PAUL BURIK. Professor Chinese graduate institute of finance. Head of Strategy multi-boutique global asset management business

Transcription

1 Over 25 years of global financial market experience, including leadership roles in business management, portfolio management, investment policy design and implementation, product development, risk management and policy analysis. Substantial experience in buying and selling asset management businesses around the world. HIGHLIGHTS Experience Professor Chinese graduate institute of finance Independent Strategy Consultant Head of Strategy multi-boutique global asset management business Co-CEO & Chief Investment Officer - global fund manager based in Europe Director of Research & Partner U.S. institutional investment consulting firm Product Development & Risk Management U.S. derivatives exchange Risk Management & Policy Analysis - U.S. Central Bank Key Skills Using state-of-the-art research to: devise more effective, yet practical solutions to business problems and help leaders avoid big mistakes. Spotting overlooked opportunities and pitfalls. Identifying trends and formulating strategic goals to fit organizations capabilities and culture. Mobilizing senior staff across disciplines & cultures to achieve business goals. Recognizing, developing and enabling investment talent to improve performance and extend product ranges. Understanding client investment needs & delivering appropriately designed investment policies using best-in-class products/managers. Education Ph. D. in finance, Northwestern University, Kellogg Graduate School of Management

2 Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Professor of Practice July Teach masters level courses: (i) Asset Management Practice and (ii) Corporate Governance, Strategy and Enterprise Risk Management. Teach Avoidance of Strategic Mistakes in Executive MBA (EMBA) program. Teach (i) Global Financial System and (ii) Risk Management in joint DBA program (for senior executives) with Arizona State University (US). Teach Global Best Practices module in Hedge Fund Leaders executive development program. Arrange meetings with companies, advisors and government officials in U.S. and European EMBA and DBA modules. Serve on master of finance thesis defense committees. Independent Consultant Mar Providing conceptual and implementation guidance on the full range of strategic issues in asset management including: revitalizing or extending a franchise, improving strategic risk management, M&A / integration. Projects include: Advising a major French bank on post-merger asset management strategy. Developing a training curriculum to up-grade the expertise of the global retail sales and servicing professionals of one of the 10 largest asset managers. Reviewing a Chinese hedge fund-of-fund s plans to upgrade its investment and risk management activities. Critiquing investment and marketing strategies for the organizers of specialized African and Asian commodity investment partnerships Advising partners of a global consulting firm on strategic asset allocation. Training in enterprise risk management as part of a program offered by the National University of Singapore. Helping a Japanese bank decide whether to sell or restructure a business. Exploring the strategic opportunities created by financial market evolution for a Chinese law firm. Evaluating an incentive compensation plan for the owner of a European home furnishings firm arranging financing from a private equity firm. 2

3 Commerzbank, Asset Management Division (Assets under Management were nearly euro 100 billion) Managing Director, Business Development and Strategy Orchestrated Commerzbank s exit from its foreign asset management businesses in the U.K., France, Japan, Spain, the U.S. and Italy realizing over $2 bil. from sales. The process included trade sales, management buyouts (one of which was nearly an IPO) and liquidations. Created new strategic plans with subsidiary management teams which significantly increased business value by expanding product lines and distribution. Devised and administered equity incentive plans to support their execution. Restructured operations and solved regulatory problems. Commerz International Capital Management Joint Chief Executive Deputy Managing Director Chief Investment Officer responsible for global equity and bond portfolio management. Established global investment process with teams in Frankfurt, Tokyo & Singapore and Boston. Doubled assets under management by turning around performance, offering innovative products and introducing state-of-the-art risk management. Built strong client bases in Japan and the Middle East. Purchased U.S. quant equity manager and served on its board. Ennis, Knupp & Associates (now part of Aon Hewitt) Partner, Director of Research Responsible for the firm s asset allocation advice. Conducted research which significantly changed pension funds investments in non-u.s. stocks and bonds, high-yield bonds and real estate (REITs). Developed quantitative tools for more rigorously analysing manager style and effectively combining active and passive products. Responsible for global bond manager recommendations. Chicago Mercantile Exchange Senior Financial Economist Created risk-based capital rules which were adopted by the industry. They used then-novel VaR concepts and stress testing. Developed currency options and foreign stock index futures contracts. 3

