Performance Measurement_ Risk _ Attribution Performance

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                               Risk & Attribution
                             CONFERENCE & EXHIBITION
           Monday 23rd - Thursday 26th February 2004
                The Brewery, The City, London

                                          LEAD SPONSOR

                  Workshop: 23rd & 24th Feb
An Introduction to Performance Measurement & Attribution
Intensive two-day course introducing attribution methodologies and risk
adjusted statistics.
Presented by Carl Bacon, Chairman, StatPro

                Conference: 25th & 26th Feb

Outstanding 2 day conference with presentations, panels & interactive breakout
sessions from the industry's most influential practitioners & theorists.
Professor Frank A. Sortino, Director, Pension Research Institute
Paul Weller, Head of Performance, UBS Global Asset Management
Charles Payne, Director Statistics and Portfolio Management Services, Fidelity Investments
Rick Lacaille, Chief Investment Officer, State Street Global Advisors
Colin Morrison, Head of Performance & Risk Measurement, Standard Life Investments
Peter Ellis, Managing Director, Performance & Client Services, Deutsche Asset Management
James Hollis, Chairman, Investment Performance Council

             FREE Exhibition: 25th & 26th Feb

FREE entrance to 2004's definitive EXPO for      FREE Sponsored drinks reception & networking
performance measurement, risk & attribution      evening
professionals from around the world              FREE Keynote Speech
FREE Product Demonstrations                      FREE Join a conference breakout session
FREE New Research Published                      FREE Quiz the Vendors - Panel Session

Supporting Associations:                         Lead Media partners:
Performance Measurement, Risk & Attribution

 Event Timings                                                            Dear Delegate

 Monday 23rd & Tuesday 24th                                               PMRA 2004 is bringing together many of the most
                                                                          respected authorities in the Performance
 Workshop                                                                 Measurement, Risk & Attribition world for a
 Registration 0900                                                        memorable event comprising of a two day workshop
 Lunch c1300                                                              followed by a 2 day conference and exhibition.
 Close c1700
                                                                          IBC's PMRA event offers a comprehensive portrait of
 Conference & Exhibition                                                  your industry today and provides the very latest
                                                                          research in a variety of event formats for everyone
 Wednesday 25th
                                                                          from the Chief Investment Officer to the Performance
 Conference                                                               Analyst.
 Registration 0900
 Lunch c1300                                                              The Exhibition is entirely free and, following on from
 Conference Close c1720                                                   last year's outstanding inaugural success, promises
 Sponsored drinks reception                                               the global performance community a seminal talking
 follows conference                                                       shop and platform to educate, be educated and
                                                                          define the agenda for 2004.
 Opens 0900                                                               Peter Findlay
 Coffee & Meet the Conference Speakers 1050                               Head of Fund Management Conferences
 Product Demo 1100
 Quiz the Vendors 1530
 Sponsored Drinks Reception 1700 - 1900

 Thursday 26th                                                            “It is rare to experience this
                                                                          high quality throughout the
 Registration 0900                                                        entire conference.”
 Lunch c1300
 Conference Close c1700                                                   T Welin, Risk & Performance Measurement Dept,
                                                                          Handelsbanken Markets
 Exhibition                                                               Delegate PMRA 2003
 Opens 0900
 Coffee 1100
 Product Demonstration 1530
 FREE Conference Breakout Sessions 1600                                               Investment & Pensions Europe (IPE) is the pioneering
 Exhibition Close c1700                                                               institutional asset management magazine written for
                                                                                      Europe's leading pension funds. It is THE source of
                                                                                      information on the fast growing European investment and
 Refreshments will be served to conference                                            pensions markets. For further information, please call
 delegates & exhibition visitors throughout                               +44 (0)20 7261 0666 or visit - the free access internet site
 the event.                                                               for Europe's pensions industry.

