CHARTING FRONTIERS CREATING POSSIBILITIES IMAS ANNUAL REPORT 2018/2019 IMAS 2018 / 2019 IMAS MISSION & OBJECTIVES

MISSION OBJECTIVES To promote professionalism and exemplary practice As a representative body of among members in their conduct of the investment investment managers, IMAS will management business To provide a forum for members to discuss issues spearhead the development of the or matters relating to the investment management industry in Singapore, by fostering industry To represent members collectively in discussions with, high standards of professionalism or assist any member to make any representation or recommendation to, any government, government amongst practitioners and creating representative, supervisory authority, whether local or foreign, which are concerned with the investment public awareness of, and interest in management industry the industry To promote the investment and fund management industry CONTENTS 4. 7. 10. JOURNEY CHAIRMAN’S CHARTING SINCE STATEMENT THE WAY INCEPTION 12. 14. 18. 20. 22. IMAS YEAR IMAS- DIGITAL IMAS COMMITTEES IN BLOOMBERG ACCELERATOR MEMBERS REVIEW INVESTMENT PROGRAMME CONFERENCE 2019 JOURNEY SINCE INCEPTION CELEBRATING 22 YEARS OF EXCELLENCE

4 A LEADING INVESTMENT ASSOCIATION KEY HIGHLIGHTS

5 We are strongly committed to developing a robust pipeline of talent and charting our industry’s tomorrow, and will facilitate continuous professional development by creating learning platforms and bringing relevant skills to the industry. CHAIRMAN'S STATEMENT

INDUSTRY OVERVIEW More than 10 years on from the Global Financial Crisis, response is needed to deal with issues associated with the world economy looks fragile. Global markets the impending LIBOR transition and the tremendous ended 2018 on a volatile note, amidst concerns over effects of digital disruption occurring within the financial a weakening economy. While markets started 2019 services sector. positively, supported by more dovish paths by central banks globally, it has become evident that the world Asset managers need to be agile. Adaptations have to economy is increasingly vulnerable to shocks, such as be made, especially against the backdrop of emerging the increase in trade tensions and continued uncertainty new distribution channels in the form of robo-advisors, around Brexit. and non-financial institutions setting their sights on wealth management via e-commerce and social media Closer to home, Asian headlines have been dominated platforms. by China, including trade tensions with the US, as well as the unrest in Hong Kong. Central banks across Asia IMAS’ RESPONSE have introduced monetary easing against a background We are boldly approaching the challenges in a myriad of growth concerns, providing much-needed relief for of ways. markets. Meanwhile, the Singapore economy is not immune to these challenges, with export weakness a Innovation and reinvention are critical components drag on growth. for the asset management industry to compete at the highest levels. The IMAS Digital Innovation Working Within the local asset management landscape, Group was thus set up to drive digitisation, and it changes are rapidly emerging. Our sector has to spurred a remarkable response to the first Association- react quickly and efficiently, in order to align with led Digital Accelerator Programme (DAP) in Asia. regulatory changes brought by MiFID II, the increasing The DAP was a huge step forward for the industry to importance of Environment, Social and Governance discover and harness fintech solutions and enable (ESG) considerations in investing, and changing investor asset managers to improve our processes and reinvent behaviour and requirements. The same kind of decisive ourselves.

7 CHAIRMAN'S STATEMENT

On the regulatory front, we have been in close consultation with the Monetary Authority of Singapore (MAS) in the lead-up to the eventual introduction of the framework for Variable Capital Companies (VCC). The VCC framework will change the investment playing field, enhance our competitiveness and possibly lead to the dawn of the Asian UCITS. As it is imperative that IMAS members familiarise themselves with the new VCC structure to take full advantage of the opportunities it presents, an interactive roundtable was conducted where insights were gleaned about its key features and benefits.

MAS will also be releasing Guidelines on Individual Accountability and Conduct, which aim to foster a culture of ethical behaviour and responsible risk-taking in the financial industry. Our lunchtime talk by PwC Singapore was extremely helpful in providing an idea of what the application of these guidelines will look like, so members can start their own planning and preparation work. We also organised the 6th Regulatory/Legal Roundup Forum where we exchanged views and shared ideas on significant regulatory changes and upcoming trends globally. It was an interactive session well- received by our members.

The release of the new Global Investment Performance Standards (GIPS) 2020 may impact GIPS-compliant firms and asset owners. IMAS, being the official GIPS Singapore Country Sponsor, co-organised a lunchtime talk with CFA, covering the GIPS 2020 highlights and how fund and alternative managers could be favourably impacted.

