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Director Joseph Charian [photo]   CAMRI Director's Message

Dear Readers,

Singapore is celebrating its 50th Anniversary, as is NUS Business School. And CAMRI is celebrating its 5th Anniversary. My, how time flies. It makes me feel old, and some may argue I am.

But one entity that isn’t experiencing any ageing is CAMRI. Like the infamous pink bunny in the Eveready (Energizer battery) TV ad, CAMRI keeps going and going! The Student Managed Fund Track, CAMRI Graduate Certificate in Applied Portfolio Management (g-CAPM) Programme, CAMRI Monthly Global Perspectives by Dr. Brian Fabbri,etc., are all healthy and alive. We are now offering the g-CAPM programme at least twice a year, with the second offering for this year taking place from 16 - 22 November. Also note that the 2016 g-CAPM Programme Dates are from 30 May - 5 June and 14 - 20 November.

We have recently launched The Asia Asset Management - CAMRI Prize in Asset Management, with the prize worth US$15,000 awarded annually to one research paper that is judged to be original and which breaks new ground in the thinking, practice, policies and issues affecting the Asian asset management industry. The winning paper of the 2015 AAM-CAMRI Prize (from over 50 excellent applications from the around the world) is entitled, "The Returns to Hedge Fund Activism: An International Study," co-authored by Marco Becht (Solvay Brussels School, Université libre de Bruxelles, CEPR and ECGI), Julian Franks (London Business School, CEPR and ECGI), Jeremy Grant (CM-CIC Securities) and Hannes F. Wagner (Bocconi University). CAMRI would like to thank the Asia Asset Management magazine for their generous donation towards the AAM-CAMRI Prize.

Please take a few minutes to review and enjoy CAMRI’s latest e-Newsletter, which not only have summaries of our activities provided below, but also convenient clickable web-links to the associated full articles and commentaries.


ribbon Past Events
Here are some of the highlights from CAMRI's various activities including conferences, forums and, public lectures:

Past Events [photo]

19 August 2015
CAMRI Student Lecture in Finance

CAMRI hosted a joint BBA and MBA Student lecture on "The Next Generation of Banking: Ethical & Sustainable Finance" by Ms. Baljeet Kaur Grewal, Advisor, Asian Development Bank and former MD & Vice Chairman, Kuwait Finance House (Research). The talk covered global banking in its present form, financial inclusion and sustainable development through ethical banking, and an introduction and proposition for Sharia-based finance. More than 40 people attended the CAMRI Student Lecture, which was followed by a robust Q&A session with the students that lasted 45 minutes!

18 June 2015
7th Wee Cho Yaw Singapore- China Finance and Banking Forum, Beijing

"China at the Financial Economic Crossroads: The Critical Next Steps"
The 7th Wee Cho Yaw Singapore-China Finance and Banking Forum, organised in Beijing by CAMRI on 18 June 2015, with the theme 'China at the Financial Economic Crossroads: The Critical Next Steps', attracted approximately 400 participants, including many key professionals from across the financial services industry. Despite operating under The Chatham House Rule, the event was heavily covered by the media!

The proceedings emphasized issues centred on the reform of the Chinese financial services market as the nation attempts to keep its economy growing robustly, while simultaneously transforming itself into one of the leading economies of the world.

The forum highlighted four key themes:
  1. Reforms in China's short term money markets and long term interest rate sensitive capital markets should continue to be carried out in earnest to boost investors' confidence and returns on their investments.
  2. The influence of state-owned enterprises needs to be re-evaluated in order to promote growth.
  3. Policies should align with market principles to contain risk, to maintain goals, and to liberalise the Chinese currency and interest rate product markets.
  4. Technology presents many new opportunities. China should take full advantage of technology to further grow its financial market as it did with its highly developed online money market sector.

We are pleased to share with you the post-Forum report which provides an overview of the salient points discussed at the Forum. Do click on this link to view the report. You are welcome to visit our event website to view the event photos and the media coverage as well.

