NUS-Cornell Applied Research Forum in Asian Asset Management
Dinner – March 1, 2011
Morgan Stanley Asia
Owen is a Managing Director of Morgan Stanley, CEO of Morgan Stanley Asia, Chairman of Morgan Stanley Real Estate Investing, Chairman of Mitsubishi UFJ Morgan Stanley Securities and a member of the Morgan Stanley’s Management Committee.
He joined Morgan Stanley in 1987 in the real estate group within the Investment Banking Division and has over 20 years of investment industry experience. Owen began managing the Firm’s real estate investing business in 1994, was named Managing Director in 1995, head of Morgan Stanley Real Estate (investing and banking) in 2000, President of Morgan
Stanley Investment Management in 2005, CEO of Morgan Stanley Asia in 2008, reinstated as Chairman of Morgan Stanley Real Estate Investing in 2009 and appointed Chairman of Mitsubishi UFJ Morgan Stanley Securities in 2010.
Owen is a member of The Young Presidents’ Organisation Hong Kong Chapter, Trustee of the Urban Land Institute and the former Chairman of the Pension Real Estate Association. He received a B.S. from the University of Virginia and an M.B.A. from Harvard Business School.
NUS-Cornell Applied Research Forum in Asian Asset Management
Forum – March 2, 2011
Welcome Speeches by:
Professor Bernard Yeung
Dean and Stephen Riady Distinguished Professor
Bernard Yeung is the Dean and the Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore Business School. Before joining NUS in June 2008, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University Stern School of Business. He was also the Director of the NYU China House, the honorary co-chair of the Strategy Department of the Peking University Guanghua School of Management, and Advisory Professor at the East China Normal University. Professor Yeung previously taught at the University of Michigan (assistant, associate, and full) and the University of Alberta (assistant and associate).
Professor Yeung’s research covers topics in international corporate finance, corporate strategy, foreign direct investment, and the relationship between institutions, economic development, and firm behavior. His more than a hundred research articles have appeared in top rated journals in Economics, Finance, Strategic Management, International Business, and Accounting. Professor Bernard Yeung is a member of the Economic Strategies Committee chaired by Mr Tharman Shanmugaratnam, Minister for Finance. The committee aims at developing strategies for Singapore to build capabilities and maximise opportunities as a global city. He is also a member on other committees including Management Advisory Committee (SPRING Singapore), Financial Research Council (Monetary Authority of Singapore). Professor Yeung is on the International Advisory Board of the Korea University Business School, the Board of the Intellectual Property of Singapore, and of the Strategic Recruitment Advisory Committee at the National University of Singapore. Professor Yeung has been selected as the Dean Director on the Graduate Management Admission Council (GMAC) Board and a member of the Finance and Audit Committee of GMAC. He sits on the Maintenance of Accreditation Committee (MAC) and Asia Advisory Task force (AATF) of the Association to Advance Collegiate Schools of Business (AACSB). He is also an elected Academy of International Business (AIB) fellow.
Professor Yeung received his bachelor of arts in economics and mathematics from the University of Western Ontario, his MBA and PhD from the Graduate School of Business at the University of Chicago.
Executive Committee Member, Dean’s Advisory Council
Johnson School at Cornell University
Plenary Session 1:
Professor Ming Huang
Professor of Finance, Cornell University
Professor Huang's research interests range broadly: While his work in recent years has focused mainly on behavioral finance and, in particular, the applications of cognitive psychology to understanding the pricing of financial assets, he has also worked on credit risk and derivatives, on the effects of illiquidity on asset prices, and on the application of auction theory to takeovers. He has published in the Journal of Political Economy, the Quarterly Journal of Economics, the American Economic Review, the Journal of Economic Theory, and the Journal of Finance, and has won awards for both research and teaching. Prior to coming to the Johnson School, Huang taught at the Stanford University Graduate School of Business and at the Graduate School of Business at the University of Chicago. Professor Huang currently serves as an associate editor for the American Economic Review.
