How does a company’s stock work?
Monthly archive: April, 2009
Private Equity Deals Offer Alternate Exits to IPOs
Diamond asks:
WSJ article “IPO Obstacles Hinder Startups” offers a good coverage of how IPOs are becoming tougher for small venture-backed companies.
This raises the question, what should CEOs and early-stage VCs do, once a company has reached $100 M+ in annual sales? (Below this threshhold, it is absolutely undesirable to go public; investor courting, ongoing investor management, Sarbanes-Oaxley compliance related paperwork and massive expenses - being some key distractors …)
In general, by year 5 or year 6 in a company’s history, the Series A investors, the Founders, and the early executive team that is still around - get itchy to extract some liquidity. Today, given the sophistication, the available money, and the level of activity in the Private Equity industry, a late-stage / LBO fund could easily step in and provide the necessary liquidity.
Liquidity, I believe, is no reason to go public prematurely. An enterprise that has built-in scalability should stay private, stay on course, and execute, execute, execute. If, however, the business does NOT have built-in scalability - and most don’t - they should absolutely NEVER go public. They should get acquired, and become part of a larger portfolio.
Last year, 41 start-ups backed by venture-capital investors became publicly traded U.S. companies, down from 67 in 2004 and 250 in the boom year of 1999, according to research firm VentureOne.
I would say, the recent numbers are much closer to what they should be.
After all, how many enterprises really have built-in scalability in their business model?
Most companies simply go public and then struggle, giving smart investors absolutely no reason to touch them, and hence, giving analysts no incentive to cover them!
Rather, a secondary exit market for private placements of a chunk of the company’s shares held by early shareholders - is a far better alternative.
WSJ article “IPO Obstacles Hinder Startups” offers a good coverage of how IPOs are becoming tougher for small venture-backed companies.
This raises the question, what should CEOs and early-stage VCs do, once a company has reached $100 M+ in annual sales? (Below this threshhold, it is absolutely undesirable to go public; investor courting, ongoing investor management, Sarbanes-Oaxley compliance related paperwork and massive expenses - being some key distractors …)
In general, by year 5 or year 6 in a company’s history, the Series A investors, the Founders, and the early executive team that is still around - get itchy to extract some liquidity. Today, given the sophistication, the available money, and the level of activity in the Private Equity industry, a late-stage / LBO fund could easily step in and provide the necessary liquidity.
Liquidity, I believe, is no reason to go public prematurely. An enterprise that has built-in scalability should stay private, stay on course, and execute, execute, execute. If, however, the business does NOT have built-in scalability - and most don’t - they should absolutely NEVER go public. They should get acquired, and become part of a larger portfolio.
Last year, 41 start-ups backed by venture-capital investors became publicly traded U.S. companies, down from 67 in 2004 and 250 in the boom year of 1999, according to research firm VentureOne.
I would say, the recent numbers are much closer to what they should be.
After all, how many enterprises really have built-in scalability in their business model?
Most companies simply go public and then struggle, giving smart investors absolutely no reason to touch them, and hence, giving analysts no incentive to cover them!
Rather, a secondary exit market for private placements of a chunk of the company’s shares held by early shareholders - is a far better alternative.
Emerging Markets Specialist Exotix on the Long Term Values of Emerging Markets, Looking to Develop Involvement in the Iraqi Stock Market
Yahaira asks:
Benedicte Gravrand, Opalesque London: Amir Zada, associate director at Exotix, an investment broker specialising in emerging markets and frontier markets with expertise on illiquid, distressed, undervalued debt, spoke to Opalesque about some recent issues related to emerging markets and especially Africa.
