Optimizing Hedge Fund Business Operations - FRA, LLC

Earn 15 CPE Credits

Financial Research Associates proudly presents

The Hedge Fund Business Operations Association's Annual Conference:

FinancialResearch As s o c i ate s, L LC

Optimizing Hedge Fund Business Operations Get Practical Take-Aways Directly From Leading Fund CFOs, COOs and CCOs! Jam-packed with practical, relevant strategies and guidance for achieving operational excellence in these challenging times!

Topics at-a-glance include • Regulatory Update – What’s New and What’s on the Horizon? • Tax and Legislative Update • You’re Registered (or just about), Now What? – How to Survive in a Post-Dodd Frank World • Rapid-fire IT Update – Technology Roundtable • Investor Roundtable - What do Investors Want from Their Fund Managers (Besides Outstanding Performance)? • The Increased Role of Corporate Governance and the Board of Directors • Due Diligence from All the Angles – Investment and Operational • CCO Roundtable – The Nuts and Bolts of an Effective and Cost-Efficient Compliance Program • Show Me the Money - Marketing and Fundraising Strategies in Today’s Environment • Mandatory Clearing Requirements for OTC Derivatives • SSAE 16 (aka SAS 70) – The Evolution of Internal Controls and Reporting • Preparing for and Surviving an SEC Audit – Lessons Learned from Some Recent Examinations • Successfully Addressing Key Valuation Issues • Disaster Recovery – An Ounce of Prevention is Worth a Pound of Cure • Coping with Separately Managed Accounts Platforms – Are They the Real Deal? • What New Forms and Documentations Do I Need to File? - A Preparation Survival Guide

Day two features breakout sessions…mix and match according to your preference!

January 10th and 11th, 2012 The Princeton Club - NYC Our Top-Notch Speaking Faculty- Hear Directly From Leading Investors & Funds Steven Felsenthal, MiLLBURN RiDGEFiELD CORPORATiON Matthew Zweig, CONATUS CAPiTAL MANAGEMENT Jay Freedman, ChiLTON iNvESTMENT COMPANY James C. Gange, DAviDSON KEMPNER CAPiTAL MANAGEMENT Jay Freedman, ChiLTON iNvESTMENT COMPANY Kevin P. Moran, TiEDEMANN wEALTh MANAGEMENT Nicole Segal, hERBERT L. JAMiSON & CO., LLC Brian J. Tsai, iMC ASSET MANAGEMENT Daniel Federmann, PROTéGé PARTNERS, LLC Hugh R. Lamle, MD SASS Julianne Recine, SCiENS FUND OF FUNDS MANAGEMENT Michael Hennessy, MORGAN CREEK CAPiTAL MANAGEMENT Margaret Annett, ThE ART iNSTiTUTE OF ChiCAGO Eric Lazear, FQS CAPiTAL PARTNERS James P. Rankin, PACiFiC ALTERNATivE ASSET MANAGEMENT COMPANY Craig Peretz, SiERRA GLOBAL MANAGEMENT LLC Maneesh Gandhi, EvANSTON CAPiTAL MANAGEMENT, LLC. Roy Gurny, RAMiUS ALTERNATivE SOLUTiONS Duncan Huyler, 360 GLOBAL CAPiTAL Stephen A. McShea, LARCh LANE ADviSORS LLC Evan Rapoport, hEDGECO NETwORKS Chad S. Elson, SOUTh STREET CAPiTAL MANAGEMENT LP James E. Thomas, ROPES & GRAY LLP Michael Alexander, SMARSh Brandon Nakagawa, PACiFiC ALTERNATivE ASSET MANAGEMENT COMPANY Boris Onefater, CONSTELLATiON iNvESTMENT CONSULTiNG Azam Riaz, U.S. SECURiTiES & EXChANGE COMMiSiON Richard Biegen, TiAA-CREF Michael Schwaeber, 303 CAPiTAL PARTNERS Nadya Frukter, hUDSON BAY CAPiTAL MANAGEMENT David J. Walker, FLiNTLOCK CAPiTAL ASSET MANAGEMENT, LLC John T. Ferguson, K2 ADviSORS Gerald J. Cavataio, MEADOwvALE CAPiTAL PARTNERS MANAGEMENT, LLC Maury Cartine, MARCUM LLP John Lewis, hiGhwATER William Jones, MANAGEMENTPLUS GROUP John S. Ward, EiM MANAGEMENT (USA) iNC. John V. Schrier, CACEiS (USA) iNC. Fabien Carruzzo, KRAMER LEviN NAFTALiS & FRANKEL Patrick Condello, BNY MELLON Bruce Berger, ATLANTiC iNvESTMENT MANAGEMENT, iNC. Robert Van Grover, SEwARD & KiSSEL LLP Steven D. Feldman, hERRiCK, FEiNSTEiN LLP Kara Friedenberg, PRiCEwATERhOUSECOOPERS Sidney Wigfall, BARGE CONSULTiNG -SCA GROUP Ron Kashden, PENNY- iT wORKS

