2009 Asian Pension Fund Roundtable
MITIGATING UNCERTAINTY Institutional Investors and Risk Management
Four Seasons Hotel November 5–6 Bangkok,Thailand
PACIFIC PENSION INSTITUTE
map of asia & the pacific region
TABLE OF CONTENTS
Map of Asia & the Pacific Region ABOUT THE ROUNDTABLE
About the Roundtable Conference Organizers Corporate Sponsors
1 2 3
PROGRAM
Speakers
5-7
About the Participants
Biographies Roundtable Staff
9-41 42
About ppi
About PPI Membership Board of Directors & Advisory Council
43 44 45
Pacific Pension Institute, a member-driven, nonprofit educational organization, assists pension funds, corporations, financial institutions and endowments worldwide with carrying out their fiduciary responsibilities, especially with respect to Asia and the Pacific region.
PACIFIC PENSION INSTITUTE
PACIFIC PENSION INSTITUTE
2009
ASIAN PENSION FUND roundtable
About the Roundtable n ABOUT THE ROUNDTABLE n CONFERENCE ORGANIZERS n CORPORATE SPONSORS
about the roundtable
About the 2009 Asian Pension Fund Roundtable We would like to take this opportunity to welcome each of you to the seventh annual Asian Pension Fund Roundtable. We are grateful to the Government Pension Fund of Thailand for serving as our in-country sponsor and to our corporate sponsors for helping produce a Roundtable of exceptional quality. In keeping with the PPI tradition, we encourage you to engage with the speakers and other participants during the dialogue that follows each presentation as well as during the session breaks. We feel that the dialogue among participants and speakers that takes place at PPI Roundtables can be as intellectually rewarding as listening to the experts whom we are able to convene. That said, the presenters are among the best in Asia and the western hemisphere, and we remain appreciative that each has cleared a very busy schedule during very tumultuous times to be with us for this program. We remind you that PPI insists that all participants in our Roundtables observe the strict no-marketing policy. That means we do not permit marketing during the course of the Roundtable itself. Our objective is to provide a forum for Asian pension executives to engage with their counterparts worldwide and with experts to discuss issues and best practices that inform how they address their respective fiduciary responsibilities. Additionally, we continue to encourage the coming together on the network of Asian participants at this conference for the purpose of encouraging deeper and more transparent capital markets, improved corporate governance, and globally diversified investment. PPI would like to acknowledge our corporate sponsors. Our Premier level sponsor is Goldman Sachs (International). Our Tier One level sponsors are Barclays Global Investors, Daiwa SB Investments Ltd., DIAM Asset Management Co., Ltd., Nomura Asset Management Co., Ltd., and FountainVest Partners. We also would like to thank Highstar Capital for underwriting the publications for the Roundtable as well as Tokio Marine Asset Management Co., Ltd. and Tokio Marine Capital Co., Ltd. for underwriting the Thursday night reception. All sponsors are corporate members of PPI. Please enjoy yourself! And let us know what you think of the Roundtable by way of the evaluations placed at the tables.
Robert M. Maynard Chair, Board of Directors
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Marsha Vande-Berg Chief Executive Officer
about the roundtable Conference Organizers
Pacific Pension Institute
Government Pension Fund
PACIFIC PENSION INSTITUTE PPI was organized as an educational non-profit in 1998. Our principal activity is convening forums for institutional investors to engage on matters that are critical to prudent investment practices. Our objective is to facilitate a dialogue on issues critical to the sound management of assets domestically and across borders with a geographical focus on Asia and the Pacific region. Our programs include semiannual North American Roundtables, the annual Asian Pension Fund Roundtable, a meeting of the Asian Network, and the PPI Executive Seminar. PPI’s membership includes public and private pension funds, endowments, and foundations in North America, Asia and Europe as well as investment banks, fund managers, multinational corporations, multilateral development banks, and consulting firms, all with an active interest in and professional knowledge about the economies of Asia and the Pacific Rim. Membership in PPI affords access to our forums and to a network of institutional investor peers for the purpose of candid exchange on topics of mutual interest and concern.
The Government Pension Fund (GPF) was established in 1951 as part of the Gratuity and Pension Act. GPF’s objectives are to ensure member benefits upon retirement, to encourage member saving consciousness, and to provide members with other welfare and benefits. For the sole benefits of members, GPF invests in compliance with ministerial regulations. Central government employees are covered under this mandatory scheme, which has two tiers: an unfunded DB scheme financed with allocations from the government’s fiscal budget, and a funded DC scheme financed through employee and employer (departmental) contributions. GPF has two categories of members; contributing and non-contributing. Those who joined the civil service after March 27, 1997 must be contributing members. Those who served the government earlier had the rights to choose to be either contributing or non-contributing members. The plan covers 1.1 million government officials and civil servants and manages approximately US$11.7 billion as of December 2008.
It is our belief that fiduciaries worldwide will benefit greatly from greater knowledge and understanding of the dynamic factors driving the evolution of Asia’s financial markets.
PPI 2009 Asian Pension Fund Roundtable
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about the roundtable Sponsors
The Pacific Pension Institute and the Government Pension Fund of Thailand gratefully acknowledge the sponsors of the 2009 Asian Pension Fund Roundtable.
Corporate Sponsors of the Asian pension fund Roundtable Program
PREMIER
TIER ONE
FOUNTAINVEST PARTNERS
PUBLICATIONS
All sponsors of the 2009 Asian Pension Fund Roundtable are corporate members of the Pacific Pension Institute.
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PACIFIC PENSION INSTITUTE
2009
ASIAN PENSION FUND roundtable
Program n SPEAKERS
program Speakers
Hasnat Ahmad
Hideaki Fukazawa
Director, Mutual Funds Securities & Exchange Commission
President and Managing Partner Tokio Marine Capital Co., Ltd.
James R. Barth
Nicholas Van Gelder
Lowder Eminent Scholar in Finance Auburn University
Senior Managing Director Macquarie Capital (Singapore) Pte.
Ann Byrne
Geoffrey Hirt
Chief Executive Officer Australian Council of Superannuation Investors
Professor of Finance DePaul University
Jose Isidro Camacho
Kiyotaka Hoshino
Vice-Chairman, Asia-Pacific Credit Suisse
General Manager, International Department Daiwa SB Investments Ltd.
Paul Costello
Fred Hu
General Manager Future Fund
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Managing Director and Chairman for Greater China Goldman Sachs (Asia) LLC
Dai Xianglong
Richard Jackson
Chairman National Council for Social Security Fund
Director & Senior Fellow, Global Aging Initiative Center for Strategic & International Studies
program Speakers
Knut Kjaer
Farouki Majeed
President RiskMetrics
Senior Investment Officer California Public Employees’ Retirement System
Koh Yong Guan
Priya Mathur
Chairman Central Provident Fund Board
Trustee, Board of Administration California Public Employees’ Retirement System
Wayne Kozun
Robert Maynard
Senior Vice President, Public Equities Ontario Teachers’ Pension Plan Board
Chief Investment Officer Public Employee Retirement System of Idaho
Bernard Lee
Stephen Merlicek
Visiting Practice Associate Professor & Deputy Director, Sim Kee Boon Institute for Financial Economics Singapore Management University
Chief Investment Officer IOOF
Bindu Lohani
Shireen Muhiudeen
Vice President, Finance & Administration Asian Development Bank
Founder and Managing Director Corston-Smith Asset Management (Singapore) Pte Ltd.
Paul Mackintosh
Derek Murphy
Managing Editor Asian Venture Capital Journal Group
First Vice President, Private Equity Public Sector Pension Investment Board of Canada
PPI 2009 Asian Pension Fund Roundtable
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program Speakers
Yoshihiro Namura
Richelle Sugiyama
Managing Director Fixed Income Investment Nomura Asset Management
Investment Officer Public Employee Retirement System of Idaho
Guan Ong
Nobusuke Tamaki
Principal Blue Rice Investment Management
Councilor and Director-General, Planning Department Government Pension Investment Fund of Japan
Triphon Phumiwasana
Frank Tang
Director of External Fund Management Government Pension Fund of Thailand
Chief Executive Officer FountainVest Partners
Gene Reilly
James R. Timmins
Managing Director Goldman Sachs (Asia) LLC
Partner Highstar Capital, LP
M.K. Sinha
Praveen Tiwari
President & Chief Executive Officer IDFC Project Equity Company Ltd.
Shelley Smith Past Chair, Board of Administration Los Angeles City Employees’ Retirement System
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Executive Director Pension Fund Regulatory & Development Authority of India
Marsha Vande-Berg Chief Executive Officer Pacific Pension Institute
PACIFIC PENSION INSTITUTE
2009
ASIAN PENSION FUND roundtable
About the
Participants
n Biographies F Indicates Speaker or Facilitator
ABOUT THE PARTICIPANTS
F Hasnat Ahmad
G. Chris Andersen
Director, Mutual Funds Securities & Exchange Commission Pakistan
Founding Partner G.C. Andersen Partners United States
Hasnat Ahmad is the director of mutual funds at the Securities & Exchange Commission of Pakistan (SECP). Previously, Mr. Ahmad served as director of the pensions wing at the SECP, where he was actively involved with the launching of the Voluntary Pension System, including the development of a comprehensive regulatory framework for the new system. Prior to joining the SECP, Mr. Ahmad worked at the State Bank of Pakistan, the country’s central bank, and with a life insurance company. Mr. Ahmad is an associate member of the Institute of Cost and Management Accountants of Pakistan and a fellow of the Life Management Institute in the United States.
Chris Andersen is the founding partner of G.C. Andersen Partners, a merchant and investment banking firm in New York. Before founding G.C. Andersen Partners in 1996, Mr. Andersen served as vice chairman of PaineWebber from 1990 to 1995. Prior to PaineWebber, Mr. Andersen was a senior executive at Drexel Burnham Lambert, Inc. Mr. Andersen is lead director of Terex Corporation, on the Advisory Board for the Rand Corporation’s Center for Asia Pacific Policy, a member of the International Advisory Council of the Guanghua School of Management at Peking University in Beijing, and Honorary Professor at Yanbian University of Science & Technology in Yanji, China and Pyongyang, North Korea.
Hasib Ahmed Senior Investment Specialist Asian Development Bank Philippines Hasib Ahmed is a senior investment specialist heading up the private equity funds business for the Private Sector Operations Department, which covers capital markets for the Asian Development Bank (ADB). Mr. Ahmed is also responsible for the bank’s initiatives in trade facilitation, SME and micro finance as well as head of the Portfolio Administration Unit for the Private Sector. Prior to his role with the ADB, Mr. Ahmed spent more than 25 years as a senior banker with Citigroup. He has worked in multiple roles covering international markets, including the U.S. and the Middle East. He has been recognized for developing business in the U.S. with multi-lateral development banks and SME portfolio of not-for-profit organizations.
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Jun Arima Managing Director, Business Development and Client Services Nomura Asset Management U.S.A. Inc. United States Jun Arima is managing director of Business Development and Client Services for Nomura Asset Management U.S.A. Mr. Arima joined Nomura Asset Management Co., Ltd. in March 2006, and took his present position in the U.S. in July 2006. Mr. Arima co-leads institutional business development in North America with a focus on product development and client support activities. For 13 years prior to Nomura, he took various roles in this industry in New York and Tokyo, which include portfolio management, institutional marketing, and product development. Mr. Arima holds a bachelor’s degree in economics from the University of Tokyo and an M.B.A. from University of Rochester.
ABOUT THE PARTICIPANTS Biographies
Battur Altantuya Head of Customer Service Department Khan Bank of Mongolia Mongolia Battur Altantuya is the head of customer service for Khan Bank of Mongolia. Ms. Battur holds a bachelor’s degree in accounting from the Institute of Finance and Economics and a bachelor’s degree in English from the University of Foreign Languages in Mongolia.
