The Economic Society of Singapore’s (ESS) 2014 Singapore Economic Policy Forum (SEPF), 31 October 2014 (Orchard Hotel, Singapore)
“Seeking Higher Returns When Saving For Tomorrow – Be Careful What You Wish For!”
Joseph Cherian, Director of CAMRI
The SEPF is the leading annual platform for economic policy discussion in Singapore. Each year, it brings together policymakers, scholars, business professionals, students and interested members of the public to exchange views on important economic issues facing Singapore.
Prof Cherian’s “Seeking Higher Returns” presentation first explained why a goal-oriented approach to retirement funding yields the type of riskless saving and payout schemes seen in Singapore’s current retirement system. Given the current debate across the retirement world, it is also reasonable to seek higher risk-adjusted returns when saving for tomorrow. In this context, he discussed his CAMRI-based academic research on the risk and loss profile of equity and hedge fund investing for retirement. I.e., while it is definitely prudent to pursue such an investment policy in a highly diversified, low-cost risk-taking portfolio, the attendant loss profile informs the investor as to why a "safety net" portfolio in riskless (preferably inflation-indexed) assets is more important to attain in a retirement account first.
Click here to download Professor Cherian’s presentation slides.
Institute of Policy Studies’ Forum on CPF and Retirement Adequacy, 22 July 2014 (Shangri-La Hotel, Singapore)
“Balancing Returns, Risks, Facts and Fallacies: Observations on a Worry-free and Sustainable CPF System”
Joseph Cherian, Director of CAMRI
Joe Cherian’s presentation attempted to separate the facts, myths and urban legends surrounding the CPF system today and explained why a goal-oriented approach to retirement funding yields the type of saving and payout schemes seen in the current system. It discussed the system’s shortcomings, and suggested ways to improve it. The presentation was set within an appreciation of the three fundamental concerns about retirement funding which are first, that retirees receive a reasonable level payout every month; second, that the payouts should last for as long as one lives; and third, that the payouts are indexed to mitigate the effects of inflation. Suggestions for improving the CPF system must therefore address longevity and inflation risks more directly, and improve the home monetisation program to ensure basic retirement adequacy for all.
Various issues were raised at the Forum, which featured Deputy Prime Minister Tharman Shanmugaratnam and Manpower Minister Tan Chuan Jin. Joe Cherian, who was one of the panellists, also felt that there is a need to keep CPF funds for retirement and other uses separate, to reduce the temptation of tapping on one’s retirement savings.
Click here to read the article by Professor Joseph Cherian, which was carried by IPS Commons.
Media-related news (as of 1 August 2014):
- CPF: The hot button issues (Channel NewsAsia)
- How to improve the CPF: Experts’ take (Straits Times)
- Raise withdrawal age for the young, gradually (Straits Times)
- Reduce amounts allowed for buying property (Straits Times)
- Talkback: ‘Live’ interview on CPF (938Live)
- 专家：避免添困惑 若提供更多公积金高回报选项 应简单明了 (Lianhe Zaobao)
- Singapore Tonight: 'Live' interview on CPF (Channel NewsAsia)
- Is ‘generous’ use of CPF funds a threat to retirement adequacy? (Today)
2014 CARE Conference, 9 - 10 June 2014 (Hong Kong)
Understanding China’s Capital Markets
This conference is by-invitation only and co-organised & co-chaired by Gary Biddle, University of Hong Kong, Louis Cheng, The Hong Kong Polytechnic University and Joseph Piotroski, Stanford University Graduate School of Business.
