Global Funds Ireland 2009

8/14/2019 Global Funds Ireland 2009

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GLOBAL FUNDS IRELAND

PostApocalypse

First WordBrian Lenihan

Annus horribilus

Eoin Ryan MEP

Investor Services Journal Supplement, May 2009

Twenty 20 Vision

Gary Palmer, IFIA

Alternative lifestyles

- the risk landscape


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Global Funds Ireland ISJ Investor Services Journal

2

Globally, thefnancial services industry hasexperienced its most difcult year or generations,

i not ever.The Funds Industry in Ireland has not been immune to

these turbulent times but it has the knowledge and experi-ence that will be vital to enable it to take advantage o the

opportunities that will inevitably arise.

Ireland is one o the most signicant international invest-ment und jurisdictions in the global investment unds

industry with in excess o 10,000 unds (including sub-unds)

and a net asset value o EUR1,400 billion being serviced bythe international investment unds industry in Ireland,

The Irish Funds Industry is an industry which has been

built on the pillars o openness, transparency and investor

protection. Thereore, Ireland has the potential to be a sig-nicant centre o excellence or the global investment unds

industry

Recent events in nancial markets have questioned theoperating model o many sectors o nancial services. Solu-

tions are being sought to align the demand or transparency,

regulation and openness with the desire or fexibility andspeed to market. With close to 20 years o signicant achieve-

ment, the industry in Ireland has been successully addressing

these tensions so as to achieve a balanced outcome.The prevailing regulatory environment is one o the most

important actors in choosing an international jurisdiction

or the domiciling o an investment und. The regulatoryenvironment in Ireland enjoys a considerable reputation or

determining and leading international best practise in the

unds sector. The signing o a Memorandum o Understand-ing between the Financial Regulator and the Chinese banking

and securities regulators was a very signicant positive event

in a year which provided us with many other less positivememories.

An acknowledged open and transparent tax regime, Ireland

is the only international location o signicance not to be

included in the many lists o oshore jurisdictions. I might

add that the Irish Government has recently re-armed itscommitment to retain the 12.5% Corporation Tax Rate.

The industry includes in excess o 12,500 experienced

proessionals who, through proessional expertise and in-novation, have added considerably to the global Industrys

capabilities.

While Ireland has laid a signicant claim to be the domicile

o choice or investment unds; in the administration o in-

vestment unds the industrys credentials are well establishedand Ireland is oten reerenced as the worlds leading centre

or investment und administration.

I was heartened by the recent announcement by a globalconsortium which chose Ireland as the domicile or a new

Exchange Traded Funds Platorm because it ..stood out with

its highly regarded and globally recognised nancial servicesinrastructure and its international position at the oreront

o the unds regulatory regimea strong service and support

inrastructure across the industry made Ireland the natural

choice over other competitive und centres.The Irish Funds Industry has consistently demonstrated its

resilience over the years. Its ability to react to market devel-

opments will allow it to continue to identiy and exploit theopportunities that arise.

FirstwordBrian Lenihan,

Finance Minister

The Irish Funds Industry

has consistentlydemonstrated itsresilience over the years


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6

Stats, acts, and market actsWhile we were away... the key events aect-

ing the Irish market in 2009September 2008

15th Lehman Brothers collapsesin what became the worlds biggestbankruptcy, hitting stock markets.Irish banks shares plummetedbefore a brief recovery.

Anglo Irish Bank fell 21.6%, closing7.7% down. Irish Life & Permanentended the day down 13.3%. AIBfell 15.6% and Bank of Ireland 13%- their lowest same-day tradinglevels of recent years.

30th AIB announces a bank guar-antee scheme.

October 200829th - Hedge fund managers getburned from Porsche proposedtakeover of Volkswagon.- Memorandum of Understandingbetween the Irish Financial Regula-tor and the Chinese banking andsecurities regulators signed.

November 20085th - AIB publishes a managementstatement and becomes the firstIrish bank to issue a trading updateto the stock market.

December 2008Bernard Madoff, a New York fundmanager, is arrested over his engi-neering of a USD50 billion Ponzischeme that sucked in banks,

hedge funds and retail investors. Heis eventually sent to prison on 12thMarch to serve 150 years, pleadingguilty to perjury, money-launderingand fraud.

January 2009The Irish arm of banking giantHSBC tells the Commercial Court itis waiting to see if competing claimswill be brought over sums of morethan EUR1.2 billion given to it by

two Irish-listed investment compa-

nies and passed on for investmentpurposes to Bernard Madoff and hiscompanies.