Dato’ Azian Mohd Noh Chief Executive Officer The Retirement Fund Inc. Malaysia Dato’ Azian Mohd Noh is the chief executive officer of The Retirement Fund Inc. or KWAP, a corporation under the purview of the Ministry of Finance of Malaysia. Dato’ Azian is an accountant by profession and has more than 15 years experience in the finance and fund management industry. She sits on the boards of several listed and unlisted companies namely Malakoff Corporation Berhad,Time dotCom Bhd, Valuecap Sdn Bhd and is the chairman of iVCap Management Sdn Bhd. Dato’ Azian is a member of the Malaysian Institute of Accountants and has attended the Harvard Business School Advanced Management Program.
F James R. Barth Lowder Eminent Scholar in Finance Auburn University United States James Barth is the Lowder Eminent Scholar in finance at Auburn University and a senior finance fellow at the Milken Institute. Dr. Barth was an appointee of presidents Ronald Reagan and George H.W. Bush as chief economist of the Office of Thrift Supervision and previously the Federal Home Loan Bank Board. He has been a professor economics at George Washington University, associate director of the economics program at the National Science Foundation, and Shaw Foundation professor of banking and finance at Nanyang Technological University. He has been a visiting scholar at the U.S. Congressional Budget Office, Federal Reserve Bank of Atlanta, Office of the Comptroller of the Currency, and the World Bank. Dr. Barth holds a bachelor’s of science degree from the California State University at Sacramento, a master’s degree from the University of New Mexico, and a Ph.D. from Ohio State University.
Tsedev Bayarmaa Director, Khentii Province Social Insurance General Office Mongolia Tsedev Bayarmaa is the director of the Social Insurance General Office in the Khentii Province. Ms. Bayarmaa has also held positions as the inspector, pension inspector, labor instructor, and accountant of the Social Insurance General Office. Ms. Bayarmaa holds bachelor’s degrees from the Institute of Commerce and Industry and the University of Finance and Economy in insurance economy and financial accounting respectively. Ms. Bayarmaa also holds a master’s degree in public administration from the Academy of Management, Mongolia.
PPI 2009 Asian Pension Fund Roundtable
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ABOUT THE PARTICIPANTS
Nasim Beg Member Economic Advisory Council of the Prime Minister Pakistan Nasim Beg is a member of the Prime Minister’s Economic Advisory Council with specific duties in the area of development of capital markets and pension reforms. Mr. Beg is also chief executive of Arif Habib Investments, which is licensed by the SECP to manage mutual funds, discretionary portfolios, and schemes. Previously, he participated in the development of the Voluntary Pension System in Pakistan as a member of the Task Force set up by the Securities & Exchange Commission of Pakistan in 2003-2004, which developed the Voluntary Pension System.
Philip M. Bilden Managing Director HarbourVest Partners (Asia) Ltd. Hong Kong Philip Bilden is a managing partner for HarbourVest Partners (Asia). Mr. Bilden joined HarbourVest in Boston in 1991 and relocated to Hong Kong in 1996 to establish the firm’s Asian subsidiary. He manages HarbourVest Partners (Asia) Limited which supports HarbourVest’s investment and client service activities in the Asia Pacific region and other non-U.S. markets. He serves on the advisory boards of several international private equity partnerships, including funds managed by Archer Capital, Bain Capital Asia, Brait Capital Partners, Castle Harlan Australian Mezzanine Partners (CHAMP), KKR Asia, Olympus Capital, Pacific Equity Partners,TPG Asia, and Unitas Capital. Mr. Bilden holds a bachelor’s degree in Foreign Service, magna cum laude from Georgetown University and an M.B.A. from Harvard Business School.
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F Ann Byrne Chief Executive Officer Australian Council of Superannuation Investors Australia Ann Byrne is the chief executive officer at the Australian Council of Superannuation Investors (ACSI), which provides independent research and advice to superannuation funds on the environmental, social, and corporate governance risk of companies in which they invest. Prior to joining ACSI, Ms. Byrne served as chief executive officer of UniSuper, an industry super fund for workers in Australia’s higher education and research sectors that serves 37 universities. In 2007, Ms. Byrne won the Fund Executive of the Year Award from the Fund Executive Association Limited. She is a board member of Oxfam (Australia) and a member of the Monash University department of accounting and finance advisory committee. She is a fellow of the Australian Institute of Company Directors and a national convenor of Sisters in Crime, a literary society.
F Jose Isidro Camacho Vice-Chairman, Asia-Pacific Credit Suisse Singapore Jose Isidro (Lito) Camacho is the vice-chairman for the Asia-Pacific region at Credit Suisse. Before joining Credit Suisse, Mr. Camacho served as the minister of finance for the Republic of the Philippines. Prior to his government service, Mr. Camacho was a managing director and chief country officer for the Philippines at Deutsche Bank AG. He worked for several years at Bankers Trust Company in New York, where he served as a managing director (with partner status) and country head for the Philippines, in addition to serving as head of Southeast Asia investment banking. Mr. Camacho holds a bachelor’s of science degree in mathematics with honors from De La Salle University and an M.B.A. in finance from Harvard Business School.
ABOUT THE PARTICIPANTS Biographies
John Campbell
Georgina Carnegie
Senior Partner Campbell Lutyens & Co. Ltd. United Kingdom
Advisor Sentient Group Australia
John Campbell is senior partner of Campbell Lutyens, the independent London-based private equity advisory firm, which he co-founded in 1988. Mr. Campbell has been involved in corporate finance and private equity since joining N M Rothschild in 1969. He is the former executive director of Noble Grossart, the Edinburgh-headquartered financial adviser and private equity manager. He also served as managing director of McLeod Russel Plc, the international agri-business group with principal operations in Africa, India, Indonesia, Papua New Guinea, and Australia. He is a member of the Pacific Pension Institute’s Board of Directors. Mr. Campbell holds a master’s in economics from Cambridge University, where he was an Exhibitioner of Sidney Sussex College.
Georgina Carnegie is an advisor to the Sentient Group and focuses on geo-political assessment and co-investment strategies. Ms. Carnegie has held senior positions in Australian government and management and board positions in the insurance, airline, and resources sectors. She has spent time on secondment to the OECD, has consulted to The World Bank, AMP Private Capital and authored the first Investment Guide to the Lao PDR. In 1990, Ms. Carnegie established Singapore-based Market Intelligence (Asia). She has interviewed presidents and prime ministers, global business leaders, and cultural figures for The Analecta and produced “Visions of Leadership” for The History Channel. Ms. Carnegie holds a bachelor’s degree in Economics from Monash University and attended Harvard University’s MPA program.
Paul Cantor Chair Public Sector Pension Investment Board Canada Paul Cantor is chair of the board of the Public Sector Pension Investment Board. Concurrently, Mr. Cantor acts as senior advisor at Bennett Jones LLP. Previously, he was chairman and chief executive officer of National Trust Company, president and chief executive officer of Confederation Life, and president, Investment Bank, Canadian Imperial Bank of Commerce (CIBC). Mr. Cantor was managing partner and then chairman for Canada of Russell Reynolds Associates, and was the founding executive director of the Toronto International Leadership Centre. Mr. Cantor holds a bachelor’s degree from the University of Alberta, an LLB from the University of Toronto, and an FICB from Ryerson University.
PPI 2009 Asian Pension Fund Roundtable
Howard Chao Partner O’Melveny and Myers, LLP United States Howard Chao is the partner in charge of O’Melveny’s Asia Practice. Mr. Chao is currently engaged in a general corporate practice, with an emphasis on cross-border and Asia matters. He is a recognized authority on China and has extensive experience advising clients on China matters. He has recently been assisting Chinese companies with their outbound investment transactions. In the United States, he has advised clients in connection with a variety of transactional matters, including venture investments, corporate finance, and M&A. Mr. Chao holds a bachelor’s degree with highest distinction in mathematics from Purdue University and a J.D. from the University of California, Berkeley. He is fluent in Mandarin Chinese and French.
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ABOUT THE PARTICIPANTS
Ming Tang Chen
Dean Collins
Section Chief, Investment Management Division Labor Pension Fund Supervisory Committee Taiwan, ROC
Partner O’Melveny & Myers LLP Singapore
Ming Tan (Michael) Chen is the section chief of the Investment Management Division of the Labor Pension Fund Supervisory Committee of Taiwan. In this role, Mr. Chen supervises all the daily investment activities regarding foreign mandates. Previously, Mr. Chen was the senior specialist of the Management Board of Public Service Pension Fund located in Taipei,Taiwan, ROC.
Dean Collins is a partner in the Investment Funds and Securitization Practice of O’Melveny & Myers’ Singapore office. Mr. Collins has been advising on the establishment of private equity funds since 1995. Prior to his position with O’Melveny, Mr. Collins was with Actis, a pan-emerging markets private equity firm, as an in-house lawyer and as a director on its fundraising team.
Arporn Chewakrengkai
F Paul Costello
Chief Economist and Senior Director, Investment Strategic & Planning Division Government Pension Fund Thailand
General Manager Future Fund Australia
Arporn Chewakrengkai is the chief economist and senior director of the Investment Strategic & Planning Department for the Government Pension Fund of Thailand. Previously, Dr. Arporn was economic advisor to Prime Minister H.E. Chuan Leekpai. She has held positions as chief economist of Deutshce Morgan Grenfell Securitites and director of the Economic Analysis and Projection Division of the National Economic and Social Development Board. Dr. Arporn holds a bachelor’s degree in economics from Chulalongkorn University, a post-graduate diploma in development planning technique from the Institute of Social Studies,The Hague, Netherlands, and a Ph.D. in economics from Boston University where she was a member of the Phi Beta Delta Honor Society.
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Paul Costello serves as general manager of the Future Fund, the $58 billion fund established by the Australian government to meet future superannuation liabilities as the country’s population ages. Prior to joining the Future Fund, Mr. Costello was the inaugural chief executive officer of the New Zealand Superannuation Fund. Before that, he served as chief executive officer of the Superannuation Trust of Australia.
ABOUT THE PARTICIPANTS Biographies
F Dai Xianglong
Ajit Dayal
Chairman National Council for Social Security Fund China
Director Quantum Advisors Private Ltd. India
Dai Xianglong is chairman of the National Council for Social Security Fund. Mr. Dai has led a distinguished career in both the public and banking sectors. He is a member of the 17th CPC Central Committee, and was also a member of the 15th and 16th CPC Central Committees. Mr. Dai served as mayor of Tianjin and deputy secretaryof the CPC Tianjin Municipal Committee from 2002 to 2007. Prior to this, Mr. Dai served as governor of the People’s Bank of China. He also served as vice chairman and president of the Bank of Communications, and as chairman of China Pacific Insurance Co., Ltd. Mr. Dai is a graduate of the Department of Accountancy at the Central University of Finance and Economics, China.
Ajit Dayal is director and founder of Quantum Advisors, India’s first equity research house. Mr. Dayal has worked with leading U.S. and UK financial advisory and asset management firms either as a key member of the executive management team or, through the Advisor, as a joint venture partner or affiliate. He also has served as the deputy chief investment officer for Hansberger Global Investors, Inc. and as the lead manager for the Vanguard International Value Fund. Mr. Dayal holds a bachelor’s degree in economics from Bombay University and an M.B.A. from the University of North Carolina at Chapel Hill.