Supporting Associations PMRA 2004
                          UKSIP is the UK                                                            ethics, standards and qualification in
                          professional body                                                          • Investment research • Asset and Portfolio
                          for       investment                                                       Management • Investment Advice. EFFAS is a
                          professionals and                                                          reliable partner in the achievement of an
                          has     over    4000                                                       integrated European financial market. EFFAS
                          members. Its main                                                          represents more than 14,000 investment
purpose is to encourage high professional                                                            professionals from 19 countries in Europe.
standards. UKSIP provides a comprehensive          PRMIA is the Professional Risk Managers'
support programme for the Chartered Financial      International Association. Founded in 2002,       Besides its European training programme
Analyst (CFA) qualification and is responsible     PRMIA currently has 43 chapters around the        CEFA (Certified EFFAS Financial Analyst)
for the Investment Management Certificate, the     world, and over 7,800 members from 2,700          EFFAS) EFFAS also grants the CIIA® (Certified
UK’s threshold competence test for investment      organisations in 105 countries. PRMIA is a tax-   International Investment Analysts) designation,
analysts and fund managers. The Society            exempt, non-profit, member-led association of     ensuring professional qualification by offering
offers an extensive range of professional          risk   professionals    dedicated    to     the   global as well as local market knowledge within
development and networking events and              advancement of the profession worldwide           its examination structure. As a global
issues the monthly journal Professional            through the free exchange of ideas about risk     designation the exams can be taken in different
Investor.                                          management.                                       languages. Through the national member
At UKSIP’s Annual Black Tie Dinner, in the                                                           societies EFFAS provides a full range of
magnificent Drapers’ Hall, members and                                                               services for capital market experts.
guests will be addressed by Sir Richard Sykes,               THE EUROPEAN FEDERATION OF
Chairman of the Twenty-First Century                         FINANCIAL ANALYSTS SOCIETIES            For further information please contact
Investment Inquiry.                                                                         or visit
The Dinner [at 7.30 pm] is preceeded with a                                                
champagne reception from 6.30pm on                 The European Federation of Financial
Thursday 26 February. Full details are available   Analysts Societies, EFFAS, is an authoritative
from or can be viewed at            counterpart    for   politicians   and     EU                                      representatives in the fields of professional

1             Register NOW at or call +44(0)1932 893 854
                                                                                                                           Intro & Workshop Agenda
 2 Day Workshop                              23rd & 24th February

   An Introduction to Performance Measurement & Attribution

Course Objective

This intensive two-day course has been designed to provide delegates with a basic foundation in performance
measurement. Delegates are introduced to attribution methodologies and risk adjusted statistics that they are
likely to encounter in their day to day roles. Practical exercises are used to reinforce the learning process.

Your Course Leader

Carl Bacon joined StatPro Group plc as Chairman in April 2000. StatPro develops and markets specialist middle
office reporting software to the asset management industry. Carl also runs his own consultancy business
providing advice to asset managers on various risk and performance measurement issues.

Prior to joining StatPro Carl was Director of Risk Control and Performance at Foreign & Colonial Management
Ltd, Vice President Head of Performance (Europe) for JP Morgan Investment Management Inc. and Head of
Performance for Royal Insurance Asset Management.

Carl holds a B.Sc. Hons. in Mathematics from Manchester University and is a member of the UK Investment
Performance Committee (UKIPC), the European Investment Performance Committee (EIPC) and the Investment
Performance Council (IPC). An original GIPS committee member, Carl also chairs the IPC Interpretations Sub-
Committee, is ex-chair of the IPC Verification Sub-committee and is a member of the Advisory Board of the
Journal of Performance Measurement.

