CAMRI NEWSLETTER

AUG 2018

CAMRI Director’s Message

Dear Friends,

Our state-of-the-art investments & trading lab has been providing hands-on, experiential learning to our BBA and MBA students since 2009 through our Student Managed Fund (SMF) Track. Based on market demand, this led to the development of our Graduate Certificate in Applied Portfolio Management (g-CAPM) programme, a continuing education programme for working professionals in our industry. Since its 2015 inception, the biannual g-CAPM programme has enrolled over 120 professionals from pension funds, sovereign & government funds, asset management firms, family offices, etc. around the world, with each intensive 7 day run encompassing the same materials covered over 2 – 3 years within the SMF Track!

As a result of our progressive march to excellence, in making a difference and impact in the field, and based on popular demand, I am truly pleased to announce the launch of CAMRI’s Executive Master of Science in Investments and Portfolio Risk Management (EMIR) at NUS Business School. Commencing in April 2019, EMIR will impart a quantitatively rigorous, in-depth curriculum covering key aspects of asset and risk management in the digital economy. Its emphasis on practical topics and innovations in the financial industry in general and investment management in particular, such as artificial intelligence, machine learning, digital technology, and live coding/programming exercises, equips finance professionals with the skills and knowledge to effectively navigate through this evolving digital economy. Please find additional details in this newsletter or on the EMIR website.

In the meantime, let me invite you to peruse our recent updates, visit our webpages, explore our thought leadership articles, research areas or courses, and discover what makes CAMRI one of the best asset management research and training centres in the world.

And if you are convinced, please come and visit us, or better still do think about enrolling in our EMIR programme. Let us help you go beyond what you think you can achieve!

Best regards,

Joseph Cherian
Practice Professor of Finance
Director, Centre for Asset Management Research & Investments (CAMRI)
NUS Business School

UPCOMING EVENTS & PROGRAMMES AT CAMRI

Executive Master of Science in Investments and Portfolio Risk Management

A cutting-edge programme to equip future financial leaders for the new digital economy

Application Launch: 1st August 2018 (Apply Now!)
Application Deadline: 31 January 2019
Programme Start Date: April 2019

The Executive Masters in Investments & Portfolio Risk Management (EMIR) is a 14-month programme at CAMRI, NUS Business School. EMIR is a specialised and comprehensive programme targeted at Portfolio & Risk Managers, Computer & Data Scientists in Finance, Quant Traders, Security Analysts, Actuaries, Finance Managers, Economists (and the likes) to meet the asset management industry’s demands in the new digital economy. Key features of the EMIR programme, which commences in April 2019, include:

  1. A 5-week in-residence component at NUS Business School in Singapore conducted in the world’s most advanced investment management and trading lab (CAMRI Lab@NUS), and a 4-day in-residence component at the Bendheim Centre at Princeton University, New Jersey, which are distributed over a 10-month period;
  2. 30% of the programme is conducted in a live virtual classroom (online, non-residence) setting, which is suitable for the busy professional;
  3. A heavy emphasis on the latest digital asset management topics & innovations, including artificial intelligence, machine & deep learning and big data science & technology, complete with live programming & coding sessions (conducted mostly using Python, and with a lot of Help Resources from our faculty, staff and online learning platform);
  4. 70% tuition fee reimbursement programme by MAS for Singapore citizens under the Finance Scholarship Programme (FSP) scheme. Additionally, Singaporeans may be awarded up to S$5,000 under the SkillsFuture Study Awards for the Financial Sector.

If you think the Executive Masters in Investments & Portfolio Risk Management (EMIR) graduate degree programme will benefit your staff, colleagues and/or friends in the asset management community, kindly encourage them to enrol in the upcoming information events and coffee-chat sessions.

Upcoming Information Events & Coffee Sessions with Partners

CAMRI will be hosting several opportunities for interested parties to learn more about the EMIR Programme. If you are interested in scheduling a one-on-one appointment for a personal Coffee Chat session, kindly contact Mr. Sean Wong at biz.EMIR@nus.edu.sg with your preferred meeting date and times. Registration for the Master class & Information Session can be done on the EMIR website.

