SMU-IPI Wealth Management Program - SMU - Singapore

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					SMU-IPI Wealth Management Program
    Designed for global families with substantial assets, the SMU-IPI Wealth Management Program
    is the first of its kind in Asia. Unique features include providing a neutral platform for younger
    family members to connect with each other on the varying issues in wealth management. The
    program aims to help global investors confidently oversee the construction of their portfolios,
    consider the role of operating businesses vs more liquid assets and understand the structures
    that wealthy families in Asia have used to account for, coordinate and track their wealth.

                                   Founded in 1991, IPI is a membership organization of more than 1,000 private investors. Four out of
                                   five families oversee $50 million or more, with more than one fourth controlling investable assets of
                                   $200 million or more. Importantly, seven out of ten are family members, either the wealth creator
                                   or an inheritor. IPI sells no advice or products, and remains a safe harbor for families who value the
                                   confidentiality, education and networking of the community. Membership dues and educational fees
                                   are the sole revenue source of IPI.
    Private investors join IPI to educate themselves to be more sophisticated stewards of their wealth. IPI brings 20 years of experience
    educating private investors to the development of this program.

    SMU’s mission is to groom outstanding business leaders and creative entrepreneurs capable
    of excelling in a rapidly changing and dynamic world. The inspired collaborations with The
    Wharton School and the University of Chicago Booth School of Business, allow SMU to draw
    on the various institutions’ academic and research strengths across all major disciplines. The
    collaborations have also resulted in a diversity of executive programs designed to address the
    corporate and management challenges of the global business environment.
    Programs offered combine academic rigour with hands-on business savvy and are delivered by the best academics in their field
    together with successful industry practitioners. SMU has trained thousands of business executives from over 30 countries, reflecting
    the diverse, global perspectives of our programs.
    SMU delivers a rewarding executive experience in which business leaders will gain insight and learn best practices, enabling them to
    manage more effectively in a changing business world.

      WHO SHOULD ATTEND                                                   KEY TAKEAWAYS
      The SMU-IPI Wealth Management Program is designed for:              After this program you will:
      • Individuals and families with substantial assets/inherited        • Learn how to refine your own views of managing risk and
        wealth                                                              setting financial goals in light of global financial markets.

      • Individuals and families who seek to be better informed           • Develop an understanding of Modern Portfolio
        on issues of wealth management and acquire                          Management Theory & Practices and its applicability
        confidence to oversee the construction of their portfolios          to your private wealth management decisions.
                                                                          • Acquire insights into the various performance
      • Individuals and families with a keen interest to meet and
                                                                            measurements used in the selection and evaluation of your
        network with other individuals and families with
                                                                            funds and managers in directing the future of your wealth.
        like-minded objectives in private wealth management
                                                                          • Gain insights and knowledge to the best practices in family
                                                                            wealth management.
                                                                          • Connect with a group of peers through a neutral platform
                                                                            for sharing of experiences and exchange of ideas.

                                        SMU-IPI WEALTH MANAGEMENT PROGRAM
                                                                                                   MARCH 19 – 23, 2012

              19 MARCH            20 MARCH              21 MARCH               22 MARCH               23 MARCH
Time          Monday              Tuesday               Wednesday              Thursday               Friday

9.00 am to                        Opening Keynote :     Theory & Practice      Qualitative and        Assessing
10.30 am                          Global Markets        of Modern Portfolio    Quantitative           Outcomes and
                                  Post-Crisis           Management             Measures When          Setting Goals for a
                                  Historical and                               Selecting and          Family
                                  Current Returns                              Evaluating Funds
                                                                               and Managers

                                  Kent Smetters         Joseph Lim             Hansi Mehrotra         Annie Koh

11.00 am to                       Opening Keynote,      Commodities,           Trends in Wealth       Global Best
12.30 pm                          cont.                 Hedge Funds and        Transfer               Practices & Next
                                                        other Alternatives                            Steps
                                  Risks Through
                                                                               Jay Krause             Charlotte Beyer
                                  Kent Smetters         Phoon Kok Fai          Erik X. Wallace        Annie Koh

