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Authorised and regulated by the Financial Services Authority in the UK

Securities & Investment Institute CPD Seminar: 21 st September, 2006 Getting hedge fund exposure for UK investors Beverly Chandler Purbeck Advisers LLP. Authorised and regulated by the Financial Services Authority in the UK. Hedge fund definitions. Hedge funds go long and short

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Authorised and regulated by the Financial Services Authority in the UK

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  1. Securities & Investment InstituteCPD Seminar: 21st September, 2006Getting hedge fund exposure for UK investorsBeverly ChandlerPurbeck Advisers LLP Authorised and regulated by the Financial Services Authority in the UK

  2. Hedge fund definitions • Hedge funds go long and short • Hedge funds charge a performance fee • Hedge funds use leverage • Hedge fund managers invest in their own funds • Hedge fund managers aim for absolute returns • Hedge fund managers use derivatives • Minimum investment is usually high • Hedge funds are based offshore 2

  3. UK marketing rules for offshore funds • General prohibition on financial promotions unless issued by an authorised person Or an exemption applies: • Authorised and offshore non-authorised promoters may market to: • Investment professionals • High net worth companies • Certified sophisticated investors (Venture Capital only) • One-off communications that are not part of an organised marketing campaign 3

  4. FSA authorised firms seeking to market unregulated collective investment schemes can market to: • Existing participants in similar unregulated collective investment schemes (or in last 30 months) • Existing clients and new clients for whom the fund is ‘suitable’ 4

  5. Other hedge fund products in the UK • Index linked hedge fund products • Structured notes • VCT route • Qualified Investor Schemes • Ucits III • Closed-end funds 5

  6. London listed fund of hedge funds’ market consists of 19 funds valued at £3bn 6

  7. Absolute Return Trust Alternative Invt Strategies Close Alt Invt Strategies CMA Global Hedge Dexion Absolute Dexion Alpha Strategies Dexion Equity Alternative Dexion Trading Goldman Sachs Dynamic Opportunities HSBC European Absolute HSBC Global Absolute KGR Absolute Return MAN Alt Invts PSolve Alternatives PCC Schroder Alt Strategies Thames River Hedge+ Feeder Funds Cazenove Absolute Equity Close All Blue New Star Closed-end London listed funds of hedge funds 7

  8. Our Firm • A UK incorporated Limited Liability Partnership • Operating divisions:- Single Strategy Hedge Fund Consultancy = Nick Paris- Fund of Hedge Fund Consultancy = Beverly Chandler • Located in Covent Garden, London • Authorised and Regulated by the Financial Services Authority in the UK 8

  9. Our TeamBeverly Chandler - Fund of Hedge Fund Consultant Extensive experience of promoting hedge fund products to Professional Investors • Financial Employment History: • 2006 joined Purbeck Advisers • 2004 to 2006 Hedge Fund Sales Director for Asset TV • 2003 to 2004 Editor and Hedge Fund Conference Consultant for Terrapinn Conferences • 2000 to 2003 Editor and Events Manager for Hedge Funds Review Magazine • 1996 to 2000 European Editor for MAR Hedge Magazine • Publications: • Author of “Investing with the Hedge Fund Giants” published by The Financial Times 9

  10. Our Team (contd.)Nick Paris - Single Hedge Fund Consultant Extensive experience in launching and marketing specialist funds to Professional Investors worldwide • Financial Employment History: • 2006 established Purbeck Advisers • 2002 to 2005 Global Head of Sales in the US$1bn American Express Asset Mgt Single Hedge Funds Group • 2001 to 2002 Head of Marketing at Coronation Intl, a US$1bn+ Fund of Hedge Funds Manager • 1994 to 2001 Corporate Finance, New Issue and Management roles within a number of Closed End Fund stockbroking teams • 1986 to 1994 Business Development Director at Rothschild Asset Mgt 10

  11. Our Team (contd.)Nick Paris - Single Hedge Fund Consultant • Professional Qualifications and Memberships: • Fellow of the Institute of Chartered Accountants in England & Wales (FCA) • Fellow of the Securities Institute in the UK (FSI) • Candidate for Level II of the Chartered Alternative Investment Analysts qualification (CAIA) • Professional Authorisations: • Authorised Representative approval by the Financial Services Authority in the UK • Series 7 approval by the NASD in the USA 11

  12. How to Contact Us Beverly ChandlerFund of Hedge Fund ConsultantTelephone: 44 207 031 8269 bc@purbeckadvisers.com Nick ParisSingle Strategy Consultant Telephone: 44 207 031 8252np@purbeckadvisers.com Purbeck Advisers LLP25 Floral StreetLondon WC2E 9DSwww.purbeckadvisers.com 12

  13. Important Notice This document is issued for information purposes by Purbeck Advisers LLP which is authorised and regulated by the Financial Services Authority. It does not constitute an offer or a solicitation to buy or sell any investment. Nothing in this document should be deemed to constitute the provision of financial, investment or other professional advice in any way. This document should not be distributed to any third party without the express approval of Purbeck Advisers and it has been designed for a professional audience only. This communication is approved and issued by Purbeck Advisers LLP, 25 Floral Street, London WC2A 9DS. Telephone 0207 031 8252 13

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