Emerging markets, and of late, frontier markets, have been the way out of economies suffering from subprime-related troubles. This month (July) alone saw London-based firm Fincere Ltd. launching a global emerging markets hedge fund, HSBC’s fund arm announcing plans for a frontier market fund, Calstrs looking to allocate to frontier markets and news of sovereign wealth funds turning to emerging markets. Although a recent Fitch report says there has been a sharp acceleration in inflation in several EM economies, “posing a major challenge to relatively young monetary and inflation targeting regimes”, nevertheless, activity indicators for most emerging (and developing) market economies remain strong. Fitch forecasts still impressive growth of around 6% this year, albeit down from more than 7% in 2007” (Coverage.)
The Credit Suisse / Tremont Emerging Markets Hedge Index was up 2.14% in May and -1.99% YTD. The Barclay Emerging Markets Hedge Fund Index did not do so well as it returned -3.58% (est.) in June and -8.86% (est.) YTD. And the Eurekahedge Emerging Markets Hedge Fund Index returned -2.78% (est.) in June and -5.30% YTD.
Local currency funds are favourite
“Investors are flocking to emerging market debt, brushing past securities issued in hard currency to buy sovereign bonds in Mexican pesos, Brazilian reals or Turkish lira,” reported the FT. According to figures from Standard Asset Management, local currency assets accounted for most of the inflows, attracting about $212m, compared with $63m into blended funds. “If you look at the way hard currencies have been performing of late… Comparing to 2000, the values of local currencies is so much more,” Mr. Zada said. “So for the near future at least, local currencies are very beneficial.”
IPOs: more to come from emerging and frontier markets
It was reported last month that the London Stock Exchange (LSE) was seeing an increasing amount from emerging market companies raising IPO capital. “The smaller companies tend to list on the Alternative Investments Market (AIM) ,” Mr. Zada said. “The larger economies’ companies (from BRIC economies) would very likely do an IPO on the LSE purely because of capital restraints. But you do have smaller economies’ companies that are doing extremely well. Nigeria for example, in which GDP is growing at 5% p.a., has a lot of companies that are going for IPOs in alternative markets.”
Equities in Africa: long term value can be outstanding
EM equities have gained 12% since the end of January and so have shown obvious profitability. Although some believe the near-term risk/reward trade-off for EM equities has deteriorated ( Source).
“Exotix’s focus on equities is purely on sub-Saharan Africa at this particular moment. Africa as a whole, and in particular places like Nigeria, is really in the early stages of growth. So even though of lot of these companies are listed locally or externally and the trading potentially expenses valuation; despite that, it is still at an early stage of growth so the long term value involved in getting hold of these stocks is still predominantly out there. There is still so much value left in those companies in the long run because of the life cycle of the stock and the countries that they are involved in.”
Source:
Emerging markets specialist Exotix
Benedicte Gravrand, Opalesque London: Amir Zada, associate director at Exotix, an investment broker specialising in emerging markets and frontier markets with expertise on illiquid, distressed, undervalued debt, spoke to Opalesque about some recent issues related to emerging markets and especially Africa.
Emerging markets, and of late, frontier markets, have been the way out of economies suffering from subprime-related troubles. This month (July) alone saw London-based firm Fincere Ltd. launching a global emerging markets hedge fund, HSBC’s fund arm announcing plans for a frontier market fund, Calstrs looking to allocate to frontier markets and news of sovereign wealth funds turning to emerging markets. Although a recent Fitch report says there has been a sharp acceleration in inflation in several EM economies, “posing a major challenge to relatively young monetary and inflation targeting regimes”, nevertheless, activity indicators for most emerging (and developing) market economies remain strong. Fitch forecasts still impressive growth of around 6% this year, albeit down from more than 7% in 2007” (Coverage.)
The Credit Suisse / Tremont Emerging Markets Hedge Index was up 2.14% in May and -1.99% YTD. The Barclay Emerging Markets Hedge Fund Index did not do so well as it returned -3.58% (est.) in June and -8.86% (est.) YTD. And the Eurekahedge Emerging Markets Hedge Fund Index returned -2.78% (est.) in June and -5.30% YTD.
