HUBBIS INVESTMENT FORUM - Hong Kong 2023
Mandarin Oriental Hotel，Hong Kong
We were delighted to have held our Hubbis Investment Forum in Hong Kong for 2023, and are pleased to report it was a resounding success!
A heartfelt thank you to our 280+ participants who came together to make the forum a vibrant, enlightening, and engaging experience.
The 2023 Edition of the Hubbis Investment Forum in Hong Kong delved into the complexities of determining investment strategies for private wealth management professionals in the region, highlighting Hong Kong's role in the global wealth management landscape, and its unique proposition for offering HNW clients in the City comprehensive investment solutions. The conversation ranged over Hong Kong's potential growth in the Greater Bay Area and addressed regulatory challenges, a decade's industry trends, and shifts in client safety perceptions after significant banking events. The forum emphasised the significance of digitisation in wealth management, notably the role of tokenisation in securities and the prospects of the digital asset ecosystem. Investment strategies for wealth managers took centre stage, spotlighting market navigation, the importance of private markets in portfolios, and offering insights into the Vietnamese and Chinese markets. AI's role in reshaping investment strategies was examined, as was the evolution of client engagement post-pandemic. The readiness and challenges faced by external asset managers were discussed, contrasting the offerings of independent wealth managers and private banks.
Many thanks to our partners: Janus Henderson Investors, Saxo, ADDX, CSOP Asset Management, Chintai, GAM Investments, Interactive Brokers, Lombard Odier, Lumen Vietnam Fund, MFEXbyEuroclear, MSCI, Henley & Partners, Kilde, Marex Financial Products, Mikro Kapital, Wealth Dynamix and Wealtra.
And to our speakers, whose details can be found HERE.
We hope you enjoy the below content curated from the event, gathered from what was a very successful forum. And do not hesitate to reach out to [email protected] with any comments, feedback, or information on how you can become a key part by speaking at or sponsoring next year's forum.
CLICK HERE to view the photos from the forum. And CLICK HERE to view the testimonials we received from this event. Or you may wish to CLICK HERE to view the Content Summary produced from this event.
Panel Discussions from this Forum On Demand
Trends and Priorities - Private Wealth Management in Hong Kong
The opening panel at the Hubbis Investment Forum in Hong Kong took a look at Hong Kong's pivotal role in global wealth management remains significant despite economic shifts, with the Greater Bay Area identified as a key growth opportunity due to its affluent market. Regulatory and compliance were highlighted concerns, with institutions facing challenges in navigating Hong Kong's complex landscape. The future trends of the industry emphasise the importance of diverse and secure asset custody, aligning with client preferences for safety and flexibility. The fall of major institutions like Credit Suisse and SVB spurred discussions on trusted investment havens, with a tilt towards balanced institutional offerings. The panel also stressed the need for enhanced operational processes while catering to clients' varying degrees of hands-on wealth management involvement.
The discussion was chaired by Andrew Hendry, CEO Singapore and Head of Distribution, Asia Janus Henderson, and speakers included Lemuel Lee, Managing Director, Head of Wealth Management - Hong Kong, BNP Paribas; David Friedland, Managing Director, Asia Pacific, Interactive Brokers; Kenny Ho, Managing Partner & Founder, Carret Private Capital; and Dr. Nick Xiao, Chief Executive Officer, Hywin International.
CLICK HERE to view this Panel Discussion On Demand.
Navigating More Challenging Investment Markets
On the second panel of the 2023 Hubbis Investment Forum in Hong Kong, experts delved into navigating the complex investment markets. The discussion centered on the forthcoming opportunities and challenges, with a keen focus on risk management strategies. Asset classes, especially alternative investments and private markets, were thoroughly explored for their potential returns and roles in portfolios. The panelists also analysed the interest rates outlook in the US and Europe and the strategic client responses. The possibility of an equity bubble and its implications for investors took center stage, followed by discussions on fixed income and credit market strategies in the current environment. The session concluded with insights on adjusting portfolio allocations based on the current macroeconomic landscape.
Chaired by Rossen Djounov, Managing Director, Head of Asia at GAM Investments, the panel roster incldued Hanzhi Ding, CEO & CIO, BIL Wealth Management; Jaye Chiu, Head of Investment Products & Advisory, Bank of East Asia; Timothy Tsang, Head of Investment Solutions and Deputy Head of Markets, Investments & Structuring, Hong Kong Branch, Indosuez Wealth Management; Martin W. Hennecke, Head of Asia Investment Advisory, St. James's Place; and Isaac Poole, Global Chief Investment Officer Portfolio Manager, Oreana Financial Services.
CLICK HERE to view this Panel Discussion On Demand.
