A closed door morning with heads of DPM from the leading private banks in Asia.
2019 Event Photos
|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 Banker
|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 Banker
|12:45pm – 2:00pm||Networking Luncheon|
Workshop Topic Details
Workshop 1 | ETF innovations to address evolving needs of discretionary portfolio managers
Since the mass introduction of ETFs back in the early 2000s, they have grown to become a familiar option for investors due to their low adoption costs and the diversity of the asset class. By the end of 2020, ETF assets could reach US$7.6 trillion, underpinned by a shift towards passive investing, the size of ETFs relative to the overall market, and the suitability of ETFs for digital distribution, according to Ernst & Young.
ETFs are also potentially well suited to the discretionary portfolio management model, given the vast range of ETFs available today and their generally low-cost structure.
Sunny Leung will demonstrate the benefits of including ETFs in a portfolio and discuss how they can be employed to build your core allocation. And with investors’ priorities of capital preservation and income generation in mind, she will delve into successful case studies on the effective execution of ETFs in portfolios.
Sunny Leung, Head of ETF, Indexing & Smart Beta Sales, Southeast Asia, Amundi
Workshop 2 | 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.
Francois De Bruin, CFA, CAIA, Portfolio Manager, Sustainable Income & Growth Strategy, Aviva Investors
Workshop 3 | Digging deep in high yield corporate bond markets
In this session, Dónal Kinsella, institutional portfolio manager at Eaton Vance, will dig deeper into the always interesting topic of high yield corporate bond investing. In particular, he will discuss where Eaton Vance currently identifies opportunities, the fundamental health of corporate issuers around the world, and the supply and demand dynamics at play within the market.
Kinsella will also highlight some of the macro-indicators that Eaton Vance tracks and how the firm assesses value across different areas of the market. Expect to walk away with an insatiable appetite for investing in high yield bonds following this interactive session.
Dónal Kinsella, Institutional Portfolio Manager, Eaton Vance
Workshop 4 | 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.
Ivan Nikolov, Senior Portfolio Manager, Global Convertible Strategies, NN Investment Partners
Workshop 5 | 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.
Marc Bindschädler, Client Portfolio Manager, Director, Vontobel Asset Management