Bronze

Silver

Conference Sponsors:

To Register: Call 800-280-8440 or visit us at www.frallc.com

The Conference Organizer Financial Research Associates provides the financial community with access to business information and networking opportunities. Offering highly targeted conferences, FRA is a preferred resource for executives and managers seeking cutting-edge information on the next wave of business opportunities. Please visit www.frallc.com for more information on upcoming events. The Hedge Fund Business Operations Association is an industry-run association. Our mission is to support hedge fund CFOs, COOs and CCOs and their need for networking opportunities, provide an unbiased platform to exchange new ideas, and develop a forum/clearinghouse of pertinent information about hedge fund business operations. To achieve this goal, the association focuses on providing hedge fund operations personnel with reliable and practical information through industry updates, articles, educational summits and useful web links. For more information and to join, visit the association’s website at www.hfboa.org

Get cutting-edge insight to help you fine-tune your fund’s operational strategies to ensure optimum efficiency! If you’re looking for innovative, cost-effective solutions to meet your fund’s complex operational challenges, then the Hedge Fund Business Operations Association’s (HFBOA) Optimizing Hedge Fund Business Operations conference should not be missed. We’ve teamed up with industry thought leaders and top hedge fund executives from across the country to deliver a program jam-packed with ground-breaking insight and useful take-aways that you can apply to your fund’s operational game-plan right away. Our top-notch panelists and some of the industry’s leading executives will discuss these key topics: • The real impact of Dodd-Frank and how to best survive its implications • What’s the latest on hot-button SEC issues? • Investor due diligence – how has it changed as of late? • The nuts and bolts of an effective and cost efficient compliance program • What corporate governance means to a hedge fund • The latest ruling on FATCA and what you should be doing to get ready • What do investors consider to be today’s manager “must haves”? • How technology can truly help your fund • What are the rules and responsibilities of an independent board of directors? • Fundraising strategies in today’s environment • Operational due diligence best practices • Acceleration capital – how to get that vital capital injection that your fund needs • The impact of the new mandatory clearing requirements on OTC derivatives • Surviving an SEC Audit • Best practices for various hard-to-value valuation methodologies • How good is your disaster recovery plan? • Managed accounts – the pros and cons of having one/running one • Guidance on all the new forms and documents This is not simply another hedge fund conference– it’s an industry think-tank filled with great content, exceptional networking opportunities, and a speaking faculty hand-picked by the brightest minds in the business. Start the new year getting your hedge fund’s operational game-plan a major boost! Register today! Call 800-280-8440 or register online at www.frallc.com. Sincerely,

Erin Busch

Special Appreciation to Our Advisory Board & Executive Committee Members Marc Abel, Chief Financial Officer, DABROES MANAGEMENT LP Gerald Cavataio, Chief Financial Officer, MEADOwvALE CAPiTAL PARTNERS MANAGEMENT, LLC Daniel Federmann, CPA, CFA, Senior Managing Director, Chief Operating Officer and Co-Head of Operational Due Diligence, PROTéGé PARTNERS, LLC Duncan Huyler, Chief Financial Officer, BOODELL & COMPANY Kurt Koeplin, Chief Financial Officer/Chief Operating Officer, RAiL-SPLiTTER CAPiTAL Eric Lazear, Head of Operational Due Diligence, FQS CAPiTAL PARTNERS George Roeck, Chief Operating Officer/Chief Financial Officer, ChARTER BRiDGE CAPiTAL

Who Should Attend? This conference is designed to be of specific benefit to hedge funds and funds of funds executives including: • COOs • CFOs • CCOs • CEOs • Heads of Due Diligence • Managing Directors • Controllers & Operations Managers • Internal Accountants • General Counsel • Hedge Fund Managers & Fund Directors • Investor Relations Directors The forum will also deliver timely insight to: • Fund Administrators • Due Diligence and Valuation Consultants • Prime Brokers • Technology Providers • Law Firms • Accounting Firms

CPE Credits

Erin Busch, Conference Director FiNANCiAL RESEARCh ASSOCiATES, LLC

Financial Research Associates is registered with the National Associates of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Ave. North, Suite 700, Nashville, TN 37219-2417. Web site:

P.S. Earn 15 CPE Credits!