8 Innovation and reinvention are critical components for the asset management industry to compete at the highest levels.

With shifting investor preference for sustainable LOOKING FORWARD investing necessitating a focus on ESG matters, IMAS IMAS is keenly aware of its key role in working with Our appreciation goes out to Ms Yao Zhi Chuan has collaborated with the World Wide Fund for Nature industry players and regulators to ensure a strong and (Deutsche Asset Management (Asia) Limited), and committed to provide strategic guidance as part resilient asset management sector well-equipped to Mr Benjamin Waterhouse (FIL Investment Management of the ASFI Advisory Group, so as to ensure that their deal with the challenges ahead. (Singapore) Limited) and Mr Henry Hamrock (Western future initiatives are aligned with broader goals of Asset Management Company Pte Ltd) for their years of the investment management industry. In line with the We are strongly committed to developing a robust service representing their member companies on the broader push towards ESG practices, we hosted a pipeline of talent and charting our industry’s tomorrow, Executive Committee. I am pleased to welcome power lunch with KLP, a Norwegian pension fund, so and will facilitate continuous professional development Mr Ian MacDonald (Aberdeen Standard Investments our members can better understand the role of best by creating learning platforms and bringing relevant (Asia) Limited), Ms Christina-Mary Fernandes (DWS practices in responsible investment, and the value of skills to the industry. Investments Singapore Limited), Mr Lawrence Hanson active ownership in ESG. (FIL Investment Management (Singapore) Limited) and Transformative change in the sector will be accelerated Mr Michael Dale (Western Asset Management Company In the past year, IMAS has brought the industry together through broadening and deepening engagement with Pte Ltd) as new representatives of their member firms. with well-timed talks, regulatory forums, roundtables, fintechs, harnessing disruptive technology, working with a masterclass, media lunch and Chinese New Year regulators, and facilitating cross-border collaboration The Association can only carry out its duties with networking session. The highlight of the year was through the Asia Region Funds Passport and Mutual the hard work of the Executive Committee, Sub- undoubtedly the 20th IMAS Annual Conference, which Recognition of Funds across Asian and European committees, Working Groups, volunteers, and the IMAS we co-hosted with Bloomberg for the first time. This markets. Executive staff. I am grateful for the assistance and drew a strong attendance across the entire investment support of our IMAS members and look forward to your management ecosystem. THANK YOU continued participation in serving our industry’s best This is my first year leading IMAS as the Chairman of the interests in the coming year. The future of asset management ultimately lies in its Executive Committee. I would like to express my sincere talent force. Jobs in our industry will be impacted by thanks to my predecessor, Mr Nicholas Hadow, who data analytics and automation, so it is essential that our has left me big shoes to fill after six years at the helm. It workforce be transformed with industry-relevant skills is also my great pleasure to welcome Ms Eleanor Seet like those provided under the SkillsFuture Series of from Nikko Asset Management Asia Limited as Deputy Susan Soh curated training programmes. Chairman of the Executive Committee. Chairman

9 CHARTING THE WAY

EXECUTIVE COMMITTEE

SUSAN SOH ELEANOR SEET MANAGEMENT Chairman Deputy Chairman LIM SHYONG PIAU COMMITTEE Schroder Investment Nikko Asset Secretary Management Management Asia Lion Global Investors (Singapore) Ltd Limited Limited

COMMITTEE MEMBERS IAN MACDONALD CHRISTIAN LAWRENCE Aberdeen Standard BUCARO HANSON Investments (Asia) BNP Paribas Asset FIL Investment Limited DEBORAH HO Management CHRISTINA- Management (Singapore) LAUREN BlackRock (Singapore) Singapore Limited MARY Limited PRENDIVILLE Limited FERNANDES First State Investments DWS Investments (Singapore) Singapore Limited

10 EXECUTIVE COMMITTEE SUB-COMMITTEE HEADS

THIO BOON KIAT Treasurer UOB Asset Management Ltd RODNEY LIM RAJEEV DE MELLO ALBERT TSE TREVOR PERSAUD Chairman, Regulatory Chairman, Development Chairman, Education Chairman, Risk & Committee Committee Committee Performance Committee Nikko Asset Management Bank of Singapore Schroder Investment AIA Investment Asia Limited Management Management Private (Singapore) Ltd Limited

EXECUTIVE STAFF

JENNY SOFIAN Fullerton Fund Management Company Ltd MICHAEL DALE Western Asset Management Company Pte Ltd CARMEN WEE YVONNE JULIET LEE RUSSEL WONG BENEDICT TAN YONG YU QI Chief Executive CHUNG Manager, Finance Policy Analyst Strategy Analyst Digital Innovation Officer Director & Administration Analyst

