Investment Advisory Summit, Singapore 2018
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Beginning in 2010, the Investment Advisory Summits (IAS) are the largest and most important gatherings of C-suite private bankers, IAM/EAMs, and wealth managers/SFOs. Now in their 9th year, this year’s Summits, which will attract over 800 senior leaders from the Asian wealth management industry, will be opened by the following confirmed CEOs in Singapore:
Chief Executive Officer
Bank of Singapore
Francesco de Ferrari
Managing Director, Head of Private Banking Asia Pacific, CEO Southeast Asia and Frontier Markets
Deputy HeadDBS Private Bank
CEO Private Banking Asia
Union Bancaire Privée
Chief Executive Officer
Asia & SingaporeBranch Manager
Indosuez Wealth Management
Tan Siew Meng
Regional Head of Global Private Banking
|8:15am – 9:00am||Registration and Breakfast – Foyer, Ballroom|
|9:00am – 9:10am||Welcome Remarks – Ballroom 1&2|
|9:10am – 9:55am||
CEOs in Debate | Future-proofing Asian private banking: how are today’s leaders transforming their businesses to capture tomorrow’s opportunities? – Ballroom 1&2
Brute force growth can only take Asia’s private banking industry so far. So while it is heartening from a business perspective that Asia’s Top 20 private banks raised their collective AUM by some 30% percent in 2017, leadership (if it hasn’t already) must ask searching questions about what it means as a wealth manager to add value to clients. And this means proactively engaging with disruptive forces and, ultimately, evolving business models to address present and future exigencies.
How are private banking leaders harnessing disruptive forces in technology, regulation and competition and what tangible steps are being taken today to ensure future business sustainability and growth? How are these forces changing firms’ philosophies towards wealth management and their approach to measuring business performance and client satisfaction?
|9:55am – 10:35am||
Industry Exchange of View | Sustainable Mandate Growth in Asia – Ballroom 1&2
The evolution of Asia’s private banking industry focus from transactional to fee-based activities, especially into mandates, is undoubtedly imminent.
Unlike its successful European counterparts, demand for higher risk-adjusted returns, the existence of retrocession fees and stronger desire to retain control, continue to act as headwinds to grow fee-based assets, at a rate that outpaces private banks’ robust AUM growth and regional wealth creation.
Private banks are already making material headway, growing their discretionary portfolio management (DPM) assets, primarily in the form of diversified multi-asset strategies. But, by multiple accounts, penetration rates still climb incrementally and DPM asset growth continues to be primarily driven by strong net new assets (NNA) rather than continuous top-ups from existing clients. In turn, private banks are actively exploring new avenues of growth, including seeking out active advisory mandates to feed the regional HNWI penchant for active trading, or innovative DPM solutions that target specific client needs instead of just matching risk profiles.
What is the state of DPM growth in Asia? How are banks differentiating from one another, especially in terms of global multi-asset strategies? How are they seeking to innovate their DPM offerings to boost growth from Asian HNWIs? What are the ongoing developments in active advisory mandates in Asia? How are clients receiving this kind of offering?
Join Asia’s private banking industry leaders as they discuss and share their views about the state of mandate businesses in Asia, its potential long-term prospect and how it will differ from the European story.
|10:35am – 11:05am||Networking Coffee – Foyer, Ballroom|
|11:05am – 11:35pm|| Workshop Sessions (3 Workshops)
|11:35am – 12:05pm|| Workshop Sessions (3 Workshops)
|12:05pm – 12:35pm|| Workshop Sessions (3 Workshops)
|12:35pm – 1:20pm||
CIOs in Debate | A longer but bumpier rally: Where will the cracks emerge?– Ballroom 1&2
Synchronised global growth, judiciously mindful central bankers and moderated geopolitical risks continue drive equity prices higher. US is expected to benefit from tax reform and deregulation. Despite a slight slowdown in China, quality growth from a higher economic base could drive outperformance. Emerging markets in Asia are in a better position than ever to withstand shocks across local assets from the ongoing rate hike cycle. Yet, although private banks remain optimistic about a continued rally, few believe the ride will be as smooth as 2017’s when volatility registered record lows.