Tumendemberel Dendev Shiv Dalvie Managing Director AEA Investors LP Hong Kong Shiv Dalvie is a partner of AEA Investors LP, which he joined in 1997. Mr. Dalvie has been involved in a broad variety of the firm’s investment activities. Mr. Dalvie relocated to Hong Kong in September 2006 to lead the firm’s private equity activities in Asia. Prior to joining AEA, he was a member of the mergers and acquisitions group of Credit Suisse First Boston. He previously worked with Microsoft Corporation as product manager in its Enterprise Services Group and as an executive with ChrysCapital, India’s largest private equity fund. Mr. Dalvie holds a bachelor’s degree with honors in computer science and economics from Yale University and an M.B.A. from Stanford University’s Graduate School of Business.
PPI 2009 Asian Pension Fund Roundtable
Director, Department of Public Sector Banking Khan Bank of Mongolia Mongolia Temendemberel Dendev is the director of Public Sector Banking for the Khan Bank of Mongolia. Previously, Mr. Dendev has been a member of the Mongolian Parliament, a director at an energy production collective, and an engineer. Mr. Dendev holds a degree in engineering from the College of Transportation, Russia and a degree in industrial economics and politics from the Management Academy of Mongolia.
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ABOUT THE PARTICIPANTS
Jame DiBiasio
Alex Eidlin
Editor AsianInvestor Hong Kong
Managing Director Institutional Real Estate, Inc. United States
Jame DiBiasio is editor of AsianInvestor magazine and its website: www.asianinvestor.net. Prior to his role with AsianInvestor, Mr. DiBiasio was a journalist at Institutional Investor newsletters, first in New York, and eventually serving as its Hong Kong bureau chief. Mr. DiBiasio holds a masters degree from Johns Hopkins University’s School of Advanced International Studies.
Alex Eidlin is managing director for Institutional Real Estate, Inc. Prior to this position, Mr. Eidlin was with the International Real Estate Trade Organization (IRETO) as senior vice president and publisher. While with IRETO, Mr. Eidlin published the Asia Real Estate Report. He has also been a partner at Atlas Partners Japan where he pioneered the first multiple manager real estate fund in Japan. He also has worked for CB Richard Ellis Investors, Morgan Stanley, and other international and blue-chip Wall Street firms in Tokyo and Hong Kong. Mr. Eidlin holds three master’s degrees and an M.B.A. in finance.
Geoffrey Dohrmann President and Chief Executive Officer Institutional Real Estate, Inc. United States Geoffrey Dohrmann is founder, president and chief executive officer of Institutional Real Estate, Inc., a publishing and consulting company focused on the commercial real estate investment community. Mr. Dohrmann also serves as publisher and editor-in-chief of several publications as well as numerous special reports on the industry. He serves as the editor-in-chief of the company’s newest publication, The Institutional Real Estate Letter–Asia Pacific, launched in January, 2009. He is a member of the board of directors of the American Real Estate Society and is also a Fellow of the Homer Hoyt Institute and the American Real Estate Society and is a member of the Counselors of Real Estate. Mr. Dohrmann is a graduate of the University of California, Berkeley.
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Bayanmunkh Enkhbold Director and Senior Inspector, Bayangol District Social Insurance General Office Mongolia Bayanmunkh Enkhbold is the director of the Bayangol District of the Social Insurance General Office. Mr. Enkhbold has also held the position of inspector of the Social Insurance Office of the Bayangol District. Mr. Enkhbold holds a bachelor’s degree in insurance economy from the University of Commerce and Industry.
ABOUT THE PARTICIPANTS Biographies
Erdenetsogt Erdenetuul
Tomas Franzén
Director, Chingeltei District Social Insurance General Office Mongolia
Chief Investment Strategist Second National Pension Fund Sweden
Erdenetsogt Erdenetuul is the director of the Social Insurance General Office in the Chingeltei District. Ms. Erdenetsogt has also held positions as the director and senior instructor of the Social Insurance Office of the Darkhan-Uul Province. Ms. Erdenetuul holds a degree in business management and a master’s degree in public administration from the Academy of Management, Mongolia. She also holds a master’s degree in planning and economy from the National University of Mongolia.
Tomas Franzén is the chief investment strategist at the Second Swedish National Pension Fund (AP2). AP2 is one of four buffer-funds within the recently reformed Swedish national pay-as-you-go pension system. Before joining AP2, he was the chief strategist at Swedbank Markets, where he advised the bank’s Swedish and global clients on equity investments. Prior to that, he served as chief strategist at Den Norske Bank and as senior economist at Svenska Handelbanken. Mr. Franzén holds a bachelor’s degree in economics from the University of Stockholm, and is a certified EFFAS financial analyst.
Iman Firmansyah Head of Investment Division PT Taspen Indonesia Iman Firmansyah is the head of Investment Division for PT Taspen, Indonesia. Mr. Firmansyah has held several positions with Taspen including: head of Taspen Solo and general manager of the Investment Division, investment manager and head of Taspen Jember, East Java, and section head of Investment. Mr. Firmansyah holds a Magister Management in Marketing from the University of Pancasila, Jakarta.
PPI 2009 Asian Pension Fund Roundtable
F Hideaki Fukazawa President and Managing Partner Tokio Marine Capital Co. Japan Hideaki Fukazawa is president and managing partner at Tokio Marine Capital. Mr. Fukazawa has a broad background in corporate finance including M&A advisory and turnaround management through his previous offices at Mizuho Securities, the Industrial Bank of Japan, and the Long-Term Credit Bank of Japan (now Shinsei Bank). Mr. Fukazawa holds a bachelor’s degree in economics from The University of Tokyo and an M.B.A. from The University of Chicago Graduate School of Business.
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ABOUT THE PARTICIPANTS
Gordon Fyfe President and Chief Executive Officer Public Sector Pension Investment Board Canada Gordon Fyfe was appointed president and chief executive officer of Public Sector Pension Investment Board (PSPIB) in October 2003. Before joining PSPIB, Mr. Fyfe had served as president of World Markets at CDP Capital. Previously, Mr. Fyfe served as president and chief operating officer of TAL International, a division of TAL Global Asset Management and vice president at JP Morgan in London, England. He is also a member of the Pacific Pension Institute’s Board of Directors. Mr. Fyfe holds an M.B.A. from INSEAD.
F Nicholas Van Gelder Senior Managing Director Macquarie Capital (Singapore) Pte. Singapore Nicholas Van Gelder is the senior managing director of Macquarie Capital (Singapore) and an executive director of the Macquarie Group. Mr. Van Gelder joined Macquarie in 1997 after working for ten years, mostly in the United Kingdom, working in real estate project finance, construction, development, and investment management. Since joining the firm, he has led the development of Macquarie’s funds business in Korea, and now oversees the development of a variety of new infrastructure and private equity fund initiatives planned throughout Asia, particularly in India, China, and the Middle East.
Rishiram Gautam Executive Director Citizen Investment Trust Nepal Rishiram Gautam is executive director for Citizen Investment Trust since his appointment in January 2009. Previously, Mr. Gautam was involved in Nepal Rastra Bank (The central bank of Nepal) for three decades. He has served as a director of Micro Finance Department where he was directly involved in the formulation of national micro finance policy. Mr. Gautam was director of Madhyamanchal Grameen Bikash Bank in 2001, and Nepal Telecommunication Center. Currently, he is a director of Laxmi Bank Ltd. Mr. Gautam holds a master’s degree in economics from Tribhuban University and an M.B.A. in finance from Lincholonshire and Humbridshire University.
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C. Lawrence Greenwood, Jr. Vice-President, Operations 2 Asian Development Bank Philippines Larry Greenwood is vice president of Operations for the Asian Development Bank. Mr. Greenwood is a career diplomat with more than 30 years of experience in Asia, international finance, development, trade, and investment. Before joining the ADB, he served as principal deputy assistant secretary at the bureau of economic and business affairs, international finance and development, at the U.S. State Department. In 2004, he led the U.S. Government delegation to the Paris Club, and has also served as U.S. ambassador to APEC. He is a member of the Pacific Pension Institute’s advisory council. Mr. Greenwood holds a bachelor’s degree in East Asian studies and a master’s degree in economics, law, and Asian studies from the Fletcher School of Law and Diplomacy.
ABOUT THE PARTICIPANTS Biographies
Dong-Joo Han
Taufik Hidayat
Head of Investment Strategy National Pension Service Korea
Investment Director PT Taspen (PERSERO) Indonesia
Dong-Joo Han is the head of investment strategy for the National Pension Service (NPS) of Korea. Prior to his role with NPS, Mr. Han was chief investment officer of Dongbu Asset Management Co. and a senior strategist of Daewoo Economic Research Institute.
Taufik Hidayat is the investment director for PT Taspen (PERSERO) of Indonesia. Mr. Hidayat was named to this position by the Minister of State Owned Enterprise of the Republic of Indonesia. He began his career in Taspen as section head of planning in 1992. While at Taspen, he held positions as assistant manager of direct investment analysis, manager of investment analysis, head of Taspen Bandung, general manager of the Investment Division. He has also taught at the Magister Management Program at University of Indonesia. Mr. Hidayat holds a master’s degree in economics from The University of Queensland, Australia. He is also a Chartered Financial Analyst.
Paul Brian Hancock Regional Head of Pensions Prudential Corporation Asia Hong Kong Paul Hancock is regional head of pensions for Prudential Corporation Asia and director of BOCI-Prudential. Prior to working for Prudential, Mr. Hancock was group director of business development for HSBC, responsible for managing their Bancassurance business in the United States. He also ran the Life, General and Commercial insurance businesses.This followed a role running marketing and operations for HSBC’s pension business in Hong Kong and Macau. Mr. Hancock holds a bachelor’s degree in arts and a bachelor’s degree in economics and an M.B.A. from the University of Adelaide.
PPI 2009 Asian Pension Fund Roundtable
F Geoffrey A. Hirt Professor of Finance DePaul University United States Geoff Hirt is a professor of finance at DePaul University in Chicago. After serving as chairman of DePaul’s Finance Department, he joined Mesirow Financial as senior vice president of Strategy and Planning, and later added the title of director of equity research. While at Mesirow, he worked in the Asset Management Division with private equity, hedge funds, and equity portfolios. Dr. Hirt maintained a joint appointment at DePaul and Mesirow Financial until 2001, when he returned to the university full-time. Dr. Hirt holds a Ph.D. in finance from the University of Illinois at Urbana- Champaign. He also holds an M.B.A. in finance from Miami University of Ohio, and a bachelor’s degree in economics from Ohio Wesleyan University.
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ABOUT THE PARTICIPANTS
Paul Hoff Managing Director FTSE AsiaPacific Japan Paul Hoff is the managing director of FTSE AsiaPacific. Mr. Hoff oversees business development in the Asia Pacific region. Prior to joining the FTSE Group, he worked in the Japanese financial markets for more than 20 years. He began his career in equities with Grieveson, Grant and Co., setting up its Japanese equity research department in 1983. He is a member of the Securities Institute, London, UK. Mr. Hoff speaks fluent Japanese and Korean.
F Kiyotaka Hoshino General Manager of the International Department Daiwa SB Investments Japan Kiyotaka (Ken) Hoshino is general manager of the International Department of Daiwa SB Investments. Mr. Hoshino joined Daiwa Securities in 1982 and was assigned to the International Investment Services Department. He also has experience working as a fund manager for Japan/ Asian Equities. He also acted as the president/ managing director of US/Singapore/Hong-Kong subsidiaries, before returning to Japan and assumed his current role in April 2005. Mr. Hoshino holds a bachelor’s degree in literature from Meiji University.