Local currency funds are favourite
“Investors are flocking to emerging market debt, brushing past securities issued in hard currency to buy sovereign bonds in Mexican pesos, Brazilian reals or Turkish lira,” reported the FT. According to figures from Standard Asset Management, local currency assets accounted for most of the inflows, attracting about $212m, compared with $63m into blended funds. “If you look at the way hard currencies have been performing of late… Comparing to 2000, the values of local currencies is so much more,” Mr. Zada said. “So for the near future at least, local currencies are very beneficial.”
IPOs: more to come from emerging and frontier markets
It was reported last month that the London Stock Exchange (LSE) was seeing an increasing amount from emerging market companies raising IPO capital. “The smaller companies tend to list on the Alternative Investments Market (AIM) ,” Mr. Zada said. “The larger economies’ companies (from BRIC economies) would very likely do an IPO on the LSE purely because of capital restraints. But you do have smaller economies’ companies that are doing extremely well. Nigeria for example, in which GDP is growing at 5% p.a., has a lot of companies that are going for IPOs in alternative markets.”
Equities in Africa: long term value can be outstanding
EM equities have gained 12% since the end of January and so have shown obvious profitability. Although some believe the near-term risk/reward trade-off for EM equities has deteriorated ( Source).
“Exotix’s focus on equities is purely on sub-Saharan Africa at this particular moment. Africa as a whole, and in particular places like Nigeria, is really in the early stages of growth. So even though of lot of these companies are listed locally or externally and the trading potentially expenses valuation; despite that, it is still at an early stage of growth so the long term value involved in getting hold of these stocks is still predominantly out there. There is still so much value left in those companies in the long run because of the life cycle of the stock and the countries that they are involved in.”
Source:
Emerging markets specialist Exotix
IPO Mania -7 Noteworthy Events Of 1998!
Leonor asks:
On the Gregorian calender, 1998 came across as a year like any other. Okay, there was some significance attached to the fact that it was the year of the Twins or Geminians. But apart from the above facts, no one paid much attention to this particular year. It was only after historians got together to compile certain facts, that everyone realized how really momentous this one year had been! It was the year of IPOmania, along with other noteworthy events!
This is a compilation of all the major occurrences that had taken place in 1998, along with IPOmania–
(1) More than positive happenings like IPOmania, scandals remain in the public memory for a long time, especially if it is something involving the U.S. president! This was the year when Bill Clinton’s relationship (supposedly discrete) with Monica Lewinsky (ex-White House intern) was brought out into the open. From then on, this incident was always referred to as the White House scandal.
(2) Ramzi Yousef, a prime suspect in the bombing of the World Trade Center, was sentenced for life on the eighth of January.
(3) The U.S. president, Bill Clinton took action against Iraq, which refused to close down its weapons of mass destruction program (WMDP). The president had been impressed upon by the U.S. Senate to do something in this regard. It was in the month of February that the Senate had passed Resolution 71.
(4) On the sixth of January, the National Aeronautics and Space Administration launched the Lunar Prospector spacecraft into space. It was directed into the moon’s orbit, and later presented evidence of frozen water found at the moon’s poles. This spacecraft had been constructed and developed for the sole purpose of low polar orbit investigation on the moon, and was meant to be a part of the Discovery Program.
(5) The popularity of the Internet grew by leaps and bounds in this year. There was quite a lot of sophisticated technology that was offered to its users.
Not only were Net savvy people excited about how the World Web could change their lifestyles, even the business world felt thrilled at the opportunity to experiment with a new way of conducting business transactions! The trading community believed that the Internet would prove to be a wonderful platform for investors and brokers–they could use it to generate great gains!
(7) The most exciting thing about 1998 was the “launching” of IPOmania, as mentioed earlier. Quite a few Internet-based organizations were involved with this idea of generating large revenues and seeing business operations to successful completion, via their own initial public offering (IPO).
The SEC or U.S. Securities and Exchange Commission conducted a survey, and discovered that around 370 organizations had registered their IPO in 1998! The total revenue proved to be an astounding $44.8 billion! IPOmania was definitely at its height!
