Investing In Asia: Research & Practice
The Investments Roundtable will feature prominent business leaders of traditional and alternative investment management firms in Asia covering investment themes, challenges and opportunities associated with their line of business.
Spanning a range of important research and policy issues relevant to Asia, the roundtable will include discussion on issues such as understanding and predicting markets in the liquid and illiquid space, investment regulations and policies, and portfolio risk management.
In the process, we hope to venture into unexplored areas of interesting research in the financial investments arena, including the significance of existing academic research to investment practice.
Panelists and Moderator
Mr. Danny Yong
Dymon Asia Capital, Chief Investment Officer & Founding Partner
Danny Yong is the Chief Investment Officer and founding partner of Dymon Asia Capital. The Firm was founded in 2008 and is an alternative investment management firm with assets under management exceeding USD 4.5 billion across hedge funds and private equity at the start of 2015. The Firm is headquartered in Singapore with offices in Hong Kong and the United Kingdom. Dymon Asia Capital, which is majority owned by Partners, established a strategic partnership with Temasek, a Singapore-based investment company, in May 2014.
The Firm’s core Fund, Dymon Asia Macro Fund, implements a discretionary global macro strategy with a focus on Asian currencies, fixed income and equity indices. The team is 95 strong with 44 investment professionals. The Investment team consists of 18 portfolio managers with experience averaging 19 years almost exclusively in Asia, ensuring an in-depth knowledge of the idiosyncrasies across Asian markets, including regulations, flows and cultural nuances. Demonstrative of the Firm’s specialty and expertise in the Asian market where more than 85% of the Fund’s historical returns were derived from Asia, the Fund has returned 10% p.a. (net) annualized since inception, including a return of 18.75% in 2014.
Mr. Danny Yong has over 18 years of experience trading FX, fixed income and index futures in Asia. He was a founding partner and Chief Investment Officer of Abax Global Capital, a hedge fund based in Hong Kong. Danny was also a Managing Director at Citadel Investment Asia in Hong Kong, where he established and ran the Asia Macro trading business from late 2005 to early 2007 for the firm. He was Goldman Sachs’ Head of Trading for South East Asian Derivatives where he spent almost six years in the Hong Kong and Tokyo offices.
Mr. Liew Mun Leong
Founding President & CEO,Capitaland Group and Chairman, Changi Airport Group
Liew Mun Leong has spent 22 years in the public service developing Singapore's Changi Airport, military airports and establishments, and heading two science and technology statutory boards. He was the Registrar of the Professional Engineers Board, granting engineers’ licenses to practise in Singapore and regulating engineering practices in Singapore. He has also served in international public institutions such as the Executive Board of International Organisation for Standardisation (ISO) for which he was later elected and served as its President for one term.
In the private sector, he has 20 years of experience leading 10 public listed companies in four countries. In 2000, he was appointed as the founding CEO of CapitaLand Limited, a public listed real estate company, which under his watch, has become the largest real estate group (by market capitalisation) in South East Asia, operating in over 20 countries with more than 12,000 staff. He currently chairs the Changi Airport Group, Surbana International Consultants Holdings Pte. Ltd. and Pavilion Gas Pte Ltd and sits on the boards of Singapore Exchange, CapitaLand Hope Foundation (the philanthropic arm of CapitaLand), Pavilion Energy Pte Ltd, NUS Business School, Human Capital Leadership Institute, Centre for Liveable Cities, Chinese Development Assistance Council and the Singapore China Foundation.
In 2013, Mr Liew was appointed as Provost’s Chair Professor (Practice) in the Department of Management & Organisation in NUS Business School and the Department of Engineering & Technology Management, Faculty of Engineering.
Mr. Manraj S. Sekhon
Chief Executive and Chief Investment Officer, Fullerton Fund Management
Manraj S. Sekhon is Chief Executive and Chief Investment Officer of Fullerton Fund Management. Prior to joining Fullerton, Manraj was Director and Head of International Equities at Henderson Global Investors, where he led an investment team that managed Global Equity portfolios for institutional and retail clients. Manraj has some 18 years of investment experience, including 15 years managing Global Equities.
He began his career at Mercury Asset Management and also worked with Invesco Asset Management before joining Henderson in 2003. In January 2009, he won the ‘Best Fund Manager - One Year’ award from Professional Adviser UK, a leading industry journal. He was also ranked in both the Citywire UK Top 100 Fund Managers and the Professional Adviser UK Hot 100 Fund Managers.
Manraj graduated from the University of Warwick with a BSc (Hons) in Management Sciences. He is a Chartered Financial Analyst (CFA), an Associate Member of the UK Society of Investment Professionals (ASIP) and a Member of the European Federation of Financial Analysts Societies (EFFAS).
