conference EDHEC-Risk Days Asia 2013 Bringing Research Insights to Investment Professionals Indexation and Passive Investment Conference

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1 EDHEC-Risk Days Asia 2013 Bringing Research Insights to Investment Professionals May 2013 Ritz Carlton Singapore conference Indexation and Passive Investment Conference New Frontiers in Passive Investment: From Asset Allocation to Risk Allocation Assessing the Performance and Risks of New Forms of Benchmarks Investing in Low Volatility Strategies The Governance and Transparency of Indices Indexing in Asia and around the World Global Institutional Investment Conference Risks and Regulation in the Asian Investment Industry New Approaches to Asset-Liability Management Reconciling Long-Term Goals with Short-Term Constraints The Role of Infrastructure Assets in Institutional Portfolios The Convergence between Long-Only and Hedge Fund Management EDHEC-Risk Alternative Investment Days 2011 l 1 l Bringing Academic Insights to Alternative Investment Institute

2 Organised by an academic research centre for the benefit of professionals, the EDHEC-Risk Days are an annual conference circuit taking place in London, New York and Singapore which presents the research done by EDHEC-Risk Institute and discusses it with the institutional investment and wealth management communities. The circuit enables participants to have access to the latest conceptual advances and research results in investment and risk management and to discuss their implications and applications with researchers who combine expertise of advanced financial techniques with a sound awareness of their industry relevance. In 2012, the inaugural edition of the EDHEC- Risk Days Asia attracted over 800 delegates from twenty-eight countries over four continents. This year again, the event is structured to appeal to institutional investors, traditional and alternative investment managers and policy-makers. The event will include two major conferences with multiple plenary and stream sessions and workshops that will allow professionals to review major industry challenges, explore state-of-the-art investment techniques and benchmark practices to research advances. On the first day, the Indexation and Passive Investment Conference will explore enhanced index and optimal benchmark construction, look at new forms of indices and benchmarks and discuss new trends in indexing vehicles. Results of exclusive indexing surveys will compare the latest usages of indices and investor perceptions in Asia, Europe and North America. The Indexing Forum will address questions of transparency and governance linked to the development of alternative and strategy indices. On the second day, the Global Institutional Investment Conference will present the results of EDHEC-Risk Institute research on themes of great interest to institutional investors, including new approaches to asset-liability management and dynamic asset allocation, the role of alternative investments and infrastructure assets in asset allocation as well as policy issues affecting capital markets and the fund management industry. The Pensions Forum will look at the development and reform of retirement provision systems in Asia and at the role the investment industry can play in meeting the challenges posed by ageing populations. Each day, the conference will open with an exclusive forum at which leading figures from the investment industry and senior officers of supervisory authorities will discuss ongoing regulatory initiatives that will impact the future of investing. EDHEC-Risk Days Asia 2013 l 2 l Bringing Research Insights to Investment Professionals

3 Day One: Indexation and Passive Investment Conference Indices and Indexing Vehicules Indexing Forum: The Governance and Transparency of Indices > What are the needs and expectations of investors with respect to the transparency and systematic character of indices? > Presentation of a survey carried out by EDHEC-Risk Institute on the auditability and replicability of market and strategy indices > The regulation of indices: What is needed to improve the quality of indices and ensure investors can discharge their due diligence responsibilities? Indexing around the World > Presentation of the salient results of EDHEC-Risk Institute Asian, European and North-American surveys of indexing Can the Track Records of Indices be Trusted? > What are the main difficulties encountered by investors when choosing indices and testing their performance? > Do alternative and strategy indices deserve specific due diligences? > Towards the benchmarking of the accuracy of indices? Liquidity in Equity ETFs: What Really Matters > Beyond the liquidity of underlying stocks: What is the link between the liquidity of ETFs and the construction of indices? > What specific measures for the liquidity of ETF markets? > Benchmarking the liquidity of the ETF market Advances in Risk Allocation and Portfolio Construction New Frontiers in Passive Investment: From Asset Allocation to Risk Allocation > From asset allocation to risk allocation: Beyond risk parity and equal risk contribution > Measuring the effective number of bets > Managing diversification to risk factors Choose your Smart Beta: How to Appreciate the Performance and Risks of New Forms of Equity Benchmarks > Explicit choice of exposure to risks, and risks produced by the index construction method > Systematic risk, model risk: Risk control in new forms of indices > Diversifying the risks of new indices Investing in Low Volatility Strategies > Conditionality versus anomaly: What is the rationale for investing in low volatility strategies? > Low volatility, minimum volatility, low beta: What is the best defensive investment strategy for stocks? > What state-of-the-art for low volatility portfolio construction? EDHEC-Risk Days Asia 2013 l 3 l Bringing Research Insights to Investment Professionals