February 200928th Employment group Ibeccalls on the government, the mainopposition parties and other relatedparties to agree a nationaleconomic recovery plan.

March 2009

30th Taoseach Brian Cowan warnsthat the economic recovery inIreland could take five years. Hesaid the country was fighting tosurvive a very painful recession.

April 200929th April The European Com-mission releases its draft of theEuropean Directive On AlternativeFund Managers to the EuropeanParliament and the Council. The

Directive stipulates that all manag-ers who oversee more than EUR100million of non-UCITS products mustbe subject to a common set oflicensing and supervision rules inexchange for enhanced distributionopportunities for their funds.

May 20097th The European Central Bankcuts its interest rate by 0.25%to 1%

20th A report by Ernst & Young,the auditor, found that Ireland wastechnically in a depression, predict-ing that it will contract by as muchas 8% of GDP.

The Irish government sells EUR1billion in five-year and 10-yearbonds as part of its pledge to raisea record EUR25 billion of stateborrowing required for 2009.

Contents

2 - First Word

by Brian Linehan, TD.

Minister of Finance

4 -Twenty 20 Vision

Gary Palmer Chief executive

of the IFIA looks at the 20th

Anniversary of UCITS and

beyond

6 - Stats, acts and market

acts - the last year in themarket

7 - Annus horribilus

by Eoin Ryan, MEP

8 - 20th Anniversary

Messages

14 - Alternative liestyles

the risk landscape

17 - Philosophy o

consultation

Carne Global CEO John

Donohoe gives his market

view


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ISJ Investor Services Journal Global Funds Ireland

7

The pastyear has been one o unprecedented, unexpectedand radical changes in fnancial services. While an annushorribilisor many in the European fnancial system, I be-lieve that those fnancial actors that emerge rom this turmoilwill do so stronger and more robust than previously.

We have heard time and again that the unds in-dustry was not responsible or the crisis, and that the crisisoriginated not in Ireland or Europe but across the Atlantic.Though true, this is largely immaterial. What started as sub-prime crisis in the US quickly spread across the globe andhas impacted on all nancial actors. Financial markets andnancial institutions are so closely linked that all must acethe implications o the crisis and address the challenges o theuture.

The assets under management by the global undsindustry reached nearly EUR2 trillion in recent years. Whileperhaps a small amount in relation to the balance sheets othe conventional banking sector, it is clear that the undsindustry is an important actor in todays nancial world andcan impact signicantly on nancial markets and actors.

As a member o the European Parliaments Econom-ic and Monetary Aairs (ECON) Committee the three wordsthat have appeared constantly in debate and when amendinglegislation are: transparency, regulation and supervision. Thenancial crisis has reinorced the realisation o the need orenhanced European and global cooperation, especially inthe area o supervision, and this realisation has coloured thelegislation on the unds industry that has originated rom theEU institutions this year.

There was always the danger that the turmoil on thenancial markets would engender knee-jerk reactions amongpolicy-makers. Indeed, when the rst drat o a report onHedge Funds and Private Equity was presented to the ECONCommittee last year this appeared to be the case. However,long months o negotiation and compromise ensured that thenal European Parliament recommendations were balanced,

proportional, eective and evidence-based. In recent weeksthis balanced and pragmatic approach has been refected inthe European Commission proposal brought orward onhedge unds, private equity and other alternative und manag-ers.

The European Commission has been clear in statingthat it does not want to drive the unds industry out o Eu-rope or to create burdens out o proportion to risks. Howev-er, there has been a global consensus - as witnessed at the G20meeting this year - that EU and global leaders should engagemore in a regulatory manner on this issue.

In my time as a politician and policy-maker I haveseen that the best results come rom cooperation and coordi-

nation. In acknowledgement o this the European Commis-sion proposal on unds adopts a carrot and stick approach,creating the opportunity o a European passport as well assetting down common and specic rules or managers thatwill apply across the EU.

Earlier in the year the European Parliament ap-proved a revision o the UCITS Directive aimed at cuttingred tape and simpliying and improving a unds market thatis worth nearly EUR7trillion. The revised UCITS directiveaims to ensure that investors receive appropriate cost andperormance inormation and to simpliy procedures and toimplement cost savings or the industry.

It has indeed been a very dicult year or the undsindustry. 2008 was the worst year on record or hedge unds.

Nonetheless, much o what I wrote or this publication lastyear holds true.

Irelands unds industry will continue to be a successstory, will continue to create employment in Ireland and willcontinue to play an important role in growing our economy.I believe that European regulation will ultimately strengthen,restore and increase condence in the unds industry.

