Conference Day Two: Thursday 26 June 2008

08.50 Chair’s Opening Remarks

PLENARY SESSION II: THE NEW REGULATORY ENVIRONMENT IN JAPAN

09.00 Reviewing Recent Regulatory Initiatives – Product Development, Risk And Investor Safeguarding Measures

• Understanding the regulation of retail hedge funds in Japan
• Hedge fund advisors and managers: is the regulator in line with the rest of Asia?
• Reviewing the regulator approach to market entry
• Managing and regulating for macro and systematic risk

Tokiko Shimizu
Head of Surveillance of Major Financial Groups Financial Systems And Bank Examination Department
Bank Of Japan

09.30 Monitoring Hedge Fund Activities In Japan- How Will FIEL Affect You?

• Illustrating how the amendments to Financial Instruments and the Exchange Law (FIEL) will increase fairness and transparency in the Japanese market
• What are the challenges, issues and benefits for hedge fund managers and institutional investors going forward?

Atsushi Iritani Attorney Atsumi & Partners

Takuji Nozaka Attorney Atsumi & Partners

10.00 One Year On: How Has FIEL Impacted The Hedge Funds Industry In Japan?

• Examining viewpoints on investor protection, market integrity and prevention of systemic risk
• How has FIEL impacted the activities of the following:
  • hedge fund managers
  • 3rd party distributors
  • Other service providers
• Exploring the new regulatory FIEL framework
• What has been the impact on compliance and average cost pricing issues?

Panelists:

Akira Adachi Chief Representative in Japan Parker Global Strategies			Angus McKinnon Senior Partner Tozai Advisory
	Noriyuki Kawana Chief Executive Officer BFC Asset Management		Yumiko Manchu Research Group Celent Japan

Moderator:

Richard A. Horodeck
Head of Client Development - Asia
The Rohatyn Group

11.10 Is Japan Back? Should We Be Bullish Or Bearish About Japan?

Many investors shunned Japan after its economic recession. But the country's economy made a remarkable comeback in 2005 outperforming all the other developed countries with continuing strong stock market performance in 2006 before more recent woes. With this in mind, should we be optimistic or pessimistic about Japan?

Guest speaker Andrew H. Shipley is the author of the Japanese Money Tree. In his speech he will share his insider’s perspective of market developments, structural reforms and policy changes that will help you gain an understanding of the new Japanese economy— as well as how to uncover hidden investment opportunities. Andrew H. Shipley has worked as an economist at Lehman Brothers Japan, Credit Suisse First Boston Securities (Japan) and Schroders Japan.

Andrew’s presentation will be followed by an interview with Darrel Whitten, well known editor of The Japanese Investor.

Speaker:

Andrew Shipley Author The Japanese Money Tree

Interviewer:

Darrel E. Whitten Editor The Japanese Investor

11.50 What Hedge Fund Strategies Are Japanese Investors Allocating To In 2008 And Why?

• How have the hedge fund strategies that investors are allocating to changed over the last 12 months?
• What has the interest from Japanese investors been in the following?:
  • hedge fund replication
  • 130/30 strategies
• Single funds vs funds of funds: what’s the preferred route to hedge fund investments for Japanese investors?
• Examining the importance of the following investment criteria:
  • managing risk and leverage
  • good levels of transparency

Panelists:

Akihiro Matsuyama
General Manager of ALM
AXA Life Insurance

	Vincent Granier Director SG Private Banking		Hirofumi Yoshida Corporate Pension Consultant Pension Fund of the Asahi Shimbun
	Akira Yamauchi Chief Investment Officer, Hedge Fund Investments Mitsui Sumitomo Insurance	Naoki Tachikawa Manager, Investment Strategic Development Department Mizuho Trust & Banking

Moderator:

Stefan Nilsson
Founder and President
Tokyo Hedge Funds Club
Head of Capital Introduction – Japan and Singapore
JPMorgan

12.30 Developing A Macro Strategy Tailored For Japanese Investors

• The decision of which investment vehicle is appropriate, Pooled or Managed.
• How much transparency and what liquidity is required?
• The importance of a robust Risk Management system
• Global Macro Alpha - case study of different sources of Alpha
• Protecting your Alpha -- What is the Stop Loss Mechanism

14.10 Afternoon Chair’s Opening Remarks

PLENARY SESSION IV: THE WAY AHEAD FOR THE HEDGE FUNDS INDUSTRY

14.20 The Rise Of Multi-Strategy Funds: What Opportunities Do They Offer Japanese Investors?

• Why have multi-strategy funds become more popular within the region and what opportunities do they offer investors?
• How should and do multi-strategy funds fit into the hedge fund strategy and allocation of an investor?