4 Day One: Indexation and Passive Investment Conference 8:00-8:30 Registrations, Morning Tea and Coffee 8:30-9:00 Opening Address Noël Amenc, Professor of Finance, EDHEC Business School and Director, EDHEC Risk Institute INDEXING FORUM 9:00-10:30 The Governance and Transparency of Indices Exclusive media partner: Indices are essential throughout the investment process and the choice of an index has important consequences in terms of investment risks and performance as well as manager compensation. While indices have traditionally been marketed on the basis of their transparency and systematic nature, the development of more sophisticated forms of indices and notably strategy indices raises questions in terms of accuracy and auditability of track records and more globally of transparency and governance. > What are the needs and expectations of investors with respect to the transparency and systematic character of indices? > Presentation of a survey carried out by EDHEC-Risk Institute on the auditability and replicability of market and strategy indices > The regulation of indices: What is needed to improve the quality of indices and ensure investors can discharge their due diligence responsibilities? Presentation followed by roundtable discussion Roundtable Panellists: Lester Gray, Asia-Pacific Chairman, Schroders Investment, and Chairman, Investment Management Association of Singapore Masamichi Kono, Chairman of the Board, International Organisation of Securities Commissions, and Vice Commissioner for International Affairs, Financial Services Agency of Japan Tony Lally, Chair, Association of Superannuation Funds of Australia, and Chief Executive Officer, Sunsuper Alexa Lam, Deputy Chief Executive Officer, Securities and Futures Commission (Hong Kong) Lee Chuan Teck, Assistant Managing Director, Capital Markets Group, Monetary Authority of Singapore Dan Waters, Managing Director, ICI Global, and Member of the International Advisory Board, EDHEC-Risk Institute Frédéric Ducoulombier, Professor of Finance, EDHEC Business School, and Director, EDHEC Risk Institute Asia 10:30-11:00 Break Morning Stream Sessions 11:00-12:00 Indexing around the World > Presentation of the salient results of EDHEC-Risk Institute Asian, European and North American surveys of indexing Chairperson: Adriaan Ryder, Chief Investment Officer, QIC Felix Goltz, Head of Applied Research, EDHEC-Risk Institute 11:00-12:00 Can the Track Records of Indices be Trusted? > What are the main difficulties encountered by investors when choosing indices and testing their performance? > Do alternative and strategy indices deserve specific due diligences? > Towards the benchmarking of the accuracy of indices? Chairperson: Tomas Franzén, Chief Investment Strategist, AP2, and Chairman of the International Advisory Board, EDHEC-Risk Institute Speakers: Noël Amenc, Professor of Finance, EDHEC Business School, and Director, EDHEC-Risk Institute Frédéric Ducoulombier, Professor of Finance, EDHEC Business School and Director, EDHEC Risk Institute Asia EDHEC-Risk Days Asia 2013 l 4 l Bringing Research Insights to Investment Professionals

5 11:00-12:00 Equity Volatility Indexing Products > Gaining exposure to equity market volatility a review of the vehicles > What is there to learn from incidents in the volatility ETN space? > Costs, benefits and risks of equity volatility products Chairperson: Michael Syn, Head of Derivatives, Singapore Exchange Stoyan Stoyanov, Professor of Finance, EDHEC Business School, and Head of Research, EDHEC Risk Institute Asia MORNING WORKSHOPS 12:00-13:00 Latest Product Innovations and Flow Trends in the ETF Space Organised by: Deutsche Asset & Wealth Management > Growth trends in Asia > Investment themes and trade ideas Marco Montanari, Head of db x-trackers ETFs, Asia, Deutsche Bank 12:00-13:00 Volatility Harvesting: Why Does Diversifying and Rebalancing Create Portfolio Growth? Organised by: Eaton Vance Management International > Reducing portfolio concentration improves the long-term growth of the portfolio > Systematic rebalancing creates short-term opportunities to buy low and sell high > This presentation will highlight realistic examples of how these theories can be applied to constructing an alternative beta portfolio Paul Bouchey, Managing Director Research, Parametric Portfolio Associates, an Eaton Vance Company 12:00-13:00 Risk-Based Tactical Asset Allocation: Seeking Absolute Returns with a Long-Only Portfolio Organised by: Lyxor Asset Management > From traditional balanced portfolio to risk-based investing > Beyond risk-parity: active risk-budgeting to generate absolute returns > How to seize momentum and macro bets in a long-only portfolio 13:00-14:00 Lunch Break AFTERNOON STREAM SESSIONS 14:00-15:15 Choose your Smart Beta: How to Appreciate the Performance and Risks of New Forms of Equity Benchmarks > Explicit choice of exposure to risks, and risks produced by the index construction method > Systematic risk, model risk: Risk control in new forms of indices > Diversifying the risks of new indices Chairperson: Tatsuhiko Terada, Head of Financial Markets, Mitsubishi Corporation Pension Fund Felix Goltz, Head of Applied Research, EDHEC-Risk Institute, and Research Director, ERI Scientific Beta 14:00-15:15 Investing in Low Volatility Strategies > Conditionality versus anomaly: What is the rationale for investing in low volatility strategies? > Low volatility, minimum volatility, low beta: What is the best defensive investment strategy for stocks? > What state-of-the-art for low volatility portfolio construction? Chairperson: Puah Jim Ee, Head of the Quantitative Equities Division, GIC Panellists: Karen Foong, Head of Risk Management, Zurich Insurance Malaysia Etienne Vincent, Head of Systematic and Quantitative Management, THEAM Lionel Martellini, Professor of Finance, EDHEC Business School, and Scientific Director, EDHEC-Risk Institute 14:00-15:15 Liquidity in Equity ETFs: What Really Matters > Beyond the liquidity of underlying stocks: What is the link between the liquidity of ETFs and the construction of indices? > What specific measures for the liquidity of ETF markets? > Benchmarking the liquidity of the ETF market Chairperson: Marco Montanari, Head of db x-trackers ETFs, Asia, Deutsche Bank Laurent Deville, Affiliated Professor, EDHEC-Risk Institute 15:15-15:45 Break Nicolas Gaussel, Chief Investment Officer, Lyxor Asset Management EDHEC-Risk Days Asia 2013 l 5 l Bringing Research Insights to Investment Professionals