The uture or nancial services in European andIreland is one o cooperation and mutual trust, where indus-try and policy-makers work together or sustainable growth.I believe that the uture is bright or Irelands unds industry,and in years to come this period will be remembered not as anannus horribilis but as a time when the oundation was laidor lasting and sustainable growth and cooperation.

Eoin Ryan MEP

Annus horribilis

Best results comerom co-operation


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The 20th Anniversary of the European Union UCITS (Under-takings for Collective Investment in Transferable Securities)directives adoption in Ireland falls this year. At a time whenthe fund industry faces both cyclical and systemic challenges.However, recognising the enormous achievements of the pasttwo decades GFI are proud to publish the following organisationsexpressions of support for the Irish Funds industry.

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In Ireland, Ernst & Youngs Asset Management practice is aleading provider of audit, tax and advisory services to assetmanagement companies, including mutual funds, offshorefunds, group trusts, hedge funds, variable annuity separateaccounts, unit investment trusts, partnerships and businesstrusts. With over 300 audit professionals, our strong marketposition means that we have the people, experience, technol-ogy and business insight to meet our clients needs.

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Alternative liestyles

The international pressures on thealternative und sector in the latestchapter o the nancial crisis are par-ticularly prominent in Ireland. As botha home o innumerable hedge undsand the base or around a third o theworlds hedge und asset servicing, thealternatives money that once fowedthrough the IFSC as strongly as theLiey River has been draining o late.

Funds o hedge unds, inparticular, have seen redemptionsrom institutional investors and high

net worth clients, according to PeteTownsend, head o global und servicesoperations or alternative investmentsat BNP Paribas. He points out that theprocess o retracting money that mayhave started in October last year is nowcoming to conclusion. I you have out-fows rom unds o hedge unds, theyneed to get their investment rom singlehedge unds. When everything becamevolatile at the end o 2008 the unds o

hedge unds will generally have 60-90

days notice that the investors need toprovide to get their money back.

He anticipates outfowsthrough July 2009 as a result o re-demption requests in the last ewmonths. The time delay to retrieveunds says much about the originalmotive or the outfows. Liquidity hasclimbed the agenda or the majority oportolio managers, and the viability olocking money in the relatively illiquidworld o alternative unds is dimin-

ishing. Townsend points towards theliquidity balance or unds o hedgeunds weighing up the liquidity to theinvestor to the liquidity o the unds inwhich they invest. Its a challenge orany und o hedge unds manager, headds.

High net worth clients havebeen the main area to remove theirmoney in such a way. Though institu-tional investors such as pension undswill also have liquidity and risk on theirminds, they are more likely to remain in

alternative investment unds to complywith their investment mandate.

The demand or a reer move-ment o money, along with the widerrequirement or transparency, hasurther bolstered UCITS, the interna-tional und brand that Ireland has beena leader in promoting and accom-modating. Another strength o thecountry has been in the hal-way house,o sorts, between alternatives and themore mainstream UCITS hedge und

replications. Hedge unds march into

As liquidity, risk and transparency orm theholy trinity or institutional investors duediligence, the alternative und industryin Ireland, as globally, has had to adapt withhaste. GFI examines the new risk landscape.

The view oa ew hedgeunds is thatthe market rallywill be shortlived

Pete Townsend

BNP Paribas


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ISJ Investor Services Journal Global Funds Ireland

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the UCITS world to bolster assets undermanagement has been a prominentdevelopment in 2009. Townsend saysthe managers strategy is key to theirsuccess to cross the und Rubicon.

Its a little easier or theGlobal Macro managers to do this, hesays. Instruments such as exchange-traded derivatives, or example, areacceptable within UCITS, as long as theunderlying mix o instruments withinthe derivatives contracts creates a diver-sied portolio.

Despite the chance o greatervolatility with listed derivatives, it isthe kind o volatility that hedge undmanagers like, he adds. The power is

with the investor, too, which adds tothe concessions made by hedge unds.Townsend cites examples o institu-tional investors approaching Caymandomiciled hedge und managers withan ultimatum: They say: I will provideX million, but only i you launch it asan Irish or Luxembourg UCITS ratherthan oshore. Further, a hedge undmanager may have to get used to pro-ducing longer investment objectives inline with UCITS.

