Asset Allocations in Emerging Markets Seminar

Transcription

1 Asset Allocations in Emerging Markets Seminar Venue: Maxwell Chambers 32 Maxwell Road #03-01 Singapore Date: 29 July 2010 Time: Speakers: 8:30am to 1:00pm Larry Speidell Richard Kang Elena Okorotchenko Steve Xu Emerging Market Asset Allocations. Taking the pulse of emerging-market opportunities in the new economic order While the investment community remains concerned about weak economic conditions in Europe, emerging markets continue to provide positive alternative investment opportunities. As the new economic order enters a decisive phase what should investors be aware of? And what are the challenges and opportunities in the ever changing capital markets? Four leading experts will share their insights in this half-day Seminar. They will discuss the broader economic outlook, the sovereign ratings trends in Asia, the new developments and opportunities in emerging markets, as well as how to use exchange-traded funds (ETF) for asset allocation to get exposure in these markets. Be there for cutting edge insight and analysis. As a participant in the CFA Institute Approved-Provider Program, CFA Singapore has determined that this event qualifies for 3.5 credit hours. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE diary. Funding The Monetary Authority of Singapore (MAS) administers grants to financial sector organisations that sponsor eligible participants to training programmes that meet qualifying criteria. For enquiries, please contact the MAS at or via at fsdf@mas.gov.sg.

2 Programme Agenda : Registration & Networking : Opening Remarks by Conference Chair : How Will China s Stimulus Package and Recovery Impact Its Financial Liberalisation and the Global Economy? Mr. Steve Xu, Chief Representative, China The Economist Group 9:55-10:45: What's Emerging in Emerging Markets Mr. Larry Speidell, CEO & Founder Frontier Asset Management 10:45-11:00: Tea Break & Networking 11:00-11:50: The 3 E s Evolution, ETFs & Emerging Markets Mr. Richard Kang, Chief Investment Officer & Director of Research Emerging Global Advisors LLC 11:50-12:40: Emerging Market Sovereigns in Asia: Breaking Away Miss. Elena Okorotchenko Managing Director Sovereign and International Public Finance Standard & Poor s ~ 12.50: Closing Remarks by Professional Development Committee Chair & Token Presentation Please refer to next page for Seminar Topics

3 Seminar Topics How Will China s Stimulus Package and Recovery Impact Its Financial Liberalisation and the Global Economy? One of the key dilemmas confronting global policymakers is managing the twin forces of deflation and inflation. In order to mitigate deflation in Europe, a persistent weakness of the Euro is inevitable, which places added pressure on the RMB. At the same time, China s growth model of relying on an extreme openness and investment is being challenged by rising labour costs and protectionism. At the same time, inflation is a threat, driven by the property market. What are Beijing s policy responses, and how will these impact prospects for recovery and growth in the rest of Asia and beyond? What's Emerging in Emerging Markets In the financial crisis of , many emerging markets were hard hit, yet their growth rates continued positive while those in the developed world did not. Could we now be in a period where the world is divided in two: where emerging and frontier countries take on the leadership in terms of world GDP growth while the developed world is mired in a prolonged rebuilding process? If so, what are the economic and geopolitical implications? Could it be that investing in the poorest countries will provide the richest rewards to investors? The 3 E s Evolution, ETFs & Emerging Markets Global transitions: Evolution in the market environment: o What is the risk perception and equity risk premia between developed and developing markets. o Westerners and their home biased portfolios: their biggest risk? o Economic and capital market decoupling: Potential for another lost decade for some? Evolution in emerging markets: o Savers versus spenders. o The search for safe havens. Where is political/regulatory risk found today? o The new core portfolio component? Evolution in accessing markets: o Tangible risks and the popularity of ETFs. o Why the combination of emerging markets and ETFs make sense when intuitively, they may not. o The good and bad of ETF use. Emerging Market Sovereigns in Asia: Breaking Away Overview of current sovereign rating trends in Asia; sustainability of government debts in view of the recent confidence crisis in Europe; convergence of risks between emerging and developed markets. More on evolving credit stories: Thailand, Indonesia, Vietnam. Briefly on China, Korea, Japan, India. Please refer to next page for Speakers Biographies