12.30 pm to                       Special               Special                Special                Closing Lunch
1.30 pm                           Interest Lunch -      Interest Lunch         Interest Lunch
                                  Participants select   Topics: Finding a      Topics: Succession
                                  from a choice of      trusted advisor,       in the family
                                  topics                hedge funds,           office/operating
                                                        picking a private      company,
                                                        bank                   structures for
                                                                               family investments,

1.30 pm to                        Asset Allocation      Challenges for         Families and
3.00 pm                                                 Operating Business     Wealth: Incentives,
                                                        Owners:                Entitlement, and
                                                        Liquidity Currency     Communication
                                                        & Diversification

                                  Ang Ser-Keng          A Panel of Investors   Annie Koh

3.30 pm to                        Money Markets &       Global Equity:         Case Studies on
5.00 pm                           Fixed Income          Security, Sector &     Hiring and Firing
                                                        Country Factors        Money Managers

                                                        Chiraphol New
                                  Ang Ser-Keng          Chiyachantana          Charlotte Beyer

              6.00 pm: Welcome    Free Evening          Free Evening           Closing Dinner
              Opening Dinner
              & Introduction to
              the Program

              Program Directors


    ANNIE KOH (SMU)                                                             CHARLOTTE B. BEYER (IPI)
    CO-PROGRAM DIRECTOR                                                         CO-PROGRAM DIRECTOR

                                 Annie Koh is Associate Professor of Finance                                 Charlotte B. Beyer is the Founder & CEO
                                 and Dean of Office of Executive and                                         of the Institute for Private Investors,
                                 Professional Education at the Singapore                                     a private membership          organization
                                 Management University. She also holds                                       [].       When
                                 the position of Academic Director,                                          Ms. Beyer founded IPI in 1991, the goal
                                 International Trading Institute@SMU. She                                    was, and remains, to create a more
                                 received her PhD in International Finance                                   informed consumer of financial services.
                                 from New York University (Stern School                                      A trusted non-commercial educator,
                                 of Business) in 1988 where she was a                                        IPI also created the first private wealth
    Fulbright scholar. A frequently sought after conference speaker,            management program in the country in collaboration with The Wharton
    panel moderator and expert commentator, Annie’s research interests          School of the University of Pennsylvania and continues to collaborate
    are in Family Office and Family Business Research, REITS, Investor          on investor programs with Wharton and other universities.
    Behaviour, Alternative Investments, and Enterprise Risk Management.
                                                                                IPI’s primary focus remains a private membership organization offering
    She has extensive experience in consulting and executive education
                                                                                independent investor education and an online community to 1,100
    for the corporate and public sectors, training professionals in
                                                                                ultra high net worth investors representing 17 countries and 40 U.S.
    leadership, management, directorship and private banking.
                                                                                states. IPI remains neutral and performs no consulting or sales of any
    Instrumental in bridging academia and the industry, Annie has               products or services to families. Membership dues and educational fees
    spearheaded many major partnerships between SMU and the business            are the sole revenue source.
    world such as the Human Capital Leadership Institute in partnership
                                                                                Private investors join IPI to connect with one another both online
    with the Ministry of Manpower, the International Trading Institute for
                                                                                and in person at events, which are typically held in either New York
    commodities research and training, the Financial Training Institute for
                                                                                or San Francisco. At present, 345 families are members, with one third
    competency training, the BNP Paribas Hedge Fund Centre and the UOB-
                                                                                overseeing assets of US$200 million or more. Acquired by Campden
    SMU Entrepreneurship Alliance. Annie was also behind the successful
                                                                                Media earlier this year, IPI operates as an independent U.S. subsidiary,
    Business Advisors Programme where retrenched professionals are
                                                                                providing access to the Campden global platform, including 20 events
    matched with small local enterprises for short-term consultancy
                                                                                for families around the world, research and two magazines, FO (Family
    stints as well as the Foundation Training Programme to prepare fresh
                                                                                Office) and FB (Family Business).
    graduates for career in local enterprises, a testament to her sharp pulse
    on the needs of the economy. Her strong connections to business             IPI was a pioneer in the social media space when a ‘listserv’ for private
    leaders opened doors for corporate donors such as Credit Suisse and         investors was launched in 1998. Virtually every family is active in this
    Emirates National Oil Company to contribute to SMU.                         investors-only private online community, which has a question posted
                                                                                almost every day, and permits private messaging as well.
    She played major contributing roles to several academic programmes in
    SMU such as the MBA, the Master of Science in Applied Finance, Master       IPI’s ultimate goal is to change the way investors work with advisors and
    of Science in Wealth Management, Graduate Diploma in Healthcare             advisors work with investors, for the benefit of both. This is accomplished
    Management & Leadership and Advanced Diploma in Private Banking.            by a side-by-side membership for professionals who attend their own
    Annie sits on several advisory boards, governing councils and steering      events. By staying abreast of trends through surveys like the annual
    committees in SMU as well as the financial services and government          Family Performance Tracking®, these professional members become
    sectors. Her paper, An Analysis of Extreme Price Shocks and Illiquidity     more attuned to private investor attitudes and needs.
    Among Systematic Trend Followers (2010), co-written with Bernard Lee        In 2004, Ms. Beyer and a private investor co-founded the Investor
    and Cheng Shih-Fen was published in the Journal of Futures Markets          Education Collaborative to provide unbiased investor education on
    and the Social Science Research Network. Current projects she is working    the “process” of wealth management as contrasted with the technical
    on include studies on REITS and Investor Behaviour, cases on Family         theories or investment products. Seminars are offered online [http://
    Business and a primer/casebook on Commodity Finance. Other        ] and employ an eCoach and eMentors.
    academic articles of hers have been published in The Review of Future
    Markets, SIMEX Papers and Pulses. Annie is also author for International    Prior to founding IPI, Ms. Beyer spent 20 years in financial services. In
    Enterprise Singapore’s book on Financing Internationalisation – Growth      September 2007, she was the third recipient, and first woman, honored
    Strategies for Successful Companies (2004) which has been translated        with a Lifetime Achievement Award at Institutional Investor’s annual
    into Chinese.                                                               High-Net-Worth Industry Awards.