Past Events [photo]

18 – 24 May 2015
Graduate Certificate in Applied Portfolio Management (g-CAPM)

CAMRI held its inaugural open enrolment executive education programme (g-CAPM) in May 2015. The programme was a success with good programme ratings and feedback by the participants. The participants were primarily asset managers and asset owners from six countries: Singapore, Hong Kong/China, Malaysia, Thailand, Indonesia, and the U.S. Feedback from some of the May g-CAPM participants include:

"The g-CAPM programme had many timely topics which gave us ideas on how to approach investment problems. The programme's key strength is the faculty members from diverse backgrounds with relevant industry experiences to share." (Kelvin Tang, Associate, GIC, Singapore)

"The programme had interesting and valuable insights from industry veterans of a high academic and professional calibre, who have collective experiences in both investing and trading." (Catherine Cheung, Director, Product Development and Management, Pan Asia, UBS Global Asset Management, Hong Kong)

"The highlight of the programme was the portfolio optimisation & risk management sections and the strength of the programme was the academic lecturers who shared their valuable industry experience over the 7-day course." (Audri Muhammad Fajar, Treasury Dealer, PT Bank Mandiri, Indonesia)

"The biggest strength of the g-CAPM programme was the blending of both quantitative & fundamental analysis for portfolio management."
(Chairi Pitono, Director, Astra Pension Fund, Indonesia)

"CAMRI's g-CAPM programme was a great success and a highly-regarded programme for investment professionals. The great organisation and excellent standards of the lecturers made it possible for us to learn so much within a week. CAMRI holds a very high standard, and the g-CAPM programme exemplifies best practices in asset management." (Robert Du, Professional Investor, Hong Kong)

The next g-CAPM programme will be from November 16 - 22, 2015.

Past Events [photo] 20 March 2015
CAMRI Executive Lecture: "The Changing Landscape in the Financial Services Industry and Its Implications for You"

CAMRI had the distinct pleasure of hosting Mr Arun Kohli, Managing Director and Chief Operating Officer (Asia Pacific), Morgan Stanley. He provided us with a financial services industry overview, the key players in the various sub-sectors and recent trends in the industry, as well as the opportunities and challenges. Mr Kohli’s talk also highlighted how recent regulatory reforms have placed downward pressure on the return on equity for banks, the effects of technology on banking (e.g., Digital Banking and FinTech), and new career opportunities for graduating students within this fast changing financial landscape. Mr Kohli lastly emphasized the importance of setting and having the right culture from the top, of fiduciary responsibility, ethics, and integrity, and of ensuring compliance with local laws and regulations. 


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ribbon Thought Leadership @ CAMRI
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 Research Fellow at CAMRI & President of FABBRI Global Economics. The most recent articles by Dr. Fabbri can be read by clicking on the web-links below.

Sep 2015: Are Interest Rates too Low for Savings?
Jun 2015: Where Have All the Good Wads Gone?
May 2015: The Critical Question is How High?
Apr 2015:   Frigid Growth: Global Growth Slowing More than Forecast
Mar 2015: Are Financial Bubbles Building?

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ribbon Research Projects
Student Managed Fund (SMF) Update

We have completed the individual Asian Country Models of the SMF. They include the successful (long/short) backtesting of the following countries: Singapore, Hong Kong, Japan, China, India and, South Korea.

The SMF will be embedded in the BBA (Hons) course, "Equity Research Seminar", which comprises 7 weeks of lectures followed by a "consulting practicum project" taught by Professor James Cheng, and ably supported by all the other lecturers teaching in the SMF Track (Profs Lee Hon Sing, Richard Yeh and Joe Cherian). In the project the SMF will be offered to the students, who will recommend their ideas to the Investment Committee (IC), comprised of CAMRI SMF Track Lecturers & members of JL Capital. The SMF will be managed as a long-only portfolio and in individual Asian equities.