       Course Agenda

                        Day 1                                                     Day 2

 9.00am         Registration & Coffee                     9.00am         Registration & Coffee

 9.30am         Performance Measurement                   9.30am         Risk Types
                Fundamentals                                             • Risk types in asset management
                • What is performance measurement?                         companies
                • The basic calculations                                 • Risk control v risk management
                • Dollar weighted or time weighted –                     • Risk failures
                  which is best?                                         • Ex-post, ex-ante
                • Approximations to time weighted
                  returns                                                Common Risk Measures
                                                                         • Variability, Sharpe Ratio, Information
                Practical Exercise 1                                       Ratio, a, b, Jensen
                                                                         • Fama decomposition, correlation, R2,
                Benchmark & Excess Returns                                 M2
                • Peer groups or indexes                                 • Risk adjusted performance for
                • Customised Indexes                                       Portfolio Evaluation
                • What makes a good benchmark?
                • Excess returns – Arithmetic or                         Practical Exercise 4
                                                                         Less Common Risk Measures
                Basic Attribution                                        • Sortino, Upside Potential, Hurst
                • Why is attribution important?                          • Risk calculation from 1st principles
                • Brinson Model
                                                                         Practical Exercise 5
                Practical Exercise 2
                                                                         Advanced Attribution
                Performance Measurement                                  • Frequency of analysis
                Standards                                                • Buy/hold or transaction based
                • Why are standards needed?                              • Smoothing algorithms
                • GIPS & AIMR-PPS – the basics                           • Multi -Currency Attribution
                • Achieving Compliance                                   • Why is Fixed Income Attribution
                • Common Pitfalls                                          Different?
                • Verification
                • IPC and future governance

                Practical Exercise 3
                                                             Please Note:
               Lunch c1300
                                                             Delegates will be required to bring a laptop computer
               5pm Close Both Days
               Refreshments will be served throughout        to the course loaded with Excel. Delegates will be
               the course of the day                         required to work in pairs or threes on the same laptop.

        Register NOW at or call +44(0)1932 893 854                                                2
    Conference Agenda                                     25th & 26th February

    Day 1 – 25th February                                        1230   Lunch sponsored by
                                                                        Eagle Investment Systems

0930   Opening Remarks                                           1400   The Omega Function
       Chairman: Paul Weller                                            • Risk and Return - The problem of non-normality
       Head of Performance                                              • Common factors in investment returns
       UBS Global Asset Management                                      • The Omega function explained
                                                                        And applied to:
0940   Is your business geared up to meet the                           • Corporate bonds and derivatives
       challenges of 2004? Case Study: USS                              • The Forward "Asset Allocation" Problem
       innovation competition Blueprint                                 • The Reverse "Attribution" Problem
       • Consolidation in the asset management industry                 Con Keating, Principal
       • Impact of the move to specialist mandates                      The Finance Development Centre
       • How do consultants judge fund managers?
         What do your clients expect?                            1430   Multi-asset Portfolios: Managing and
       Sally Bridgeland, Hewitt Bacon & Woodrow                         Budgeting Risk
       Peter Moon, CIO                                                  • Introduction of multi-asset problem
       Universities Superannuation Scheme                               • Volatility, correlation and time shift issues
                                                                        • Compiling and analysing the multi-asset
1020   Case study: Integrating the performance and
                                                                        • Some thoughts about the risk budget
       risk management functions                                        Richard Boardman, Director
       • Should organisation size affect the structure?                 Risk Modelling and Performance
       • Is systems investment the panacea?                             Measurement
       • The move from generalists to specialists back to               ISIS Asset Management
       • Daily stock level attribution - powerful and            1500   Case Study: Outsourcing of performance
         relatively painless                                            measurement – can it be done?
       • Short term volatility management in practice                   • What does the Performance team do? What
       Dan Gardner,                                                       should it be doing?
       Director, Portfolio Risk Management                              • Will outsourcing improve the situation?
       Martin Currie Investment Management Ltd                          • What level of outsourcing is being considered?
                                                                        • What can an outsourced team do? More
1050   Morning Coffee & Exhibition                                        importantly, what can they not do?
                                                                        • What are the cost efficiencies?
1120   Risk Management vs Portfolio Management                          • You cannot outsource reputational risk
       • Will the real alpha kindly stand                               Gary Hilldrup, Group Director of Performance
       • 1980 Revisited                                                 and Risk
       • Liabilities are an unknown                                     F&C Management Ltd
       • Beware of riskless strategies
       • A peak into the future                                  1530   Afternoon Coffee & Exhibition