Enhancing the Engagement with Clients
In the post-pandemic landscape, the wealth management sector honed its focus on refining client engagement. The third panel discussion of the 2023 Hubbis Investment Forum in Hong Kong revolved around the transformation and trajectory of client engagement in the then-present digital age. A pressing question raised was the potential of digital means to replace the invaluable 'human touch'. As the industry grappled with delivering advice efficiently, there was a simultaneous push towards achieving scalability. Tailoring 'portfolio solutions' to meet unique client needs took center stage. Furthermore, the role of digital tools in establishing meaningful 'thematic' client engagements was highlighted. The conversation also touched upon the utilisation of CIO tools to source top-tier products, maintaining consistent risk and ESG suitability across advisors and clients, and strategies for assessing and adapting current portfolio offerings. The overarching theme was the potential of digital means to assist private wealth management firms in enhancing their client relationships, ensuring the advice provided was relevant, tailored, and engaging.
Chaired by Michael Stanhope, Founder & CEO of Hubbis, the panel featured Adam Cowperthwaite, Head of Markets, Citi Global Wealth APAC, Citi Private Bank; Juan Aronna, Head, Investment Solutions and Products, RBC Wealth Management Asia, RBC Wealth Management; Stephanie Leung, Chief Investment Officer, StashAway; and Anthony Chan, Chief Executive Officer, Isola Capital
CLICK HERE to view this Panel Discussion On Demand.
Do Independent Wealth Managers Offer a Better Client Experience and Advice?
The penultimate panel discussion of the day at the Hubbis Investment Forum in Hong Kong for 2023 focused on the role and efficiency of Independent Wealth Managers in providing an enhanced client experience and advice. The discussion explored the growth of the independent wealth movement in Hong Kong and the evolving specific needs of clients that lead them to engage with an External Asset Manager (EAM) or Multi-Family Office (MFO). Panelists discussed the pertinent business models for this segment and the criteria by which single-family offices or ultra-high net worth clients select a multi-family office. They also compared their wealth management offerings with that of traditional private banks. The conversation highlighted the essentials for delivering a truly client-centric advisory service and discussed the importance of an investment adviser or Chief Investment Officer in an independent wealth management firm. The panelists also shared insights on sourcing valuable advice for their clients, potential collaborations for success across platforms, investments, technology, and professional services, and the significance of nurturing a positive company culture for business growth.
Chaired by Ivan Chang, Regional Manager, Institutional Business for Saxo, the discussion featured Colin Chau, Chief Investment Officer at Plutus Asset Management; Stephen Pau, Chief Investment Officer, Hefeng Family Office; Keith Wong, Chief Executive, Winland Wealth Management; Jon Dingley, Head of Wealth Management, CBH Asia; and Jason Gibbons, Investment Director, Asia at Leo Wealth.
CLICK HERE to view this Panel Discussion On Demand.
The Adoption of Digital Assets & Tokenisation Amongst Private Clients in Asia
In the final panel discussion of the Hubbis Investment Forum in Hong Kong, industry experts delved into the dynamics of adopting digital assets and tokenisation amongst private clients in Asia. The panel scrutinised the market's reaction to challenges such as fraud and systemic shocks linked to unregulated crypto exchanges. They considered the relevance of digital assets for private wealth managers and UHNW clients and the most effective engagement strategies. Queries were raised regarding the optimal digital asset strategy and potential pitfalls. The changing regulatory landscape was a focal point, as was Hong Kong's prospective role in the market's progression. Panellists also shared their plans for digital assets in the ensuing six months and debated the merits of digital assets, particularly when contrasted with more stable asset classes. The dialogue touched on potential "breakthrough" asset classes for tokenised securities and elements that could influence their adoption. Panellists imparted insights into their choices to integrate digital assets into their business strategies, the challenges they encountered, and the enhancements they aspired to witness in the digital securities sector.
The Panel was chaired by Christophe Lee, Partner at JP Asia Partners, and featured Kok Hoe Wong, Director of Marketing & Business Development (APAC), Chintai; Elliot Andrews, Chief Executive Officer, Aspen Digital; Lasanka Perera, Chief Executive Officer, Singapore, Independent Reserve; and Sean Lawrence, Head of APAC, Management, Kaiko.
CLICK HERE to view this Panel Discussion On Demand.