11 IMAS COMMITTEES

EXECUTIVE SUSAN SOH REGULATORY RODNEY LIM DEVELOPMENT COMMITTEE Chairman COMMITTEE Chairman COMMITTEE Schroder Investment Management (Singapore) Ltd Nikko Asset Management Asia Limited ELEANOR SEET JONATHAN TAN Deputy Chairman Aberdeen Standard Investments (Asia) Limited Nikko Asset Management Asia Limited The Executive The Regulatory LOUIS SEAH The Development Committee is charged LIM SHYONG PIAU Committee Allianz Global Investors Singapore Limited Committee pursues with the duty to Secretary promotes and ADELINE SOH initiatives to address oversee and supervise Lion Global Investors Limited facilitates pragmatic BlackRock (Singapore) Limited infrastructural gaps, the activities of the THIO BOON KIAT implementation of KEITH CHIANG improve industry Association and Treasurer regulatory policies Manulife Asset Management (Singapore) Pte Ltd practices and provide exercises full powers UOB Asset Management Ltd and sharing of GOH KEAT JIN further support for to ensure the proper IAN MACDONALD best practices Maybank Asset Management Singapore Pte Ltd growth. In FY 2018/19, administration and Aberdeen Standard Investments (Asia) Limited and knowledge. MADELINE HO the Committee management of DEBORAH HO In FY 2018/19, Natixis Investment Managers Singapore led discussions the Association. BlackRock (Singapore) Limited the Committee AIK AI HUA on combining The Management CHRISTIAN BUCARO delved into key Schroder Investment Management (Singapore) Ltd quantitative with Committee, BNP Paribas Asset Management Singapore topics including the HO HAN MING fundamental comprising office Limited Accredited Investors Sidley Austin LLP investment bearers from the CHRISTINA-MARY FERNANDES regime, MiFID II approaches; ESG Executive Committee, DWS Investments Singapore Limited updates, Individual TAX WORKING GROUP considerations in provides guidance to Accountability, Culture investments; the LAWRENCE HANSON JONATHAN TAN (Lead) the IMAS Secretariat FIL Investment Management (Singapore) Limited and Conduct for Aberdeen Standard Investments (Asia) Limited Budget 2019; and on the day-to-day fund managers, the invited the Association administration of the LAUREN PRENDIVILLE Singapore Variable TRACY TAI LI JUEN of Mutual Funds First State Investments (Singapore) BlackRock (Singapore) Limited Association’s affairs. Capital Company and in India to provide

JENNY SOFIAN client tax reporting. CHANG HUEY YUEH insights into the Indian Fullerton Fund Management Company Ltd The Committee Eastspring Investments (Singapore) Limited asset management MICHAEL DALE and its Tax Working CHIA MIN LIANG industry. The Western Asset Management Company Pte Ltd Group also organised Eastspring Investments (Singapore) Limited Committee held a TREVOR PERSAUD interactive industry EDWARD TANG press conference on Advisor (to Executive Committee) feedback and sharing Neuberger Berman Singapore Pte Limited the IMAS Investment AIA Investment Management Private Limited sessions with MAS RODNEY LIM Outlook Survey 2019, & IRAS. Nikko Asset Management Asia Limited and set up the Human LIM MAAN HUEY Resource Working PricewaterhouseCoopers LLP Group to provide JAMES MAYLAM industry feedback on Schroder Investment Management (Singapore) Ltd the Tripartite Advisory LIM SEH KUAN on Human Capital Templeton Asset Management Ltd Practices for Asset MYUNG-BU KAM Management. UBS Asset Management (Singapore) Ltd

