Bernard Bachmann heads the Operational Risk Management team and is a member of the Risk Management team of RMF Investment Management, based in Pfaffikon, Switzerland. RMF is a fund of hedge funds within the Man Group whereof the Investment Management business manages approximately $42 billion. RMF is the institutional investment engine of the Man Group and manages approximately $21 billion in roughtly 200 hedge funds, which are assessed initially and on an ongoing basis primarily by two teams, RMF‘s investment analysts (HF Research) and RMF‘s risk management (RM) team.The RMF RM team consists of three teams: Corporate RM, Investment RM and Operational Due Diligence. The team consists of former auditors and senior operational controllers from large investment banks or even hedge funds.

Bachmann was hired in 2004 to develop RMF’s operational due diligence framework. His team provides investment analysts with support regarding operational matters and conducts onsite operational due diligence visits before reporting to the investment committee. Prior to joining RMF in 2004, he worked five years for KPMG as an auditor responsible for the financial and the Swiss regulatory audit of the investment bank of Credit Suisse. He has experience in performing regulatory audits in the areas of collateral management, equity finance, risk management, OTC derivatives and general management controls. Previously, he worked as a high school teacher for Economics and Law and as a research assistant for the University of Zurich.

Bachmann has a Masters degree in Business Administration and Economics from the University of Zurich. He is a qualified Swiss CPA and is a CFA charter holder.

Robert Leonard is a partner in the Investment Management Practice Group in Bingham McCutchen’s New York office, where he maintains a hedge fund practice. He has been involved with the hedge fund industry for nearly 20 years. His primary focus is the representation of domestic and offshore investment funds, investment advisers and broker-dealers.

Leonard has structured and organized numerous private investment partnerships and offshore funds, including general equity funds, arbitrage funds, global investment and emerging market funds, private equity and LBO funds and distressed company funds. He has structured many investment management arrangements and provides ongoing advice to fund managers and broker-dealers on securities, commodities and partnership issues. Leonard also counsels funds and their advisers as to the structure and organization of vehicles exempt from registration under the Investment Company Act.

Leonard received a BA from Hobart College in 1985 and a JD from Brooklyn Law School in 1985.

Mitchell E. Nichter is a partner at Paul, Hastings, Janofsky & Walker, LLP who practices corporate and securities law, concentrating on the structuring, financing, formation and federal and state regulation of public and private pooled investment vehicles, investment advisers and broker-dealers. Paul Hastings is an international law firm comprised of more than 800 attorneys in nine US and seven overseas offices.

During his more than 20 years of practice in the hedge fund and investment management industry, Nichter’s clients have included private and registered U.S. and non U.S. hedge funds, investment funds and investment companies, independent mutual fund trustees and directors, investment advisers, broker-dealers, banks, trust companies and other types of financial institutions. He has extensive experience assisting financial service businesses in dealing with federal and state regulatory authorities, and on securities and transactional matters, including acquisitions, mergers, dispositions, reorganizations and joint ventures.

Nichter received his BA from the University of California, Santa Barbara in 1981. He received his MBA and his JD, Order of the Coif, from Washington University in St. Louis in 1985. Nichter has written and spoken on numerous topics in the hedge fund and investment management areas, including the U.S. Securities and Exchange Commission’s recent attempt to require registration of hedge fund managers.

Thao Ngo is a member of Reed Smith LLP's Investment Management Group and has a corporate, securities and investment management practice. Reed Smith's Hedge Fund Practice advises clients on matters related to structuring, documenting and operating U.S.- and non-U.S.-based hedge funds. Effective January 1, 2007, the law partnerships of Reed Smith and Richards Butler will combine, forming a global top-20 law firm comprised of 20 offices, with nearly 1,400 lawyers working from 13 locations in the United States, five in Europe, and two in the Middle East. Also, on October 16, 2006, Reed Smith and Sachnoff & Weaver, a 150-attorney Chicago law firm, announced that an agreement in principle was reached to combine the practices of the two firms. The combination will become effective March 1, 2007.

Ngo has assisted clients in the development and registration of new investment companies and alternative investment products as well as the formation and registration of investment advisory firms. He has extensive experience counseling clients with respect to the formation and day-to-day operations of hedge funds, both domestic and offshore and has counseled clients with respect to CFTC rules relating to CPO and CTA registration and the formation of commodity pools. Ngo has also provided counsel to mutual fund boards, federal and state registered investment advisers and broker-dealers.

Prior to entering into private practice, Ngo was with the Securities and Exchange Commission and the Pacific Exchange, Inc. He received his BA in Finance from the University of Texas at Austin in 1989. He received both his MBA and JD from the University of San Francisco in 1994 and 1997, respectively, and is a member of the California State Bar.

