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  • Welcome



    Understanding Asia’s impact on global markets

    A powerful trend is changing the investment world. A wellspring of powerful, long-term growth continues to rise in the East and its impact on Western economies and markets grows more and more. The growing volume of investable assets will change the risk and return characteristics of markets, while the greater role of government in directing long-term investments and an overall philosophical change to managing money, will change the world. For those rooted in the West, the nuances may be lost and investment opportunities overlooked.

    Join us in Hong Kong as we bring you and your peers together with local and international authorities to explore what lies ahead, and the opportunities for the funds that you are involved with.

  • Agenda


    Day 1 — Thursday, 10 May 2018

    08:00 – 08:30 Registration and breakfast
    08:30 – 08:45 Welcome and introduction
    Hendrik du Toit, Chief Executive Officer
    08:45 – 09:45 Becoming a bull in a China shop
    Greg Kuhnert and Truman Du, 4Factor Equities
    09:45 – 10:30 Asia Pacific through the lens of a global investor
    Rhynhardt Roodt, 4Factor Equities
    10:30 – 10:45 Refreshment break
    10:45 – 11:45 How and why will China avoid the landmines that crippled Japan and Brazil?
    Michael Power, Strategist in conversation with Dr Hong Liang, Head of Research and Chief Economist at China International Capital Corporation
    11:45 – 12:45 Asia’s “national champions” that are becoming global brands
    Clyde Rossouw and Charlie Dutton, Quality
    12:45 – 15:15 Lunch | Doing business in Asia
    Paul Lloyd, Head of Investor Relations at AIA Group Limited
    15:15 – 15:30 Closing remarks
    Natalie Phillips
    Afternoon at leisure before dinner
    18:00 – 21:30 InPerspective Dinner
    Guest speaker: James Kynge, Emerging Markets Editor, Financial Times

    Please note that this agenda is subject to change

    Day 2 – Friday, 11 May 2018

    08:00 – 08:30 Meet for transfer to Shenzhen
    08:30 – 09:30 Transfer
    10:00 – 12:00 Meeting at Tencent Headquarters (to be confirmed)
    Tencent Building, Kejizhongyi Avenue, Hi-Tech Park, Nanshan District, Shenzhen
    12:00 – 12:30 Transfer to lunch
    12:30 – 14:30 Lunch
    Conversation with Michael Power
    14:30 – 15:30 Visit to Tesla Store (to be confirmed)
    Longhua District, Longhua Auto City
    15:00 – 16:00 Transfer
    16:00 – 17:00 Transfer back to hotel
    InPerspective Forum 2018 concludes
    Evening at leisure

    Please note that this agenda is subject to change

  • Speakers

    Speaker profiles

    Hendrik du Toit - Chief Executive Officer

    Joined the firm in 1991
    Joined the industry in 1988

    Hendrik du Toit is Chief Executive Officer at Investec Asset Management and an executive director of Investec plc and Investec Limited. Hendrik joined the Investec Group in 1991 as founding member of Investec Asset Management. Under his stewardship, Investec Asset Management grew from a small South African start-up to an international specialist asset management firm entrusted with over US$ 131.8 billion* of client assets.

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    Hendrik has served on the Leadership Council of the Sustainable Development Solutions Network, a global initiative for the United Nations since 2014. In 2016 he became a Commissioner on the Business and Sustainable Development Commission. In 2016 he was appointed as a non-executive director of Naspers Limited.

    Hendrik holds an MPhil in Economics and Politics of Development from Cambridge University, as well as an MCom in Economics and International Finance (cum laude), BCom in Economics honours degree (cum laude) and a BCom (Law) from Stellenbosch University.

    * As at 30 June 2017

    Greg Kuhnert - 4Factor Equity

    Joined the firm in 1999
    Joined the industry in 1995

    Greg is the portfolio manager for the Asia ex Japan and All China Equity strategies and co-portfolio manager for the Asia Pacific ex Japan Equity Strategy in the 4Factor Equity team at Investec Asset Management.

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    Greg joined Investec Asset Management in 1999 working as an analyst researching Asian and global equities. Prior to this, Greg spent five years at Ernst & Young in Johannesburg, South Africa, within auditing and consulting, where he specialised in mining and financial companies.

    He qualified as a Chartered Accountant in 1997. Greg graduated from the University of Witwatersrand in Johannesburg, South Africa, in 1994 and achieved a first class degree in Accountancy and is a CFA Charterholder.

