manager is
creating a set of diversified alphas that benefit clients. And
as is the case with a number of our other Hall of Famers,
managed accounts are key in successful portfolio construction.
When he was initially at FRM in the early 2000s, he recalls
thinking that managed accounts were a waste of time. After
arriving at Man Group, however, Ellis says he realised the value
that could be created by managed accounts and has now
come full circle in winning over his colleagues at FRM, which
was acquired by Man Group in 2012.
Luke Ellis
Man FRM
J. Tomilson Hill
Blackstone Alternative
Asset Management
Programme for the InvestHedge Awards dinner
designed for Hedge Fund Intelligence
Advert and email banners designed for Hedge Fund Intelligence
Join us at the beginning
China Forum 2013
www.asiahedgechinaforum.com
gThe only publication that focuses on investors in hedge funds
Volume 7 Issue 4 February 2008
Largest funds
of funds hit
$1 trillion
Industry Analysis 18
InvestHedge
RHM plans 17.5% allocation
to absolute returns
Jonathan Clarke talks about the
pension scheme’s innovative ideas
Institutional Profile 12
Nominations unveiled for 6th
annual Fund of Funds Awards
Preparations continue for black tie gala dinner
InvestHedge Awards 2007 32
Protégé seeds tomorrow’s stars
Tarrant and Seides plan new ventures Fund Profile 23
A HedgeFund Intelligence publication
gThe only publication that focuses on investors in hedge funds
Volume 7 Issue 8 June 2008
Thames River
swells to $2.5bn
Warrior Fund on the march
Fund Profile 23
InvestHedge
Investors stash cash
during market unease
Deutsche Bank survey
Industry Analysis 18
Commodity, energy and
natural resources binge
Ermitage, BlackSquare
and RBS lead the charge
Fund News 28
Illinois Teachers reinvents the portfolio
Bauman discusses the challenges Institutional Profile 12
A HedgeFund Intelligence publication
gThe only publication that focuses on investors in hedge funds
Volume 7 Issue 9 July/August 2008
The alchemy of
technology and
risk management
Who is using what and why
Industry Analysis 18
InvestHedge
Caisse carefully invests
Canada’s nest egg
Quebec fund embraces
hedge funds
Institutional Profile 12
InvestHedge Forum
Harnessing the power
of hedge funds
Conference Programme 26
Pioneer mixes performance with passion
Barbieri explains the method Fund Profile 23
A HedgeFund Intelligence publication
gThe only publication that focuses on investors in hedge funds
Volume 7 Issue 7 May 2008
Funds flourish
at foundations
Alternatives grow at top 50
Industry Analysis 18
InvestHedge
Storebrand seeks socially
responsible returns
Norway’s hedge fund giant
Institutional Profile 12
Coors Brewing set for one
of UK’s largest allocations
Staffordshire-based pension fund
readies $330m mandate
Institutional News 11
Lyxor builds global brand
Seyer talks about active approach Fund Profile 23
A HedgeFund Intelligence publication
Front covers for InvestHedge magazine designed for Hedge Fund Intelligence
InvestHedge magazine layout, sub-editing, writing headlines and standfirsts and commissioning illustrators
26 April 2008 ©InvestHedge
Fund News
Gems has launched a leveraged
version of the Gems Recovery
Portfolio, which won Fund of the
Year at the recent InvestHedge
Awards.The Gems Recovery
Enhanced Portfolio will have
exposure of 200% to the underlying
Gems Recovery Portfolio, which was
35.97% in 2007.The fund invests in
a broad range of strategies including
distressed, post distressed situations,
spin-offs, restructurings and other
credit related strategies.The portfolio
emphasises managers that have a
deep fundamental value orientation
and know how to profit from the
restructuring process.The largest
allocation of 29.6% is in distressed
hedge, while 27.87% is in credit
strategies. 18.71% of the December
allocation was to distressed long
biased managers, while a further
14.88% is to deep-value hedge funds.
Gems unveils levered
award-winning fund
Aletti Gestielle gets a boost as UBP links
Union Bancaire Privée (UBP), the
second-largest fund of funds group in
the world, has teamed up with Banco
Popolare in Italy to create a 50/50
partnership in the alternative asset
management industry.
To do this, UBP, which has more
than $53 billion in funds of hedge
funds, has invested in Aletti Gestielle
Alternative, a $5.7 billion leading
fund of hedge funds in Italy.
UBP will purchase from Banco
Popolare 50% of the total outstanding
ordinary shares of Aletti Gestielle. In
the context of this investment, UBP
and Aletti Gestielle will enter into a
long-term advisory agreement. UBP
has been sub-advisor to Aletti’s fund
of funds business for a while.
The partnership between Banco
Popolare and UBP, which is subject to
any relevant regulatory approval, will
create the leading fully fledged
alternative asset manager in Italy,
through the combination
of Aletti
Gestielle’s
strengths
in the
private
banking
and retail
business
and UBP’s strengths in
the private banking and
institutional business.
The move is well timed as
there have been a
number of
important
changes in the
regulations in
Italy that are
likely to change
the face of the hedge fund
landscape (see InvestHedge
Special Report, March 2008).
The partnership would allow the
two partners to strengthen Aletti
Gestielle’s competitive positioning
and growth options in the fast-
growing Italian market, by
developing its business, both
institutional and private, as well as
developing Banco Popolare’s high-
net-worth customer base in the
Italian market.
In particular, as a global
leading asset manager
for private and
institutional clients
and as a partner
to Aletti
Gestielle,
UBP will
leverage
its track record
and past success
in managing
large institutional
accounts to grow Aletti
Gestielle’s institutional
Caliburn Capital Partners is
set to open a Singapore office,
while it is thought Edmond de
Rothschild Asset Management
in Paris is looking to open
up in Hong Kong, as too
is FourWinds Capital
Management, the global
natural resources firm.
FourWinds has hired J.K.
Lim as head of the Asia
environment team.
Opening Asian offices is the
theme for 2008 with ABS Investment
Management, Ivy Asset Management
and ING Investment Management
all also favouring Hong Kong over
Singapore this year. That said, among
the funds that selected Singapore, a
very well established private banking
haven, for their base are Gems,
Optimal, Permal and Lehman.
Caliburn’s plan is to relocate Richard
Williams from London and Mike
Curry, who will head the new office,
from Geneva.
Curry, one of the
firm’s new partners, is
the investment manager
for the Caliburn Greater
China Fund. This fund was
nominated for New Fund
of theYear at the recent
InvestHedge Awards for its
returns of 34.97% in 2007
and a Sharpe ratio of 2.36.
Tony Morrongiello, one of
the firm’s co-founders and
formerly of Bank Syz’s funds of fund
business in Geneva, said that in addition
to Williams and Curry the office will
have an office manager and in due
course a couple of local analysts.
By the end of the year, Morrongiello
expects to have six people in the new
office. At the start it will be a research
officer, potentially expanding into
sales in the future. Overall the firm,
which has more than $1 billion in
assets under management, has some
40 staff, including two London-based
Mandarin speakers.
Caliburn sets up shop in Singapore
Tony Morrongiello
36 July/August 2008 ©InvestHedge
Catching up on the latest people moves
Schulman retires from Tremont
Tremont Capital Management is
now set for a new phase marked by
the retirement of Robert Schulman,
chairman of Tremont Group
Holdings. Schulman was the last
remaining face of the Tremont old
guard that was an early pioneer of
fund of hedge funds investment
management. Schulman joined
Tremont in 1994 as president and
chief executive officer and in 2001
was behind the acquisition by Oppenheimer
Funds.
Schulman’s retirement concludes a
succession plan initiated in 2006 that saw
Rupert Allan, formerly managing director of
Tremont’s London office, appointed as president
and, ultimately, as Tremont president and CEO,
directing the firm’s operations from its Rye, New
York headquarters.
Most recently, Schulman was responsible for
directing Tremont’s single-manager
products group, Rye Investment
Management, which will now be
managed by Jim Mitchell, who
returns to Tremont’s headquarters
after four years in the London office,
which he led for two years, having
succeeded Allan in that role.
At the same time, the $9.3 billion
fund of funds has added James
Purnell as head of risk management,
replacing Nathan Carter, who left his post as
director of risk to join Common Sense Investment
Management in Portland, Oregon. Purnell was a
director in the alternative investments structuring
group at Dresdner Kleinwort.
Andrew Kaneb has joined from Lighthouse
Partners to lead global-equity manager
research, a new position. Tremont has also hired
two sales staff from Citigroup, reporting to Bob
Stone.
People Moves
Blacksquare Capital has appointed Richard Sherwin as director and portfolio
manager. Prior to joining Blacksquare, Sherwin was at JPMorgan Private Bank,
where he spent two years as head of fixed income, commodities and foreign
exchange for Europe, Middle East and Africa. In this role, Sherwin was
responsible for strategy, product origination, fund management and trading.
Prior to that, Sherwin worked for Citigroup as a Japanese, European and
US fixed-income specialist, with responsibility for marketing and execution of
debt-related trading strategies with hedge funds based throughout the world.
Sherwin began his career working for Japanese securities brokerages before
joining Salomon Brothers as a fixed-income specialist in 1994. Christopher
Peel, chief executive officer of Blacksquare Capital, said:“[Richard’s] expertise
in global fixed income and strong contacts within the market complement the
skills of the partners and will be instrumental in our strategy to continue
building innovative, sector-specific multi-manager investment products.”
Kapoor to head risk
management at Ramius
Ramius Fund of Funds Group, a joint venture
between Ramius and Bayerische Hypo-und
Vereinsbank, has hired Vikas Kapoor, a
former managing director at Arden Asset
Management, to head risk management as a
managing director. Kapoor will also be a
member of the investment management
committee.
At Arden, Kapoor was head of
infrastructure and technology and his role
there has been assumed by the chief
operating officer Paul
Ehrhardt and the technology
team. Specifically, he
focused on portfolio
construction, risk
management at both the
portfolio and sub-manager
levels and provided oversight
for Arden’s technology/
infrastructure initiatives.
Earlier in his career, Kapoor was
managing director of Deutsche Bank’s
Absolute Return Strategies Group where he
also focused on risk infrastructure and
technology for both the single manager and
fund of funds business. Thomas Strauss,
chief executive officer and chief investment
officer of Ramius said: “Vikas has extensive
risk management, infrastructure and
technology experience and we look forward
to leveraging his expertise.”
Ermitage Group has hired John Rushen as executive director. He joined from BlackRock, where he was a
managing director and product specialist, and will manage Ermitage’s European institutional business,
with a particular focus on pension funds. Prior to BlackRock, Rushen was a European partner at William
M. Mercer.
Based in Ermitage’s London operation, Rushen reports directly to Ian Cadby, group chief executive,
and will join Ermitage UK’s Board. In 2007, Ermitage unveiled its ‘OPTICS’ customised portfolio system,
which was created to maximise the value of the firm’s hedge fund research, macroeconomic and
risk analysis.
Frank Barbarino, a CAIA designation holder, joined New England Pension
Consultants in the firm’s alternative assets department where he will
focus on hedge funds.
With 11 years of investment experience, Barbarino has spent the
majority of his career at Riverview Advisors as a senior hedge fund
analyst. His responsibilities included hedge fund sourcing and due
diligence across various strategies, risk management and building the
firm’s investment process.
Prior to Riverview, he also worked as a senior research analyst at Fix
Asset Management, where he focused on due diligence on equity
long/short hedge funds on a global basis as well as emerging markets
and natural resource-oriented hedge funds.
Rupert Allan
Ermitage hires pension fund specialist
Blacksquare hires Sherwin from JPMorgan
NEPC brings in Barbarino
Thomas
Strauss
Tapestry Global Arbitrage up 1.74%
The Tapestry Global Arbitrage Fund, which is run by
Thomas Strauss, James Neumann and Richard
Fertig, returned a healthy 1.74% in January. The
concentrated portfolio is currently made up of seven
managers but the total can range from six to 15 in
number.
The $81 million fund, which was launched in January
1998, was up 11.52% for 2007, against a median
arbitrage return of 6.93%.
The Cayman Islands-based fund allocates to managers
that focus on the fixed income arbitrage universe, which
ranges from pure relative value to strategies that
incorporate some directionality within a hedged
framework
As fixed-income volatility has increased sharply over
the past eight months, the fund benefited from
positioning in the ‘long liquidity’ trade which allowed
managers to profit from the rally in government bonds in
the US and Europe, steepening of yield curves globally,
and continued fixed income and foreign exchange
volatility.
Aurum shines in multi-strategy
In a month where global macro was the only strategy
that was up, any fund of funds with a large slice of
global macro was going to be a winner. One of the few
funds in the InvestHedge universe that had positive
returns was the Aurum Isis Fund, which returned 1.55%
in January. The fund, which was launched in April 1998,
has had a return of 143% since inception.
More than two thirds of the underlying managers had
positive returns and all but the 15.67% allocation to event
driven, which was marginally negative, provided positive
or flat returns. The latter came from the fund’s 9.47%
allocation to credit managers, which were actually
relatively successful in navigating the sharp declines in
the US and European corporate credit markets and the
continued lack of corporate and M&A activity in
January.
The Aurum Isis Fund, which has a 27.34% allocation
to global macro, also benefited from returns from its
14.71% allocation to fixed income and 8.1% allocation to
arbitrage. Among the successful underlying managers
were those that managed to exploit the steepening yield
curves in the US and the investor flight to government
bonds.
A record-breaking low
for January indices
The InvestHedge Composite was down a record-breaking 2.26% in
January, the worst monthly return since the publication began in
October 2001.
All strategies except for global macro, which was up 2.24%,
were down. The volatility, which was caused by deteriorating
economic data, mixed corporate earnings results as well as potential
downgrading of insurer ratings, saw equity-related strategies hit the
hardest.
Global equity funds of funds were down 4.54%, while European
equity fell the furthest, down 4.72%. The emerging markets and
Asia-Pacific funds of funds also took a hit and fell 4.39% and
4.44% respectively.
US equity funds were down 3.48%. Fixed income and arbitrage
funds of funds helped to dampen the fall, both down only by
0.99%, taking the InvestHedge Global Multi-Strategy Index to
-2.21%.
Global macro funds have traditionally made their money in times
of heightened volatility and January was like a honey pot for volatility
traders, futures and macro managers, particularly those trading
commodities and energy. One of the most profitable positions was
sub-prime credit default swaps.
INVESTHEDGE INDICES
38 March 2008 ©InvestHedge
Category Jan-08 YTD
Global Multi Strategy US -2.21% -2.21%
Arbitrage US -0.99% -0.99%
Global Equity US -4.54% -4.54%
US Equity -3.48% -3.48%
European Equity Europe -4.72% -4.72%
Emerging Markets Hedge -4.39% -4.39%
Asia Pacific Funds of Funds -4.44% -4.44%
Global-Macro-Currency 2.24% 2.24%
Fixed Income -0.99% -0.99%
InvestHedge Composite -2.26% -2.26%
Focus
Fund
-50
0
50
100
150
200
Asia-Pacific Funds of Funds US$
Global-Macro-Currency US$
Emerging Markets US$
US Equity US$
Global Equity US$
Arbitrage US$
Global Multi-Strategy US$
InvestHedge Composite
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
%
absolutereturn
34 APRIL2007•WWW.ABSOLUTERETURN.NET
newfunds
#A team of event-driven, multistrategy
managers is preparing to offer to outside
investors a lucrative strategy that it has
been running for Paloma Partners.