What are private banks’ top global/Asia/sector equity picks? What factors could trigger a renewed bout of volatility? Which markets are most vulnerable to volatility or correction risk? What are the potential conditions required to keep volatility at historically low, if not record low, levels? What are private banks advising clients to do to protect portfolios from rising volatility? How can HNWIs take advantage of rising volatility? What are some equity tail risks? In addition to equities, could this be the year of hedge funds (or liquid alternatives)?
|1:20pm – 2:30pm||Networking Champagne Luncheon – Ballroom 3|
*more details to be announced soon
European equities – seeking alpha, mitigating drawdowns – Jupiter Asset Management
Europe is one of the largest, most liquid markets in the world, with listed companies that can drive growth under a variety of economic conditions. However, investors today may be concerned with high asset valuations around the world and increasing market volatility. Most would still like to participate in value-creating companies but also be prepared for market corrections. Harnessing our expertise in European equities, we bring to you a unique portfolio that aims to provide strong risk-adjusted returns through the ups and downs of a market cycle. Our European equity long/short strategy combines fundamental and event-driven analysis for alpha generation, along with an actively managed options strategy for downside protection. Portfolio Manager Mike Buhl-Nielsen will be sharing on Jupiter’s highly differentiated investment “edges” for this award-winning strategy.
Mike Buhl-Nielsen, Fund Manager, Absolute Return, Jupiter Asset Management
The Evolving Economy: A fresh approach to equity investing – AXA Investment Managers
The way that companies do business has changed dramatically over the last 20 years, but many investors’ approaches to equities have remained the same.
Nowadays, companies are increasingly global and multi-sector, which means that investors could be missing out on potentially higher equity returns by continuing to base their equity allocation decisions purely on traditional geographic or sector approaches.
AXA Investment Managers identified five key trends with potentially radical impacts on how investors access long-term growth, which we call the Evolving Economy: ageing and lifestyle, the connected consumer, automation, clean tech, and transitioning societies.
While these structural themes are not new, we believe we’re still in the relatively early stages to see their potential.
What does the Evolving Economy mean for investors?
Companies will continue to change over the coming decades. Evolving Economy is about identifying the best of these long-term equity opportunities, regardless of how companies are defined geographically or from a sector perspective.
Join AXA Investment Managers to understand about these five multi-decade growth themes.
Mark Tinker, Head of Framlington Equities Asia, AXA Investment Managers
Navigating a rising rate environment – BNY Mellon
A recent fear for high yield investors has been the prospect of normalising interest rate policy in developed markets – historically low interest rates have made the high yield market more sensitive to interest rate moves and effectively managing this risk will be important.
The rise in duration of European indices leaves passive investors with a greater exposure to interest rate risk, just as yields are starting to rise. In this environment, we believe investors need to have the flexibility to actively manage duration and extension risk in high yield.
It is also important for investors to take a global approach. If growth continues to be strong and interest rate rises gradual, then this should minimise market disruption, keep default rates low and support corporate earnings and credit ratings. The ability to flexibly allocate between regions allows investors to take advantage of the more advanced repricing of US high yield to reflect extension risks, and to pursue strategies which avoid the low coupon, more interest rate sensitive issues in Europe.
Uli Gerhard, Senior Portfolio Manager – High Yield, BNY Mellon
Asian Equities: It’s only just begun – Janus Henderson Investors
Attractive valuations, favourable demographics and greatly improved corporate governance levels have led to Asia emerging as the ideal hunting ground for equity investors. Asia ex-Japan equities structurally outperformed global and developed markets in 2017. The region also continues to dominate emerging markets, with allocation representing over 70% of the MSCI EM index. We believe the time is now for investors to consider Asia’s vibrant stock markets and capitalise on Asia’s rise.
Hear first-hand from seasoned Fund Manager and Head of Asia ex-Japan Equities, Andrew Gillan, who will discuss the importance of Asia to the global economy and to your clients’ portfolios. He’ll also share insights on some of the prominent themes which offer structural growth to support the region’s equity markets in the years ahead.
