Investment Advisory Summit Hong Kong 2012 18 April 2012 LEAD SPONSOR LEAD LEGAL SPONSOR GOLD SPONSOR
Asian Private Banker Investment Advisory Summit Hong Kong 2012 Wednesday, April 18 The Conrad Hotel Nathan and Granville Rooms
Keynote address to be delivered by: Mark Steward Executive Director, Enforcement Division Securities and Futures Commission Hong Kong Investment Advisory Council Alfred Mak, Head of Investment Products and Advisory Department, Bank of East Asia Irene HY Chen, Head of Structured Products, Asia Pacific, Barclays Philippe Adler, Managing Director, Lombard Odier Darier Hentsch (Asia) Florence Schnydrig Moser, Director, Head of Structured Products Advisory Asia, Credit Suisse Hong Kong Rocky Cheung, Head of Investment Team, Private Banking, DBS Bank (Hong Kong) Dominik Fuerst, Executive Director, Lombard Odier Darier Hentsch (Asia) Harmen Overdijk, Portfolio Manager, EFG Bank Angel Wu, Regional Head of Products & Solutions, Asia, ABN AMRO Private Banking Richard Mak, Managing Director and Head of Advisory Services - Asia, Pictet Wealth Management Todd James, Head of Wealth Management Services, North Asia, BSI Hong Kong Sen Sui, Head of Asia, Markets & Investment Solutions, Credit Agricole Private Banking Horace Wong, Executive Vice President, Head of Tailored Portfolio Services for Asia, Coutts Steven Vinik, Head of Investment Advisory, North Asia, Standard Chartered Private Bank
PROGRAMME 8:00 8:55 am Registration and coffee 8:55 9:00 am Welcome and Opening Comments Shruti Advani, Editor Asian Private Banker 9:00 9:45 am Opening Keynote Speech Mark Steward Executive Director, Enforcement Division Securities and Futures Commission Hong Kong
9:45 10:15 am Lead Presentation Improving Portfolio Returns for Investors: The First Decision is Risk! In the aftermath of the financial crisis, investors continue to face high levels of risk, disappointing market returns, low interest rates and concerns of tail risk. We investigate various tools to mitigate portfolio risk, including a step-by-step case study analysis to show how managing risk can improve portfolio returns. dr. Harold Y Kim, Head of Multi Asset Group Asia, Citigroup Global Markets Asia 10:15 10:40 am Coffee Break 10:40 11:15 am Legal Presentation Becoming a top private banking jurisdiction evolution in response to regulatory change. Private banking is becoming increasingly important in Asia, driven by an ever-growing number of local high net worth individuals as well as a shift of assets from traditional private banking hubs in Europe and the U.S. to Asia. Hong Kong is ideally suited to take advantage of the opportunity by leveraging off its existing advantages well educated talent pool, highly developed capital markets, mature legal framework, and close access to Mainland China and opportunities arising from the internationalization of RMB. The existing regulatory framework does not really distinguish between banks that serve retail customers and those that serve private banks. Moreover, since the financial crisis, the regulatory environment has become even more prescriptive. Join Mark Shipman of leading international law firm Clifford Chance as he shares his insights into Asia s private banking industry including why private banks will need to rethink their operative and compliance models to navigate the changed environment. Mark Shipman, Partner and Global Head of Funds and Investment Management Sector, Clifford Chance
11:15 11:50 am Alternative Investments Presentation Tail-Risk: Hunting down the Black Swan The stock market rally at the beginning of 2012 was solid evidence of a return in investor confidence. However, the global picture remains gloomy and the risk of sudden black swan events remains intact. What is happening below the surface that could impact our portfolios? Are we insured against such events or will it be only due to painful hindsight experience that we research appropriate insurance strategies? Tail risk hedging is becoming popular but has a cost. What innovative solutions are available to investors and should this become an integral part of the asset allocation process? Daniel Ghirardi, Chief Executive Officer, SYZ & CO (Hong Kong) 11:50 12:35 pm Structured Products Panel Structured Products Panel: Challenges and Opportunities through Change The structured products landscape continues to evolve. 2012 could present yet more challenges. How will a changing regulatory framework coupled with an uncertain market outlook impact demand? How will low interest rates and lingering uncertainty impact the range of solutions available? Chair Bernard Wai, Head of Equity and Private Investor Products and Solutions Asia, Citigroup Global Markets Asia Panel Irene HY Chen, Head of Structured Products, Asia Pacific, Barclays Florence Schnydrig Moser, Head of Structured Products Advisory Asia, Credit Suisse Hong Kong Francis Edwards, Consultant, Derivatives and Structured Products, Clifford Chance