                                                                                A graduate of Hunter College, Ms. Beyer also attended the University
                                                                                of Pennsylvania and the Stern/NYU Graduate School of Business
                                                                                Administration. She is immediate Past President of the Board of Trustees
                                                                                of the Westover School, an all-girls school in Middlebury, Connecticut.
                                                                                She serves on the Board of Trustees of the Museum of American
                                                                                Finance, publishes in various trade journals and is on the Advisory Board
                                                                                of Institutional Investor’s Journal of Wealth Management.

                                                                                                                        KEY FACULTY

                              KENT SMETTERS
                              THE WHARTON SCHOOL
                              Kent Smetters is the Boettner Chair Professor at the University of Pennsylvania’s Wharton School and a Faculty
                              Research Fellow at the National Bureau of Economic Research. His recent research has focused on incomplete markets,
                              investment risk management in the presence of fat tails, and the interaction of risk management and public policy.

                              Previous policy positions include the Congressional Budget Office (1995 to 1998) as well as Policy Coordinator (Deputy
                              Assistant Secretary) for the United States Treasury (2001-2002).

                               He was the Kaiser Visiting Professor of Economics at Stanford Economics Department (2000-2001). He has published
academic articles in leading journals, including American Economic Review, Journal of Political Economy, and The Quarterly Journal of Economics. He is
often cited in major media outlets. Kent Smetters received his PhD in Economics from Harvard University. He currently serves as President of Veritat
Advisors ( and serves on the investment management committee of several family offices and investment funds.

                              ANG SER-KENG
                              Ser-Keng is a Senior Lecturer of Finance at SMU. Besides his academic appointment, he is the director of the UOB-
                              SMU Entrepreneurship Alliance Centre. He also served as the Associate Director of the MSc in Wealth Management
                              Program at SMU.