MONDAY 9 JUNE 2014 Panel Session 3: Active Investing in Asia / China Roundtable
Session Chair: Joseph Cherian, Practice Professor of Finance and Director of CAMRI, NUS Business School
- Chris Gradel, Founder, Managing Partner and CIO, Absolute Returns, PAG
- Jingsheng Huang, Partner, TPG Growth and RMB Funds
- Jay Luo, President, Dymon Asia
- Pooja Malik, Co-Founder and Partner, Nipun Capital
- Oliver Weisberg, Managing Director & Partner, Citadel
Video sessions from the conference can be viewed at:
5th Annual The World Islamic Banking Conference: Asia Summit, 2 - 4 June 2014 (Pan Pacific Hotel, Singapore)
Panelist, Panel Discussion "New Research Directions Roundtable: Implications for Industry Practices"
Dr Emir Hrnjic, Director of Education and Outreach, CAMRI
Dr Emir was one of the panelists of the World Islamic Banking Conference: Asia Summit on Day 1, in the New Research Directions Roundtable: Implications for Industry Practices. Dr Emir shared with the audience his views that the Islamic Finance Research is a niche area in finance research, but it has a potential to enter mainstream finance. Traditionally, Islamic Finance mimicked conventional finance and researchers used conventional finance theory to help explain Islamic Finance phenomena. In order to bring Islamic Finance research to the mainstream, Dr Emir thinks that we need to use the Islamic Finance framework to advance conventional finance knowledge (not the other way around).
The 2nd Asia Investment Management Summit for Insurance, 25-26 November 2013 (Marina Mandarin Hotel, Singapore)
Moderator, Panel Discussion "The Lure of Outsourcing your Satellite Asset Classes" & Chairman, Day 2 of the Conference
Dr Emir Hrnjic, Director of Education and Outreach, CAMRI
Dr Emir was the moderator of the main conference event on Day 2, which was a panel discussion on the outsourcing of Satellite Asset Classes for Investment Managers in Insurance. Dr Emir also served as the Chairman of Day 2 of the conference. The Panellists were James Hughes, Group Chief Investment Officer, Group Insurance, HSBC Holdings; Patrice Conxicoeur, Managing Director, Global Head of Insurance Coverage, HSBC Global Asset Management (Hong Kong); and Nick Good, Managing Director, Head of Strategy and Business Development, Asia-Pacific, BlackRock. The panel discussion centred on how the low yield environment affects insurance companies and affiliated investment managers, what are the objectives, benefits and concerns of outsourcing, and how to evaluate investment managers.
Asia Institute’s Southeast Asia Peer Roundtable, 10-11 June 2013 (Mandarin Oriental, Singapore)
“The ASEAN Community Outlook In a Rapidly Changing World”
Dr Brian Fabbri, CAMRI Visiting Research Fellow and Managing Director of FABBRI Global Economics
Institutional Investor’s Asia Institute members, comprising of asset management leaders in Asia, had an opportunity to discuss the growing range of challenges and opportunities in Southeast Asia in a series of panel discussions, workshops, and breakout groups. In his macroeconomic address, Dr Brian Fabbri discussed ASEAN’s macroeconomic and policy outlook for this decade, and his prognosis of its economic, financial and trade interactions with the U.S., Europe, China and the rest of the world.
Click here to download the Asia Institute Roundtable presentation by Dr Brian Fabbri.
CAIA Singapore Chapter and NUS Business School (CAMRI) Joint Educational Event, 27 February 2013 (STI Auditorium, Capital Tower, Singapore)
As part of the NUS Business School - CAIA Partnership, CAMRI Visiting Research Fellow, Dr Brian Fabbri, Managing Director of FABBRI Global Economics, spoke on “The Financial Fallout from Global Political Turmoil” at the CAIA Singapore Chapter and NUS Business School (CAMRI) Joint Educational Event. A recent survey of global investment fund managers revealed that they are more optimistic and taking on more risk in their portfolios than any time since the last recession. However, forecasts for 2013 world economic growth are not supporting their investment optimism. Moreover, political turmoil adds another dimension of risk to investment portfolios and to business optimism. Economic conditions in the developed world look slightly better than they did at this time last year, however economic growth in the US, UK, EU and Japan is expected to be much less than normal as the cyclical recovery lags and fiscal austerity decreases growth prospects. Since financial markets are highly synchronized, country specific risks will easily spread throughout the world. Dr Fabbri discussed several outstanding political risks that will have some effect upon global economic growth and investment returns in 2013. He also provided five specific investment themes in light of the current global economic, business and political conditions. Dr Fabbri’s talk was followed by a Q&A session moderated by Professor Joseph Cherian of CAMRI. Around 40 members of the CAIA local chapter attended this event.