Marie T. DeFalco represents investment management clients for Lowenstein Sandler, PC throughout the United States and internationally. Lowenstein Sandler, PC is a nationally recognized AmLaw 200 firm based in New York and New Jersey. It has been representing leading hedge funds and private equity funds for more than 20 years and counts among its clients more than 200 domestic and offshore investment funds, with assets ranging from $30 million to more than $10 billion.

DeFalco has special expertise in structuring business transactions to maximize the achievement of clients' goals, from both a business and tax perspective, particularly transactions involving limited liability companies and partnerships. She assists clients with the formation and operation of hedge funds and private equity funds, in the organization of joint ventures and in the negotiation of shareholder and limited liability company agreements. She is a leader in the firm's Investment Management Practice Group.

DeFalco holds an AB in Economics from Cornell University and a JD from Yale Law School. She is admitted to practice law in New York, New Jersey, and Connecticut.

Westley Chapman is the head of Operational and Business Due Diligence for Goldman, Sachs Hedge Fund Strategies LLC. The group has been in the business of finding, evaluating and investing with hedge fund managers since 1969. It manages over $15 billion for ultra-high-net-worth and institutional investors.

Chapman leads a cross-functional team charged with evaluating the operational and business risks of Goldman’s underlying hedge fund managers. He has personally visited over 170 hedge fund managers globally, including pre-funding visits to all managers funded since he assumed his role. Additionally, he maintains an extensive network of contacts among industry systems and service providers including fund administrators, auditors, independent appraisers and compliance consultants.

Prior to joining HFS, Chapman was CFO of the Investment Management Division, where he led the division’s financial management process including a strategic review of the infrastructure systems and processes supporting HFS. Prior to joining GSAM in 1997, Chapman was director of Financial Planning & Analysis at Travelers Group, focusing on its life insurance businesses, where he participated in the integration and evaluation of business acquisitions. Prior to joining Travelers Group in 1994, Chapman supported IBM as an auditor at Price Waterhouse where he led elements of the annual audit, performed control reviews of various Corporate Treasury systems and processes and participated in a number of consulting projects.

Chapman obtained an MBA in Finance from New York University in 1993 and a BA in Economics from Harvard College in 1989. He is a Certified Public Accountant.

James P. “Bucky” Canales is the chief operating officer and head of Risk for Octane Research Inc., which is wholly owned by Frauenfeld, Switzerland-based Octane Holding Ltd. Octane, with $1.3 billion in assets under management, solely focuses on the research, assessment and overall construction of funds of hedge funds and aggregating portfolios of funds of hedge funds. Octane Holding is part owned by Sanlam Netherlands Holding Ltd, a wholly¬ owned subsidiary of Sanlam Limited, a publicly traded financial services firm with $58 billion in AUM that is based in South Africa.

Canales is responsible for risk management, operational due diligence on potential fund of hedge funds investments, firm-wide technology, operations related to funds’ administration and the financial operations of the New York office. He was previously COO of Parker Global Strategies, LLC, a Connecticut-based fund of funds, from 2003-2005; and was a partner at Aletheia Research and Management, a predominantly traditional long-only manager that also manages one hedge fund, from 1999-2003. Prior to entering the financial industry, Canales spent eight years as the COO/executive vice president of agricultural and construction equipment distributor Pioneer Equipment Co. Before joining Pioneer, he spent 11 years with Claude Laval Corporation, a global manufacturer of liquid filtration equipment where he served in various sales and management positions, the last five years as Laval’s COO/EVP with responsibility for global sales and marketing.

Canales graduated from Santa Clara University with a degree in Economics. As an undergraduate he studied economics at the London School of Economics and Political Science. He is a graduate of the Stanford Advance Management College and Class 20 of the California Agricultural Leadership Program.

Fabrizio Ladi is a partner and portfolio manager at Zurich-based Systematic Absolute Return AG. SAR manages three funds of hedge funds, two of which are multi-strategy mandates and the third a single-strategy portfolio of structured credit managers. The company manages approximately $200 million in assets, in addition to having advisory and strategic relations with leading firms in the alternative industry space.

Ladi is on the primary investment committee at SAR and is in charge of the qualitative research involving manager selection and portfolio construction. Ladi is registered with the NASD and has more than 13 years of experience in the financial markets covering both trading and project management. He has a keen interest in analyzing niche strategies and early-stage managers.

James O’Hara is responsible for managing Lighthouse Investment Partners’ day-to-day operational due diligence process and team, which includes due diligence analysts and administrative assistants. Lighthouse is an SEC registered investment advisor with over $5 billion in fund of funds portfolios under management.