Professor Charles Lee
Moghadam Family Professor of Management and Professor of Accounting, Stanford University
Co-Founder, Nipun Capital and Senior Fellow, Asian Bureau of Finance and Economic Research (ABFER)
Charles M. C. Lee is the Moghadam Family Professor of Management and Professor of Accounting at the Graduate School of Business (GSB), Stanford University. He is also Co-Founder of Nipun Capital, a San Francisco based asset management firm focused on Asian equities. Professor Lee studies the effect of human cognitive constraints on market participants and factors that impact market pricing efficiency. He has published extensively on topics that span behavioral finance, financial analysis, market microstructure, equity valuation, quantitative investing, and security market regulation. From 2004 to July 2008, he was Managing Director at Barclays Global Investors (BGI; now Blackrock), where he served as Global Head of Equity Research and Co-Head of North America Active Equities.
Professor Lee has received numerous honors and awards for his research and teaching. He has also served as either Editor or Associate Editor of a number of academic journals, including: the Journal of Finance, The Accounting Review, the Journal of Accounting Research, the Journal of Accounting and Economics, the Review of Accounting Studies, Management Science (Finance), and the Financial Analysts Journal.
Professor Lee received his BMath from the University of Waterloo (1981), and his MBA (1989) and PhD (1990) from Cornell University. He has been a faculty member at the Michigan Business School (1990-95) and the Johnson Graduate School of Management, Cornell University (1996-2004). From 1995-96 he was Visiting Economist at the New York Stock Exchange. At Cornell he held the Henrietta Johnson Louis Professorship in Management and was Director of the Parker Center for Investment Research. He also served as Co-chair of the Accounting Department at Guanghua School of Management, Peking University (2003-2015).
Prior to entering academic life, he spent five years in public accounting, the last three in the National Research Department of KPMG, Toronto, Canada. He holds a Certificate in Biblical Studies from Ontario Theological Seminary, and is fluent in Mandarin Chinese.
Mr. Kalpesh Kikani
Managing Director and Senior Partner, AION Capital
Manraj S. Sekhon is Managing Director and Senior Partner at AION Capital, an Apollo Global Management-ICICI special situations-focused investment firm. Kalpesh has been investing in India for over 18 years.Previously, he was a part of ICICI Bank’s senior management team, whereas the Global Head of Structured Finance & Special Situations, where he was responsible for running India-focused investment teams based in Mumbai, Singapore and London.
Prior to this, Kalpesh established and headed the corporate and investment banking business for ICICI Bank UK PLC focusing on leveraged and structured finance transactions, both outbound and inbound for Indian companies, with teams based in the United Kingdom, Germany and Belgium.
Over the course of his career, Kalpesh has built deep experience in investing in Indian enterprises in the areas of project finance, structured finance and debt restructuring. He was a founding director of ARCIL, India’s first and largest Asset Reconstruction Company, and has been part of the CDR decision making body which approves restructurings, also known as the “CDR Empowered Group.” Kalpesh has led over US$15 billion of debt restructurings in India over the past decade, with a special focus in the areas of oil & gas and iron & steel.
Joseph Cherian (Moderator)
Practice Professor of Finance andDirector of the Centre for Asset Management Research and Investments (CAMRI),
National University of Singapore
Joseph Cherian is Practice Professor of Finance and Director of the Centre for Asset Management Research & Investments (CAMRI) at NUS Business School, where he also serves on the School's Executive Education Board.
He was formerly an Executive-in-Residence at Cornell University's Johnson Graduate School of Management, where he remains a two-term member of the Johnson Dean's Advisory Council. Prior to that, Joe was Managing Director, Global Head, and CIO of the Quantitative Strategies Group within Credit Suisse Alternative Investments in New York, where he had direct responsibility for over US$67 billion in client assets managed to a quantitative discipline.
While at Credit Suisse, Joe also served on the Global Executive Committee and various senior management, investments, and risk committees of the Asset Management division. Joe joined Credit Suisse in 2004 from Banc of America Capital Management, also in New York, where he was Managing Director and Senior Portfolio Manager of their asset allocation funds. Previously, he was an Associate Professor of Finance at Boston University. He has authored numerous articles for financial journals, and serves on the Scientific Advisory Board of Nipun Capital, a boutique hedge fund based in San Francisco. Joe has or had appointments at the Ministry of Manpower's CPF Advisory Panel, the Singapore International Mediation Centre's Panel of Technical Experts, the National Research Foundation's Early Stage Venture Fund Evaluation Panel, the SNEC/SERI Medical Director’s Advisory Council in Singapore, the Melbourne Mercer Global Pension Index (MMGPI) Steering Committee in Australia, and the Journal of Alternative Investments' Editorial Board in the US.
He formerly served as a review board member of the Research Foundation of the CFA Institute, and on the Scientific Advisory Boards of net Decide Corp., a pioneering RoboAdvisory firm, Orissa Group, a pioneer in the development and dissemination of liquidity-based data and analytical products across multiple asset classes, and SKG Inc., all based in the US. Joe holds a B.S. in Electrical Engineering from MIT, and M.S. and Ph.D. degrees in Finance from Cornell University.