Funds Selection Nexus, Hong Kong 2016
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What makes an Asian Private Banker Funds Selection Nexus (FSN) function different?
Once a year Asian Private Banker gathers together the key due diligence and fund selector leaders from each private bank, under our invitation, to examine and discuss within and among industry peers the ever changing demands of Asian client, the evolving product shelves and the volatile market conditions.
PHOTOS FROM THE EVENT
|8:00am – 8:55am||Registration and Coffee|
|8:55am – 9:00am||Welcome & Opening Comments
Sebastian Enberg, Editor, Asian Private Banker
|9:05am – 9:45am||Opening Panel Discussion
Equities – Helping Asian HNWIs take a dip
|9:50am – 10:30am||First Workshop Rotation|
|10:35 – 11:15pm||Second Workshop Rotation|
|11:20 – 12:00pm||Third Workshop Rotation|
|12:05 – 12:45pm||Closing Panel Discussion
Fixed income – Long-only only?
|12:50 – 2:00pm||Networking Luncheon & Dataset Conclusions|
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.
David Tan, Chief Investment Officer, Fixed Income, Asia Pacific, Allianz Global Investors
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.
Michael Stapleton, Managing Partner, First State Stewart Asia, First State Investments
Sophia Li, Portfolio Manager, First State Stewart Asia, First State Investments
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.
Sandy Pei, Asia ex Japan Deputy Portfolio Manager, Hermes Investment Management
- Belle Liang, Executive Director, Head of Investment Advisory, Hang Seng
- Charis Wong, Vice President, Funds and ETFs, Private Banking and Wealth Management, Credit Suisse
- Eddie Lee, Regional Head of Investment Products, Asia, ABN AMRO
- Ernest Chan, Managing Director and Head of Investment Management Services, Asia, Morgan Stanley PWM
- Jay Chiu, Head of Investments, EFG
- Johann Santer, Managing Director, Senior Advisor, Julius Baer
- Maggie Tsui, Managing Director, Deputy Head of Investment Services, Asia, BNP Paribas Wealth Management
- Michael Christo, Managing Director, Head of Investments, Hong Kong, UBS Wealth Management
- Raymond Martyn, Executive Director, Alternative Investments & Manager Selection (AIMS), IMD, Goldman Sachs
- Rocky Cheung, Executive Director, Head of Investment Products and Advisory, HK, Wealth Management, DBS
- Roger Bacon, Head of Managed Investments and Advisory, Asia Pacific ex-Japan, Citi
- Vincent Ng, Executive Director, Head of Investment Advisory, Hong Kong, Wealth Management, Asia ex-Japan, Nomura