Country Date & Time Event Location
Malaysia

13 September
5:30pm to 7:30pm

EMIR Master Class & Information Session 2

Kuala Lumpur
Mandarin Oriental Hotel

Singapore 8 September
11:00am to 5:00pm
Headhunt Postgraduate Fair Raffles City Convention Centre
29 September
Timing TBC
NUS Business School Postgraduate Fair TBC

CAMRI's Graduate Certificate in Applied Portfolio Management Programme (g-CAPM)

19 – 25 November 2018, Singapore

This 7-day state-of-the-art applied portfolio management training programme at NUS Business School, Singapore, is developed by academic professionals for investment professionals, and conducted at the world's most advanced Investment Management & Trading Lab. By the end of this course participants are expected to be able to research, write, and publish equity & fixed income investment reports, build simple multifactor models for screening and alpha generation purposes, analyse live & backtested portfolio investment strategies to develop their macro, equity research, stock-picking and credit skills, and perform portfolio optimisation and risk management analysis. To find out more information, please click here.

10th Wee Cho Yaw Singapore-China Finance and Banking Forum

6 September 2018, Singapore

Digital innovation is reshaping the landscape of finance. Disruptions through internal transformation efforts and FinTech start-ups are revolutionising strategies and operations within the financial industry. China and Singapore are at the forefront of this change, with advances in areas such as big data, artificial intelligence, blockchain, crypto-assets, digital payment systems, and associated regulations. As it is a relatively new field, it is pertinent to delve deeper into its economics, to learn from other successful implementations of these technologies, including in biotech & medtech, service robots & digital personal assistants and autonomous vehicles, and consequently advance a financial ecosystem that is as viable. In this new field, industry professionals looking to compete and stay relevant must adapt to and leverage on these innovations.

Organised by NUS Business School's Centre for Asset Management Research & Investments (CAMRI) and China Business Center (CBC), the 10th Wee Cho Yaw Singapore-China Finance and Banking Forum will explore this interrelation between technology, the macroeconomy, and economic growth, and how governments, academia and industry can collaborate on developing digital smart finance prototypes that further economic growth and improve lives.

2018 AAM-CAMRI-CFA Institute Prize in Asset Management now open for submissions

14 September 2018

Asia Asset Management (AAM), in collaboration with the Centre for Asset Management Research & Investments (CAMRI) at NUS Business School in Singapore, launched the Annual AAM-CAMRI Prize in Asset Management in 2015 to celebrate excellence in regional applied research. In its second year as an Annual Prize partner, the CFA Institute will continue to join us in this year’s Prize as well. The Prize is worth US$15,000 and will be awarded to only one paper. Papers should be submitted by email to camri@nus.edu.sg. The closing date for submissions was Monday, 30 July 2018, and the winner will be notified by Friday, 14 September 2018.

RESEARCH & CASE STUDIES

Research

The “Green” Geography: Corporate Environmental Policies and Local Institutional Investors (Working Paper)

Authors: Johan Sulaeman and Abhishek Varma, March 2018

The environmental performance of corporations has a substantial geographical element. Corporations display a substantial variation in the presence of environmental concerns (i.e., weaknesses) that is systematically related to the regional characteristics of their headquarters location. U.S. firms headquartered in cities friendlier towards the environment (“green” cities, such as San Francisco) are less likely to have environmental concerns.

Manufacturing facilities operated by such firms tend to pose lower risks of toxic releases, even when the facilities are located in less environmentally friendly areas, like in the Rust Belt (Detroit, Pittsburgh, or Cleveland).

This higher sensitivity to environmental performance is mirrored by investors. Institutional investors located in “green” cities do not overweight local firms with environmental concerns, unlike those in other cities who hold disproportionately more local stocks in their portfolios regardless of corporate environmental policies. Consistent with this investor preference, firms with environmental concerns receive substantially lower market valuations if they are located in “green” cities. The empirical evidence leads us to conclude that local environmental norms and preferences influence corporate policies, ownership structure, and valuation.