Silver Sponsor

www.nasba.org.

herbert L. Jamison & Co., L.L.C. Jamison’s Alternative Investment Insurance Management Group is staffed by professionals who intimately understand the business risks you face in managing your fund. Our ability to clearly communicate your exposures to the insurance marketplace is critical to our success with delivering appropriate risk management and insurance solutions to your organization. Insuring Alternative Investment Managers and their Funds is something we do with great care. You can rest assured that we will deliver a professionally designed program. For over 100 years, Herbert L. Jamison & Co., L.L.C., has been the broker of choice for Professionals everywhere.

Sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. Please note that not all state boards adopted this rule. Some participants may not be able to use one-half credit increments. This course is offered as a group-live course and does not require prerequisites or advance preparation. It is an advanced level course. The recommended CPE credit for this course is 15 credits: 1.5 credits for Regulatory Ethics, 1 credit for Tax and 12.5 credits for Business Management & Organization For more information regarding administrative policies such as complaint and refund, please contact our offices at 800-280-8440. Financial Research Associates offers programs at an advanced level of continuing education. Although no prerequisite courses, experience, or advance preparation is required to participate in this program, working knowledge of general hedge fund business operations is required, as well as, prior knowledge of the program topic.

Sponsorship and Exhibit Opportunities Enhance your marketing efforts through sponsoring a special event or exhibiting your product at this event. We can design custom sponsorship packages tailored to your marketing needs, such as a cocktail reception or a custom-designed networking event. To learn more about sponsorship opportunities, please contact Kathie Eberhard at 704-341-2439 or email [email protected].


DAY ONE: TUESDAY, JANUARY 10th, 2012

12:30 – 1:45

8:00 – 8:45

Speaker: Scott Powell, Product Manager, CONFLUENCE

Registration and continental breakfast

8:45 – 9:00

Chair’s Welcome Chairperson: Sidney Wigfall, Managing Partner-Consultant BARGE CONSULTiNG-SCA GROUP

9:00– 10:15

Regulatory Update

What’s New and What’s on the Horizon? • SEC enforcement actions • Latest on SEC hot-button topics - Insider trading - Pay to play - Expert networking consultants - Custody issues - Risk-focused examination models • What’s new with the EU and other international regulatory bodies? • Structuring compensation agreements to mitigate rescissions rights and other pitfalls • Derivatives reform - How to balance the SEC, UK and EU regulations • Social media regulations Moderator: Steven Felsenthal, Chief Compliance Officer and General Counsel MiLLBURN RiDGEFiELD CORPORATiON Speakers: Matthew Zweig, General Counsel, Chief Compliance Officer, JAT CAPiTAL MANAGEMENT Keri Roberts, Sales Executive, SMARSh James E. Thomas, Partner, ROPES & GRAY LLP 10:15 – 10:30

Refreshment break

10:30 – 11:30

Tax and Legislative Update • • • •

Upcoming structure and tax issues for managers Will taxation of carried interest be coming back in the picture? Self-employment tax FATCA - A look at the most recent ruling and what you should be doing to get ready - How can the implementation process become more cost-effective? • Review of pending legislations, rulings and other developments Jay Freedman, Senior Vice President, ChiLTON iNvESTMENT COMPANY Philip S. Gross, Member, KLEiNBERG, KAPLAN, wOLFF, COhEN Maury Cartine, Partner, MARCUM LLP

11:30 – 12:30

The Nuts and Bolts of an Effective and Cost-Efficient Compliance Program • • • • • • •

A look at how successful funds have structured their compliance plan How does a manager test and monitor a compliance program? What liabilities does a CCO face? How to best wear multiple hats – CFO, COO and now CCO! The pros and cons of outsourcing compliance vs. in-house compliance The impact of various state registrations What should my compliance manual cover about social media?

