Dear Friends,

After the success of the event in January 2002, Global Fund Analysis will be holding the third Excellence in Asset Management conference on January 23rd 2003 at the Royal Lancaster Hotel in London. Last year, we welcomed nearly 400 delegates to this investor forum to hear over 50 of the world's top investment managers drawn from GFA's research. We hope to equal the success of last year's event in 2003.

Excellence in Asset Management will provide a platform for top money managers to demonstrate the merits of active investment management. In the early morning, keynote speakers will address the dovetailing of alternative and traditional asset management under its newfound institutional guise. In particular, we shall focus on whether fund managers can successfully manage both absolute and relative return portfolios at the same time, and look at the implications of this for the structure of the active management industry. We will also examine the consequences of increased regulation, increased attention on leverage and shorting, and the effects of the proliferation of structured products.

From mid-morning Excellence in Asset Management will offer investors the chance to hear the views and investment strategies of some of the world's leading managers as defined by GFA's unique fund ratings. In parallel with these presentations given by individual portfolio managers, we have invited several leading academics and other commentators to give us their views about the future of active management and the role that hedge funds can play.

We look forward to seeing you in January.