6 AFTERNOON WORKSHOPS 15:45-16:45 The ETF Way: Providing Total Return by Investing in Income and Yield-Generating Assets Organised by: SSgA > In the current low yield environment, traditional fixed income investors are facing increasing risk of negative real yield investments. What should a yield starved investor do? > How tactical asset allocation strategies may help increase total returns and potentially improve overall yield > How to implement income strategy using Exchange Traded Funds (ETFs) Thomas Poullaouec, Vice President and Head of Portfolio Strategists, Asia ex-japan, SSgA 15:45-16:45 Smart Beta 2.0 Organised by: ERI Scientific Beta > Understanding and controlling the risks associated with smart beta: the Smart Beta 2.0 approach > Diversifying investment risk in smart beta > Substitution versus complementarity in cap-weighted indices; plain vanilla index or custom benchmark: where does smart beta belong in the investment process? Speakers: Noël Amenc, Director, EDHEC Risk Institute, and Chief Executive Officer, ERI Scientific Beta Felix Goltz, Head of Applied Research, EDHEC-Risk Institute, and Research Director, ERI Scientific Beta Information Session 15:45-16:45 EDHEC-Risk Institute PhD in Finance The foremost academic and professional qualification > A rigorous and stimulating curriculum > A faculty of leading experts in finance and economics > The executive track: a platform for professional development and industry innovation AFTERNOON stream sessions 17:15-18:30 New Frontiers in Passive Investment: From Asset Allocation to Risk Allocation > From asset allocation to risk allocation: Beyond risk parity and equal risk contribution > Measuring the effective number of bets > Managing diversification to risk factors Chairperson: Jean-Marc Eyssautier, Chief Compliance Officer, CACEIS Panellists: Sterling Gunn, Senior Vice President Economics and Investment Strategy, GIC Sutee Mokkhavesa, Head of Strategy and Risk Management, Muangthai Life Assurance Chandresh Shah, Chief Risk Officer, Aviva Asia Lionel Martellini, Professor of Finance, EDHEC Business School, and Scientific Director, EDHEC-Risk Institute 17:15-18:30 PhD Forum Volatility Transmission, Correlation Dynamics and Contagion in East Asian Equity and Bond Markets > How Asian equity and bond markets evolved dynamically over the last 15 years > Dynamic models of volatility transmission across these asset markets > Implied contagion and diversification effects Chairpersons: Ekkehart Boehmer, Professor of Finance, EDHEC Business School, and Assistant Academic Director for Asia, PhD in Finance, EDHEC Risk Institute Asia René Garcia, Professor of Finance, EDHEC Business School, and Academic Director, PhD in Finance, EDHEC-Risk Institute Neo Teng-Hwee, EDHEC-Risk Institute PhD in Finance Candidate 18:30 End of the Indexation and Passive Investment Conference Speakers: Ekkehart Boehmer, Professor of Finance, EDHEC Business School, and Assistant Academic Director for Asia, PhD in Finance, EDHEC Risk Institute Asia Frédéric Ducoulombier, Professor of Finance, EDHEC Business School, and Director, EDHEC Risk Institute Asia 18:30-19:45 Cocktail 16:45-17:15 Break EDHEC-Risk Days Asia 2013 l 6 l Bringing Research Insights to Investment Professionals

7 EDHEC-Risk Days North America 2013 Bringing Research Insights to Institutional Investment Professionals 8-9 October, 2013 New York conference Indexation and Passive Investment Conference Comparing the Performance of Indices Advantages and Limitations of New Forms of Equity Indices Alternative Bond Benchmarks Managing ETP Risks How to Improve the Liquidity of the ETF Market How to Invest Passively in Commodities? Can Proprietary Indices Be Trusted? Investing in Low Vol Strategies Global Institutional Investment Conference Who Seriously Cares about Inflation? Is Inflation Risk Predominant in Hedging the Real Interest Rate of Liabilities? Constructing Liability Hedging Portfolios: Real Assets, Corporate Bonds or TIPS? The Convergence between Long-Only Investment and Hedge Funds How to Arbitrate between the Performance and Risk of an Asset within an ALM Approach? Reconciling Long-Term Life Cycle Investing with the Ratio Constraints of Short-Term Funding The Role of Infrastructure in an Institutional Investor s Allocation From Asset Allocation to Risk Allocation For additional information or if you are interested in discussing the sponsorship opportunities for EDHEC-Risk Days North America 2013 please contact Joanne Finlay by on joanne.finlay@edhec-risk.com or by telephone on +33 (0) Institute

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9 Day Two: Global Institutional Investment Conference Risks and Regulation in the Asian Investment Industry Developing and Reforming Pension Systems in Asia > The trajectory of pension systems in East Asia > The state of pension regulation and management > Efficient pension investment in Asia: Challenges, strategies and solutions High-Frequency Trading and Equity Markets > The impact of HFT on market quality evidence from SGX > The impact of index related HFT on derivatives, ETFs and underlying securities the case of MSCI Singapore > Does HFT impact capital formation: The impact of HFT on capital structure and cost of capital How to Manage the Non-Financial Risks of Investment Funds > The confusion between complexity and risk > Information, accountability of market players, governance: Can we really make non-financial risks disappear? > Secured collective investment schemes: A new approach for managing non-financial risks? Advances in Asset Allocation Beyond the Separation Theorem in ALM: How to Evaluate the Contribution of a Category of Assets to the Performance and Risk of Global Asset Allocation? > From fund separation to fund interaction theorems > Performance-seeking portfolios with improved liability-hedging properties > Marginal contribution of an asset class to performance and hedging benefits What if the Regulation of Long-Term Investors were not as Costly as They Think? - Reconciling Long-Term Optimal Investing Strategies with Short-Term Funding Risk Constraints > Using insurance and not hedging to optimally manage short-term constraints > Benefitting from mean-reversion in equity returns > Reducing the opportunity costs of short-term constraints Asset Allocation and Alternative Diversification Infrastructure Debt for Institutional Investors > Infrastructure finance and the endogenous nature of credit risk > Construction risk and portfolio construction > Investment structures and governance The Convergence between Long-Only Investment and Hedge Funds > What hedge fund techniques can be transposed into the long only world? > Comparing the performance of UCITS and non-ucits hedge funds > Measuring the level of convergence between long-only funds and hedge funds EDHEC-Risk Days Asia 2013 l 9 l Bringing Research Insights to Investment Professionals