West Face Capital of Toronto has pro-
duced a remarkable five-year annualized
net return of 45% for Paloma. The strategy
is understood to be one of Paloma’s longest-
running and highest-performing.
The firm’s new fund, which will be run
identically to the Paloma account, is expect-
ed to launch and close with $500 million as
early as this month.
West Face is headed by Gregory Boland,
who has run money for Paloma since 1998
and was previously a partner in RBC
Dominion Securities’ high-yield and arbi-
trage group. His partners include Thomas
Dea and Peter Fraser.
Last year, West Face financed the restruc-
turing of Stelco in partnership with
Appaloosa Management and Tricap
Partners. SW
Ex-Palomateam
spearheadsnew
Jefferiesthrust
#Jefferies Asset Manage-
ment, the investment
affiliate of the U.S. broker-
dealer Jefferies & Co., has
been quietly developing its
alternative asset manage-
ment platform – which has
become one of the major
strategic aims of the firm.
Last year, Jefferies brought
in Tom Witz to
become chief
investment offi-
cerforthefirm’s
asset manage-
ment unit. A
seasoned hedge
fund veteran,
Witz had spent
many years as
managing direc-
tor and director
of trading and investments at
Paloma Partners.
Jefferies has since devel-
oped a set of at least six stra-
tegies on the hedge fund
platform, which runs com-
bined assets of roughly $500
million. Some strategies are
understood to be in incuba-
tion, while negotiations are
ongoing to add further teams
to the platform.
The Jefferies Buckeye
strategy, an event-driven and
credit strategy launched in
March 2006, is managed by
Rick Weber and Andrew
Newton, a duo who together
previously managed money
at Paloma – and, prior to that,
for some 16 years at Angelo
Gordon and its predecessor
firm.
Weber and Newton are
supported by managing
director Richard Lammers,
who worked previously with
them managing Paloma
money and prior to that,
worked with Soros Fund
Management and Satellite
Asset Management. Their
approach is understood to
have a conservative risk pro-
file, and the team is believed
to be of considerable appeal
to a wide circle
of investors
given its long
experience run-
ning signifi-
cantly larger
sums of money.
Other strate-
gies now on the
Jefferies plat-
form include a
TMT strategy
managed by Brian Marshall,
a veteran of D. E. Shaw
Group and Citadel Invest-
ment Group, and a financial-
sector strategy managed by
Mark Rosen, formerly of
Level Global.
The current product suite
is rounded out by three
strategies. A long-term tech-
nology strategy is managed
by Tom Mulle, who previous-
ly worked at Fred Alger
Management and Alkeon
Capital Management; a retail-
sector strategy is run by for-
mer Jefferies analyst Eliot
Laurence in tandem with
industry veteran Michael
Dawahare; and a strategy
called Jefferies Paragon is
managed by Mike Handler,
formerly of SAC Capital
Advisors, and Joe Contorinis,
previously of UBS/Paine-
Webber. NW
Long-timeaffiliate
piggybacksonPaloma
#Prophecy Asset
Managementof
NewYorkislaunch-
ing a more concen-
trated version of its
flagship fund.
The firm’s exist-
ing $50 million
strategy employs
a specialized tech-
nicalanalysismeth-
odology to find and
screen U.S. stocks.
It launched in May 2001 and gained 3% last
year and 6.5% in 2005.
Thefirm’snewfundwillinvestgloballyand
holdamaximumof20stocks.FounderJeffrey
Spottshassofarlinedup$25millionofcom-
mittedcapitalandhassetatargetof$300mil-
lion to close the fund.
Prior to launching Prophecy, Spotts was
lead manager on a $500 million portfolio
in Merrill Lynch’s private advisory
division. EB
MerrillLynchalumto
launchsecondfund
Analternative
platformhasbecome
amajorstrategic
aimofthefirm.The
hedgefundplatform
runscombined
assetsofroughly
$500million
JeffSpotts
absolutereturn
26 APRIL2007•WWW.ABSOLUTERETURN.NET
feature
ames“Jes”Staley,globalheadofJPMorganAssetManagementandthe
architectofitsacquisitionofHighbridgeCapitalManagement,remem-
bersthewarningsheheardwhenheleftJPMorgan’sinvestmentbank
toheadtheinstitution’sstoriedassetmanagementarmin2001.“Alot
of people told me that large banks destroy asset management firms,”
recallsStaley,somewhatwryly,giventhatJPMorganhasemergedasthe
largestU.S.hedgefundmanager,with$38.4billionundermanagement
as of February 28.
JPMorganmadethefirstand,todate,thelargestfull-scalepurchaseofahedge
fundwhen,inDecember2004,itpaidanestimated$1billionforHighbridge,
a complicated transaction that is believed to give the bank 100% ownership
by 2011. The deal was controversial and, as Staley would be the first to
admit,fraughtwithriskforbothparties.Inretrospect,however,thearrange-
mentlooksbrilliant–acasestudythatothersarewatchingcloselyasamodel
of how to get things right.
Atthebeginning,however,thingsweretouchandgo.Nosoonerwastheink
dry on the deal than Highbridge began reporting a string of monthly losses in
its flagship multistrategy fund, a result of the convertible bond rout of 2005.
JPMorgan’sfundoffunds,whichwasabiginvestor,wantedtoredeemtoavoid
anyperceptionofconflictsofinterest.ThatleftJPMorganPrivateBankthetask
of touting Highbridge to its wealthy individual clients, many of whom were
alreadyinvestors.SoonHighbridge–whichhascontinuedtooperateindepend-
ently – was launching seven new funds, including a now-$2 billion Asian
opportunityfundanda$1.4billionstatisticalarbitragemarket-neutralfundfor
retail investors.
The stars seem to have been aligned. Last year, Highbridge’s flagship fund
recovered, returning a net 24.5%, driving even more demand. It now has
$11billion.WithmuchofthemoneystillcomingfromJPMorgan’snetwork
of superrich around the globe, assets have almost tripled, to about
$19.6 billion in Highbridge’s hedge funds today, up from about $7 billion at
thecloseofthedeal.Addedtothatare$18.8billioninassetsfromwhatarenow
35 JPMorgan Asset Management funds, the growth stemming from the
WillWallStreet
Asbanksjostletheirwaytothetop,
worriesaboutsize,culture
andconflictspersist
ByMichelleCelarier
J
absolutereturn
APRIL2007•WWW.ABSOLUTERETURN.NET 27ILLUSTRATION:PAULWEARING
t ruinhedgefunds?
absolutereturn
42 APRIL 2007 • WWW.ABSOLUTERETURN.NET
#Shawn Bergerson’s Waterstone
Capital Management is off to a
running start this year, with its flagship
Waterstone Market Neutral Master Fund,
a convertible and equity arbitrage portfo-
lio, up 2% in February to total 6.13% for
the year. Those numbers far outpace the
Absolute Return Convertible & Equity
Arbitrage Index, which rose 1.10% in
February and is now up 2.08%.
Waterstone, which manages $488
million in assets, profited handsomely
in February when bets on the spreads
between convertible and equity securi-
ties of Mills Corp., Boston Properties
and EMC Corp. worked out in the
fund’s favor. But concentrated trades
aren’t Waterstone’s only moneymaker.
The fund was broadly profitable, with
returns generated from among the near-
ly 250 positions, split about evenly
between longs and shorts.
The firm is coming off a strong
2006, during which the fund gained
16.02%. Returns were largely earned by
investments in event-driven special
situations, not exposure to market vola-
tility. Waterstone boasts an extremely
low correlation to the S&P 500.
The firm is currently hedging its cred-
it exposure based on the view that credit
spreads are historically tight. Water-
stone’s hedge represents approximately
80% of the firm’s credit exposure and is
expressed via credit default swaps on the
bonds, including convertibles and cor-
porates, in the firm’s portfolio.
Bergerson launched Plymouth, Minn.-
based Waterstone in 2003 after leaving
his post as chief investment officer and
portfolio manager of the U.S. convert-
ibles fund at Deephaven Capital
Management in nearby Minnetonka.
Waterstone’s annualized return since
inception is 5.54%, due largely to a
brutal decline of 10.29% in 2005 – one of
the convertible market’s most difficult
years. By March 2005, the firm’s assets
had increased to $685 million but
declined to $318 million by January 2006.
Waterstone managed to survive the
challenges of 2005 and achieved strong
performance in 2006. The firm is now
poised to cross the $500 million mark and
is expanding its 14-member staff, seeking
both credit analysts and traders.
With its onshore equity fund up
6.36% for the year, $550 million
PilotRock Investment Partners is
doing well this year. Primarily long-
biased, the fund’s strong perform-
ance is a product of its diversified
portfolio – with positions in utili-
ties, steel, consumer healthcare
and a wireless service provider
leading the way.
Formed in February 2002 and
managed by Thomas O’Malley Jr.,
PilotRock has produced a net annu-
alized return of 15.94%. The fund
successfully navigated a difficult
marketinitsfirstyearandhassince
producedstellarperformance.With
theAbsoluteReturnU.S.EquityIndex
gaining0.51%inFebruary,thefund
once again outperformed the
median with a solid 2.61% return.
PERFORMANCE PROFILE
Waterstoneprofits
investmentperformance
CHART OF THE MONTH
PilotRock
-20
0
20
40
60
80
100
120
Feb-07Feb-06Feb-05Feb-04Feb-03Feb-02
%
TECHNOLOGY
Modestgains
propeltech
While the Nasdaq
fell 1.94% in Feb-
ruary, the Absolute
Return Technology
Index made a modest
gain of 0.38% to total
2.67% for the year so
far. Pequot’s relative-
ly new TMT Offshore
Fund gained 1%*
in
February for a year-
to-date return of
6.66%. Also out-
performing the index
was Ahmet Okumus’
Technology Value
Partners Fund, which
climbed 1% on gains
from computer serv-
ices, e-services con-
sulting and Internet
infrastructure soft-
ware. Galleon Man-
agement’sTechnology
offshore continued
its winning streak,
up 0.23% for the
month.
CREDIT
ZAIS,BlackRock
climb
Credit spreads tight-
ened in early Febru-
ary only to reverse
direction later in the
month, a move that
provided opportuni-
ties for many credit
funds to profit. The
Absolute Return
Credit Index rose
1.50% for the month
to total 3.05% YTD.
Outperformers
include ZAIS CDO
Opportunity Fund,
which climbed 3%*
,
and BlackRock
Galaxite Fund, up
2.60%. Also
reporting gains were
Source: Absolute Return
Absolute Return U.S. Equity Index
PilotRock Investment Partners performance
absolutereturn
OCTOBER 2007 • WWW.ABSOLUTERETURN.NET 3
contents
6 Intelligence
Renaissance mulls
new blended fund.
Balance Asset Man-
agement liqui-
dates. Goldman
special sits alum
starts own venture.
Millennium hires
two from Carlson.
7 People
10 Online
weeklynews
34 Newfunds
BlackRockoffers
agribusinessfund.
Marinertolaunch
credit,multistrategy.
BankofAmerica,
Salomonvetpreps
multistrat.Ramsey
eyesconcentrated
bestideasvehicle.
5 Letterfrom
theeditor
15 Insidethe
business
Sarah Wood looks
at the bank-loan
vehicles setting up
on the back of the
market turmoil.
16 Theglobal
picture
Assessingsubprime
fallout, Neil Wilson
findsitisnotallbad
newsforcreditfunds.
40 Portfoliowatch
TheChicagoCubs
couldbeahomerun
forStarkOffshore
says Pete Gallo.
42 Performance
news
47 Brandnames
48 U.S.league
tables
Returns for more
than 1,200 funds.
66 Fundtables
Ramiuschartsa
cautiouscourse
Turbocharging
returnswith130/30s
26On paper, 130/30 funds look like a sensible
hybrid of the long-only and hedge fund
worlds – freeing traditional asset managers to
benefit from the downside while simultaneously
reinforcing long positions. With pension funds
looking to turbocharge returns, are these
strategies a magic bullet, or an accident waiting to
happen?
Ridingthe
volatility
36Financials portfolios with
the foresight to short
credit in August seem to have
weathered the brunt of the
subprime induced crisis, but
there are mixed views on what is
the sector’s best move next.
COVER STORY
NEWS ANALYSIS
FUNDS AND STRATEGIES
NEWS MAIN FEATURE
VIEWPOINT
PERFORMANCE
INDICES
Thefinancing
freezeisn’tover
12With the structured
credit market still
closed, funds are paying up
for leverage. Now it looks like
the inability to find financing
could lower returns for some
time.
AWARDS
AbsoluteReturn
Awards
18Someofthebignames
areintherunningand
preparingtodobattleasthe
provisionalnominationsare
announcedforthisyear’s
AbsoluteReturnAwards,tobe
heldinNewYorkonDecember4
at583ParkAvenue.
SPECIAL SECTION
Global
review
Theglobalhedgefundindustry
postedrecordstartupsandasset
growthinthefirsthalfof2007.
Seehowtheinternationalpicture
isshapingupintheHedgeFund
Intelligencesemi-annualsurvey.
20Peter Cohen, founder of Ramius Capital, has
moved on from his more flamboyant days in the
1980s. His low-profile is very much in keeping with his
firm’s investment strategy – to be conservative with other
people’s money. Ramius continues to deliver predictable
low-risk returns and leaves the lure of lottery-like
performance to a younger and brasher breed.
A HedgeFund Intelligence publication • March 2007 • Vol 4 Nº10 • www.absolutereturn.net
absolutereturn
#SECdropsGradientprobe,making courtvictoryforshortsellers likely p12
#Thereplicators:Howbigathreatiscomingfromhedgefundclones? p26
#The wave ofmoney poses adilemma in
commodities p40
#BILLIONDOLLARCLUBshootspast$1trillion p34
Deephaven’sdurability
1 Page 1
Absolute Return magazine layout, sub-editing, writing headlines and standfirsts and commissioning illustrators
Front covers for a series of financial reports designed for Hedge Fund Intelligence
Book covers designed for Euromoney Institutional Investor
Unfortunately I don’t have many of the original
files of books I have worked on. The quality
of some of these images are low as they are
either taken from the websites of the com-
panies I have worked for or are photographs
of hard copies. Please ask if you would like
references.
Noah’s
Ark
Front cover and extracts from
a sample children’s book
designed for an agency
There came a time when there was only one good
man in all the world, and his name was Noah.
So God told Noah to build an ark.
Sample book design
Kim Lankshear
Images taken from internet and adapted - not for printing.
God told Noah to fill the ark with animals –
two of every kind. And Noah did.