Pongsak Hoontrakul Senior Research Fellow Sasin of Chulalongkorn University Thailand Pongsak Hoontrakul is a senior research fellow at Sasin of Chulalongkorn University in Thailand. Dr. Hoontrakul concurrently serves as advisor to the International Association of Deposit Insurance and the Thai Real Estate Association. He is an independent director of the UOL Group in Singapore and a member of the International Advisory Board of Schulich,York University in Toronto. Previously, Dr. Hoontrakul has been a director and chairman of the Audit Committee of United Overseas Bank (Thai) Pcl., director and secretary general of the Advisory Board, Siemens Ltd., and advisor to the Parliamentary Committee for Economic Affairs to the Parliamentary Committee for Social Welfare & Human Rights. Dr. Hoonttrakul holds a bachelor’s degree in engineering from San Jose State University, an M.B.A. from Sasin of Chulalongkorn University, and a Ph.D. in finance from Thammasat University.
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Philip Hsin Relationship Manager Capital International, Inc. Singapore Philip Hsin is a relationship manager for Capital International with client relations and marketing responsibilities in Asia. Prior to joining Capital International in 2007, Mr. Hsin held senior sales and business development positions at Barclays Global Investors and Goldman Sachs Asset Management. Mr. Hsin’s other experience includes business development and general management roles at Deutsche Asset Management and ING Investment Management, respectively, having worked in both Singapore and Hong Kong. Mr. Hsin holds a bachelor’s degree in finance from Oregon State University and an M.B.A. from Northwestern University’s Kellogg School of Management and The Hong Kong University of Science and Technology.
ABOUT THE PARTICIPANTS Biographies
F Fred Hu
H. Lawrence Hull, Jr.
Managing Director & Chairman, Greater China Goldman Sachs (Asia) LLC China
President Larco Advisors, Inc. United States
Fred Hu is the managing director and chairman for greater China at Goldman Sachs (Asia) LLC. Prior to joining Goldman Sachs in 1997, Dr. Hu was a staff member at the International Monetary Fund, where he worked on macroeconomic research and policy consultations for a number of member country governments, including China. Dr. Hu has been a member of the Strategic Development Committee chaired by the chief executive of Hong Kong SAR, a member of the advisory committee for the Hong Kong Securities and Futures Commission, and is a member of the Asia Pacific Council of the Nature Conservancy. He has also served as co-director of the National Center for Economic Research at Tsinghua University. He has published widely on China and the economies of the Asia-Pacific. Dr. Hu holds a master’s degree in engineering science from Tsinghua University and a Ph.D. in economics from Harvard University.
Larry Hull is president of Larco Advisors, Inc., and founder of the Pacific Pension Institute. He is a senior advisor to Lombard Investments, Inc. Mr. Hull has more than 40 years of experience in the pension fund investment business as a consultant to pension advisors and plan sponsors with a focus on developing and structuring international alternative asset investment programs. He is a member of the Pacific Pension Institute’s Board of Directors and Advisory Council. Mr. Hull holds a bachelor’s degree in business administration from the University of Oregon. He is a graduate of the Air War College and a retired Air Force Colonel.
Chao-Hsi Huang
Shunsuke Ichijo is managing director, head of international division and Japanese Pension Clients Division of Daiwa SB Investments. Mr. Ichijo joined Daiwa Securities in 1981. He was assigned to the New York office in 1982 and became the president of that office in 1989. He returned to Japan in 1996 to join the International Department, and became an executive officer and the director of the International Department in 2002. In 2005, he was promoted to senior executive officer and took charge of domestic pension client service. He was promoted to managing director in April 2008. Mr. Ichijo holds a bachelor’s degree in economics from Meiji Gakuin University.
Chairperson Labor Pension Fund Supervisory Committee Taiwan, ROC Chao-Hsi (Chris) Huang is chairperson for the Labor Pension Fund Supervisory Committee of Taiwan. Prior to this position, Mr. Huang acted as the executive secretary of National Development Fund. He began his public servant career in the finance department of Taiwan Provincial Government and later became the director of Finance Department in Tainan County Government. Mr. Huang also held positions as the chief counselor in the Vice Premier Office and secretary general of Council for Economic Planning and Development, Executive Yuan.
PPI 2009 Asian Pension Fund Roundtable
Shunsuke Ichijo Managing Director, Head of International Division & Japanese Pension Clients Division Daiwa SB Investments Japan
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ABOUT THE PARTICIPANTS
Hirofumi Imaji Partner Mezzanine Corporation Japan Hirofumi Imaji is a partner with Mezzanine Corporation. Mr. Imaji has contributed to the development of the syndicated loan market in Japan since its inception in 1999. Prior to joining Mezzanine, he was head of Global Loans and Leveraged Finance at Citigroup in Japan. Mr. Imaji holds a bachelor’s degree in political science from Waseda University and an M.B.A. from Kellogg Graduate School of Management at Northwestern University.
Yoichiro Iwama President (retired) Tokio Marine Asset Management Co., Ltd. Japan Yoichiro Iwama was the president of Tokio Marine Asset Management Co., Ltd. having held the position since 2005. Prior to being appointed as president, he was a senior managing directorof Tokio Marine & Nichido Fire Insurance Co., Ltd., managing director of its Investment & Financial Services Division, managing director and general manager of the Chubu-Hokuriku Division, and director and general manager of the Global Investment Department. Mr. Iwama holds a bachelor’s degree in law from the University of Tokyo.
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F Richard Jackson Director & Senior Fellow, Global Aging Initiative Center for Strategic & International Studies United States Richard Jackson is currently a senior fellow at the Center for Strategic & International Studies (CSIS), where he directs the Global Aging Initiative, a research program that explores the economic, social, and geopolitical implications of aging populations around the world. Dr. Jackson is also an adjunct fellow at the Hudson Institute and a senior advisor to the Concord Coalition. From 1993 to 2003, he worked as an independent writer and consultant on U.S. fiscal and economic policy issues arising from the aging of the population. Dr. Jackson holds a bachelor’s degree in classics from the State University of New York at Albany and a Ph.D. in economic history from Yale University.
Veronica L. John Chief Executive Officer IDFC Capital Singapore Veronica John is the chief executive officer of IDFC Capital in Singapore and president of IDFC Global Alternatives. Ms. John is a longstanding investor in emerging markets private equity funds in Asia. Previously, Ms. John was a portfolio director responsible for the Asia fund of funds portfolio of the CDC Group based in London. Prior to joining CDC, she was a principal investment officer at the Asian Development Bank. Ms. John holds a bachelor’s degree in international studies and political science from Elmira College and an M.B.A. from George Washington University.
ABOUT THE PARTICIPANTS Biographies
Jee-Yon Kim
Yukihiro Kitano
Senior Portfolio Manager, Investment Strategy Division National Pension Service Korea
Executive Officer Sumitomo Trust & Banking Co. Japan
Jee-Yon (Jean) Kim is a senior portfolio manager for the National Pension Service (NPS) of Korea. In this role, Ms. Kim directs and manages the strategic asset allocation for the Korean National Pension Fund. Last year, she was seconded from NPS to work on the Quant Strategies team for the World Bank Treasury. Before joining NPS, she worked at Kyobo Life in Korea. Before Kyobo Life, she worked as a credit analyst at Chemical Bank (now JP Morgan Chase), Seoul branch. Ms. Kim holds an M.B.A. from Carnegie Mellon University.
Yukihiro Kitano is executive officer of Sumitomo Trust & Banking Co., Ltd. Mr. Kitano oversees the asset management business of Fiduciary Services Group as the deputy president of the Group, which provides asset management and securities processing services to institutional clients including Japanese pension funds. He has been engaged in Corporate Planning Department, Securities Business Planning Department, and Trust Funds Investment Department throughout his career in Sumitomo Trust. Mr. Kitano is a director of Japan Securities Investment Advisors Association and a chartered member of the Security Analysts Association of Japan.
Sun Chung Kim Chief Investment Officer National Pension Service Korea Sun Chung Kim is the chief investment officer for the National Pension Service of Korea. Prior to this position, Mr. Kim has held positions as advisor to Saturn Investment Management, chief executive officer of H&B Investment Management, and managing director of Samsung Fire & Marine Insurance.
PPI 2009 Asian Pension Fund Roundtable
F Knut Kjaer President RiskMetrics United States Knut Kjaer is president of RiskMetrics. Previously, Mr. Kjaer was the chief executive officer of Norges Bank Investment Management (NBIM) from its inception in 1997 until he departed in January, 2008. As chief executive officer of NBIM, Mr. Kjaer was responsible for the operative management of the Norwegian Government Pension Fund (the Oil Fund) and the management of Norway’s foreign reserves. He has also served as a member of the Board and as deputy chairman of the Oslo Stock Exchange. Mr. Kjaer was appointed as Knight Class 1 of the Royal Order of St. Olav by His Majesty King Harald of Norway. Mr. Kjaer holds a bachelor’s degree in political science from the University of Oslo, a master’s degree in economics, and has attended the Advanced Management Program at Harvard Business School.
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ABOUT THE PARTICIPANTS
F Koh Yong Guan
Rebekka Kristin
Chairman Central Provident Fund Board Singapore
Associate Publisher AsianInvestor Hong Kong
Koh Yong Guan is chairman of the Central Provident Fund Board. Mr. Koh retired from Singapore’s Administrative Service in 2005 after 32 years of distinguished service. He is the former managing director of the Monetary Authority of Singapore, permanent secretary for National Development, permanent secretary for Health, and second permanent secretary for Finance. He is currently serving on the Board of the Monetary Authority of Singapore. He completed undergraduate and postgraduate studies at the University of Toronto. Mr. Koh holds an M.B.A. from the Catholic University of Leuven.
Rebekka Kristin is the associate publisher of AsianInvestor magazine and www.asianinvestor.net. Ms. Kristin is responsible for publishing the monthly magazine and a daily updated website with the latest news from Asia’s growing fund industry. Originally from Iceland, Ms. Kristin has spent the last seven years in Hong Kong working for Haymarket Media publications, initially with FinanceAsia and now its sister publication AsianInvestor. Ms. Kristin holds a bachelor’s degree from Reykjavik University.
Tatsuya Kuroyanagi
F Wayne Kozun Senior Vice President, Public Equities Ontario Teachers’ Pension Plan Canada Wayne Kozun is senior vice president of Public Equities for the Ontario Teachers’ Pension Plan. Mr. Kozun oversees the fund’s actively-managed public equities portfolios, including relationship investing. As well, the equities team monitors the corporate governance practices of the companies in which Teachers’ invests. He joined Teachers’ in 1995 and previously held the position of vicepresident,Tactical Asset Allocation. He holds a bachelor’s degree in engineering science from the University of Western Ontario and an M.B.A. from the Richard Ivey School of Business.
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Senior Advisor Kadota & Co., Inc. Japan Tatsuya Kuroyanagi is a senior advisor of Kadota & Co., Inc. Mr. Kuroyanagi has been engaged in various private equity arenas, including direct investment, fund investment for more than 25 years in Japan, USA and Asia. He was the head of the Merchant Banking Team, Merchant Banking Department of Mitsubishi Corporation and president and chairman of Millennia Venture Partners, Co. Ltd. He also served as a member of the Board of Japan Venture Capital Association and as a study committee member for Ministry of Economics Trade & Industry. Mr. Kuroyanagi holds a bachelor’s degree in social science from Hitotsubashi University.
ABOUT THE PARTICIPANTS Biographies
Ernest J.F. Lambers Co-founder, Managing Partner and Chief Investment Officer EMAlternatives, LLC Netherlands Ernest Lambers is a co-founder, managing partner, and chief investment officer of EMAlternatives, LLC. Previously, Mr. Lambers was head of Emerging Markets at AlpInvest Partners N.V., where he initiated and executed an investment program for the emerging private equity markets between 2000 and 2007. From 1996 to 2000, Mr. Lambers was executive director of NIB Capital Bank Pte Ltd., Singapore, active in private equity and corporate banking across Asia. Mr. Lambers joined NIB Capital Bank NV in the Netherlands in 1990. Previously, he held several positions with ABN AMRO Bank NV. Mr. Lambers holds a master’s degree in economics from Erasmus University in Rotterdam.