12.35 1:50 pm Luncheon 1:50 2:30 pm Presentation Collateralized Loan Obligations: Back to the Future? Despite the tumultuous economic environment of 2011, CLO issuance saw a significant uptick over the last 12 months. Have CLOs finally shaken off the skepticism that has surrounded them since the global financial crisis or have near-zero US corporate default rates, along with the attractive risk-adjusted returns that CLOs can offer, simply made CLOs too attractive to miss? Stephen Casey, Senior Portfolio Manager, Neuberger Berman
2:30 3:20 pm Panel Discussion Earning One s Keep (or Bonus): How to Demonstrate Value- Added to Clients through Use of Active Strategies. Is the balance of power between active and passive strategies shifting within client portfolios (or model portfolios)? What strategies address clients search for income and which active strategies capture new opportunities for investors? How do private bankers demonstrate value-added to clients through portfolio construction, product selection, and manager selection? Do they have enough input to cater for local needs? When it comes to product selection, who has the power within private banks the research teams, the portfolio managers, the bankers - or the client? What are the hurdles to getting the right product to clients in Asia regulatory, financial, internal? Chair Shruti Advani, Editor, Asian Private Banker Panel Todd James, Head of Wealth Management Services, North Asia, BSI Investment Advisors Dominik Fuerst, Executive Director, Lombard Odier Darier Hentsch (Asia) richard Mak, Managing Director and Head of Advisory Services Asia, Pictet Wealth Management James E. Campion, Senior Vice President, Head of Asia Business Development, Matthews Asia 3:20 3:55 pm Coffee Break
3:55 4:40 pm Private Bank Advisory, Information and Risk Presentation Adding Value through Technology The business challenges facing heads of private bank investment advisors in Asia today are greater and more complex than ever. From customer management (including risk profiling) to performance management (including benchmarking), from risk management across portfolios to complex transaction processing of structured products, the challenges are endless. And given Asia s fragmented markets with a history of patch-worked technology solutions, the headaches facing the investment advisory community are unique to the region. Nick Rowland, Director, Serisys Solutions 4:40 4:45 pm Round-up Shruti Advani 5:00 pm Official Cocktail Reception 6:30 pm Close
Biographies in Brief Keynote Presentation Mark Steward, Executive Director, Enforcement Division, Securities and Futures Commission Hong Kong Mark Steward is a member of the Commission and also a Non-Executive Director of the Financial Dispute Resolution Centre Limited for a period of 2 years commencing 1 March 2012. Lead Sponsor Presentation Dr Harold Y Kim, Managing Director, Head of Multi Asset Group Asia- Pacific, Citigroup Global Markets Asia Harold Kim is Head of Citi s Multi Asset Group for Asia. His responsibilities include managing the group which provides investments and hedging solutions across all underlying asset classes, covering structuring, funds management and sales. Legal Sponsor Presentation Mark Shipman, Partner, Global Head of Funds & Investment Management Industry Sector and Co-head of Asian Financial Services Regulatory Practice Group, Clifford Chance (Hong Kong) Admitted in Hong Kong, England & Wales, Mark joined Clifford Chance London in 1991 and moved to Clifford Chance Hong Kong in 1997. He has extensive experience advising managers, sponsors and investors on all types of funds, structured as corporate vehicles, limited partnerships and unit trusts, both openended and closed-ended, including hedge funds, private equity funds, real estate funds, special opportunity funds, and other alternative fund products. He regularly advises private banks on their investment products. He also specialises in providing regulatory advice to fund managers, private banks and other financial institutions. Alternative Investments Presentation Daniel Ghirardi, Chief Executive Officer, SYZ & CO (Hong Kong) With more than 15 years of experience in asset management and alternative investments, Daniel brings a wealth of experience to the fast growing operation in Asia. SYZ & CO is a Swiss banking and asset management group with USD 40 billion of assets under management. In addition to Long-only funds, Syz & Co also manages UCITS and NEWCITS complianced products as well as fund of hedge funds. Being a pioneer in the fund of hedge funds business, Syz & Co has one of the longest track-records in the fund of hedge funds industry and manages the first UCITS complianced fund of hedge funds.