Click here to download the presentation by Dr Brian Fabbri at the NUS Business School – CAIA Educational Event.
SuperInvestor Asia 2013, 28 - 30 January 2013 (Shangri-La Hotel, Singapore)
SuperInvestor Asia is the leading private equity and venture capital conference that brings together local and international LP and GP communities with a global investing audience. Topics covered at SuperInvestor Asia 2013 included the changing dynamics of the LP/GP relationship, expert opinions on aspects of PE investing, specifically in the Asian economies, how much capital this region can absorb & how investors can benefit from the integration initiatives within the ASEAN region, and “key man” risk, i.e., what GPs can do to reassure LPs of the stability of their investment team.
GLOBAL MACROECONOMIC ADDRESS
"Global Macroeconomic Challenges & Their Impact On Capital & Portfolio Flows In Asia”
Joseph Cherian, Professor of Finance (Practice), Director, Centre for Asset Management Research & Investments (CAMRI)
In his kick-off address, Joseph Cherian gave a global macro overview of the European, American and Asian economies, and then opined on the structural challenges ahead, the class warfare with respect to the divide between the haves and have-nots, and the retirement finance problem that lies ahead. He wrapped up with an overview of the state of the private equity and hedge fund markets.
Invest, Save and Impact Seminar: "Strategic Investment Planning in These Turbulent Times", 6 December 2012 (Hotel Rendez Vous, Singapore)
Given the macroeconomic challenges the world is facing post the global financial crisis, the importance of investing strategically and prudently cannot be emphasized enough. Prof Joseph Cherian talked about modern asset allocation methods, which include investing in unique asset classes, such as alternative investments, innovations, or structured products with the appropriate guarantees, in this current, globally inter-twined capital markets and low-yield environment. Dr Brian Fabbri, CAMRI Visiting Research Fellow, explored today’s powerful trends that will increasingly affect investment returns. These include increased globalisation, the non-traditional stimulative monetary policy currently pursued by all the major central banks, much stricter fiscal policy in Europe and the widening income and wealth disparity in developed and emerging countries.
Click here to download the presentation by Professor Joseph Cherian and Dr Brian Fabbri at the Invest, Save and Impact Seminar.
Distinguished Lecture at Financial Technologies Group: "Innovations in Fund Management", 22 November 2012 (FT Group’s Exchange Square Building, Mumbai, India)
Professor Joe Cherian gave a Distinguished Lecture at Financial Technologies Group’s Knowledge Management Centre (FTKMC) on the topic, "Recent Innovations in Fund Management". Given the macroeconomic and demographic challenges the world is facing, the importance of investing strategically and prudently cannot be emphasized enough. Prof Cherian talked about dynamic asset allocation methods, which include investing in unique asset classes, such as alternative investments, innovations, or structured products with the appropriate guarantees. He particularly addressed the need for appropriate products for retirement investing, and the importance of public-private partnerships in addressing the Life-cycle saving and investing needs of Asian investors. This Distinguished Lecture took place on Thursday 22 November 2012 at FT Group’s Exchange Square Building, Mumbai, India. The audience comprised MBA students, staff, and fund management guests of FTKMC.
Click here to download the presentation by Professor Joseph Cherian at the Financial Technologies Knowledge Management Center’s Distinguished Lecture Series.