    Truman Du - 4Factor Equity

    Joined the firm in 2017
    Joined the industry in 2012

    Truman is an analyst in Investec Asset Management’s 4Factor Equity team where he covers China equities. Prior to joining the firm, Truman worked for five years as an emerging market analyst at BlackRock. Truman graduated in 2012 from the Franklin & Marshall College, London School of Economics with a degree in Business, Organisation & Society, cum laude.

    Rhynhardt Roodt - 4Factor Equity

    Joined the firm in 2004
    Joined the industry in 2004

    Rhynhardt is the Co-Head of 4Factor Equity and co-portfolio manager for the Global Core Equity Strategy at Investec Asset Management. He began his career at the firm in 2004 and was previously the Co-Head of SA Equity & Multi-Asset.

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    Over the years he has been responsible for the fundamental analysis of a broad range of listed companies, the portfolio management of a number of equity and multi-asset strategies as well as driving the equity research agenda within these strategies. Rhynhardt rejoined the firm in 2010 from Oryx Investment Management where he worked for two years as a research analyst and portfolio manager.

    He graduated from the University of Pretoria with a Bachelor of Commerce in Financial Management Sciences and a Bachelor of Commerce (Hons) in Investment Management (cum laude), before completing a Master’s degree in Financial Management (cum laude) at the University of Cape Town. Rhynhardt is also a CFA Charterholder.

    Michael Power - Strategist

    Joined the firm in 2002
    Joined the industry in 1985

    Michael joined Investec Asset Management as a strategist in December 2002. His current responsibilities include understanding how the shift in the centre of economic gravity from West to East is impacting on the world of investment and in particular how it is opening up new investment opportunities for Investec’s global client base.

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    He began his career working in the Middle East department of Chase Manhattan Bank before joining Anglo American's corporate finance department in South Africa. Michael then worked in the London corporate finance department of NM Rothschild & Sons where his work had a strong natural resource emphasis. Having completed a 4x4 overland safari through Africa, Michael then worked for HSBC-Equator Bank in Kenya for four years. He returned to the UK to work at Baring Asset Management as a director in their emerging markets department, where he was head of Africa and the Middle East as well as heading the natural resources sector, and was also portfolio manager for the Pan African Simba Fund. Michael graduated from the University of Cape Town with a Phd in Economics. He also holds an MA in International Business and Law from the Fletcher School at Tufts and a BA in Politics, Philosophy and Economics from the University of Oxford.

    Dr. Hong Liang - Head of Research and Chief Economist at the China International Capital Corporation

    Dr. Hong Liang joined China International Capital Corporation (CICC) in 2008. She currently serves as the Chief Economist and the Head of the Research Department of the firm. Before that, Dr Liang served as the head of Capital Markets during 2008-2010 and co-head of Sales and Trading during 2011-2013. She is a member of the firm’s Management Committee.

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    Dr. Liang obtained her Ph.D. in Economics from Georgetown University in 1998 and her Bachelor Degree in International Relations from Peking University in 1991. She joined CICC from Goldman Sachs (Asia) L.L.C. where she served as the Managing Director and the chief China Economist & Co-head of Asian Pacific Economic Research during 2003 - 2008. Before that, she worked at the International Monetary Fund as an Economist from 1998 to 2003. She has published widely in both academic as well as leading business journals on exchange rate issues and the Chinese economy.

    Clyde Rossouw - Portfolio Manager

    Joined the firm in 1999
    Joined the industry in 1994

    Clyde is Co-Head of Quality at Investec Asset Management. He is a portfolio manager with a focus on multi-asset absolute return and low volatility real return equity investing. His portfolio manager duties include our flagship Opportunity Strategy that he has run since 2003 and our equity oriented Global Franchise and Global Quality Equity Income strategies.

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    Clyde joined the firm in 1999, initially as an asset allocation and sector allocation strategist. Prior to Investec Asset Management, Clyde was awarded a study bursary by Sanlam where he worked for eight years, including five years in asset management. His experience in investments there included fixed income analysis and portfolio management.

    Clyde graduated from the University of Cape Town with a Bachelor of Science degree in Statistics and Actuarial Science. He was awarded the Certificates in Actuarial Techniques in 1995, and Finance and Investments in 1997 by the Institute of Actuaries in London. Clyde is a CFA Charterholder.

    Charlie Dutton - Quality

    Joined the firm in 2016
    Joined the industry in 1997

    Charlie is a portfolio manager in Investec Asset Management’s Quality team. His focus is on global investments, in particular Asian equities.