4 Speakers Biographies Mr. Steve Sitao Xu Mr. Xu is chief representative, China of the Economist Group and director of advisory services for the Economist Corporate Network (ECN), responsible for program and development and services for China. He also provides research and analysis on China for ECN programs across Asia and its corporate client network. Separately, he is also an independent non-executive director of Hunan Valin, a large steel company which recently invested in the Australian resources conglomerate, FMG. Previously, Mr. Xu was the head of economics, based in Hong Kong, for ICBC (Asia), the international flagship of China s largest bank. Prior to that, he was the regional treasury economist for Standard Chartered Bank followed by chief economist for Asia (ex-japan) for Societe Generale. He began his career as an economist for Indonesia, Korea, and Thailand for MMS International of Standard and Poor s Group, based in Singapore in He has been a columnist for Caijing and 21st Century, China s leading business publications and contributes frequently to leading regional and international publications, such as the Asian Wall Street Journal and Financial Times. He appears regularly on CNBC, Bloomberg, and other news networks, and also delivers numerous talks to corporate audiences, institutional investors, and boards interested in understanding China s rapidly changing economy. He also lectures frequently to leading educational institutions in China such as Tsinghua and Shanghai Jiaotong Universities. Mr. Xu holds a BA in economics from Peking University, an MA in economics from the University of Connecticut, and a MS in finance from Boston College. Mr. Lawrence Speidell Mr. Speidell is founding partner, CEO, and chief investment officer of Frontier Market Asset Management manager of institutional portfolios and the Frontier Market Select Fund, which invests in frontier stock markets around the world. Previously, he was executive vice president at Laffer Associates and partner and director of global research and management at Nicholas Applegate. While working at Nicholas Applegate, Mr. Speidell launched the firm s emerging markets products and developed and enhanced the firm's international and global quantitative disciplines. He spent 11 years as a trustee at Batterymarch Financial Management, where he was a portfolio manager for domestic and international strategies, was responsible for one of the first equity funds in China, and worked on the development of a fund for Russia. Mr. Speidell was senior vice president and portfolio manager at Putnam Management Company, where he was member of their investment policy committee. His service to the investment community also includes time spent as president of the Boston Securities Analysts Society and director of the Investor Responsibility Research Center in Washington, DC. Prior to his career in the investment industry, Mr. Speidell served as a submarine officer in the U.S. Navy and worked as an auditor with Arthur Anderson & Co. Please refer to next page for Speakers Biographies

5 Speakers Biographies Mr. Richard Kang Richard Kang is currently Chief Investment Officer and Director of Research at Emerging Global Advisors LLC, a New York based fund manager and research firm focused on emerging markets. Their emerging market ETFs are the first globally to provide sector specific and thematic exposures, the latter currently focused on infrastructure. Richard has been active in both institutional and individual asset/risk management for fifteen years with extensive experience in alternative asset classes especially hedge funds and managed futures, as well as strategies applying the use of passively managed instruments. He has been involved in the use of both derivatives and ETFs within managed portfolios since In addition to CIO roles since 2001, Richard has been a blogger and has been quoted in a number of publications including The Wall Street Journal, Reuters, Investors Business Daily, SmartMoney, MarketWatch and BusinessWeek in addition to TV appearances on CNBC, CNBC Asia and Fox Business. Ms. Elena Okorotchenko Elena Okorotchenko is a Managing Director with Standard & Poor s Ratings. She heads the Sovereign and International Public Finance ratings team in Asia including Japan/Korea. Ms Okorotchenko was based in London in covering public finance ratings in Central and Eastern Europe. Areas of expertise: sovereigns, local and regional governments, universities and other public finance entities. Prior to joining Standard & Poor s in May 1998, Ms Okorotchenko was an Assistant Vice President and deputy head of Risk Management department at Credit Suisse First Boston in Moscow and an analyst with the Project Finance team in London. Her responsibilities included credit analysis of Russian corporations in various sectors and risk assessment of transactions and instruments. She holds a Master degree with honours in Economics from the Higher School of Economics and a Bachelor degree in Economics from Moscow State University. Please refer to next page for registration form

6 Registration Form: Asset Allocations in Emerging Markets Advanced reservation is required due to limited capacity For participation, please complete the fields below and fax to Please indicate membership ID to enjoy members' rate Alternatively, Reservations can be ed to Refund and Cancellation Policy: *Refunds and cancelation received on the following: *4 weeks before the workshop date: 10% Cancellation Fee *2 weeks before the workshop date: 50% Cancellation Fee *1 week before the workshop date: No Refund *Members/Guests without registration will NOT be admitted *Admission/Seats are subject to availability Name:Mr./Mrs./Ms./Dr./ CFA Singapore/ Affiliated Professional Body Membership No.: Tel: Fax: Company: Designation: Address: Postal Code: Food Preferences: None Halal Vegetarian Others (please specify): Payment Details Please mark a tick in the relevant box: Membership type Standard Fees Remarks CFAS Members S$150 Affiliated Professional Bodies Members Non Members S$250 S$200 ICPAS, IMAS, SVCA, CPA Australia, SID & IBF Group Registration Package: Sign up in a group of 4 and the 5 th attends FREE (Bank, *Cheque No.): Amt Due: S$ *All cheques to be made payable to CFA Singapore' c/o 10 Shenton Way #13-02 MAS Building, Singapore Please charge to my credit card I, hereby authorize CFA Singapore to charge my credit card account for the amount $ SGD Credit Card (VISA/AMEX/MC): (Expiry: /20 ) Signature/ Date CFA Singapore (a member society of CFA Institute) 10 Shenton Way, MAS Building, #13-02, Singapore Phone: Fax: events@cfasingapore.org