12 RAJEEV DE MELLO EDUCATION ALBERT TSE RISK AND TREVOR PERSAUD Chairman COMMITTEE Chairman PERFORMANCE Chairman Bank of Singapore Schroder Investment Management (Singapore) Ltd COMMITTEE AIA Investment Management Private Limited ANTHONY LIM AMELIE REMOND KENNY MAUNG Aviva Investors Asia Pte Limited Aberdeen Standard Investments (Asia) Limited BlackRock (Singapore) Limited STEPHANIE MAGNUS The Education SACHIN MAHAJAN The Risk and MADHU GAYER Baker McKenzie.Wong & Leow Committee aims to Aditya Birla Sun Life Asset Management Company Performance BNP Paribas Securities Services EVELYN LUM promote and enhance Pte Ltd Committee (RPC) WEE TIAN SING Nikko Asset Management Asia Limited the professional KAREN LIM develops and Eastspring Investments (Singapore) Limited PHILLIP YEO capabilities within the AllianceBernstein (Singapore) Ltd advocates best JIN YUEN YEE Nikko Asset Management Asia Limited asset management CHUCK NG practices in the areas GIC Private Limited SHIN LEE industry. For FY Manulife Asset Management (Singapore) Pte Ltd of measurement, DOMINIC LIM Pictet Asset Management (Singapore) Ltd 2018/19, IMAS WONG HUR MING analysis, management National University of Singapore CLAUDIA MARCUSSON co-hosted the Matthews Global Investors (Singapore) Pte Ltd and reporting of PATRICK YEO Stradegi Consulting IMAS-Bloomberg LEE AI LIN investment risk and PricewaterhouseCoopers LLP HEDY TAN Investment Wellington Management Singapore Pte Ltd performance. The GORDON BROWN Western Asset Management Company Pte Ltd Conference 2019 with RPC is also tasked Stradegi Consulting Bloomberg, convening DIGITAL INNOVATION WORKING GROUP with driving initiatives HR WORKING GROUP thought leaders from JESSICA SHEARER (Lead) aimed at deepening EVELYN LUM (Lead) across the world to Schroder Investment Management (Singapore) Ltd the industry’s Nikko Asset Management Asia Limited discuss twin themes RICHARD GREEN understanding of crucial issues investors TAY KHENG-GUET of digitisation and Aberdeen Standard Investments (Asia) Limited environmental face in the evaluation Aberdeen Standard Investments (Asia) Limited EDDY KWONG sustainability. IMAS of investment risk and RAJEEV DE MELLO Allianz Global Investors Singapore Limited also became the performance. As the Bank of Singapore Advisory Committee RAJEEV DE MELLO country sponsor for EELEEN HENG member to the Bank of Singapore the Global Investment BlackRock (Singapore) Limited World Wide Fund for SANJEEV MALIK Performance CHRIS KEYS Nature (WWF)’s Asia BlackRock (Singapore) Limited Standards (GIPS), DWS Investments Singapore Limited Sustainable Finance CHRISTINA-MARY FERNANDES the RPC conducted NG HWEE-CHIN Initiative (ASFI) and DWS Investments Singapore Limited its bi-annual Risk DWS Investments Singapore Limited furthered the ESG JINESH PATEL and Performance JANE TAN agenda by inviting Dymon Asia Capital Practices Survey this Eastspring Investments (Singapore) Limited KLP, the Norwegian LIM SHYONG PIAU financial year, which NICOLA BROWN pension fund to Lion Global Investors Limited provided insights to First State Investments (Singapore) share on responsible EVELYN LUM risk management GERMAINE CHIA investing. Nikko Asset Management Asia Limited and performance Firth Investment Management Pte Ltd KENNETH TANG measurement KATINA YAP Nikko Asset Management Asia Limited practices of IMAS Fullerton Fund Management Company Ltd CHAN KUM KONG members. In addition, ALAN KONG Singapore Exchange Limited the RPC and U.S. Lion Global Investors Limited PETER SHEN GIPS representatives DANIEL THAM Singapore Exchange Limited led a talk on the highlights of the 2020 Schroder Investment Management (Singapore) Ltd NICOLAS HURAS GIPS Standards and SHIRLEAN THOR UBS Asset Management (Singapore) Ltd the impact on asset Western Asset Management Company Pte Ltd WIJAYA ELHAM managers. UOB Asset Management Ltd 13 YEAR IN REVIEW 12.07.2018 CLIENT TAX REPORTING ON THE RISE IN THE AFTERMATH OF COMMON REPORTING STANDARD (CRS) AND THE TAX AMNESTIES KEY IMAS EVENTS FY 2018/19 Regulatory Committee Panellists from BearingPoint and Deloitte discussed the increased regulatory burden in the wake of CRS, Foreign Account Tax IMAS marked the past 12 months with a number Over the course of the year, IMAS-organised Compliance Act (FATCA) and tax amnesties that is driving tax of fresh and exciting initiatives that set the events addressed changes brought on by new transparency amongst Asia’s High Net Worth Individuals (HNWIs). Issues raised include the complex, jurisdiction-specific tax reports tone for a forward-looking, more future-proof regulatory requirements, bills and other industry for assets that must be filed by private banking clients, the greater reliance on banks to provide information about their clients’ asset management industry. Recognising that developments. Pertinent issues were discussed, taxable base, and the need for financial institutions to rapidly to remain globally competitive, the industry with IMAS convening valuable insights and adapt to support client tax reporting needs. must harness the innovation of fintechs to timely updates for members through a variety complement its transformative process, of forums, roundtable meetings, masterclasses, we launched Asia’s first Digital Accelerator workshops and of course, the highly-anticipated Programme for the asset management industry IMAS Annual Conference. and co-organised our flagship IMAS-Bloomberg Investment Conference 2019 with Bloomberg. A very busy year notwithstanding, the Tax We led members in actively engaging with Working Group, which represents IMAS regulators, drove industry thought-leadership members and engages the government on tax and expanded networking opportunities to new matters, and the HR Working Group, which aims partners across the buy-side ecosystem. to promote human capital best practices and engage with tripartite government agencies, It was also a year of leadership renewal as were formed. Mr Nicholas Hadow handed over the reins after serving as IMAS Chairman for six years. As IMAS forges ahead, not only are we 15.08.2018 Ms Susan Soh, who was serving as Deputy proactively engaging members across the QUANTITATIVE INVESTMENT MANAGEMENT Development Committee Chairman, stepped up to take the helm. entire investment management ecosystem, Executive Committee member and Chair of the we are also attracting fintechs and alternative As investors seek new alpha sources by combining quantitative with fundamental investing, the Chief Investment Officer of 20th Conference Organising Committee, players to the Association. Octagon Capital Management, one of the oldest quantitative hedge funds in Singapore, shared their systematic approach to Ms Eleanor Seet, is now Deputy Chairman. investing. This led to an interesting exchange of views between traditional and alternative approaches to fund management, an exploration of how such an investment discipline can be incorporated within the mainstream investment approach, as well as its benefits and limitations.

