Director Joseph Charian [photo] CAMRI Director's Message

Dear Esteemed Readers,

Greetings from CAMRI! 2017 started off with a flurry of activity at our Centre. We first held CAMRI’s 4th Influential Women in Banking & Investments Forum in mid-February, which was followed by the annual Tolani-NUS Business School Public Lecture by Prof. Eswar Prasad at the end of March. Soon thereafter came the inaugural ARPM/CAMRI 2-Day Quant Portfolio & Risk Management Intensive Training Course. The Women’s Forum and Public Lecture by Eswar Prasad were especially lauded by our attendees, who ranged from global key financial leaders, senior executives, academics and students, for their thought-provoking content and timely relevance to current issues, both regionally and in the West. Last but not least, CAMRI co-hosted with the Dean’s Office, the 4th International Conference on Sovereign Bond Markets (SBM) entitled, “Public Debt Markets, Government Expenditures and Fiscal Prudence” here at NUS Business School in early April. Close to 80 leading academics, former Governors of regional Central Banks, regulators, policy makers and graduate students from around the world attended the 4th SBM Conference. The past three conferences were held in Tokyo, Frankfurt and New York. Other noteworthy events were student networking sessions with former and current banking and finance executives in the last quarter of 2016. We would like to extend our thanks to our speakers, donors, sponsors, partners and those who have contributed to the success of these events.

Next month brings the 4th edition of the CAMRI Graduate Certificate in Applied Portfolio Management (g-CAPM) executive education programme. It will be held from 15 to 21 May 2017. Our confirmed participants hail from various countries and asset management segments across Asia, and we look forward to lively classroom discussions and contributions of perspectives from all facets of the industry in this hands-on applied portfolio management training module. While the g-CAPM programme has always been Singapore Financial Training Scheme (FTS) eligible, subject to all eligibility criteria being met, CAMRI is now also registered with CFA Institute as an Approved Provider of Continuing Education (CE) programmes. As a consequence, the g-CAPM programme qualifies for 40 CFA Institute CE credit hours, while the ARPM/CAMRI course qualifies for 16 CE credit hours. Since seats in our state-of-the-art CAMRI Lab are limited and filling up fast, do register a.s.a.p. if you have interest in attending the May run of the g-CAPM! 

Please find more details in CAMRI’s latest e-Newsletter herewith, with convenient clickable web-links to the associated full articles and commentaries. Happy reading!

Best regards,

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15 – 21 May 2017, Singapore – Apply Now! CAMRI's Graduate Certificate in Applied Portfolio Management Programme (g-CAPM)

This 7-day state-of-the-art applied portfolio management training programme, which is now listed by CFA Institute as an Approved Provider of Continuing Education (CE) programmes and qualifies for 40 CFA Institute CE credit hours, 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.

25 May 2017, Singapore

ABFER-GIC Investments Panel

Stay tuned for our 5th ABFER-GIC Investments Panel entitled, “The Inactivity in Active: A Worrisome Sign of the Times?” to be held on May 25 at the Shangri-La Hotel, Singapore. Moderated annually by CAMRI’s Director, Prof Joseph Cherian, the featured panellists this year include Prof Charles Lee (Stanford University & co-Founder, Nipun Capital), Mr Hugh Young (Managing Director, Aberdeen), Ms Arisa Kishigami (Head of ESG - Asia Pacific, FTSE Russell), and Mr Percy Wong (Head, Systematic Investment Group, GIC).  Please expect a robust and lively discussion on active versus passive investing. Past Forum details can be viewed by clicking here.

April to July 2017, Singapore
Call for Papers: 2017 Asia Asset Management – CAMRI – CFA Institute Prize In Asset Management

Asia Asset Management (AAM), in collaboration with CAMRI, launched the Annual AAM-CAMRI Prize in Asset Management in 2015 to celebrate excellence in regional applied research. This year, AAM and CAMRI are pleased to announce that CFA Institute has joined us as a partner in this Annual Prize. The Prize, which is worth US$15,000, will be awarded to one paper in financial research, which is judged to be original and breaks new ground in the thinking, practice, policies, and issues affecting the Asian asset management industry. In light of the 2017 Pensions and ESG Forum’s theme, we especially welcome papers on pensions & retirement finance, household & consumer finance, and ESG.