10 Day Two: Global Institutional Investment Conference 8:00-8:30 Registrations, Morning Tea and Coffee Pensions forum 8:30-10:15 Developing and Reforming Pension Systems in Asia Exclusive media partner: The impact of demographic transitions on the age structure of national economies and retirement systems highlights the role of pension wealth as a source of income that can play an instrumental role in maintaining fiscal balance and standards of living. In this respect, asset management has a fundamental role to play in ensuring the future of retirement systems alongside parametric reforms and macroeconomic policy. > The greying of Asia and the rise of lifecycle deficits > The opportunity for a second demographic dividend > The development of corporate pension schemes in East Asia > Comparing reserve fund management in East Asia > Pension wealth accumulation trends > Issues with long term performance generation and inflation hedging Chairperson: Jean Pierre Leoni, Head of Asia-Pacific, AXA Investment Managers Presentation followed by roundtable discussion Roundtable Panellists: Erwan Boscher, Head of LDI & Fiduciary Management, AXA Investment Managers John Brogden, Chief Executive Officer, Financial Services Council (Australia) Lieven Debruyne, Chairman, Hong Kong Investment Funds Association, and Chief Executive, Schroder Investment Management (Hong Kong) Hideo Kondo, Asset Management Director, DIC Pension Fund, and Chairman of the Asset Management Committee, Corporate Pension Network (Japan) Park Donghyun, Principal Economist, Asian Development Bank Don Yeo, Deputy Chief Executive Officer and Chief Financial Officer, Central Provident Board (Singapore) Frédéric Blanc-Brude, Research Director, EDHEC Risk Institute Asia 10:15-10:45 Break Workshops 10:45-11:45 Value is in the Eye of the Beholder Organised by: Threadneedle Investments > Cross-asset valuation techniques utilised in the tactical asset allocation of Threadneedle Investments $50bn book of active asset allocation mandates > How quantitative and qualitative techniques are blended to deliver volatility-controlled return-seeking portfolios Toby Nangle, Head of Multi-Asset, Threadneedle Investments 10:45-11:45 Smart Beta Diversification Organised by: ERI Scientific Beta > Diversifying smart beta risks > How to construct a porfolio of smart beta strategies > The case for multi-strategy smart beta indices Speakers: Noël Amenc, Director, EDHEC-Risk Institute, and Chief Executive Officer, ERI Scientific Beta Felix Goltz, Head of Applied Research, EDHEC-Risk Institute, and Research Director, ERI Scientific Beta EDHEC-Risk Days Asia 2013 l 10 l Bringing Research Insights to Investment Professionals

11 MORNING PLENARY SESSION 11:45-13:00 Beyond the Separation Theorem in ALM: How to Evaluate the Contribution of a Category of Assets to the Performance and Risk of Global Asset Allocation? > From fund separation to fund interaction theorems > Performance-seeking portfolios with improved liabilityhedging properties > Marginal contribution of an asset class to performance and hedging benefits Panellists: Madhu Gayer, Head of Investment Reporting and Performance Asia- Pacific, BNP Paribas Securities Services Toby Nangle, Head of Multi-Asset, Threadneedle Investments Win Phromphaet, Head of Global and Real Estate Investments, Social Security Office (Thailand) Takashi Yamashita, Deputy Director of Research Department, Government Pension Investment Fund (Japan) Lionel Martellini, Professor of Finance, EDHEC Business School, and Scientific Director, EDHEC-Risk Institute 13:00-14:00 Lunch Break AFTERNOON stream sessions 14:00-15:00 Infrastructure Debt for Institutional Investors > Infrastructure finance and the endogenous nature of credit risk > Construction risk and portfolio construction > Investment structures and governance Chairperson: Benjamin Sirgue, Head of Global Infrastructure & Projects, Natixis Frédéric Blanc-Brude, Research Director, EDHEC Risk Institute Asia 14:00-15:00 PhD Forum A Network Perspective of the Systematic Risk in Derivatives Market > How has the network of derivatives market participants changed over time? > What do systemic risk indicators say about the derivatives network? > How would central counterparties affect the derivatives network? Chairpersons: Ekkehart Boehmer, Professor of Finance, EDHEC Business School, and Assistant Academic Director for Asia, PhD in Finance, EDHEC Risk Institute Asia René Garcia, Professor of Finance, EDHEC Business School, and Academic Director, PhD in Finance, EDHEC-Risk Institute Lee Su Fen, EDHEC-Risk Institute PhD in Finance Candidate 15:00-15:30 Break 15:30-16:30 The Convergence between Long-Only Investment and Hedge Funds > What hedge fund techniques can be transposed into the long only world? > Comparing the performance of UCITS and non-ucits hedge funds > Measuring the level of convergence between Long- Only funds and Hedge Funds Chairperson: Rebekah Pang, Head of Capital Introductions - Asia, Newedge Robert Kosowski, Affiliated Professor of Finance, EDHEC-Risk Institute 14:00-15:00 What if the Regulation of Long- Term Investors were not as Costly as They Think? Reconciling Long-Term Optimal Investing Strategies with Short-Term Funding Risk Constraints > Using insurance and not hedging to optimally manage short-term constraints > Benefitting from mean-reversion in equity returns > Reducing the opportunity costs of short-term constraints Chairperson: Alex Ng, CIO Asia Pacific, BNP Investment Partners Lionel Martellini, Professor of Finance, EDHEC Business School, and Scientific Director, EDHEC-Risk Institute 15:30-16:30 How to Manage the Non-Financial Risks of Investment Funds > The confusion between complexity and risk > Information, accountability of market players, governance: can we really make non-financial risks disappear? > Secured collective investment schemes: a new approach for managing non-financial risks? Chairperson: Jean-Marc Eyssautier, Chief Compliance Officer, CACEIS Speakers: Noël Amenc, Professor of Finance, EDHEC Business School, and Director, EDHEC-Risk Institute Frédéric Ducoulombier, Professor of Finance, EDHEC Business School and Director, EDHEC Risk Institute Asia EDHEC-Risk Days Asia 2013 l 11 l Bringing Research Insights to Investment Professionals

