Director Joseph Charian [photo] CAMRI Director's Message

Dear Esteemed Readers,

CAMRI would like to thank all speakers, donors, sponsors and those who have contributed to the successes of our recent events. We held the ABFER/CAMRI Annual Industry Panel and Roundtable event in May for the fourth year in a row, and the 8th Annual Wee Cho Yaw Finance & Banking Forum in July. Both were huge successes with overwhelming support from global key financial leaders, senior executives, academics and students. Our upcoming CAMRI Graduate Certificate in Applied Portfolio Management (g-CAPM) executive education programme will run from 14 to 20 November 2016, and many portfolio & risk management professionals from the asset owner, asset management and hedge fund communities from various countries in Asia have already registered to attend. Seats are filling up fast, so do register today!

Please find CAMRI’s latest e-Newsletter herewith. It summarises our key activities with convenient clickable web-links to the associated full articles and commentaries. We are also now socially savvy and have gotten ourselves on LinkedIn – do “follow us” on LinkedIn to stay updated with the latest announcements and goings-on at CAMRI. I wish you happy reading!

Best regards,

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ribbon Upcoming Events

upcoming events14 - 20 November 2016, 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 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 multi-factor 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.     

27 October 2016, Hong Kong
Launch of the CAMRI Academic-Industry Partnership Programme, Multifactor Model (MFM) Monthly Commentary Initiative. Jointly with Pacific Pension & Investment Institute (PPI) at the annual Asia Roundtable, Hong Kong
CAMRI will launch our Monthly MFM Commentary Initiative with the prestigious U.S.-based PPI via CAMRI’s Academic-Industry Partnership Programme. Please click here for more information and do contact us if you have any interest to be a part of this Academic-Industry Partnership initiative.

November 2016, Singapore
4th Influential Women in Banking & Investments Forum

Stay tuned for our next Influential Women in Banking & Investments Forum to be held this November. Past Forums can be viewed by clicking here.

16 November 2016, Singapore
2016 Asia Asset Management – CAMRI Prize in Asset Management Award Ceremony

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. The Prize, which is worth US$15,000, is 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.

The members of the 2015 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 at a leading hotel in Singapore in November.

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

Past Events [photo]

14 July 2016
8th Wee Cho Yaw Singapore-China Finance and Banking Forum, Singapore

CAMRI and China Business Centre at NUS Business School jointly organised the 8th Annual Wee Cho Yaw Finance and Banking Forum at Pan Pacific Singapore Hotel. The event had more than 300 attendees, including many key influential leaders from the finance industry. This year’s theme was Financing Infrastructure and Promoting Free Trade. The Opening Speech highlighting the importance of this theme was delivered by CAMRI Director Professor Joseph Cherian. The distinguished panel was chaired by Professor Anthony Neoh, Dean's Visiting Professor at NUS Business School and former Chief Adviser at China Securities Regulatory Commission; and comprised of titans in the financial services industry: Mr Yaseen Anwar, Senior Advisor, ICBC & Former Governor, Central Bank of Pakistan; Mr Jiang Jianqing, former Chairman of the Board of Directors, ICBC; Mr Darius Lilaoonwala, Head, IFC Global Infrastructure Fund; Mrs Lim Hwee Hua, Distinguished Visiting Fellow, NUS Business School & Former Minister, Singapore Prime Minister's Office; and Mr Wong Heang Fine, Group CEO, Surbana Jurong. The panel discussed the challenging year ahead for the global economy, facing headwinds that will likely slow global trade, such as China’s weakening economy, higher interest rates in the US, plunging commodity prices coupled with global deflationary forces. These present a testing time for world leaders, who have turned to two elements for global economic growth – freedom of cross-border trade and investment. Our distinguished speakers and panellists spoke on these complex and related pertinent issues including financing infrastructure and free trade pacts to invigorate the world economy.

A Private Lunch, also attended by Mr Wee Ee Cheong, Deputy Chairman and CEO of UOB Group, and who delivered the Opening Remarks, was held prior to the Forum for specially-invited guests. We were honoured to have Mr Jiang Jianqing, the former Chairman of the Board of Directors, ICBC, deliver the luncheon keynote address. His topic was "Financing Infrastructure and Promoting Free Trade – The China Perspective", where he shared his views on Singapore’s participation and collaboration on the "One Belt, One Road" initiative. Please click here to view the Forum’s post-event report, video and photos.

Past Events [photo]

26 May 2016
ABFER/CAMRI Industry Panel and Roundtable: "Long-term Investing with the Ebb and Flow of Low Returns"

Each year, CAMRI hosts the ABFER/CAMRI Industry Panel and Roundtable where we address timely topics relevant to the industry. This year, our distinguished panelists included: Professor Darrell Duffie, Dean Witter Distinguished Professor of Finance at Stanford University’s Graduate School of Business; Mr Huang Jing, Managing Executive Director at Harvard Center Shanghai; Dr Prakash Kannan, Head of Total Portfolio Management Division at GIC; Mr Teo Eng Cheong, CEO (International) at Surbana Jurong; and Mr Atsushi Yoshikawa, former President & Group COO of Nomura Holdings, and currently an Advisor at Nomura Securities. The panel was moderated by CAMRI Director Professor Joseph Cherian, who is also Practice Professor of Finance at NUS Business School.