The members of the 2017 Prize's judging panel are Professors David Reeb, Chair (CAMRI, NUS Business School); John Wei (HKUST); Takeshi Yamada (Australian National University); and Joseph Cherian (CAMRI, NUS Business School). The winner will present his/her research findings to an audience of academics and senior practitioners during the award ceremony in Singapore on 16 November 2017.

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ribbon Past Events
Here are some of the highlights from CAMRI’s various activities including conferences and forums:

6 – 7 April 2017
4th International Conference on Sovereign Bond Markets

CAMRI and the Dean’s Office co-hosted the 4th International Conference on Sovereign Bond Markets (SBM) entitled, “Public Debt Markets, Government Expenditures and Fiscal Prudence” here at NUS Business School. Close to 80 leading academics, former Governors of regional Central Banks, regulators, policy makers and graduate students from around the world attended the Conference. The previous SBM conferences were held in Tokyo, Frankfurt and New York.

Past Events [photo]31 March – 1 April 2017
ARPM/CAMRI 2-Day Quant Portfolio & Risk Management Intensive Course

CAMRI and ARPM jointly organised the 2-day Quant Portfolio & Risk Management Course from 31 March to 1 April 2017 at Hon Sui Sen Memorial Library Auditorium, NUS Business School. This intensive, heavily quantitative and comprehensive 2-day course was well attended by professionals, students and faculty from local institutions including the Ministry of Finance, GIC, International Monetary Fund, and Standard Chartered Bank. It is a subset of the highly-popular week-long ARPM quantitative finance boot-camp taught in New York City. Topics covered in the Singapore programme include market, credit & liquidity risk modelling, factor modelling, optimal trade execution, and convex/concave investment strategies - such as option-based portfolio insurance (OBPI), optimal dynamic control, constant proportion portfolio insurance (CPPI) and drawdown control. The course lecturer, Dr Attilio Meucci, CFA, is the founder of Advanced Risk and Portfolio Management (ARPM) and is a CAMRI Visiting Senior Research Fellow. Dr Meucci was formerly the Chief Risk Officer at KKR in New York.

Please click here to view photos taken during the course.

Past Events [photo]27 March 2017
Tolani-NUS Business School Public Lecture: "Shocks and Shifts in Global Finance: Implications for Asia"

It was a pleasure for CAMRI to host Professor Eswar Prasad, Nandlal P. Tolani Senior Professor of Trade Policy at Cornell University, on 27 March 2017 for the Tolani-NUS Business School Public Lecture entitled “Shocks and Shifts in Global Finance: Implications for Asia”. The lecture covered the ramifications of developments for the global financial system, particularly in the context of Asia, and how they may set in motion broader geopolitical and economic shifts. Prof Prasad also covered the short-term and medium-term prospects for emerging markets, with a focus on the Chinese and Indian economies, laying out an actionable reform agenda for both Asian economic giants to maintain stable growth. The future of the Renminbi, both in terms of its value and its role as an international currency, was also discussed during the lecture. More than 300 key influential leaders from the finance industry, senior executives, faculty, students, and alumni attended the lecture. The lecture, which was held at the Pan Pacific Singapore Marina Square, ended with a lively interactive Q & A session moderated by Mr Vikram Khanna, Associate Editor of The Business Times.

Please click here to view photos and media coverage of the event.

16 February 2017
4th Influential Women in Banking & Investments Forum
CAMRI’s 4th Influential Women in Banking & Investments Forum was held on 16 February 2017 at the Pan Pacific Singapore at Marina Square. This year’s topic was “The Golden Touch: Gender Diversity and Firm Performance”. Our distinguished panellists included Ms Rachel Eng, Deputy Chairman, WongPartnership; Datuk Shireen Muhiudeen, Founder, Managing Director & Principal Fund Manager, Corston-Smith Asset Management; Ms Wong Chien Chien, Managing Director & Chief Operating Officer - Asia Pacific, Credit Suisse; and Ms Jeanette Wong, Group Executive, Institutional Banking Group, DBS. The panel was moderated by Ms Cheong Choy Mei, Senior Vice President & Head, Security and Fraud Risk, HSBC.