       In 1980 the most popular investment strategies            1600   Breakout Sessions
       were immunisation and dedicated bond portfolio
       strategies. One promised to immunize you                         Choose 1 from the following 3:
       against risk and the other was dedicated to the
       proposition that your pension payouts would                      a) Multi-Currency Attribution
       always be matched by an income stream from                       • Currency Overlay
       bonds. It was wrong then and is wrong now. It is                 • Interest Rate Differentials
       impossible to eliminate risk. It is a risk return trade          • Revised Asset Allocation
       off that one should manage. Diversification is the               • Currency Compounding
                                                                        Carl Bacon, Chairman, StatPro
       cornerstone of any prudent strategy. The
       argument should be about how to diversify not                    b) Performance and risk measurement issues
       whether or not to diversify.                                        in the hedge fund world
       Professor Frank A. Sortino                                       • What makes hedge funds different?
       Director, Pension Research Institute &                           • New performance measures: Omega function
       Professor Emeritus                                                 and Stutzer index
       San Francisco State University, US                               • Fat tail risk and hedge funds
                                                                        Dr Jean-Francois Bacmann
1200   Performance Measurement and Attribution for                      Quantitative Analyst, &
       Derivatives and Short Positions                                  Dr Stefan Scholz
       • How to measure the return on a short position                  Head of Quantitative Analysis
       • How to measure the return on a leveraged                       RMF Investment Management
       • Worked examples for long and short futures and                 c) Aiding the fund manager in effective risk
         options                                                           budgeting – Integrating risk and return
       • Contribution calculations                                         numbers
       • Attribution calculations                                       Malcolm Kemp
       Damien Laker, Director of Performance                            Executive Director & Head of Quantitative
       Attribution Strategy                                             Research
       Barra                                                            Threadneedle Asset Management

3        Register NOW at or call +44(0)1932 893 854
1640   Champagne Roundtables                                       1200   Is daily more accurate? Meeting the daily
                                                                          valuation challenge
       Choose 1 from the following 3:                                     • Daily performance - the theory
                                                                          • Daily performance - the practice; Deutsche Asset
       a) Treating attribution as a front office tool –                     Management's experience of implementing daily
          bringing users to the forefront                                   performance systems
       Mick Brant, CEO, Russell/Mellon CAPs                               • Why move to a daily calculation basis?
                                                                          • What difficulties can you expect?
       b) Outsourcing of Investment Analytics                             • Will it be worth it for your business?
       • Investment analytics – different meanings to                     Peter Ellis, Managing Director, Performance &
         different people                                                 Client Services
       • What is driving the investment analytics outsourcing             Deutsche Asset Management
       • What asset manager segments can benefit the               1230   A Pragmatic Approach to Performance Attribution
         most?                                                            • Data Management Challenges
       • What are the concerns with this model?                           • Methodology Challenges
       • Selection criteria for choosing a provider                       • Factors To Consider
       Blair McPherson ,Head, RBC BENCHMARK, U.K.,                        • Best Practices
       Europe, Middle East                                                • Trends In The Industry
       RBC Global Services                                                Bruce Feibel, Director of Performance
                                                                          Eagle Investment Systems
       c) How do you align a risk model, performance
       measurement and attribution (both performance               1300   Lunch
       and risk) to investment decisions taken by
       managers?                                                   1430   Fixed Income Attribution – Output & interpretation
       • Is there a 'right' risk model and performance                    of results – How do you do it?
         attribution model that works for all firms and all               Paolo Balice, Director, Investitori S.G.R
         manager styles?
       • If not, what is the implication for the use of standard   1500   How are asset managers using risk measures?
         analytics and performance attribution models?                    How do you integrate equity and bond risk?
       • The impact of performance models on manager                      Neil Brown
         behaviour                                                        Global Head of Risk Management, CSAM
       S. Ramakrishnan, CEO, Reveleus
                                                                   1530   Afternoon Coffee & Exhibition