Roundtable 1 Panelists:
Aberdeen Asset Management
Peter Elston is Asian Investment Strategist, responsible for articulating, implementing and communicating Aberdeen's investment strategy in the region and other investment issues. He has lived in Asia since 1988, joined Aberdeen in 2008 and is based in Singapore. Peter began his career at top UK pension fund manager Mercury Asset Management, where he spent 11 years. For most of this time he managed Asian equity funds from Tokyo, Hong Kong and Singapore. Peter appears regularly on TV, and has had numerous articles published.
He graduated with a BA in Mathematics/Oriental Studies from Cambridge University.
Former Chief Executive Officer and Chief Investment Officer
Lion Global Investors
Daniel Chan is the former CEO and CIO of Lion Global Investors (2005 till 2010). Prior to joining Lion, he was Managing Director and CIO of UOB Asset Management.
Daniel served as Chairman of Investment Management Association of Singapore from 2000 to 2004. With more than 30 years of Investment experience spanning across traditional asset classes of bonds and equities, he has been one of Singapore’s pioneers in spearheading the move into alternative asset classes such as hedge funds and structured credits. Daniel has been instrumental in the establishment of Lion Global Investors through the merger of the asset management businesses of Great Eastern Holdings and Oversea Chinese Banking Corporation.
Mr. Chan sits on the Investment Committees of various non profit organisations including the People’s Association and Nanyang Technological University Endowment Fund. He holds a Bachelor of Business Administration degree from the NUS (1976).
Partner, Chairman – Asia, Permira Advisers
Veronica serves on the Board, chairs the Permria Funds' Investment Committees and is a member of the Executive Group and the Management Group. She is the fund minder of Permira IV, Permira Europe III, Permira Europe II, Permira Europe I, and has responsibility for the firm’s operations in Asia.
Prior to joining Permira, Veronica was Head of Corporate Finance at Schroder Investment Bank in Singapore.
Veronica has a degree in Business Administration from the University of Singapore, Singapore.
Plenary Session 2:
QC, SC, JP, Hong Kong Bar and Dean's Visiting Professor, NUS Business School
Mr. Neoh is a senior member of the Hong Kong Bar, active in civil appellate and international litigation and arbitration cases. He is a Chinese National and a permanent resident of the HKSAR. He was Chief Advisor to the China Securities Regulatory Commission ("CSRC") from September 1998 to June 2004 at the personal invitation of former Premier Zhu Rongji. He remains a member of the International Advisory Board of the CSRC. He was Chairman of the Hong Kong Securities and Futures Commission from 1995 to 1998. He was elected Chairman of the Technical Committee of the International Organisation of Securities Commissions for 1996 - 1998. Prior to his appointment to the Chair of the Hong Kong Securities and Futures Commission he was in private legal practice, which he began in 1979, after 13 years in the Hong Kong Civil Service. His late appointment with the Hong Kong Government was as an Assistant Director of the Independent Commission Against Corruption. In private legal practice, he practiced trial and appellate advocacy in the Hong Kong Courts and until 1997, in the Privy Council in London. From 1984 to 1986, he was in active practice as a member of the California Bar, specialising in international financial transactions, and was briefly associated with the firm of Pilsbury Madison & Sutr now merged into Pilsbury Winthrop.
Mr. Neoh was appointed Queen's Counsel (now retitled Senior Counsel) in April 1990. A law graduate of London University, he was called to the English Bar by Gray's Inn in 1976. He was a Visiting Scholar at the Harvard Law School on 1990/91 and for September 2001 - May 2002, he was Visiting Professor from Practice at the Harvard Law School. In 2004, he was appointed for that Academic Year Nomura Visiting Professor of International Finance from Practice by the Harvard Law School, a position he was unable to take up due to pressure of work in Hong Kong. He was awarded the Honorary Degree of Doctor of Laws by the Chinese University in 2003. He also holds many adjunct, honorary and visiting professional appointments in universities in the Mainland of China and the Hong Kong SAR of China. In 2009, he was elected Honorary Fellow of the Hong Kong Securities Institute and an Academician of the International Eurasian Academy of Sciences. His research interests are in legal and financial history and regulation of financial markets and the financial services.