Case Studies

Singapore Airlines’ Irregular Dividends (Ivey Publishing, forthcoming)

Authors: Emir Hrnjić and David Reeb, March 2018

The dividend-paying firms typically maintain stable, transparent and simple dividend policies due to various factors including severe and asymmetric market reactions to dividend changes. Interestingly, Singapore Airlines’ maintains an irregular, opaque, and complex pattern of dividends. They even refuse requests to provide guidance on expected dividends or their dividend policy. This case study analyzes the atypical case of seemingly erratic dividends at Singapore Airlines.

Note on Dividend Policy (Ivey Publishing, forthcoming)

Authors: Emir Hrnjić and David Reeb, May 2018

Profit-making corporations return cash to investors through dividends or share repurchases. Market participants label the fraction of the profits paid to shareholders by dividends as the “payout ratio.” However, a large fraction of firms have never paid a dividend. For instance, over half of the listed firms in the US did not pay a dividend or repurchase shares over the last decade. As a case in point, only 20 percent of firms on the Singapore Stock Exchange consistently paid dividends over the past decade, with similar proportions observed in both US and European stock markets. The fraction of dividend-paying firms plummeted to a record-low 17 percent in 2000. In fact, most of the “new economy” firms such as Amazon, Facebook or Google reinvest their entire earnings.

The asymmetric reactions by investors to changes in cash dividends further highlighted the importance of these consistent payments to shareholders. For instance, a cut in dividends typically led to a much larger drop in a firm’s stock price relative to the price appreciation from an equivalent dividend boost. Consequently, managers often attempted to deliver persistent dividends and only increased them when they were confident they could be maintained. Investors relied on dividends to evaluate the investment prospects of the firm. A common view was that an opaque dividend policy created concerns and uncertainty among investors in the firm. Arguably, investors have used corporate dividends to evaluate and forecast the future of the firm. A plethora of research on corporate payout policies documented several regularities. Yet, it seemed that we didn’t have complete understanding of corporate motivations and investor expectations about dividends. Various academics offered different theories.

CAMRI Visiting Fellow Programme

The Centre for Asset Management Research & Investments (CAMRI) at NUS Business School in Singapore has an ongoing Visiting Fellow Programme across a broad range of financial economics topics. CAMRI is funding one-week visits by select “Tier 1” scholars annually, particularly those from Hong Kong, China, India, and other countries in this region, working in Asian applied financial economics disciplines, to conduct research at CAMRI. The Fellowship will fund economy class airfare, a University-serviced apartment, and ground transportation. Our goal is bring a few visiting scholars in financial economics to Singapore each year to help build the research community and fraternity in Asia.

A 1-page statement of interest is the only requirement. While researchers are not necessarily required to have an Asian focus in their projects, preference will be given to financial economics research that is relevant to Singapore and Asia.

Statements of interest should be submitted, preferably via email, to:
Ms Chow Pee Fun
Assistant Manager, CAMRI
NUS Business School
15 Kent Ridge Drive
Level 5, Mochtar Riady Building
Singapore 119245
Email: bizcpf@nus.edu.sg

Statements of interest will be evaluated by CAMRI’s Research Committee, which is co-headed by Prof David Reeb, Mr & Mrs Lin Jo Yan Professor in Banking and Finance, and Associate Prof Johan Sulaeman, Research Director at CAMRI, NUS Business School.

PRN Workshop on Productivity, Corporate Governance and Risk Management in the “Digital Age”

CAMRI is one of the co-sponsors of the third Productivity Research Network (PRN) Workshop, focusing on the effects of automation, with Associate Professor Johan Sulaeman, Research Director at CAMRI, a member of the PRN Workshop’s Organising Committee. As automation is sweeping across all fields of economic activity and takes over tasks previously performed by human labour on a global scale, the skill requirements for the remaining labour force increase. High-skill labour is scarce and trades at a premium, exposing companies to unprecedented governance and risk management challenges.

Is automation introduced too early or too late? Are the transformation and labour displacement rate excessive, possibly to the detriment of more traditional productivity-enhancing alternatives?

How do the equilibrium distribution of wages and labour turnover feedback into the companies’ governance structures? What is the role of financial asset management and capital structure decisions in the emerging era of disruptive technologies? Finally, can structural labour market reforms and active innovation policies support the transformation process and help consolidate productivity gains?

