Introduction to Hedge Funds and their Structures Hedge Fund Compliance and Management Hedge Fund Trading Tactics and Performance Drivers

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2 ncreasingly more hedge funds are setting up in Malta taking advantage of the many attractive business and I regulatory opportunities available to them. Investment professionals and accountants with knowledge of how hedge funds operate are in high demand. The hedge fund profession is an exciting, stimulating and lucrative career path. The course will demystify the complex world of hedge funds. It will provide industry practitioners and hedge fund directors with a thorough understanding of the fast growing hedge fund industry. The course is divided into 3 sections: Section 1 - Hedge Fund Operations & Compliance includes topics such as the characteristic of hedge funds, their legal and operational structures and various compliance and operational issues relating to the industry. Hedge fund back office issues and jargon will be discussed at length. Section 2 - Hedge Fund Strategies will entail analyzing the many hedge fund strategies such as Global Macro, Volatility Arbitrage, Equity Long Short and many others, which will be discussed at length. Section 3 - Hedge Fund Analysis will teach participants on how to identify effective hedge fund managers and strategies and utilize risk management techniques relevant to hedge funds. Introduction to Hedge Funds and their Structures What are hedge funds, and how do they differ from traditional investment structures Who invests in hedge funds? storical hedge fund performance Overview of the varying hedge fund strategies Offshore verses onshore funds The role of the custodian, fund administrator, auditor, and prime broker Hedge fund compliance, ICCAP, and the regulatory landscape Various hedge fund compliance issues The master feeder fund and LLP The Hedge Fund domicile Hedge Fund Compliance and Management The regulation of fund management business in Malta UCITS Directive, MIFID and AIFMD Hedge funds in Malta: key regulatory considerations Hedge Fund Compliance and Management The board of directors and the management company Gates, soft and hard locks, and side pockets Offering memorandum and side letters Managed accounts and notional funding Starting a hedge fund The marketing effort and third party marketers Hedge fund fees, high water marks, and hurdle rates Research and trading Risk management Fund administration and calculating net asset values Hedge Fund Trading Tactics and Performance Drivers An introduction to various trading tactics Derivatives Shorting Futures and options trading Contango/backwardation Inter and intra market spreading Foreign exchange trading Fixed income and credit spreads Commodities and Emerging Markets

3 The yield curve The capital structure Quantitative trading Arbitrage and relative value trading Technical analysis Quantitative trading Fundamental analysis Hedge Fund Strategies Managed Futures Global Macro Convertible Arbitrage Dedicated Short Distressed Strategies Volatility Arbitrage Commodities Merger and Acquisition Event Driven Multi Strategy Equity Long Short Equity Market Neutral Emerging Markets Fund of Funds Risk Management and Hedge Fund Analysis Risk and money management techniques Analysis of various risks Leverage and gearing Portfolio diversification Value at risk (VaR) Manager and strategy selection Operational due diligence Survivorship bias Comparing returns and bench marks Sharpe, Sterling, Sortino and Calmar ratios Drawdown analysis Measuring hedge fund performance Portable alpha and beta Hedge fund replication Operational due diligence Hedge Fund Failures This course is relevant for accountants, finance professionals and students. James Farrugia joined GANADO Advocates in February 2008 and is a Senior Associate in the firm s Investment Services and Funds group. James started his career in 2001 with the Malta Financial Services Authority as a Manager within the Securities Unit and left the Authority in 2008 to join GANADO Advocates. James graduated as Bachelor of Accountancy (Hons) from the University of Malta. He was also awarded an M.A. from the same university and an MSc from the University of Reading, both with distinction. James is also a Certified Public Accountant and a Mansion House Scholar.

4 Joseph Portelli has been employed in the financial markets for over 27 years. He has been engaged in various capacities with numerous Wall Street firms including the Bank of America, Nomura Securities, Goldman Sachs, Millburn Ridgefield and Liongate Capital Management. He was employed as a foreign exchange dealer, portfolio manager, and futures and options trader for much of his career. He had been licensed in various capacities with the National Association of Security Dealers and the National Futures Association in the US. He is also licensed with the Malta Financial Service Authority and the Malta Stock Exchange. He is currently employed as Managing Director and Chief Investment Officer of FMG Funds, an emerging marker specialist. He sits on the board of the Malta Stock Exchange and other financial intuitions, and also writes regular investment related articles on the Times of Malta. He has taught courses at the Central Bank of Malta, University of Malta Consulting, and is currently a visiting lecturer at the University of Malta, Banking and Finance Department. He graduated with a BA from Baruch College, City University of New York. MIA Members: Retired MIA Members: Non-MIA Members: Students: The fee covers: 24 hours of structured CPE, coffee and the presentation in hard copy format. After the event participants can download a soft copy of the presentation from the Institute s website by: Logging into the system using the username and password Proceed to the My Purchases tab and click on the event title Downloading the presentation from the Secure Files Section at the bottom of the page A certificate of attendance will be issued at the end of each session. This is for your own CPE records. To ensure that your event materials and catering requirements are able to be provided at the event, please register by one working day prior to the event. Individual bookings: Place your booking and pay online through the MIA website. Group bookings & Retired Members: Fill in the registration form and send it by post along with payment. The booking will be processed and confirmed once payment is received. If you believe that the cheque will not reach the Institute by the closing date, then you are kindly requested to send the application form by together with a scanned copy of the cheque and present the respective cheque during the event. Participants may use the parking facilities available at Level -5. This is a multi-session event and participants are required to attend all the sessions. Cancellations for all the sessions taking place within 48 hours prior the first session will incur a cancellation fee of 50% unless a name of a replacement delegate is provided.

5 Due to the nature of this program, no refund/credit will be given after the program commences unless the cancellation is related to health reasons. In this case the Institute will be able to issue a credit note for the full amount given that the participant notifies the Institute by 9.00 of the course date. No refunds in case of no-shows. Payment in full will still be due. Ms. Sarah Bonello & Ms. Kirsten Micallef The Malta Institute of Accountants, Suite 4, Level 1, Tower Business Centre, Tower Street, Swatar Tel: , info@miamalta.org, Website: Annual Requirements: Minimum of 20 hours Structured, 5 hours Unstructured 3-year Rolling Period: Minimum 75 hours Structured of which 30 must be Core, 45 hours Unstructured