Around 25 organizations that were part of IPOmania, were Internet-based companies. Some noted organizations were–
(a) Think of search engine, and one thinks, “Google Inc.”! Well, its services were launched in 1998! Even today, it is claimed to be the biggest search engine on the World Web.
(b) Who has not heard of the best auctioneering service on the World Web–eBay? They too came into the public eye on September 24, 1998. Thir initial public offering was set at a price of $18 per common share. By the time it closed, the value of each common share had risen to $252.25–a whopping difference of 1,301.39%!
(c) Geocities offered each of its common shares at a price of $17, when it launched its initial public offering on August 11, 1998. At closing time, the price had gone up by 122.79% or $37.88.
(d) Then we have Broadcom offering each common share at $24. This was on April 17, 1998. By the time it closed, the IPO had gone up to $112 per common share (an increase of 366.67%).
(e) Each common share of 24/7 Media was priced at $14 on August 14, 1998. The closing value was $25.88, an increase of 84.82%.
(f) The final noteworthy entrant to IPOmania was Broadcastcom! Valued at $18 per common share on July 17, 1998, the price went up by 294.44% at closing time–it was $71 per common share!
On the Gregorian calender, 1998 came across as a year like any other. Okay, there was some significance attached to the fact that it was the year of the Twins or Geminians. But apart from the above facts, no one paid much attention to this particular year. It was only after historians got together to compile certain facts, that everyone realized how really momentous this one year had been! It was the year of IPOmania, along with other noteworthy events!
This is a compilation of all the major occurrences that had taken place in 1998, along with IPOmania–
(1) More than positive happenings like IPOmania, scandals remain in the public memory for a long time, especially if it is something involving the U.S. president! This was the year when Bill Clinton’s relationship (supposedly discrete) with Monica Lewinsky (ex-White House intern) was brought out into the open. From then on, this incident was always referred to as the White House scandal.
(2) Ramzi Yousef, a prime suspect in the bombing of the World Trade Center, was sentenced for life on the eighth of January.
(3) The U.S. president, Bill Clinton took action against Iraq, which refused to close down its weapons of mass destruction program (WMDP). The president had been impressed upon by the U.S. Senate to do something in this regard. It was in the month of February that the Senate had passed Resolution 71.
(4) On the sixth of January, the National Aeronautics and Space Administration launched the Lunar Prospector spacecraft into space. It was directed into the moon’s orbit, and later presented evidence of frozen water found at the moon’s poles. This spacecraft had been constructed and developed for the sole purpose of low polar orbit investigation on the moon, and was meant to be a part of the Discovery Program.
(5) The popularity of the Internet grew by leaps and bounds in this year. There was quite a lot of sophisticated technology that was offered to its users.
Not only were Net savvy people excited about how the World Web could change their lifestyles, even the business world felt thrilled at the opportunity to experiment with a new way of conducting business transactions! The trading community believed that the Internet would prove to be a wonderful platform for investors and brokers–they could use it to generate great gains!
(7) The most exciting thing about 1998 was the “launching” of IPOmania, as mentioed earlier. Quite a few Internet-based organizations were involved with this idea of generating large revenues and seeing business operations to successful completion, via their own initial public offering (IPO).
The SEC or U.S. Securities and Exchange Commission conducted a survey, and discovered that around 370 organizations had registered their IPO in 1998! The total revenue proved to be an astounding $44.8 billion! IPOmania was definitely at its height!
Around 25 organizations that were part of IPOmania, were Internet-based companies. Some noted organizations were–
(a) Think of search engine, and one thinks, “Google Inc.”! Well, its services were launched in 1998! Even today, it is claimed to be the biggest search engine on the World Web.
(b) Who has not heard of the best auctioneering service on the World Web–eBay? They too came into the public eye on September 24, 1998. Thir initial public offering was set at a price of $18 per common share. By the time it closed, the value of each common share had risen to $252.25–a whopping difference of 1,301.39%!