Even the tiny animals..
m
Sam
KimKim
Imag
Noah’sArk
2 3
Running head Running head
est a dignissim vulputate. Ut commodo hen-
drerit mollis. Donec suscipit rutrum elit in eleif-
end. Aliquam enim justo, condimentum et nisl
eu, pretium tempus massa. Aliquam porta erat
neque, vitae vulputate eros lobortis ut. Mauris id
interdum ante. Morbi tempor consectetur lorem,
tincidunt iaculis mauris vulputate vel. Vivamus
lorem dui, ultricies mollis nibh pharetra, pulvinar
Donec accumsan arcu at dolor convallis, non
faucibus odio vehicula. Nulla vulputate nibh ac
dui dignissim, eget lobortis leo dapibus. Sed tin-
cidunt, tortor a convallis ultricies, enim lorem
blandit enim, at luctus neque dui non ante. Fusce
porttitor neque vitae aliquet sollicitudin. Aenean
urna nisi, aliquet a rhoncus a, eleifend quis purus.
Morbi id purus finibus dui accumsan convallis.
Aenean suscipit, erat et placerat congue, purus
mauris sagittis neque, sed tincidunt urna arcu a
enim. Aenean augue augue, egestas gravida con-
sequat id, tempor non lacus. Nulla ornare nisl
In metus massa, commodo a velit a, finibus el-
ementum urna. Proin et neque odio. Suspendisse
eu sagittis lorem. Sed vitae nisi sit amet mi var-
ius lacinia vel in metus. Cras eget elit nec enim
commodo interdum sed vel tortor. Curabitur eu-
ismod, nisl ut mattis varius, ex purus iaculis elit,
sit amet porta arcu nunc non odio. Aenean iacu-
lis facilisis ante, ut imperdiet mi facilisis in. Nam
condimentum sapien ex, eget fermentum augue
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mauris cursus augue, a tristique est ante nec erat.
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tum. In ante purus, molestie ut lectus sed, rutrum
rhoncus lacus. Duis ligula neque, faucibus eu
egestas ultrices, dictum a nisi. Sed ac mauris et
lorem gravida mollis et vel libero.
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justo. Mauris rhoncus dignissim nulla sit amet
Pellentesque eu consequat ligula. Aliquam sed
posuere diam, nec ultricies leo. Pellentesque hab-
itant morbi tristique senectus et netus et malesua-
da fames ac turpis egestas. Aliquam viverra tortor
ac ultricies laoreet. Aenean rutrum auctor risus a
tincidunt. Ut aliquet maximus volutpat. Vivamus
egestas fermentum dui, at facilisis tellus lacinia a.
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sed massa. Nulla bibendum velit molestie, inter-
dum dolor et, molestie lorem. Sed auctor quam
eget mi convallis vehicula. Praesent neque lectus,
pharetra ut porta non, mattis vitae sem. Nam sed
justo luctus condimentum. Integer et risus enim.
Nulla non sapien a eros malesuada suscipit sed in
ipsum. In hac habitasse platea dictumst. Integer
vitae tortor ipsum. Aliquam sit amet sapien do-
lor. Pellentesque ornare, elit egestas scelerisque
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gravida diam nibh quis ante.
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ipiscing elit. Donec nec mollis felis. Duis laoreet
ante quis nisi ullamcorper lacinia. Praesent lao-
reet interdum enim, in ultricies tortor viverra quis.
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felis maximus dui, vitae varius magna nibh in
mi. Etiam dapibus magna mauris, id imperdiet
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magna vitae elit aliquet ullamcorper eget at mas-
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condimentum lorem arcu, ac pharetra metus tin-
cidunt vitae. Nam ut velit purus. Suspendisse fer-
mentum arcu magna, at mattis dolor convallis ac.
Phasellus ultrices hendrerit pellentesque. Praesent
mollis quam ac rhoncus tincidunt. Praesent cur-
sus elit in quam sollicitudin, at vulputate risus
consequat. Fusce congue ultrices ligula, porttitor
ullamcorper velit malesuada quis. Donec blandit
ut orci in auctor. Praesent eget commodo enim,
quis pretium odio.
Cras at est ut odio laoreet volutpat. Vivamus
libero lorem, dignissim in finibus ut, placerat vel
metus. Sed vestibulum, lacus a blandit laoreet, sa-
pien risus bibendum velit, quis convallis ex sem
in lorem. Suspendisse eu varius nunc, vitae vesti-
bulum diam. Pellentesque lacus nisi, iaculis mat-
tis sodales id, sagittis vitae diam. Vivamus rhon-
cus ultricies mi. Ut molestie neque non lobortis
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Pages of a design in progress
on request for a self publisher
Kim Lankshear
• • •
07967 554614
• • •
kimlankshear@googlemail.com
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Kim Lankshear portfolio

  • 1. artworking books illustrator charts magazines photoshop typography diagrams brochures indesign adobe layout books illustrator charts magazines photoshop artworking diagrams brochures adobe layout indesign typography illustrator artworking books charts magazines photoshop typography diagrams brochures adobe layout indesign books illustrator charts magazines photoshop artworking diagrams typography adobe indesign magazines layout artworking books illustrator charts magazines photoshop typography diagrams brochures indesign adobe layout books illustrator charts magazines photoshop artworking diagrams brochures adobe layout indesign typography illustrator artworking books charts magazines photoshop typography diagrams brochures adobe layout indesign books illustrator charts magazines photoshop artworking diagrams typography adobe indesign magazines layout artworking books illustrator charts magazines photoshop typography diagrams brochures indesign adobe layout books illustrator charts magazines photoshop artworking diagrams brochures adobe layout indesign typography illustrator artworking books charts magazines photoshop typography diagrams brochures adobe layout indesign books illustrator charts magazines photoshop artworking Kim Lankshear Portfolio
  • 2. “I feel privileged for the opportunity to be useful in amongst fresh burgeoning talent encouraged by World Heart Beat’s commitment to a great and evolving vision.” Julian Joseph “It’s all about gangs these days. You can see the difference between those that do music and those that don’t. We have something to take our minds off things. Instead of going out on the streets and doing what they do, selling drugs and stuff, we have our instruments to practice. At World Heart Beat, we have music – we have somewhere to go. They have nothing to do and nowhere to go, so they just spend their time on the streets.” 51st State Band Member Overview 4 Vision 4 Mission 4 Objectives 4 Historic and projected growth 5 Raison d’etre 7 History and achievements 8 Genesis 8 Competitive advantage 9 Notable achievements 10 Transformational impact of music 12 Music as a tool for career preparation and employment 14 Music as a socio-economic force 15 Employment opportunities 15 Market overview of music teaching 16 Key factors of local demand 16 Types, scopes and levels of music teaching provision 16 Competitor analysis 17 World Heart Beat’s market position 18 Teaching delivery 19 Our unique pedagogic approach 19 Our rich diversity 20 Individual and group lessons 20 Ground-breaking teaching projects 21 Learning performance skills 21 Broadcasting and recording skills 22 Levels embraced 22 Outstanding examination success in many instruments and genres 23 Our people 24 A special breed 24 Categories of people engaged 24 Inspirational leaders 25 Teachers from top musical echelons 26 Specialist advisors and volunteers 28 Hosting interns 28 Modus operandi 29 Legal entity 29 Organisation 29 Board of trustees 30 Day-to-day management 30 Programme delivery 30 Fundraising 31 Marketing 32 Reputation 33 Strategic plan 34 SWOT analysis 35 Organic growth for risk-free expansion 36 Talent acquisition 38 Good housekeeping 39 Location and relocation 39 A cultural icon for Wandsworth 40 Routes to new premises 41 Financial projections 42 Appendix ?? Contents WORLD HEART BEAT MUSIC ACADEMY 1312 WORLD HEART BEAT MUSIC ACADEMY Every child is born with an innate connection to music which begins with that most essential rhythm of life, the heart beat. Music is a potential source of joy, vitality, and purpose through childhood years and into adulthood. It can develop into a language that expresses the value of each individual, and it bridges cultural and social divides. Learning music and playing it with others enables young people to feel that they are part of something that nobody can take away from them. This confi- dence translates to other areas of their lives, giving them the freedom to make choices and to be happy and successful adults. It improves wellbeing and brings relief of stress. Research shows that music has the power to do extraordinary things, ranging from the movements of a baby in the womb, to improvements in emotional Wherever we sit in the age spectrum, we can all receive World Heart Beat’s own audit of a sample of some young people who played music and of some who did not showed that children who were exposed to music Music learning can transform lives and frequently does, as is witnessed by the words of World Heart Beat students. Transformational impact of music “If it wasn’t for playing music, I wouldn’t be alive. I used to carry a knife a few years ago, but music changed all that. Playing an instrument is my protection now – I just don’t need any knives or weapons on me.” “You can see the difference between those who have music and those who don’t. We have some- where to go, something to aim for – we have music.” “Without music I would be nothing – I just wouldn’t be happy. At primary school I felt distant and in year 8 I started self-harming. Music is now a really big part of my life – I can’t imagine my life without it.” “If I didn’t pick up the flute, or I didn’t have music in my life, I wouldn’t have anything to focus on, I would just be unhappy. I would be influenced by bad things, I would have no motivation, and I would have nothing really – nothing.” 6 WORLD HEART BEAT MUSIC ACADEMY 2015-2025 projections £100,000 £120,000 £140,000 £160,000 £180,000 £200,000 2024-2025 2023-2024 2022-2023 2021-2022 2019-2020 2018-2019 2017-2018 2016-2017 2015-2016 Funding from trusts and foundations 0 £100,000 £200,000 £300,000 £400,000 £500,000 £600,000 2024-2025 2023-2024 2022-2023 2021-2022 2020-2021 2019-2020 2018-2019 2017-2018 2016-2017 2015-2016 Total movement of funds to capital fund Funding from social enterprises 0 £100,000 £200,000 £300,000 £400,000 £500,000 2024-2025 2023-2024 2022-2023 2021-2022 2020-2021 2019-2020 2018-2019 2017-2018 2016-2017 2015-2016 Core costs: salaries & direct teaching costs 0 £100,000 £200,000 £300,000 £400,000 £500,000 £600,000 £700,000 2024-2025 2023-2024 2022-2023 2021-2022 2020-2021 2019-2020 2018-2019 2017-2018 2016-2017 2015-2016 ? Staff requirement Full time Part time Teaching musical staff 2015-2016 3 3 35 2016-2017 4 4 35 2017-2018 5 4 36 2018-2019 6 4 36 2019-2020 7 5 36 2020-2021 7 5 38 2021-2022 8 4 40 2022-2023 8 4 40 2023-2024 9 5 40 2024-2025 9 6 40 Development plan of afresh, modern social enterprise Business proposal designed for World Heart Beat Music Academy World Heart Beat . . . 2000 51st State Band formed, starting in a living room with six children 2002 51st State Band gives third performance at Putney Arts Theatre with 82 children playing 2009 51st State Band reaches 112 children and performs at Royal Festival hall with renowned saxophonist Patrick Clahar World Heart Beat Music Academy is incorporated as a company 2012 World Heart Beat Music Academy opens its doors to students in a beautifully converted disused warehouse in Southfields Asian School starts, headed by Alok Verma Reggae School is formed. Levi Roots performs with our students Platinum recording artist Daisy Chute leads our Vocal Programme 18 piano students, some as young as five, perform at our first Piano Party Our musicians perform as part of the Cultural Olympics Students perform at a Summer Gala at Kensington Palace in front of Prince and Princess Michael of Kent The 606 Club dedicate an evening on its premises to a charity performance by our jazz students In an exchange programme created with the Brazilian Ministry of Culture, our students perform Brazilian music at Speakers House, Palace of Westminster, courtesy of the Rt Hon John Bercow, Speaker of the House of Commons At the Brazilian Embassy in London, our students stage a concert led by leading Brazilian musicians Our students perform at Wandsworth’s prestigious Riverside Quarter courtesy of Maestro Arts Julian Joseph engages our students to provide live music for the Cicada Road Street Party London Communities Foundation chooses our students to perform at their major reception held at Wimbledon’s All England Lawn Tennis Club We hold a Piano Party in aid of the Liberia Charity Project Gypsy Violin becomes one of our core programmes, led by sixth generation Hungarian musician, Laci Olah World Heart Beat Music Hour secures the highest ratings of any programme in Wandsworth Radio’s first year of broadcasting Our students perform at the official opening of Battersea Art Station exhibition, organised by Battersea Power Station Development Co. We stage Argentinian patera music workshops in four schools achieving outreach to over 5,100 in the London community We teach over 10,800 student hours  Global Giving makes us a partner as a result of our fund-raising success Arctic Monkey’s label, Domino Recording Co, sponsor our Stardust Choir Two of our students gain places at the Royal Academy of Music, one securing an exclusive scholarship Two students achieve Trinity College London diplomas, one (aged 16) earning a distinction One of our students stars in a West End Burt Bacharach musical, Close to You Our Gucci Scholarship students play at the Open Colonna in Rome with Oscar winner Nicola Piovanni Students of our Asian School pass grade 2 tabla exams Putney Arts Theatre sells out yet again for 51st State Band in Concert Our Jazz Funk Concert creates a unique vibe at World Heart Beat Our top jazz students again blend with Joe Macari’s Ferraris for the annual Wandsworth Chamber of Commerce Property Group’s prestigious reception We perform at Kings Place in a charity fund raiser for victims of Hurricane Katrina We perform at the Wallace Collection for Manchester Square Partners 10th Anniversary The number of our core programmes reaches 18 Thanks to a grant from the Jack Petchey Foundation, we build our very own recording studio To advance our ability to train in radio presentation and production, we install our own studio suite We stage our Gucci Awards ceremony and a private concert for top Gucci executives 49 students take exams and achieve a 98.6% pass rate for all examinations from Grade 1 to 8, of which 91.4% receive a distinction or a merit Our average over 3 years is 99.3% success rate from 117 students who entered examinations. 50.4% are at grade 5 or above. Sahana Gero wins Action for Arts Special Award 2013 GRAMMY Recording Academy in Los Angeles partners Gucci Timepieces and Jewelry with a major scholarship programme for World Heart Beat Emeli Sande and Jo Wiley front launch of Gucci/GRAMMY programme where our students perform in front of the world’s press Directed by top jazz vocalist Cleveland Watkiss, our Stardust People Choir performs at Testbed 1. Julian Joseph, top jazz pianist and broadcaster – and our lead patron - writes a special piece for Stardust Choir’s performance 100% pass rate in Trinity College London examinations with 112 students entered. 