The Financial Times and PineBridge Investments are delighted to present Foresight into 2020, an exclusive lunch forum that will explore the greatest risks to the global economy and markets in 2020 and debate what investors can do to mitigate those risks and find opportunity in them, both in the short term and the years ahead.
Foresight into 2020
Major Forces Reshaping the Financial Future
Wey Fook Hou
International Finance Corporation (IFC)
Have we reached an inflection point in the global economic order?
A number of forces are currently at work reshaping economies and markets – with unprecedented implications. Chief among these are protectionism and populism, climate change, China’s continued market liberalisation and global influence, diminishing returns of policy interventions and increasing regulation of technology.
How will these forces play out in 2020 and beyond? Do we need to prepare for another recession? And how can investors keep one eye on the short-term risks and opportunities, while not losing sight of those in the distance?
The Financial Times and PineBridge Investments are delighted to present 2020 Foresight, an exclusive event analysing the major disruptions and opportunities that will alter the global markets in the years ahead. What will be the greatest risks to the global economy in 2020? And what can investors do to mitigate those risks and find opportunity in them?
Wey Fook Hou
Hou Wey Fook joined DBS as Chief Investment Officer, Consumer Banking & Wealth Management, in September 2017. As Chief Investment Officer, Wey Fook is responsible for investment strategies at DBS, including global strategic and tactical asset allocations for DBS clients. He leads a regional team of investment strategists and communications specialists within the Chief Investment Office to develop and publish the bank’s house views on investment strategies, asset allocation calls, and thematic trading ideas across all financial asset classes. Wey Fook has over 30 years of fund management experience, and was most recently at Bank of Singapore where he held various senior management roles, including Chief Investment Officer, and Head of Discretionary Portfolio Management (DPM) and Funds. He started his career at Government of Singapore Investment Corp (GIC), followed by OCBC Asset Management, before joining ING Asia Private Bank (later renamed Bank of Singapore). Wey Fook graduated with a Bachelor of Engineering from the National University of Singapore, and is a CFA charterholder.
Rana Karadsheh-Haddad has over 20 years of experience in the field of international investing and finance. She is currently Regional Industry Director - Manufacturing, Agribusiness & Services, South Asia & East Asia and Pacific for the International Finance Corporation (IFC), where she is heading up Agribusiness & Forestry, Chemicals & Fertilisers, Construction Materials, Health & Education, Machinery, Manufacturing, Tourism, Retail, and Property, and managing a diverse team located in 16 offices in both South Asia and East Asia and Pacific. Before taking on the role as Regional Industry Director, she was Country Manager leading IFC’s operations in Singapore, which includes infrastructure investments, infrastructure advisory, agribusiness, TMT/PE/Tech investments, IFC’s Asia Treasury Hub and three of IFC’s Asset Management Funds. She was also leading the infrastructure investment team covering Singapore and the Philippines. Prior to this, she was the Europe, Middle East and North Africa Head for the Global Chemicals Group, leading multi-disciplinary teams in executing capital intensive projects and leading IFC’s Global Fertiliser Strategy. Ms Karadsheh-Haddad’s deals have included debt, equity and quasi-equity transactions in Europe, Latin America, Asia and the Middle East for new ventures, expansions, operational turnarounds and acquisitions, in a range of sectors including infrastructure, fertiliser, chemical and petrochemicals. Earlier in her career at IFC, she was with the privatisation transaction group, where she was involved in the sourcing, structuring, execution and closing of major privatisation and restructuring transactions in various sectors. Ms Karadsheh-Haddad holds an MBA and an MA in International Economics from the George Washington University and a BA in Economics and French from the University of Michigan.
Professor Ilian Mihov was appointed Dean of INSEAD on 1 October 2013. He is concurrently the Rausing Chaired Professor of Economic and Business Transformation. His expertise is in macroeconomics, in particular monetary policy, fiscal policy and economic growth. He has received numerous teaching awards and collaborated on articles with former US Federal Reserve chairman Ben Bernanke.