Case Studies Update by Emir Hrnjić

OCBC Versus Elliott Management: Acquisition of Wing Hang Bank (Ivey Publishing, 07/2015, 9B15N010)
Authors: Emir Hrnjić and Han Dong, July 2015

Fairfax and Thomas Cook (India): Private Equity, Permanent Capital, and Public Markets
Authors: Emir Hrnjić, Nupur Pavan Bang, Vikram Kuriyan and Sanjay Bakshi, July 2015

Shanda Games: A Buyout of a Chinese Family Firm (Ivey Publishing, 04/2015, 9B15N002) Authors: Emir Hrnjić and David Reeb, April 2015

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ribbon CAMRI In The News
Our CAMRI faculty continue 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.

为什么亚投行能为中国和亚洲带来双赢?(NetEase, 24 Aug 2015)
Commentary by Prof Joseph Cherian (Director, CAMRI) on how Singapore can play a key role in the Asian Infrastructure Investment Bank, adapted from Think Business.

Murky past of China's Focus Media provides lesson (The Washington Post, 17 Jul 2015)
Commentary by Dr Emir Hrnjic (Director of Education & Outreach, CAMRI), Assoc Prof Pedro Matos (University of Virginia Darden School of Business) and journalist Ms Lianting Tu on why Focus Media's problems illustrate how attention to corporate governance and an understanding of regulatory differences will continue to be a priority for investors in the Chinese market.

Various comments on CAMRI's Seventh Wee Cho Yaw Singapore-China Finance and Banking Forum (as of 1 July 2015)
The Forum was held in Beijing on 18th June and entitled, "China at the Financial Economic Crossroads: The Critical Next Steps". The Forum, which attracted close to 250 people, profiled five expert panellists - they were (1) Prof GAO Xiqing, Former President, China Investment Corporation (CIC); (2) Dr HUANG Haizhou, Managing Director & Management Committee Member, China International Capital Corporation (CICC); (3) Madam Sau KWAN, President, E Fund Management; and (4) Mrs LIM Hwee Hua, Executive Director, Tembusu Partners & former Cabinet Minister, Singapore. The panel was moderated by Professor Anthony NEOH QC, SC, JP, Hong Kong Bar, Dean's Visiting Professor, NUS Business School and former Chief Adviser, China Securities Regulatory Commission.

  1. Lim Hwee Hua on China's economic reforms: Steady pace of reform appropriate for China's national conditions (Lianhe Zaobao)
  2. 杨贤:新加坡成为离岸人民币中心顺理成章 (
  3. 经济改革的重点是发挥市场优势 (Guangming Online)
  4. 国立大学杨贤:银行业不良数据过高与经济疲弱有关 (
  5. China at the Economic Financial Crossroads: Experts Tell Forum Beijing Should Continue to Liberalise and Market Players Should Respect the Rules (Reuters, Bloomberg, MarketWatch and International Business Times)
  6. CAMRI Concludes Its 7th Wee Cho Yaw Singapore-China Finance And Banking Forum In Beijing (Smart Tech Today)
  7. China at an economic financial crossroads (Asia Asset Management)

Indonesia to Call Time on Tax-Free Debt for Riskiest Borrowers (Bloomberg Business, 22 May 2015)
Companies the world over have used interest payments to shrink their tax bills for decades. Indonesia, faced with record private debt, is trying something different: to ban firms from writing off interest costs against taxable income should debt exceed four times equity. Article features comments from Visiting Senior Fellow Emir Hrnjic, Director of Education and Outreach at CAMRI.

Common Cents: Managing your credit card (Channel 5, 30 Apr 2015)
Features comments from Prof Sumit Agarwal (Research Director, CAMRI) on the less well known reasons behind credit card debt and what stakeholders can do to minimise such debt.

Money Mind: Singapore stock market (Channel News Asia, 11 Apr 2015)
Features an interview with Prof David Reeb (CAMRI) on attracting more Initial Public Offerings (IPOs) to list in the SGX.