This Workshop aims to explore these questions in the context of academic and policy research. The Workshop will be held on September 3-4, 2018 at the NUS Business School in Singapore. The Workshop is intended to allow regional researchers (from academic, public, and private sectors) to learn about existing applied work focusing particularly on the Asia-Pacific region and generate research spill-overs and potential collaborations. The Workshop is expected to provide an opportunity to discuss how the PRN can provide an impetus for enhancing data collection within the region, aimed at allowing the development of solid research and policy analyses.

More details on this Workshop are available through this link.

THOUGHT LEADERSHIP

Dr Brian Fabbri

CAMRI Monthly Research Digest: Global Perspectives by Brian Fabbri

CAMRI Global Perspectives is the monthly digest of market research & views by Dr Brian Fabbri, Visiting Senior Research Fellow at CAMRI & President of FABBRI Global Economics. The most recent articles by Dr Fabbri can be accessed by clicking on the weblinks below, or please click here to view archived Commentaries by Dr Brian Fabbri.

Market Outlook Series

The CAMRI Market Outlook Series publishes thought leadership articles periodically, which carries the (medium-term) perspectives, views and/or outlooks of various NUS Business School and CAMRI-associated authors as they relate to markets, the economy, asset classes, etc., with a particular emphasis on - or implications for - Asia.

An Interview with Atsushi Yoshikawa: An Insider’s View of Japan & Financial Services
by Pranay Gupta (July 2018)
Over the last 40 years, Atsushi Yoshikawa has led and managed companies across the world for the Nomura Group, spanning businesses in Asset Management, Investment Banking and Real Estate. In a candid personal interview, he shares his views on Japan - a country revered as the harbinger of innovation, yet struggling as an economy for decades - and on the future of financial services.

Can McDonalds and Starbucks help solve the global retirement problem?
In a commentary, Pranay Gupta (Research Consultant, CAMRI) says that society makes saving for retirement much more difficult as compared to spending for consumption. The author provocatively suggests that next time you are at a Starbucks or McDonalds, the server should apart from asking, “Do you want fries with that?” or “Would that be a Tall or Grande?”, also ‘nudge’ you with, “Would you like to put $2 aside in your retirement account today?”

He also states that just as a commuter doesn’t need to know how the engine of a bus works, who the bus driver is, or even what route the bus will take when getting from one location to another - as long as it gets you there safely and in a timely fashion - we all also understand the benefit of gaining $10 versus the pain of losing $5 when it comes to investing.

As a consequence, it is not the investor that needs financial education, rather it’s the investment industry that needs to keep their bottomless pit cookbook of financial jargon covering alpha (and a portable version of it), beta (and a smart version of it), risk parity, all-weather, manager selection, options, structured products, equities, hard currency bonds, etc., to itself!
The Business Times (Thursday, 17 May 2018)

Digital Currency, Blockchain & New Economy Series

The Digital Currency, Blockchain & New Economy Series is a CAMRI forum that publishes thought leadership articles, case studies, and op-eds representing the views of CAMRI-associated authors as they relate to the ever evolving blockchain technologies which are disrupting financial services, asset management, corporate finance, and other areas. We believe that innovative and thoughtful articles that are accessible to the lay person can make a positive difference in the adoption and expansion of blockchain applications in various fields.

What is blockchain? 

As part of a regular series explaining financial terms, Visiting Senior Research Fellow Emir Hrnjic (CAMRI) says blockchain – the underlying technology behind cryptocurrencies – is a secure distributed ledger that allows any two parties to digitally transact with each other without a need for an intermediary or a central authority.
The Straits Times (Sunday, 22 July 2018)

What is an initial coin offering?