He is a fellow at the Center for Economic Policy Research and Vice President of the Asian Bureau of Finance and Economic Research. Currently a board member of the Singapore Economic Development Board, he was a member of the scientific committee of the Banque de France’s Research Foundation, the advisory board of the Bulgarian National Bank, and the World Economic Forum’s Global Agenda Council on Fiscal Crises.
He holds a PhD from Princeton University and a BSc in Business Administration from the Moore School of Business at the University of South Carolina where, in 2006, he was recognised as a Distinguished Young Alumnus.
Markus Schomer is Chief Economist at PineBridge Investments. He joined the firm in 1996 and is responsible for developing economic forecasts, analysis and market commentary for all investment groups within the firm. Mr Schomer is a member of various investment committees and is involved in developing the firm's broad portfolio strategies. He is a frequent contributor on CNBC, Bloomberg and other media outlets. Prior to his current role, he worked at the firm's London office where he managed various fixed income portfolios. Mr Schomer was previously a fixed income analyst at Commerzbank in Frankfurt. He holds an MA in Economics from the University of Bonn in Germany and the University of East Anglia in the UK and also studied at the London School of Economics. He is a CFA charterholder.
Ms. Soon joined the firm in 2008 with extensive experience in managing investment teams and managing Asia equity portfolios. She is responsible for the oversight of the Asia ex-Japan Equity team and strategies. Since 2008, Elizabeth has been the portfolio manager of the Asia small/mid cap funds and focused funds, and chairs the portfolio positioning/asset allocation committee for Asia. She had previously managed institutional and retail Pacific ex-Japan mandates for PineBridge. Prior to joining the organization, she was Director and Head of the Pacific Basin for Standard Life Investments (Asia) Ltd., where she was responsible for the management of the Group's Asian funds and a member of the Global Stock and Sector Insights Committee (UK). Ms. Soon also spent ten years at Schroders Investment Management (HK), where she was Director and Head of Asia ex-Japan, responsible for asset allocation and stock selection in Asia, managing retail unit trusts and large institutional portfolios. At Schroders, she was a member of the Global Asset Allocation Committee and chaired the Far East Asset Allocation Committee. Her investment experience began at the predecessor firm of Allianz Global Investors as portfolio manager and market specialist focusing on ASEAN and Taiwan. Ms. Soon holds an MBA from Manchester Business School, UK, a Bachelor of Accountancy from the National University of Singapore and is a CFA Charterholder. She sits on the Listing Committee of The Stock Exchange of Hong Kong Limited. Previously, Ms. Soon was a board director of the Hong Kong Society of Financial Analysts for over 6 years, actively involved as a panel judge for the annual Regional and Global Research Challenge organized by the CFA Institute.
Sunny Ng joined PineBridge Investments in 2016 and is responsible for the Global Multi-Asset Team’s client-facing activities in the Asia-Pacific region, and contributing to the firm’s Multi-Asset Strategy and portfolio implementation functions with a particular focus on Asia-based portfolios. Prior to joining the firm, he was a Managing Director and Head of Asia ex-Japan Portfolio Strategists at State Street Global Advisors (SSGA), where he led the regional team representing SSGA investment views and strategies to clients across Asia. Before that, Mr Ng was Research Director for Morningstar Asia, where he oversaw and built out the firm's funds research platform in Hong Kong, Singapore and Taiwan. He previously held positions at AllianceBernstein and Pavilion Advisory Group, where he founded the quantitative strategies group. Mr Ng has been active in industry research and has multiple articles published in the Journal of Portfolio Management, including “A Constant Volatility Framework for Managing Tail Risk,” which received the AIMA Hillsdale Research award for best paper in 2010. He holds Bachelor of Commerce and MBA degrees from Concordia University in Montreal and is a CFA charterholder.
