FUNDS SELECTION NEXUS
HONG KONG 2016
October 4, 2016 | JW Marriott Hotel
In partnership with
apb.news/fsnhk2016s
FUNDS SELECTION NEXUS
HONG KONG 2016 POLL
A DV I S ORY C OUNC I L
Belle Liang
Executive Director, Head of
Investment Advisory
Hang Seng
Michael Christo
Managing Director, Head of
Investments, Hong Kong
UBS Wealth Management
Charis Wong
Vice President, Funds and ETFs,
Private Banking and Wealth
Management
Credit Suisse
Rocky Cheung
Executive Director, Head of
Investment Products and Advisory,
HK, Wealth Management
DBS
Eddie Lee
Regional Head of Investment
Products, Asia
ABN AMRO
Roger Bacon
Head of Managed Investments and
Advisory, Asia Pacific ex-Japan
Citi
Ernest Chan
Managing Director and Head of
Investment Management Services,
Asia
Morgan Stanley PWM
Stefan Lecher
Managing Director, Head Client
Portfolio Management (CPM), APAC
and Co-Head Content Management
(CM), APAC, UBS Wealth Management
Jay Chiu
Head of Investments,
EFG
Vincent Ng
Executive Director, Head of
Investment Advisory, Hong Kong,
Wealth Management, Asia ex-Japan
Nomura
Johann Santer
Managing Director, Senior Advisor
Julius Baer
Maggie Tsui
Managing Director, Deputy Head of
Investment Services, Asia
BNP Paribas Wealth Management
P R OG R A MME
8:00am – 8:55am
Registration and Coffee
8:55am – 9:00am
Welcome & Opening Comments
9:05am – 9:45am
Opening Panel Discussion
Equities – Helping Asian HNWIs take a dip
According to industry research, a 2004 portfolio with a
85-15 breakdown between fixed income and equities,
respectively, could achieve 4% annual returns. Today, a
portfolio would need to allocate up to 50% in equities to
generate similar returns but with volatility doubled. Yet
excessive concentration in fixed income assets, especially
leveraged, is by no means a sustainable way to help
clients generate diversified returns. How is your private
bank using fund solutions to stimulate risk-averse
investors to add to their equity allocations?
Moderator:
Sebastian Enberg, Editor, Asian Private Banker
Conversation catalysts:
Jaye Chiu, Head of Investment, EFG Hong Kong
Roger Bacon, Head of Managed Investments, Asia, Citi
Private Bank
Stefan Lecher, Head Client Portfolio Management, APAC
and Co-head Content Management, APAC, UBS Wealth
Management
Breakout Sessions
9:50am – 10:30am
A
B
C
10:35 – 11:15pm
B
C
A
11:20 – 12:00pm
C
A
B
Breakout sessions
will be held
concurrently in
separate rooms.
Breakout Session A
Enhancing Return Opportunities in Asian High Yield
With low and even negative interest rates in many developed economies, the
search for yield will remain a key investment theme in 2016 and into 2017.
Increasingly, investors need to look beyond their comfort zone of traditional fixed
income asset classes in order to find yield. Asian high yield is one asset class that
still offers attractive yielding opportunities. While higher yield does entail higher
risk, we believe this can be managed. We combined essential locally-based
research with an active portfolio management approach that is fully cognizant of
both the risks and opportunities in this asset class.
Looking ahead, we remain constructive on Asian credit. With dovish Asian
central banks, low/negative yields expected to continue in developed markets
and a likely pull-back in Fed tightening expectations, we believe technicals will
remain supportive of the asset class.
Conversation Catalyst:
David Tan, Chief Investment Officer Fixed Income, Asia Pacific, Allianz Global
Investors
Breakout Session B
Japan Equities – a fresh look at an established if underappreciated asset class
With Abenomics now in its fourth year, and following unprecedented easing from
the Bank of Japan, the domestic economy in Japan still seems to lack any sense
of real growth.
Despite this economic backdrop, the First State Stewart Asia team believe that
high quality companies should continue to diverge from the rest, having already
learnt how best to survive the low-growth economic conditions over the past 20
years. By applying the team’s bottom-up stock selection process, we have
uncovered a number of interesting companies to invest in for the longer term.