Ka Shi Lau Chairman Hong Kong Retirement Schemes Association Hong Kong Ka Shi Lau is the chairman of the Hong Kong Retirement Schemes Association. Concurrently, Ms. Lau is managing director and chief executive officer of Bank Consortium Trust Company Limited. She has held several positions in Hong Kong and New York City including executive roles in Hong Kong Mortgage Corporation and several major international banks in mortgage securitization, investment banking, project finance, and global investment. She is also the chairman of the Retirement Schemes Sub-committee of the Hong Kong Trustees’ Association. Ms. Lau holds an M.B.A. from Cornell University.
PPI 2009 Asian Pension Fund Roundtable
F Bernard Lee Visiting Practice Associate Professor and Deputy Director, Sim Kee Boon Institute for Financial Economics Singapore Management University Bernard Lee is the deputy director of the Sim Kee Boon Institute for Financial Economics at the Singapore Management University. Prior to relocating in Singapore in 2009, Dr. Lee was a managing director at BlackRock in New York City, where he served as global co-head for mult-asset risk and one of its firm-wide leaders in alternative risk. In this capacity, he led Ph.D.-level quantitative analysts to support $100 billion of the firm’s most complex and sophisticated products. Prior to joining BlackRock, Dr. Lee was a principal and head of quantitative research at Allianz Hedge Fund Partners, and a project manager for the financial and commodity risk consulting division at Andersen. He has several publications on investment, asset allocation, and risk. Dr. Lee holds a bachelor’s degree in international affairs and engineering from Princeton University, a master’s degree in science in computational mathematics from Stanford University, and a Ph.D. from Imperial College London.
Ling Xiange Director, Risk Management Department China Investment Corporation China Xiange Ling is the director of the Risk Management Department of China Investment Corporation.
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ABOUT THE PARTICIPANTS
F Bindu Lohani
Nicholas C. Llave
Vice President, Finance & Administration Asian Development Bank Philippines
Senior Investment Officer, ADB Pension Plan Asian Development Bank Philippines
Bindu Lohani serves as vice president for finance and administration at the Asian Development Bank and is a member of the Bank’s management team. In this capacity, Dr. Lohani is responsible for the functional areas of the treasury, controllership, information technology, budget, and human resources, administrative services, and the offices of the secretary and general counsel. Prior to this, Dr. Lohani served as director general of the ADB’s regional and sustainable development department, and as the chief compliance officer and special advisor to the president on clean energy and the environment. He began his career with the ADB in the infrastructure department. He is an elected member of the National Academy of Engineering, a diplomate of the American Academy of Environmental Engineers, and an elected Fellow of the American Academy for the Advancement of Science. Dr. Lohani holds a bachelor’s degree in civil engineering, a master’s degree in environmental engineering, and a Ph.D. in environmental technology and management.
Nicolas Llave is senior investment officer of the Asian Development Bank (ADB) Mr. Llave has been with ADB for over 24 years principally involved with the management of the ADB Staff Retirement Fund. He is the secretary of the ADB Staff Retirement Fund’s Investment Committee. Prior to joining ADB in 1985, he worked for 10 years as an analyst for the Department of Natural Resources in Manila.
Shyong Piau Lim Managing Director Invesco Asset Management Singapore Limited Singapore Shyong Piau Lim is a managing director of Invesco Asset Management. Mr. Lim is responsible for institutional business development and client servicing activities in South East Asia, Korea and India. Prior to joining Invesco, he spent several years as head of institutional business at Vanguard Investments Singapore (Asia xJapan) and head of international business at APS Asset Management. He started his career with Citibank Asia Pacific, Global Corporate Banking. Mr. Lim holds bachelors’ degrees in business (accounting) and computing from Monash University, Australia. He is also an associate member of CPA Australia, CFA Institute, Singapore Society of Financial Analysts (SSFA) and MENSA Singapore.
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Melissa J. Ma Co-Founder and Managing Director Asia Alternatives Management LLC United States Melissa Ma is a co-founder and managing director of Asia Alternatives Management LLC. Ms. Ma is on the firm’s Investment Committee and leads Asia Alternatives’ investments in buyout and special situations funds. She also oversees the investor relations, market research, and back office functions. Prior to starting Asia Alternatives, Ms. Ma was a director at Hellman & Friedman LLC. Previously, she has worked at McKinsey & Co, Inc. and Goldman, Sachs & Co. Ms. Ma holds a bachelor’s degree in economics and East Asian studies, magna cum laude, from Harvard University and an M.B.A. with Distinction from Harvard Business School. She is fluent in Mandarin Chinese.
ABOUT THE PARTICIPANTS Biographies
F Farouki Majeed
F Robert M. Maynard
Senior Investment Officer California Public Employees’ Retirement System United States
Chief Investment Officer Public Employee Retirement System of Idaho United States
Farouki Majeed is the senior investment officer for asset allocation management at the California Public Employees’ Retirement System (CalPERS). Mr. Majeed is responsible for asset allocation implementation and the CalPERS Asset Allocation Team. Prior to joining CalPERS, Mr. Majeed served as the inaugural chief investment officer of the Abu Dhabi Retirement Pensions and Benefits Fund of the United Arab Emirates. He is also the former deputy director for investments at the Ohio Public Employee Retirement System and the former chief investment officer for the Orange County Employees Retirement System. Mr. Majeed holds a bachelor’s degree in engineering from the University of Sri Lanka and an M.B.A. in finance from Rutgers University. He is also a chartered financial analyst.
Bob Maynard is the chief investment officer of the Public Employee Retirement System of Idaho. Mr. Maynard was formerly the deputy executive director of the Alaska Permanent Fund Corporation. He was also assistant attorney general for the state of Alaska, where he served as counsel for the Alaska Permanent Fund Corporation and the Alaska Public Employees’ and Teachers’ Retirement Systems. He is the elected chair of the Board of Directors of the Pacific Pension Institute. Mr. Maynard holds a bachelor’s degree from Claremont Men’s College (now Claremont McKenna College) and a J.D. from the University of California, Davis.
Herb Meiberger
F Priya S. Mathur Trustee, Board of Administration California Public Employee’s Retirement System United States Priya Mathur is serving her second term on the Board of Administration representing public agency members of the California Public Employee’s Retirement System (CalPERS). Ms. Mathur currently serves on the Benefits and Program Administration and the Ad Hoc Board Governance Committees. She is chair of the Performance and Compensation and Health Benefits Committee and vice chair of the Investment Committee. Ms. Mathur is a principal financial analyst for the Bay Area Rapid Transit District (BART). Prior to BART, she was a consultant with Public Financial Management Inc. Ms. Mathur holds a bachelor’s degree in economics and literature from Connecticut College and an M.B.A. from the Haas School of Business, University of California, Berkeley.
PPI 2009 Asian Pension Fund Roundtable
Commissioner, Retirement Board City and County of San Francisco Employees’ Retirement System United States Herb Meiberger is a commissioner on the board of the San Francisco Employees’ Retirement System (SFERS). Prior to his election to the Retirement Board in 1992, Mr. Meiberger served as a security analyst for SFERS. During his tenure at SFERS, he has worked in several capacities, including managing and overseeing fixed income and alternative investment portfolios, and monitoring the compliance of asset managers. He retired in 2006 after 20 years of service, and now teaches finance at San Francisco State University. Mr. Meiberger holds a bachelor’s degree in mathematics and chemistry from the University of South Dakota and an M.B.A. in finance from the University of California, Berkeley.
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ABOUT THE PARTICIPANTS
F Stephen Merlicek
Nicholas A. Morriss
Chief Investment Officer IOOF Australia
Co-Founder and Managing Partner EMAlternatives, LLC United States
Steve Merlicek is chief investment officer for IOOF, an Australian financial services provider. Prior to this position, Mr. Merlicek was chief investment officer at Telstra Super Pty Ltd., Australia’s largest corporate super fund. During his tenure at Telstra Super, Mr. Merlicek implemented a domestic and international private equity program, a hedge fund program, and significant investments in infrastructure. Prior to joining Telstra, he ran the TSS Small Cap portfolios from 1992 to 1999. He has also served as a regular soldier in the Australian Army. Mr. Merlicek holds a bachelor’s degree in economics with honors and a master’s degree in commerce with honors from Monash University. He is also a Fellow of the Financial Services Institute of Australasia.
Nicholas Morriss is a co-founder and managing partner of EMAlternatives, LLC. Previously, Mr. Morriss was a partner in Coopers & Lybrand, Projects International, and more recently, Cape Point Capital, where he undertook buy-outs and acquisitions work for corporate clients and advisory assignments for pension funds and private equity managers. He is the treasurer and a board member of the Margaret Thatcher Foundation. Mr. Morriss holds a bachelor’s degree in economics from York University. He is also a Chartered Accountant.
Kotaro Mori Director, Pension & Welfare Department Japan External Trade Organization, New York United States Kotaro Mori is director of the Pension & Welfare Department at the Japan External Trade Organization (JETRO) in New York. As a New York liaison for Government Pension Investment Fund (GPIF) in Japan, Mr. Mori conducts various research projects into pension and investment issues around the world. Before coming to JETRO, he was budget director and director of the Public Accounting Office for the Ministry of Finance in Japan. Mr. Mori holds a bachelor’s degree in law from Tokyo University. He is a Chartered Member of the Security Analysts Association of Japan.
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F Shireen Muhiudeen Founder and Managing Director Corston-Smith Asset Management (Singapore) Pte Ltd. Singapore Shireen Muhiudeen is the founder and managing director of Corston-Smith Asset Management (Singapore) Pte. Ltd.,an exempt fund manager in Singapore, and Corston-Smith Asset Management Sdn. Bhd., in Malaysia. She currently manages the portfolios of clients who invest in the ASEAN region and focuses on corporate governance and engagement. Ms. Muhiudeen was previously the chief executive officer of AIG Investment Corporation (Malaysia) Sdn. She has managed Shariah funds since 1988, and often speaks at international forums on issues within the Islamic Fund Management industry. Ms. Muhiudeen is a member of CFA Institute, the International Corporate Governance Network, and a corporate member of Asian Corporate Governance Group (Hong Kong).
ABOUT THE PARTICIPANTS Biographies
F Derek Murphy
Norio Nakajima
First Vice President, Private Equity Public Sector Pension Investments Canada
President and Chief Executive Officer DIAM Co., Ltd. Japan
Derek Murphy is first vice president, Private Equity for Public Sector Pension Investments (PSP Investments). Prior to joining PSP Investments, Mr. Murphy was founder, president, and chief executive officer of Barnridge Inc. Prior to Barnridge, he worked in the investment banking sector from 1986 to 1997 for such companies as J.P. Morgan and Swiss Bank Corporation Warburg.
Norio Nakajima is president and chief executive officer of DIAM Co., Ltd. (DIAM). Before joining DIAM, Mr. Nakajima was with Mizuho Corporate Bank where he served as managing executive officer for seven years. As a managing executive officer he managed the Global Markets Unit, Global Alternative Investment Unit and Financial Institutions and Public Sector Banking Unit. Mr. Nakajima holds a bachelor’s degree in commerce and management from Hitotsubashi University. He also attended the Advanced Management Program at Harvard Business School.