93.5% gain a distinction or merit Film music composer Michael Csanyi- Willis heads music composition programmes Home of jazz, 606 Club hosts performances by our students GRAMMYS President Neil Portnow visits World Heart Beat Russian music legend Boris Grenbenshikov visits World Heat Beat Celtic Violin School opens with 12 children enrolled Our Jazz School formed led by top jazz professional Trevor Watkis Mobi Award winning saxophonist Tony Kofi joins our distinguished panel of teaching musicians Arts Council funding secured for Cascade, a unique programme in which our musicians first mentor 16 - 21 year-old students who then mentor our younger students. We blueprint a new style of exam syllabus in Asian music – 8 students pilot the programme Saxophonist Steve Williamson and jazz guitarist Tony Remy visit us Baroness Floella Benjamin supports a concert celebrating Martin Luther King 180 students study with us in 2013 2014 10 students perform at a special Gucci Timepieces and Jewelry concert at the Palazzo Corsini in Florence Julian Joseph jazz foundation classes begin World Heart Beat featured in national media Our social audit compares children who study music with those that don’t 50 and a Half State Band formed to increase performance opportunities for our younger students A tribute concert and arts event to Nelson Mandela staged in partnership with Wandsworth Museum – funds donated to the Nelson Mandela Children’s Hospital Our students play at the Roehampton University Life Routes Awards Ceremony as part of a partnership with the university Jazz legends Branford Marsalis and Lamont Dozier Jr visit us Partnership with Cato Music Management formed Little, Middle and High Schools of Music introduced to our organisational structure Student numbers increase by a further 25% over 2013 and revenues double from 2012 Excellence continued with 100% pass rate in Trinity College London examinations Joe Macari Performance Cars scholarship programme launched Eight of our students gain admission to top conservatoires and universities, two go to Cambridge University, one - with a rare scholarship – to the Royal College of Music. Other destinations are Trinity Laban Conservatoire of Music and Dance, Royal Welsh College of Music, Birmingham Conservatoire, Bristol and Brighton Universities 2016 Our students perform at La Verdi Restaurant - Royal Albert Hall and at Emirates Stadium Wandsworth Economic Forum Our jazz students chosen over professional performers to play at London’s Century Club for top PR agency Cascade Communications’ 5th anniversary celebrations Steve Rubie, 606 Club owner, organises monthly soirees for our jazz students at Chelsea Theatre 606 Club again hosts a charity fund-raiser where our students perform with Julian Joseph’s trio Top musicians agency Maestro Arts holds private dinner function for influential World Heart Beat stakeholders Renowned pianist Leslie Howard holds a master class courtesy of Chinese property giant, Greenland Ram World Heart Beat’s songwriters aged 14+ compose and record their first track - ‘Have it all’ with world class songwriter Tammy Weis Our young songwriters aged 8-11 compose and record their first track ‘Champions of the World’ Skinners Hall hosts performance by our woodwind players for the Livery Company of Fan makers Our young flautists invited back to Kensington Palace to perform for their summer gala 51st State Band play their 17th annual concert at Putney Arts Theatre Brazilian artists return to perform with World Heart Beat’s young students 18 students pass their Bronze and Gold Arts Awards 10 students perform in Geneva for Gucci Timepieces and Jewelry Contemporary record label Erased Tapes sponsor our Piano Day and donate us a piano Early Years Learning programme launched in partnership with Roehampton University - World Heart Beat now caters for age 0 upwards Early Learning programme branched to two satellite centres Roehampton and Battersea, providing free music tuition to infants World Heart Beat takes a major role in Future City’s Arts and Culture Strategy for Wandsworth World Heart Beat launches its Gospel Choir 2015 . . . notable achievements since 2000
  • 3. Why attend the InvestHedge Forum Niki Natarajan editor, InvestHedge InvestHedge Forum & Awards 2013 | 24 & 25 September 2013 | British Museum | London www.investhedgeforum.com Institutional investors are helping themselves to hedge funds, and the way they are accessing them has changed. So too, have hedge funds that want money from these investors. In this rapidly changing world, does performance still matter or is it just about risk management and asset gathering? Under the overall theme of Capitalising on Convergence, the InvestHedge Forum will offer the ultimate self-help guide to hedge fund investing. The Forum will address the issues at the interface between hedge funds and their investors by selecting keynotes and panellists from the hedge fund, fund of funds and institutional investor communities who generously share their ideas and experience, providing a forum for curiosity, education and discovery. It will also focus on the increasing convergence between funds of hedge funds and the consulting community; the convergence between traditional long-only and alternative investing; and the rise of the retail hedge fund investor. Themed around self-help titles, the Forum will continue to bring a fresh take on classic strategies such as credit, CTAs and the new landscape for FoHFs as well as exploring the rise of seeding, incubation and emerging managers as a source of additional returns in a more risk-conscious environment. The InvestHedge Awards is being held in conjunction with the InvestHedge Forum. The Awards will recognise risk-adjusted performance that for the majority of categories will be calculated over a five-year period, as well as rewarding long-term excellence in the FoHF world over 10 and 20 years. If you would like to attend the Awards, please call Ian Sanderson on T: +44 (0) 20 7779 7354 to book your table. As in previous years, the Forum attracts over 400 delegates from the hedge fund and investor communities. Demand is expected to be high and delegates are encouraged to book early. If you would like to register, please complete the booking form at the back of this brochure. I look forward to seeing you in London in September. Life and Death in Pompeii and Herculaneum Private viewing: 24 September 18.30 – 20.00 AD 79. In just 24 hours, two cities in southern Italy were buried by a catastrophic eruption of Mount Vesuvius. Preserved under ash, the cities lay buried for just over 1,600 years, their rediscovery pro- viding an unparalleled glimpse into the daily life of the Roman Empire. From the bustling street to the intimate spaces of a Roman home, this major exhibition will take you to the heart of people’s lives in Pompeii and Herculaneum. Exclusive private viewings at the British Museum The Enlightenment Gallery Private viewing: 24 September 18.30 – 20.00 The Enlightenment was an age of reason and learning that flourished across Europe and America from about 1680 to 1820. This rich and diverse permanent exhibition uses thousands of objects to demonstrate how people in Britain understood their world during this period. It is housed in the King’s Library, the former home of the library of King George III. It was opened in 2003 to celebrate the 250th anniversary of the British Museum. Programme 09.30 10.10 10.15 11.00 11.45 12.15 13.00 Doors open, registration and breakfast InvestHedge welcome: Niki Natarajan, editor, InvestHedge The alchemist: Which base currency assets are turning noble? In a world where regional instability can become an asset or a liability, where are the golden opportunities for returns? Which currencies are returning to favour; is gold still a safe haven; and are there likely to be any more explosions in Europe? Is credit the next accident or still a driver for returns? With the melting pot that is the investor’s multi-asset portfolio, what are the global macro opportunities in the coming year? Speakers: Arié Assayag, chief executive officer, Union Bancaire Privée Alternative Investments; Betsy Battle, chief investment officer, Lone Peak Partners; Neil Meadows, managing director and founding principal, Laurentia Funds; David Smith, chief investment director, GAM The consultant is just not that into you: How FoHFs are adapting to stay in business Fund of funds were always going to lose market share once hedge fund investors learned the manager selection trade. A decade later, this prophecy is coming true, accelerated by the consultants turning into asset allocators. This panel will look at what strategies are being adopted to use the skills, such as manager selection, due diligence and portfolio construction that FoHFs have in this new customer-led, solutions-driven environment, as well as the strategies they have adopted to show pension funds what they are missing out on in terms of real performance and expertise. Speakers: Penny Aitken, investment manager, FQS; Kevin Gundle, chief executive officer, Aurum Fund Management; Joseph McCarthy, managing director, Islandbridge Capital; Gideon Nieuwoudt, managing director, Silver Creek Capital Management; Antonia O’Connor, senior investment manager, Aberdeen Asset Management Coffee break Stream 1: The power of new: Seeding and incubation stage investing For investors looking for spicier returns, a slice of the business or lower fees in a founder’s share class could provide a new alternative. The emerging manager space is redefining the traditional hedge fund model. Where does the new generation of talent come from? Who takes the risks with the nascent talent? Are all the spin-outs from investment banks worth backing? How should these managers be supported and what type of owner-ship or trading environment stake will motivate them to perform? Speakers include: Lisa Fridman, head of European research, PAAMCO; Michele Gesualdi, partner and fund manager, Kairos Partners; Bill Michaelcheck, founder and chief investment officer, Mariner Investment Group; Philippe Paquet, deputy chief executive officer, NewAlpha Asset Management Stream 2: The art of due diligence: A handbook for investing safely Should investors invest in hedge funds directly? What is lost when they dispense with the services of their FoHF? Some investors believe that buying low volatility means due diligence is less important. Have investors really understood the importance of due diligence? It is one of the primary costs that funds of hedge funds incur in the extra layers of fees that they charge, but is cutting down on the depth of due diligence really a good risk/reward decision? Are Ferraris really a potential red flag, what are other tell- tale signs of an impending fraud? This panel will discuss what good due diligence looks like and the corners that cannot be cut. Speakers include: Alison Clark, head of hedge fund research, Hymans Robertson; Neil Dolby, head of alternative operations, Aberdeen Asset Management; Andrew McCaffery, global head of hedge funds, Aberdeen Asset Management Stream 1: Tipping point: how low can fees go before service is compromised? Fees have become the battle ground between consultants and fund of funds. As Chris Hohn famously said at The EuroHedge Summit in Paris, hedge fund managers these days are “asset gatherers, a fee in search of a strategy”. Consultants believe they are giving investors better value by cutting out the middle man – the funds of funds – and helping them allocate directly for a low fee. To fight back some funds of funds are offering a similar advisory service that they say is better due to their proven track record and low to no fees. At what point will this sabotage the FoHF business model? And for such a low fee, who has liability and who has responsibility for firing a ‘bad’ manager? Are either of these routes serving the client’s best interest? Speakers include: Gordon Barnes, manager, business risk management, Cambridge Associates; Jaume Sabater, vice president and portfolio manager, Banque Privée Edmond de Rothschild; Jay Youngdahl, senior fellow, initiative for responsible investment, Hauser Center for Nonprofit Organizations, Harvard University Stream 2: Topic to be announced Day One: Tuesday 24 September © Trustees of the British Museum A view over Pompeii. © Soprintendenza Speciale per i Beni Archeologici di Napoli e Pompei Lead sponsor Co-sponsors Endorser FORUM & AWARDS 2013 Register now call +44 (0) 20 7779 7222www.investhedgeforum.comwww.investhedgeawards.com • See inside for latest programme and nominations. • Network with more than 400 investors, managers and funds of funds at the InvestHedge Forum. • Hear from top managers and investors discussing the issues at the interface between hedge funds and their investors. • Celebrate top performing funds of hedge funds at the InvestHedge Awards. • End investors register for free. Ian Prideaux, The Grosvenor Estate Davina MacKail, author andalternative brand expert Jay Youngdahl, Hauser Centerfor Nonprofit Organizations,Harvard University InvestHedge has united the Forum and Awards to create a unique global hedge fund investor experience in London’sBritish Museum Capitalising on Convergence 24 & 25 SEPTEMBER 2013 | BRITISH MUSEUM | LONDON Book online at www.investhedgeforum.com or call +44 (0) 20 7779 7222 Brochure for the InvestHedge Forum and Awards designed for Hedge Fund Intelligence InvestHedge Forum & Awards 2013 | 24 & 25 September 2013 | British Museum | London www.investhedgeawards.com The InvestHedge Awards celebrate the best risk-adjusted performance of funds of hedge funds globally, at the British Museum in September. The Awards will be held in conjunction with the InvestHedge Forum, making a single must-attend event for hedge funds and the investor community. Contact Ian Sanderson to reserve your table: E: isanderson@hedgefundintelligence.com T: +44 (0) 20 7779 7354 Please note: a ticket to the InvestHedge Forum does not include entry to the InvestHedge Awards Updated Nominations* Arbitrage • 5 Years Aberdeen Orbita Capital Return Strategy Archstone Absolute Return Strategies Fund Bodleian Partners A Edmond de Rothschild Prifund Alpha Uncorrelated NB Offshore Diversified Arbitrage Fund II Pine Grove Partners SSARIS Multi-Manager Relative Value Strategy William Blair Green Terrain Fund Event Driven & Distressed • 5 Years Antarctica Credit and Distressed Fund Avenue Strategic Partners Fixed Income & Credit • 5 Years GHF Sicav Fixed Income Lighthouse Credit Opportunities Fund Permal Fixed Income Holdings Signet Global Fixed Income Fund Commodities & Natural Resources • 5 Years Aurelian Global Resources Pinnacle Natural Resources Global Macro & Managed Futures • 5 Years GAM Trading II GHF Sicav Global Macro A Morgan Stanley AIP Global Macro Fund Optima Discretionary Macro Fund Permal Macro Holdings Trading Capital Holdings Small/Emerging Manager Specialists • 5 Years Alternative Investments Institutional Corbin Kingsbridge Partners Discovery Capital Holdings Larch Lane Absolute Return I Prima Capital Fund Protégé Partners Fund Sire Partners Asian & Emerging Markets • 5 Years Nippon Selection Holdings Penjing Asia Market Independent Fund Persistent Edge Asia Partners Master Fund Persistent Edge China Partners SAIL Asia Pacific Managers Fund European Strategies • 5 Years European Capital Holdings European Selection Holdings MirAlt Sicav Europe I Permal European Holdings Global Equity • 5 Years ABS Offshore SPC Global Segregated Portfolio Cerrado Fund Hedge Invest Global Fund Lighthouse Global Long/Short Fund LODH Multiadvisers - Global Equity Long Short Fund Optima Partners Focus Fund Private Advisors Hedged Equity US Strategies • 5 Years American Selection Holdings AP Opportunities Fund Leveraged Capital Holdings Lyrical Multi-Manager Fund Magnitude US Partners New Providence Associates Voyager Partners William Blair Blue Terrain Fund GMS $100m-$500m • 5 Years BCM Discovery Fund Culross Global Fund Double Eagle Capital Ace Fund Morgan Stanley Opportunistic Fund PCAM Blue Chip Permal Investment Partners Pluscios Diversified Core Saguenay Offshore Fund The Hedged Strategies GMS $500-$1bn • 5 Years Archstone Partners Aurora Global Opportunities Cube Global Multi-Strategy Fund DGAM Unique Strategies Fund Global Managers Selection Fund James River Multi-Strategy Fund Magnitude Institutional Morgan Stanley Institutional Fund of Hedge Funds SAIL Topaz Fund SkyBridge Legion Strategies GMS >$1bn • 5 Years Aurum Isis Fund Benchmark Plus Institutional Partners Real Alpha - Low Vol series Corbin Pinehurst Partners DGAM Diversified Strategies Fund EnTrust Capital Diversified Fund Ignis Systematic Strategies Fund Magnitude International Prisma Spectrum Fund Private Advisors Stable Value Fund SkyBridge Multi-Adviser Hedge Fund Portfolios SSARIS Multi-Manager Absolute Return Strategy 10 Year Award $500m-$1bn Alternative Investments Institutional Archstone Partners Aurora Global Opportunities Edmond de Rothschild Prifund Alpha Uncorrelated James River Multi-Strategy Fund Pictet Mosaic Persistent Edge Asia Partners Master Fund SAIL Topaz Fund SkyBridge Legion Strategies Trading Capital Holdings 10 Year Award $1bn Aberdeen Orbita Capital Return Strategy ABS Offshore SPC Global Segregated Portfolio Archstone Offshore Fund Aurum Isis Fund Corbin Pinehurst Partners GAM Trading II Magnitude International Permal Fixed Income Holdings Private Advisors Stable Value Fund Protégé Partners Fund SkyBridge Multi-Adviser