(c) Geocities offered each of its common shares at a price of $17, when it launched its initial public offering on August 11, 1998. At closing time, the price had gone up by 122.79% or $37.88.
(d) Then we have Broadcom offering each common share at $24. This was on April 17, 1998. By the time it closed, the IPO had gone up to $112 per common share (an increase of 366.67%).
(e) Each common share of 24/7 Media was priced at $14 on August 14, 1998. The closing value was $25.88, an increase of 84.82%.
(f) The final noteworthy entrant to IPOmania was Broadcastcom! Valued at $18 per common share on July 17, 1998, the price went up by 294.44% at closing time–it was $71 per common share!
"now That I Got That Hedge Fund (or Fund of Fund): What is it Worth?" Webinar Examines the Monetization of Hedge Fund Management Firms
Chantay asks:
Opalesque, the world’s largest subscription-based publisher on alternative investments, hosts a Webinar: The Monetization of Hedge Fund Management Firms on July 10th 2008 10 am New York time.
Registration is now open and qualified participants (see below) can register here:
www.opalesque.com/index.php?act=static?=webinar
Traditional Ways to Partially Monetize A Hedge Fund Management Company
There are five methods to partially monetize interests in a hedge fund management company:
(1) a traditional IPO
(2) a reverse merger into a public shell (or SPAC)
(3) a listing on AIM, without any capital being raised
(4) selling less than 100% of the equity or
(5) selling a revenue interest.
Examples of traditional IPOs would include Man, Och-Ziff, Gottex, RAB Capital; BlueBay, Polar, and Ashmore (plus Fortress, Blackstone, and Partners Group, if extended to alternative asset managers). These should not be confused with the IPOs of publicly traded closed ended funds.
Examples of reverse mergers would include GLG and Asset Alliance. Examples of an AIM listing without raising capital would include Absolute and Charlemagne. An example of a partial sale would include Highbridge and examples of revenue interests would include AQR, First Quadrant, Avenue, Lansdowne, Winton, and most firms backed by seeding platforms.
With the exception of Man and the Partners Group in Switzerland, each of the IPOs has been a disappointment relative to their initial public offering price. As for Reverse mergers, GLG has not been a success thus far, even after GLG coughed up nearly $500 million in slippage to get the deal done. The Asset Alliance – Tailwind reverse merger which was announced nearly 5 months ago has gone radio silent, which is not a positive sign.
AIM listings without raising capital lack a third party value validation when offered to the public and Absolute has been nothing short of a disaster, while Charlemagne is off more than 50%. Selling less than 100% of the equity or a revenue interest seems to work best, but a minority equity stake often imposes restrictions under which hedge fund managers chafe, while revenue interests do not. Whether a less than 100% equity stake or a revenue interest, each method still begs the question of how to monetize the rest of the ownership.
Selling Out
The only way to fully monetize a hedge fund management business is to sell out. Unfortunately, a total sale usually ends up with the sellers leaving at the first opportunity and the buyer usually has great difficulty in maintaining the value that it purchased. Examples of this include Glenwood, RMF, HBV, and Old Lane. As such, buyers will naturally be(a)ware and pricing will usually be lower than in other industries as a result.
Creating a Reinsurer or Bank and Merging Some or All of the Hedge Fund Manager into it
A new alternative is for the hedge fund manager to sponsor the creation of a reinsurer or bank that allocates all of its investable assets to the sponsoring manager, providing a significant amount of permanent capital for the manager (making the management firm more valuable) and producing significantly higher returns for investors than the manager’s funds without a proportionate increase in risk. Once the reinsurer or bank is fully developed, it can acquire some or all of the hedge fund management firm.
In this manner, the monetization process is able to benefit from many of the better points of other monetization alternatives. For example, it permits a total sale (without the normal problem of loss of control) and creates a public market for the interests of the hedge fund manager, but as a reinsurer or bank, rather than as an asset manager (which probably means higher market multiples). Carefully crafted, the transaction can be structured on a very tax efficient basis, particularly if partnership taxation for publicly traded managers or deferred compensation for offshore funds is lost.