Roundtable 2 Panelists:
Ho Han Ming
Partner, Head of Funds Practice
Clifford Chance Singapore
Han Ming specialises in fund matters and has extensive knowledge of the business aspects and operations of a fund manager. He has worked with major foreign and local fund management companies on the establishment of these companies in Singapore as well as the establishment, structuring and registration of their funds (both local and offshore) in Singapore. He also advises on regulatory compliance and licensing issues relating to Singapore securities and financial advisory law. He liaises regularly with the Singapore regulators for various matters including issues relating to regulatory compliance, licence and product applications for his clients. Han Ming is Chairman of the Singapore Chapter of AIMA (Alternative Investment Management Association Limited) and sits on the executive and regulatory committee of IMAS (Investment Management Association of Singapore). Han Ming is fluent in English and Mandarin.
Han Ming is recommended as a leading individual for investment funds work in Singapore in the 2008, 2009 and 2010 editions of Chambers Asia.
Chief Risk Officer
Standard Chartered Bank
Nell Cady-Kruse joined Standard Chartered as Chief Risk Officer, Wholesale Banking in January 2011, based in Singapore.
Nell has over 25 years of banking experience in the U.S., Europe and Asia.
15 years was spent with Bankers Trust Company where she started with the Leveraged Buyout Group in New York and worked through various positions in leveraged finance, high yield bonds, private equity, portfolio management and risk.
After a stint as CFO of an Internet company during the dotcom bubble, Nell went on to spend 9 years with Credit Suisse. She joined in London and became the Head of Credit Risk Management for Europe, Middle East & Africa for CSFB. Most recently Nell was the Chief Risk Officer for the Asia Pacific region, based in Hong Kong. In this role she was responsible for Credit, Market and Operational Risk in Investment Banking, Private Banking, and Asset Management.
Nell is a CFA charterholder and is a member of the CFA Institute and the Hong Kong Society of Financial Analysts (HKSFA). She serves as member of the Cornell Alumni Council, the President’s Council of Cornell Women and Cornell's Johnson School Advisory Council, where she chairs the Global Committee.
Nell received her MBA from Cornell University’s Johnson School. She received her B.S. with Honors in Agricultural Economics from Cornell University.
IMF-Singapore Regional Training Instutute
Sunil Sharma is the Director of the IMF-Singapore Regional Training Institute (STI) in Singapore. The STI provides training on macroeconomic and financial management, and related legal and statistical issues, to government officials from 37 countries in the Asia-Pacific region.
Before relocating to Singapore in 2006, Sunil was Chief of the IMF Institute’s Asian Division in Washington, D.C. He has also been a staff member of the IMF’s European and Research Departments. Prior to joining the IMF, he was on the Economics faculty at the University of California, Los Angeles (UCLA).
Sunil has a Ph.D. and M.A. in Economics from Cornell University and a M.A. from the Delhi School of Economics. He has published widely on economic and financial topics, including in Journal of Economic History, Journal of Economic Policy Reform, Journal of Economic Theory, Journal of Econometrics, Journal of Applied Econometrics, Journal of Economic Dynamics and Control, Journal of Derivatives, and IMF Staff Papers.
Chief Executive Officer
Lion Global Investors
Gerard was the CEO of Fullerton Fund Management Company Ltd for the past six years wherein he played a pivotal role in transforming Temasek Holdings’ in-house investment team into a respected third-party asset management company specialising in offering Asian funds to international investors. Prior to joining Temasek Holdings, Gerard was the Deputy Chief Investment Officer of Deutsche Asset Management (Asia) Ltd. Gerard started his 24-year-old career in the investment management industry in 1986 with the Government of Singapore Investment Corporation (“GIC”) where he was later appointed Head of GIC’s New York office.
Plenary Session 3:
Professor of Finance (Practice)
NUS Business School
Joseph Cherian is Practice Professor of Finance and Director of the Center for Asset Management Research & Investments (CAMRI) at NUS Business School, Singapore. He was formerly an Executive-in-Residence at Cornell University’s Johnson Graduate School of Management, where he is a member of the Dean’s Advisory Council. Prior to that, Joe was Managing Director, Global Head, and CIO of the Quantitative Strategies Group within Credit Suisse Alternative Investments, where he had direct responsibility for over US$ 67 billion in client assets managed to a quantitative discipline. While at Credit Suisse, Joe also served on the Global Executive Committee and various senior management, investments, and risk committees of the Asset Management division.