The panellists explored the complex issues surrounding the role of women decision-makers in influencing corporate performance, the strength and benefits of gender diversity in a firm, and the challenges of bringing more women into senior positions in the region. The forum was well attended by more than 80 senior executives from the industry, academics, and students.

To view the Forum’s post-event report, photos and videos, please click here.

30 November 2016
Tea Session with CAMRI Board Member Mr Navtej Nandra

CAMRI Board Member, Mr Navtej Nandra, who is the former President of E*Trade and Morgan Stanley Investment Management International, met our NUS MBA students in New York City, generously sharing with them some high tea as well as his career trajectory, insights on the current market environment, what lies ahead and the opportunities in the financial sector. The students informed us via electronic communication and photos how they thoroughly enjoyed the session, and gained much from it. 

12 October 2016
sdfStudent Managed Fund Track Special Lecture and MBA Q&A Session with Mr Atsushi Yoshikawa

CAMRI hosted Mr Atsushi Yoshikawa, (Distinguished Visiting Fellow, NUS Business School; Advisor, Nomura Securities; and former President and Group COO, Nomura Holdings) on 12 October 2016, where he spoke to BBA and MBA students on current and upcoming trends in asset management. In response to a student’s query, he advised “It's better not to try to speculate what will be the next big thing, because nobody knows. But if you pursue Asset Management as your career, if you like it, just continue what you like to do with passion - build your capabilities and keep track of your goals, and one day clients will look for your expertise and products. If you join the current market theme, you are already too late."   Please view the lecture’s photos by clicking here.

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Dr. Brian Fabbri [photo]
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.

Apr 2017: The EU: The Haves and Have Nots
Mar 2017: Debt: Too Much, or Do We Need More?
Feb 2017:  Does Macro Policy Diverge or Converge?
Jan 2017: From East to West, Inflation is Back!
Dec 2016:   Trump: The High King of Leverage
Nov 2016: Fiscal Boost Needed to Make EU, UK and Japan Great Again
Oct 2016: The Time for Change is Now
Sep 2016: Is it Time for A New Monetary Policy Target?


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.

PPI Infrastructure Working Group - Summary of Discussions
by Pacific Pension & Investment Institute (25 October 2016)

CAMRI, a frequent partner to the Pacific Pension & Investment Institute’s Executive Seminar and Asia Roundtable Series, is pleased to announce that a summary of the discussion held by the PPI’s Infrastructure Working Group, which met on the side lines of the PPI’s Asia Roundtable 2016 program in Hong Kong, is now available by clicking here.

The Pacific Pension & Investment Institute (PPI) is a U.S.-based, non-profit organization with a global network of pension and sovereign fund managers, endowments, consultants, asset managers and subject matter experts. The PPI’s Infrastructure Working Group, which convened in Hong Kong on 25 October 2016, comprises a group of 30 asset owners and influential stakeholders. This is the first of a series of discussions by the PPI to:

  1. Understand the roles, barriers and risks as viewed by project sponsors, asset owners, developers and investors in the current infrastructure investment environment;
  2. Support relevant investment platforms, whether currently in place or newly structured;
  3. Unify a number of the fragmented approaches to the issues; and
  4. Develop a set of recommendations that will be made available to PPI’s members so as to help move the conversation on solving the infrastructure funding gap forward.

Prof Joseph Cherian, Director of CAMRI, served as the Moderator for the inaugural Infrastructure Working Group discussion session held in Hong Kong. The second session of the Infrastructure Working Group was just held on Tuesday, April 18 and hosted at PPI’s headquarters in San Francisco. It addressed the unique role Development Finance Institutions play in promoting infrastructure investment. Prof Cherian was able to participate in this session in person as well.

To underscore CAMRI’s keen interest in Infrastructure Finance research and initiatives, we have started an Infrastructure Finance Initiative at CAMRI recently. This website publishes all our thought leadership articles and op-eds on this topic in one place. It includes the perspectives, views and/or outlooks of various NUS Business School and CAMRI-associated authors as they relate to infrastructure finance, with a particular emphasis on - or implications for - Asia.

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Student Managed Fund (SMF) Update
The long-only Live Asian Student Managed Fund (SMF) continues to perform well due to excellent stock pitches by our BBA students, coupled with strong oversight from our Investment Committee. We have achieved stable returns since inception in October 2015. This resonates with the aims of our SMF track which blends together academic insights and industry exposure.