Paul Mussche Director, Strategic Transactions Deutsche Bank Singapore Paul Mussche is a director in the Strategic Transactions Group at Deutsche Bank in Singapore. Dr. Mussche has 15 years of experience in interest rate strategy and ALM advisory work for financial institutions. He previously spearheaded the ALM research effort for U.S. life insurance companies before starting the Asian ALM research effort. Prior to that Dr. Mussche was the head of Treasury and Agency strategy. Before joining Deutsche Bank, he was an executive director at Goldman Sachs in its fixed income market research group. Dr. Mussche holds a bachelor’s degree in engineering from the University of Brussels and a master’s degree and a Ph.D. in electrical engineering from Stanford University.
PPI 2009 Asian Pension Fund Roundtable
F Yoshihiro Namura Senior Investment Officer and Managing Director, Fixed Income Investments Nomura Asset Management Co., Ltd. Japan Yoshihiro Namura is the senior investment officer and managing director of the fixed income investment department for Nomura Asset Management Co. (NAM). Mr. Namura also serves as the co-chairman of the firm’s Investment Policy Committee. Previously, he headed NAM’s equity investment department and managed Nomura Funds Research and Technologies Co., Ltd. He spent three years as an emerging market sovereign credit analyst with Nomura’s affiliate in New York. Mr. Namura holds a bachelor’s degree in engineering and applied mathematics from Kyoto University and a master’s degree in management from Massachusetts Institute of Technology. He is a CFA charterholder.
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ABOUT THE PARTICIPANTS
Richard Newell
Eiichi Oikawa
Managing Editor Investments & Pensions Asia New Zealand
Managing Director Daiwa SB Investment (Singapore) Ltd. Singapore
Richard Newell is managing editor of the magazine Investment & Pensions Asia. IPA is written for an audience of institutional investors including pension funds, corporates, endowments, family offices, and sovereign investors. Issues of risk management, corporate governance, and social responsibility are key ingredients of IPA’s editorial coverage. Mr. Newell has specialized in researching the Asian region for the past 15 years. He spent the early part of his career as a business journalist in London, writing for the Financial Times and specializing in coverage of emerging markets. Mr. Newell is a former director of a UK-based fund management company.
Eiichi Oikawa is a managing director of Daiwa SB Investments (Singapore). Prior to that, Mr. Oikawa was senior portfolio manager in the Equity Management Department and International Department in Tokyo. In Daiwa Securities and Daiwa Securities SMBC, he spent over ten years in research sales for major institutional investors in Tokyo and overseas and more than years with Daiwa Middle East (Bahrain) as an investment manager.
Akiyoshi Oba President and Chief Executive Officer Tokio Marine Asset Management Co., Ltd. Japan Akiyoshi Oba is president and chief executive officer of Tokio Marine Asset Management Co. Prior to being appointed to his current position, Mr. Oba was an adviser to the firm. Before joining Tokio Marine Asset Management, he was president and chief executive officer of Mizuho Pension Research Institute, managing director of Mizuho Trust & Banking, and chief investment officer. Mr. Oba holds a bachelor’s degree in economics from Waseda University.
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Keiichiro Okuda General Manager, International Marketing Development Group DIAM Co., Ltd. Japan Keiichiro Okuda is the general manager of the International Marketing Development Group of DIAM Co.The group was established and started its activities in ex-Japan Asia-Pacific areas in 2004. Prior to joining DIAM, Mr. Okuda was deputy general manager of the Derivatives & Foreign Exchange Division of Mizuho Bank. He was also with the Industrial Bank of Japan in the securities and FOREX trading business in Tokyo, London, and Zurich. Mr. Okuda holds a bachelor’s degree in economics from Waseda University.
ABOUT THE PARTICIPANTS Biographies
Jody B. Olson Chairman of the Board Public Employee Retirement System of Idaho United States Jody Olson is chairman of the Public Employee Retirement System of Idaho’s Board of Directors. Mr. Olson is also Of Counsel at Hawley Troxell Ennis & Hawley. Formerly, he was vice president of Corporate Development at Trus Joist. He was secretary of the board of Trus Joist MacMillan, a limited partnership with MacMillan Bloedel, Ltd. He was also chairman of the board of Norco Windows, Inc and Outlook Window Partnership. He serves as an elected member on the Board of the Council of Institutional Investors. Mr. Olson holds degrees from the University of Idaho College of Business and the Lewis & Clark Law School.
Nobuaki Omura President and CEO Daiwa SB Investments Japan Nobuaki Omura is president and chief executive officer of Daiwa SB Investments. After joining Daiwa Securities in 1971, Mr. Omura spent over 20 years in major financial centers in both the United States and Europe, where he was engaged in a variety of financial services businesses. Prior to his appointment, his responsibilities at Daiwa Securities SMBC had been to oversee its international operations through his role as the head of the International Division. Mr. Omura holds a bachelor’s degree in business management from Keio University.
PPI 2009 Asian Pension Fund Roundtable
F Guan Ong Principal Blue Rice Investment Management Singapore Guan Ong is the founder and principal of Blue Rice Investment Management, a credit-focused hedge fund specializing in Asian investments, primarily fixed income credits. Prior to founding Blue Rice, Dr. Ong served as chief investment officer of the Korea Investment Corporation (KIC), Korea’s sovereign wealth fund. Before joining KIC, Dr. Ong was global chief investment officer at Prudential Financial Group, and president and chief executive officer at Prudential Asset Management Co., Ltd. He joined Prudential Financial in Hong Kong as a fixed income portfolio manager in 1998, and started Prudential’s Singapore office in 2000. Dr. Ong began his career with Credit Suisse First Boston in London. He was voted as the most astute investor in Asian Dollar Bonds by The Asset Magazine for four consecutive years (2001-2004). Dr. Ong holds a doctorate in electrical engineering from Imperial College, London.
Dorothy Own Manager, Investment Regulation Department Mandatory Provident Fund Schemes Authority Hong Kong Dorothy Own is a manager of the Investment Regulation Department at the Mandatory Provident Fund Schemes Authority, the pension fund regulator in Hong Kong. Previously, she was a risk manager at ING and Fortis. She has worked in Bank of East Asia and Citibank as well. Ms. Own holds a master’s degree in finance from the Chinese University of Hong Kong. She is also a CFA, FRM, and CPA.
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ABOUT THE PARTICIPANTS
Prinn Panitchpakdi
David G. Pierce
Senior Regional Equities CLSA Ltd.
Chief Executive Officer Squadron Capital Hong Kong
Prinn Panitchpakdi currently works in Senior Regional Equities for CLSA Ltd., Hong Kong. Mr. Panitchpakdi started his career as an analyst in the investment banking unit of ABN Amro in London. He later joined Deutsche Bank Tisco Securities as a vice president on the Equities Institutional Sales team. Mr. Panitchpakdi was a vice chairman of the ASEAN-UK Business Forum and a co-founder of EARS Ltd. Mr. Panitchpakdi holds a bachelor’s degree in economics and international relations from the London School of Economics and Political Sciences.
David Pierce is chief executive officer of Squadron Capital, a member of Search Investment Group of Hong Kong. Mr. Pierce is also vice chairman of the Hong Kong Venture Capital & Private Equity Association and a member of the board of ACCION International. Prior to joining Search Investment Group, he was a partner in the Shanghai office of an international law firm. He has been the president of a China-focused private equity firm. Mr. Pierce holds a bachelor’s degree, summa cum laude, from Dartmouth College, an L.L.M. from the London School of Economics, and a J.D., cum laude, from Harvard Law School. He also speaks Mandarin Chinese.
F Triphon Phumiwasana Director of External Fund Management Government Pension Fund Thailand Triphon (Ed) Phumiwasana is director of External Fund Management Department at the Government Pension Fund (GPF) of Thailand. Prior to joining GPF, Mr. Phumiwasana was the senior economist at the Milken Institute. He published research focused on banks, financial markets, hedge funds, with emphasis on global issues. He recently co-authored The Rise and Fall of the U.S. Mortgage and Credit Markets: A Comprehensive Analysis of the Meltdown. Mr. Phumiwasana received his Ph.D. in economics with a concentration in international money and finance from Claremont Graduate University.
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Nachcha Protpakorn Deputy Secretary General, Investment Compliance and Operation GroupGovernment Pension Fund Thailand Nachcha Protpakorn is the deputy secretary general of the Invesment Compliance and Operation Group for the Government Pension Fund of Thailand. Ms. Protpakorn holds a bachelor’s degree in accounting from Thammasat University and an M.B.A. from Case Western Reserve University.
ABOUT THE PARTICIPANTS Biographies
Arjun Lal Rajbanshi
Ashwin Ramesh
Chief of Finance & Service Department Citizen Investment Trust Nepal
Principal Primary Real Estate Advisors Private Ltd. India
Arjun Lal Rajbanshi is the chief of Finance and Service Department for the Citizen Investment Trust (CIT) of Nepal. Mr. Rajbanshi joined CIT in 1992. He is responsible for planning and evaluating the Trust’s schemes, managing the information system networks and databases, and developing and managing the Trust’s position in capital markets. Prior to joining CIT, Mr. Rajbanshi was a computer officer for the Social Welfare Council and a senior EDPS analyst for Interface (P) Ltd. Mr. Rajbanshi holds a bachelor’s degree in economics from Trivhuban University’s Trichandra Campus and a master’s degree in economics with econometrics from Trivhuban University’s Kirtipur Campus.
Ashwin Ramesh is principal for Primary Real Estate Advisors based in India. In this role, Mr. Ramesh is responsible for building the investment portfolio, evaluating deals and making investment decisions. He has extensive experience in real estate development and investments. Mr. Ramesh holds a bachelors’ degree in law from Bombay University. He is also a Chartered Accountant.
Vachira Na Ranong Deputy Secretary General, Administration Group Government Pension Fund Thailand Vachira Na Ranong is the deputy secretary general of the Administration Group of the Government Pension Fund (GPF),Thailand. Ms. Na Ranong was appointed to the position in 2003. She is responsible for Information Technology, Human Resources, Innovation, Strategy Management and Corporate Governance. She is appointed on behalf of the GPF as chair of the GPF Property Management Company. She served as the assistant secretary general of the Financial Sector Restructuring Authority. Ms. Na Ranong holds a bachelor’s degree in banking and finance from Chulalongkorn University and an M.B.A. in finance from Marshall University.
PPI 2009 Asian Pension Fund Roundtable
Vitai Ratanakorn Senior Director, Office of Alternative Investment Government Pension Fund Thailand Vitai Ratanakorn is the senior director and head of the Office of Alternative Investment for Government Pension Fund of Thailand. Mr. Ratanakorn manages investments in private equity, real estate and Infrastructure for the fund and supervises the Property Management Team. At the moment, he also represents GPF on the boards of several companies including Siam City Asset Management Co., ltd., Saha Thai Steel Pipe Pcl., L.C.Thailand Co., ltd. (Holiday Inn Phuket) and Thai Prosperity Advisory Co., ltd. Mr. Ratanakorn holds a bachelor’s degree in economics and three master’s degrees in finance, economic law and political economy.
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ABOUT THE PARTICIPANTS
Peter J. Ryan-Kane
Pisut Sampatanukul
Head of Portfolio Advisory, Asia Pacific Watson Wyatt Hong Kong
Director, Investment Policy Monitoring Department Government Pension Fund Thailand
Peter Ryan-Kane is head of Portfolio Advisory for Watson Wyatt, Asia-Pacific region. Mr. Ryan-Kane sits on the firm’s Global Investment Committee and chairs the regional Portfolio Construction Group. He rejoined Watson Wyatt in 2009 after two and half years at Credit Suisse. He has also held positions as an investment consultant with Towers Perrin in Australia, head of Interest Rate Risk Management at National Australia Bank, and with INVESCO Asset Management, initially as head of Australian Fixed Income and finally as global chief investment officer, Worldwide Fixed Income. Mr. Ryan-Kane holds a bachelor’s degree in economics from the University of Adelaide and a graduate diploma in applied finance and investment from the Securities Institute of Australia. He is also a CFA Charter holder.