                                                                                                                                   Conference Agenda
       Drinks reception hosted by
                                                                   1600   Breakout Sessions – Choose 1 from 3 (Exhibitor
                                                                          Delegates also invited to attend)

                                                                          a) Portfolio Optimisation
                                                                          • The benefits of mean-variance portfolio
                                                                          • Estimation error and resampled efficient
   Day 2 – 26th February
                                                                          • Why good inputs are not enough
0930   Opening Remarks                                                    • Effective portfolio rebalancing
       Chairman: Paul Weller                                              • Mean-variance illusions and investment implications
       Head of Performance                                                Richard Michaud, President
       UBS Global Asset Management                                        New Frontier Advisors, LLC

0940   Panel Session: Rethinking asset management                         b) Fixed Income Attribution
       benchmarks – Impact of the move to specialist                      • Revaluation vs Duration approaches
       and ‘unconstrained’ mandates                                       • Availability of Benchmark Data
       Charles Payne, Director Statistics and Portfolio                   • How important is relative analysis?
       Management Services                                                • Is there a right way to calculate Fixed Income
       Fidelity Investments                                                 Attribution?
                                                                          • Integrating Ex-ante risk analysis
       Rick Lacaille, Chief Investment Officer, State                     Phil Hannay, Business Development Manager,
       Street Global Advisors                                             Middle Office Solutions, DST International
       John Greene                                                        c) Risk and Risk attribution for CDOs:
       Senior International Researcher                                       Joint CDO risk monitoring with consistent risk
       Northern Trust Global Investments                                     attribution to names within tranches
       Colin Morrison                                                     • Analytic derivation of the full tranche distribution
       Head of Performance & Risk Measurement                             • Evaluation of the spread risk of a CDO tranche by
       Standard Life Investments                                            an equity-driven model and consistent risk
                                                                            attribution among names inside tranche
                                                                          • Evaluation of the spread risk of a portfolio of
1030   Myners 2 years on: Impact on dealing and                             tranches and other instruments (equity, bonds,
       transaction cost analysis                                            indices) and consistent attribution among all
                                                                            constituent names
1100   Morning Coffee & Exhibition                                        • Tranche optimization on risk/reward basis, with
                                                                            respect to reference portfolio
1130   Joint Discussion: Gold GIPS: Implementation                        Damian Taras
       considerations                                                     Credit Portfolio Strategy Group
       James Hollis, Chairman                                             Dresdner Kleinwort Wasserstein
       Investment Performance Council