Hedge Fund Portfolios SSARIS Multi-Manager Absolute Return Strategy 20 Year Award >$500m Archstone Partners Aurora Limited Partnership Blue Rock Capital Fund GAM Diversity Haussmann Holdings Leveraged Capital Holdings Optima Fund Permal Macro Holdings 20 Year Award Smaller Manager Specialists ($100m-$500m) Larch Lane Absolute Return I Prima Capital Fund Sire Partners Institutional FoHF • 5 Years To be announced online Group of the Year • 5 Years Global Selection Advisors Magnitude Capital Morgan Stanley Alternative Investment Partners Permal Asset Management Private Advisors The Archstone Partnerships The Capital Holdings Funds Absolute FoHF • 5 Years The nominees will be announced during the Awards. Speakers Jay Youngdahl, a partner in Youngdahl & Citti, P.C. Jay is a fellow of the College of Labor and Employment Lawyers, a Network Fellow at the Edmond J. Safra Center for Ethics at Harvard University, and a senior fellow at the Initiative for Responsible Investment in the Hauser Institute for Civil Society at Harvard University. Ian Prideaux, chief investment officer at The Grosvenor Estate. Ian manages the non-property investment portfolio including long equity and bond portfolios, hedge fund and private equity investments. He is responsible for asset allocation and manager selection, and for managing the relationships with external investment advisers. He also manages the charitable investment portfolio for the Westminster Foundation. Davina MacKail, author and alternative brand expert. Davina will give us a rare insight into the power and purpose of the logo in her keynote speech: The Logo Decoded. As the hedge fund world starts to look towards the retail market for new investors, the power of branding and logos will become ever more evident. Will it be the hedge fund with the great product or the retail label with a great brand? Keynote speakers Penny Aitken, investment manager, FQS Arié Assayag, chief executive officer,er, Union Bancaire Privée Alternative Investmentse Investment Gordon Barnes, manager, business risk managemement,sk man Cambridge Associates Michael Barnes, founding partner, Tricadia Credit Strategies Betsy Battle, chief investment officer, Lone Peak Partners Luke Dixon, senior investment manager-hedge funds,hedge funds, Universities Superannuation Scheme Neil Dolby, head of alternative operations, Aberdeen Asset Management Kevin Gundle, chief executive officer, Aurum Fund Management Johannes T. Jasper, portfolio manager - hedge funds andand commodities, Bayerische Versorgungskammer Rob Koyfman, senior strategist, Lyxor Asset Management David Kuenzi, partner, managing director, risk management and quantitative research, Aurora Investment Management Jonathan Little, founder, Northill Capital Damian Loveday, global head of hedge fund research, Towers Watson Roxanne Martino, chief executive officer and portfolio manager, Aurora Investment Management Pierre-Olivier Masmejean, portfolio manager,ger,ierr ooliortfoorpoaneaejemejmesm namavierivie Omega Asset ManagementOme ntntnanaAss Neil Meadows, managing director and founding principal,prinNei d fndi ndunm, ng pad Laurentia FundsLau ddiatiaa Andrew McCaffery, global head of hedge funds,And ndnMcMc Aberdeen Asset Managementber n As Joseph McCarthy, managing director,seppeph Car Islandbridge Capital Limitedndb dCCa Bill Michaelcheck, founder and chief investment officer,chaaelB i ntt o cer,kk ffo riner Investment GroupvesnvMariner Inve t GGr Gideon Nieuwoudt, managing director,oud ,deon Silver Creek Capital Managementl Mitaver Cree Antonia O’Connor, senior investment manager,esor inva O’ConnAn berdeen Asset ManagementntAsset MaAb Donald Pepper, managing director of Alternatives,managingDonald P Old Mutuald Mutu Isabelle Perrault, managing director, co-head of business development,tor co-head of busierrault, managing director, co-head of business development,I Aurora Investment Managementvestment ManageA Gideon Nieuwoudt, managing directort, managing directorGideon Nie ,, Silver Creek Capital ManagemenagementSilver Cree Alexandre Pini, vice president and portfolio manager,Alexandre Pini, vice presiden Banque Privée Edmond de Rothschildanque Privée Edmond de Rothschild Jaume Sabater, vice president and portfolio managter, vice president and pnd portfolio manager, Banque Privée Edmond de RothscEdmond de Rothothschild Scott Schweighauser, president and portfolio manager,d por Aurora Investment Management David Smith, chief investment officer, GAM Mike Weston, chief investment officer, DMGT Pensions & Benefits Panellists include *These categories are provisional and may be subject to change Payment Details Payment must be received before the event in order to secure your place. Registrations received within 2 weeks of the event must be paid by credit card. VAT number If you are based in the EU please provide your VAT number. I would like to pay by invoice. Bank transfer details will be on your invoice. I would like to pay by credit card. Please submit this booking form to us, and then call +44 (0)20 7779 7350 to give your credit card details. Cancellation policy Cancellations are not accepted. Transfers by written request only. By returning this booking form, you agree to the cancellation policy. HedgeFund Intelligence reserves the right to refuse transfers. Signature Full name Date All registrations are reviewed by our team before processing and are subject to approval. We may ask you for additional information before we confirm your place. If you are unsure which category applies to you, please contact us on events@hedgefundintelligence.com If your firm wishes to purchase bulk tickets, you may find that our sponsorship deals are a more cost-effective solution for your ticket requirements, as well as offering you additional benefits. Please contact events@hedgefundintelligence.com detailing how many tickets you require, and we will advise. Booking Form Please complete this booking form and return to events@hedgefundintelligence.com or print out and fax back to +44 (0)20 7779 8795 USE OF YOUR INFORMATION The information you provide on this form will be used by Euromoney Institutional Investor PLC and its group companies (“we” or “us”) to process your order and/or deliver relevant products/services and content. We may also monitor your use of our website(s), including information you post and actions you take, to improve our services to you and track compliance with our terms of use. 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Full details of these can be found at www.hedgefundintelligence.com FORUM 2013 www.investhedgeforum.com End-investors (Free) Institutional investors, pensions, foundations, endowments, sovereign wealth funds, single family offices, for example 15% subscriber discount Any HedgeFund Intelligence product 10% AIMA member discount Hedge fund managers/investors (£1,250)* Hedge fund managers, funds of hedge funds, traditional asset managers, CTAs, private equity funds, consultants, advisors, financial advisors, seeders, for example Service providers (£3,100)* Prime brokers, brokers, administrators, accountants, auditors, lawyers, technology providers, recruiters, public relations, for example BOOKING DETAILS (tick one business type box and then select one discount if applicable) Available discounts option only) Only ONE discount is available per booking FIRST DELEGATE SECOND DELEGATE First name Surname Job title Company Billing Address City Postcode Country Telephone Fax Email First name Surname Job title Company Billing Address City Postcode Country Telephone Fax Email Please provide the email address you would like all event correspondence to be sent to (FREE if your firm submits performance figures to our database) 2 tickets for the price of 1 Only available if your firm submits performance figures to our database Please provide the email address you would like all event correspondence to be sent to * All bookings are subject to VAT Please note: a ticket to the InvestHedge Forum does not include entry to the InvestHedge Awards
  • 4. funds of the year 2014 US EQUITY Black Diamond Thematic Brookdale International Partners Marlin Menta Global Offshore Pershing Square International Stelliam GLOBAL EQUITY Citadel Global Equities Pacific & General Investments Senvest Partners Two Sigma Absolute Return Cayman SPECIALIST EQUITY Basswood Financial Dorsal Capital Partners Master Harvest Small Cap Partners Perceptive Life Sciences ZP Master Utility EVENT DRIVEN Greywolf Event Driven Funds Gruss Global Investors (USD) Pentwater Event PSAM World Arb Partners Sola Sound Point Credit Opportunities Master Fund - Series B DISTRESSED Candlewood Special Situations Hildene Opportunities Mudrick Distressed Opportunity Perella Weinberg Partners Asset Based Value STS Partners Sound Point Beacon Master Fund - Series A CREDIT & HIGH YIELD 400 Capital Credit Opportunities Candlewood Structured Credit Harvest Hildene Opportunities II One William Street Capital Master Waterfall Eden FIXED INCOME & MORTGAGE BACKED SECURITIES Credit Suisse Securitized Products Master LibreMax Partners Magnetar Constellation Premium Point Mortgage Credit SPM MBS Agency TIG Securitized Asset Varadero Partners GLOBAL MACRO Alphadyne International Master Bridgewater All Weather @12% Trading CWOC Master Graham Absolute Return PIMCO Absolute Return Strategy (PARS) V Two Sigma Horizon Cayman COMMODITIES & MANAGED FUTURES BBL Commodities Value Fort Global Contrarian Graham Tactical Trend Series A Nestor Partners Two Sigma Compass Cayman MULTISTRATEGY Citadel Tactical Trading Citadel Wellington D. E. Shaw Composite Millennium USA PIMCO Tactical Opportunities SPM Core Tilden Park Investment Master EMERGING MANAGER & SMALLER FUND ($100M-$500M) Abraham Trading Company - Diversified Program Deltec Special Situations EcoR1 Capital Global Sigma Plus Marblegate Special Opportunities Master MMCAP Fund SECOR Alpha TCA Global Credit Master venBio Select NEW FUND OF THE YEAR Alden Global CRE Opportunities Master BAM ZIE BBL Commodities Value Blueshift Energy PWP Global Macro Sound Point Beacon Master Fund - Series A Vinci Vernier Partners LONG TERM PERFORMANCE (5 years) Citadel Tactical Trading STS Partners Ellington Mortgage Opportunities Glenview Opportunity Hildene Opportunities Metacapital Mortgage Opportunities Master Waterfall Eden LONG TERM PERFORMANCE (10 years) Atlas Global Investments – Unrestricted D. E. Shaw Composite GS Gamma Investments King Street Capital Millennium International Paloma Partners Pine River Fund SPM Structured Servicing Holdings Master MANAGEMENT FIRM OF THE YEAR Citadel Graham Capital Management Pacific Investment Management Company Structured Portfolio Management Two Sigma Investments FUND OF THE YEAR Nominees to be announced this evening fun UUSS EQU Black Dia Brookda Marlin Menta G Pershing Stelliam GLOBA Citadel G Pacific & Senvest Two Sigm SPECIA Basswoo Dorsal Ca Harvest S Perceptiv ZP Maste EVENT Greywolf Gruss Glo Pentwat PSAM W Sola Sound Po programme Absolute ReturnAwards 2014 Ticket and programme for the Absolute Return Awards dinner designed for Hedge Fund Intelligence FEBRUARY 26, 2015 Gotham Hall 1356 Broadway at 36th Street New York, NY 10018 Cocktails 6.00pm Dinner 7.00pm Close 10.00pm Dress Cocktail attire (Suits & Cocktail dresses. Black tie not necessary) ticket Absolute Return This ticket and a business card must be presented at the door for entry to the Awards Absolute Return Awards 2014
  • 5. Programme AsiaHedge Awards 2015 Invitation, ticket, programme, and menu for the AsiaHedge Awards dinner designed for Hedge Fund Intelligence Menu Lemon grass marinated king salmon and Alaskan crab meat salad with sisho cress, broccoli puree, pearl yuzu Boston lobster bisque flambéed with Cognac, basil and tarragon Duo of pan fried Wagyu beef fillet and foie gras with wilted mushrooms, fondant potatoes, truffle sauce Guanaja 70% chocolate cremeux accompanied by fresh raspberries and vanilla ice cream Freshly brewed coffee and tea with assorted petits fours Funds of the year 2015 ARBITRAGE & RELATIVE VALUE Northwest Fund Pine River Asia Master Fund True Partner Fund ASIA EX-JAPAN Allard Investment Fund CC Asia Absolute Return Fund EA Asia Absolute Return Fund K2 Asian Absolute Return Fund Kiara Asia Pacific Hedge Fund Knight Mekong Fund Platinum Asia Fund ASIA INC-JAPAN Doric Asia Pacific Small Cap Fund Nezu Asia Fund Nezu Cyclicals Fund Sensato Asia Pacific Master Fund WF Asia Offshore Fund CHINA APS Greater China Long Short Fund ChinaAMC China Growth Fund Greenwoods A-Share Opportunities Fund Marco Polo Pure China Fund NB Greater China Long Short Equity Fund SMC China Opportunity Fund Tairen China Fund EVENT DRIVEN Athos Asia Event Driven Fund Evenstar Sub Fund 1 Segregated Portfolio Owl Creek Asia Fund Simplex Value Up Trust UG Hidden Dragon Special Opportunity Fund FIXED INCOME, HIGH YIELD & DISTRESSED AHP Asia Credit Opportunities Segregated Portfolio ASM Connaught House Fund ChapelGate Credit Opportunity Fund Samena India Credit Fund Sentosa Asian Credit Fund AsiaHedge Awards 2015 29 OCTOBER 2015 Island Shangri-La Pacific Place | Supreme Court Road | Hong Kong Dress Business formal Drinks 7.00pm Dinner 8.00pm HedgeFund Intelligence is delighted to invite you to the AsiaHedge Awards 2015, to celebrate the best performing Asia-Pacific hedge funds. RSVP Jenny Shepherd, HedgeFund Intelligence E: jenny.shepherd@hedgefundintelligence.com AsiaHedge Awards 2015 29 OCTOBER 2015 Island Shangri-La, Pacific Place Supreme Court Road, Hong Kong Dress Business formal Drinks 7.00pm Dinner 8.00pm This ticket and a business card must be presented at the door for entry to the Awards TICKET
  • 6. InvestHedge Awards 2015 programme menu wines Soft Boiled Hens Egg and Smoked Bacon with asparagus, shaved vegetables and tarragon mayonnaise Roasted Lamb Rump with summer garlic, pea and bacon ragout, confit potatoes and heritage carrots Classic Burnt Cream with English berry compote, lavender shortbread and hazelnut brittle contains nuts Freshly brewed coffee and tea If you have any allergies please check with your server Raymond Morin Sauvignole Sauvignon Blanc 2014 Raymond Morin Saumur Champigny 2014 Sponsored by InvestHedge Hall of Fame honours industry pioneers The InvestHedge Hall of Fame has been established to recognise the innovation, entrepreneurship and investment acumen of experienced allocators to hedge funds – and the contribution that individuals have made to the development of the hedge fund investment industry over the years. Within this elite group, entrepreneurship and the confidence in backing tomorrow’s hedge fund talent are musts. They have also displayed a willingness to adapt investment products and business models to meet investors’ evolving needs. It is all part of a managerial focus that is uniquely coupled with a set of long-term views and principles that are able to withstand market crisis and uncertainty. The inaugural InvestHedge Hall of Fame inductees (in alphabetical order) for 2015 are: Jane Buchan is managing director, chief executive officer and a co-founder of California-based PAAMCO, which was founded in 2000 when the institutional investor demand for hedge funds was in its infancy. She is responsible for overall business strategy and firm direction, and is a member of the Investment Oversight Committee. Buchan began her career at JP Morgan Investment Management in the Capital Markets Group. Entering the fund of hedge fund business at a unique time in the hedge fund industry’s evolution 15 years ago, Buchan’s firm was able to secure the backing of several major pension fund investors. This institutional interest meant that PAAMCO established an early focus on fees, transparency, liquidity and control of assets that has helped the firm weather many market cycles. Today the firm has grown to $16.53 billion in assets under management and ranks among the top 10 firms in the InvestHedge Billion Dollar Club. “We’ve added value by doing things institutional investors do every day on the traditional side of their portfolios,” says Buchan. “These are simple and basic things but they usually weren’t done in hedge fund investing.” Buchan boils down the fund of funds business to basic investment principles. “Fund of hedge funds management is about facts, data and structures,” she says. Jane Buchan PAAMCO (Pacific Alternative Asset Management Company) Hall of Fame J. Tomilson (‘Tom’) Hill is vice chairman of New York-based Blackstone