Pisut Sampatanukul is the director of Investment Policy Monitoring Department of the Government Pension Fund of Thailand. Prior to this position, Mr. Sampatanukul was vice president of the Treasury Division for Merrill Lynch Phatra Securities Co. He has held several positions with Phatra Thanakit Public Co. including vice president of the Phatra Research Institute and assistant vice president of the Fund Management Division. Mr. Sampatanukul holds a bachelor’s degree in accounting and an M.B.A. from Thammasat University and an M.B.A. from the University of Chicago. He is also a Chartered Financial Analyst.
Yawer Sayeed Peter Salisbury Chairman, Private Placements Group and Executive Director Macquarie Capital Australia Peter Salisbury is the chairman of the Private Placements Group and executive director of Macquarie Capital. In previous positions with Macquarie, Mr. Salisbury spent 14 years helping to build the infrastructure business. He also worked on Macquarie’s first initiatives in the tollroad and airport sectors and also on the first Macquarie infrastructure fund. In 1998, he moved to Toronto, Canada to establish Macquarie’s infrastructure business in North America where he completed Macquarie’s first infrastructure equity investment in the U.S. and the first infrastructure fund in North America. Mr. Salisbury holds a bachelor’s degree in business from the New South Wales Institute of Technology. He is also a Chartered Accountant.
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Founder and Managing Director AIMS of Bangladesh Ltd. Bangladesh Yawer Sayeed is the founder and managing director of AIMS of Bangladesh Limited, the first private asset management company in Bangladesh. Mr. Sayeed was a consultant with the World Bank for the Bank’s South Asian Regional Study on Pension Systems. In addition to his responsibilities with AIMS, Mr. Sayeed is a staff consultant and performance auditor for the Asian Development Bank. Mr. Sayeed holds a bachelor’s degree with honors in international relations with public administration and economics and an M.B.A. He also obtained graduate diploma in applied finance and investment from the Securities Institute of Australia.
ABOUT THE PARTICIPANTS Biographies
Koji Sasayama
David E. Schneider
Managing Director Mezzanine Corporation Japan
Director, U.S. Institutional Services Dimensional Fund Advisors United States
Koji Sasayama is the managing director of Mezzanine Corporation. Mr. Sasayama began his career in cross-border M&A advisory business in 1989. Later, he became involved in acquisition finances for LBO and MBO transactions in New York. He conducted the first short-term bridge financing for TOB of Daimon (the current Mine Mart) by Unison Capital in Japan in 2000, along with the long-term permanent financing. In 2006, he conducted both the mezzanine finance and senior debt finance for the second MBO for Shinwa. Mr. Sasayama holds a bachelor’s degree in economics from Keio University and an M.B.A. from The Johnson School of Cornell University.
David Schneider is director of Dimensional Fund Advisors’ U.S. Institutional Services, which serves corporate, foundation, university, and public clients. Mr. Schneider is a shareholder of Dimensional Fund Advisors and has been with Dimensional since 1982. He has worked in finance and investments for more than thirty-five years with firms such as Wells Fargo, Aetna, G.E. Credit and Dean Witter. Prior to joining Dimensional, he ran his own real estate investment company. Mr. Schneider holds a bachelor’s degree in business administration from the University of Connecticut and an M.B.A. in banking and finance from Golden Gate University.
Ronald D. Schmitz
Nandan Hari Sharma
Chief Investment Officer Oregon State Treasury United States
Executive Director National Investment and Capital Market Ltd. Nepal
Ron Schmitz is director of the Oregon State Treasury (OST) Investment Division. Prior to joining OST, Mr. Schmitz served as the chief investment officer of the Illinois State Board of Investment. Before his public fund experience, he worked for Kraft Foods, where he got his start in fund management and Sears Roebuck & Co. where he served on the CFO staff as an industry expert on pension fund management activities. Mr. Schmitz holds a bachelor’s degree in finance from Western Illinois University and an M.B.A. in finance and marketing from Northwestern University.
Nandan Hari Sharma is the executive director for National Investment and Capital Market Ltd. Previously, Mr. Sharma was the chief executive director for Citizens Investment Trust of Nepal where he launched the funded and contributory pension schemes. Mr. Sharma also worked for the Nepal Stock Exchange where he was instrumental in drafting rules of regulation and designing modalities of operation for the Nepalese stock market. Mr. Sharma holds a bachelor’s degree in communications and an M.B.A. from Tribhuvan University in Nepal and a master’s degree in financial studies from Strathelyde University in the United Kingdom.
PPI 2009 Asian Pension Fund Roundtable
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ABOUT THE PARTICIPANTS
James Sherwin Director of Public Equity Employees Retirement System of Texas United States
F M.K. Sinha President and Chief Executive Officer IDFC Project Equity Co. India
Jim Sherwin is the director of Public Equity for the Employees Retirement System of Texas (ERS). Mr. Sherwin has worked at ERS since 1995 and has previously served in various supervisory, portfolio management, and research analyst positions. Prior to joining ERS, Mr. Sherwin was a consultant performing contract due-diligence and financial modeling services and assistant director for Securities Registration for the Texas State Securities Board. Mr. Sherwin holds a bachelor’s degree and an M.B.A., with honors, from the University of Texas at Austin. He is a CFA charter holder and has served as president of the Austin Society of Financial Analysts.
M.K. Sinha is president and chief investment officer of IDFC Project Equity Co. Ltd. Prior to this position, Mr. Sinha was the executive director of IDFC where he was responsible for the business development and infrastructure project finance activities. Previously, he worked with the General Electric Company in the Commercial Finance division and with Bank of America and SBI Capital Markets in corporate finance and investment banking areas respectively. Mr. Sinha holds a bachelor’s degree with honors in mechanical engineering from the Indian Institute of Technology, Kharagpur and an M.B.A. from the Indian Institute of Management, Ahmedabad.
Mohammad Shoaib
Grady Smith
Chief Executive Officer Al Meezan Investment Management Ltd. Pakistan Mohammad Shoaib is the chief executive officer of Al Meezan Investment Management, the largest Shariah compliant asset management company in Pakistan. Mr. Shoaib is also currently serving as a volunteer for CFA Institute as the Presidents’ Council Representative for the Asia Pacific Region. He was the founder and first president of CFA Association of Pakistan. Mr. Shoaib holds an M.B.A. from Institute of Business Administration, Karachi. Due to his contribution to the mission of CFA Institute, he was listed in 2006 among the top three “Most Influential” CFA Charter Holders in the world by CFA Magazine.
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Portfolio Manager and Vice President Dimensional Fund Advisors United States Grady Smith is a portfolio manager and vice president in Dimensional Fund Advisors’ U.S. equity group. Mr. Smith has extensive experience managing U.S. domestic equity funds as well as the firm’s global fund of funds. Prior to joining Dimensional Fund Advisors, he was a management consultant, most recently working as a principal for William M. Mercer, Inc. Mr. Smith holds a bachelor’s degree in economics from Stanford University and an M.B.A. from the Anderson School of Management at the University of California, Los Angeles. He is also a CFA Charterholder.
ABOUT THE PARTICIPANTS Biographies
F Shelley I. Smith
F Richelle A. Sugiyama
Past Chair, Board of Administration Los Angeles City Employees’ Retirement System United States
Investment Officer Public Employee Retirement System of Idaho United States
Shelley Smith has been an elected trustee of the Los Angeles City Employees’ Retirement System since 1994. She is currently an assistant city attorney for the City of Los Angeles and is president of the Los Angeles City Attorneys Association. Ms. Smith is a member of the board of directors of the Council of Institutional Investors. She also serves on the Executive Committee of the Labor & Employment Law Section of the Los Angeles County Bar Association. She is a member of the Pacific Pension Institute’s Board of Directors. Ms. Smith is a Phi Beta Kappa graduate of the University of California, Los Angeles, and holds a J.D. from the UCLA School of Law.
Richelle Sugiyama is the investment officer for the Public Employee Retirement System of Idaho (PERSI). Ms. Sugiyama joined PERSI in 2001 and for a brief period, she served as the interim manager of investments for the State of Idaho Endowment Fund Investment Board. Before joining PERSI, she was a senior associate at an investment consulting firm and prior to that, she held portfolio manager and operations manager positions at an investment management firm. Ms. Sugiyama holds a bachelor’s degree in finance from Boise State University.
Asep Suwondo Chia-Hua Su Director, Investment Management Division Labor Pension Fund Supervisory Committee Taiwan, ROC Chia-Hua (Ed) Su is the director of the Investment Division of the Labor Pension Fund Supervisory Committee of Taiwan. Mr. Su supervises all the daily investment activities of the Fund, including in-house domestic investments, in-house and foreign mandates. Previously, he was a director in the Secretariat’s Office. Mr. Su is also a university teacher in accounting and investment and a holder of security analyst certificate.
PPI 2009 Asian Pension Fund Roundtable
Head of Division of Analyist Implementing Program Ministry of Finance Indonesia Asep Suwondo is a division head for the Ministry of Finance of Indonesia. Prior to joining the Ministry, Mr. Suwondo was on the local staff at Harvard Institute for International Development (HIID), Jakarta. HIID is a Harvard University Consultant for the Ministry of Finance. He was also a lecturer at the Master Management Faculty of Economics of the University of Indonesia Post-graduate program in Actuarial Management. Mr. Suwondo holds a bachelor’s degree in applied mathematics from the Bandung Institute of Technology and a master’s degree in actuarial science from the Cass Business School, City University of London.
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ABOUT THE PARTICIPANTS
F Nobusuke Tamaki
Bryan Thomson
Councilor and Director-General, Planning Department Government Pension Investment Fund Japan
Vice President, Equity Investments British Columbia Investment Management Corporation Canada
Nobusuke Tamaki serves concurrently as councilor and director-general of the planning department at the Government Pension Investment Fund (GPIF) of Japan. Prior to joining GPIF, Mr.Tamaki was the executive director of the treasury department at the Deposit Insurance Corporation of Japan. Between 2001 and 2004, he served as a senior researcher at the National Institute for Research Advancement. Mr.Tamaki began his career with the Bank of Japan in 1979, and held a variety of positions in the supervision department, planning department, and international department, two years as the Bank’s chief representative in Washington, D.C. Mr. Tamaki holds a bachelor’s degree in economics from the University of Tokyo, a master’s of science in economics from the London School of Economics, and a master’s degree in political science from the University of London.
Bryan Thomson is the vice president for equity investments at British Columbia Investment Management Corporation. Mr.Thomson first joined the Ministry of Finance & Corporate Relations in 1993, working for the Treasury Board Staff while completing the final two years of his education. Mr.Thomson holds a bachelor’s of laws, and a bachelor’s degree in political science, and an M.P.A. from the University of Victoria. He is also a Chartered Financial Analyst.
F Frank Tang Chief Executive Officer FountainVest Partners Hong Kong Frank Tang is the chief executive officer and managing partner of FountainVest Partners, a private equity fund dedicated to China. Prior to his position with FountainVest Partners, Mr.Tang was a senior managing director of Temasek Holdings and headed its investments in China. He was a member of Temasek Holding’s Senior Management Committee and Investment & Divestment Committee. Mr.Tang was also with Goldman Sachs for nearly 11 years as an executive director in Principal Investment Area, the private equity arm of Goldman Sachs. Mr.Tang holds an M.B.A. from Columbia Business School.
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Robert Thorpe Managing Director Macquarie Capital Funds Singapore Robert Thorpe is a managing director in Macquarie Capital Funds’ Singapore office. Prior to this position, Mr.Thorpe was the chief operating officer of Macquarie Specialised Asset Management. He was also the chief financial officer of Macquarie Infrastructure Management (Asia) Pty. Mr.Thorpe has also worked as a senior auditor for PricewaterhouseCoopers specializing in fund management and insurance clients.