Indian Pension Fund Congress, 20 November 2012 (Trident-Oberoi, Mumbai, India)
India’s pension fund sector has recently allowed foreign investment in the pension sector, giving global players access to a small part of the US$357 billion in Indian pension assets under management. These assets are expected to grow quickly as more people join the organised workforce. The Indian Pension Fund Congress discussed investment strategies, benchmarks, risk management, diversification and diverse investment structures that can be used to maximise returns. It also provided a platform for fund managers and asset managers to access investment opportunities in the pension sector. Professor Joseph Cherian gave a talk on asset allocation and hedge fund strategies in long-term portfolios, covering issues such as dynamic asset allocation, the role of alternative investments in portfolios, successes and failures in the hedge fund industry, what factors and drivers explain hedge fund returns, and strategies Asian hedge funds are excelling at. This was followed by an Executive Panel Discussion entitled, “Daring to be different: Non-traditional asset allocations” where topics such as investing in non-traditional asset classes, adopting a long term view for managers and investors, and correlation, concentration and conviction, were discussed by Vineet Rai, Managing Director, Aavishkaar Capital Management and Prof Joseph Cherian, Director of the Centre for Asset Management Research & Investments (CAMRI). The event was held on 20 November 2012 at The Trident-Oberoi, Nariman Point, Mumbai, India
Institutional Investor: Asia & Middle East Government Funds Roundtable, 15 – 16 November 2012 (Four Seasons Singapore)
Many, though not all, hedge funds have had a tough time of it over the last few years, both from an investment and business perspective. Key questions have surfaced over which hedge fund strategies, many of which tend to be short term in nature, can be relied upon. How do investors evaluate hedge fund performance, how do they balance the use of hedge funds with traditional investments, and indeed what constitutes a hedge fund in the current environment? CAMRI’s Professor Joseph Cherian and other experts present at Institutional Investor’s Asia & Middle East Government Funds Roundtable wrestled with the ‘identity crisis’ for hedge funds, discussed recent performance for the sector, and recommended the best employment of hedge fund strategies by government funds, by participating in a panel discussion entitled, “Prospects for Hedge Fund Performance Post-Crisis: All Weather Performance or a Deficient Frontier?” Prof Cherian was given 10 minutes to lay the stage by speaking on “The state of the hedge fund world”, after which he and Mr Stephen Glover (Moderator), Executive Director, Institutional Investor (London), Mr Shahid Ikram, Chief Investment Officer, Fixed Income Aviva Investors (London), Mr Guan Seng Khoo, Vice President, Risk Management, Alberta Investment Management Corporation, (Edmonton, Canada) and Mr James-Keith Brown, Partner, Och-Ziff Capital Management (New York) participated in the panel discussion. Institutional Investor’s Asia & Middle East Government Funds Roundtable was held from 15 – 16 November 2012 at the Four Seasons Singapore.
Click here to download the abbreviated version of Professor Joseph Cherian’s talk during the panel discussion at the Institutional Investor’s Asia & Middle East Government Funds Roundtable.
CITICS-Citadel Global China Roundtable (GCR), 12 – 14 November 2012 (Hong Kong Jockey Club, Beijing, China)
The Third Annual Global China Roundtable (GCR), jointly hosted by CITICS and Citadel, with special guests, Chairman Dongming WANG of CITICS and Mr. Kenneth C. GRIFFIN, Founder and CEO of Citadel, saw attendees such as chief investment officers, department heads, and CEO/CFOs of some of the world's most prominent sovereign wealth funds, family offices, pensions and corporates. The GCR also attracted government and business leaders from China and the U.S. This year’s GCR saw a series of events and panels addressing global economic and geopolitical issues, as well as presentations on Citadel’s and CITICS’ history, current businesses and plans for the future. Professor Joseph Cherian of CAMRI chaired a CEO Panel Discussion entitled, “Managing Growth in China: Views & Perspectives from the Top”. Amongst other issues, the Panel discussed:
1. The real estate market in China, its role on the stability of the country’s economy, recent policy changes and the issue of affordability;
2. The “green shoots” in the Chinese economy, what they have been and how durable they will be;
3. The real economy, inward/outward FDI trends vis a vis China, political transition and the long-term outlook;
4. And finally, best practices and expert views on improving quality and patient safety, reducing costs of health care, and opportunities in hospital and patient care for investors.
The CEO Panelists included Dr. Yehong Zhang, Simcere / Merck (China) Pharmaceutical’s CEO, Mr. Harry Lu, Century 21 China Real Estate’s Vice Chairman of the Board, Dr. Jonathan Garner, Morgan Stanley’s Chief Asian Strategist, and Dr. Dajiang Guo, CITICS USA’s CEO. The GCR was held from 12 – 14 November 2012 at the Beijing Hong Kong Jockey Club, Beijing, China.
