“The Centre for Asset Management Research & Investments (CAMRI) is a world-class centre in the research, education, and practice of asset management by using state-of-the-art facilities, resources, data, and software applications, specifically those involving best practice in the field of Asian institutional, sovereign wealth and private wealth management, and regulation.”
CAMRI’s goal is to prepare our students to become well-trained and well-intentioned money managers and research analysts via hands-on, team-based and experiential learning at both the academic and professional levels. We achieve this by equipping our facilities with the best research, teaching and learning tools available in the asset management industry, and to serve as an incubator and generator of new investment research, strategies, and ideas. In the process, we also hope to be recognized as Asia’s leading centre for asset management research & investments, which is part of our aim in being Asia’s premier Global Business School.
So as to achieve CAMRI’s stated goals and aims, our research, teaching, student consulting, and outreach programs and activities include:
I. Student Consulting Practicum (CP) projects that see student teams, under the supervision of CAMRI and finance faculty, conduct research projects defined, sponsored and overseen by participants from the financial industry. Through Student Consulting Practicum projects, our students are expected to have a meaningful learning experience. More specifically, CPs aim to achieve the following objectives (at a minimum):
For a sample of a student consulting practicum project proposal conducted for a sovereign wealth fund, please click here. Since this inaugural student CP project effort conducted in Semester 2, 2008/09 offered under the auspices of CAMRI, we have or are conducting the following student CP projects at CAMRI:
Goldman Sachs Private Wealth Management, Semester 2, 2014/15, 2015/16 & 2016/17 – The management practicum dealt with three case studies for the two MBA teams to analyse. The first case study relates to the macroeconomic environment and assesses approaches to a specific investment problem. The second case study focuses on hedging strategies as a mechanism to manage a specific risk or economic exposure. The third case study focuses on entrepreneurial skills and the ability to identify, pursue, and convert leads within private wealth management.
BNY Mellon, Semester 1, 2014/15 – The student FSP team is expected to describe and clearly state the pros and cons for SMA (separately managed accounts) and FM (mutual fund) schemes, and come up with a thorough comparison between the two investment solutions based on different performance matrices. If possible, and for completeness, a background, expository description of Investment Advisory (IA) versus Discretionary Mandates (DM) schemes should be included as well. The project team will conduct a quantitative study of various frequently used performance matrices to make comparison between SMA and FM schemes.
AIMA/ MAS, Semester 1, 2013/14 – The main objective is to conduct an impact study on the implementation of Investment Fund Law Framework in Singapore.The outcome of the project is to offer regulated fund products that caters to the specific needs of all types of investors, be it retail or non-retail, by providing legal and business infrastructure that can support any investment strategy.
Cerulli Associates, Semester 1, 2013/14 – Cerulli uses a proprietary model to forecast the total assets under management (AUM) of Asian markets for both retail and institutional markets. Cerulli hopes to explore other methods of forecasting the total asset size of a market or the region and would like to focus on the institutional market size of Asia. The outcome of the project would be a forecast model for the institutional market AUM of a country. The inputs could be varied for different Asian markets.
Dymon Asia, Semester 1, 2013/14 – The main objective of this project is to present detailed analysis of the Asian bond markets (China and Ex-China) and to, which would exclusively deal with the Chinese bond markets income product, and another identify strategic opportunities of developing an Asia focused Fixed Income product for their US based clientele. This idea was further divided into potentially launching a China fixed income product, which would exclusively deal with the Chinese bond markets and another fixed income, which would focus on other Asian countries.
Asset Vantage, Semester 1, 2013/14 – Asset Vantage is a technology-enabled platform that empowers wealth-owners and family offices to make smarter investment decisions. Asset Vantage is founded by a large Family Office based in Mumbai. The project should aim to arrive at an Asset Allocation Model by conducting a quantitative study on publicly available Crisil Indices and BSE Sensex Data.
Statutory Board, Semester 1, 2012/13 – In asset allocation, one of the key decision points for the portfolio manager is in identifying which sectors of the economy are expected to outperform / underperform given current market indicators. This Consulting Practicum seeks to investigate the role of key macroeconomic indicators and valuation ratios as well as current risk indicators in predicting economic turning points.
Morgan Stanley, Semester 1, 2012/13 – A research project that comprehensively assessed the investment opportunities, barriers to entry/exit, regulations, governance structures and legal frameworks in Myanmar (post suspension of sanctions) from two perspectives – for corporate entities investing in various segments of the economy including the services industry, and the ability of global investment banks to offer cross border investment advice on Myanmar to its clients.
IMC Investments, Summer 2011 and Semester 1, 2011/12 – This IMC Investments student consulting practicum study attempts to develop a dynamic optimal investment, hedging, and expenditure policy for a fairly large family office. It takes into account the uncertainties, variability, and co-dependence of the family office’s (i.e., the investment arm’s) and the overall Group’s cost, expenditure, and revenue structures. This approach fundamentally involves not treating the investment account as the sole asset of the family office, but rather, treating it as part of the various assets of the Group, both tangible and intangible, and then deriving an optimal allocation & spending program that is determined using both quantitative as well as (prudent) qualitative and market-based insights. The CP project is preceded by the students doing an internship with the Group during Summer 2011 as part of their familiarization process of the firm’s operations.