                  Register NOW at or call +44(0)1932 893 854                                              4
    Sponsors and Exhibitors
                               Barra has spent the           DSTi provides systems and support for unique local                        Eagle Investment Systems Corp.
                               last 27 years looking         requirements.                                                             Eagle,      a     Mellon     Financial
                               at       how        risk      HiRisk is our enterprise risk management solution                         CompanySM, provides Web-based
                               management tools              that fully integrates risk attribution across all asset                   investment systems software to the
                               can help every                classes, aimed specifically for the institutional                         financial services marketplace. Eagle
                               investment manager            investors and investment managers. For more
make better investment decisions and improve                                                                                           understands the challenges facing
                                                             information visit
performance, especially in volatile times. Providing                                                                   organisations striving to meet the increasing
leading analytics, value-added information and                                        Reveleus        establishes      demands of their customers. Supporting an
sound advice, we have helped our clients succeed                                      institutional insight to         organisation's        accounting,        performance
in the most challenging environments. That is why                                     respond to market needs,         measurement, reference data management,
10 of the top 10, and 85 of the top 100, asset                                        manage business risk and         management and client reporting, and overall
managers rely on Barra.                                      improve business performance through its suite of         investment processing functions, the Eagle solution
Barra has developed a comprehensive product suite            advanced analytics and information management             suite delivers true STP capabilities.
to provide leading financial institutions of all kinds       products. Reveleus provides the industry's only
with superior risk management technology that                metadata-driven       information      management
satisfies their unique needs. For more information                                                                                    RBC Global Services is the securities
                                                             infrastructure, coupled with a suite of integrated
visit the Barra website                                                                                                 custody         and         transaction
                                                             analytical applications for the financial services
                                                             industry. Reveleus has customers across Asia,                            management platform of RBC
                           Northfield offers and             Africa, North America and Europe. Reveleus is a                          Financial Group, the global brand
                           supports sophisticated,           business of i-flex solutions. i-flex has delivered IT     name for the businesses and subsidiaries of Royal
                           user-friendly open tools                                                                    Bank of Canada, seventh largest bank in North
                                                             solutions to more than 410 financial institutions in
                           with which investment
                                                             over 95 countries worldwide since 1992. For more          America (by assets) and 19th worldwide (by market
professionals can analyse and manage the risk and
                                                             information about Reveleus' products and services         capitalization ñ as at May 26, 03). RBC Global
return characteristics of both active and passive
portfolios. The systems are appropriate for portfolios       email us at or visit us as at           Services is Canada's largest custodian and the 10th
managed with either a fundamental or a quantitative                                          largest globally, with C$1.4 trillion in assets under
process. The services offer solutions for Asset                                                                        administration. We deliver settlement and
Allocation, Global balanced (equity and fixed                                                        Providers of
                                                                                                                       safekeeping services through an agent network that
income), Global Equity, and single country portfolio                                                 Investment
                                                                                                     anlysis           spans more than 80 world markets and provide fund
construction/optimization, risk management and                                                                         administration,      performance        measurement,
performance attribution. Northfield systems are                                                      solutions
                                                             to fund owners, financial institutions and advisors.      securities lending, foreign exchange and derivatives
used by a growing community of over 180 clients
globally. The tools and risk models are not only             We help our clients to understand their investment        support services to international fund managers.
backed by excellent client service but also                  decisions by providing services to Measure,               In addition, RBC helps importers and exporters
outstanding parties!                                         Compare, Understand and Communicate. In the               bring goods into Canada and sell their products in
                                                             UK, we measure 1596 segregated funds,                     international markets through a wide selection of
                  DST International (DSTi) provides          comprising 3777 portfolios with assets of £293            credit and trade finance services. As Canadaís
                  a comprehensive range of multi-            billion. The market value of pooled funds and charity     largest correspondent bank, RBC Global Services
                  asset investment management                investment vehicles surveyed id £195billion. Across
                                                                                                                       has relationships with more than 1,400 banks
                  solutions to over 600 clients in 55        Europe, we have 1200 clients with over e800 billion
                                                             in assets and 160 staff in London, Leeds &                worldwide, including 83 of the top 100 banks in the
                  countries. Clients range from
                  specialist single-site installations to    Edinburgh. For further information please contact:        world.
                  the largest multi-national global          Allison Langley, Head of Sales on +44 (0)20 7024          RBC Global Services has offices across Canada and
institutions with systems across all major financial         6600 or             in New York, London, Tokyo, Singapore, Beijing,
centres of the world. With 16 offices worldwide,             Please                    Sydney, Dubai and Mexico City.


For details of how you can raise your company's profile at PMRA 2004 and meet a substantial body of
the asset management community's most senior performance measurement professionals call David
Gold on +44 (0)20 7017 4038 or email There is limited stand space available.