14 26.11.2018 HOT TOPICS IN GIPS® 2020 03.10.2018 Risk and Performance Committee MiFID II: THE JOURNEY SO FAR AND WHAT’S NEXT Following the release of the Global Investment Performance Regulatory Committee Standards (GIPS) 2020 Exposure Draft, IMAS, GIPS and CFA organised this exclusive talk to examine and discuss the Ms Wendy Phillis, Managing Director of RBC Investor & 17.10.2018 essential changes which may impact GIPS-compliant firms. Treasury Services’ Governance and Regulatory Solutions, INDIA’S ASSET MANAGEMENT Europe and Asia-Pacific, shared insights into Europe’s INDUSTRY: ANALYSING new version of the Markets in Financial Instruments REGULATORY CHANGES’ IMPACT Directive (MiFID II), which requires managers and ON THE INDUSTRY’S FUTURE distributors to align their firms' practices with this new GROWTH legislative framework. Development Committee

IMAS members gained the latest insights into India’s fast-growing mutual fund industry, as well as its regulatory challenges, from Mr A. Balasubramanian, Chief Executive Officer of Aditya Birla Sun Life Asset Management Company, and former Chairman of Association of Mutual Funds in India.

08.01.2019 DAWN OF THE ASIAN UCITS? THE STATE OF PLAY FOR THE SINGAPORE VCC Development Committee

The VCC Bill will create a new framework for asset managers in Singapore to have greater flexibility and lower costs with its new structuring options for investment funds. At this lunchtime talk by law firm Sidley Austin LLP, IMAS members gained insights into the VCC’s key features as well as 12.10.2018 their benefits. IMAS 10TH REGULATORY / LEGAL / COMPLIANCE ROUNDTABLE 21.11.2018 Regulatory Committee ACCREDITED INVESTORS OPT IN/OPT OUT REGIME: NAVIGATING THE MECHANICS Current and pertinent regulatory/legal/compliance issues Regulatory Committee affecting the investment management industry were examined and ideas exchanged at this interactive roundtable. These Hosted by law firm Baker McKenzie.Wong & Leow, this seminar included MAS’ response to feedback on the Proposed helped participants navigate the mechanics of the new regulatory Liquidity Risk Management Guidelines and the Proposed VCC regime, where financial institutions are no longer able to Framework, as well as the best execution of customers’ orders. unilaterally treat investors as accredited investors. 15 YEAR IN REVIEW

15.01.2019 19.02.2019 MAS GUIDELINES ON INDIVIDUAL IMAS COMMITTEES – ACCOUNTABILITY AND CONDUCT (IAC) CHINESE NEW YEAR FOR FUND MANAGERS NETWORKING SESSION Regulatory Committee Across Committees

The MAS IAC Guidelines aim to provide guidance This gathering offered an excellent on expected standards of conduct amongst financial opportunity for all IMAS committees institutions. PwC Singapore gave an early preview and working groups to get to know of how the upcoming guidelines would impact fund each other better, share insights and managers, as well as their views on its application. network.

15.02.2019 IMAS 6TH REGULATORY & LEGAL ROUNDUP FORUM 2019 Regulatory Committee

23.01.2019 At this annual forum, thought leaders IMAS MEDIA LUNCH – IMAS 2019 shared their views on significant INVESTMENT MANAGERS' OUTLOOK SURVEY regulatory changes and future trends Promotion & Advocacy Taskforce in the sector. A wide range of topics were covered, such as the global 28.02.2019 At this luncheon with journalists, IMAS Chairman Mr Nicolas regulatory landscape, changes IMAS DIGITAL ACCELERATOR Hadow shared some highlights of the IMAS 2019 Investment in the Securities and Futures Act, PROGRAMME (DAP) Managers’ Outlook Survey, including the industry’s top regulations and developments in IMAS concerns, biggest threats, key strategies and future drivers for taxation, technology and compliance The first of its kind in Asia, IMAS launched investment growth. surveillance, as well as jurisdictional the inaugural Digital Accelerator Programme insights into the conduct, culture (DAP) to help the asset management industry and accountability of industry discover technology solutions pertinent to the professionals. sector’s problem statements. (See page 20 for more) 16 27.02.2019 09.05.2019 23.05.2019 THE SINGAPORE IMAS-BLOOMBERG INVESTMENT CONFERENCE MAS SHARING SESSION BUDGET TALK 2019 2019 (CULTURE & CONDUCT) Education Committee IMAS & Bloomberg Regulatory Committee

Tax partners from EY shared In a departure from the norm, IMAS co-hosted our 20th Annual There has been growing regulatory emphasis on Culture and key highlights of Finance Conference that brought the buy-side ecosystem together to Conduct as egregious misconduct cases continue to persist Minister, Mr Heng Swee Keat’s reimagine the future of asset management in a digital age that is also in the financial industry post the global financial crisis. As Budget announcements, grappling with significant ESG concerns. part of its industry engagement efforts, the MAS presented refinements to the fund tax (See page 18 for more) their survey findings to IMAS members and reinforced incentive schemes, as well as the importance of promoting a culture of trust and ethical changes to the GST that could behaviour. impact the asset management business.