12 15:30-16:30 PhD Forum Algorithmic Trading in Indian Markets > Overview of market microstructure and regulatory environment in India > Impact of algorithmic trading on market efficiency > Effectiveness of algorithmic traders in enforcing the law of one-price across derivatives and cash markets > Open regulatory issues Chairpersons: Ekkehart Boehmer, Professor of Finance, EDHEC Business School, and Assistant Academic Director for Asia, PhD in Finance, EDHEC Risk Institute Asia René Garcia, Professor of Finance, EDHEC Business School, and Academic Director, PhD in Finance, EDHEC-Risk Institute Ramachandran Shankar, EDHEC-Risk Institute PhD in Finance Candidate 16:30-17:00 Break AFTERNOON PLENARY SESSION 17:00-18:15 High-Frequency Trading and Equity Markets > The impact of HFT on market quality evidence from SGX > The impact of index related HFT on derivatives, ETFs and underlying securities the case of MSCI Singapore > Does HFT impact capital formation: the impact of HFT on capital structure and cost of capital Ekkehart Boehmer, Professor of Finance, EDHEC Business School, and Assistant Academic Director for Asia, PhD in Finance, EDHEC Risk Institute Asia 18:15 End of the Global Institutional Investment Conference EDHEC-Risk Days Asia 2013 l 12 l Bringing Research Insights to Investment Professionals

13 Industry surveys: comparing research advances with industry best practices EDHEC-Risk Institute regularly conducts surveys on the state of the asset management industry. These look specifically at the application of recent research advances within investment management companies and at best practices in the industry. Survey results receive considerable attention from professionals and are extensively reported on by the international financial media. Recent industry surveys conducted by EDHEC-Risk Institute EDHEC-Risk Institute is part of EDHEC Business School, one of Europe s leading business schools and a member of the select group of institutions worldwide to have earned all three international academic accreditations (AACSB,EQUIS, AMBA). Established in 2001, EDHEC-Risk Institute has become the premier centre for financial research and its applications. In partnership with the industry, its team of ninety permanent professors, engineers and support staff implements six research programmes and twelve research chairs focusing on asset allocation and risk management in the traditional and alternative investment universes. The Institute is located at campuses in Singapore, in the City of London, and Nice, France. In addition, it has a research team located in the United States. EDHEC-Risk Institute validates the academic quality of its research through publications in leading scholarly journals, implements a multifaceted communications policy to inform investors and asset managers on state-of-the-art concepts and techniques. Its conferences and presentations attract over 3,000 participants yearly and its monthly newsletter is distributed to more than 1,600,000 practitioners worldwide. The Institute s executive education arm helps professionals to upgrade their skills with advanced risk and investment management seminars and degree courses, including the EDHEC-Risk Institute PhD in Finance. Institute Executive Education Activities EDHEC-Risk Institute provides a range of executive courses in investment management and joint seminars with CFA Institute that have been taking place since 2008 in London, New York and Singapore. EDHEC-Risk Institute offers a PhD in Finance designed for professionals who aspire to higher intellectual levels and aim to shape the future of the financial industry. Programme faculty consists of leading experts in finance, risk and investment management, and economic and financial modelling; it brings together EDHEC Business School s senior economics and finance scholars and affiliate professors from top research institutions around the world. The programme s rigorous curriculum and balanced structure, its outstanding faculty and talented and experienced participant body, and its supportive research environment combine to create an extraordinary platform for professional development and industry innovation. EDHEC-Risk Institute Research for Business The EDHEC-Risk Institute website, www. edhec-risk.com, puts EDHEC-Risk s analyses and expertise in the field of risk and investment management at the disposal of professionals. The site examines the latest academic research from a business perspective, and provides a critical look at the most recent industry news. EDHEC-Risk Days Asia 2013 l 13 l Bringing Research Insights to Investment Professionals

14 EDHEC-Risk Days Asia 2013 Day One Indexation and Passive Investment Conference Synopsis 15 May 8:00 8:30 9:00 10:30 11:00 12:00 13:00 14:00 15:15 15:45 16:45 17:15 18:30 STREAM SESSION Indexing around the World WORKSHOP by Deutsche Asset & Wealth Management Latest Product Innovations and Flow Trends in the ETF Space STREAM SESSION Choose your Smart Beta: How to Appreciate the Performance and Risks of New Forms of Equity Benchmarks WORKSHOP by SSgA The ETF Way: Providing Total Return by Investing in Income and Yield-Generating Assets Registrations, Morning Tea and Coffee Opening Address INDEXING FORUM Governance and Transparency of Indices Break STREAM SESSION Can the Track Records of Indices be Trusted? WORKSHOP by Eaton Vance Management International Volatility Harvesting: Why Does Diversifying and Rebalancing Create Portfolio Growth? Lunch Break STREAM SESSION Investing in Low Volatility Strategies Break WORKSHOP by ERI Scientific Beta Smart Beta 2.0 Break STREAM SESSION New Frontiers in Passive Investment: From Asset Allocation to Risk Allocation End of the Indexation and Passive Investment Conference Cocktail STREAM SESSION Equity Volatility Indexing Products WORKSHOP by Lyxor Asset Management Risk-Based Tactical Asset Allocation: Seeking Absolute Returns with a Long-Only Portfolio STREAM SESSION Liquidity in Equity ETFs: What Really Matters Information Session EDHEC-Risk Institute PhD in Finance STREAM SESSION PhD Forum Volatility Transmission, Correlation Dynamics and Contagion in East Asian Equity and Bond Markets EDHEC-Risk Days Asia 2013 l 14 l Bringing Research Insights to Investment Professionals

