EMAIL DETAILS

Info on CIC's investment process for HFs.
Arlene Busch
202-333-1880
Abusch@rosemontseneca.com


-----Original Message-----
From: "Marc Zwebner" <MZwebner@thirdpoint.com>
Date: Thu, 22 Jul 2010 23:45:46
To: <abusch@rosemontseneca.com>
Subject: Fw: Follow-up from call

Fyi

Marc Zwebner
Managing Director of Marketing
Third Point
212-224-7393 work
917-859-2368 cell
mzwebner@thirdpoint.com

________________________________

From: Stephen W Kelly
To: Marc Zwebner
Sent: Thu Jul 22 23:36:08 2010
Subject: Follow-up from call


Hi Marc,


Glad to have finally connected! Following up on our call, I’ll wait for you to check your records on Fullerton before I contact them.


Regarding CIC, the Tactical Investment Department which performs research on external hedge fund managers is currently seven people, headed by Bill Lu and with Theresa Han and Roslyn Zhang as his senior deputies. Theresa and Roslyn are Senior Managers and they split research with Theresa covering CTA, macro, and equities, and Roslyn covering event driven, credit, and relative value.


The allocation/investment process is quite simple: their team performs due diligence and if they approve it goes to the investment committee (with some internal heads-up and preparation beforehand). The investment committee is all internal CIC senior personnel (in other words there aren’t any other government related entities, SOEs, or government officials involved). If all approve there are some legal processes to go through then the allocation is made. The asset allocation department and risk management department speak with them a lot during the process and sometimes come o the due diligence roadshows but they aren’t necessarily the drivers of the process.


Certainly in the large, grand bureaucracy of CIC Roslyn isn’t one of the senior political figures but in terms of pushing along the initial research/allocation process, you are speaking with the right team and it is a necessary meeting. Other higher level “handshake meet and greet” meetings obviously have some influence and help the investment committee process but don’t override the necessity of having Bill Lu’s team do the research.


Best,

Stephen


________________________________


Stephen W. Kelly | Vice President | Prime Brokerage - Capital Introduction Group | J.P. Morgan | Chater House, 25/F, 8 Connaught Road Central, Hong Kong | T: +852 2800 7745 | F: +852 2810 0270 | stephen.w.kelly@jpmorgan.com <mailto:stephen.w.kelly@jpmorgan.com> | http://www.jpmorgan.com/primebrokerage <http://www.jpmorgan.com/primebrokerage>

________________________________


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