Structured Products Panel Chair Bernard Wai, Head of Equity and Private Investor Products and Solutions, Citigroup Global Markets Asia Bernie has overall responsibility for the sale of investments and funds to private banks, wealth advisory channels and financial intermediaries, and equity products to institutional clients. Panel Irene HY Chen, Head of Structured Products, Asia Pacific, Barclays With 17 years of experience in the financial services industry, Irene has overall responsibility for the structured products teams in Hong Kong and Singapore, in addition to overseeing the India onshore structured products business. In her role, she drives the development and growth of flow and bespoke structured products across the region for the wealth and investment management division, expanding the range of product design, execution, marketing and advisory services. She is also involved in the customization and restructuring of derivative products for clients. Florence Schnydrig Moser, Head of Structured Products Advisory Asia, Credit Suisse Hong Kong Florence leads a team of structured products specialists based in Singapore and Hong Kong, advising relationship managers and private banking clients in the area of structured investment solutions linked to equity, fixed income and commodities. She works closely with Credit Suisse s, and other third-party, investment banks and private banking teams to provide a comprehensive platform and support for relationship managers and investment consultants in the structured products related advisory area. Francis Edwards, Consultant, Derivatives and Structured Products, Clifford Chance Francis Edwards is a consultant in the Hong Kong office. He specialises in derivatives and structured products and regularly advises on both transactional and regulatory matters. Presentation Stephen Casey, Senior Portfolio Manager, Neuberger Berman Stephen J. Casey, CFA, Managing Director, joined the firm in 2002. Stephen is a Portfolio Manager for Leveraged Asset Management focusing on loan portfolios including CLOs. He is a member of the Leveraged Asset Management Credit Committee for high yield loans and bonds. Stephen was a founding partner of Lightpoint Capital Management LLC, which was acquired by Neuberger Berman in 2007. Prior to joining Lightpoint, he was employed at ABN AMRO where he was responsible for structuring leveraged transactions. Stephen received a BS from Indiana University an MS from the Illinois Institute of Technology and has been awarded the Chartered Financial Analyst designation.
Panel Discussion Chair Shruti Advani, Editor, Asian Private Banker Shruti has been Editor at Asian Private Banker since 2010 prior to which she was an Anchor and Associate Stocks Editor at Bloomberg. At Asian Private Banker she is responsible for overseeing content generated at the publication and also chairs the judging panel for the Asian Private Banker Awards for Distinction. Panel Todd James, Head of Wealth Management Services, North Asia, BSI Hong Kong Todd is responsible for the investment advisory capability in North Asia. His team is primarily responsible for advisory services, discretionary portfolio management and wealth planning. Dominik Fuerst, Executive Director, Lombard Odier Darier Hentsch (Asia) Dominik is the former Executive Director, Head Investment Consulting, Ultra High Net Worth Clients North Asia UBS Wealth Management and Japan Domestic UBS Japan Securities. Dominik has 11 years of private banking experience with UBS Zurich, Australia Domestic, Japan Domestic and Hong Kong, serving clients based in Russia, America, Australia, Japan, Asia (HK, Philippines, etc.) Richard Mak, Managing Director and Head of Advisory Services - Asia, Pictet Wealth Management He leads the active advisory team to provide advisory services and investment solutions on global capital markets to the high net-worth investors in Asia. Prior to joining Pictet Asia, Richard was the Head of Advisory at BNP Paribas Wealth Management in Asia since 2005. Richard was a senior investment advisor and portfolio manager at the JPMorgan Private Bank after managing Japanese equity investments for Lombard Odier Group and Skandia Asset Management from 1995 to 2003. Richard has also worked for Citibank Private Bank, Goldman Sachs & Co, and Nomura Securities. He has been a CFA charterholder since 1993. James E Campion, Senior Vice President, Head of Asia Business Development, Matthews Asia James Campion joined Matthews International Capital Management, LLC in 2010 as a Senior Vice President and leads the firm s business development efforts in Asia. Most recently, James was Head of Asia Distribution for Threadneedle Portfolio Services in Hong Kong, responsible for setting up its Hong Kong office and developing the firm s Asia distribution strategy. Prior to this, he served as Allianz Global Investor s Head of Mutual Funds for the Asia Pacific region and was a Managing Director for New Star International. From 1998 to 2004, James also held several positions with Schroder Investment Management (Hong Kong) Limited, including Regional Head of Mutual Funds, Asia ex Japan.