James C. Gange, Chief Compliance Officer, DAviDSON KEMPNER CAPiTAL MANAGEMENT Kevin P. Moran, General Counsel, TiEDEMANN wEALTh MANAGEMENT Nicole Segal, Sr. Vice President - Co-Head, Financial Institutions Group, hERBERT L. JAMiSON & CO., LLC Moderator: Janet Murtha, Partner, wARShAw BURSTEiN COhEN SChLESiNGER & KUh, LLP

Luncheon Presentation 1:45 – 2:35

Rapid Fire IT Update – Technology Roundtable An unbiased look at innovative technology solutions for – • Portfolio management systems • Trading systems • Portfolio accounting • Cloud computing • Migration from Excel to these technology systems - When should this migration happen? - Advantages of these systems vs. Excel Brian J. Tsai, Managing Director, iMC ASSET MANAGEMENT Gerald J. Cavataio, Chief Financial Officer, MEADOwvALE CAPiTAL PARTNERS MANAGEMENT, LLC Ron Kashden, President, PENNY- iT wORKS 2:35-2:45

Refreshment break

2:45 – 4:00

investor Roundtable

What do Investors Want from Their Fund Managers (Besides Outstanding Performance)? • Decision making in the allocation process • Specific information required and timing • What are the manager “must haves” in today’s environment? - Are their vendors adequate? - What controls should they have in place – internal, risk and otherwise? • Side letters – are they good or bad for the industry? • Does size really matter? • Innovative products – what new trends look interesting? Moderator: Daniel Federmann, CPA, CFA, Senior Managing Director, Chief Operating Officer and Co-Head of Operational Due Diligence, PROTéGé PARTNERS, LLC Speakers: Hugh R. Lamle, President, MD SASS Julianne Recine, Director of Operational Due Diligence, SCiENS FUND OF FUNDS MANAGEMENT Michael Hennessy, Managing Director, MORGAN CREEK CAPiTAL MANAGEMENT Margaret Annett, Corporate Treasurer, ThE ART iNSTiTUTE OF ChiCAGO

4:00 – 5:00

The Increased Role of Corporate Governance and the Board of Directors • What does corporate governance mean to a hedge fund? - How should it look? - What can be done to make sure it really protects investors? • What are the roles and responsibilities of the board of directors? - Within the US - Outside of the US • Pros and cons of having an independent board • What’s the cost to your fund and who pays for it? • How do you select your board? Moderator: Eric Lazear, Head of Operational Due Diligence FQS CAPiTAL PARTNERS Speakers: James P. Rankin, Director PACiFiC ALTERNATivE ASSET MANAGEMENT COMPANY Craig Peretz, Chief Operating Officer/Chief Financial Officer, SiERRA GLOBAL MANAGEMENT LLC John Lewis, Director, hiGhwATER William Jones, Co-Founder and Senior Partner, MANAGEMENTPLUS GROUP 5:00 – 6:00

Day One Sessions Adjourn; Reception Immediately Following To learn more about sponsorship opportunities, please contact Kathie Eberhard at 704-341-2439 or email [email protected].


DAY TWO: WEDNESDAY, 8:15 – 9:00

JANUARY 11th, 2012

Continental breakfast

Please feel free to mix and match sessions regardless of track. Want to attend two sessions that are happening at the same time? No problem… every attendee of this conference will receive slides from both tracks. Track A

Track B

9:00 – 10:00

9:00 – 10:00

• Investment due diligence - How do you calculate alpha? - Pricing of the portfolio - Portfolio risk management • Operational due diligence - Do you have the right IT systems in place? - Checks and balances - Measuring the quality of your auditors and administrators

• A quick revisit of the Dodd-Frank Wall Street Reform and Consumer Protection Act and HOW it translates to a hedge fund’s day-to-day operations - Regulation of investment advisors - Regulation of CPOs/CTAs - Regulation of banks • Beyond registration – what are the on-going compliance issues that your fund will face? • How to cost-effectively implement these changes • Answering last minute registration questions

Due Diligence from All the Angles – Investment and Operational

Maneesh Gandhi, Vice President - Due Diligence, EvANSTON CAPiTAL MANAGEMENT, LLC. Roy Gurny, Managing Director – Head of Operational Due Diligence, RAMiUS ALTERNATivE SOLUTiONS John S. Ward, Head of Operational Due Diligence, EiM MANAGEMENT (USA) iNC.

