Discretionary Portfolio Management Leaders Conversation, Hong Kong 2019

Date:
11 April 2019
Time:
8:30am – 12:45pm, followed by luncheon
Venue:
The American Club (Town Club), Hong Kong

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Overview

A closed door morning with heads of DPM from the leading private banks in Asia.

2019 Event Photos

Agenda

8:30am – 9:00am Registration and Coffee
9:00am – 9:05am Opening Comments
9:05am – 9:45am Leaders Conversation Panel 1 | Income generation in a late cycle environment
Rising rates, growth concerns, and political tensions continue to pressure fixed income assets globally. In 2018, these factors have, most notably, contributed to a meaningful handful of regional defaults. While Asian portfolios de-risked following market stress, hunger for income remains insatiable and re-pricing has led to more attractive yield levels.What are some new underliers that are being introduced into discretionary mandates for income generation? Given current market conditions, what are the advantages or disadvantages of a single securities portfolio versus a fund of funds portfolio? Are FMPs through DPM still a viable business?
Moderator:
Charlene Cong, Head of Investments Coverage, Asian Private BankerConversation catalysts:
Ancus Mak, Executive Director, Asia Investment Management, Bank Julius Baer
Daniel Chan, Managing Director, Head of Citi Investment Management, Asia, Citi Private Bank
Grizelda Lee, Head of Discretionary Portfolio Management, Asia, Indosuez Wealth Management
Jean-Louis Nakamura, Chief Investment Officer, Asia Pacific, Lombard Odier Group
Yvonne Leung, Executive Director and Senior Portfolio Specialist, Asia, J.P. Morgan Private Bank
Breakout Roundtable Sessions
(Breakout sessions will be held concurrently in separate rooms.)
9:50am – 10:20am Breakout Session 1
10:25am – 10:55am Breakout Session 2
11:00am – 11:30am Breakout Session 3
11:35am – 12:05pm Breakout Session 4
12:05pm – 12:45pm Leaders Conversation Panel 2 | Adding alts in Asia’s discretionary portfolios
A late stage cycle spurred recent growth in traditional alternative sales in Asia. Naturally, this lends itself to the prospect of delivering DPM solutions that manage the same types of underlying assets. Last year, DPM leaders singled out alternatives as the asset class with the highest potential for conversion into a viable DPM solution and private banks have since actively explored the potential, either through a pure alternatives approach or by blending with traditional asset classes.How are DPM solutions in Asia adding alternatives exposure and what is the potential for DPM solutions invested in alternatives to go mainstream? Are alternative DPM solutions only an UHNW offering?
Moderator:
Charlene Cong, Head of Investments Coverage, Asian Private BankerConversation catalysts:
Christine Ravioli, Managing Director, Head of Discretionary Portfolio Management, Hong Kong, Union Bancaire Privée
Jacky Tang, Head of Portfolio Management Group; Co-Head of Investment Strategy Group, Goldman Sachs
Yves Bogni, Head Mandate Investment Team & UHNW APAC, UBS Global Wealth Management
12:45pm – 2:00pm Networking Luncheon

Workshop Topic Details

Workshop 1 | Sustainable income and growth opportunities for today’s investor

Investors have always prioritised income and capital growth but are increasingly seeking to align their investment objectives with their values. However, they often find this difficult to achieve, which is why Aviva Investors explores opportunities that combine ESG factors and attractive cross-asset investments to deliver long-term sustainable growth.

Francois will explain how an unconstrained, bottom-up approach to multi-asset income differentiates from common top-down strategies, how our proprietary ESG model guides the whole investment process, and how the team selects income-producing assets to generate natural income streams without depleting capital. He will also highlight how Aviva Investors’ approach to portfolio construction — which it considers to be as important as idea generation — helps insulate investors from excessive equity market volatility. Further, Francois will demonstrate how the firm’s commitment to responsible investment is fundamental to its goal of delivering investment outcomes that matter most to today’s investor.

Workshop host:
Francois De Bruin, CFA, CAIA, Portfolio Manager, Sustainable Income & Growth Strategy, Aviva Investors

Workshop 2 | Identifying investment opportunities in Asia bonds – active and dynamic allocation to generate alpha

The recent flood of both positive and negative news has overwhelmed the global economy, creating a more volatile market. But in every risk lies an opportunity. In terms of this year’s Asia bond market, we believe there are investment opportunities around the corner.

Asia high yield USD bonds have corrected to a level that we haven’t seen since 2012. There are positive factors emerging for Asian bonds, including the prospect of the completion of US rate normalisation, China’s large-scale stimulus measures, and the peaking of the USD. These will benefit both the Asia USD bond and local currency bond markets.

Looking into potential risk this year, volatility will increase when we enter this late cycle of expansion. Active and dynamic sector allocation will be critical. Idiosyncratic risk also rises with more challenging business environment in China.

Workshop host:
Pheona Tsang CFA, Chief Investment Officer, Fixed Income, BEA Union Investment

Workshop 3 | Why are convertibles suitable in a total return context

As investors’ demand for income grows, changing market dynamics drive the need for alternative products that are equipped to diversify risk. NN IP’s global convertible bond strategy applies the well-known concept of call overwriting in the universe of convertible bonds to enhance and diversify income portfolios while offering an attractive level of income. With low duration and an average BB credit quality, the strategy is well positioned to navigate the monetary and credit tightening environment, while potential equity upside offers protection against inflation but with less volatility. Unique convertible issuers and a focus on high-growth companies further diversify idiosyncratic credit and high-dividend equity exposure.

Workshop host:
Ivan Nikolov, Senior Portfolio Manager, Global Convertible Strategies, NN Investment Partners

Workshop 4 | How industry leaders help unlock value in Asia ex-Japan equities

Asia offers a wide range of opportunities for equity investors. However, it is also a heterogeneous group of countries rich with inefficiencies, where the dispersion of company profits and equity returns are greater than in the developed world. So given this dispersion as well as pronounced market inefficiencies, investors may want to approach Asia ex-Japan equities from the bottom-up, using a combination of systematic screens and fundamental research. But how exactly can they distinguish leaders from laggards? It’s obvious that size in terms of market capitalisation or revenues does not explain global leadership. Many Asia ex-Japan companies are large simply because of the size of the addressable market, protectionism or even geology. In this workshop, Marc will explain the structure of Asia ex-Japan equities and how to characterise leading companies in the region.

Workshop host:
Marc Bindschädler, Client Portfolio Manager, Director, Vontobel Asset Management

2019 Partners

Conversation Partners

Networking Partners

Enquiries

PARTNERSHIP ENQUIRIES

For further information, please contact: koye.s@asianprivatebanker.com
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