Group and president and chief executive officer of Blackstone Alternative Asset Management, the group’s hedge fund solutions business. Assets under management for the world’s largest fund of hedge funds business hit a record $67.8 billion this year, thanks in part to growth in customised strategies and continued diversification of BAAM’s platform. Hill is responsible for overseeing the day-to-day activities of the group, including investment management, client relationships, marketing, operations and administration. Originally making a name for himself in the leveraged buyout boom in the 1980s, Hill worked at Lehman for a period with Peter Peterson and Stephen Schwarzman before they left to form Blackstone in 1985. Hill took over the fund of hedge fund business at Blackstone in 2000, and originally the firm was set up as an internal investment vehicle for Blackstone’s partners. Over time the business began accepting assets from clients of Blackstone’s other business lines. Hill has become a key figure in the hedge fund industry as Blackstone’s assets from 2007 to 2012 grew at an average rate of 20% per year. Hill has built a business known for its seeding initiatives, institutional branding, asset raising prowess and now mutual fund aims. US mutual fund giant Columbia Management teamed up with Blackstone to launch the Columbia Adaptive Alternatives Fund, following the formation of a strategic collaboration between the firms in the last quarter of 2014. This followed the launch of the Blackstone Alternative Multi-Manager Fund. Luke Ellis is president of Man Group, based in London, and a member of the Man Group Executive Committee. As president of Man Group, Ellis is responsible for overseeing the firm’s four investment engines: Man AHL, Man GLG, Man Numeric and Man FRM. Prior to assuming his current role, Ellis was head and chief investment officer of Man Group’s multi-manager business. Before joining Man Group in 2010, he was non- executive chairman of GLG’s Multi-Manager activities and manager of the GLG Multi-Strategy Fund from April 2009. Prior to this, he was managing director of FRM from 1998 and was one of two partners running the business. Over the years, Ellis has found that “nothing beats experience.” With more than $11 billion in assets under management, Ellis has built up Man FRM’s multi-manager process with a disciplined skillset gleaned from first-hand experience. “It’s important for analysts to meet with dozens of managers regularly. It’s hard to form a valuable opinion until you have met with around 100 managers,” says Ellis of the investment process. The end game for him as a fund of funds manager is creating a set of diversified alphas that benefit clients. And as is the case with a number of our other Hall of Famers, managed accounts are key in successful portfolio construction. When he was initially at FRM in the early 2000s, he recalls thinking that managed accounts were a waste of time. After arriving at Man Group, however, Ellis says he realised the value that could be created by managed accounts and has now come full circle in winning over his colleagues at FRM, which was acquired by Man Group in 2012. Luke Ellis Man FRM J. Tomilson Hill Blackstone Alternative Asset Management Programme for the InvestHedge Awards dinner designed for Hedge Fund Intelligence
  • 7. Advert and email banners designed for Hedge Fund Intelligence Join us at the beginning China Forum 2013 www.asiahedgechinaforum.com
  • 8. gThe only publication that focuses on investors in hedge funds Volume 7 Issue 4 February 2008 Largest funds of funds hit $1 trillion Industry Analysis 18 InvestHedge RHM plans 17.5% allocation to absolute returns Jonathan Clarke talks about the pension scheme’s innovative ideas Institutional Profile 12 Nominations unveiled for 6th annual Fund of Funds Awards Preparations continue for black tie gala dinner InvestHedge Awards 2007 32 Protégé seeds tomorrow’s stars Tarrant and Seides plan new ventures Fund Profile 23 A HedgeFund Intelligence publication gThe only publication that focuses on investors in hedge funds Volume 7 Issue 8 June 2008 Thames River swells to $2.5bn Warrior Fund on the march Fund Profile 23 InvestHedge Investors stash cash during market unease Deutsche Bank survey Industry Analysis 18 Commodity, energy and natural resources binge Ermitage, BlackSquare and RBS lead the charge Fund News 28 Illinois Teachers reinvents the portfolio Bauman discusses the challenges Institutional Profile 12 A HedgeFund Intelligence publication gThe only publication that focuses on investors in hedge funds Volume 7 Issue 9 July/August 2008 The alchemy of technology and risk management Who is using what and why Industry Analysis 18 InvestHedge Caisse carefully invests Canada’s nest egg Quebec fund embraces hedge funds Institutional Profile 12 InvestHedge Forum Harnessing the power of hedge funds Conference Programme 26 Pioneer mixes performance with passion Barbieri explains the method Fund Profile 23 A HedgeFund Intelligence publication gThe only publication that focuses on investors in hedge funds Volume 7 Issue 7 May 2008 Funds flourish at foundations Alternatives grow at top 50 Industry Analysis 18 InvestHedge Storebrand seeks socially responsible returns Norway’s hedge fund giant Institutional Profile 12 Coors Brewing set for one of UK’s largest allocations Staffordshire-based pension fund readies $330m mandate Institutional News 11 Lyxor builds global brand Seyer talks about active approach Fund Profile 23 A HedgeFund Intelligence publication Front covers for InvestHedge magazine designed for Hedge Fund Intelligence
  • 9. InvestHedge magazine layout, sub-editing, writing headlines and standfirsts and commissioning illustrators 26 April 2008 ©InvestHedge Fund News Gems has launched a leveraged version of the Gems Recovery Portfolio, which won Fund of the Year at the recent InvestHedge Awards.The Gems Recovery Enhanced Portfolio will have exposure of 200% to the underlying Gems Recovery Portfolio, which was 35.97% in 2007.The fund invests in a broad range of strategies including distressed, post distressed situations, spin-offs, restructurings and other credit related strategies.The portfolio emphasises managers that have a deep fundamental value orientation and know how to profit from the restructuring process.The largest allocation of 29.6% is in distressed hedge, while 27.87% is in credit strategies. 18.71% of the December allocation was to distressed long biased managers, while a further 14.88% is to deep-value hedge funds. Gems unveils levered award-winning fund Aletti Gestielle gets a boost as UBP links Union Bancaire Privée (UBP), the second-largest fund of funds group in the world, has teamed up with Banco Popolare in Italy to create a 50/50 partnership in the alternative asset management industry. To do this, UBP, which has more than $53 billion in funds of hedge funds, has invested in Aletti Gestielle Alternative, a $5.7 billion leading fund of hedge funds in Italy. UBP will purchase from Banco Popolare 50% of the total outstanding ordinary shares of Aletti Gestielle. In the context of this investment, UBP and Aletti Gestielle will enter into a long-term advisory agreement. UBP has been sub-advisor to Aletti’s fund of funds business for a while. The partnership between Banco Popolare and UBP, which is subject to any relevant regulatory approval, will create the leading fully fledged alternative asset manager in Italy, through the combination of Aletti Gestielle’s strengths in the private banking and retail business and UBP’s strengths in the private banking and institutional business. The move is well timed as there have been a number of important changes in the regulations in Italy that are likely to change the face of the hedge fund landscape (see InvestHedge Special Report, March 2008). The partnership would allow the two partners to strengthen Aletti Gestielle’s competitive positioning and growth options in the fast- growing Italian market, by developing its business, both institutional and private, as well as developing Banco Popolare’s high- net-worth customer base in the Italian market. In particular, as a global leading asset manager for private and institutional clients and as a partner to Aletti Gestielle, UBP will leverage its track record and past success in managing large institutional accounts to grow Aletti Gestielle’s institutional Caliburn Capital Partners is set to open a Singapore office, while it is thought Edmond de Rothschild Asset Management in Paris is looking to open up in Hong Kong, as too is FourWinds Capital Management, the global natural resources firm. FourWinds has hired J.K. Lim as head of the Asia environment team. Opening Asian offices is the theme for 2008 with ABS Investment Management, Ivy Asset Management and ING Investment Management all also favouring Hong Kong over Singapore this year. That said, among the funds that selected Singapore, a very well established private banking haven, for their base are Gems, Optimal, Permal and Lehman. Caliburn’s plan is to relocate Richard Williams from London and Mike Curry, who will head the new office, from Geneva. Curry, one of the firm’s new partners, is the investment manager for the Caliburn Greater China Fund. This fund was nominated for New Fund of theYear at the recent InvestHedge Awards for its returns of 34.97% in 2007 and a Sharpe ratio of 2.36. Tony Morrongiello, one of the firm’s co-founders and formerly of Bank Syz’s funds of fund business in Geneva, said that in addition to Williams and Curry the office will have an office manager and in due course a couple of local analysts. By the end of the year, Morrongiello expects to have six people in the new office. At the start it will be a research officer, potentially expanding into sales in the future. Overall the firm, which has more than $1 billion in assets under management, has some 40 staff, including two London-based Mandarin speakers. Caliburn sets up shop in Singapore Tony Morrongiello 36 July/August 2008 ©InvestHedge Catching up on the latest people moves Schulman retires from Tremont Tremont Capital Management is now set for a new phase marked by the retirement of Robert Schulman, chairman of Tremont Group Holdings. Schulman was the last remaining face of the Tremont old guard that was an early pioneer of fund of hedge funds investment management. Schulman joined Tremont in 1994 as president and chief executive officer and in 2001 was behind the acquisition by Oppenheimer Funds. Schulman’s retirement concludes a succession plan initiated in 2006 that saw Rupert Allan, formerly managing director of Tremont’s London office, appointed as president and, ultimately, as Tremont president and CEO, directing the firm’s operations from its Rye, New York headquarters. Most recently, Schulman was responsible for directing Tremont’s single-manager products group, Rye Investment Management, which will now be managed by Jim Mitchell, who returns to Tremont’s headquarters after four years in the London office, which he led for two years, having succeeded Allan in that role. At the same time, the $9.3 billion fund of funds has added James Purnell as head of risk management, replacing Nathan Carter, who left his post as director of risk to join Common Sense Investment Management in Portland, Oregon. Purnell was a director in the alternative investments structuring group at Dresdner Kleinwort. Andrew Kaneb has joined from Lighthouse Partners to lead global-equity manager research, a new position. Tremont has also hired two sales staff from Citigroup, reporting to Bob Stone. People Moves Blacksquare Capital has appointed Richard Sherwin as director and portfolio manager. Prior to joining Blacksquare, Sherwin was at JPMorgan Private Bank, where he spent two years as head of fixed income, commodities and foreign exchange for Europe, Middle East and Africa. In this role, Sherwin was responsible for strategy, product origination, fund management and trading. Prior to that, Sherwin worked for Citigroup as a Japanese, European and US fixed-income specialist, with responsibility for marketing and execution of debt-related trading strategies with hedge funds based throughout the world. Sherwin began his career working for Japanese securities brokerages before joining Salomon Brothers as a fixed-income specialist in 1994. Christopher Peel, chief executive officer of Blacksquare Capital, said:“[Richard’s] expertise in global fixed income and strong contacts within the market complement the skills of the partners and will be instrumental in our strategy to continue building innovative, sector-specific multi-manager investment products.” Kapoor to head risk management at Ramius Ramius Fund of Funds Group, a joint venture between Ramius and Bayerische Hypo-und Vereinsbank, has hired Vikas Kapoor, a former managing director at Arden Asset Management, to head risk management as a managing director. Kapoor will also be a member of the investment management committee. At Arden, Kapoor was head of infrastructure and technology and his role there has been assumed by the chief operating officer Paul Ehrhardt and the technology team. Specifically, he focused on portfolio construction, risk management at both the portfolio and sub-manager levels and provided oversight for Arden’s technology/ infrastructure initiatives. Earlier in his career, Kapoor was managing director of Deutsche Bank’s Absolute Return Strategies Group where he also focused on risk infrastructure and technology for both the single manager and fund of funds business. Thomas Strauss, chief executive officer and chief investment officer of Ramius said: “Vikas has extensive risk management, infrastructure and technology experience and we look forward to leveraging his expertise.” Ermitage Group has hired John Rushen as executive director. He joined from BlackRock, where he was a managing director and product specialist, and will manage Ermitage’s European institutional business, with a particular focus on pension funds. Prior to BlackRock, Rushen was a European partner at William M. Mercer. Based in Ermitage’s London operation, Rushen reports directly to Ian Cadby, group chief executive, and will join Ermitage UK’s Board. In 2007, Ermitage unveiled its ‘OPTICS’ customised portfolio system, which was created to maximise the value of the firm’s hedge fund research, macroeconomic and risk analysis. Frank Barbarino, a CAIA designation holder, joined New England Pension Consultants in the firm’s alternative assets department where he will focus on hedge funds. With 11 years of investment experience, Barbarino has spent the majority of his career at Riverview Advisors as a senior hedge fund analyst. His responsibilities included hedge fund sourcing and due diligence across various strategies, risk management and building the firm’s investment process. Prior to Riverview, he also worked as a senior research analyst at Fix Asset Management, where he focused on due diligence on equity long/short hedge funds on a global basis as well as emerging markets and natural resource-oriented hedge funds. Rupert Allan Ermitage hires pension fund specialist Blacksquare hires Sherwin from JPMorgan NEPC brings in Barbarino Thomas Strauss Tapestry Global Arbitrage up 1.74% The Tapestry Global Arbitrage Fund, which is run by Thomas Strauss, James Neumann and Richard Fertig, returned a healthy 1.74% in January. The concentrated portfolio is currently made up of seven managers but the total can range from six to 15 in number. The $81 million fund, which was launched in January 1998, was up 11.52% for 2007, against a median arbitrage return of 6.93%. The Cayman Islands-based fund allocates to managers that focus on the fixed income arbitrage universe, which ranges from pure relative value to strategies that incorporate some directionality within a hedged framework As fixed-income volatility has increased sharply over the past eight months, the fund benefited from positioning in the ‘long liquidity’ trade which allowed managers to profit from the rally in government bonds in the US and Europe, steepening of yield curves globally, and continued fixed income and foreign exchange volatility. Aurum shines in multi-strategy In a month where global macro was the only strategy that was up, any fund of funds with a large slice of global macro was going to be a winner. One of the few funds in the InvestHedge universe that had positive returns was