4 Board of Governors of the Federal Reserve System Financial Economist Devised pricing of banks daylight overdrafts to reduce payments system risk with minimal disruption. Developed the cost of capital applied by the FED to all payments services provided in competition with the private sector. Analyzed implications of relaxing the Glass-Steagall Act. EDUCATION Northwestern University, USA Ph.D., finance, 1982 M.S., management, 1980 B.A., economics, 1975 Kellogg School of Management OTHER PROFESSIONAL ACTIVITIES Award: Graham and Dodd (from the CFA Institute) Researcher: Chinese Academy of Financial Research. Conducted study of the evolution of large, non-chinese banks foreign activities. Conducting analysis of Chinese firms experiences with and attitudes towards cross-border investment. Accredited Foreign Expert, P. R. China Frequent conference and roundtable speaker and moderator on a wide range of topics including the strategic trends in asset management, risk management, and investment program design. (Appendix 2 provides a list of speeches.) Recognized as an expert by the trade press. Featured in the Financial Times, Wall Street Journal Europe, Institutional Investor, and Pensions & Investment, Professional Wealth Management, etc. Guest Lecture on avoiding strategic mistakes: Hanyang University School of Business Lecturer, Universities of Illinois & Notre Dame, Bond Analysis and Portfolio Management Seminars (professional education program), international fixed-income segment, Member SAIF MF theses oral exam committees. Outside Examiner (master s thesis) for Frankfurt School of Finance & Management (formerly HfB). Advisory Board Member: Institutional Investor European Institute, University of Chicago Center for Research in Securities Prices,

5 Member: National Business Economic Issues Council American Finance Association International Business Economic Issues Council PERSONAL INFORMATION U.S. citizen, resident in Germany 5

6 APPENDIX 1 PUBLICATIONS * Mischfonds neuer Praegung: Attraktivitaet durch Flexibilitaet, Die Bank (with Dr. O. Kruse), Jan discusses why absolute return products are the product of choice for many clients, how fees for such a product should be structured and gives an illustrative example of such a product. Strukturen in Fondsgeschaeft: Chance für Spezialisten, Bank und Markt (with Dr. O. Kruse), Nov analyses the optimal approach to open architecture, i.e., the distribution of 3 rd -party, rather than proprietary, mutual funds by banks and brokers. Der Assetmanagement-Prozess in Investment Banking, H. J. Hockmann & F. Thiessen editors, Schaeffer-Poeschel Verlag, Stuttgart, 2002; 2nd edition A chapter in a German university textbook explaining portfolio management. The Influence of Non-Risk Factors on Real Estate Holdings of Pension Funds, Financial Analysts Journal, (with R. Ennis), Nov/Dev 1991 Pension Fund Real Estate Investment under a Simple Equilibrium Pricing Model, Financial Analysts Journal, (with R. Ennis), May/June 1991 Foreign Bonds in Diversified Portfolios, Financial Analysts Journal, (with R. Ennis), May/April 1990 Federal Reserve Bank of Chicago Conference on Structure and Competition: Payments Services: The Next Battleground in the Competitive Struggle between Depository Institutions and Financial Services Companies (with Willliam Dudley), 1983 The Design of Deposit Insurance Contracts: Lessons from Product Liability Theory, 1982 Are Restrictions on Commercial Banks Securities Activities Athwart? * In addition to the papers listed, I wrote numerous reports while director of research at Ennis, Knupp & Associates on a wide variety of investment issues. The largest of the reports, The EK&A Guide to Foreign Stock Markets, was a comprehensive study which was updated regularly. 6