Joe joined Credit Suisse in 2004 from Banc of America Capital Management, where he was Managing Director and Senior Portfolio Manager of their asset allocation and quantitative equity funds. Previously, he was an Associate Professor of Finance at Boston University with visiting positions at Cornell University, the University of Amsterdam, and the Tinbergen Institute. He has authored numerous articles for a variety of investment or financial journals, and serves on the Scientific Advisory Board of Orissa Group, a pioneer in the development and dissemination of liquidity-based data and analytical products across multiple asset classes. He formerly served as a review board member of the Research Foundation of the CFA Institute, and on the Scientific Advisory Boards of netDecide Corp. and SKG Inc. Joe holds a B.S. in Electrical Engineering from MIT, and M.S. and Ph.D. degrees in Finance from Cornell University.
Morgan Stanley Investment Management
James is the lead portfolio manager for Asian Equities strategies. He joined the firm in 2006 and has 22 years of investment experience. Prior to joining the firm, James was the chief investment officer for Asia at Invesco Asia Fund Management in Hong Kong. Prior to that, he was co-founder and portfolio manager of Asia Strategic Investment Management, a boutique asset management firm investing in Asian markets. Before this, James was a portfolio manager for Morgan Stanley Investment Management’s Asian Equity team where he covered both North and South Asian markets.
He received a Bachelor of Social Science in economics, accounting and computer science from the University of Hong Kong and an M.B.A. in finance from the University of Michigan, Ann Arbor, U.S.A.
Head of Asian Economics
Macquarie Capital Securities
Richard Jerram is Head of Asian Economics for Macquarie Capital Securities. He has been analysing the region for more than two decades, initially in Tokyo during the late 1980s bubble, followed by a period running Asia-Pacific forecasting for the EIU and studying for a doctorate in London, then returning to Japan as Chief Economist for Japan with ING Securities in 1996, which was acquired by Macquarie in 2004. Richard has been Head of Asian Economics since 2009 and is based in Singapore.
Richard has a BSc from University College London and an MSc and PhD from the London School of Economics. He is also a CFA charterholder.
Artradis Fund Management
Stephen Diggle (46) has 25 years experience in trading equities and derivatives in Asia, Australia and Europe. He co-founded Artradis Fund Management with long-time friend and colleague Richard Magides in late 2001.
Prior to Artradis Stephen spent eight years with Lehman Brothers where his roles included Head of the Asian Equity Derivative Trading, Head of Lehman Brothers Hong Kong Futures, Head of European Equity Syndicate and Head of European E-commerce and Electronic trading.
Prior to working for Lehman Brothers, he worked at Salomon Brothers, Baring Securities and Deutsche Bank and gained wide experience in trading equity derivatives and developing numerous derivative products.
Stephen holds a Masters degree from the University of Oxford.
Chief Investment Officer (Global Equities)
Nomura Asset Management
Wataru Ogihara, Chief Investment Officer – Global Equities, has over 20 years of industry experience holding major positions in investment decision and policy committees. Throughout his career with Nomura Asset Management, he has been involved in various aspects of the business, including playing a key role in the investment management of Japan equity strategy for institutional and retail products, and assuming the role of Chairman of the Japan Equities Investment Strategy Committee for 8 years. Prior to his new appointment and relocating to Singapore in April 2010, Ogihara was a Chief Portfolio Manager in the Equity Investment Department, responsible for the management of Japan Equities. During that time, he served as the Vice-Chairman of the Investment Policy Committee, a platform for formulating major investment policies for global developed and emerging markets. He was also a member of the Investment Process Review Committee, where investment process and performance are reviewed for various strategies and asset classes.
Ogihara started his career with Nomura in 1989. He holds a MBA, Finance and Accounting from the University of Chicago and a B.A. in Commerce, Hitotsubashi University, Tokyo.