Michael Stapleton (Managing Partner) and Sophia Li (Portfolio Manager) will
outline our approach and strategy for investing in Japan . We will also highlight
some of our long-term investment themes that illustrate our investment
philosophy and how it is of benefit to our clients.
Conversation Catalysts:
Michael Stapleton, Managing Partner, First State Stewart Asia, First State
Investments
Sophia Li, Portfolio Manager, First State Stewart Asia, First State Investments
Breakout Session C
Asia ex Japan Equity: contrarian by nature
Alpha can best be generated by bottom-up analysis: in particular, by investing in
companies that are attractively priced relative to their quality. For us, risk isn’t
volatility or tracking error. It is the risk of permanent capital loss. Our biggest
positions are in companies we believe offer an asymmetric payoff between risk
and reward.
We screen extensively to identify stocks priced attractively relative to their
quality. Price-to-book for price, and the five-year average return-on-assets as a
proxy for quality, are particularly important elements of this process as we seek
to identify a stock’s divergence from its long-term fair value. We scrutinise
company statements after this initial hurdle has been cleared, and only then do
we analyse the company in depth and speak with management.
Here, we will outline this process in more detail, discussing our reasoning for
evaluating companies in this way and illustrating our investment process with
case studies and examples.
Conversation Catalysts:
Sandy Pei, Asia ex Japan Deputy Portfolio Manager, Hermes Investment
Management
12:05 – 12:45pm
Closing Panel Discussion
Fixed income – Long-only only?
The near-term prospect of US monetary tightening seems
to be diminishing day-by-day with every bump in the road.
At the same time, the demand for yield has not subsided,
especially for Asian investors who continue to pile funds
into fixed income. Solutions positioned for a rising rate
environment may require a rethink. What solutions are
most appealing in an environment where monetary
policies are running out of steam but where the search for
income remains insatiable?
Moderator:
Richard Otsuki, Senior Reporter, Asian Private Banker
Conversation catalysts:
Aman Dhingra, Head of Funds Solution, Asia, Union
Bancaire Privée
Charis Wong, Vice President, Head of Fund and ETFs
Hong Kong, Private Banking Asia Pacific, Credit Suisse
Ernest Chan, Head of Investment Management Services
Asia, Private Wealth Management, Morgan Stanley
12:50 – 2:00pm
Networking Luncheon & Dataset Conclusions
M ODE R ATOR
Richard joined Asian Private banker in 2012, where he covers a
multitude of facets in Asia’s private banking industry including asset
management capital markets and recruitment.
Richard Otsuki
Senior Reporter
Asian Private Banker
Richard graduated from Hong Kong Baptist University with a Bachelors
of Arts in English Literature with a specific focus on postmodern literary
theory. In his spare time, Richard is an avid fan of basketball both as a
player and spectator.
Sebastian is the Deputy Editor of Asian Private Banker. His background
is in international politics, and Chinese foreign policy and security.
Sebastian Enberg
Deputy Editor
Asian Private Banker
Sebastian graduated from Victoria University of Wellington with a Master
of Strategic Studies majoring in Strategic Intelligence, and more
recently, from the City University of Hong Kong with a Master of Arts. In
2012, Sebastian was awarded the university’s Top Scholar Prize for his
cohort.
CON V E R SATI ON CATA LYSTS
Based in Singapore, Aman heads the Multi-Asset Research team in Asia.
Aman and his team are in charge of the research and selection of
various products including long only funds, UCITS alternatives, offshore
hedge funds, structured products and derivatives, exchange traded
funds (ETFs), private equity and real estate offerings.
Aman Dhingra
Head of Funds Solution, Asia
Union Bancaire Privée
He has close to 15 years of experience in Asian markets leading
innovation and new product development, crafting and operating
product platforms and implementing advisory frameworks across
several jurisdictions including Asia, the Middle East and UK.
Prior to UBP, Aman worked at Coutts as the head of fund solutions in
Singapore and at Citibank across South East Asia and India in multiple
roles spanning wealth management, consumer banking, credit cards
and treasury services.
Charis Wong is Head of Funds and ETFs, Hong Kong, for Credit Suisse
Private Banking Asia Pacific, based Hong Kong. She is responsible for
the bank’s North Asia funds business covering mainly Hong Kong and
China markets. Ms. Wong conducts investment advisory and fund
selection activities, promoting product and service excellence, in
addition to management responsibilities.
