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Page last published: 5 July 2007

Citigroup Global Transaction Services
European Fiduciary Seminar
Offshore and Onshore Open Ended Property Funds, Wider Investment Powers for UCITS funds, Update and discussion on Funds of Alternative Investment Funds (FAIFs)
Wednesday 18 July 2007, 2:30pm
Citigroup, Stirling Square House, 5-7 Carlton Gardens, London SW1Y 5AD (near Pall Mall)

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Following the success of Citi's Fiduciary Services Seminars in 2005 and 2006, we are delighted to invite you to our seminar in July - click here for the location of the seminar

With the FSA's Funds of Alternative Investment Funds pending introduction, derivative usage becoming more sophisticated and the recent UK budget announcements on the taxation of property funds we invite you to attend our European Fiduciary Seminar

Overview

In the UK we have been following with interest the lobbying by the Collective Investment Funds Industry to market more alternative investment products to retail investors. With the consultation period on FSA’s Fund of Investment Funds (FAIFs) CP 07/6 ending shortly we are very fortunate to have the FSA as one of our speakers to bring us up to date with the very latest developments. Other Managers are planning to use the full UCITS investment powers to launch more sophisticated products with alternative investment strategies such as 130/30 short selling funds or absolute return funds. With this in mind we will be discussing the compliance implications and the derivative risk management processes which need to be considered when planning the product launch or changing existing investment objectives.

In Europe we are seeing an increasing number of managers launching property funds and we will be discussing which of the major markets are competitive from a tax perspective and some of the more innovative techniques, which can be used to enhance tax efficiencies We have an exciting line up of industry experts giving an overview of these opportunities to enhance our products from a practical and business perspective.

We look forward to welcoming you on 18th July.

Bronwyn Wright
European Head of Fiduciary Services Global Transaction Services

If you would like to receive an invitation to the seminar, please contact Sarah Burgess, European Corporate Events,
Email: sarah.burgess@citi.com
Tel: +44 (0)20 7508 1187
Fax: +44 (0)20 7508 7818

OR one of the following:

Sean Quinn	London	European Head of Fiduciary Services	Tel: +44 (0)20 7500 5619	sean.quinn@citigroup.com
Bronwyn Wright	Dublin	European Head of Fiduciary Relationships	Tel: +353 1 622 2791	bronwyn.wright@citigroup.com
Dave Morrison	London	Fiduciary Relationship Manager	Tel: +44 (0)20 7500 8021	david.m.morrison@citigroup.com
Iain Lyall	London	Fiduciary Relationship Manager	Tel: +44 (0)20 7500 8356	ian.lyall@citigroup.com
Francis Pedrini	Luxembourg	Fiduciary Relationship Manager	Tel: +352 45 1414 228	francis.pedrini@citigroup.com
Nicola Byrne	Dublin	Fiduciary Relationship Manager	Tel: +353 1 622 1056	nicola.byrne@citigroup.com
Daniel Mente	Luxembourg	Fiduciary Relationship Manager	Tel: +352 45 1414 492	daniel.mente@citigroup.com

Agenda

2.30 pm Tea/Coffee and Registration

3.00 pm Offshore and Onshore Open Ended Property Funds

Hazell Hallam, Senior Manager, Deloitte

· Current trends in the market for open-ended property vehicles;

· The on-going debate for a tax efficient open-ended property;

· Whether the Budget changes have an impact on the tax location of open-ended property vehicles

· Alternative strategies for property investment

3.30 pm Wider Investment Powers for UCITS funds

Kaylash Patel, Head of Institutional Business Strategy, EMEA, RiskMetrics Group

· What new strategies are we seeing under UCITS III? - e.g. 130/30 funds, Structured Products

· Limitations of Exposure monitoring for UCITS III:
- Approach for sophisticated v non-sophisticated funds
- VaR as a Measure of Leverage
- Measuring Counterparty Exposure

· Implementation - Building Blocks of a Risk Management Framework:
- Data Requirements
- Statistical Analysis
- Risk Process - DRMP

· Results:
- UCITS III Pre Trade Compliance
- UCITS III Post Trade Analysis in conjunction with spread rule monitoring

4.00 pm Break

4.15 pm Update and discussion on Funds of Alternative Investment Funds (FAIFs)

Ashley Kovas - The Financial Services Authority

· Background and Market demand Extension of NURS regime
- New fund launches
- Conversion of existing funds

· ACD responsibilities and Due Diligence approach to:
- Maintaining fund liquidity
- Pricing issues

· Concentration and Investment limits

· Interaction with other types of schemes e.g. QIS

4.45 pm Questions and Answers

5.00 pm Close followed by drinks reception

Speakers

Hazell Hallam Senior Manager, Deloitte

Hazell Hallam is a senior Manager at Deloitte’s Financial Services Tax Practice. She specializes in investment management and all aspects of the taxation of investment funds. Seconded from Deloitte, she was formerly the IMA tax advisor. During her two year tenure, she was responsible for assisting IMA Members with their tax queries and questions and for negotiating with both the HM Treasury and HM Revenue and Customs (HMRC) to obtain amendments to tax law.

Hazell contributed to the writing of a number of IMA’s initial public submissions in respect of: the introduction of International Accounting Standards (IAS) and their tax impacts; the establishment of tax efficient open-ended property funds; the ongoing review of the appropriate method for the taxation of foreign profits; and the 2006 tax treaty review. Hazell has previously spoken at other Citi seminars.

Ashley Kovas The Financial Services Authority

Ashley Kovas has been involved in financial services regulation since the implementation of the Financial Services Act 1986, at which time he was at the Department of Trade and Industry. Subsequently he worked for several fund management companies and also for KPMG Regulatory Consulting before joining the FSA in 2000. He now heads the FSA policy team responsible for collective investment schemes. He is responsible for almost all aspects of the COLL sourcebook and is increasingly involved in the wider policy debate on the regulation of investment products as a whole. Ashley is heavily engaged in the work underway to modify the UCITS Directive and is an active member of the CESR Investment Management Expert Group.

Kaylash Patel Head of Institutional Business Strategy, EMEA, RiskMetrics Group

Based in London, Kaylash Patel is Head of Institutional Business Strategy for Europe, Middle East and Africa. In this role, Kaylash has been integral to the development of RiskMetrics Group's reporting and pre-trade risk compliance requirements for UCITS III and MiFiD. Kaylash has also been working on RiskMetrics Group's Web Services offering.

Previously, Kaylash managed the EMEA Account Management Group, working with the 350+ client base on both market and credit risk solutions.
Prior to joining RiskMetrics Group as a market risk specialist in January 2002, Kaylash spent four years working at SunGard Trading and Risk Systems on the Panorama suite of products. Kaylash began his career assisting in the development of a trading system for the Bank of Tokyo-Mitsubishi. He holds a Master of Physics from University College, Oxford.

The material in this communication is for information purposes only. At the time of publication, this information was believed to be accurate, but neither Citibank nor Citicorp Trustee Company Limited makes any representation or warranty to any person as to the accuracy or completeness of the material contained herein. The material contained herein does not constitute in any way investment or legal advice or a recommendation reference or endorsement by Citibank or Citicorp Trustee Company Limited or any person or entity named herein.