He adds that alternative assetsarent just a group o securities class they also represent a type o investmentmanager. You may have a long onlyabsolute returns strategy thats been ina UCITS structure or years, he argues,viewed as long- only. Similarly, a long-only Cayman-domiciled und couldbe managed as a hedge und. Whatsmore important is manager selection.The better perorming managers willget the majority o the allocations - asopposed to the investor just looking to

have exposure to alternative unds andtaking the recommendation o theirconsultant.

But the hedge und industry,in its classic orm, is not entirely cowedby redemptions, de-leveraging and closeregulatory scrutiny. Though the USpension and endowment unds overallhave been more staunch in their al-location to hedge unds, there are signsthat the institutional investors retreatrom hedges in Europe have slowed.Townsend believes the sector may be

through the worst. The view o a ewo the hedge unds that Ive spoken withis that the market rally may be shortlived and they may look to the economyto see the signs, he says.

He adds that some manag-ers will be successul regardless o theeconomic circumstances some globalmacro unds, he gives as an example,returned 14-15% last year, and are stilltaking in money.

The track record is vital or theund provider too. Townsend stressesthat it is the more diversied serviceproviders that will come out o thisdownturn leaner and meaner thanbeore, maintaining service levels to all

domiciled managersOur business in Dublin is a

good microcosm o the BNP ParibasSecurities Services business as a whole.We administer 50% long only and 50%hedge unds. We have some large insti-tutional cash unds and we see thoseunds as the perect bell weather o themarket: when you see money fowingout o alternative strategy they fow intothe cash unds. So we think we have agood idea as to how things are goingsimply by the infows and outfowsrom these unds.

He adds that service providersthat can give a daily NAV are very wellsituated as the UCITS model continuesits ascendancy. A custodian should beable to provide a manager with actsheets that they could send to theirinvestor base on the original books andrecords o the unds. This comparesavourably with hedge und managerssystems, which generally wouldnt begeneral ledger-based systems. A lot o

the managers have their own risk sys-tems but we can provide the transpar-ent view and perormance data thatsdriven by the books and records o theund.

Such services are thereoreincreasingly outsourced to the majorasset servicers in the city. But Townsendsees another trend, largely driven by theneed to cut servicing ees: the consoli-dation o the service providers.

In October there was aperect storm. Investors were redeem-

ing rom unds, the volatility in theEuro-USD oreign exchange rates[many unds o hedge unds areEuro-denominated but invest in USDunderlying instruments] along withthe market volatility as a whole createda huge challenge and many managersmay be looking to consolidate theirservice providers. So instead o havingdierent service providers or liquidity,custody and administration, they bringit all together.

Dublins recent strength inalternative asset management andservicing closely links it with undcentres such as Cayman and Bermuda.These islands were under consider-

able scrutiny in March ollowing theLondon meeting o the G20, part o theso-called shadow banking system thatincludes opaque and structured prod-ucts and credit rating agencies. It resur-rected the debate around light-touchregulation, and the eect on a domi-ciles revenue i more stringent regula-tory oversight such as the increasewitnessed in the UK is introduced.

Townsend says that light touchdomiciles will be there or as long asthe investors are willing to accept them.Although these domiciles will have torespond to the statements made by theG20 and the European Commissionscalls or more regulation, I believe theywill respond, but it really does comedown to the investor.

For the uture, Townsend saysit is dicult to predict i Ireland will seesignicant alternative asset growth. Thegreat amount o convergence betweenalternative and traditional partly obus-cates any statistical orecast. But UCITS,

he argues, is a signicant strong pointor the country, and as with managersand service providers, a countrys repu-tation is perhaps itsthe most valuableasset. Its not just that were puttingour fag up now as a domicile withgreat fexibility; weve been doing it or20 years and have built up a strong coreo people working in the und servicesbusiness. So - while its dicult to drawthe line between the two dierent undtypes we are best placed to continueto service the dierent products.


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12

Philosophy oconsultations

Carne is an independent consultancyestablished by investment proessionalsto provide tailored solutions and ad-visory services to asset managers, unddirectors and their service providers.

In addition to its bases in Dublin,London, Switzerland and Luxembourg,2009 saw the opening o oces inCayman and Dubai. Jon Donohoe,CEO, says that this breadth o oces,combined with its close relationshipswith the managers, gives the rm agood view o the market, as well as aninsight as to what the leading managersare thinking.

The rm aims to be at the cuttingedge o product development, includingund structures and investment policies

across multiple und domiciles ( suchas CCF, pooling, multi-manager unds,hedge unds, and UCITS III) as wellas current market issues surroundingthe investor appetite or risk, liquidity,transparency and portolio balance.