15 EDHEC-Risk Days Asia 2013 Day Two Global Institutional Investment Conference Synopsis 16 May 8:00 8:30 10:15 10:45 11:45 13:00 14:00 15:00 15:30 16:30 17:00 18:15 WORKSHOP by Threadneedle Investments Value is in the Eye of the Beholder STREAM SESSION Infrastructure Debt for Institutional Investors STREAM SESSION The Convergence between Long-Only Investment and Hedge Funds Registrations, Morning Tea and Coffee PENSIONS FORUM Developing and Reforming Pension Systems in Asia Break Lunch Break STREAM SESSION What if the Regulation of Long-Term Investors were not as Costly as They Think? Break STREAM SESSION How to Manage the Non-Financial Risks of Investment Funds Break WORKSHOP by ERI Scientific Beta Smart Beta Diversification PLENARY SESSION Beyond the Separation Theorem in ALM: How to Evaluate the Contribution of a Category of Asset Class to the Performance and Risk of Global Asset Allocation? AFTERNOON PLENARY SESSION High-Frequency Trading and Equity Markets End of the Global Institutional Investment Conference STREAM SESSION PhD Forum A Network Perspective of the Systematic Risk in Derivatives Market STREAM SESSION PhD Forum Algorithmic Trading in Indian Markets EDHEC-Risk Days Asia 2013 l 15 l Bringing Research Insights to Investment Professionals

16 Global Event Partners Deutsche Bank One Rafflers Quay #18-00 South Tower - Singapore Tel.: Deutsche Bank db X-trackers is one of the world s largest ETF providers with more than US$40 billion1 in assets under management. With more than 200 ETFs on various asset classes including equities, fixed income, credit (long/short), cash, currencies and commodities, investors are able to implement a wide range of market strategies in a transparent, flexible and efficient manner. db X-trackers ETFs are supported by a range of market makers and are listed on different exchanges in Europe. It is also the largest ETFs provider in Asia in terms of product listings on Singapore Stock Exchange and Stock Exchange of Hong Kong. db X-trackers ETFs seek to combine superior index tracking, liquidity, transparency and innovation and they are built on the solid and stable foundations of Deutsche Bank and provide peace of mind as they are supervised under the UCITS regulations. In recent years, db X-trackers ETFs was named the winner of multiple awards including AsianInvestor s Exchange-traded funds, Asia Pacific Award for three years in a row from 2010 to 2012 and AsiaRisk s ETF Provider of the Year Award SPDR ETFs, State Street Global Advisors 1638, Robinson Road #33-01 Capital Tower - Singapore Tel: Offered by State Street Global Advisors, SPDR ETFs are a family of exchange traded funds that provide investors with the flexibility to select investments that are precisely aligned to their investment strategy. Recognized as the industry pioneer, State Street Global Advisors created the first ETF in 1993 SPDR S&P 500, which is currently the world s largest ETF. 1 SSgA introduced Singapore s first local ETF when it launched the SPDR Straits Times Index ETF in Currently, State Street Global Advisors manages approximately US$337 billion of ETF assets worldwide. 2 For comprehensive information on our ETFs, visit us at spdrs.com.sg. 1 - Bloomberg, as of 30 September This AUM includes the assets of the SPDR Gold Trust (approx. $75.4 billion as of September-2012), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent. Eaton Vance Management International (Asia) Pte. Ltd 3 Church Street #17-04 Samsung Hub - Singapore Tel: international.eatonvance.com Parametric is a leading asset management firm based in Seattle, United States, and was founded in The firm is majority owned by Eaton Vance Corp. Parametric manages $53.1 billion as at 30th September 2012 and provides global investment management services to institutional and individual investors around the world. Parametric offers a broad set of solutions - quantitative, rules-based approaches aimed at risk-managed outperformance, customised market capture strategies, and options/hedging strategies designed to tailor a portfolio s risk/return profile. Eaton Vance Management (International), (EVMI), is the London-based subsidiary of Eaton Vance Management, a leading U.S. asset manager with extensive capabilities and experience in managing equity, fixed-income and floating-rate investments. Eaton Vance Corp assets as of 30th September 2012 are US$198.2bn for worldwide institutional, individual and private clients. EVMI provides investment services to financial institutions, banks, and asset management firms throughout Asia, Europe, the Middle East, Africa, and Australia. Lyxor Asset Management Tours Société Générale - 17 Cours Valmy Paris La Défense - France Tel: +33 (0) Lyxor Asset Management ( Lyxor ), a wholly owned subsidiary of the Societe Generale Group, was founded in 1998 with the aim of delivering sustainable performance solutions, offering enhanced transparency, liquidity and flexibility. With more than a decade of experience and over EUR 75.4 billion in assets under management*, Lyxor is a global player in four investment specialties: alternative investments, ETFs & indexing, quantitative and structured investments. Based on research and risk management, Lyxor s business model allows for the engineering of sound and innovative investment solutions aimed at institutional and other qualified investors. Employing more than 600 professionals, Lyxor is present in all strategic investment locations throughout the world, with offices and affiliates in Europe, Asia and the Americas. Lyxor brings together the responsiveness of an entrepreneurial organization and the reliability of an expanding global player. **AUMs as of 31st October, 2012 Threadneedle Investments 3 Killiney Road #07-07 Winsland House 1 - Singapore Jon Allen, Managing Director: jon.allen@threadneedle.com Sandra Cheng, Executive Director, CFA: sandra.cheng@threadneedle.com Threadneedle Investments is an international investment manager with a strong track record of outperformance across asset classes. We actively manage US$123.6 billion of assets (as at 30 September 2012), investing on behalf of individuals, pension funds, insurers and corporations. Threadneedle s distinctive investment approach is based on creative thinking, sharing of ideas and rigorous debate. Established in 1994 in London, Threadneedle has a presence in 16 countries. Threadneedle is the international asset management arm of Ameriprise Financial (NYSE: AMP), a leading US diversified financial services company with a 118-year history of helping clients achieve their financial objectives. Ameriprise has US$678 billion (as at 30 September 2012), in owned, managed and administered assets and is one of the 30 largest asset management firms globally as well as the US leader in financial planning. As its international investment platform, Threadneedle provides Ameriprise and its clients with world class investment solutions. Threadneedle established a presence in Asia in 2008, with offices in Hong Kong and Singapore. In November 2010 Raymundo Yu joined as Asia Pacific Chairman, to expand relationships and build on the established presence of Ameriprise s asset management businesses in Asia, leveraging the considerable investment capabilities of Threadneedle and Columbia Management, its fellow asset management subsidiary of Ameriprise Financial. ERI Scientific Beta 1 George Street #07-02 Singapore Tel: anne-charlotte.descamps@scientificbeta.com As part of its policy of transferring know-how to the industry, EDHEC-Risk Institute has set up ERI Scientific Beta. ERI Scientific Beta is an original initiative which aims to favour the adoption of the latest advances in smart beta design and implementation by the whole investment industry. Its academic origin provides the foundation for its strategy: offer, in the best economic conditions possible, the smart beta solutions that are most proven scientifically with full transparency of both the methods and the associated risks. EDHEC-Risk Days Asia 2013 l 16 l Bringing Research Insights to Investment Professionals