                           Prior to his appointment at SMU, Ser-Keng spent several years in investment banking. He spent nine years in
                           London and Hong Kong, where he was involved in the origination and execution of a number of cross-border
                           transactions in the Asia Pacific region at international banks, such as Deutsche Bank, ABN AMRO and Flemings,
especially in mergers & acquisitions and capital markets. At Deutsche Bank, he was responsible for an acquisition in the US,
amounting to US$5.5 billion, for a Japanese MNC. As a Senior Vice President at ABN AMRO, he was also responsible for cross-
selling a broader range of products, ranging from debt to derivative products, M&A to ECM, as well as cash management to
trade services. Prior to his career in investment banking, Ser-Keng worked at Arthur Andersen and Credit Suisse First Boston.

Ser-Keng received an MBA from London Business School and a Bachelor of Accountancy from the National University of Singapore. He is also a CPA
and is qualified for ACIS.

                              JAY KRAUSE (WITHERS)
                              GUEST PRESENTER
                              Jay is a US qualified senior partner based in Withers Hong Kong office and co-heads Withers’ Funds, Investments, Tax
                              and Trust private client group. Jay’s personal practice focuses on cross-border tax efficient family wealth, business
                              and inheritance structuring. Clients include entrepreneurs, fund principals, high net worth families, single and multi-
                              family offices, trustees, insurers and financial institutions. Jay holds a Masters in Tax Law from New York University, a
                              Juris Doctor degree from the University of Pennsylvania, a Bachelor of Science in Business from Georgetown University
                              and single year course certification from the London School of Economics.

Jay has been heavily involved in advising individuals on the IRS voluntary disclosure programs and both individuals and institutions on the
implications of the new US Foreign Account Tax Compliance (FATCA) legislation generally requiring non-US financial institutions accessing the US
financial markets to identify their US citizen, green card and resident clients and turn their details over to the IRS. Jay has appeared on the CNN,
CNBC and BBC Radio 4 ‘Today’ programme, and has been quoted by a number of news services, including Reuters, and in a number of periodicals,
including the South China Morning Post, WealthBriefing Asia, Asia Private Banker, Asian Investor among others in connection with developments
banking secrecy, taxpayer voluntary disclosures and the varying international responses.

                              ERIK X. WALLACE (WITHERS)
                              GUEST PRESENTER
                              Erik’s practice focuses on a wide range of issues, including estate planning for US persons residing in the UK. He also
                              routinely advises trustees of trust with US beneficiaries, individuals planning on moving to the US.

                              Erik speaks at a number of conferences around the world focusing primarily on US tax issues. He is a frequent
                              contributor to the Financial Times and American in Britain.


                                  HANSI MEHROTRA (MERCER)
                                  GUEST PRESENTER
                                  Hansi Mehrotra (Rashmi Hansi Mehrotra in Australia) is a Principal in the Singapore office of Mercer’s investment
                                  consulting business. As the Head of Wealth Management practice for the Asia Pacific region, Hansi is responsible for
                                  the team that services wealth management intermediaries and private client advisory firms such as private banks,
                                  multi-family offices, and independent wealth management firms.
                                    Hansi joined Mercer in October 2003 in Sydney to set up its wealth management services unit. She set up Mercer’s
                                    investment business in India in 2008, overseeing local research for the benefit of both global and local clients,
    including India’s New Pension System. In September 2010, she relocated to Singapore to continue the expansion of wealth management services
    in Asia. She is currently working on addressing the adviser talent issues faced by the wealth management sector in Asia by designing an integrated
    solution encompassing talent management and training.
    Hansi has worked in financial services for over 17 years. Before joining Mercer, Hansi was an Associate Director at a leading Australian investment
    research house, van Eyk Research. Hansi has also worked as an investment adviser for two years specialising in ethical investments. Hansi holds a
    Bachelor of Arts Degree from the University of Delhi. She completed the Graduate Diploma of Applied Finance and Investment at Finsia in 1995 and
    the Chartered Financial Analyst program at the CFA Institute in 1999. Hansi has also completed Private Wealth Management Program at The Wharton
    School of the University of Pennsylvania.