MSCI Barra / Employee Provident Fund “Best Risk Management Practices” Training Workshop, 8 November 2012 (Intercontinental Hotel, Kuala Lumpur, Malaysia)
This one-day event saw the Employee Provident Fund of Malaysia (AUM: US$160 billion) and MSCI Barra teaming up to host a “Best Risk Management Practices” workshop for Asset Owners and Managers in Kuala Lumpur. The sessions primarily focused on how one could use MSCI Barra analytics – a tool which the CAMRI Lab utilizes heavily in its educational and student managed fund activities – so as to “improve the analysis of portfolio information, identify and control sources of risk, reduce unintentional bets and take corrective action, evaluate performance by attributing returns using a range of attribution methodologies, and gain process control and scale by using a range of views and workspaces.” Prof Cherian spoke on asset allocation, on the role of alternative investments in a retirement portfolio, and on integrating risk management into an equity portfolio construction process. He shared his experience teaching the Applied Portfolio Management module at NUS Business School as well as on the recent launching of the Student Managed Fund at CAMRI.
Future of Financial Markets Summit (FOFM), 21 – 22 March 2012 (The Taj Mahal Palace, Mumbai, India) and 23 March 2012 (The Oberoi, New Delhi, India)
The Future of Financial Markets is an annual thought leadership summit conceptualized by the Financial Technologies Group in India, which is devoted to generate the best ideas and thinking on how to bring markets closer to the people and play a useful role in their progress. It also reiterates the need for a continuous dialogue and discussion amongst thought leaders from the industry and the academy that is relevant for enhancing and enlarging the scope of the economy and the empowerment of its numerous stakeholders. Financial Technologies has played a pioneering role in creating state-of-the-art architecture that has made financial markets inclusive and efficient to penetrate the length and breadth of the country. The Singapore Mercantile Exchange (SMX) is a Financial Technologies Group-promoted exchange industry venture.
Although Asia was able to spring back to growth soon after the crisis, concerns on growth continue to persist owing to the growing uncertainties in the global economy and financial markets. Worries on aspects such as inflation, financial stability, and corporate performance continue to engage attention. In this context, Professor Joseph Cherian participated in a panel discussion that discussed important aspects governing the Asian financial markets from the developments in global economy and finance. He specifically spoke about how the developments in global financial markets following the systemic crisis had thrown up several challenges to the practice of asset management. While the conventional methods in asset management raised issues, new opportunities are emerging on the back of the growth dynamics in various Asian economies. Such a development requires innovative thinking on the scope of asset management, and also the range of instruments and related products relevant to the diversified structures of the Asian markets.
Click here to download the abbreviated version of Professor Joseph Cherian’s talk during the panel discussion.
The panel discussion was written up as “Panel: Asian Financial Integration” in a special issue of Macroeconomics and Finance in Emerging Market Economies, on ‘Emerging Markets and Capital Flow Volatility’, A. Goyal, S. Sarkar and S. Mallick (Editors), Vol 5(2), September 2012.
Professor Cherian was also interviewed by India’s Business Standard newspaper about the level of fees charged by active asset managers and hedge fund managers. Click here to download the interview with Professor Cherian, which appeared in the March 26th issue of the Business Standard.
Cornell Asia Alumni Leadership Conference, 16 - 17 March 2012 (The Mira, Hong Kong)
About 80 senior alumni from around Asia gathered in Hong Kong for the Cornell Asia Alumni Leadership Conference held from 16 - 17 March 2012. Given the macroeconomic and regulatory challenges the world is facing post the global financial crisis, the importance from a global perspective of a good dialogue about capital market opportunities and risks in Asia cannot be emphasized. To that end, Professor Joseph Cherian, Director of the Centre for Asset Management Research and Investments (CAMRI) at the National University of Singapore, participated in a panel discussion on March 17, which among other things, discussed the issues global investors are facing when looking to Asia, as well as the cyclical and secular trends that most influence investors’ views today. Topics discussed included the slowing growth globally, demographic trends and the aging population in Asian countries, rising inflation, fiscal problems, overexposure to problems in other parts of the world, like the Euro crisis, and innovative financial products for retirement.