17 Silver Sponsors BNP Paribas Securities Services 20 Collyer Quay - 4th Floor, Tung Centre Singapore Tel: BNP Paribas Securities Services, a wholly-owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider backed by the strength of a universal bank. It provides integrated solutions to all participants in the investment cycle including the buy-side, sell-side, corporates and issuers. The bank has a local presence in 34 countries across five continents, effecting global coverage to more than 100 markets. It partners with clients to help overcome complexity, while offering a one-stop shop for all asset classes, both onshore and offshore, around the world. Key figures as of 31 December 2012: USD 7,291 billion of assets under custody, USD 1,333 billion assets under administration, more than 6,979 administered funds and 7,900 employees. BNP Paribas Investment Partners 30 F, Three Exchange Square, 8 Connaught Place, Central - Hong Kong Tel.: THEAM is an investment firm mainly specialised in Index, Active systematic and Alternative portfolio management. THEAM is the result of a joint project between BNP Paribas Corporate & Investment Banking and BNP Paribas Investment Partners, BNP Paribas business unit specialising in asset management. THEAM offers investment solutions across a broad spectrum of underlying assets (equities, bonds, commodities, volatility, currencies) through an extensive range of investment styles, from pure Beta to Alpha. With 120 professionals and USD 57 billion of assets under management 1, THEAM is one of Europe s leaders among similar companies, while benefitting from the international set up of BNP Paribas Investment Partners and BNP Paribas CIB. * as of 31 December 2012 Exhibitors Amundi ETF 90 bld Pasteur - CS Paris - France Tel.: +33 (0) With over 100 ETFs* and 8.9bn in assets under management at 31 December 2012, Amundi ETF covers the main asset classes (equities, fixed income, EONIA, and commodities) and geographical exposures (Europe, US, emerging markets, and world). As one of the pioneers in the ETF market with its first products launched in 2001, Amundi ETF is characterised by its quality products, continuous innovation and its low cost policy and relies on a wide network of Authorised Participants (more than 50* market makers) Amundi ETF is present in 7* European countries: France, Germany, Italy, Netherlands, Spain, Switzerland and United Kingdom. Amundi ETF designates the ETF business of Amundi Investment Solutions. Amundi ETF received a Special Commendation in the European ETF Provider of the Year category by Funds Europe in 2011 and Amundi Group was awarded Best Europe Equity ETF Manager 2010 and Best Fixed Income Cash (Money Market) ETF Manager 2011 in March 2010 and March 2011 respectively, as voted by the readers of ETF Express. *As of 31/12/2012. The Funds described in this document may not be authorised for distribution in all countries. It is the investor s responsibility to ensure that they are authorised to invest in a Fund. Numerix 150 East 42nd Street - 15th Floor New York - NY USA Tel.: contact: akahn@numerix.com Numerix is the global leader in cross-asset analytics for OTC derivatives, structured products and variable annuities, providing software and services for structuring, pre-trade pricing, trade capture, valuation, and risk management. Numerix offers a comprehensive model library and a transparent deal-definition architecture that allows rapid modeling of any instrument, including commodity, credit, equity, fixed income, foreign exchange, and inflation derivatives, plus a unique hybrid model framework for exotics and structured products. Numerix analytics are available through Windows applications, Excel add-ins, developer kits and a wide range of partner systems, with over 700 clients and 80 partners across more than 25 countries. Caceis Bank 1 place Valhubert Paris - France Tel.: +33 (0) CACEIS is an asset servicing banking group fully dedicated to institutional and corporate clients. Through offices across Europe, North America and Asia, CACEIS offers a comprehensive range of high quality products and services covering depositary and custodial services, fund administration, middle office services, fund distribution support, capital markets services and issuer services. With assets under custody of 2.3 trillion and assets under administration of 1.1 trillion, CACEIS is one of the world market leaders in asset servicing and the largest depositary bank and the premier fund administrator in Europe (figures to 31 December 2011). Stoxx Limited Selnaustrasse 30, postfach 8021 Zurich - Switzerland Tel.: +41 (0) STOXX Ltd. is an established and leading index specialist of European origins. The launch of the first STOXX indices in 1998, including the EURO STOXX 50 index, marked the beginning of a unique success story, based on the company s neutrality and independence. Since then, STOXX has been at the forefront of market developments, continuously expanding its portfolio of innovative indices and now operating on a global level, across all asset classes. STOXX Limited is committed to delivering its high-quality, reliable and trusted index offerings to its global client base. The indices are used not only as underlyings for financial products such as ETFs, futures and options, and structured products, but also for risk and performance measurement. For more information, please visit Research Chair Sponsors Present EDHEC-Risk Days Asia 2013 l 17 l Bringing Research Insights to Investment Professionals