10:05 – 11:05

Show Me the Money - Marketing and Fundraising Strategies in Today’s Environment • • • • • •

How to generate interest from new investors New product launches Generating reports for marketing materials Use of third-party marketers in a post-registration world Fine-tuning your relationships with investment consultants Acceleration capital – how to get that vital capital injection your fund needs

Evan Rapoport, CEO, hEDGECO NETwORKS Chad S. Elson, Chief Operating Officer, SOUTh STREET CAPiTAL MANAGEMENT LP 11:05 – 11:15

Refreshment break

You’re Registered (or just about) – Now What? How to Survive in a Post-Dodd Frank World

Stephen A. McShea, General Counsel & Chief Compliance Officer, LARCh LANE ADviSORS LLC John V. Schrier, Corporate Counsel, CACEiS (USA) iNC. Sidney Wigfall, Managing Partner -Consultant, BARGE CONSULTiNG-SCA GROUP

10:05 – 11:05

Mandatory Clearing Requirements for OTC Derivatives • What the new regulations will mean to your fund’s operations • What swaps will be required to be cleared • New parties involved - New clearing firms - Swap execution platforms • The impact on the life of the trade - Will it require a new system? - Transparency of data Fabien Carruzzo, KRAMER LEviN NAFTALiS & FRANKEL Patrick Condello, Head of Complex Derivatives Pricing, BNY MELLON 11:05 – 11:15

11:15 -12:15

SSAE 16 (aka SAS 70) – The Evolution of Internal Controls and Reporting • • • • •

The internal controls report – what does it involve? How do you test your internal controls? What’s the difference between various levels? How important is it for a hedge fund manager to have a SAS 70? What investors look for when reviewing an internal controls report

Brandon Nakagawa, CPA, Investment Operations Manager, PACiFiC ALTERNATivE ASSET MANAGEMENT COMPANY Boris Onefater, President & CEO, CONSTELLATiON iNvESTMENT CONSULTiNG

12:15 -1:15

Luncheon

Refreshment break

11:15 -12:15

Preparing for and Surviving an SEC Audit – Lessons Learned from Some Recent Examinations • • • • •

What to expect when the SEC comes knocking What are they going to ask? Common questions/requirements How long do I have to prepare? Best practices for storing records Considerations when conducting a mock audit - What are the downfalls?

Azam Riaz, Staff Accountant, U.S. SECURiTiES & EXChANGE COMMiSiON Richard Biegen, Chief Compliance Officer, CREF Funds and Advisers, TiAA-CREF Michael Schwaeber, Chief Financial Officer, 303 CAPiTAL PARTNERS 12:15 -1:15

Luncheon

To learn more about sponsorship opportunities, please contact Kathie Eberhard at 704-341-2439.

1:15 – 2:15

Successfully Addressing Key Valuation Issues • Is there anything new on the regulatory front? • Valuation committees - Who should be on it? - What is the role of each player? • Use of third parties • How do you effectively test valuation? • A brief look at best practices on various valuation methodologies of complex securities

1:15 – 2:15

What to do if Your Fund has Been Suspected of Insider Trading and Other Fraudulent Acts • What to do when the SEC comes knocking • What to except in an FBI raid • Other stock trading irregularities that could bring a criminal investigation (and/or hefty fine) Robert Van Grover, Partner, SEwARD & KiSSEL LLP Steven D. Feldman, Partner, hERRiCK, FEiNSTEiN LLP

Nadya Frukter, Chief Financial Officer, hUDSON BAY CAPiTAL MANAGEMENT Jerry Rosenfeld, Partner, PRiCEwATERhOUSECOPPERS

2:15 – 2:30

2:15 – 2:30

2:30 – 3:30

Refreshment break

2:30 – 3:30

Coping with Separately Managed Accounts Platforms – Are They the Real Deal? • • • • • •

True pros and cons of having one What operational “burdens” abound? Questions to ask if you’re going to launch one Conducting due diligence on various managed account platforms Additional costs and reporting requirements Will they thrive in the future?

John T. Ferguson, Chief Operating Officer, K2 ADviSORS Duncan Huyler, Chief Financial Officer, BOODELL & COMPANY

3:35 – 4:35

Easing the Hassle of K-1 Preparations • • • •

Conformity with presentation of underlying K-1s Line placement differences Working with estimated lower-tier information Allocation methodologies - Full netting - Partial netting - Navigating around lack of transparency • PFICs and K-1s – how do they differ?

