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«Location: Waldorf Astoria Shanghai on the Bund, Shanghai, China Wednesday 22 – Thursday 23 June 2016 ‘As at 9 May 2016, subject to change’ 1 ...»

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Location: Waldorf Astoria Shanghai on the Bund, Shanghai, China

Wednesday 22 – Thursday 23 June 2016

‘As at 9 May 2016, subject to change’ 1

Asia New Active Investment Symposium

Shanghai, China

Wednesday 22 – Thursday 23 June 2016


Waldorf Astoria Shanghai on the Bund

No.2 Zhongshan Dong Yi Road Huang Pu District Shanghai 200002, P.R. China Tel: +86 21 6322 9988 Fax: +86 21 6321 9888 www.waldorfastoriashanghai.com Suggested attire C Casual SC Smart Casual ‘As at 9 May 2016, subject to change’ 2


How Chinese Innovation and Capital Market Liberalisation are changing the Global Investment Landscape China is at the heart of the global economy and of investment markets. As the second largest economy in the world and the largest trading nation, China is the primary source of demand for many global companies. China is also home to the second largest capital market in the world behind the US. The lack of integration of these capital markets is a global economic anomaly. The internationalization of China’s capital markets - led by internationalization of the RMB - will prove to be one of the most profound structural changes and sources of growth in the global economy this century.

Capital market liberalization is a long road and there will be many challenges along the way. However, this should not diminish the inevitable path and the immense opportunity that integration of two mammoth capital markets will create. Not only is China realigning its economy to benefit from its burgeoning middle class, but it is seeking to move up the value chain and to harvest the benefits of innovation and disruptive technology.

As we look ahead, the economic policies and performance of the Chinese economy will be a primary driver of prosperity and investment opportunities not just in Asia but around the world. Part of this natural maturing will be continued growth in China’s domestic pension market and asset management industry. The next phase is for Chinese pensions to broaden their global investments and for domestic asset management firms to attract global clients.

China’s rise is set in the global context of economic uncertainty and, arguably, the most challenging investment environment we have faced for a generation. The global economy is in uncharted waters, which translates into an investment outlook of lower returns, greater disparity in returns across asset classes, and higher volatility.

How are investors responding?

Some institutional investors have lowered, or are considering lowering, their return objectives and are counselling their stakeholders to expect, and prepare, for lower returns. Others are allocating more to alternative assets and accepting more risk in their portfolios, even if begrudgingly, as necessary to maintain an acceptable level of return. Others, again, are exploring opportunities to be more agile or dynamic (or are allowing their fund managers to be unconstrained by benchmarks or asset classes) in the hopes of achieving returns without taking on more risk at the portfolio level. In a small number of cases, some investors have done all three. The relative merits of each of these strategies will become clearer through time, however the challenge for investors is to act today.

Through these challenges, Asian investors are seeing an imperative to continue to grow in sophistication, and are increasingly asserting themselves as important stakeholders globally, across both Private and Public market investments.

It is against this backdrop that the Asia New Active Investment Symposium will be held in Shanghai – a global financial centre – addressing a host of investment, macroeconomic and geopolitical topics relevant to institutional investors.

–  –  –

9.00am Symposium welcome Peter Horn, Managing Director, Centre for Investor Education Chief Executive Officer, Institutional Investor, Asia Pacific

9.05am Chair’s opening remarks

9.10am Asia New Active Symposium App tutorial Nick Corridon, Centre for Investor Education


REALITY In years to come, economic historians will write about China’s capital market liberalization as one of the greatest economic among the successes. Beijing’s first step to internationalizing the renminbi (RMB) by promoting its role in foreign trade settlement (transactional) can be regarded as successful thus far. The next step involves deepening internationalization by events of the 21st century. Nonetheless, it is to be expected that this long road will be paved with many risks and uncertainties capturing the RMB’s status as a reserve currency (from central banks and the foreign private sector) and then as an investment currency in international portfolios. This session will explore the policy framework guiding liberalization and the investment opportunities it creates.

Keynote Speaker:

Dr. Bin Qi, Director-General of International Affairs, China Securities Regulatory Commission Dr. Bin Qi is the Director-General of the Department of International Affairs at the China Securities Regulatory Commission (CSRC). His team is currently leading the CSRC's efforts to further open up China’s capital markets. Specifically, they are also responsible for supervising overseas listings of Chinese companies in addition to CSRC cross-border regulatory cooperation and bilateral strategic dialogues with international counterparts.

Previously, Dr. Qi worked as the Director-General of the CSRC’s Research Center for eight years and was responsible for research projects that led to new policies and reform initiatives. Dr. Qi also founded the CSRC think-tank entitled the Beijing Institute of Securities and Futures (BISF) and is the lead author of "China Capital Markets Development Report"(2008), which provided an overall development roadmap for China's capital markets through 2020.

10.05am Morning tea (Writer’s Hall, Level 2)




Peter Berezin, Chief Strategist, Global Investments, BCA Research Wallace Yu, Head of Multi-Asset Group, China Investment Corporation

–  –  –

11.35am CHAPTER THREE: THE CHINESE PENSION SYSTEM Recently, the State Council released detailed guidelines for the development of the pension system by strengthening the ability of the National Council for Social Security (NCSSF) to make offshore investment allocations.

This move lays the foundations for a larger portion of the RMB1.5tr (USD231bn) state pension reserve to be directed into overseas markets. It also creates a clearer path for NCSSF to take over management of greater portions of China’s RMB3.5tr (USD540bn) Provincial Pension Fund (PPF), increasing the amounts of capital that NCSSF can offer to third-party managers, both within China and offshore.