View the write-ups of the Panel Discussion from this event
Wealth and Asset Managers Cast their Eyes over the Global Investment Landscape for Private Clients
We all know the situation, and we all know the jury is out on many potential outcomes, not only financial, fiscal, economic and markets-related but also around politics and geopolitical events, including wars. So how should wealth managers position their clients’ portfolios? A panel of experts offered their views to delegates at the recent Hubbis Investment Forum in Hong Kong. In a nutshell, the panel said they expect Western inflation and rates to remain stubbornly high, they advised fixed income exposures but at the shorter end, they reiterated the need for diversification of asset classes and geographies, they pointed to equities as a buffer against inflation historically, and they appeared to be unsure when China’s economy might regain strength.
The Evolution of Private Wealth Management in Asia – Views from EAM Leader Kenny Ho
What role does Hong Kong play today in the regional and global wealth management landscape? Has the Hong Kong proposition evolved as rapidly as that of Singapore? Is Hong Kong increasingly becoming largely a hub for Mainland and Greater China? Who are clients placing their trust in – the global banking brands, the local or regional banks, boutique international private banks, independent wealth firms, or digital advisory firms and platforms? Is the great opportunity ahead coming from the upper tiers of wealth, or in the retail and mass affluent markets? Kenny Ho, Managing Partner & Founder of Carret Private Capital in Hong Kong, and always a source of valuable observations, had his insights to offer on these and other key issues during a panel discussion at the Hubbis Investment Forum in Hong Kong on September 27.
Bridging Traditional Finance & the Digital Frontier: Aspen Digital CEO on the Rise of Digital Assets
Elliot Andrews, CEO of Aspen Digital, is an enthusiast about selected cryptocurrencies and about the potential for tokenisation of a host of assets that have hitherto been relatively inaccessible to all but major institutions and the larger UHNW clients and family offices. In late September, he sat as an expert on a panel at the Hubbis Investment Forum in Hong Kong that focused on the adoption of digital assets among private clients in Asia. He explained that Aspen Digital is a full-service digital asset management platform serving wealth managers, family offices and high-net-worth individuals, delivering a platform to invest in all types of digital assets, and aiming to act as a bridge between the proven practices of traditional finance and the nascent digital assets ecosystem. Elliot told fellow panellists and delegates how the firm is both a believer and an investor in selected cryptocurrencies, digital assets, and also blockchain opportunities. Of particular interest to delegates on the day, Elliot highlighted how there is great opportunity ahead in packaging major illiquid and largely inaccessible investment opportunities into a diverse array of digital tokens representing assets such as hedge funds, private equity and a host of other private market opportunities that otherwise might not reach their investor clients. And he explained how ‘mainstream’ access to cryptos and other digital assets is increasing through some high-profile ETF launches from big brane names in the financial world. These are all improving the democratisation of access to financial intermediation and a new world of investments.
The Hong Kong Hubbis Investment Forum of September 27 included a panel discussion that drilled down into the external asset manager (EAM) community’s offering for private clients. Amongst a panel boasting great experience of Asia and offering some very valuable insights, Hubbis has extracted and distilled some of the observations made by panellist Jon Dingley, Head of Wealth Management at the Hong Kong-headquartered external asset manager CBH Asia. We have restructured and editorialised his comments in the form of the Q&A below. Jon is a strong proponent of the external asset manager model and is positive about the Hong Kong market, but knows that it has much further to go before the EAM sector achieves the level of recognition and adoption seen in the more mature markets of Europe. He explains that scale is necessary given Hong Kong’s costs and the relatively slower take-up amongst clients. He is optimistic, as he believes that clients will come to more widely appreciate the value-added, trust-led, aligned offering that EAMs such as CBH and others offer. But he is also realistic that the EAM community must be patient and do more to get its core messages across.
View the write-ups of the Presentations and Workshops from this event
Euroclear’s Winston Jin on Re-inventing Access to Private Markets for Asia’s Private Clients
Winston Jin, Head of Business Development at Euroclear Fund Services in Southeast Asia, is a strong proponent of democratised access to private markets for private client investors. He believes private markets are – and indeed should be - an increasingly critical part of private wealth clients' portfolios. But he also recognises that accessing the right opportunities and information is not by any means easy compared with the plethora of products, data and seamless reporting protocols that make mainstream public market assets so easily accessible. He offered delegates at the Hubbis Investment Forum in Hong Kong on September 28 some views on new operating models to improve access to private markets and offered some predictions on the next phases of development.
Dedicated In a presentation at the recent Hubbis Investment Forum in Hong Kong, Emmanuel Guillaume, Head of EAM, Asia Pacific, turned a spotlight on the rich history, strengths, and future aspirations of Lombard Odier, a family-owned Swiss bank with a history spanning over two centuries as a stable but also innovative investment, custody and operational platform partner for independent wealth firms. From its financial strengths to its multi-faceted and comprehensive range of services for EAMs, as well as the bank’s pioneering efforts in ESG and sustainability, Emmanuel painted a comprehensive picture of a financial institution that has successfully navigated the tumultuous waters of over 40 financial crises and emerged stronger each time, and is therefore a stable and totally committed partner for the independent wealth community. In particular, he explained how they have a dedicated EAM team in Singapore serving the region, and he reported how this team also works with the bank’s other dedicated EAM teams globally to provide a seamless service for clients.