  PMRA                                                                                                                                                            Who will you meet?
  25th & 26th February 2004                                                                                                                                       • Head of Performance
  Porter Tun Room, The Brewery, London
                                                                                                                                                                  • Risk Analyst
                                                                                                                                                                  • Performance Analyst
                                                                                D        D                                                                        • Fund Analyst
                                                                               L        L
                                                                              O        O
                                                                             S        S                                                                           • Quantitative Analyst
                                                                                                                                                                  • Portfolio Managers
                                                         D    D
                                                        L    L
                                                       O    O
                                        D             S    S                                                                                                      • Head of Client
                                      O                                                                                                                             Reporting

                      Refreshments                                                    D
                                                                                                                                                                  • Head of Statistics
                                                                                  S                                                                               • Global Head of Risk
                                                                                                                                         (from Reception foyer)

                                               D               D            D        D
                                              L               L            L        L

                                            S               S
                                                                                  O                                                                               • CIO
                                                                                                                                                                  • COO
                                                  D       D                           D
                        Area                     L       L                           L
                                                O       O                           O                    Registration                                             • Chief Executive
                                               S       S                           S
                                                                                                                                                                  • IT Director
                                                                                                                                                                  • Operations Director

5             Register NOW at or call +44(0)1932 893 854
FREE Exhibition Visitor Programme

25th February 2004
                                        Would you like to demo your product at the PMRA 2004 exhibition?
0900    Exhibition opens                Contact David Gold on +44 (0)20 7017 4038

1050    Coffee & Meet the Speakers Professor Frank Sortino leads the party of conference speakers
        greeting the exhibition visitors in the poster research area at the front of the exhibition hall.

1100    Product Demonstration Fast and Flexible Access to Performance Information, Damien Laker,
        Director of Performance Attribution Strategy, Barra

1530    Quiz the Vendors Panel & Coffee

Exhibition visitors & conference delegates are invited to put their questions to our panel of product providers

Suggested Topics
• Future of Indices
• Fixed Income capabilities
• Hedge Fund attribution capabilities                                           “The best global
• Linking risk & performance                                                    conference and
                                                                                exhibition for
Panellists                                                                      performance and
Ian Thompson, Director Business Development & Strategy, SAMs Ltd                risk to date with an
Carl Bacon, Chairman, StatPro                                                   attendance from
Anthony Howland, Chief Executive, Performa                                      top industry
Laurence Wormald, Research Director, Cor Risk Solutions                         professionals”

1700    Drinks Reception Exhibition Visitors & Exhibitors will                  Anthony Howland, Product
                                                                                Director, Performa Consultants
        have a chance to wind down and will be joined by the                    Exhibitor 2003
        conference delegates whose programme finishes
        around 1720.                                                            “The breakout
                                                                                sessions and
1730    Exhibition Keynote Speaker Steve Martin,                                roundtables were
                                                                                useful, as were the
        Head of Performance and Risk, Citisoft                                  vendor
1800 – 1900 Wines from around the World
                                                                                Neil Mackay, Consultant,
                                                                                Baring Asset Management
26th February 2004

0900    Exhibition opens

1100    Coffee Exhibition visitors and conference delegates meet and break for coffee

1530    Product Demonstration – GIM: Performance Measurement
        Sam Modi, Head of European Operations, IDS

1600    FREE Conference Breakout Sessions Exhibition visitors are invited to join the conference delegates
        in the final breakout sessions. There are 3 sessions to choose from (see conference programme) p 4
                                                                                                                      FREE Exhibition

Communications Area: Free Internet access for exhibition visitors
Research Poster Area: A fascinating display area with up to the minute
research from some of the industry's leading authorities
• Frank Sortino, Director, Pension Research Institute
• Con Keating – Omego, Principal, The Finance Development Centre
• Patrick Burns, Burns Statistics
• Richard Michaud, President, New, Frontier Advisors, LLC