Andrew Gillan, Head of Asia ex-Japan Equities, Fund Manager, Janus Henderson Investors
Not Just a Bounce: The case for EM multi-asset investing – Goldman Sachs Asset Management
With increasing youth populations, rapid economic growth and a rising middle class, emerging markets (EM) hold considerable potential for investment opportunities. However, given the strong market performance over the last two years, the prospect of rising interest rates and potential for increased protectionist trade policies, investors are naturally asking themselves if now is a good time to invest?
Join the GSAM workshop to explore EM through a multi-asset lens; looking at investment techniques for allocating across the spectrum of EM asset classes, as well as sharing our views on the most attractive opportunities for generating capital growth and income.
Shoqat Bunglawala, Managing Director, Head of Global Portfolio Solutions Group, EMEA and Asia Pacific, Goldman Sachs Asset Management
The Bank of The Future: The ABCs (AI, Big Tech and Core Banking & Cloud) of digital disruption in finance – Citi
The question for banks today is how do they become Digital Banking Superstars versus going the way of the dinosaurs. The future of finance is an ever increasingly converged ecosystem where consumer and small and medium enterprise financial services are provided by banks and by platform companies with roots in e-commerce. For an incumbent bank to become a Bank of the Future, they must look not only at new technologies, but they must also look to overhaul their operational systems and technology systems.
In the workshop, we will share the ABC’s of digital disruption in finance — Artificial Intelligence, Big Tech, Core Banking & Cloud, and Digital Assets — and identifies ways that incumbent banks can adopt/embrace these disruptive factors and drive their businesses forward.
Bernard Wai, Managing Director, Asia Pacific Head of Citi Private Client Solutions, Citi
Unconstrained global fixed income investing – Legg Mason Global Asset Management
There is no shortage of uncertainty in today’s fixed income markets given concerns about rising interest rates, low yields, tight spreads and policy uncertainty. These factors have resulted in a heightened risk of capital loss for traditional index-oriented fixed income strategies and the benchmarks they follow. We believe that unconstrained global fixed income strategies, with their wider opportunity set and flexible guidelines, could be a good solution in this environment. While this added flexibility gives managers the potential to outperform, it also requires a comprehensive understanding of macroeconomic conditions and the experience managing flexible global fixed income strategies across multiple market cycles. In this workshop, Brandywine Global, who has been managing index-agnostic global fixed income portfolios since 1992, explains how an unconstrained global fixed income strategy can generate absolute returns over market cycles by identifying opportunities through country, currency, duration, and sector management strategies.
Richard Lawrence, Senior Vice President, Portfolio Management, Brandywine Global Investment Management, an affiliate of Legg Mason
The New China: Where are the opportunities onshore and offshore and how to access them? – Fidelity International
China was the best performing emerging market in 2017. So what lies ahead for China given these and new challenges that it’s facing such as trade tariffs?
Fidelity remains positive on China. The latest Fidelity Analyst Survey 2018 shows that Chinese companies are now more confident than they have been at any point in the last 5 years and ramping up on capex. More importantly, Chinese companies would also benefit from the institutionalisation of the domestic stock and bond markets with the inclusion of A-shares and onshore bonds in global indices.
Fidelity has substantial, on-the-ground research resources in China. With their eyes and ears on the ground, our equity and credit analysts are well-placed to identify opportunities and concerns in the vast and fast evolving Chinese market.
We will share more about what we are seeing in China as well as provide an insight into how to navigate and invest in onshore markets.
Bryan Collins, Head of Asian Fixed Income and Portfolio Manager, Fidelity International
Catherine Yeung, Investment Director, Fidelity International
Is smart beta relevant for China A-shares investing? – Premia Partners
Smart beta strategies have shown significant growth globally, yet the adoption of smart beta in Asia had lagged because of many reasons.
How relevant is smart beta to China A-shares – the fast growing onshore market of world’s 2nd largest economy? Premia Partners has launched the world’s first two multi-factor smart beta China A-shares ETF last year. At this workshop, we will discuss the application of smart beta and factor investing strategies in China A-shares, how it is relevant for EM and global managers seeking access tools for portfolio completion, and how asset owners can utilize different smart beta strategies for China A allocation based on their views.
Aleksey Mironenko, Partner & Chief Distribution Officer, Premia Partners
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