Contributing to a regular column that explains common financial terms, Visiting Senior Research Fellow Emir Hrnjic (CAMRI) says ICO (initial coin offering) is an innovative fund-raising method used by start-ups to raise money at an early stage of a company's lifecycle.
The Straits Times (Sunday, 10 June 2018)

Deciphering the cryptic world of Initial Coin Offerings

In a commentary, Visiting Senior Research Fellow Emir Hrnjic (CAMRI) says Initial Coin Offerings have the potential to provide start-ups with much-needed capital, but time is needed for the process to evolve as investment at present is opaque, high risk and offers little protection.
Channel NewsAsia (Wednesday, 30 May 2018)
A version of this article also appeared in The Headline Stories.

On track towards the next crypto regulatory frontier

In a commentary, Visiting Senior Research Fellow Emir Hrnjic (CAMRI) says that for regulations to be effective, regulators will need to coordinate their efforts globally as crypto businesses tend to relocate to countries where the rules are more relaxed.
The Business Times (Wednesday, 16 May 2018)

Infrastructure finance and the new economy: A case for tokenising

In a commentary, NUS Business School alumni Darius Sit and Mitchell Chan from QCP Capital and JL Capital respectively, also graduates of the CAMRI Student Managed Fund Track, say blockchain tokens, essentially part of a ledger where a copy is owned by every participant in a network, will only have new entries following majority consensus. Both say this ensures transparency, security and immutability, three crucial characteristics for investor confidence, and leading to more participation from the private & public sectors in the region’s infrastructure projects.
The Business Times (Tuesday, 10 April 2018)

Behind the cryptocurrency mania, the secret sauce is Bitcoin’s blockchain technology

by Visiting Senior Research Fellow Emir Hrnjic, CAMRI
Channel NewsAsia (Tuesday, 13 March 2018)
A version of this article also appeared in ThinkBusiness.

CAMRI Executive Roundtable Luncheon Series

The CAMRI Executive Roundtable Luncheon Series at NUS Business School is a small, by invitation only group discussion about a pertinent, relevant and timely financial economic topic. It is usually led by a CAMRI-affiliated faculty member or fellow, and the discussion takes place in the presence of senior leaders from the industry and academy. Our practice is to post meeting summaries right after the Roundtable Discussions.

Some Thoughts on Digital Currency

By Dr Yao Qian, Director-General of Digital Currency Research Lab, People’s Bank of China (Friday, 20 April 2018)

Quantum Technologies, AI, Big Data, & the Internet of Things

By Dr Steven E. Koonin, Director, Center for Urban Science and Progress at NYU (Friday, 5 January 2018)


SIGNIFICANT EVENTS

Here are some of the highlights from CAMRI’s various activities including courses, conferences and forums..

ABFER-GIC Industry Panel & Roundtable: "Global Growth & Financial Strategy: From Classical Uncertainty to Quantum Technology"

Hosted by CAMRI

24 May 2018

With Fintech all the rage, there is much buzz about how innovations such as artificial intelligence, machine learning and block chain will disrupt the finance industry. While almost everyone in the finance industry is gushing about having a digital strategy, is there a consistent understanding of what these terms mean and their implications on the next-generation of financial services and products?

A panel of the leading academic and financial experts sifted through the facts and fallacies of disruption to our industry in this current “Fake News” era. The panel was moderated by Professor Joseph Cherian, Practice Professor of Finance & Director of CAMRI, National University of Singapore Business School, and the panellists were Professor Nicholas Bloom, William Eberle Professor of Economics, Stanford University; Professor Markus Brunnermeier, Edwards S. Sanford Professor of Economics & Director of the Bendheim Center for Finance, Princeton University; Mr Tse Koon Shee, Managing Director & Group Head, Strategy and Planning, DBS Bank; and Dr Fanesca Young, Head of Systematic Global Equities, GIC Private Limited.

The panel discussed the issues and challenges with respect to Blockchain and its Economics; the link between economic growth and research activity, new technologies and ideas (or the lack thereof); the challenges in employing advanced Machine Learning and AI to build predictive financial and investment models; and how digital transformation and new technologies across sectors and asset classes are affecting banking and institutional investing. Over 110 senior executives, academics, students, and alumni attended the industry panel.

Balyasny Asset Management - CAMRI Singapore Investment Forum

Jointly organised with Balyasny Asset Management

15 May 2018

The Balyasny Asset Management - CAMRI Singapore Investment Forum hosted more than 40 specially invited participants from the financial sector. The opening keynote speech covered fascinating developments in “Green Finance in China”.