Refreshment break

What New Forms and Documents Do I Need to File? - A Preparation Survival Guide 2012 seems to be the year of new forms. Save yourself a serious headache by getting expert guidance on what forms you’ll need to file and how – • Form PF • Form SH • Form SLT • Form 13H • Last but not least… The Form ADV (for those that are still there) Rory Cohen, Partner, MAYER BROwN

3:35 – 4:35

Disaster Recovery – An Ounce of Prevention is Worth a Pound of Cure • Fine-tuning your disaster recovery plan • Business impact analysis • Practical applications for business continuity - How do you virtualize quickly? - Making sure your trades keep moving • Operational differences in short term vs. long term

Rusty Helton, Asset Managent Tax, PRiCEwATERhOUSECOOPERS Steve Yardumian, Partner, wALSh, JASTREM & BROwNE, LLP

Vinod Paul, Managing Director, EZE CASTLE iNTEGRATiON, iNC. Bruce Berger, Chief Operating Officer/Chief Financial Officer, ATLANTiC iNvESTMENT MANAGEMENT, iNC. Peter W. Gaudet, President and COO, AXONiC CAPiTAL LLC Padelford Lattimer, Senior Managing Director, TURTLEBAY ADviSORY SERviCES

4:35

4:35

Conference adjourns

Important Information To Register: Fax: 704-341-2640 Phone: 800-280-8440 Online: www.frallc.com

Mail:

Financial Research Associates 18705 NE Cedar Drive Battle Ground, WA 98604

The hFBOA's Annual Conference: Optimizing hedge Fund Business Operations January 10th and 11th, 2012

The Princeton Club 15 West 43rd Street, New York, NY 10036, (212) 596-1200 If you require overnight accommodation for this conference, please contact any of the following nearby hotels to check their best available corporate rate over this time frame, or consult your local travel agent. Please note that FRA has not negotiated rates with any of these hotels. Area hotels: Mansfield Hotel – (212) 944-6050 Algonquin Hotel – (212) 840-6800 City Club Hotel – (212) 921-5500

Royalton Hotel – (212) 869-4400 Iroquois Hotel – (212) 840-3080 Sofitel Hotel – (212) 354-8844

Fees and Payments: The fee for attendance at the The hFBOA's Annual Conference: Optimizing hedge Fund Business Operations is: $2095 Please make checks payable to Financial Research Associates, and write code B794 on your check. You may also pay by Visa, MasterCard, Discover, or American Express. Purchase orders are also accepted. Payments must be received no later than January 3rd, 2012. OThER UPCOMiNG EvENTS • The 13th Annual Effective Hedge Fund Tax Practices - 11/7-8/11 • Hedge Fund Incubation and Seeding - 11/17/11 • The 5th Annual Hedge Fund Financial Reporting Master Class - 12/5/11 visit www.frallc.com

Conference adjourns

Team Discounts: • Three people will receive 10% off. • Four people will receive 15% off. • Five people or more will receive 20% off. In order to secure a group discount, all delegates must place their registrations at the same time. Group discounts cannot be issued retroactively. Group discounts cannot be issued retroactively. For more information, please call Kathie Eberhard at 704-341-2439.

SOFT DOLLAR YOUR CONFERENCE REGiSTRATiON! This FRA conference may be eligible under section 28(e) of the Securities Exchange Act of 1934 for payment via soft dollars. For further information or a Soft Dollar Application form, please visit our website www.frallc.com/softdollars.aspx. Cancellations: If we receive your request to cancel 30 days or more prior to the conference start date, your registration fee will be refunded minus a $250.00 administrative fee. Cancellations occurring between 29 days and the first day of the conference receive either a 1) $200 refund; or 2) a credit voucher for the amount of the original registration fee, less a $250.00 administrative fee. No refunds or credits will be granted for cancellations received after a conference begins or for no-shows. Credit vouchers are valid for 12 months from the date of issue and can be used by either the person named on the voucher or a colleague from the same company. Please Note: For reasons beyond our control it is occasionally necessary to alter the content and timing of the program or to substitute speakers. Thus, the speakers and agenda are subject to change without notice. In the event of a speaker cancellation, every effort to find a replacement speaker will be made.

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To Register: Fax: 704-341-2640 Call: 800-280-8440 Online: www.frallc.com

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Financial Research Associates proudly presents

Earn 15 CPE Credits

The Hedge Fund Business Operations Association's Annual Conference:

Optimizing Hedge Fund Business Operations Get Practical Take-Aways Directly From Leading Fund CFOs, COOs and CCOs! Jam-packed with practical, relevant strategies and guidance for achieving operational excellence in these challenging times! Day two features breakout sessions…mix and match according to your preference!

January 10th and 11th, 2012 The Princeton Club - NYC To Register: Call 800-280-8440 or visit us at www.frallc.com