IT Presentation Nick Rowland, Director, Serisys Solutions Nick Rowland has more than 25 years of IT experience in the Capital Markets and Banking industries in Asia with regional leadership roles for Credit-Suisse and Standard Chartered, and financial services consulting experience with PwC and Andersen Consulting. Other Members of the Advisory Council Alfred Mak, Head of Investment Products and Advisory Department, Bank of East Asia Mr Mak is in charge of providing investment product and advisory support to the private banking and retail banking departments. His team is responsible for contributing macro investment views, formulating investment strategies, asset allocation and investment recommendations in relation to all financial asset classes. In addition, he is also involved in developing new investment products for the Bank. Philippe Adler, Managing Director, Lombard Odier Darier Hentsch (Asia) Philippe is the Managing Director as Lombard Odier. He is the former Executive Director and Team Head at UBS Hong Kong with 18 years of private banking experience with UBS Geneva, London and Hong Kong, serving clients based in North America and Asia. Rocky Cheung, Head of Investment Team, Private Banking, DBS Bank (Hong Kong) Cheung joined DBS Private Bank in 2004. He is now leading the investment team overseeing different asset classes, to provide advisory and investment services to clients. Cheung has 16 years of experience in the financial industry. Prior to joining DBS, he had gained different exposures in fund houses, brokerage houses and futures exchange. Harmen Overdijk, Portfolio Manager, EFG Bank Harmen Overdijk has been in charge of the team that runs discretionary portfolio management for EFG Bank Asia since late 2008. Before joining EFG Bank he was the Chief Investment Officer for Fortis Bank in Asia and global Head of Research for Fortis Private Bank. He has been working and living in Asia since 2001. Angel Wu, Regional Head of Products and Solutions, Asia, ABN AMRO Private Banking Angel is responsible for all products, and their policies. She covers Research, Funds and Alternative Investments, Discretionary Portfolio Management, Wealth Structuring and Estate Planning, Private Lending, Advisory and Treasury and Special Products for Asia.
Sen Sui, Head of Asia, Markets & Investment Solutions, Credit Agricole Private Banking Sen Sui is the Head of Markets and Investment Solutions in Asia for Credit Agricole Private Banking. He manages a team of more than 18 investment advisors and product specialists in both Singapore and Hong Kong providing investment solutions and services to high net-worth individuals. He has worked in the private banking industry for more than 6 years and has the benefit of solid knowledge and experience in portfolio management, asset allocation and products selection. Horace Wong, Head of Tailored Portfolio Services for Asia, Coutts As the Head of Tailored Portfolio Services, Horace is responsible for building, leading and managing the Tailored Portfolio Management Service teams in Hong Kong and Singapore. His main area of responsibility is to provide a premium portfolio management service to clients as well as investment support to private bankers on multi asset class advice. Horace has over 20 years of experience as an investment advisor. Steven H Vinik, Head of Investment Advisory, North Asia, Standard Chartered Private Bank Currently Head of Investment Advisory, North Asia at Standard Chartered Private Bank, Steven has held similar regional positions with RBC Asset Management and Lloyds TSB Pacific and is in his 23rd year in Asian finance. He moved to wealth management in 2003 after a career in institutional equity sales culminating as Head of Asian Equity Sales, Nomura (Hong Kong). Originally from South Africa, Steven is fluent in Bahasa Indonesia and is proficient in several other languages.
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