09.04.2019 CYBERSECURITY: KEY AREAS FOR 24.05.2019 ASSET MANAGERS 17.05.2019 IMAS-WWF POWER LUNCH WITH Education Committee IMAS 11TH REGULATORY / LEGAL / NORWEGIAN PENSION FUND KLP COMPLIANCE ROUNDTABLE IMAS & WWF Given the uptick in cybercrimes and rising Regulatory Committee importance of cybersecurity, the Investment This exclusive event, co-organised with World Wide Fund for Company Institute shared insights from their Current and pertinent regulatory/legal/compliance issues Nature (WWF), featured Mr Lars Erik Mangset, Senior Advisor cybersecurity survey and discussed industry affecting the investment management industry were discussed, in KLP, a Norwegian pension fund/insurance asset owner vulnerabilities and actions to take to improve with the roundtable as a vibrant platform for members to with around USD 76 billion in assets under management. cybersecurity posture. exchange views and ideas. They were also updated on IMAS’ Mr Mangset shared pertinent insights into KLP’s approach Guidance Notes on Recommended Disclosures to Support the to sound financial returns over time, while adopting an Presentation of Income Statistics in Advertisements (RDPA), investment stance that takes into account ethical, sustainable amongst other matters. economic, environmental and social practices.

17 IMAS-BLOOMBERG INVESTMENT CONFERENCE 2019

THIS YEAR’S EVENT, CO-HOSTED WITH BLOOMBERG FOR THE FIRST TIME,

SAW A LIVELY PROGRAMME AND ENGAGING TOPICS PRESENTED IN NEW globe’s most promising fintechs. The 10 finalists had FORMATS THAT RESONATED WELL WITH PARTICIPANTS won the opportunity to pitch their solutions to various problem statements identified by the industry, and the chance to partner leading corporates and institutions in Not only did the 20th edition of the Association’s With the forward-looking theme of “Re-imagining the IMAS-designed and conceived DAP. Annual Conference see a strong turnout of almost 400 Tomorrow”, the conference brought forth refreshing participants, it was marked by IMAS’ efforts to deepen perspectives on future possibilities, and how technology Conference delegates also witnessed first-hand the its members’ and stakeholders’ engagement levels can be harnessed to drive the industry. enabling prowess of technology through an exciting and reach across the entire investment management Rapid Prototyping Hackathon. A facial recognition ecosystem. The iconic event brought together a wide In addition, the conference unveiled IMAS’ inaugural prototype capable of reading emotions was built range of attendees, including asset managers, venture Digital Accelerator Programme (DAP) – the first within eight hours and unveiled by Chief Executive of capital firms, family offices, hedge funds, private equity Association-led asset management accelerator Workforce Singapore (WSG), Mr Tan Choon Shian, at players, fintechs, governmental agencies and regulators. programme in Asia – with a showcase of some of the the event.

18 In line with the conference’s futuristic theme, a to remain relevant in the digital age,” she emphasised. humanoid avatar interacted and shared the latest WSG “And IMAS’ role is to help the industry bring about initiatives with the audience at the IMAS Exchange – a this evolution.” dedicated area for delegates to mingle with sponsors and network. Guest of Honour, the Minister Fintech members from IMAS’ new Our asset for Education and MAS board associate membership category also management member, Mr Ong Ye Kung, in his exhibited their solutions. industry needs to keynote address, urged industry players to “reimagine the future of Throughout the event, distinguished chart our journey of investment management”. speakers shared insights on issues change, in order to affecting the sector’s future – from remain relevant in Singapore, he says, can be a the geopolitics of markets and digital the digital age. significant investment and fund realities of asset management, to management hub in the region, alternative assets and the next big thanks to factors like a vibrant investment trend. and flourishing ecosystem, status as a living lab for technology and It was a treat for the audience to hear from Mr Hiro innovative solutions, and fresh demand from areas such Mizuno, Executive Managing Director and Chief as infrastructure investment. Investment Officer of Japan’s Government Pension Investment Fund. He revealed what it takes to be Participants found the conference exciting, refreshing a cross-generational investor, and shone the light and relevant, with the enhanced programme stimulating on the future of ESG investing and how Asia’s buy- conversations and prompting new perspectives on side leaders can play a role in ESG integration. An emerging issues. international panel of asset owners, including Singapore sovereign wealth fund, GIC, Canada’s Caisse de dépôt Said Ms Maggie Ng, Head of Sales, ASEAN, Bloomberg: et placement du Québec and Thailand’s Government “We were excited to partner IMAS as we share the Pension Fund, also gave their views on the role of common vision that the future of the asset management illiquid alternatives as a tool of diversification and future- industry lies in harnessing data and new technologies.” proofing long-term portfolios in a volatile economy. With IMAS taking the lead and forging ahead with new At the event, Ms Susan Soh, the new IMAS Chairman, initiatives, members can look forward to what promises spelt out her vision for the sector facing an era of digital to be an even bigger and more exciting conference and technological revolution. “Our asset management next year. industry needs to chart our journey of change, in order