    Prior to joining the firm, Charlie was a portfolio manager at Coupland Cardiff Asset Management, an Asian investment firm with offices in London and Singapore, where he was the lead portfolio manager for CC Asia Alpha, a long-only Asia ex-Japan fund. Before that he held senior positions at J.P. Morgan; he was the director of Asia Pacific Research and head of Asia Pacific Consumer Research.

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    Charlie has a Bachelor of Science degree in Geography from Durham University and has passed Level III of the CFA Programme.

    Paul Lloyd - Head of Investor Relations at AIA Group Limited

    Paul Lloyd is responsible for the Group’s communication with the investment community and broader roles within AIA. He joined AIA from a career in investment banking, where he was a top-ranked equity research analyst working at Credit Suisse and prior to that at Goldman Sachs covering the insurance sector.

    Before joining investment banking, Mr. Lloyd was a consultant at Tillinghast (Towers Watson) where he specialised in life insurance M&A, financial reporting, orphan estate reconstruction and financial modelling. He has over 25 years of experience in the insurance industry and is a Fellow of the UK Institute of Actuaries. Mr. Lloyd holds a pure mathematics degree from the University of Warwick and has a post-graduate degree in actuarial science at Heriot-Watt University, Edinburgh.

    Natalie Phillips - Head of SA Institutional

    Joined the firm in 1997
    Joined the industry in 1997

    Natalie is the head of the South African Institutional team. She began her career with the firm in 1997, initially as a legal advisor and later as an investment analyst in the industrial conglomerates sector.

    During 1999 she assumed responsibility for Investec Asset Management’s private client relationships. In 2002, Natalie changed her focus to institutional new business. Since 2002, Natalie has also been responsible for some of the firm’s largest institutional client and consultant relationships.

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    Natalie holds a Bachelor of Laws degree (LLB) and a Masters degree in Economics (MA Econ), both from the University of Stellenbosch.

    James Kynge - Emerging Markets Editor, Financial Times

    With two decades’ experience in the region, James has witnessed China’s transition first hand and seen its influence on exports, brands and treasury bonds. The author of China Shakes The World uncovers the stories as they unfold – from overcapacity to capital outflows and a falling renminbi. He believes it’s part of the transformation into a consumer-led economy. He also examines the country’s expansion along a ‘New Silk Road’ and the slow but steady integration between Chinese and global financial markets.

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    James Kynge is Emerging Markets Editor and Associate Editor at the Financial Times. The winner of the prestigious Harold Wincott award for journalism for his coverage of China and its complex relationship with rest of the world he has spent two decades as a journalist in Asia.

    After nine years at Reuters becoming Taiwan and Central Asia Bureau Chief, James spent over a decade covering China and the region for the Financial Times. As well as leading their emerging markets coverage, he also chairs FT Confidential Research, the research service providing data on China and south east Asia and Latin America, which he founded.

    James has spent almost half of the last 30 years working in China, including seven as the FT’s bureau chief in Beijing. His award-winning investigative articles have focused on China’s overseas investment push, its grand design to create a ‘New Silk Road’ between Asia, the Middle East, Africa and Europe, and the slow but steady integration between Chinese and global financial markets. As well as journalism he also headed up the business operations of the Pearson Group of companies in China.

    During his time as a journalist, James covered many of the significant events that shaped the region - including the Japanese economic bubble and its deflation, the Tiananmen Square massacre, the independence of Mongolia, the rise to nationhood of the five former Soviet central Asian republics in the early 1990s, the China-Taiwan missile crisis of 1996 followed by Taiwan's first presidential election, the Asian financial crisis of 1997 and China's emergence as a great economic power.

    In his editorial and research roles, James looks at the forecasts for the Chinese economy and markets as well as the country’s role on the global stage and the often unreported detail of what’s happening on the ground. He’s also studied the Chinese consumer economy, the growth of the middle class, and the revolution that 415million Chinese millennials might start.

    James is also the author of the bestselling award-winning book, China Shakes The World which describes the development of China as a superpower and has been translated into nineteen languages. A fluent Mandarin speaker, James is a regular commentator on Chinese and Asian issues for media outlets including NPR, CNN and the BBC.

  • Insight


    Five investment themes for the ‘Year of the Dog’.

    Chinese New year on February 16th ushers in the Year of the Dog, leaving behind the Year of the Rooster. What are the key themes to look out for in the coming canine-related year?

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    Zen and the art of bicycle finance

    China is in the midst of a bicycle bubble. The Chinese bicycle bubble is now spilling over into the rest of the world and it appears it can tell us a lot about how China is changing internally, and how it is changing the world.

    Read more