Omar Slim is a senior portfolio manager within the Asian Fixed Income team at PineBridge Investments in Singapore. He is responsible for managing funds investing in the Asian credit, rates and FX markets. Prior to joining PineBridge in 2013, Mr Slim was a Senior Portfolio Manager within Asian Fixed Income at State Street Global Advisors in Singapore. He started there as a Credit Analyst for Global Active Fixed Income in Canada, before being promoted to Senior Portfolio Manager to manage a team investing in the North American credit markets. In his most recent Singapore-based State Street Global Advisors role, he led the development of the Asian credit investment process in Asia, helped build up their credit coverage and managed local and hard currency Asian Fixed Income portfolios. He also participated in a number of government-sponsored policy initiatives to develop and enhance the Asian bond markets. Mr Slim was previously a research analyst at BNP Paribas Corporate & Investment Banking. He holds a Master of Science in Finance from Boston College’s Carroll Graduate School of Management and attended the Investment Decisions and Behavioral Finance Executive Education program at the Harvard Kennedy School. Mr Slim is a CFA charterholder.
Ravi Mattu is the Deputy Asia News Editor of the Financial Times, helping to drive the paper's coverage across the region. Since joining the FT in 2000, he has held a number of senior positions at the FT, including Tech Editor; Editorial Director of commercial department FT2; Business Life editor, overseeing the management section of the paper; Acting Editor and Deputy Editor of the FT Weekend Magazine; and editor of Special Reports (magazines and websites), during which time he edited a number of titles, including Mastering Management, and launched FT Wealth.
Ravi has interviewed leading CEOs, entrepreneurs and politicians, and is a frequent speaker and conference chair.
Agenda - 4th Nov
11:45amRegistration and Networking
The FT View: Getting Ready for 2020
Ravi Mattu, Deputy Asia News Editor, Financial Times
12:30pm2020 Global Macro and Markets Outlook
Investing in the Age of Noise
2019 has been dominated by growing expectations of an imminent recession. Historic political uncertainty – the fallout from Brexit and the consequences of the US-China trade war – combined with irregularities in the bond market (such as a volatile repo rate and increasing yield curve inversions) are testing the mettle of even the most seasoned of investors. As 2020 nears, separating real signals from noise will be critical. Increasingly aggressive monetary policy stimulus, especially the return of QE in Europe and possibly the US, is likely to keep global bond yields lower for longer – recipes for greater financial risk. However, the same policy should also help dispel recession fears and prompt a rebound in business investment, which together with robust consumption should provide a much-needed growth boost to the maturing global business cycle. How are markets positioned and where do the opportunities lie in this new chapter?
Markus Schomer, Chief Economist, PineBridge Investments
Sunny Ng, Portfolio Manager, Global Multi-Asset, PineBridge Investments
1:10pmPanel Discussion: Preparing for a Year of Growing Division and Disruption
2020 is set to be a year dominated by growing divides in the global economy – the US-China trade war and the wave of global protectionism that may ensue; the deepening populism around the world that is bringing disruptive political ideas into the mainstream; the policy discord as quantitative easing regains favour among major central banks; and the technological disruption that continues to affect industries and societies everywhere, but may also widen the digital divide. Our panellists descend deep into the chasms that are causing global divisions within politics, policy, technology and society, and identify the opportunities that will emerge in response.
Wey Fook Hou, Chief Investment Officer, Consumer Banking & Wealth Management, DBS Bank
Rana Karadsheh-Haddad, Regional Industry Director, South Asia & East Asia and Pacific, International Finance Corporation (IFC)
Ilian Mihov, Dean and Professor of Economics, INSEAD Business School
Omar Slim, Portfolio Manager, Fixed Income, PineBridge Investments
Elizabeth Soon, Portfolio Manager, Head of Asia ex-Japan Equities, PineBridge Investments
Moderator: Ravi Mattu, Deputy Asia News Editor, Financial Times
1:40pmAudience Q and A
Presented By (2)
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.
About PineBridge Investments
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of 30 June 2019, the firm managed US$97.2 billion across global asset classes for sophisticated investors around the world.