Charis Wong
Vice President
Head of Fund and ETFs
Hong Kong, Private Banking
Asia Pacific, Credit Suisse
Ms. Wong joined Credit Suisse from BNP Paribas Wealth Management in
2014, where she was Investment Advisor, specializing in fund advisory
and customized fund portfolio solutions, covering the Hong Kong and
Taiwan markets. Prior to that, Ms. Wong held positions as Senior
Portfolio Analyst with Citi Private Bank and Research Analyst with MSCI
Barra.
Ms. Wong obtained her business degree with a double major in Finance
and Information System, from the Hong Kong University of Science &
Technology and is a CFA Charterholder.
Mr. David Tan joined Allianz Global Investors in May 2012 as CIO Fixed
Income in Asia Pacific Region. Mr. Tan is responsible for building the
Fixed Income team, strengthening the investment process and
enlarging the product range.
David Tan
Chief Investment Officer
Fixed Income, Asia Pacific
Allianz Global Investors
Mr. Tan brings with him a wealth of experience in the management of
Asian bonds as well as platform and business development. His
experience in managing Asian bonds goes back to 1993. He joins
AllianzGI from AXA Investment Managers UK where his last position was
Executive Director Fixed Income Asia Pacific and Middle East, with the
responsibility for business development. From end of 2008 to early
2011, Mr Tan. was Chief Investment Officer of Kyobo AXA Investment
Managers in Korea. Before that he was based in Singapore as Head of
Fixed Income Asia, with responsibility for all the bond portfolio
management activities in the region.
Ernest Chan
Head of Investment
Management Services Asia
Private Wealth Management
Morgan Stanley
Ernest Chan has more than 22 years of experience in finance advisory
roles across all asset classes. He joined Morgan Stanley Private Wealth
Management in December 2013 as regional Head of Investment
Management Services of Private Wealth Management Asia, Responsible
for management of all PWM Asia fee‐based products . Main duties
include leading the team of 8 to develop product strategies, product
roadmaps and specification of product requirements, working with client
for prospecting, investment pitches and product performance review,
managing and restructuring of discretionary portfolios, and delivering
the Global Investment Committee perspective to Asia
Prior to joining Morgan Stanley, Mr. Chan worked at UBS AG Hong Kong
where he led a team of investment consultants on investment solution
for China and Taiwan region. He headed as well the Investment
Products Sales and Distribution team, advising clients on mutual funds,
hedge funds, private equity and portfolio management products. He
also spent over ten years with JPMorgan Chase Bank as Head of Capital
Advisory Asia. In that capacity, he was responsible for providing
financing and liquidity solutions to the private wealth clients around the
region. He began his career as an equity analyst with Asia Financial
Securities Ltd.
Mr. Chan earned his bachelor's degree at the Hong Kong Polytechnic
University and his dual Masters degree, in Finance and International
Business, is from University of Miami.
Mr. Jaye Chiu serves as the Head of Investment at EFG Bank AG, based
in Hong Kong.
Jaye Chiu
Head of Investment
EFG Hong Kong
Chiu has the executive responsibility for the full suite of investment
solutions provided to client relationship officers in North Asia,
encompassing discretionary & advisory mandates, funds, alternatives,
equities, bonds, FX and structured products. Additionally, he also
oversees dealing, trade execution and product due diligence for the
Bank.
In his role, he leads teams of investment counsellors, product specialists
and dealers.
Michael Stapleton is a Managing Partner of First State Stewart Asia, part
of First State Investments.
Michael Stapleton
Managing Partner
First State Stewart Asia
First State Investments
Michael has more than 19 years of experience in the investments
industry. He joined the FSSA team in July 2015 after being part of First
State’s global business for more than 16 years. Michael is based in Hong
Kong and is responsible for the business management of the FSSA
team.
After joining Colonial First State Global Asset Management in 1998,
Michael worked in the institutional business in Australia before moving
to the UK to become Head of Institutional Business Development. He
subsequently moved to Hong Kong in June 2009 and has been based
in Asia since then. Michael was most recently Managing Director, Asia
Pacific, overseeing business development and the day-to-day functional
operations in the Asia region.