IPARM China Summit 2011: Developing Effective Performance and Risk Management Strategies to Facilitate the Rapidly Growing Chinese Investment Management Market, 30 November – 1 December 2011 (Renaissance Shanghai Pudong Hotel, Shanghai, China)
IPARM Southeast Asia 2011: Investment Performance Analysis & Risk Management, 16 – 17 August 2011 (Grand Copthorne Waterfront Hotel, Singapore)
Professor Joseph Cherian presented "Liquidity Risk Modeling Within the Investment Management Context" during plenary sessions at the IPARM Southeast Asia 2011 and the IPARM China Summit 2011. With the volume of investments in Asia increasing rapidly with the region’s economic growth, it is crucial that performance and risk management best practices are implemented to ensure maximum investment returns. In addition, investors are continually looking into a wider range of investments thus inevitably increasing the complexity of their portfolio. A recent area of concern – and analysis – in both financial economics and capital markets has been liquidity. Broadly speaking, liquidity is the ease with which a financial asset can be traded. In his presentation, Prof Cherian provides empirical evidence in support of a more-refined version of liquidity. His results strongly validate the notion that liquidity affects financial market performance, and, as a consequence, it has implications for both portfolio construction and risk management. The approach also permits the identification of different market regimes in terms of aggregate liquidity. Thus, it also has the potential to displace other traditional indirect proxies of liquidity in standard asset pricing tests. Finally, by using the liquidity measures developed here, the rationale for a profitable liquidity trading strategy is derived. These events were attended by asset/fund managers, institutional investors, insurance companies and private banks. Prof Cherian also chaired Day Two of the IPARM China Summit 2011, which covered quantitative investment and risk management techniques for portfolio managers, as well as the increased usage of derivative and ETF strategies in China.
Click here to download the presentation by Professor Joseph Cherian at the IPARM China Summit 2011.
Institutional Investor’s Asia & Middle East Government Funds Roundtable, 18 November 2011 (Four Seasons Hotel, Singapore)
CHALLENGES, FRAGILITIES AND OPPORTUNITIES
In a very short space of time, Asia has become the growth hub of the world economy, while the Middle East remains a major capital generator. Yet problems abound elsewhere, posing unique challenges for government investors from these regions. A major lesson of the financial markets shock is that the capacity of governments and policymakers to intervene effectively in markets is waning, with the result that fiscal and monetary imbalances have actually deteriorated in the last three years. Meantime, sovereign debt crises and recession fears in the West have severely impacted stock and bond markets. At the roundtable, delegates explore whether the current environment is predominantly one of challenge or of opportunity. They test the proposition that investors are better prepared this time around, and that strengthened governance, new forms of collaboration and the ability to take longer term risks will be sufficient to achieve required performance targets. Professor Joseph Cherian of CAMRI spoke and served as a panelist during the panel discussion covering the role of hedge funds in a diversified portfolio, which have come under intense scrutiny following the 2008 crisis, when many strategies proved more correlated to the broad market than anticipated. It has even been argued that viewing hedge funds as a separate asset class ignores the consequences of their exposures on the overall portfolio. The panel compared notes on the pros and cons of their own experience with hedge fund investing, and whether investors are shrinking, continuing or indeed expanding their allocations to hedge funds and absolute return strategies. The panel also addressed the best ways to measure the risks associated with individual hedge funds, and how to identify and select the most consistent managers.
Click here to download the presentation by Professor Joseph Cherian
Fiduciary Investors Symposium, 23 - 26 October 2011 (Shangri-La China World Hotel, Beijing, China)
Institutional investors from 17 countries with combined assets of US$3 trillion gathered in Beijing for the Fiduciary Investors Symposium held from 23 - 26 October 2011. As global markets become more inter-twined, there is an impetus for Chief Investment Officers (CIOs) globally to connect, collaborate, co-invest and challenge existing norms. The Fiduciary Investors Symposium in Beijing focused on investment strategies, interactions, and implementation for the world's largest pension and sovereign wealth funds, multi-managers, insurance funds, academics and asset consultants. Through these interactions, there is the potential to influence global outcomes with fresh perspectives and innovative ideas. In effect, this Symposium is a "mini-Davos for the global institutional investment community". Presenters in the content-rich program included Professor Joseph Cherian, Director of the Centre for Asset Management Research and Investments (CAMRI) at the National University of Singapore, who moderated the panel session on “Institutional Risk Management - Revised and Reframed”, as well as chaired the session by Mr Anthony Neoh, a member of the China Securities Regulatory Commission’s international advisory board, who educated delegates on the regulatory and legal landscapes of fiduciary investment in China. The event was fully covered by Top1000funds.com, the news and analysis site for the world’s largest institutional investors. Top1000funds.com is published by Conexus Financial, a specialist publishing and events company which concentrates on the institutional and advised investment markets around the world.