                                  PHOON KOK FAI
                                  Phoon Kok Fai is Associate Professor of Finance (Practice) at the Singapore Management University (SMU). He received
                                  his PhD in Finance from Northwestern University (Kellogg Graduate School of Business) in 1987. Kok Fai’s research
                                  interests are in Investment Management, focusing on the risk and performance management and measurement for
                                  mutual funds and alternative Investments. He has extensive experience in consulting and executive education for the
                                  corporate and public sectors, training professionals in financial and investment management in Australia, Singapore,
                                  China and Vietnam.
    Kok Fai brings to his teaching a well-rounded experience that bridges academia and financial practice. In addition to his current position at SMU,
    he has taught at the National University of Singapore and Monash University in Australia, where he was the Director of Postgraduate Studies and
    Director of the Australian Banking Research Unit. He has worked as Head of Equity Research for Yamaichi, a Japanese broker, as a Senior Manager
    with the Government of Singapore Investment Company Private Ltd (GIC) and was Executive Director of Ferrell Asset Management, a Singapore
    hedge fund. He is currently advising the hedge fund and is also an advisor of the Indigo Centre for Economics that support practical economic and
    financial training in schools. In his various positions in the Financial Sector, Kok Fai has researched companies in Asia for broking and investment
    banking activities, trained investment professionals and supported corporate and human resources strategies of a global wealth fund, and organized
    the sales and risk management processes of a hedge fund.
    He focuses on research that provides significant implications for practice and his findings are frequently incorporated in his classes. Over the last
    eight years, Kok Fai has extensively studied Asian hedge funds and has published on topics that include performance fees, financial operations,
    measures of performance and risk and portfolio management.

                                  JOSEPH LIM
                                  Joseph Lim is an Associate Professor of Finance (Practice) at the Lee Kong Chian School of Business, SMU since 2008.
                                  Before joining SMU, he was a director of Vanden Advisors LLC, a valuation and advisory service, after leaving Marsh
                                  (Singapore) where he was a Senior Vice President, heading the Private Equity and M&A practice. Prior to that, he was
                                  Director of the Saw Center for Financial Studies and also an Associate Professor of Finance at the NUS Business School
                                  where he taught courses in Investment Analysis and Fund Management. He obtained a PhD in Finance from New
                                  York University, an MBA from Columbia University and a CFA from the CFA Institute.
                                  He is the past President of CFA Singapore and has served on other committees in the financial services industry,
    including the Investment Management Association of Singapore, SIAS Education Advisory and Most Transparent Company Award Selection
    Committee, and the Fund Management sub-group of the Financial Industry Competency Standards Committee. Joseph is a trustee on the board
    of two Singapore National Eye Centre endowment funds. He was on the board of the NUS Academic Staff Provident Fund and has served as an
    investment consultant to various organizations.

                                  CHIRAPHOL NEW CHIYACHANTANA
                                  Chiraphol New Chiyachantana is Assistant Professor of Finance at the Lee Kong Chian School of Business, Singapore
                                  Management University. He received his Ph.D. in Finance from University of Memphis. His research interests include
                                  Market Microstructure Investments and International Finance. His research papers have been published in Journal of
                                  Finance, Journal of Banking and Finance and the Financial Review.

                                                                                    GENERAL INFORMATION


Program Dates: 19 – 23 March 2012
Program Fee:   US$8,560 (including 7% Goods & Services Tax)

PROGRAM FEES AND FACILITY                                              ADMISSION PROCEDURE

Program Fee is inclusive of tuition, delivery, meals and               Completed applications should be submitted as early as
course materials. Payment will be due in full upon                     possible. Candidates will be notified of acceptance within
acceptance into the program. The program will be                       two weeks. Application does not guarantee admission;
held at Singapore Management University. Lodging                       candidates will be selected both on their ability to
arrangement and expenses are the responsibility of                     benefit from, and contribute to, the program. If you do
attendees. The program’s recommended hotel is Fairmont                 not receive confirmation of your application within two
Singapore & Swissotel The Stamford at 2 Stamford Road,                 weeks, please email: or contact us
Singapore 178882.                                                      by telephone +(1) 212 693 1300.