Gregoire Mivelaz, Fund Manager and member of Atlanticomnium’s Management Committee at GAM Investments, delivered a fascinating Workshop at the Hubbis Investment Forum in Hong Kong in September. He focused on the logic of buying into fixed income primarily for yield, and especially subordinated paper issued mostly by banks and other financials. Subordinated debt issued by the financials in Europe have, he reported, offered decades of proven income and this is a great opportunity to gain yield advantage over, for example, the high yield market, but with issuers that are themselves investment grade and usually household names. He said a revaluation of the sector since the Credit Suisse fallout is now underway, offering potential for capital gains as well. He told guest how risks are low due to strong regulatory oversight and also as the banks have been strengthening their balance sheets ever since the GFC of 2008-9. Gregoire offered guests many interesting and valuable perspectives and insights which we have distilled into this short summary below. For further information and additional depth, readers can also watch the On Demand version of the talk, and refer to the slide show alongside his talk (SEE LINK to PDF).
Lumen Vietnam Fund - Why Vietnam Should be in Private Client Radars
Minh Luong is Head of Research at Vietnam Holding Asset Management and along with their team of roughly 12 specialists today, help drive the fundamentals behind the allocation strategy for the Lumen Vietnam Fund, which is ultimately managed by the Swiss-based AQUIS Capital. He offered delegates a detailed and engaging presentation at the recent Hubbis Investment Forum in Hong Kong on September 27, providing some insights into the LVF fund and detailing why he is such a strong believer in Vietnam. He explained that the country is benefitting from the China Plus One Strategy, explained that Vietnam is an excellent diversification for private portfolios, and outlined the multitude of advantages in the market’s favour.
AI is very clearly the next major technology and computing wave, with vast potential to disrupt multiple industries across the planet. Richard Clode, Portfolio Manager at Janus Henderson Investors, told delegates at the Hubbis Investment Forum in Hong Kong on September 27 that although in its very early stages, AI is already delivering some compelling investment opportunities. But he warned that it is vital to understand the concepts behind the technology, and stated that objectivity is vital to sort the winners from the losers and to back the right horses in what is going to be a long, long race. This is a short review of a very detailed talk and slide show, access to which is available for readers in the link below.
Under the banner of ‘partnering for success’ two specialists from Interactive Brokers (IBKR) hosted a Workshop at the Hubbis Investment Forum in Hong Kong on September 27 to explain why they believe they have the ideal custody and execution platform for the independent wealth community. The two experts were Elizaveta Gridneva and Perry Tse, both from the Institutional Sales team in Hong Kong. Together they highlighted IBKR’s impressive proposition for institutional investors in what is a competitive marketplace that requires significant mutual technological and operation commitments, as well as personal relationships between independent wealth advisory providers and the platform. This is a snapshot of the information and perspectives they shared, with plenty of additional detail captured in the On Demand recording of their marked contribution at our recent forum.
Oi-Yee Choo, CEO of Singapore-headquartered ADDX, is a believer. She is convinced that the rapidly emerging tokenisation and digital assets universe will have a dramatic impact on fundraising and investment activity in the public and private capital markets. That is because the tokenisation can be of mainstream or alternative private financial and physical assets, meaning a potential market of scores of trillions of dollars of assets across the globe eventually. ADDX concentrates for now on more realistic missions to tokenise relatively illiquid financial assets and sell fractions of those to accredited investors, who then gain access to liquidity through the ADDX platform. She is quick to state that ADDX does not touch cryptocurrencies, which have been somewhat tarnished ever since the late 2022 FTX collapse and other crises. Instead, Choo stresses that their platform is entirely dedicated to working to tokenise assets that have comprehensible valuations, and in collaboration with reputable, established professional financial and investment intermediaries. And, as the story of disintermediation via institutionalised tokenisation unfolds, Choo believes this will have a dramatic effect on investment behaviour amongst private clients the world over. She put her case eloquently and emphatically to delegates at the Hubbis Investment Forum in Hong Kong on September 27.
We look forward to welcoming you at our 2024 Hong Kong Investment Forum on Wednesday 25th September next year! CLICK HERE to view the homepage for this forum, Be sure to save the date.
And don't hesitate to get in touch at [email protected] to find out more about our 2024 events!