O’Hara is a member of the firm’s Risk Committee and he works closely with the firm’s chief operating officer in managing and planning manager CFO and operations team interviews; analyzing investment offering memoranda, financial statements, regulatory filings etc.; and maintaining communication with the managers’ CFOs. He has over 16 years of experience, including 11 years with the National Futures Association, beginning as a supervisor of Compliance and spending his final four years of service as manager of the Treasury office. Prior to joining Lighthouse, O’Hara spent five years as CFO of Kottke Associates, LLC. a clearing firm at the Chicago Board of Trade and the Chicago Mercantile Exchange. Since February 2005, he has been a member of the Business Conduct Committee at the National Futures Association.

O’Hara graduated from Northern Illinois University with a BS in Accounting. He is a Certified Public Accountant and is a member of the AICPA and the Illinois CPA Societies.

Alan Swersky is global head of Operational Due Diligence for Olympia Capital Management and is also chief operating officer of the $4.3 billion Paris-based fund of funds’ New York Office.

Current responsibilities are to supervise the Operational Due Diligence team as they perform comprehensive on-site interviews with key accounting, operational, compliance and legal personnel of prospective hedge fund investments, monitor current hedge fund investments, review all relevant fund legal and marketing documents, evaluate the fund’s management company, and build relationships among the various hedge fund service providers. Prior to joining Olympia in 2001, Swersky was a vice president of Hedge Fund Accounting at Weiss Peck & Greer, where he was responsible for the accounting and operations of various internal hedge funds. He began his career in the hedge fund business as an auditor at the firm of Goldstein Golub Kessler.

Swersky received a BA in accounting from Muhlenberg College and an MBA in Finance/Marketing from Fordham University’s Graduate School of Business. He is a Certified Public Accountant licensed in the State of New Jersey.

Timothy P. Selby is a partner in the Financial Services and Products Group at Alston & Bird LLP. Alston & Bird LLP is a full-service law firm with 700 attorneys providing a full range of services to domestic and international clients. Its alternative investment group is expert in the structuring, formation and management of hedge funds, publicly-offered and privately placed commodity pools and private equity funds.

Selby’s practice focuses on advising clients with respect to the structure, formation and management of publicly and privately offered commodity pools, domestic and offshore hedge funds, funds of funds and private equity funds. He regularly advises clients with respect to compliance with the Commodity Exchange Act, Investment Advisers Act of 1940, exemptions from the Investment Company Act of 1940, Securities Act of 1933, Securities Exchange Act of 1934, CFTC and SEC regulations, and NFA and NASD rules. Mr. Selby also advises investment managers in connection with mergers and acquisitions and the sale of equity interests.

Selby received his JD from St. John's University School of Law in 1993, an MBA from Iona College Hagan School of Business in 1990 and a BBA from Iona College in 1987. He is admitted to practice in New York, is licensed as a CPA and a member of the Government Relations Committee of the Managed Funds Association. Selby has authored numerous articles on topics of interest to investment management professionals and is a frequent speaker in the areas of alternative investments and investment adviser regulation.

Robert Birnbaum is president, chief operating officer and a founding partner of Third Wave Global Investors, LLC, a $440 million global macro hedge fund.

Until 2004, Birnbaum was a member of the Operating Committee of Columbia Management Group and served as managing director and head of Institutional Distribution and Client Service. Previously, as managing director and head of Marketing and Global E-Commerce for Credit Suisse Asset Management (1998–2001), Birnbaum was named an Impact Player of the Year by Defined Contribution News (an Institutional Investor publication). He was also a member of the Management Committee of Credit Suisse Asset Management-Americas. From 1989 to 1998, Birnbaum held a variety of posts at J.P. Morgan Investment Management, culminating with the titles of managing director and head of Defined Contribution, including systems and client service. He began his career in the investment management business with The Vanguard Group, where he was a senior product manager.

Birnbaum holds an AB from Columbia University and an MBA. in finance (with Distinction) from Wharton.

Douglas Hirsch is a founding member of Sadis & Goldberg LLC and actively represents alternative investment vehicle advisors and service providers. Douglas is in charge of Sadis & Goldberg’s litigation and regulatory group and represents litigants in many of the more notorious hedge fund failures such as Bayou, Wood River and Lipper Funds. He has successfully negotiated, litigated and resolved disputes between advisor principals in connection with buy-outs, dissolutions and issues regarding the interpretation of operating agreements and partnership agreements. Doug has lectured extensively on a wide range of alternative investment vehicle topics and is the author of “Which Offshore Advisors Must Register”, 2005 Euromoney Compliance Review Handbook, and “The SEC’s approach to the regulation of hedge funds and private equity funds”, PLC’s Cross-border Handbooks: Private Equity; 2006-07. Prior to joining Sadis & Goldberg, Douglas was associated with Schulte Roth and Zabel LLP and Lord Day & Lord, Barrett Smith. He graduated from Union College in Schenectady New York in 1987 and received his L.L.M. from Hofstra University School of Law in 1990 where he was a member of the Law Review.