Schroders 3rd Official Institutions Seminar, 21 October 2011 (Pan Pacific Hotel, Singapore)
This exclusive annual event was held specially for officials from central banks, sovereign pension funds, state investment corporations and government agencies in Asia. The purpose of this seminar is to provide technical training across a gamut of investments in multi-asset, fixed income, equity and alternatives. The training seminar was conducted by Schroders investment specialists sharing their expertise on the rudiments of investments, as well as distinguished guests, academics and leading global professionals who shared their insights on some of the new trends and challenges in investing in 2011 and beyond. In a Round Table discussion entitled “Alternative Investing - Constructing Inflation Hedges”, Professor Cherian spoke about how Asian nations can tackle their inflation, worker and retiree concerns by financially engineering new inflation-indexed products and strategies. He pointed out that such products, including inflation-linked life annuities, should fundamentally comprise the retiree (1) receiving a reasonable level payout every month, (2) which lasts for as long as he or she lives, and (3) which is indexed to the cost of living.
Click here to download the presentation by Professor Joseph Cherian.
CITICS-Citadel Global China Roundtable (GCR), 11 – 13 October 2011 (Hong Kong Jockey Club, Beijing, China)
The GCR is an annual by-invitation roundtable event featuring leading industry players from both the buy-side and sell-side, as well as academics and government officials from China and around the world. The focus was on issues related to the Chinese economy in particular, and the global economy in general. Interactive discussions, panel sessions, and presentations revolved around the investment opportunities, challenges and trends in China given the current turbulent financial markets. Professor Joseph Cherian of CAMRI presented his paper, “Thoughts on Asset Allocation,” as well as moderated a panel discussion on “The Recent Trends in Alternatives Investing,” which featured the CIO of a large US foundation and the Asia head of a leading independent consultancy on hedge funds and alternative investments. The GCR was held from October 11 - 13, 2011 at the Beijing Hong Kong Jockey Club, Beijing, China.
Click here to download the presentation by Professor Joseph Cherian.
NBER 22nd Annual East Asian Seminar on Economics, June 24 – 25, 2011 (CCER, Beijing, China)
Professor Joseph Cherian of CAMRI presented his paper, “Worry-free Inflation-Indexing for Sovereigns: How Governments can Effectively Deliver Inflation-Indexed Returns to Their Citizens and Retirees” at the 22nd Annual East Asian Seminar on Economics (EASE-22) held in Beijing, China. Professors Takatoshi Ito and Andrew Rose organized the EASE-22, which was jointly sponsored by the National Bureau of Economic Research, China Center for Economic Research, Tsinghua University, Australian National University, Chung-Hua Institution for Economic Research, Hong Kong University of Science and Technology, Korea Development Institute, National University of Singapore, and Tokyo Center for Economic Research. The seminar was held from June 24-25, 2011 at the National School of Development at Peking University, CCER, Beijing, China.
The Future of Life-Cycle Saving & Investing: Conference on Financial Education and Consumer Financial Protection, May 23 - 25, 2011 (BU, Boston)
Professor Joseph Cherian participated in the Boston University School of Management’s Conference on Financial Education and Consumer Financial Protection, sponsored in collaboration with the Federal Reserve Bank of Boston and the Research Foundation of CFA Institute. Consumer Financial Protection and the Way Forward. He spoke and paneled in the session that discussed how financial instruments should be marketed to consumers, as well as regulated, so as to minimize the potential for harm to buyers, yet without stymieing innovation or creating incentives for regulatory arbitrage. In particular, as to whether suitability rules should be more stringent for financial products sold to less educated low- and middle-income households, and the role of the government in providing guaranteed, inflation-indexed products to retirees. While lax regulation may bear much responsibility for the subprime crisis, most observers at the conference agreed that consumer protection has not kept up with the rapid pace of innovations in financial products The conference was held at the BU School of Management located in Boston from May 23-25, 2011.