–  –  –

Investment considerations:

 The opening the A-share market to foreign institutional investors  Chinese institutions now receiving more freedom to diversify asset allocation

12.40pm Lunch


RISK Investors are increasingly measuring an investment’s merit by its ability to help them meet their financial goals — whether that be to generate an income stream, preserve capital or grow assets within a certain risk profile. Investors are meeting this challenge by creating strategies that set their sights beyond benchmarks, instead aiming for the outcomes — the real results — that matter most. Removing constraints reduces anchoring and shifts the investment focus to absolute performance. As a result, what tools do investors need in a more unconstrained investment framework? And, how do they approach portfolio construction in a world of low prospective returns and heightened cyclical risks?


Ernesto Prado, Chief Investment Officer, Ayaltis Walter Braegger, Partner, Sanostro Elena Manola-Bonthond, Head of Investments, CERN Pension Fund


 The changing role of hedge funds and the opportunities being exposed  Comparing risks and returns of various hedge fund strategies  Sourcing predictable returns from alternative portfolios  Measuring and monitoring the performance of overlay hedging strategies

Investment considerations:

 The opportunity set in US private credit  Forthcoming corporate distressed cycle – specifically in oil and energy  Effective stop loss management and trade construction techniques

3.25pm Afternoon tea (Writer’s Hall, Level 2) ‘As at 9 May 2016, subject to change’ 5

3.45pm CHAPTER FIVE: INFRASTRUCTURE AND REAL ESTATE – NAVIGATING GLOBAL MARKETS Since pension funds commenced investing in real estate and infrastructure some 20 years ago, the asset class has emerged as an important investment due to their many appealing characteristics, including; diversification; longer duration income streams; and inflation protection. However, infrastructure remains a young asset class and the experience, to date, has been one of mixed success. This session will examine how the most sophisticated investors have successfully built platforms to invest in real estate and infrastructure.

China is expected to invest an estimated USD400 billion a year offshore (much of it across Asia) as it continues to open up its capital markets and liberalize trade in the RMB. The Asian Infrastructure Investment Bank (AIIB) has a capital base of USD100 billion (equivalent to about half the capital of the World Bank) and will emerge to play a key role in facilitating the development of infrastructure and productive sectors across Asia.

Speaker: Ross Israel, Global Head of Infrastructure, QIC


 Global supply pipeline for core infrastructure, the opportunity for global investment in core assets  The role and impact of the Asian Infrastructure Investment Bank (AIIB)  The opportunity to invest across both equity and debt  Evaluating different investment structures  Focus on asset management and benchmark structure, limitations and risks  Managing ESG considerations

Investment considerations:

 How global investors have built platforms to invest  How to build portfolios through investment in funds, direct investment and co-investing  Building effective internal teams (skill mix, effective outsourcing – what, when and how)  Is now an attractive entry point on the capital market cycle?

 Closed ended funds vs. open ended funds


The IIN is a private and confidential online community of senior institutional investors/asset owners from funds around the world. Membership is by invitation-only and is subject to strict vetting procedure. Members use the network to ask peers and guest experts questions, as well as to access proprietary macroeconomic research and whitepapers from asset managers. There is a wide range of discussion forums on a variety of investment issues. Part of IIN is the investment strategy search tool, which has been developed together with asset owners from Europe and the US, allowing users to anonymously post mandates and seek out investment opportunities globally.


Marc-Alexander Baier, Senior Director, Head of Investor Relations, Institutional Investor Asia


 Bringing together peer expertise globally  Leveraging information to make better investment decisions  Looking beyond traditional asset classes

5.15pm Session close

6.00pm Cocktail and dinner reception

–  –  –

9.00am Chair’s opening remarks

9.05am CHAPTER SIX: CHINA’S UNIQUE INNOVATION MODEL – BEYOND SILICON VALLEY China is on the verge of a great wave of innovation. Often misunderstood by the West where the they focus on Chinese imitation rather than innovation, the current increase in innovation is more than just the next phase of economic development, it stems of the a deep and rich cultural vein in Chinese history for inventiveness, creation and innovation.

China’s current drive in innovation is not just a recent a phenomenon. As an example, the China– Singapore Suzhou Industrial Park (CS-SIP) was born in 1994 when Chinese Vice Premier Li Lanqing and Singapore Senior Minister Lee Kuan Yew signed a joint agreement. Today China boasts multiple innovation hubs and accounts for nearly a third of all patent applications lodged anywhere in the world while Shenzhen is often referred to as the global capital of the “Internet of Things”.


Alex Duffy, Portfolio Manager – Emerging Markets, Fidelity International Janet Li, Director, Investment Services, Greater China, Willis Towers Watson

–  –  –

Investment considerations:

 Incorporating geopolitical factors into your investment process  How should investors re-think their public equity allocations?

 The significance and global dimension of private market investing  How to build more dynamic portfolios to adjust to rapid economic changes?

10.20am Morning tea


Corporate credit in China has surged to more than 160% of GDP, and household indebtedness is now 40% of GDP. Can banks and the shadow banking system continue to expand credit growth at a double-digit pace when nominal GDP growth has dropped to 6%, and the corporate and household credit-to-GDP ratio exceeds 200%? How will the market for Chinese and Asian credit evolve in the coming years and what head winds are they likely to encounter?

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