                   Register NOW at or call +44(0)1932 893 854                                6
                                                                                                                                                                                               Terms and Conditions
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                            Performance Measurement, Risk & Attribution                                                                                                                        VAT: Under UK Customs & Excise Regulations delegates from all
                                                                                                                                                                                               countries are required to pay VAT on any event taking place in the
                            23rd-26th February 2004, The Brewery, London                                                                                                                       UK. Delegates will be sent information on how to claim back VAT.
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                                                                                                                                                                                               February will be subject to a service charge of £85.The full conference
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                                                                                                                                                                                               the speakers. This contract is subject to English Law.
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                                                                                                                                             DON’T MISS OUT! SPEAKERS PAPERS
     +44 (0)1932 893 854                                                      Mail: The Bookings Department                                  Not able to attend the conference? The original speakers’ papers and/or copies
Fax: Sarah Sexton                                                                   Informa UK Limited                                       of presentations provided to delegates on the day are available event if you are
     +44 (0)20 7017 4746                                                            P O Box 406                                              unable to attend. Simply send the completed booking form together with
                                                                                                                                             payment of £299 per copy, £25 extra for couriering abroad. Proceeding will be
E-mail:                                                       West Byfleet KT14 6NN                                    sent to you within 28 days of the conference date. For further information,
Would you like to be informed about products                                                                                                 contact Emma Woodward tel: +44 (0)20 7017 5502 or fax:
and servces via email? Yes ❑
                                                                                    United Kingdom
                                                                                                                                             +44 (0)20 7017 4746 or email:

 VENUE DETAILS                              The Brewery, Chiswell Street, London EC1Y 4SD, tel: 020 7638 8811, fax: 020 7638 5713, Nearest tube - Barbican or Moorgate

 DELEGATE DETAILS (for ease, attach your business card) – Please photocopy form for multiple bookings!
 (Mr/Mrs/Ms/Miss/Dr) Family Name                     zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz                                                Forename          zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz
 E-mail     zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz                                                                                             Tel    z z z z z z z z z z z z z z z z

 Fax      z z z z z z z z z z z z z z z z
          xxxxxxxxxxxxxxxxz                                                                               Job Title      zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz

 Name of Company                                         Name of Company               zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz

 Department z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z Address z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z


 City z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z x z Postcode z x z x z x z x z x z x z x z x z x z x z Country                                zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz

 VAT Reg no          zxzxzxzxzxzxzxzxzxzxzxzxz                                            Nature of Company Business zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz

 Please Tick Option                                                                                                                        Please charge my credit card
     2 Day Conference (25th & 26th Feb) = £1199 + 17.5% VAT
                                          = £1408.83/EUR2021.15                                                                     Card No
                                                                                                                                    zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzx Expiry Date _ _ / _
        2 Day Workshop (23rd & 24th Feb) = £1249 + 17.5% VAT
                                           = £1467.58/EUR2,106.60                                                                   Card Holder’s Name zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz

        £249 DISCOUNT Conference & Workshop (23rd -26th Feb) = £2199 + 17.5% VAT                                                    Signature                                                                                        Date      _ _ / _ _/ _ _
                                                               = £2583.83
                                                                                                                                    Card Billing Address zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz
        Exhibition Visitor Pass - FREE Register NOW for your FREE Exhibition Pass on-                                               z xzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz
        line at (pre-registration required)
                                                                                                                                    Contact Tel No for Card Holder: zxzxzxzxzxzxzxzxzxzxzxzxzxzxzxzxz
 Discounts available to members of supporting associations, EFFAS, PMRIA & UKSips.
 Please contact Gareth Pike for further details on +44 (0)20 7017 4055 or email                                                           Enclosed is a cheque made payable to Informa UK Ltd for further details.                                                                                             For payment by bank transfer (excl. USA & HK$)
                                                                                                                                          Informa UK Ltd, account 01825550, NatWest Bank, Colchester, Essex, UK
                                                                                                                                          Sort Code:60-06-06, SWIFT address:NWBKGB2L
                                                                                                                                    Please include delegate's name and event code BI1211 on the bank transfer
 Signature .................................................................................. Date ....../......./...........                         For further information on payment details visit
 Yes I agree to the Terms and Cancellation Conditions as stated on this form                                                 or call +44 (0)20 7017 5144 or fax +44 (0)20 7017 5064
                                                  Informa UK Ltd Registered in England and Wales No: (GB) 1072954 Registered Office: 37-41 Mortimer Street, London W1T 3JH VAT Registered No: (GB) 365 4626 36