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[CANCELLED] Virtual Classroom - Asset Allocation and Portfolio Management [2 Days] Event Code: 200513W
Date 13-May-2020 - 14-May-2020
Time 09:30 a.m. - 5:30 p.m.
Venue Virtual Classroom
Speaker(s) Dr. Ronald Chung
Instructor - APAC
AMT Training
This seminar is qualified for 0 CPT hour(s), 0 CE hour(s), 0 RBV CPD hour(s)
  • This virtual workshop is NOT qualified for any CPT hours.
  • It is not permissible to share the virtual classroom details with third parties or to permit others to watch the virtual classroom with you.  Anyone not enrolled for the training will be removed from the virtual classroom.
  • Language: English
  • Only Visa and Master Card are accepted for online payment.
  • The fee includes course materials.
  • For attendance-taking purpose, participants’ names and company names (if any) will be given to the speaker at this workshop.
  • To cope with the growing trend of going cashless, cash payment is not accepted.  Please ensure the online payment is successfully completed, otherwise the registration may not be processed.
  • HKSFA will closely monitor and assess the ongoing situation of the Novel Coronavirus in the community.  Should there be any changes to the event dates and other arrangements, we will notify participants via SMS and/or email.  Notices will also be posted on Society’s website.  Please stay alert with our notifications.

Event Details

COVID-19 has been dramatically impacting the professional learning under the in-person model.  You may be currently exploring alternative ways to get continuing education trainings.  In view of this, HKSFA in collaboration with AMT Training would like to introduce to you the Asset Allocation and Portfolio Management Virtual Classroom*.

Participants could save 50% comparing with the in-person workshop.

We are delighted to have the presence of Dr. Ronald Chung, Instructor of AMT Training, a leading expert in financial markets and has close to 20 years of experience conducting training for Wealth Management, Investment Banking and Corporate Banking, to conduct this online workshop for HKSFA.

Asset Allocation and Portfolio Management Virtual Classroom will cover the following topics:

Development in asset allocation 
2. Challenges in traditional optimization
3. Risk and Performance measurement 
4. Active vs Passive Management
5. Strategic vs Tactical Asset Allocation
6. Manager Selection

Asset Allocation and Portfolio Management
This program looks at the bigger picture of the asset allocation decision, addressing a variety of approaches that asset managers utilise, and how, as an investor, risk and performance can be analyzed objectively to help guide responsible decision making. Practical, realistic, Excel based exercises will be used to bring the content to life.
1. Developments in asset allocation 
This session will begin by looking at the theoretical underpinnings of asset allocation and portfolio diversification. Participants will learn how investment professionals deal with the challenges of asset allocation in constructing a portfolio. The seminar will cover the principles of managing a portfolio spread out across a number of investment classes.
We will use a simple portfolio optimizer to get participants to work with risk and reward constraints across a multi-asset portfolio. We relate the type of constraint back to different institutions and get the participants to think about why different institutions would choose to operate under certain constraints. The issue of how this has changed over time will be part of the discussion that surrounds the exercise, based on giving the participants
an awareness of some of the dramatic changes that have occurred in portfolio allocation since the financial crisis.
The session is very practical in nature with participants building the concepts covered in Excel models under instructor supervision. At the conclusion of the training the participants will have a sound basis in the mathematical concepts which form the basis of fund management and client money management.
Key topics:
  • Establishing criteria and selecting asset classes to be included in a portfolio
  • Volatility and return distributions of different asset classes
  • Review of historic evidence on asset class returns and correlations across asset classes
  • Concepts of covariance and correlation across asset classes
  • Practical computer-based exercises to learn how to calculate statistics for a simulated portfolio
  • Background and history of Modern Portfolio Theory (MPT)
  • Understanding risk-return trade-offs, the efficient frontier and portfolio optimization
2. Challenges to traditional optimization SAA 
Following on from the previous session we will look at the challenges that MPT has faced since it was first used as a basis for constructing portfolios, especially in light of the 2007-09 recession. Given the known shortcomings that MPT faced since its origination, we will study some alternative methods for constructing a diversified portfolio including both older and more recent approaches.
Key topics:
  • Assumptions behind MPT and practical issues in Mean-Variance analysis
  • Criticisms and defence of the MPT in light of the 2007-09 recession
  • Other approaches and extensions including the Black-Litterman approach, Monte Carlo simulation and factor optimization.
3. Risk and Performance measurement 
Having reviewed the theory behind the construction of optimal portfolios, we will spend this session studying the practical aspects an investment or portfolio manager will need to consider when implementing the desired allocation with regards to both monitoring and measuring risk along with evaluating performance and performance attribution.
Key topics:
  • Benchmarking and tracking error objectives
  • Measuring risk – calculation of common risk metrics
  • VAR
  • Sharpe ratio
  • Information ration
  • Treynor ratio
  • Measuring performance – common methodologies and appraisal measures
  • Performance attribution
4. Active vs Passive Management
The active-versus-passive debate has become one of the most keenly debated investment topics over the past 10 years. Flows to passive investments have increased dramatically, while active management has been placed on the back foot and been asked to make the case for its role in the investment world. We will take an in-depth look at the arguments both for and against the two different approaches to managing an investment portfolio to inform participants of the key areas of this ongoing debate.