Donohoe has witnessed the moneyfowing rom unds o hedge unds andother, less liquid vehicles. This is partlya reaction to perormance, he says, par-ticularly i absolute returns had beenpromised. Other institutional investors,

he adds, might not have understood thestrategy that the manager employed,and might have evacuated unds ounds beore gates were imposed.

To an extent youre trying to pre-empt a bad situation, which sometimesled to the next investor putting in re-demptions, he says. Some unds witha six-month notice period, althoughthey didnt want to redeem, thoughtthat there was an opportunity thatwouldnt come round or another sixmonths. Others just needed liquidity, or

they had to raise money.A decline in market per-

ormance or hedge unds should beviewed in context, however sometraditional long-only managers have

struggled along with their alterna-tive counterparts. But in terms o theinvestor perception o hedge unds andunds o unds, Donohoe says it is note-worthy to distinguish between Europeand the US.

The US has a longer history in thisarea o alternative4 allocation, withmore endowments and oundationsthat have a greater loyalty to hedgeunds and their model, he explains. Inthis way they might be more reluctantto redeem money.

Europe, by contrast, is a more recententrant to alternative unds, and s moreinstitutional based. This includes agreater proportion o high net worthclients.

Other dierences are also prominentin todays market. European investorsdont particularly want a huge amounto leverage. Investors want liquidity,and to make sure [the strategy] matcheswith their expectations and require-ments.

However, there are signs that liquid-ity is becoming a prominent issue orUS unds. CalPERS, or example, theinfuential USD167 billion Sacramento-based retirement scheme, considered are-evaluation o its asset allocation in-cluding the portion going into alterna-tives along the lines o liquidity.

Part o the liquidity challenge orinstitutional investors stems rom thehedge unds themselves. Donohoe saysthat the width o a hedge unds assetallocation rom private equity to

John Donohoe, CEO o Carne Global, explainsthe changing unds market in Ireland romthe perspective o a leading consultancy rmto Ben Roberts .

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14

commodities - can create problems oassessing liquidity levels and valuation.He says this is less o an issue i a smallamount o the und is in the very illiq-uid securities, but the added complexity

brought about by the mix o liquid andilliquid instruments is a challenge orthe investor, who in turbulent marketmay prioritise the ability to move inand out o a position.

The pricing o the und comes outo the liquidity; i something is liquidand is traded quite a bit its easy to get aprice, he says. Investors want most otheir money in something they can getout o; its not that they are not will-ing to take risk, but perhaps less than

beore.For many, exchange traded unds passive vehicles that track indices orsectors and trade on exchanges likeshares - has satised the demand orliquidity. Dublin has been a key recipi-ent in the growth in the European ETFindustry, which reached EUR91.228billion in assets under management atthe end o 2008, according to data romLyxor Asset Management.

Investors are attracted to ETFs asthey can be bought and sold rom a

broker and the underlying assets areliquid, explains Donohoe. This is notalways the case, however, and he identi-es corporate bond ETFs as an exam-ple: The bid oer spread on corporatebonds widened worldwide, so naturallythe sprtead on the corporate bond ETFwidened as well.

Importantly, Donohoe stresses thatinvestment in hedge unds and ETFs isnot an either/or scenario or investors.The choice to invest in ETFs is oten

made ollowing a comparison o netreturn with a traditional, actively man-aged und.

A lot o the money [into ETFs] is areallocation o institutional money outo the traditional long- only manage-ment into those products. There arealso more private wealth managerssetting up ETF-like products, so there ismore money being allocated rom thissector.

Carne plays a key consultancy roleor hedge unds that seek to launch

products with the UCITS tag. Theresulting product, he said, is sucientlystructured so that it would count notbe classied as part o the hedge undallocation on the books o pension

schemes.I a und manager is looking to put a

product into a UCITS und, one o thekey criteria is it has to provide at leasttwice monthly dealing. Managers haveto be aware it is liquid.

Part o the UCITS revolution ispeople should see it as a risk manage-ment vehicle it is designed to ensurepeople have liquidity, that there is riskmanagement in place. I you look at allthe restriction in UCTS and take the

exposure to companies that are related.When you added up how the exposurecomes derivatives, paper, bonds themaximum exposure to group counter-parties is 20%.

Carne works in this way with manyo the key players in asset management,such as Credit Suisse and BGI, and addsa very important extra service. Once

a und is set up, he says, Carne willprovide independent directorship. This,like third party administration and ac-counting, is climbing investors agenda here there is an independent element,there is a greater perception o comortand security. He adds that Carne hasbeen approached by US hedge undsseeking this independence.