19 DIGITAL ACCELERATOR PROGRAMME (DAP)

THE INAUGURAL IMAS-LED PROGRAMME, WHICH DREW ENTHUSIASTIC RESPONSE, WILL HELP DRIVE TRANSFORMATIVE CHANGE IN THE INVESTMENT MANAGEMENT INDUSTRY BY TAPPING INTO THE FINTECH WORLD

For the Singapore asset management industry to remain globally competitive, it must be relentless in its quest for innovation and reinvention, with fintech being a key element driving innovation. To that end, IMAS in February 2019 launched the first Association- led Digital Accelerator Programme (DAP) in Asia, which focused on the problem statements specific to the asset management industry.

This catalytic programme to speed up the adoption of new technology and extract economies of scale galvanised the entire industry and helped fund managers discover solutions that are additive to their business.

The DAP received enthusiastic support and involvement from all quarters. KPMG Digital Village used its global presence to reach out to fintechs worldwide, while government agencies, the Monetary Authority of Singapore and EDBI, were co-judges alongside prize sponsors Allianz Global Investors, Nikko Asset Management, Schroders, Enterprise Singapore and Startup SG.

The DAP is one of the key initiatives of IMAS’ Digital Innovation Working Group, which leverages the collective strengths of major industry players such as Aberdeen Standard Investments, Allianz Global

20 Investors, Bank of Singapore/Lion Global, BlackRock, Dymon Asia Capital, Nikko Asset Management, Schroders, Singapore Exchange, UBS and UOB Asset Management. Within three months of conceptualisation, the DAP was Within three months of conceptualisation, the DAP kick-started and successfully executed, attracting close to was kick-started and successfully executed, attracting 100 fintechs from around the globe. close to 100 fintechs from around the globe. Applicants pitched their solutions to address the various problem statements identified by the investment management industry – Regulatory, Risk & Performance, Investment/ Capital Preferences’ Mr Trent Jorgensen sees fintechs great insight and understanding into the industry Data, Cybersecurity, Customer, Cost & Efficiency and as partners to traditional financial institutions that through discussions with seasoned experts within IMAS, Education & Learning. provide more efficient, accurate and engaging tools. KPMG and other organisations.” “We believe that these partnerships are vital to create Representing some of the world’s most promising the simple and seamless experiences that customers Added Mr Paul Ng, Senior Vice President of EDBI: “I fintechs, the final 10 selected for the DAP hail from the demand.” was pretty impressed by the quality of the startups that Asia Pacific, Europe and America. They had the chance came in. They provided diverse solutions for the asset to work closely with the asset management acceleration Asset managers who learn to work with lean and cost- management industry. I think many of them will find partners to rapidly develop solutions relevant to the effective, high-performing fintechs will thrive, given the applicability in Singapore and the region.” industry – solutions which they showcased at the largest strength of their franchise, client servicing models and buy-side gathering in Singapore, the IMAS-Bloomberg track record, adds BlueFire AI’s Mr Samir Rath. With the inaugural DAP, not only has IMAS helped build Investment Conference in May 2019. and attract the right fintech expertise to Singapore, Mr Anthony Ginolin of Know Your Customer, a DAP it is in the best position to expand this very exciting While everyone was a winner, Blue Fire AI, Capital finalist, felt that the acceleration programme, through programme in the coming years. Going forward, Preferences and Value3 Advisory walked away with which he received strong support to progress and common technological utilities may be developed and additional cash prizes. evolve, was very useful: “The programme provided shared across the industry to transform the future of asset management and benefit IMAS members.