All cancellations must be received in writing. The following charges apply for cancellations received:
· More than 45 days prior to the program’s start date: 10% of program fee
· Between 7 and 45 days prior to the program’s start date: 30% of program fee
· Less than 7 days prior to the program’s start date: 100% of program fee
If a registrant fails to attend without notification, or if a withdrawal occurs on or after a program’s start date, full program fee
will be forfeited.
Transfer requests must be received in writing and within one year of the start date of the original program. The following
charges apply for transfer request received:
· Between 7 and 45 days prior to the program’s start date: 20% of program fee
· Less than 7 days prior to the program’s start date: 30% of program fee
· The remaining balance can be applied to another SMU-IPI Wealth Management Program, within one year of the transfer
If a request to substitute a registrant is received in writing prior to a program’s start date, SMU/IPI may, in its sole discretion,
permit the substitution at no additional charge if the candidate is qualified. We anticipate a wait list, and we wish to avoid a
disappointment for anyone.


 Application Information

NAME ( MS. / MRS. / MR. / DR. )

  First / Given                                            Middle Initial                                    Last / Family


  City                                      State / Province                       Postal Code                               Country

 CONTACT NUMBERS                                                               FAX
(Outside U.S., please include country and area or city code)                   (Outside U.S., please include country and area or city code)

                          -   Home                                                                       -


                          -   Business

EMERGENCY CONTACT                                                              (Outside U.S., please include country and area or city code)

  Name                                      Relationship                           Contact Number

 Billing Information

NAME ( MS. / MRS. / MR. / DR. )

  First / Given                                            Middle Initial                                    Last / Family

COMPANY / ORGANIZATION                                                         JOB TITLE


  City                                      State / Province                       Postal Code                               Country

 CONTACT NUMBERS                                                               FAX
(Outside U.S., please include country and area or city code)                   (Outside U.S., please include country and area or city code)

                          -   Business                                                                   -


    INVOICE, PLEASE               WIRE TRANSFER                VISA / MASTERCARD

CARD HOLDER’S NAME:                                                                EXPIRY DATE:

CARD NUMBER:                                                                       AUTHORISED SIGNATURE:

Additional Information
As part of the admission process, we ask you to answer several questions. All of your answers are kept in confidence and will not
be revealed outside of IPI and SMU. It will only be used to evaluate your application and place you on a case study team.

1.   How would you objectively rank your general grasp of wealth management issues on a scale of 1–10? (10 having the highest understanding)

2.   What is your age?
         20’s              30’s                40’s          50’s              Wise beyond years

3.   What is your role in your family?
         Patriarch / matriarch                 Next generation

4.   Do you currently employ advisors / money managers?

         Yes               No            Comments if any :

5.   Have you or your family recently sold a substantial operating company?

         Yes               No            Comments if any :

6.   Please indicate your interest in the following aspects of wealth management: (rate from 1 to 3, with 1 of most importance)

           Asset allocation                   Family governance & leadership             Evaluating managers, measuring performance

7.   What do you hope to achieve by participating in this program? In what ways do you believe the program can be most useful to you?

8.   Please tell us more about yourself. (Use a separate sheet if necessary)

Please tell us how you heard about this program:

     The IPI website, Memberlink®             Campden Wealth                    I was referred by an IPI member :

     I am an IPI member                       The SMU website/brochures         Other (please explain) :

Please fax the completed form to +(1) 212 693-2797. For more information, please contact us directly at
+(1) 212 693-1300 or by email at You may also mail your completed application to:

Singapore Management University
Administration Building, 81 Victoria Street
Level 5, Office of Executive Education
Singapore 188065
DID: +(65) 6828 0375
       Singapore Management University
   Office of Executive Education, Administration Building
             81 Victoria Street, Singapore 188065
        Tel: +(65) 6828 0375 Fax: +(65) 6836 3486

           Institute for Private Investors
            17 State Street, New York, NY 10004
      Tel: +(1) 212 693 1300 Fax: +(1) 212 693 2797
    88 Kearny Street, Suite 750, San Francisco, CA 94108
                  Tel: +(1) 415 931-4400

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