Donohoe ponders careully the ques-tion as to whether light touch regula-tion is a good or bad thing or the Irishmarket. European investors usually

want more regulated products. I thinkinvestor demand has changed but Ithink that European politicians havebecome more hard-lined in wantingmore regulation. The proposed Euro-

pean Directive on Alternative Invest-ment Fund Managers says i youre aEuropean manager, youre going to haveto be regulated and your products aregoing to have to hit certain minimumstandards in terms o structure whichwill make them more akin to regu-lated proessional unds. Thats whereEuropean regulation want to drive it,principally down to the response to theeconomic circumstances.

The proposed directive in its current

orm will thereore result in a numbero challnges to existing hedge unds, headds. For instance, one requirementswould be that the unds must have acustodian i that comes in it will be asignicant change.

Most hedge unds utilise multiplebrokers it will be a challenge to ndthe right operational models. So thereare a lot o challenges or the directivein its current orm.

For the uture, Donohoe returns tothe ETF boom and hedge unds en-

trants into UCITS as areas o signicantpotential as well as the competitivetax treaties what Ive seen over thelast six months is because o some taxtreaties. Dublin has more ETF s thanalmost any location were seeing quitea lot o the larger banks setting up ETFsas well.

Its still relatively new as an industry in reality less than a decade old. Butthere are a lot o banks have ETFs in thepipeline that will be coming out over

the next ew months. So thee will be alot more ETF managers promoting theindustry with more investor interest.Dublin is winning most o that busi-ness because trying to track the indicesis more important in an ETF, so everybasis point counts.

A lot o und managers use Dublinor their base oradministrators, there are obviously a loto ties between Ireland and UK manag-ers. So were seeing Ireland is winning alot o business.

Part o theUCITS revolutionis that people

should see it asa risk manage-ment vehicle


15/16

Annual

Global FundsConference

BOOK EARLY TO SECURE YOUR PLACEat www.irishfunds.ie or www.nicsa.org

or telephone ia (+353-1-670-1077) or

nicsa (+1-508-485-1500)

For further information please contact

IFIA +353-1-670-1077

NICSA +1 508 485 1500

www.irishfunds.ie/conference

www.nicsa.org

Speakers include:ROB AGNEW, Managing Director, Matrix Hong Kong

ROLF BACHNER, Vice President, e Bank of New York Mellon

CHARLES BEAZLEY, President, Nikko Asset Management Europe

STEVE FOSTER, Chief Operating O cer, Single Manager Hedge Fund

Group, Credit Suisse Alternatives

DEBORAH FUHR, Managing Director, Barclays Global Investors

PAUL FREEMAN, Managing Director, BlackRock EMEA

MOHAMMED HANIF, Chief Executive O cer,

Insparo Asset Management

ROBERT KROESE, Principal, GreenBay Asset Management

PAUL MACK, Partner & Chief Operations O cer, Iveagh

KRYSTAN MCSTAY, Managing Director of Capital Markets,

Key Capital

IAN MORLEY, Chairman, Corazon CapitalJOHN PERLOWSKI, Managing Director, Goldman Sachs

Asset Management

CHARLIE PORTER, Chief Executive O cer, ames River Capital

TOM RAMPULLA, Managing Director Europe, Vanguard

JEAN SCHAEFFER, President, ReFlow Management

ANDREW SHRIMPTON, Member, Kinetic Partners

JERVIS SMITH, Managing Director, Financial institutions Group,

Citigroup

JULIAN TREGONING, Director, e Bank of New York Mellon

SETH WEINSTEIN, Managing Director & CEO, Morgan Stanley

Fund ServicesROBERTWILLIAMS, Business Development Director,

Skandia Investment Group

th MayFour Seasons Hotel, Dublin, Ireland


16/16

GSL Sut| GlobalSecuritiesLending

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J Hws

[email protected]: +44 (0) 20 7299 7700

Pls vst GSL.TV t rgstr

Bk t shlThe need for a reappraisal of the

methods and presentation of

Securities Lending has become

obvious in the past months. The

latest GSL Summit in our quarterly

series will debate at the legal

documentation, technology and best

practice the industry needs to adopt

to move forward.GSL invites readers to an

informative afternoon to discuss

this topic along with wider issues of

transparency, risk and returns at this

important time.

DaTeThursdy,

10th Sptbr 2009

LocaTion

Fur Sss Htl,

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1:30 Pm

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5:00 Pm

Drks Rpt

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