While this alternative is yet unproven, it is more or less how Warren Buffett transitioned from being a hedge fund manager and monetized his asset management business. This summer a $15 billion hedge fund manager is likely to announce a merger with a Swiss private bank as the first step in a similar process.
Our Panel:
Joseph K. Taussig is the Founder of Taussig Capital and has acted as a merchant banker for numerous financial services startups since 1990. Most of the capital for these companies has been provided by the hedge fund industry or hedge fund investors and most of the startups invest their assets in hedge fund strategies.
Matthias Knab, Director of Opalesque Ltd, will moderate this webinar. Matthias Knab is an internationally recognized expert on hedge funds and alternatives and has frequently served as chairman of hedge fund conferences in New York, Tokyo, Shanghai, Hong Kong, Miami, Bahamas, Stockholm, Dubai etc. In addition, he has presented or moderated at hedge fund events in Sydney, Cape Town, Madrid, and Bombay, and lectured at numerous universities on the subjects of hedge funds and the state of the global alternative asset management industry.
Limited to founders (or partners owning more than 15%) of hedge fund or FoHF management companies
Participation in the Webinar on July 10th at 10 am New York time is limited to founders (or partners owning more than 15%) of hedge fund or FoHF management companies who would like to learn more about creating a reinsurer or bank in order to generate significant amounts of permanent capital and provide superior returns (without a proportionate increase in risk) for their investors. Provided that a founder or 15% partner is present, additional colleagues from the hedge fund or FoHF management company may also participate.
Registration is now open and qualified participants can register here:
www.opalesque.com/index.php?act=static?=webinar
About Opalesque:
Since February 2003, Opalesque is publishing Alternative Market Briefing, the premium news service on hedge funds and alternatives. The launch of these Briefing was a revolution in the hedge fund media space (”Opalesque changed the world by bringing transparency where there was opacity and by delivering an accurate professional reporting service.” - Nigel Blanchard, Culross) combining proprietary news with the “clipping service” approach of integrating third party news. Each week, Opalesque publications are read by more than 400,000 industry professionals from all over the globe.
Opalesque is the only daily hedge fund publisher which is actually read by the elite managers themselves (www.opalesque.com/op_testimonials.html). For more information,
please go to >> Hedge funds news
Opalesque, the world’s largest subscription-based publisher on alternative investments, hosts a Webinar: The Monetization of Hedge Fund Management Firms on July 10th 2008 10 am New York time.
Registration is now open and qualified participants (see below) can register here:
www.opalesque.com/index.php?act=static?=webinar
Traditional Ways to Partially Monetize A Hedge Fund Management Company
There are five methods to partially monetize interests in a hedge fund management company:
(1) a traditional IPO
(2) a reverse merger into a public shell (or SPAC)
(3) a listing on AIM, without any capital being raised
(4) selling less than 100% of the equity or
(5) selling a revenue interest.
Examples of traditional IPOs would include Man, Och-Ziff, Gottex, RAB Capital; BlueBay, Polar, and Ashmore (plus Fortress, Blackstone, and Partners Group, if extended to alternative asset managers). These should not be confused with the IPOs of publicly traded closed ended funds.
Examples of reverse mergers would include GLG and Asset Alliance. Examples of an AIM listing without raising capital would include Absolute and Charlemagne. An example of a partial sale would include Highbridge and examples of revenue interests would include AQR, First Quadrant, Avenue, Lansdowne, Winton, and most firms backed by seeding platforms.
With the exception of Man and the Partners Group in Switzerland, each of the IPOs has been a disappointment relative to their initial public offering price. As for Reverse mergers, GLG has not been a success thus far, even after GLG coughed up nearly $500 million in slippage to get the deal done. The Asset Alliance – Tailwind reverse merger which was announced nearly 5 months ago has gone radio silent, which is not a positive sign.