The ebb and flow of asset values post the GFC has been staggering, where long-term investing and asset allocation pose new challenges, becoming more complex as interest rates in many geographies have been driven to zero. The panelists provided their views on what lies ahead in the middle- to longer-term investment horizon, new opportunities particularly in the infrastructure funding and investments space, the prospects for capital markets and the outlook for the return of stability and liquidity to financial markets.

This roundtable discussion was well attended by 200 senior executives from the industry, academics, and students.

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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 weblinks below.

July 2016: The EU: What’s next?
June 2016:  Is the Stock Market stuck in Neutral, and the Global Economy rolling downhill?
May 2016: The New Normal for the US, But Not for Long
April 2016:   Man in Tights: Abenomics Needs Another Arrow!

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ribbon Research Projects
Student Managed Fund (SMF) Update

The long-only Live Asian Student Managed Fund (SMF) was launched on 5 October 2015. The portfolio is owned on a donor’s platform, while the holdings comprise recommendations from the following courses: FIN4112K “Applied Portfolio Management”, FIN4112 “Advanced Portfolio Management” and FIN4115 “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 projected fund management learning module track leading to NUS Business School BBA (Hons) students being certified to be a part of the Student Managed Fund 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 distribute them to our industry partners every November/December 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.

NUS Published Paper Update

"A Tail of Two Cities: On the Downside Risk and Loss Profile of Asian and North American Hedge Funds", Joseph Cherian, Christine Kon and William Weng, The Journal of Alternative Investments, Summer 2016, v. 19, 55-77

Case Studies Update

Toyota Motor Corp.: Heir Steers Carmaker out of Crisis (INSEAD Publishing, 01/2016-6189)
Authors: Morten Bennedsen, Brian Henry, Yupana Wiwattanakantang, January 2016 
(This case was funded under the CAMRI Asia-based Case Study Grant - AY 2014/15.)

CAMRI Visiting Fellow Programme (AY 2016/17)

CAMRI’s Visiting Fellow Programme funds one-week visits by “Tier 1” scholars, particularly those from Hong Kong, China, India, etc., working in Asian applied financial economics disciplines, to conduct research at CAMRI across a broad range of financial economics topics. Our goal is to bring a few visiting scholars in economics or finance to Singapore each year to help build the research community and fraternity in Asia.  The Programme is managed by Prof David Mitchell Reeb, Research Director at CAMRI and the Mr and Mrs Lin Jo Yan Professor at NUS Business School.

We are pleased to announce Dr Le Zhang from UNSW Business School has been selected to visit us from 26 to 30 September 2016. Dr Le Zhang is Senior Lecturer from the School of Banking and Finance, UNSW Business School. His research interests focus on mergers and acquisitions, corporate governance and other issues in corporate finance, and his work has been published in Journal of Financial Intermediation. In addition, Dr Zhang has won the best paper award at MIT’s Asian Accounting Conference and International Conference on Asia-Pacific Financial Market. He teaches financial management, risk management, and advanced corporate finance for undergraduate, graduate, and executive MBA programmes. Dr Zhang completed his Ph.D. in Finance at Nanyang Technological University.

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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.

Your retirement nest egg (Channel NewsAsia, 13 August 2016) 
In a feature on the new investment plans introduced by the CPF Advisory Panel, Practice Prof Joseph Cherian (Director, CAMRI) says inflation-linked annuity plans are gaining popularity worldwide. He adds that the Lifetime Retirement Investment Scheme is suitable for CPF members who are new to investing or lack the resources to actively manage their investments.

Past Events [photo]

Coverage on CPF review panel (Mediacorp Channel 5 on Toggle online, 3 August 2016)
CPF review panel calls for simpler long-term investment options (TODAY, 4 August 2016)
Simpler investment scheme to grow retirement nest egg (The Straits Times, 4 August 2016)
Recommendation Of Choosing CPF Life (Berita Harian, 4 August 2016)
Easier to invest with lifetime retirement investment scheme (Berita Harian, 4 August 2016)
Prof Joseph Cherian (Director, CAMRI), a member of the CPF Advisory Panel, says many retirement plans around the world have made moves to simplify investment choices  and that have an automated “de-risking” programme.

Financing retirement needs by extracting housing equity (The Business Times, 14 July 2016) 
In a panel discussion on lifecycle financing for ageing populations held at the World Cities Summit in Singapore, Prof Joseph Cherian, Director of CAMRI, says a credible party like the government should be the one bearing the tail risks in retirement, such as when seniors outlive the “leases” of their homes (in lease buyback or reverse mortgage schemes), or require longevity insurance in life annuity schemes. 

Grooming Leaders (Tabla, 15 April 2016)
Prof Joseph Cherian (Director, CAMRI) was mentioned in the article on the Asian Youth Leaders Travel and Learning Camp. He was one of the speakers who presented to 150 participants from Asia Pacific.

Dual-class share structure ensures founder sovereignty (Lianhe Zaobao, 24 Mar 2016)
In an interview, Mr and Mrs Lin Jo Yan Prof David Mitchell Reeb (Research Director, CAMRI) shared his views on family firms, including the impact of dual-class listings and how it allows the family to retain control.

Op-ed & Commentaries

The long march to the future economy
By Joseph Cherian and Lee Kang Hoe (June 2016)
While governments should sweat the big stuff when funding and guiding basic research in science & technology, a less interventionist approach on the small stuff will probably serve Singapore well. This article appeared in The Business Times (7 June 2016).

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

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ribbon Support CAMRI

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.

Past Events [photo]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

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 any opportunities 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)

Telephone : +65 6601 1047

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