Hedge Funds 2009

Overview

Why You Should Attend

Following severe losses incurred by many in 2008, hedge funds find themselves facing new risks to their businesses.
A number of funds have responded to illiquid market conditions by raising gates and imposing suspensions on redemptions. In many cases, funds have been split into liquid and illiquid portfolios to address the risks associated with increasingly illiquid and volatile markets. These actions have not gone unchallenged by investors and have led to discussions regarding potential changes to hedge fund fees and structures going forward. On the regulatory front, the SEC is reviewing its enforcement agenda and inspection program in the wake of the Madoff scandal for ways to improve its ability to detect fraudulent activity. Meanwhile, federal banking authorities are considering major changes in the regulatory framework for the entire financial industry that may fundamentally alter the regulatory treatment of hedge funds. At this day-long program, you will hear from distinguished experts about these and other developments affecting the industry.

What You Will Learn

• How are hedge funds typically formed and managed?
• How will new financial regulations likely affect hedge funds?
• How will hedge funds survive the losses of 2008?
• What risks result from the imposition of gates and suspensions?
• What happens when a hedge fund dissolves?
• How can hedge funds improve their prime brokerage relationships?

Who Should Attend

Attorneys, hedge fund counsel and compliance professionals interested in or currently working in the hedge fund
industry will benefit from this program.

Special Features

Live Webcast - Simultaneous live webcast of the New York session is available for individual viewing. Webcast participants will receive streaming audio and/or video of the program, view and print the Course Handbook, and have the ability to submit questions electronically.

For more information click on the Live Webcast link in the Related Items box.

Special Bonus to all Registrants

All attendees will receive a complimentary copy of PLI's comprehensive Course Handbook. This softcover, bound volume was written to augment the program and to stand alone as a permanent reference. PLI's Course Handbooks represent the definitive thinking of the nation's finest legal minds, and are often the standard reference in the field.

Please Note: Webcast attendees will receive a downloadable version of the Handbook one business day prior to the program.

PLI Group Discounts

Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount.  For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.

PLI Can Arrange Group Viewing to Your Firm

Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.

Cancellations

All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.

Schedule

Please plan to arrive with enough time to register before the conference begins. A continental breakfast will be available upon your arrival.

Morning Session: 9:00 a.m. - 12:30 p.m.

9:00  Introduction and Welcome

Danforth Townley

9:15  Basic Hedge Fund Structures

• Formation of domestic and offshore structures
• Use of master/feeder vehicles
• Developments in current terms and conditions for hedge funds
• Changes in fee arrangements

Scott J. Lederman, Marilyn Selby Okoshi

10:15  The Changing Regulatory Framework for Hedge Funds and Managers

• Proposals for registration of hedge fund managers
• Systemic regulation of hedge funds
• Possible implementation of SRO for hedge funds

Benjamin Allensworth, Paul N. Roth

11:15  Networking Break

11:30  Government Sponsored Investment Programs

• Partnering with the Treasury and FDIC
• Public Private Investment Partnerships
• Auction programs for the acquisition of legacy loans
• TALF and the market for securitizations

Yukako Kawata, T. A. McKinney

12:30  Lunch

Afternoon Session: 1:45 p.m. - 5:00 p.m.

1:45  Prime Brokerage Issues 

• Prime brokerage in the post-Lehman and post-Madoff world
• Risk relating to custody of assets
• Negotiating prime brokerage agreements
• Recent regulatory developments

Rebecca Berlow, Michael Huber, Mark Seffinger

2:45  Special Topics: Tax Developments and Commodities Act Compliance 

• Proposed changes regarding taxation of offshore funds
• Possible modification of UBTI for pension plan investors
• Developments regarding taxation of performance allocations
• CFTC obligations and exemptions

Rita M. Molesworth, Bridget R. O’Neill

3:45  Networking Break

4:00  Hedge Fund Restructurings and Liquidations

• Restructuring funds into liquid and illiquid portfolios
• Analysis of duties of managers in crisis situations
• Ramifications from the imposition of gates

Heather S. Cruz, Marco V. Masotti

5:00  Adjourn

Faculty

Chairperson(s)

Danforth Townley, Davis Polk & Wardwell

Speaker(s)

Benjamin Allensworth, Assistant General Counsel, Managed Funds Association
Rebecca Berlow, General Counsel, Sandelman Partners, LP
Heather S. Cruz, Skadden, Arps, Slate, Meagher & Flom LLP
Michael Huber, Vice President and Associate General Counsel, Goldman, Sachs & Co.
Yukako Kawata, Co-Head of Investment Management/Private Funds Group, Davis Polk & Wardwell LLP
Scott J. Lederman, Managing Director, Grosvenor Capital Management, L.P.
Marco V. Masotti, Deputy Chair, Corporate Department, Paul, Weiss, Rifkind, Wharton & Garrison LLP
T. A. McKinney, Managing Director and Chief Legal Officer, FrontPoint Partners LLC, A Morgan Stanley Company
Rita M. Molesworth, Willkie Farr & Gallagher LLP
Bridget R. O'Neill, Sidley Austin LLP
Marilyn Selby Okoshi, Katten Muchin Rosenman LLP
Paul N. Roth, Schulte Roth & Zabel LLP
Mark Seffinger, Managing Director and Senior Counsel, Deutsche Bank AG

Program Attorney(s)

Danielle T. Bersofsky, Program Attorney, Practising Law Institute

CLE Credit

Travel Information

New York City Seminar Location

PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.

New York City Hotel Accommodations

Due to high demand and limited inventory in NYC, we recommend reserving hotel rooms as early as possible.
 
The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.

The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: res.ny@warwickhotels.com