AIM listings without raising capital lack a third party value validation when offered to the public and Absolute has been nothing short of a disaster, while Charlemagne is off more than 50%. Selling less than 100% of the equity or a revenue interest seems to work best, but a minority equity stake often imposes restrictions under which hedge fund managers chafe, while revenue interests do not. Whether a less than 100% equity stake or a revenue interest, each method still begs the question of how to monetize the rest of the ownership.
Selling Out
The only way to fully monetize a hedge fund management business is to sell out. Unfortunately, a total sale usually ends up with the sellers leaving at the first opportunity and the buyer usually has great difficulty in maintaining the value that it purchased. Examples of this include Glenwood, RMF, HBV, and Old Lane. As such, buyers will naturally be(a)ware and pricing will usually be lower than in other industries as a result.
Creating a Reinsurer or Bank and Merging Some or All of the Hedge Fund Manager into it
A new alternative is for the hedge fund manager to sponsor the creation of a reinsurer or bank that allocates all of its investable assets to the sponsoring manager, providing a significant amount of permanent capital for the manager (making the management firm more valuable) and producing significantly higher returns for investors than the manager’s funds without a proportionate increase in risk. Once the reinsurer or bank is fully developed, it can acquire some or all of the hedge fund management firm.
In this manner, the monetization process is able to benefit from many of the better points of other monetization alternatives. For example, it permits a total sale (without the normal problem of loss of control) and creates a public market for the interests of the hedge fund manager, but as a reinsurer or bank, rather than as an asset manager (which probably means higher market multiples). Carefully crafted, the transaction can be structured on a very tax efficient basis, particularly if partnership taxation for publicly traded managers or deferred compensation for offshore funds is lost.
While this alternative is yet unproven, it is more or less how Warren Buffett transitioned from being a hedge fund manager and monetized his asset management business. This summer a $15 billion hedge fund manager is likely to announce a merger with a Swiss private bank as the first step in a similar process.
Our Panel:
Joseph K. Taussig is the Founder of Taussig Capital and has acted as a merchant banker for numerous financial services startups since 1990. Most of the capital for these companies has been provided by the hedge fund industry or hedge fund investors and most of the startups invest their assets in hedge fund strategies.
Matthias Knab, Director of Opalesque Ltd, will moderate this webinar. Matthias Knab is an internationally recognized expert on hedge funds and alternatives and has frequently served as chairman of hedge fund conferences in New York, Tokyo, Shanghai, Hong Kong, Miami, Bahamas, Stockholm, Dubai etc. In addition, he has presented or moderated at hedge fund events in Sydney, Cape Town, Madrid, and Bombay, and lectured at numerous universities on the subjects of hedge funds and the state of the global alternative asset management industry.
Limited to founders (or partners owning more than 15%) of hedge fund or FoHF management companies
Participation in the Webinar on July 10th at 10 am New York time is limited to founders (or partners owning more than 15%) of hedge fund or FoHF management companies who would like to learn more about creating a reinsurer or bank in order to generate significant amounts of permanent capital and provide superior returns (without a proportionate increase in risk) for their investors. Provided that a founder or 15% partner is present, additional colleagues from the hedge fund or FoHF management company may also participate.
Registration is now open and qualified participants can register here:
www.opalesque.com/index.php?act=static?=webinar
About Opalesque:
Since February 2003, Opalesque is publishing Alternative Market Briefing, the premium news service on hedge funds and alternatives. The launch of these Briefing was a revolution in the hedge fund media space (”Opalesque changed the world by bringing transparency where there was opacity and by delivering an accurate professional reporting service.” - Nigel Blanchard, Culross) combining proprietary news with the “clipping service” approach of integrating third party news. Each week, Opalesque publications are read by more than 400,000 industry professionals from all over the globe.
Opalesque is the only daily hedge fund publisher which is actually read by the elite managers themselves (www.opalesque.com/op_testimonials.html). For more information,
please go to >> Hedge funds news