NUS Students' Fund (NUSSF) Financial Talk, 8 February 2011 (LT31, NUS)
to download the presentation by Professor Joseph Cherian.
FT Global Events, 2 November 2010 (Hilton Hotel, Singapore)
Enterprise Risk Management: Establishing Confidence As The Financial Crisis Continues
CAMRI’s Professor Joseph Cherian offered insights as a speaker at the fourth annual Enterprise Risk Management Thought Leadership Series, hosted by Financial Times Global Events in association with The Banker magazine and SAS, on 2 November 2010 in Singapore.
Click here to download the presentation by Professor Joseph Cherian
The NUS Business School - The Business Times CEO Luncheon Series, 25 February 2010 (Mochtar Riady Building, NUS Business School)
The Currency Dilemma - Media Coverage
The last quarter of 2009 saw the continuing fall of the US dollar. However, the US dollar seems to be strengthening in the early weeks of 2010. Where is the dollar headed? What is its impact on Asian currencies? Is holding the dollar a risky proposition? How should businesses react when facing dollar volatility? Are there structural adjustments that can be made so that the world economy can be more resilient? Over 60 CEOs were present to listen to our panel as our experts discussed and debated over these pressing questions.
NUS Students' Fund (NUSSF) Financial Talk, 22 January 2010 (LT27, NUS)
Financial Management: Theory & Practice
Before we begin our careers and earn our first paycheck, it is important to know how to handle our money. How should we allocate our financial resources? What are the various ways to grow our wealth, and what are the risks involved? How should we invest our savings? We will be discussing the above questions during our talk, and how they apply to the lay person. We will also be analyzing the job and investment opportunities in Asian financial markets. After the talk, there will be a Q&A session and a time for personal interaction and questions with the Speaker.
This is a Financial Talk on personal finance compulsory for applicants of NUSSF Bursary Award & Book Grants. Professor Joseph Cherian, from NUS Business School, has been be invited to speak on the preparations one can make to be financially independent after graduation.
Click here to download the presentation by Professor Joseph Cherian
An NUSBSA Business Mission: Trekking to Hong Kong, 26 -29 November 2009 (Hong Kong)
The Race to the Top
Who will emerge as the leading financial centre of Asia?
The latest Global Financial Centres Index, published by Financial Times, has 5 Asian cities on its Top 10 list. Shanghai, Singapore and Hong Kong are the cities to look out for. What will this mean for the crisis-stricken US economy? How will the West respond to the shifting of commercial centres? And which Asian city will come up tops? Professor Joseph Cherian of CAMRI will touch on these issues with a fresh and insightful perspective as well as provide an Asian market outlook for 2010 at NUS Business School Alumni dinner in Hong Kong on 27 November 2009.
Click here to download the presentation by Professor Joseph Cherian
Institutional Investor’s Asia & Middle East Government Funds Roundtable, 18 November 2009 (Raffles Hotel, Singapore)
Global Investing: Will Decoupling Last?
The emerging country stock markets have certainly stormed back faster than those of developed countries. But much depends on their ability to fuel their own economic growth and not be as dependent on trade surplus from the developed world. And if emerging markets offer the most promise, is it wiser to be an active or a passive index/ETF investor? Professor Joseph Cherian of CAMRI will serve as a panelist during the panel discussion covering global equity trends, active versus passive investments, decoupling, and the current challenges facing Asia and Middle East government funds.
FT Global Events, 12 November 2009 (Hilton Hotel, Singapore)
What Role Does Risk Management Now Play in Organisations and Who is Ultimately Responsible?
CAMRI’s Professor Joseph Cherian will offer insights as a panel speaker at the third Enterprise Risk Management Thought Leadership Series, hosted by FT Global Events in association with SAS, on 12 November 2009 in Singapore.