Recent rapid developments in the area are driven by the need to mobilize private capital towards financing green projects that address the environmental issues faced by China. China will need non-government financing for 90% of its green initiatives. Developments and innovations so far include supportive government actions, incentives and policies.

The topic for the first panel discussion was “Asia Macroeconomics, Geopolitical Risks & Shifting Economic Balance”, where panellists discussed two major recent geopolitical developments – the US-China trade tensions and the recent developments in North-South Korea relations – as well as recent financial markets developments and the impact of these geopolitical events on the markets.

The second panel discussion covered the topic of “Disruption in investments” where panellists focused on new developments in investing. The panel discussed and agreed that time series forecasting of low frequency, high impact events, such as predicting a recession, is highly challenging and has previously had little success. They suggest that better ways of approaching the problem are to build “alarm bells” to warn that a regime change might be near, or to incorporate regime change into an existing forecasting model, be it bottom-up or top-down, and see how the model might change in different regimes. Mr Dmitry Balyasny, Founding Partner and CIO of Balyasny Asset Management, delivered the luncheon keynote speech where he spoke on the role of the CIO in an Artificial Intelligence era.

Please click here to view the post-event report for the Balyasny Asset Management - CAMRI Singapore Investment Forum.


Left to right: Dean Bernard Yeung (NUS Business School), Mr Tan Lee Hock (AAM), Mrs Anita Nassar (ACG), Ms Rejina Rahim (Nomura Asset Management Malaysia), Ms Julie Chang (BAM), Ms Catherine Lee (Clifford Capital), Ms Junie Foo (Board Agender), Prof Joe Cherian (CAMRI), Prof Susanna Leong (NUS Provost Office)

5th Influential Women in Banking & Investments Forum

Supported by Asia Asset Management

21 March 2018

Breaking Invisible Barriers and Staying Relevant in the Digital Economy
With the Fourth Industrial Revolution moving at an accelerating pace, women have emerged as significant players in all aspects of the global digital economy – as equal contributors, collaborative leaders, and innovative game-changers. Yet the global community of women remains an under-tapped pool in terms of human capital, women-centric financial products, advisory services and professional communities.

Many professional women still face obstacles at the workplace, often stemming from the need to take care of loved ones while trying to achieve professional goals – a key concern of gender perception. These challenges that affect women on a daily basis have both emotional and financial consequences, while organisations grapple with the issues of how to nurture and retain their female talent.

CAMRI's 5th Influential Women in Banking & Investments Forum, which was supported by Asia Asset Management, comprised of senior and experienced leaders with distinguished careers, who discussed issues of what organisation can do to better address these challenges and how women in the financial services industry can push themselves, their careers, and their organisations forward in the new digital economy.

The forum’s moderator was Mrs Anita Nassar, Co-Founder, Alternative Consultant Group & Former Managing Director and Partner, Citadel and the panellists were Ms Julie Chang, Managing Director and Chief Operating Officer, Balyasny Asset Management Hong Kong; Ms Junie Foo, Founding Chair, BoardAgender & Fellow, Singapore Institute of Directors; Ms Catherine Lee, Chief Financial Officer, Clifford Capital; and Ms Nor Rejina Abdul Rahim, Managing Director, Nomura Asset Management Malaysia.

More than 100 students and senior executives attended the forum. To read more about key takeaways from a candid and inspiring panel session, please click here. The forum’s photos can also be accessed here.