Lion Global Investors, Semester 1, 2010/11 – The Lion Global CP project analyzed several methodologies that can be applied in the portfolio asset allocation context. The various problems associated with the traditional but highly popular Markowitz mean-variance optimization were analyzed, and alternative methods such as the Black-Litterman model, Stambaugh methodology, and multi-factor models were proposed and analyzed by the students. The students also addressed several facets of the asset allocation problem, such as data gaps and the sensitivity of optimization to returns predictions. This project was completed and presented to the sponsor during the first week of December 2010.
Morgan Stanley Investment Management, Semester 1, 2010/11 – The Morgan Stanley CP project investigated the role of key macroeconomic indicators, such as industrial production, money supply, inflation, interest rates, and valuation ratios (eg price-to-book ratio, dividend yield), in predicting future returns on MSCI Emerging Market country indices. The student team used various sophisticated econometric techniques, such as the pooled least squares panel data regression and panel autoregressive models, to predict the EM index returns. This project was completed and presented to the sponsor during the first week of December 2010.
Acorn Capital (Melbourne), Semester 2, 2010/11 – The Acorn Capital CP project involves performance attribution analysis with regards to investments in the Small cap and Micro cap primary and secondary markets, analyzing transaction and liquidity costs and its impact on alpha generation, as well as developing a systematic data screening process for the Australian Micro cap sector, which can potentially be extended to the Small cap / Micro cap sector across Asia (ex-Japan). The project includes the students making a weeklong work-study trip to Acorn Capital’s Melbourne office.
II. Partnerships with investment management industry associations:
CAMRI has partnered with the United States-based Chartered Alternative Investment Analyst (CAIA) Association since August 2012 to give students greater exposure to alternative investments. Under the partnership, students from NUS Business School will have access to the CAIA Association’s courses and events, from which they will be able to gain investment knowledge on asset classes such as commodities, hedge funds, and private equity. Those who successfully complete two levels of examinations and fulfil the association’s requirements will be awarded the CAIA Charter, the global benchmark for alternative investment education. The CAMRI-CAIA partnership has paved the way for collaboration in such endeavours through joint guest lectures, scholarships, forums and roundtables. Annually, NUS Business School students in the SMF Track are eligible for CAIA program scholarships. More details can be found on the CAIA Association website by clicking here or look out for announcements from CAMRI on this topic. This collaboration will also give NUS Business School access to the CAIA Association’s network of partnerships with other educational and professional development organisations, allowing the school to keep up to date with the latest developments in alternative investments.
CAMRI is also registered with the CFA Institute as an Approved Provider of Continuing Education (CE) programmes. As a participant in the CFA institute Approved-Provider Programme, CAMRI’s 7-day Graduate Certificate in Applied Portfolio Management (g-CAPM) open-enrolment executive education programme qualifies for 40 CE credit hours. If you are a CFA Institute member, credit for your participation in the g-CAPM programme will be automatically recorded in your CE tracking tool.
III. The Investment Management and Trading Lab that is the focal point of CAMRI’s teaching, training, and educational activities.
V. A live Student Managed Fund (SMF) to view the Student Managed Fund Investment Process and Performance Report. Through such exposure and training, we wish to develop well-trained & high-performing asset managers who have a strong sense of integrity & fiduciary responsibility, and who are well-equipped to become highly-skilled stewards of both institutions’ & individuals’ financial assets. Through the SMF, we also wish to give our students a competitive career edge in the asset management industry. Finally, we hope to further raise the global and international profile of NUS Business School by being the first business school in Asia to provide a university-approved opportunity to its students in the most well-equipped and professional environment (CAMRI Lab). Please click here to see the projected fund management learning module track leading to NUS Business School students being certified to be a part of the Student Managed Fund team.
VI. The CAMRI Life-Cycle Savings and Investing in Asia Research Series started in July 2011 aims to identify and propose logical, scientific and rational solutions to the retirement savings and investment problems that many Asian nations, including Singapore, face. We believe that innovative and thoughtful applied research, presented in a form that is accessible to the lay person, can make a difference to the lives of many in the region. Our thought leadership pieces and the student-built Real Retirement Fund Calculator have been presented at various academic and industry forums around the world, and have been featured in leading Singapore newspapers such as The Business Times, The Edge and The Straits Times. Since the Series’ launch we have published 6 thought leadership papers on Retirement Finance, coupled with numerous presentations at various forums, conferences and events around the world, particularly in Singapore, Hong Kong, China and the United States.
CAMRI is a research, education, and learning center for NUS Business School students and faculty. While many investment management and financial modeling courses are taught in the CAMRI Investment Management and Trading Lab, CAMRI itself does not offer any degree programmes.