21 IMAS MEMBERS

REGULAR MEMBERS C J Capital Group Janus Henderson Investors Chartered Asset Management Pte Ltd JPMorgan Asset Management (Singapore) Limited A City of London Investment Management (Singapore) Pte Ltd Aberdeen Standard Investments (Asia) Limited K Acadian Asset Management (Singapore) Pte Ltd D Kotak Mahindra Asset Management (Singapore) Pte Ltd Aditya Birla Sun Life Asset Management Company Pte Ltd Daiwa Asset Management (Singapore) Ltd AGF Asset Management Asia Ltd Daiwa SB Investments (Singapore) Ltd L AIA Investment Management Private Limited Duxton Asset Management Pte Ltd Lazard Asset Management (Singapore) Pte Ltd AIA Singapore Private Limited DWS Investments Singapore Limited Legg Mason Asset Management Singapore Pte Limited AllianceBernstein (Singapore) Ltd Lion Global Investors Limited Allianz Global Investors Singapore Limited E Loomis Sayles Investments Asia Pte Ltd Alpha Investment Partners Limited Eastspring Investments (Singapore) Limited Amansa Capital Pte Ltd M Amundi Singapore Limited F Manulife Asset Management (Singapore) Pte Ltd APS Asset Management Pte Ltd FIL Investment Management (Singapore) Limited Marcuard Heritage (Singapore) Pte Ltd Aquarius Investment Advisors Pte Ltd First State Investments (Singapore) Matthews Global Investors (Singapore) Pte Ltd Aris PrimePartners Asset Management Pte Ltd Firth Investment Management Pte Ltd Maybank Asset Management Singapore Pte Ltd Arisaig Partners (Asia) Pte Ltd Foord Asset Management (Singapore) Pte Limited MFS Investment Management Arohi Asset Management Pte Ltd Fullerton Fund Management Company Ltd MoneyOwl Pte Ltd Ashmore Investment Management (Singapore) Pte Ltd Morgan Stanley Investment Management Company Asset Management One Singapore Pte Ltd G Atlas Asset Management Pte Ltd GMO Singapore Pte. Ltd N Aviva Investors Asia Pte Limited Goldman Sachs Asset Management Nalanda Capital Pte Ltd AXA Investment Managers Asia (Singapore) Ltd Navigator Investment Services Ltd H Neuberger Berman Singapore Pte Limited B Havenport Investments Pte Ltd New Silk Road Investment Pte Ltd BlackRock (Singapore) Limited HSBC Global Asset Management (Singapore) Limited Nikko Asset Management Asia Limited BNP Paribas Asset Management Singapore Limited Nippon Life Global Investors Singapore Limited BNY Mellon Investment Management Singapore Pte Limited I NN Investment Partners (Singapore) Ltd Brandes Investment Partners (Asia) Pte Ltd Invesco Asset Management Singapore Ltd Nomura Asset Management Singapore Limited Brandywine Global Investment Management (Asia) Pte Ltd Investec Asset Management Singapore Pte Limited NTUC Income Insurance Co-operative Limited Broad Peak Investment Advisers Pte Ltd

22 O U Ostrum Asset Management Asia Limited UBS Asset Management (Singapore) Ltd RBC Investor Services Trust Singapore Limited UOB Asset Management Ltd Refinitiv P UOB-SM Asset Management Pte Ltd PGIM (Singapore) Pte Ltd UTI Asset Management Company Limited S&P Global Pheim Asset Management (Asia) Pte Ltd Sidley Austin LLP Phillip Capital Management (S) Ltd W Simmons & Simmons JWS Pictet Asset Management (Singapore) Pte Ltd Wellington Management Singapore Pte Ltd Singapore Exchange Limited Standard Chartered Bank PIMCO Asia Pte Ltd Western Asset Management Company Pte Ltd State Street Bank and Trust Company, SIngapore PineBridge Investments Singapore Limited Stradegi Consulting Principal Asset Management (Singapore) Pte Ltd Principal Global Investors (Singapore) Limited

R RHB Asset Management Pte Ltd ASSOCIATE MEMBERS RWC Singapore (Pte) Ltd Baker McKenzie.Wong & Leow AFFILIATE MEMBERS S BNP Paribas Securities Services Schroder Investment Management (Singapore) Ltd Singapore Consortium Investment Management Limited Chan & Goh LLP Allen Zheng Somerset Capital Management Singapore Pte Ltd Citicorp Trustee (Singapore) Limited Atul Chouhan Babulal ST Asset Management Ltd Clifford Chance Pte Ltd Goh Yang Chye State Street Global Advisors Singapore Limited Susan Tang Mei Ling Sundaram Asset Management Singapore Pte Ltd Dentons Rodyk & Davidson LLP Yee Khor Soo, Katheleen

T Ernst & Young LLP Tantallon Capital Advisors Pte Ltd HSBC Securities Services (HSS) Target Asset Management Pte Ltd Templeton Asset Management Ltd KPMG The Northern Trust Company Singapore Threadneedle Investments Singapore (Pte) Limited Morningstar Research Pte Limited Tokio Marine Asset Management International Pte Ltd PricewaterhouseCoopers LLP

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One Phillip Street Royal One Phillip #10-02 Singapore 048692 Tel: +65 6223 9353 Fax: +65 6223 9352 Email: [email protected] www.imas.org.sg