the Aurum Isis Fund, which returned 1.55% in January. The fund, which was launched in April 1998, has had a return of 143% since inception. More than two thirds of the underlying managers had positive returns and all but the 15.67% allocation to event driven, which was marginally negative, provided positive or flat returns. The latter came from the fund’s 9.47% allocation to credit managers, which were actually relatively successful in navigating the sharp declines in the US and European corporate credit markets and the continued lack of corporate and M&A activity in January. The Aurum Isis Fund, which has a 27.34% allocation to global macro, also benefited from returns from its 14.71% allocation to fixed income and 8.1% allocation to arbitrage. Among the successful underlying managers were those that managed to exploit the steepening yield curves in the US and the investor flight to government bonds. A record-breaking low for January indices The InvestHedge Composite was down a record-breaking 2.26% in January, the worst monthly return since the publication began in October 2001. All strategies except for global macro, which was up 2.24%, were down. The volatility, which was caused by deteriorating economic data, mixed corporate earnings results as well as potential downgrading of insurer ratings, saw equity-related strategies hit the hardest. Global equity funds of funds were down 4.54%, while European equity fell the furthest, down 4.72%. The emerging markets and Asia-Pacific funds of funds also took a hit and fell 4.39% and 4.44% respectively. US equity funds were down 3.48%. Fixed income and arbitrage funds of funds helped to dampen the fall, both down only by 0.99%, taking the InvestHedge Global Multi-Strategy Index to -2.21%. Global macro funds have traditionally made their money in times of heightened volatility and January was like a honey pot for volatility traders, futures and macro managers, particularly those trading commodities and energy. One of the most profitable positions was sub-prime credit default swaps. INVESTHEDGE INDICES 38 March 2008 ©InvestHedge Category Jan-08 YTD Global Multi Strategy US -2.21% -2.21% Arbitrage US -0.99% -0.99% Global Equity US -4.54% -4.54% US Equity -3.48% -3.48% European Equity Europe -4.72% -4.72% Emerging Markets Hedge -4.39% -4.39% Asia Pacific Funds of Funds -4.44% -4.44% Global-Macro-Currency 2.24% 2.24% Fixed Income -0.99% -0.99% InvestHedge Composite -2.26% -2.26% Focus Fund -50 0 50 100 150 200 Asia-Pacific Funds of Funds US$ Global-Macro-Currency US$ Emerging Markets US$ US Equity US$ Global Equity US$ Arbitrage US$ Global Multi-Strategy US$ InvestHedge Composite Jan-08 Jan-07 Jan-06 Jan-05 Jan-04 Jan-03 Jan-02 Jan-01 Jan-00 Jan-99 Jan-98 %
  • 10. absolutereturn 34 APRIL2007•WWW.ABSOLUTERETURN.NET newfunds #A team of event-driven, multistrategy managers is preparing to offer to outside investors a lucrative strategy that it has been running for Paloma Partners. West Face Capital of Toronto has pro- duced a remarkable five-year annualized net return of 45% for Paloma. The strategy is understood to be one of Paloma’s longest- running and highest-performing. The firm’s new fund, which will be run identically to the Paloma account, is expect- ed to launch and close with $500 million as early as this month. West Face is headed by Gregory Boland, who has run money for Paloma since 1998 and was previously a partner in RBC Dominion Securities’ high-yield and arbi- trage group. His partners include Thomas Dea and Peter Fraser. Last year, West Face financed the restruc- turing of Stelco in partnership with Appaloosa Management and Tricap Partners. SW Ex-Palomateam spearheadsnew Jefferiesthrust #Jefferies Asset Manage- ment, the investment affiliate of the U.S. broker- dealer Jefferies & Co., has been quietly developing its alternative asset manage- ment platform – which has become one of the major strategic aims of the firm. Last year, Jefferies brought in Tom Witz to become chief investment offi- cerforthefirm’s asset manage- ment unit. A seasoned hedge fund veteran, Witz had spent many years as managing direc- tor and director of trading and investments at Paloma Partners. Jefferies has since devel- oped a set of at least six stra- tegies on the hedge fund platform, which runs com- bined assets of roughly $500 million. Some strategies are understood to be in incuba- tion, while negotiations are ongoing to add further teams to the platform. The Jefferies Buckeye strategy, an event-driven and credit strategy launched in March 2006, is managed by Rick Weber and Andrew Newton, a duo who together previously managed money at Paloma – and, prior to that, for some 16 years at Angelo Gordon and its predecessor firm. Weber and Newton are supported by managing director Richard Lammers, who worked previously with them managing Paloma money and prior to that, worked with Soros Fund Management and Satellite Asset Management. Their approach is understood to have a conservative risk pro- file, and the team is believed to be of considerable appeal to a wide circle of investors given its long experience run- ning signifi- cantly larger sums of money. Other strate- gies now on the Jefferies plat- form include a TMT strategy managed by Brian Marshall, a veteran of D. E. Shaw Group and Citadel Invest- ment Group, and a financial- sector strategy managed by Mark Rosen, formerly of Level Global. The current product suite is rounded out by three strategies. A long-term tech- nology strategy is managed by Tom Mulle, who previous- ly worked at Fred Alger Management and Alkeon Capital Management; a retail- sector strategy is run by for- mer Jefferies analyst Eliot Laurence in tandem with industry veteran Michael Dawahare; and a strategy called Jefferies Paragon is managed by Mike Handler, formerly of SAC Capital Advisors, and Joe Contorinis, previously of UBS/Paine- Webber. NW Long-timeaffiliate piggybacksonPaloma #Prophecy Asset Managementof NewYorkislaunch- ing a more concen- trated version of its flagship fund. The firm’s exist- ing $50 million strategy employs a specialized tech- nicalanalysismeth- odology to find and screen U.S. stocks. It launched in May 2001 and gained 3% last year and 6.5% in 2005. Thefirm’snewfundwillinvestgloballyand holdamaximumof20stocks.FounderJeffrey Spottshassofarlinedup$25millionofcom- mittedcapitalandhassetatargetof$300mil- lion to close the fund. Prior to launching Prophecy, Spotts was lead manager on a $500 million portfolio in Merrill Lynch’s private advisory division. EB MerrillLynchalumto launchsecondfund Analternative platformhasbecome amajorstrategic aimofthefirm.The hedgefundplatform runscombined assetsofroughly $500million JeffSpotts absolutereturn 26 APRIL2007•WWW.ABSOLUTERETURN.NET feature ames“Jes”Staley,globalheadofJPMorganAssetManagementandthe architectofitsacquisitionofHighbridgeCapitalManagement,remem- bersthewarningsheheardwhenheleftJPMorgan’sinvestmentbank toheadtheinstitution’sstoriedassetmanagementarmin2001.“Alot of people told me that large banks destroy asset management firms,” recallsStaley,somewhatwryly,giventhatJPMorganhasemergedasthe largestU.S.hedgefundmanager,with$38.4billionundermanagement as of February 28. JPMorganmadethefirstand,todate,thelargestfull-scalepurchaseofahedge fundwhen,inDecember2004,itpaidanestimated$1billionforHighbridge, a complicated transaction that is believed to give the bank 100% ownership by 2011. The deal was controversial and, as Staley would be the first to admit,fraughtwithriskforbothparties.Inretrospect,however,thearrange- mentlooksbrilliant–acasestudythatothersarewatchingcloselyasamodel of how to get things right. Atthebeginning,however,thingsweretouchandgo.Nosoonerwastheink dry on the deal than Highbridge began reporting a string of monthly losses in its flagship multistrategy fund, a result of the convertible bond rout of 2005. JPMorgan’sfundoffunds,whichwasabiginvestor,wantedtoredeemtoavoid anyperceptionofconflictsofinterest.ThatleftJPMorganPrivateBankthetask of touting Highbridge to its wealthy individual clients, many of whom were alreadyinvestors.SoonHighbridge–whichhascontinuedtooperateindepend- ently – was launching seven new funds, including a now-$2 billion Asian opportunityfundanda$1.4billionstatisticalarbitragemarket-neutralfundfor retail investors. The stars seem to have been aligned. Last year, Highbridge’s flagship fund recovered, returning a net 24.5%, driving even more demand. It now has $11billion.WithmuchofthemoneystillcomingfromJPMorgan’snetwork of superrich around the globe, assets have almost tripled, to about $19.6 billion in Highbridge’s hedge funds today, up from about $7 billion at thecloseofthedeal.Addedtothatare$18.8billioninassetsfromwhatarenow 35 JPMorgan Asset Management funds, the growth stemming from the WillWallStreet Asbanksjostletheirwaytothetop, worriesaboutsize,culture andconflictspersist ByMichelleCelarier J absolutereturn APRIL2007•WWW.ABSOLUTERETURN.NET 27ILLUSTRATION:PAULWEARING t ruinhedgefunds? absolutereturn 42 APRIL 2007 • WWW.ABSOLUTERETURN.NET #Shawn Bergerson’s Waterstone Capital Management is off to a running start this year, with its flagship Waterstone Market Neutral Master Fund, a convertible and equity arbitrage portfo- lio, up 2% in February to total 6.13% for the year. Those numbers far outpace the Absolute Return Convertible & Equity Arbitrage Index, which rose 1.10% in February and is now up 2.08%. Waterstone, which manages $488 million in assets, profited handsomely in February when bets on the spreads between convertible and equity securi- ties of Mills Corp., Boston Properties and EMC Corp. worked out in the fund’s favor. But concentrated trades aren’t Waterstone’s only moneymaker. The fund was broadly profitable, with returns generated from among the near- ly 250 positions, split about evenly between longs and shorts. The firm is coming off a strong 2006, during which the fund gained 16.02%. Returns were largely earned by investments in event-driven special situations, not exposure to market vola- tility. Waterstone boasts an extremely low correlation to the S&P 500. The firm is currently hedging its cred- it exposure based on the view that credit spreads are historically tight. Water- stone’s hedge represents approximately 80% of the firm’s credit exposure and is expressed via credit default swaps on the bonds, including convertibles and cor- porates, in the firm’s portfolio. Bergerson launched Plymouth, Minn.- based Waterstone in 2003 after leaving his post as chief investment officer and portfolio manager of the U.S. convert- ibles fund at Deephaven Capital Management in nearby Minnetonka. Waterstone’s annualized return since inception is 5.54%, due largely to a brutal decline of 10.29% in 2005 – one of the convertible market’s most difficult years. By March 2005, the firm’s assets had increased to $685 million but declined to $318 million by January 2006. Waterstone managed to survive the challenges of 2005 and achieved strong performance in 2006. The firm is now poised to cross the $500 million mark and is expanding its 14-member staff, seeking both credit analysts and traders. With its onshore equity fund up 6.36% for the year, $550 million PilotRock Investment Partners is doing well this year. Primarily long- biased, the fund’s strong perform- ance is a product of its diversified portfolio – with positions in utili- ties, steel, consumer healthcare and a wireless service provider leading the way. Formed in February 2002 and managed by Thomas O’Malley Jr., PilotRock has produced a net annu- alized return of 15.94%. The fund successfully navigated a difficult marketinitsfirstyearandhassince producedstellarperformance.With theAbsoluteReturnU.S.EquityIndex gaining0.51%inFebruary,thefund once again outperformed the median with a solid 2.61% return. PERFORMANCE PROFILE Waterstoneprofits investmentperformance CHART OF THE MONTH PilotRock -20 0 20 40 60 80 100 120 Feb-07Feb-06Feb-05Feb-04Feb-03Feb-02 % TECHNOLOGY Modestgains propeltech While the Nasdaq fell 1.94% in Feb- ruary, the Absolute Return Technology Index made a modest gain of 0.38% to total 2.67% for the year so far. Pequot’s relative- ly new TMT Offshore Fund gained 1%* in February for a year- to-date return of 6.66%. Also out- performing the index was Ahmet Okumus’ Technology Value Partners Fund, which climbed 1% on gains from computer serv- ices, e-services con- sulting and Internet infrastructure soft- ware. Galleon Man- agement’sTechnology offshore continued its winning streak, up 0.23% for the month. CREDIT ZAIS,BlackRock climb Credit spreads tight- ened in early Febru- ary only to reverse direction later in the month, a move that provided opportuni- ties for many credit funds to profit. The Absolute Return Credit Index rose 1.50% for the month to total 3.05% YTD. Outperformers include ZAIS CDO Opportunity Fund, which climbed 3%* , and BlackRock Galaxite Fund, up 2.60%. Also reporting gains were Source: Absolute Return Absolute Return U.S. Equity Index PilotRock Investment Partners performance absolutereturn OCTOBER 2007 • WWW.ABSOLUTERETURN.NET 3 contents 6 Intelligence Renaissance mulls new blended fund. Balance Asset Man- agement liqui- dates. Goldman special sits alum starts own venture. Millennium hires two from Carlson. 7 People 10 Online weeklynews 34 Newfunds BlackRockoffers agribusinessfund. Marinertolaunch credit,multistrategy. BankofAmerica, Salomonvetpreps multistrat.Ramsey eyesconcentrated bestideasvehicle. 5 Letterfrom theeditor 15 Insidethe business Sarah Wood looks at the bank-loan vehicles setting up on the back of the market turmoil. 16 Theglobal picture Assessingsubprime fallout, Neil Wilson findsitisnotallbad newsforcreditfunds. 40 Portfoliowatch TheChicagoCubs couldbeahomerun forStarkOffshore says Pete Gallo. 42 Performance news 47 Brandnames 48 U.S.league tables Returns for more than 1,200 funds. 66 Fundtables Ramiuschartsa cautiouscourse Turbocharging returnswith130/30s 26On paper, 130/30 funds look like a sensible hybrid of the long-only and hedge fund worlds – freeing traditional asset managers to benefit from the downside while simultaneously reinforcing long positions. With pension funds looking to turbocharge returns, are these strategies a magic bullet, or an accident waiting to happen? Ridingthe volatility 36Financials portfolios with the foresight to short credit in August seem to have weathered the brunt of the subprime induced crisis, but there are mixed views on what is the sector’s best move next. COVER STORY NEWS ANALYSIS FUNDS AND STRATEGIES NEWS MAIN FEATURE VIEWPOINT PERFORMANCE INDICES Thefinancing freezeisn’tover 12With the structured credit market still closed, funds are paying up for leverage. Now it looks like the inability to find financing could lower returns for some time. AWARDS AbsoluteReturn Awards 18Someofthebignames areintherunningand preparingtodobattleasthe provisionalnominationsare announcedforthisyear’s AbsoluteReturnAwards,tobe heldinNewYorkonDecember4 at583ParkAvenue. SPECIAL SECTION Global review Theglobalhedgefundindustry postedrecordstartupsandasset growthinthefirsthalfof2007. Seehowtheinternationalpicture isshapingupintheHedgeFund Intelligencesemi-annualsurvey. 20Peter Cohen, founder of Ramius Capital, has moved on from his more flamboyant days in the 1980s. His low-profile is very much in keeping with his firm’s investment strategy – to be conservative with other people’s money. Ramius continues to deliver predictable low-risk returns and leaves the lure of lottery-like performance to a younger and brasher breed. A HedgeFund Intelligence publication • March 2007 • Vol 4 Nº10 • www.absolutereturn.net absolutereturn #SECdropsGradientprobe,making courtvictoryforshortsellers likely p12 #Thereplicators:Howbigathreatiscomingfromhedgefundclones? p26 #The wave ofmoney poses adilemma in commodities p40 #BILLIONDOLLARCLUBshootspast$1trillion p34 Deephaven’sdurability 1 Page 1 Absolute Return magazine layout, sub-editing, writing headlines and standfirsts and commissioning illustrators
  • 11. Front covers for a series of financial reports designed for Hedge Fund Intelligence
  • 12. Book covers designed for Euromoney Institutional Investor Unfortunately I don’t have many of the original files of books I have worked on. The quality of some of these images are low as they are either taken from the websites of the com- panies I have worked for or are photographs of hard copies. Please ask if you would like references.