Chris McGuire
Chief Executive Officer
Phalanx Japan Asia MultiStrategy Fund

14.50 Basel 2 One Year On: What Has Been The Impact On The Japanese Institutional Investor Landscape And What Are The Implications For Risk Management?

• How has Japanese investors’ allocation to hedge funds altered?
  • what has been the impact on banks’ risk management systems?
  • how have accounting and reporting structures changed?
  • how has Japanese banks bailing from hedge funds affected the industry?
• How has the FSA responded to Basel 2 implementation?

Panelists:

	Takuya Sagasaki Deputy Manager Hedge Fund Investment Group Tokio Marine & Nichido Fire Insurance		Christian Stauffer Director EuroFin Investments
	Ernest Jaffarian President and Chief Executive Officer Efficient Capital Management	Veryan Allen Investment Advisor Monolith Corporation Pension Fund

Moderator:

Shinichiro Shiraki
Executive Director
Asuka Asset Mangement
Monex Alternative investments (Member of the Board)

15.20 Fund Of Funds: Still The Favoured Destination For Investors?

• How has their allocation and risk management towards hedge funds changed?
• How effective have they been in coping with the volatility of the stock market?
• How are they coping with the rise of the multi-strategy manager?

Panelists:

Yuko Hagiwara Managing Director Tandem Global Partners			Kiyoshi Kohsaka Vice president Japan Alternative Investment
	Akira Kama Head of Portfolio Management ORIX Investment Corporation		James F. Tomeo Chief Operating Officer & Senior Portfolio Manager, SSARIS Advisors LLC
	Paul Warren CEO & CIO Investor Select Advisors

Moderated by:

Alison Fleming
Head of Institutional Advisory
Aurum Funds

“It is refreshing to have a conference dedicated to the issues related to the industry rather than product promotion. Well done.”

Alan Liu Managing Partner – Alternative Investments Ajia Partners

16.40 Reviewing The Performance Of Emerging Hedge Fund Managers In Japan: Still The Life Blood Of The Industry?

• Evaluating the performance of hedge fund start-ups versus more established funds
• How has the credit crunch impacted fund raising?
• Location, location, location: what can Japan do to attract more emerging hedge fund managers?
• Examining the prospects for second-generation spin-offs

Panelists:

Thomas Giuffre Chief Operating Officer 8 Peak Capital

Cecilia Melin Managing Director Asian Technology Advisors

17.10 Can Japan Reestablish Its Role As A Leading Financial Centre For The Hedge Fund Industry?

• Examining the strides Japan is taking to modernize its financial institutions
• How is the FSA perceived by the hedge fund industry? What can it do to make Japan a more popular hedge fund destination?
  • can we expect to see more relocation of hedge funds from Tokyo to Hong Kong and Singapore?
  • does location matter anymore when trying to attract Japanese investors?
  • examining the prospects for onshore location of hedge funds
  • enabling hedge funds to submit documentation in English
• How can offshore hedge funds be properly regulated?
• Is Japan making a resurgence or does the future for the hedge fund industry lie in Hong Kong and Singapore?

Panelists:

Stan Howard Partner Gordian Capital

Goro Ohwada President and Chief Executive Officer Aino Investments

Moderator:

Ed Rogers Chief Executive Officer Rogers Investment Advisors

17.40 Closing Remarks

17.50 Chair’s Closing Remarks And End Of Hedge Fund Investments Japan 2008

18.30 Tokyo Hedge Funds Club Summer Party

Tokyo Hedge Funds Club Are An Endorser Of Hedge Funds Investments Japan IQ 2008. To Request An Invitation To Their Summer Party Please Contact The Organizer At Tokyo@hedgefundsclub.com

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