Michael holds a Bachelor of Economics from Monash University. He is
also a CFA charterholder.
Roger Bacon
Head of Managed
Investments, Asia
Citi Private Bank
Roger Bacon is a Managing Director and Head of Managed Investments
(MI) & Advisory for Citi Private Bank for Asia Pacific ex-Japan. Based in
Hong Kong, Roger oversees all MI Product Sales, Citi Investment
Management (CIM) Origination and Sales and regional MI product
administration. He is also responsible for coordinating the regional
activities associated with traditional funds research, alternatives
research, operational due diligence and CIM portfolio management
through a matrix reporting line.
Roger has over 23 years of experience within the asset management
industry. He spent the first ten years of his career with JPMorgan Asset
Management and its predecessor companies working in Asia, the UK
and Continental Europe, in various relationship management, equity
analysis and portfolio management positions. In 2003 he joined a
prominent UK Family Office to set up and manage a substantial multi
asset-class investment program, comprising mainly equities, fixed
income, commodities, hedge funds and private equity. In 2004, he
joined UBP where, as Head of Hedge Fund Business in London, he
helped build a multibillion dollar discretionary and advisory customized
hedge fund business targeting UHNWs, Family Offices, Institutions and
SWFs. He joined Citibank in 2010.
Roger holds an Honors degree, Postgraduate diploma and MBA in
International Financial Services from the University of London. He holds
the Certified Private Wealth Professional designation and also holds the
Investment Management Certificate, HKSI Practising Certificates in
Securities and Asset Management. He was an authorized investment
manager and advisor with the Financial Services Authority in the UK for
over 11 years, and is currently registered with the Hong Kong Monetary
Authority as Executive Officer, responsible for securities dealing,
securities advising and asset management.
Sandy Pei
Asia ex Japan Deputy
Portfolio Manager
Hermes Investment
Management
Sandy Pei joined Hermes in July 2013 as a senior analyst responsible for
idea generation for the Asia ex Japan strategy; she became deputy
portfolio manager of the Asia ex Japan strategy in July 2014. She joined
from Investec Asset Management, where she was part of a two-person
team dedicated to managing the Investec Asia ex-Japan Equity Fund.
Sandy was previously an analyst for the Hermes Emerging Markets team
between 2009 and 2011. She holds an MSc in Quantitative Finance from
the CASS Business School and a BSc in Economics from University
College London. Sandy is a CFA charterholder and is a native Mandarin
speaker.
Sophia Li is a Portfolio Manager at First State Stewart Asia.
Sophia joined the team in August 2009 and is responsible for providing
stock ideas to portfolio managers, primarily in the Northern Asia
markets. She is also lead manager of the First State Japan Equity Fund.
Sophia Li
Portfolio Manager
First State Stewart Asia
First State Investments
Sophia holds a Masters degree in Statistics from Harvard University and
a Bachelor of Science degree from Fudan University. She is also a CFA
charterholder.
Stefan leads the CPM team in APAC in addition to Co-Heading CM
APAC. The activities include investment content and securities selection,
portfolio management and implementation, as well as product
development. Stefan oversees the entire regional shelf of both
discretionary portfolio- and advisory- solutions investing in equity, fixed
income, mutual funds and alternative investments.
Stefan Lecher
Head Client Portfolio
Management, APAC and
Co-head Content
Management, APAC
UBS Wealth Management
Stefan has worked for UBS since 2004 with Asset Management in
Zurich. As Global Head Strategist, he was globally responsible for the
discretionary and commingled Multi-Asset fund offering. He has
extensive experience in designing and developing Multi-Asset Solutions
for institutional and wholesale clients in the US, Europe and Asia Pacific
- leading teams globally. Reflecting the increased focus on the APAC
region, Stefan relocated to Hong Kong in 2013. And, in August 2016,
Stefan joined Wealth Management APAC in Hong Kong as Head CPM
APAC and Co-Head CM APAC.
Before joining UBS, Stefan was a consultant with McKinsey and
Company, responsible for advising large financial institutions on
strategic and financial management. Prior to this, he worked in actuarial
and financial roles with Zurich Insurance and Generali Insurance. He
holds a Masters in History of Economics from the University of Zurich
and an MBA from Columbia University in New York. Stefan is also a CFA
charterholder.
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