  • 13. Noah’s Ark Front cover and extracts from a sample children’s book designed for an agency There came a time when there was only one good man in all the world, and his name was Noah. So God told Noah to build an ark. Sample book design Kim Lankshear Images taken from internet and adapted - not for printing. God told Noah to fill the ark with animals – two of every kind. And Noah did. Even the tiny animals.. m Sam KimKim Imag Noah’sArk
  • 14. 2 3 Running head Running head est a dignissim vulputate. Ut commodo hen- drerit mollis. Donec suscipit rutrum elit in eleif- end. Aliquam enim justo, condimentum et nisl eu, pretium tempus massa. Aliquam porta erat neque, vitae vulputate eros lobortis ut. Mauris id interdum ante. Morbi tempor consectetur lorem, tincidunt iaculis mauris vulputate vel. Vivamus lorem dui, ultricies mollis nibh pharetra, pulvinar Donec accumsan arcu at dolor convallis, non faucibus odio vehicula. Nulla vulputate nibh ac dui dignissim, eget lobortis leo dapibus. Sed tin- cidunt, tortor a convallis ultricies, enim lorem blandit enim, at luctus neque dui non ante. Fusce porttitor neque vitae aliquet sollicitudin. Aenean urna nisi, aliquet a rhoncus a, eleifend quis purus. Morbi id purus finibus dui accumsan convallis. Aenean suscipit, erat et placerat congue, purus mauris sagittis neque, sed tincidunt urna arcu a enim. Aenean augue augue, egestas gravida con- sequat id, tempor non lacus. Nulla ornare nisl In metus massa, commodo a velit a, finibus el- ementum urna. Proin et neque odio. Suspendisse eu sagittis lorem. Sed vitae nisi sit amet mi var- ius lacinia vel in metus. Cras eget elit nec enim commodo interdum sed vel tortor. Curabitur eu- ismod, nisl ut mattis varius, ex purus iaculis elit, sit amet porta arcu nunc non odio. Aenean iacu- lis facilisis ante, ut imperdiet mi facilisis in. Nam condimentum sapien ex, eget fermentum augue Fusce laoreet, ex eu scelerisque pulvinar, nulla mauris cursus augue, a tristique est ante nec erat. Praesent ullamcorper non enim eget elemen- tum. In ante purus, molestie ut lectus sed, rutrum rhoncus lacus. Duis ligula neque, faucibus eu egestas ultrices, dictum a nisi. Sed ac mauris et lorem gravida mollis et vel libero. Cras ultrices tortor ipsum. Vivamus vitae purus nunc. Phasellus non vehicula ante, at bibendum justo. Mauris rhoncus dignissim nulla sit amet Pellentesque eu consequat ligula. Aliquam sed posuere diam, nec ultricies leo. Pellentesque hab- itant morbi tristique senectus et netus et malesua- da fames ac turpis egestas. Aliquam viverra tortor ac ultricies laoreet. Aenean rutrum auctor risus a tincidunt. Ut aliquet maximus volutpat. Vivamus egestas fermentum dui, at facilisis tellus lacinia a. Pellentesque dictum vehicula quam at commo- do. Etiam ac nibh vitae neque porta fringilla ac sed massa. Nulla bibendum velit molestie, inter- dum dolor et, molestie lorem. Sed auctor quam eget mi convallis vehicula. Praesent neque lectus, pharetra ut porta non, mattis vitae sem. Nam sed justo luctus condimentum. Integer et risus enim. Nulla non sapien a eros malesuada suscipit sed in ipsum. In hac habitasse platea dictumst. Integer vitae tortor ipsum. Aliquam sit amet sapien do- lor. Pellentesque ornare, elit egestas scelerisque malesuada, odio ligula lobortis quam, sit amet gravida diam nibh quis ante. Lorem ipsum dolor sit amet, consectetur ad- ipiscing elit. Donec nec mollis felis. Duis laoreet ante quis nisi ullamcorper lacinia. Praesent lao- reet interdum enim, in ultricies tortor viverra quis. Sed gravida, metus vitae lobortis imperdiet, quam felis maximus dui, vitae varius magna nibh in mi. Etiam dapibus magna mauris, id imperdiet mauris lacinia maximus. Maecenas eget rutrum elit. Integer at sem vitae magna egestas sodales. Praesent ac sollicitudin nisl, ac el. Lorem ipsum dolor sit amet, consectetur. Quisque cursus enim vitae neque elementum, at mollis ipsum suscipit. Nulla eget mauris vestib- ulum, sodales diam feugiat, efficitur ex. Fusce at magna vitae elit aliquet ullamcorper eget at mas- sa. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Integer id aliquet elit, sed dapibus ex. Aenean condimentum lorem arcu, ac pharetra metus tin- cidunt vitae. Nam ut velit purus. Suspendisse fer- mentum arcu magna, at mattis dolor convallis ac. Phasellus ultrices hendrerit pellentesque. Praesent mollis quam ac rhoncus tincidunt. Praesent cur- sus elit in quam sollicitudin, at vulputate risus consequat. Fusce congue ultrices ligula, porttitor ullamcorper velit malesuada quis. Donec blandit ut orci in auctor. Praesent eget commodo enim, quis pretium odio. Cras at est ut odio laoreet volutpat. Vivamus libero lorem, dignissim in finibus ut, placerat vel metus. Sed vestibulum, lacus a blandit laoreet, sa- pien risus bibendum velit, quis convallis ex sem in lorem. Suspendisse eu varius nunc, vitae vesti- bulum diam. Pellentesque lacus nisi, iaculis mat- tis sodales id, sagittis vitae diam. Vivamus rhon- cus ultricies mi. Ut molestie neque non lobortis pulvinar. Donec eget dui a leo convallis fermen- tum non ac dolor. Fusce eleifend. corper dolor, ac fermentum dolor sollicitudin pretium. Vestibulum venenatis nibh eu metus laoreet, et vehicula mauVestibulum iaculis velit ut dolor imperdiet, vel posuere nunc eleifend. Proin a ex pulvinar, tempor urna id, consequat neque. Suspendisse fermentum, turpis ac scelerisque porttitor, odio orci imperdiet odio, nec pellen- tesque nunc risus in turpis. Aliquam imperdiet laoreet est. Phasellus auctor elementum lacus, eget pharetra sem dictum ac. Aliquam aliquet fringilla lorem bibendum eges- tas. Duis eget erat eget lorem gravida ultricies. Nulla id orci ultrices, pretium justo non, pellen- tesque mi. Etiam in lectus risus. Aenean sodales Extract extract extract extract extract extract ex- tract extract extract extract extract ex- tract extract extract exextract extract extract £900 £1,100 £1,300 £1,500 £1,700 2015201420132012 Chart heading 4 5 Running head Running head lacinia lorem, non volutpat neque. Morbi facilisis ultrices nisi, et ornare metus commodo rutrum. In scelerisque est ac egestas efficitur. Lorem ipsum dolor sit amet, consectetur. Quisque cursus enim vitae neque elementum, at mollis ipsum suscipit. Nulla eget mauris vestib- ulum, sodales diam feugiat, efficitur ex. Fusce at magna vitae elit aliquet ullamcorper eget at mas- sa. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Integer id aliquet elit, sed dapibus ex. Aenean condimentum lorem arcu, ac pharetra metus tincidunt vitae. Nam ut velit purus. Suspendisse fermentum arcu magna, at mattis dolor conval- lis ac. Phasellus ultrices hendrerit pellentesque. Praesent mollis quam ac rhoncus tincidunt. Praesent cursus elit in quam sollicitudin, at vul- putate risus consequat. Fusce congue ultrices ligula, porttitor ullamcorper velit malesuada quis. Donec blandit ut orci in auctor. Praesent eget commodo enim, quis pretium odio. Cras at est ut odio laoreet volutpat. Vivamus libero lorem, dignissim in finibus ut, placerat vel metus. Sed vestibulum, lacus a blandit laoreet, sapien risus bibendum velit, quis convallis ex sem in lorem. Suspendisse eu varius nunc, vitae vestibulum diam. Pellentesque lacus nisi, iaculis mattis sodales id, sagittis vitae diam. Vivamus Ut molestie neque non lobortis pulvinar. Donec eget dui a leo convallis fermentum non ac dolor. Fusc. corper dolor, ac fermentum dolor sollicitudin pretium. Vestibulum venenatis nibh eu metus laoreet, et vehicula mauVestibulum iaculis velit ut dolor imperdiet, vel posuere nunc eleifend. Proin a ex pulvinar, tempor urna id, consequat neque. Suspendisse fermentum, turpis ac sce- lerisque porttitor, odio orci imperdiet odio, nec pellentesque nunc risus in turpis porttitor, odio orci imperdiet odio, nec pellentesque nunc risus in turpis.. Aliquam imperdiet laoreet est. Phasellus auctor elementum lacus, eget pharetra sem dictum ac. Aliquam aliquet fringilla lorem bibendum eges- tas. Duis eget erat eget lorem gravida ultricies. Nulla id orci ultrices, pretium justo non, pellen- tesque mi. Etiam in lectus risus. Aenean sodales est a dignissim vulputate. Ut commodo hen- drerit mollis. Donec suscipit rutrum elit in eleif- end. Aliquam enim justo, condimentum et nisl eu, pretium tempus massa. Aliquam porta erat neque, vitae vulputate eros lobortis ut. Mauris id interdum ante. Morbi tempor consectetur lorem, tincidunt iaculis mauris vulputate vel. Vivamus lorem dui, ultricies mollis nibh pharetra, pulvinar Donec accumsan arcu at dolor convallis, non faucibus odio vehicula. Nulla vulputate nibh ac dui dignissim, eget lobortis leo dapibus. Sed tin- cidunt, tortor a convallis ultricies, enim lorem blandit enim, at luctus neque dui non ante. Fusce porttitor neque vitae aliquet sollicitudin. Aenean urna nisi, aliquet a rhoncus a, eleifend quis purus. Morbi id purus finibus dui accumsan convallis. Aenean suscipit, erat et placerat congue, purus mauris sagittis neque, sed tincidunt urna arcu a enim. Aenean augue augue, egestas gravida con- sequat id, tempor non lacus. Nulla ornare nisl In metus massa, commodo a velit a, finibus el- ementum urna. Proin et neque odio. Suspendisse eu sagittis lorem. Sed vitae nisi sit amet mi var- ius lacinia vel in metus. Cras eget elit nec enim commodo interdum sed vel tortor. Curabitur eu- ismod, nisl ut mattis varius, ex purus iaculis elit, sit amet porta arcu nunc non odio. Aenean iacu- lis facilisis ante, ut imperdiet mi facilisis in. Nam Mauris sollicitudin maximus enim, sed. In metus massa, commodo a velit a, finibus elementum urna. Proin et neque odio. Suspendisse eu sagittis lorem. Sed vitae nisi sit amet mi varius lacinia vel in metus. Cras eget elit nec enim commodo interdum sed vel tortor. Curabitur euismod, nisl ut mattis varius, ex purus iaculis elit, sit amet porta arcu nunc non odio. Aenean iaculis Mauris sollicitudin maximus • In metus massa, commodo a velit a, finibus elementum urna. Proin et neque odio. • Suspendisse eu sagittis lorem. Sed vitae nisi sit amet mi varius lacinia vel in metus. • Cras eget elit nec enim commodo interdum sed vel tortor. • Curabitur euismod, nisl ut mattis varius, ex purus iaculis elit, sit amet porta arcu nunc non odio. Aenean iaculis • In metus massa, commodo a velit a, finibus elementum urna. Proin et neque odio. • Suspendisse eu sagittis lorem. Sed vitae nisi sit amet mi varius lacinia vel in metus. • Cras eget elit nec enim commodo interdum sed vel tortor. • Curabitur euismod, nisl ut mattis varius, ex purus iaculis elit, sit amet porta arcu nunc non odio. Aenean iaculis • Suspendisse eu sagittis lorem. Sed vitae nisi sit amet mi varius lacinia vel in metus. • Curabitur euismod, nisl ut mattis varius, ex purus iaculis elit, sit amet porta arcu nunc non odio. Aenean iaculis 2 Runn E extr tract extr tract ex Runn 4 Author name Chapter head 1 Lorem ipsum dolor sit amet, consectetur adip- iscing elit. Maecenas egestas ut neque sed rhon- cus. Aliquam porta ligula vitae metus posuere, quis pulvinar purus lacinia. Proin egestas posu- ere egestas. Integer et semper ante, ut accumsan tellus. Nam tempor ex erat, id vestibulum turpis iaculis non. Morbi efficitur lorem mi, ut placer- at magna faucibus in. Curabitur sodales fringilla justo sit amet eleifend. Sed mattis quam magna, blandit imperdiet neque maximus ut. Etiam erat nisl, porttitor a lacus vitae, lacinia interdum elit. Cras id arcu nibh. Nam enim risus, vulputate a est sollicitudin, faucibus pretium dolor. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum venenatis dolor in turpis tempor, quis vehicula quam bibendum. Praesent aliquet vulputate nisi at bibendum. Pellentesque mauris augue, ornare ut enim vel, viverra dapibus eros. Fusce ultrices neque vitae Morbi efficitur lorem mi, ut placerat magna faucibus in. Curabitur sodales fringilla justo sit amet eleifend. Sed mattis quam magna, blandit imperdiet neque maximus ut. Etiam erat nisl, porttitor a lacus vitae, lacinia interdum elit. Cras id arcu nibh. Nam enim risus, vulputate a est sollicitudin, faucibus pretium dolor. PellentesquePraesent Pages of a design in progress on request for a self publisher
  • 15. Kim Lankshear • • • 07967 554614 • • • kimlankshear@googlemail.com artworking typograph books illus diagrams illustrator a typograph books illus diagrams artworking typograph books illus diagrams illustrator a typograph books illus diagrams artworking typograph books illus diagrams illustrator a typograph books illus