Deluded graduates in Asia still want to work in investment banking ( Apr 2015)
Asia's top graduates still want to work in investment banking over other less glamorous parts of the financial sector, which poses a shortage of talent for corporate banks providing bulk of job opportunities. Article features comments from Prof Joseph Cherian (Director, CAMRI).

Op-eds & Commentaries

Seizing the day (Asia Asset Management, Aug 2015)
Commentary by Prof Joseph Cherian on the outlook for the asset management industry, which could take guidance from the core-satellite investing approach.
A version of this article also appeared in The Business Times, 10 September 2015, entitled, " Seeking Relevance in a Shrinking Sandbox."

Singapore can play key role in AIIB (The Business Times, 3 July 2015)
Singapore's high-profile role in the AIIB leaves potential for it to develop its infrastructure ecosystem as a hub for innovative project development and finance in the South-east Asia region. Article written by Prof Joseph Cherian (Director, CAMRI).
A version of this article also appeared in NUS Think Business, 3 July 2015, entitled, "Oh, behave! Why the AIIB can be a win for China and Asia," and Caijing, 24 Aug 2015, entitled, 为什么亚投行能为中国和亚洲带来双赢?"

Grooming Asia's Finance Leaders (The Business Times, 13 Jan 2015)
Commentary by Prof Bernard Yeung (Dean) and Prof Joseph Cherian (Director, CAMRI) on the need for Asia's finance leaders to undergo contextualised training and mentoring, and the Asia Leaders in Financial Institutions programme.
Versions of this article also appeared in The Malaysian Insider,, 20 Mar 2015, entitled,培养亚洲的下一代金融领导者, and CFO World, Mar 201, entitled, 培养亚洲金融新领袖

Asia Leaders in Financial Institutions (ALFI) in the Media featuring CAMRI Faculty
Please read the more detailed CAMRI-related news articles here.
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ribbon Upcoming Events
16 - 22 November 2015 – applications welcomed!
CAMRI's Graduate Certificate in Applied Portfolio Management Programme (g-CAPM), NUS Business School

24 November 2015 (Singapore) & 26 November 2015 (Hong Kong) – By invitation only
Asia Asset Management (AAM) - CAMRI Prize in Asset Management Awards Ceremony

Asia Asset Management (AAM) magazine, in collaboration with CAMRI, recently launched the AAM-CAMRI Prize in Asset Management. The Prize will not only recognise but celebrate excellence in applied research, be it empirical or theoretical, that is original and breaks new ground in the thinking, practice, policies and issues affecting the Asian asset management industry. Submitted papers that have been presented at major academic conferences or universities will be given special consideration, but they should not have been published as of the submission closing date. The Prize is worth US$15,000 and will be awarded to only one paper. The awarding of the 2015 Prize coincides with AAM's 20th Anniversary and CAMRI’s 5th Anniversary celebrations; therefore the 2015 Prize will be awarded to the winner in two locations: in Singapore on 24 November 2015 and in Hong Kong on 26 November 2015, where a practitioner version of the winning paper will be presented to the gathered by one of its co-authors. The Prize's prestigious judging panel, comprising of academics from around Asia, is chaired by Professor David Reeb, Research Director at CAMRI and the Mr & Mrs Lin Jo Yan Professor of Banking and Finance at NUS Business School. The winning paper of the 2015 AAM-CAMRI Prize (from over 50 excellent applications from the around the world) is entitled, “The Returns to Hedge Fund Activism: An International Study,” co-authored by Marco Becht (Solvay Brussels School, Université libre de Bruxelles, CEPR and ECGI), Julian Franks (London Business School, CEPR and ECGI), Jeremy Grant (CM-CIC Securities) and Hannes F. Wagner (Bocconi University). CAMRI would like to thank the Asia Asset Management magazine for their generous donation towards the AAM-CAMRI Prize.

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Centre for Asset Management Research
& Investments (CAMRI)

Telephone : +65 6601 1047
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