7 APPENDIX 2 SELECTED SPEECHES, PANEL MODERATION & CONFERENCE CHAIRMAN Avoiding Strategic Mistakes, CEO Roundtable, Institutional Investor, U.S. Institute, June 2012, Boston Corporate Governance: A Source of Value Added, Forum on Corporate Governance for Shanghai and Hong Kong Listed Companies, jointly organized by the Hong Kong and Shanghai Stock Exchanges, Mar 2012, Shanghai The Impact of the Crisis on Business Models, Finance & Operations, CFO/COO Roundtable, Institutional Investor, European Institute, June 2010, Lucerne Tectonic Plates Are Shifting, International Club of Business Economists, Oct. 2009, Zürich The New Risk Management Agenda, Fund Forum, 2009, Monaco The Impact of the Crisis on the Demand for Asset Management Services, Institutional Investor, Investment Funds Institute, Jan. 2009, Paris The Financial Crisis: Why and What Next, International Club of Business Economists, Oct. 2008, London New Risk: What s Different Now, CEO Roundtable, Institutional Investor, European Institute, Oct. 2008, Venice Fund-of-Fund Manager Approaches, Fund Forum, July 2008, Barcelona The Changing Landscape Facing Asset Managers, CFO/COO Roundtable, Institutional Investor, European Institute, June 2008, Munich Designing and Rewarding an International Sales Force, Institutional Investor, Investment Funds Institute, May 2008, Budapest Strategic Positioning in Fund Management, Financial Times conference on Business Excellence in Fund Management, April 2008, Frankfurt Maximizing Distribution Profitability, Investment Funds Institute, Sept. 2007, Dublin Talking Innovation, Fund Forum, July 2007, Monaco New Alignments in Retail Product Distribution and Manufacturing, CEO Roundtable, Institutional Investor, European Institute, Oct. 2006, Florence Brokerage or Advice? The Future of Mass Retail, Fund Forum, Monaco, July 2005 Balanced Portfolios: Continued Decline or Revival?, CIO Roundtable, Institutional Investor, European Institute, Mar. 2004, Paris Distribution: New Directions & Opportunities, IBM Workshop, December 2004, Frankfurt and July 2004, Fund Forum, Monaco Managing Client Assets: In-House Funds v. Outsourcing, Financial Times roundtable, April 2004, Frankfurt 7

8 Open Architecture, CEO Roundtable, Institutional Investor, European Institute, Oct. 2002, Madrid Has the Market Gone Mad?, International Investor Relations Society, Sept, 2000, London The New Millennium: Will Investor Relations Survive?, International Investor Relations Society, Sept, 2000, London Observations on the Prudent Person Rule, European Federation for Retirement Provision, Oct. 1998, Vienna Advent and Impact of the Euro, Joint conference of the Nippon Finance and Asia Pacific Finance Associations, July 1998, Tokyo and Globalization of Mutual Funds conference, Investment Company Institute, May 1998, Bermuda Post EMU Equity Analysis, AIMR (CFA Institute), Managing Currency Risks for Investment Portfolios and European Monetary Union conference, April 1997, Zürich Selecting the Right Benchmark, Institutional Investor conference on Managing Risk and Reward Amidst Growing Pension Obligations, Nov. 1995, Wiesbaden Choosing the Right Benchmark, workshop, AIMR (CFA Institute), Investment Worldwide IV, Jan. 1994, Pasadena How to Select a Global Bond Manager, Institute for International Research, Global Fixed-Income Conference, Dec 1993, New York The Merits of Long-term Investments in Non-U.S. Bonds, Foundation Financial Officers Group, Oct 1993, Dayton, OH Are Pension Asset Allocations All Wrong?, Pensions & Investments Investment Management Conference, June 1993, Washington, D.C. Structure and Performance of the Money Management Industry, University of Chicago Center for Research in Securities Prices, fall seminar, Nov. 1992, Chicago International Investing, Derivative Product Application by Pension Fund Management seminar organized by Citibank, Feb. 1992, Chicago Controlling Currency Risk, Pensions & Investments World Congress on Global Investment Management, Nov. 1991, New York Derivatives Products in Institutional Portfolios: Applications and Implementation, CBOT/BCOE annual educational conference, Feb 1990, Naples, FL How Will Foreign Investment Programs Evolve during the 1990s?, IMI Conference on Global Investing, Dec 1989, New York (burik cv mat 16) 8