The Live portfolio is owned on a donor’s platform, while the holdings comprise recommendations from the following courses FIN4112K “Applied Portfolio Management”, FIN4115 “Advanced Portfolio Management” and FIN4118 “Equity Research Seminar”. CAMRI’s country multifactor stock-selection models (MFM) serve as stock selection universes and indicators that inform the students’ bottom-up analysis; stock recommendations by students are then incorporated into the Student Managed Fund following careful evaluation by an Investment Committee, comprised of lecturers from the SMF Track, CAMRI research personnel and practitioners from the industry. At the same time, we continue to maintain the Multifactor Model (MFM) Paper portfolios.

We continuously evaluate and enhance the SMF Track course offerings for our BBA (Hons) students. This involves evaluating existing and new courses in topics related to asset management. Please click here to see the fund management learning module track leading to NUS Business School BBA (Hons) students being certified as part of the Student Managed Fund Track team. CAMRI also distributes an SMF Track e-Resume Book, where upon projected completion of the Track by our students, we compile the students’ resumes and e-distribute them annually to our industry partners (between October and November) so as to elevate the career potential of our students.

A list of CAMRI-recommended MBA-level finance classes is also available on our website for MBA candidates who are interested to find a job in the asset management industry.

Testimonials by alumni of the SMF Track 
Please click here to view the testimonials by alumni of the SMF Track. 

Case Studies Update

WH Group: A Failed IPO in Hong Kong (Ivey Publishing, 02/2017, 9B17N002) 
Author: Emir Hrnjić, February 2017

Alibaba's Bonds Dilemma: Location, Timing, and Pricing (Ivey Publishing, 02/2017, 9B17N001) 
Author: Emir Hrnjić, February 2017

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ribbon CAMRI In The News
Our CAMRI faculty continues to impact views and policies in the financial industry by being interviewed by the media on hot-button issues, writing op-eds, commentaries and outlooks, and by appearing on live TV. A record number of articles and media interviews were registered since our last e-Newsletter.

FTA Policies and Plans 
CAMRI Research Director Prof David Reeb says if Donald Trump becomes the U.S. president, negotiations for free trade agreements could cool down.
Channel NewsAsia (Saturday, 17 September 2016)

Making the ASEAN Economic Community work 
Interviews of Dean's Visiting Prof Anthony Neoh and Distinguished Visiting Fellow Lim Hwee Hua on the side-lines of the 8th Wee Cho Yaw Forum, which took place in July 2016. Mrs Lim believes the ASEAN Economic Community can focus on areas that have wider benefits, such as free movement of goods and services. Prof Neoh says that member nations can bring their disputes to the World Trade Organisation for resolution although the ASEAN Economic Community has no enforcement powers.
Channel NewsAsia (Saturday, 10 September 2016)

If Singapore wants a Facebook, dual-class stock isn’t enough 
Prof David Reeb says Singapore Exchange now needs to convince companies, especially family-run firms in Asia, on the benefits of going public. The article was published by The Washington Post, Bloomberg, The Edge Markets, Yahoo Finance Sg, and on 31 August 2016.

Op-eds & Commentaries

Building uncertainty, flexibility into infrastructure megaprojects 
Commentary by Professors Michel Alexandre Cardin (Industrial & Systems Engineering & Head of the Strategic Engineering Lab, NUS) and Joseph Cherian (Director, CAMRI) on new techniques infrastructure planners can use to make better decisions when developing projects.
The Business Times (Friday, 27 January 2017)

To cultivate the industries of the future we need to invest in this intangible human quality (South China Morning Post Web, 11 November 2016) 

Two key steps in economic march (South China Morning Post Print, 12 November 2016)
Commentaries by Prof Joseph Cherian (Director, CAMRI) on how governments should provide the necessary infrastructural support for talent, innovation and entrepreneurialism to thrive.

Please read the more detailed CAMRI-related news articles here.

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Turn Potential into Reality by investing in the future of Asia’s financial industry and help us elevate the performance of students, professionals and organisations in the region’s asset management industry.

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!

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Centre for Asset Management Research
& Investments (CAMRI)

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