Scott M. Berman is a partner at Friedman Kaplan Seiler & Adelman LLP. He currently is representing investors who lost $570 million in the Lancer Offshore hedge fund in litigation against the fund’s auditor, administrator and prime broker/custodian as well as investors who lost many millions of dollars in the Beacon Hill hedge funds in litigation against the manager, its parent and the funds’ administrator and auditor. He has obtained favorable settlements on behalf of investors who lost $230 million in the Granite hedge funds in litigation against the manager and various broker-dealers, and on behalf of investors who lost $100 million in the Manhattan hedge fund against the manager and the fund’s accountants and administrator. In addition to his litigation practice, Berman counsels hedge funds, funds of funds and investment managers. Prior to Friedman Kaplan, he was a partner at Brown Rudnick Berlack Israels LLP in New York.

Berman graduated from Emory University in 1979 and received his law degree from New York University School of Law in 1982. He is a member of the Committee on Securities Litigation of the Litigation Section of the American Bar Association and is a member of the Board of Directors and Past Chair of the Committee on Federal Courts of the New York County Lawyers’ Association.

Edward J. Stavetski joined CMG Investment Advisors, LLC, in 2004 and serves as the firm’s chief investment strategist and compliance officer. He also serves on the firm's investment committee. For the past 12 years, CMG Capital Management Group, Inc. and its affiliated companies have specialized in managing alternative investment strategies including a multi-strategy hedge fund investment program, a long/short high yield bond strategy and an actively managed asset allocation program.

Stavetski founded Pembroke Capital Management, where he was the chairman of the Investment Policy Committee and chief investment officer. Pembroke Capital manages equity, fixed income and absolute return strategies. Prior to his position with Pembroke, he was the director of Equity Research and a portfolio manager for small-cap value mutual funds at Pitcairn Trust Company. Previously as CIO at PNC Advisors, he was responsible for asset allocation and investment policies for HNW, corporate, endowment and foundation accounts. Stavetski also served as senior portfolio manager and managing director of Fixed Income at Rorer Asset Management; managing director of Radnor Capital Management; director of Research and Investments for W.H. Newbold’s & Son, Inc.; and CIO for John Hopkins University.

Stavetski received his BA in Chemistry and Engineering from West Virginia University, and holds NASD Series 7; 63; 3; and 65 licenses. He is an active member of the CFA Institute and serves as a board member and past president of the local chapter of The Financial Analysts of Philadelphia, Inc. He serves as chairman of the Professional Development Committee for the CFA Institute.

Christine Woodhouse is general counsel at Taylor Investment Advisors LP with responsibility for compliance as well as general legal matters. Taylor Investment Advisors provides independent analysis, guidance and customized investment advisory services to investors in hedge funds and select insurance products, including private placement life insurance and variable deferred annuities. It has more than $500 million in assets under management, including sub-advisory and consulting assets.

Woodhouse is a guest lecturer and has served as adjunct professor at the Morin Center for Banking and Financial Law at Boston University. She was previously general counsel to Hudson Castle Group in Tarrytown, New York, and senior corporate associate at Curtis, Mallet-Prevost, Colt & Mosle, where she represented the Airline Transportation Stabilization Board in designing and implementing its emergency loan guarantee program for the U.S. airline industry following September 11, 2001. Prior to joining Curtis, Mallet, from 1996 until 2000, Woodhouse served as attorney-advisor at the Export-Import Bank of the U.S. From 1990 until 1996, she was an associate with the firm of Powell, Goldstein, Frazer & Murphy in Washington, D.C, where she handled a broad array of federal regulatory and compliance matters.

Woodhouse received her AB with honors from Stanford University, and an MA and JD from the University of Virginia. She is admitted to practice in New York.

Bibb L. Strench as a partner at Sutherland Asbill & Brennan LLP, provides advice to registered investment companies, organizers of hedge funds and other private investment companies, investment advisers and SMA sponsors on all issues related to the operation of their business. He focuses his practice on fund formation, compliance programs and auditor independence issues. Founded in 1924, Sutherland Asbill & Brennan LLP has grown to more than 400 lawyers in six offices

Strench began his career as a staff attorney in the Division of Investment Management of the U.S. Securities and Exchange Commission, where he was principally responsible for granting exemptive orders and responding to no-action and interpretive requests under the Investment Company Act of 1940 and Investment Advisers Act of 1940. He also formerly held the position of corporate counsel at SAFECO Asset Management, Inc., an investment adviser located in Seattle, Washington.

Strench received a BA, magna cum laude, from Vanderbilt University in 1984 and a JD from the University of Virginia School of Law, 1988. He is a member of the CCH Wall Street Compliance Advisory Board, the Investment Lawyer Editorial Board and other advisory boards.