18 Professional Organisations Endorsing the Conference Research Publisher and Scientific Journals Associated with the Conference Fora Exclusive Media Partners Exclusive Broadcast Partner Media Partners EDHEC-Risk Days Asia 2013 l 18 l Bringing Research Insights to Investment Professionals

19 The Ultimate Degree for Finance Executives EDHEC-Risk Institute PhD in Finance London Nice Singapore Since 2008, EDHEC-Risk Institute has been offering a unique PhD in Finance programme to elite practitioners who aspire to higher intellectual levels and aim to redefine the investment banking and asset management industries. Drawing its faculty from the world s best universities and enjoying the support of a leader in industry-relevant academic research, the EDHEC-Risk Institute PhD in Finance creates an extraordinary platform for professional development and industry innovation. PhD in Finance Following a stimulating scientific curriculum and working individually with leading specialists on research issues of particular relevance to their organisations, practitioners on the programme s executive track learn to leverage their expertise and insights to make original contributions at the frontiers of financial knowledge and practices. Challenging professionals to step back, reflect, and generate radical innovations, the EDHEC-Risk Institute PhD in Finance is the ultimate degree for finance executives. EDHEC-Risk Institute 393 promenade des Anglais BP Nice Cedex 3 France Tel: +33 (0) Information sessions in Asia, Europe, Oceania and the Americas New York (April 2), Stockholm (April 4 & 6), Montreal (April 8 & 12), Shanghai (May 11), Singapore (May 15 & 16), Melbourne (September 18), and Sydney (September 26) To reserve your place, phd.admissions@edhec-risk.com, or call us now on or on Next application deadline for the executive track: 31 May 2013 EDHEC Risk Institute Europe 10 Fleet Place, Ludgate London EC4M 7RB United Kingdom Tel: EDHEC Business School is accredited by: EDHEC Risk Institute Asia 1 George Street #07-02 Singapore Tel: Institute EDHEC Risk Institute North America 1230 Avenue of the Americas Rockefeller Center - 7th Floor New York City - NY USA Tel: EDHEC Risk Institute Asia Singapore Council for Private Education registration No Z from to EDHEC Risk Institute France rue du 4 septembre Paris France Tel: +33 (0)

20 From April 15, 2013, ERI Scientific Beta will allow investors to access more than 30 flagship smart beta indices, with full transparency and at no cost. These indices, like the other 2,442 smart beta benchmarks that correspond to the choices of risks proposed to investors, and no longer imposed on them, are accessible on For more information on ERI Scientific Beta s activities, please contact: Séverine Anjubault on: or by to: severine.anjubault@scientificbeta.com

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26 EDHEC-Risk Days Asia May Ritz-Carlton Millenia Singapore 7 Raffles Avenue Singapore Delegate Fee GST (7%) Delegate Fee GST Included Standard rate SGD 1,500 SGD 105 SGD 1,605 Early-bird rate (before 15 April) SGD 750 SGD SGD Investor rate: pension schemes, charities, endowments, foundations, insurance companies (third party asset management excluded), government and regulatory bodies, single family offices and financial executives from non-financial companies FREE should contact eridays2013asia@edhec-risk.com or for registration. Senior executive/investment officer rate: Senior executive officers (members of the supervisory board, members of the board of directors, C-suite officers) of leading asset/wealth management firms, investment/private banks, and alternative funds and FREE funds of funds should contact eridays2013asia@edhec-risk.com or for registration. The registration fee includes buffet lunch, refreshments and full conference documentation. Delegates may be refused admission if payment is not received prior to the conference. CANCELLATION POLICY Given the moderate conference fee, we do not accept cancellations; invoiced sums will remain payable in full. If a registered delegate is unable to attend, a substitute delegate from the same organisation is welcome at no extra charge. Conference documentation designed by EDHEC Business School will be made available online to all delegates. EDHEC Business School reserves the right to alter the programme without notice. REGISTER NOW ENQUIRIES eridays2013asia@edhec-risk.com Phone: EDHEC-Risk Institute has negociated an event rate at the Ritz-Carlton Millenia over the dates May For more information please contact the hotel directly at: HOTEL BOOKING shaiful.sultan@ritzcarlton.com Phone: Institute EDHEC-Risk Institute 393 promenade des Anglais BP Nice Cedex 3 France Tel: +33 (0) EDHEC Risk Institute Europe 10 Fleet Place, Ludgate London EC4M 7RB United Kingdom Tel: EDHEC Risk Institute Asia 1 George Street #07-02 Singapore Tel: EDHEC Risk Institute North America 1230 Avenue of the Americas Rockefeller Center - 7th Floor New York City - NY USA Tel: EDHEC Risk Institute France rue du 4 septembre Paris France Tel: +33 (0)