CAMRI IN THE NEWS (Highlights)

New methods of infrastructure financing viable in Brunei

In an interview with Bulletin following his presentation at the 13th Annual Brunei Darussalam Roundtable held at The Empire Hotel & Country Club, Prof Joseph Cherian (Director, CAMRI) says Brunei Darussalam has the potential to finance its infrastructure development through creative ways such as public financing and technology. However for such efforts to be successful, government involvement in terms of providing support to the financing structure is vital. Themed ‘Capital Markets, Finance and Investments: Global Trends and How Technology is Driving Growth’, the roundtable was organised by Asia Asset Management magazine with the support of the Brunei Darussalam Capital Market Association (BCMA) and CAMRI.
Borneo Bulletin (Tuesday, 31 July 2018)
Also seen in: Borneo Bulletin Online; Asia Asset Management

Asia Flings Open Doors to Foreign Cash. But There's a Catch

Instead of opening up stock markets for foreign capital flow, Assoc Prof Johan Sulaeman (Research Director, CAMRI) says countries compromise by setting up trading links as they allow for offshore independence while maintaining capital controls.
Bloomberg (Wednesday, 9 May 2018)

Digital asset management: Evolution or revolution?

The article mentions Prof Joseph Cherian (Director, CAMRI) as a panellist in a panel discussion on how artificial intelligence and machine learning are transforming financial services.
Asia Asset Management (April 2018)

CPF to phase out sales commissions in its Investment Scheme

Prof Joseph Cherian (Director, CAMRI) says that CPF’s latest adjustments represent a step in the right direction as the financial advisers’ fees have been eating into their clients’ savings in the CPF Investment Scheme.
Lianhe Zaobao (Tuesday, 6 March 2018)

GIC’s investment in real estate

Assoc Prof Johan Sulaeman (Research Director, CAMRI) expects GIC to make more property investments as the returns are higher compared to other fixed income assets as such government bonds.
Channel NewsAsia Singapore Tonight (Tuesday, 13 February 2018)

Op-eds & Commentaries

Making infrastructure assets more palatable

A commentary by Ranjan Chakravarty, Visiting Research Consultant at the Centre for Asset Management Research and Investments (CAMRI) at NUS Business School, Joseph Cherian, Practice Professor of Finance at the NUS Business School and Director of CAMRI, Kiyoshi Nishimura, CEO of the Credit Guarantee & Investment Facility (CGIF), an Asian Bond Markets Initiative funded by the Governments of ASEAN, China, Japan & Korea as well as Asian Development Bank, and Wong Heang Fine, Group CEO of Surbana Jurong, a Singapore Temasek-owned multi-disciplinary urban, infrastructure and management services specialist consultancy company.
Asia Asset Management (May 2018)


The evolving business of asset management

In a commentary, Pranay Gupta (Research Consultant, CAMRI) says disruptive pressures such as blockchain technology are forcing the asset management business to undergo transformational change.
The Business Times (Saturday, 31 March 2018)

High fees fleece CPF members of investment returns

In a commentary, Joseph Cherian (Director, CAMRI) says financial advisers are eating into their clients’ savings in the CPF Investment Scheme. One of his recommendations is for CPF members to adopt the upcoming Lifetime Retirement Investment Scheme, which keeps fees to a minimum. He also recommends that financial advisers be held to a high fiduciary standard.
The Business Times (Monday, 26 February 2018)

For more detailed CAMRI-related news articles, please click here.

SUPPORT CAMRI

Turn Potential into Reality by investing in the future of Asia’s financial industry and help CAMRI elevate the performance of students, professionals and organisations in the region’s asset management industry. We have a number of giving opportunities at CAMRI with naming privileges:

  • Investment Management & Trading Lab
  • Visiting Scholars and Leaders
  • Financial Databases
  • Professorships
  • Student-Managed Portfolio

Please click here to view The Impact of Your Giving: Turning Potential into Reality

Moreover, asset managers, asset owners and others in the financial industry can now also be part of CAMRI’s Academic-Industry Partnership Programme, the Monthly Multi-factor Model Commentary Initiative that was followed by the good performance of our models over the last 7 years.

Our purpose is to share the performance and trends exhibited by our aggregated fundamental & macroeconomic indicators. And, to financially support CAMRI and the SMF Track in (1) the hands-on training & preparation of our students for the industry, (2) the development of additional country stock selection (and quality) models, as well as (3) the various applied research endeavours at CAMRI.

Please feel free to contact us directly if you are interested in this opportunity to leave a permanent legacy at one of NUS’s finest financial centres that successfully brings the academy (theory) and industry (practice) together. Let’s work together to bring CAMRI to greater heights!

Let’s turn potential into reality!