Key topics:
Obtaining market exposure through indexing or active managers
Flows into passive and active
Performance and historical record
Market developments, ETFs, etc
Drivers of performance
Assets classes
5. Strategic vs Tactical Asset Allocation 
During this session we will look at the role of both strategic and tactical allocation strategies for setting the framework for an investment policy and understanding best practice for the two approaches.

Key topics:
Strategic approach to asset allocation
Setting strategic objectives
Rebalancing methodologies
Tactical approach to asset allocation
Setting tactical degrees of freedom
Success and failure of market timing

6. Manager Selection 
This task of selecting external portfolio managers is relevant across all types of asset classes and portfolio approaches. This session will take participants through a typical process and identify the key features that need to be applied both before manager selection and during the time a mandate is awarded to a chosen manager.

Key topics:
Due diligence
Defining a benchmark and an investment mandate
Selection process and a guide to relevant criteria
Reliability of previous performance
Compensation structures and incentives
Performance evaluation – luck or skill?
Monitoring and supervision of manager

*What is a Virtual Classroom?

Virtual Classroom training is a new and highly engaging way of delivering programs remotely with enhanced levels of interactivity compared to conventional webinars. In this Virtual Classroom, participants are encouraged to activate their own webcams and mics throughout the class allowing for real-time engagement, both verbal and non-verbal, with fellow participants and their trainer. Participants can also share their screens to get instant assistance in any technical exercise; just like asking the trainer to walk over and help in the classroom!  The trainer’s ability to see a selection of their participants’ faces in real-time, and to react to their verbal and non-verbal cues creates a remarkably realistic classroom-like experience. For an example of the technical requirements of for our Virtual Classrooms click here.

About the Instructor

Dr. Ronald Chung
Instructor - APAC 
AMT Training
Dr. Ronald Chung is a leading expert in financial markets and has close to 20 years of experience conducting training for Wealth Management, Investment Banking and Corporate Banking clients.

He has delivered training courses in areas such as; Financial Products, Valuation and Modelling Techniques, Derivative Solutions and many more. Ron has worked with major multinational and Chinese financial institutions including Barclays, DBS, HSBC, Morgan Stanley, Standard Chartered Bank, UBS, China Construction Bank and China Merchant Bank.

Prior to returning to the Asia Pacific region, Dr. Chung was a Senior Consultant for the Treasury Management Association (now Association for Financial Professionals), USA. He worked with corporations and financial institutions on treasury services and product offerings. He also designed training programs for finance professionals in collaboration with university partners, including; Dartmouth College, Georgetown University, Johns Hopkins University, Stanford University and the University of Michigan. Ron has consulted for Fortune 500 clients such as AMD, AT&T, Corning, Nokia, P&G, Pfizer, etc.
In working with these institutions, he worked with various private banking groups, graduate and intern programs, and front office groups.
Ron is fluent in English, Putonghua and Cantonese.


Rating - General 
Material presented will be basic and of interest to a general audience having no background in the area.

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