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
4. funds of the year 2014
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Marlin
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FUND OF THE YEAR
Nominees to be announced this evening
fun
UUSS EQU
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Brookda
Marlin
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Pershing
Stelliam
GLOBA
Citadel G
Pacific &
Senvest
Two Sigm
SPECIA
Basswoo
Dorsal Ca
Harvest S
Perceptiv
ZP Maste
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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
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Volume 7 Issue 4 February 2008
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Industry Analysis 18
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RHM plans 17.5% allocation
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Institutional Profile 12
Nominations unveiled for 6th
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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
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est a dignissim vulputate. Ut commodo hen-
drerit mollis. Donec suscipit rutrum elit in eleif-
end. Aliquam enim justo, condimentum et nisl
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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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rhoncus lacus. Duis ligula neque, faucibus eu
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posuere diam, nec ultricies leo. Pellentesque hab-
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da fames ac turpis egestas. Aliquam viverra tortor
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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.
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ipiscing elit. Donec nec mollis felis. Duis laoreet
ante quis nisi ullamcorper lacinia. Praesent lao-
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felis maximus dui, vitae varius magna nibh in
mi. Etiam dapibus magna mauris, id imperdiet
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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.
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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.
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tas. Duis eget erat eget lorem gravida ultricies.
Nulla id orci ultrices, pretium justo non, pellen-
tesque mi. Etiam in lectus risus. Aenean sodales
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£1,100
£1,300
£1,500
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consectetur.
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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.
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ligula, porttitor ullamcorper velit malesuada quis.
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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
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ut dolor imperdiet, vel posuere nunc eleifend.
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lerisque porttitor, odio orci imperdiet odio, nec
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eu, pretium tempus massa. Aliquam porta erat
neque, vitae vulputate eros lobortis ut. Mauris id
interdum ante. Morbi tempor consectetur lorem,
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lorem dui, ultricies mollis nibh pharetra, pulvinar
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dui dignissim, eget lobortis leo dapibus. Sed tin-
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blandit enim, at luctus neque dui non ante. Fusce
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urna nisi, aliquet a rhoncus a, eleifend quis purus.
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mauris sagittis neque, sed tincidunt urna arcu a
enim. Aenean augue augue, egestas gravida con-
sequat id, tempor non lacus. Nulla ornare nisl
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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-
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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
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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
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