ABOUT THE PARTICIPANTS Biographies
Patrine Thoong Lay Ting Assistant Vice President, External Fund Management Retirement Fund Inc. of Malaysia Malaysia Patrine Thoong Lay Ting is assistant vice president of external fund management for the Retirement Fund Inc. or KWAP, a corporation under the purview of the Ministry of Finance, Malaysia. Ms.Ting currently manages the Private Equity Portfolio for KWAP which consists of investments in unlisted funds and unlisted entities. Ms.Ting is fellow member of the Association of Certified Chartered Accountants and a member of the Malaysian Institute of Accountants.
F James R. Timmins Partner Highstar Capital, LP United States James Timmins is a partner with Highstar Capital. Mr.Timmins manages Highstar’s co-investment activities and investor relations. From 1997 to 2000, he was director-private equity at Enron Corp., where he was responsible for third-party equity syndication activities. From 1990 to 1996, he was vice president of Torch Energy Advisors, a Houston-based manager of institutional investment programs. He is a member of the Pacific Pension Institute’s Advisory Council. Mr.Timmins holds a bachelor’s degree in business administration and an M.B.A. in economics and finance from Trinity University.
PPI 2009 Asian Pension Fund Roundtable
F Praveen Tiwari Executive Director Pension Fund Regulatory & Development Authority India Praveen Tiwari is the executive director of the Pension Fund Regulatory & Development Authority (PFRDA) of India, which oversees the New Pension System, a defined contribution scheme open to the general public in May 2009. Prior to joining the PFRDA, Mr.Tiwari was accountant-general of an Indian state, where he headed the external audit establishment with responsibility for financial and performance audits. He has worked in the ministry of finance as deputy secretary and later as director. Between 1994 and 1997 he served on the board of the National Insurance Company, where he worked on insurance reform and the formation of an independent insurance regulatory authority in India. In this capacity, he also participated as a financial expert in evaluation missions to Jamaica and Belize. Mr.Tiwari holds a master’s degree in economics, and is a chartered financial analyst (India) and a certified financial sector auditor (U.S.).
John Tsao Director, Client Service Brandywine Global Investor Management (Asia) Pte. Ltd. Singapore John Tsao is a director of Client Service for Brandywine Global Investment Management (Asia). Dr.Tsao also serves as a research analyst for Brandywine Global’s International and Global Fixed Income products, covering Asia and emerging market securities. Prior to Brandywine, he held positions as vice president and senior economist with J.P. Morgan Chase Bank; vice president, Chemical/Chase Manhattan Bank, Singapore; and senior economist, Manufacturers Hanover Trust/Chemical Bank, New York. Dr.Tsao holds a bachelor’s degree in economics from Hobart and William Smith College, a master’s degree in economics from the New School for Social Research and a Ph.D. in economics.
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ABOUT THE PARTICIPANTS
Sonam Tshomo
Ramani Venkatramani
Program Officer National Pension and Provident Fund Bhutan
General Manager Australian Prudential Regulation Authority Australia
Sonam Tshomo Is a program officer for the National Pension and Provident Fund in Bhutan. Ms.Tshomo works primarily in the Credit Division.
Ramani Venkatramani is the general manager of the Central Region in the Specialised Institutions Division of the Australian Prudential Regulation Authority (APRA) Mr. Venkatramani also chairs APRA’s internal Superannuation Industry Group. Prior to joining APRA, he was an assistant commissioner in Australia’s Insurance and Superannuation Commission. He has worked for Standard Chartered Bank Group in India, South East Asia and Australia and also the Life Insurance Corporation of India. Mr. Venkatramani holds a graduate diploma in legal studies from University of Technology, Sydney. He is a qualified actuary from the U.K. and an associate of the Chartered Institute of Bankers, U.K.
Genichi Tsuzawa Managing Director DIAM Singapore Pte., Ltd. Singapore Genichi Tsuzawa is managing director of DIAM Singapore since April 2008. Previous to this position, Mr.Tsuzawa worked in London and Frankfurt am Main for 13 years and was managing director of Industriebank von Japan Deutschland AG (IBJ Germany). In 1977, Mr.Tsuzawa joined the Industrial Bank of Japan Co., Ltd. (IBJ) and undertook various assignments in capital markets and international finance. Mr.Tsuzawa holds a bachelor’s degree in faculty of law from the University of Tokyo. He is also a Chartered Member of the Security Analysts Association of Japan
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Jonathan Watkin Media AsianInvestor Hong Kong Jonathan Watkin is AsianInvestor magazine’s conference director. Mr Watkin also has served as past executive director of the Hong Kong Retirement Schemes Association. He has over 25 years’ experience in the pensions, insurance and investment industries having worked in the U.K., Australia and Hong Kong for companies such as HSBC, Principal and AXA. Mr. Watkin has been an advisor and trustee to pension funds and currently represents foreign financial services companies with business operations in Hong Kong. Mr. Watkin holds an M.B.A. He has co-authored a book entitled Pensions and Retirement Funds in Hong Kong.
ABOUT THE PARTICIPANTS Biographies
David Wilton
Rebecca Xu
Manager, New Business, Private Equity, and Investment Funds Department International Finance Corporation United States
Co-Founder and Managing Director Asia Alternatives Management LLC China
David Wilton is manager of New Business for the International Finance Corporation (IFC)’s Private Equity and Investment Funds Department. In this capacity, he is responsible for IFC’s investment program in funds at the global level. Mr. Wilton joined the Funds Department of IFC at its inception in 2000 and has been responsible for turning around the portfolio and developing the funds strategy. He previously worked in the World Bank Pension Fund where he was responsible for bringing the private equity and real estate portfolios back into internal management. Prior to joining the World Bank Group, Mr. Wilton held the positions of manager, Risk Management and Process Discipline, at Colonial Mutual in New Zealand and manager, Liquidity Management and Policy, at the Reserve Bank of New Zealand.
Variya Wongprecha Acting Secretary General and Deputy Secretary General, Member Service Group Government Pension Fund Thailand Viraya Wongprecha is the acting secretary general of the Government Pension Fund (GPF) of Thailand. Ms. Wongprecha is also the deputy secretary general of the Member Service Group for GPF. Prior to her roles at GPF, she was vice president of the Corporate Finance Division of Phatra Thanakit Plc. Ms. Wongprecha holds a bachelor’s degree with honors in arts from Chulalongkorn University and an M.B.A. from Indiana University.
PPI 2009 Asian Pension Fund Roundtable
Rebecca Xu is a co-founder and managing director of Asia Alternatives Management. Ms. Xu co-leads Asia Alternatives’ Hong Kong office and sits on the firm’s Investment Committee. Prior to starting Asia Alternatives, Ms. Xu was a senior investment officer at the Funds Group of the International Finance Corporation, the private sector investment arm of the World Bank Group. Previously, she worked at McKinsey & Co, Inc. and HSBC. Ms. Xu holds a bachelors degree in international relations from the Foreign Affairs College in Beijing and an M.B.A. from Harvard Business School. She is fluent in Mandarin Chinese.
Yuelin Yang Managing Director, Strategic Projects; General Counsel and Executive Committee Member IMC Corp. Limited Singapore Yuelin Yang is the managing director, Strategic Projects and concurrently, a member of the Executive Committee and general counsel of IMC Corp. Limited. Mr.Yang has been with the IMC Group since 1995. Prior to joining the IMC Group, Mr.Yang was the associate general counsel at Acer Computers in San Jose, California and Taipei, Taiwan. He started his career practicing law in Silicon Valley at the Cooley Godward and Brobeck Phleger law firms. Mr.Yang holds a bachelor’s degree in industrial engineering from Stanford University and a J.D. from Stanford Law School.
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ABOUT THE PARTICIPANTS Biographies
Munkhzul Zandankhuu Officer in Charge of Social Insurance Policy Implementation and Policy Ministry of Social Welfare and Labour Mongolia Munkhzul Zandankhuu is the officer in charge of social insurance policy implementation and policy for the Ministry of Social Welfare and Labour of Mongolia. Prior to this position, Mr. Zandankhuu was the officer in charge of social insurance fund policy planning and public pension reform. He also has served as the social insurance inspector for payroll contribution for the Social Insurance division of the Bayanzurkh District. Mr. Zandankhuu holds a bachelor’s degree of insurance economics from the Institute of Commerce and Business.
Namgay Zam Program Officer National Pension and Provident Fund Bhutan Namgay Zam is a program officer for the National Pension and Provident Fund of Bhutan. Ms. Zam works primarily in the Credit Division.
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ABOUT THE PARTICIPANTS Staff
F Marsha Vande-Berg
John Hunter Gray
Chief Executive Officer
Program Officer
Marsha Vande Berg serves as chief executive officer of the Pacific Pension Institute (PPI). Dr. Vande Berg is a former Bosch Public Policy Fellow of the American Academy, Berlin. She is a member of the Council on Foreign Relations and serves on the Council’s National Program Committee. She is also a member of the International Institute for Strategic Studies, and the Pacific Council for International Policy. Dr. Vande Berg also serves as PPI’s representative on the Advisory Board of the RAND Center for Asia Pacific Policy. She holds a master’s degree in international studies from Duke University and a Ph.D. in international studies from Vanderbilt University.
John Gray is the program officer for the Pacific Pension Institute where he is responsible for conceptualizing, researching, and developing program agendas for PPI’s North American Roundtables, annual Asian Pension Fund Roundtable, international exchange programs, and briefings. Previously, Mr. Gray worked in emergency services as an airborne firefighter for the state of Alaska. Mr. Gray holds a master’s degree in international relations from the University of California, San Diego and a bachelor’s in English and French from the University of Alaska, Anchorage.
Kris Greenville Membership and Communications Officer
Gwen Bough Administration Officer and Assistant to the Chief Executive Gwen Bough is the administration officer and assistant to the chief executive for the Pacific Pension Institute. Ms. Bough joined PPI in January of 2008 after 12 years as executive secretary to the founding president of Public Policy Institute of California. Previously, she worked at Bank of America as senior executive secretary to the general counsel and at Mellon Bank, Pittsburgh as executive assistant to the Chairman of the Board.
PPI 2009 Asian Pension Fund Roundtable
Kris Greenville is the membership and communications officer for the Pacific Pension Institute where he is responsible for contributing content, editing and producing PPI’s electronic and printed communications materials. Mr. Greenville’s previous positions have included membership director for Copia in Napa, California and manager for the American Red Cross, Bay Area Chapter. Mr. Greenville holds a bachelor’s degree in communications and marketing from Stephen F. Austin State University.
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PACIFIC PENSION INSTITUTE
2009
ASIAN PENSION FUND roundtable
About
PPI
n about ppi n membership n board of directors
ABOUT PPI
PACIFIC PENSION INSTITUTE Our Mission Pacific Pension Institute, a member-driven, nonprofit educational organization, assists pension funds, corporations, financial institutions and endowments worldwide with carrying out their fiduciary responsibilities, especially with respect to Asia and the Pacific region.
About PPI The Pacific Pension Institute is about education that informs prudent investment decision-making and benefits institutional investors globally. PPI convenes investors and experts in finance, business and the economy for candid engagement on topics that are driving the markets. PPI was organized as an educational nonprofit in 1998. Our principal activity is conveningforums for institutional investors to engage on matters that are critical to prudent investment practices. Our geographical focus is Asia and the Pacific region. Our core members are asset holders, especially large public pension funds and endowments in North America, Asia, and Europe. Our objective is to convene the dialogue on issues critical to the sound management of assets domestically and across borders.
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Roundtables in North America PPI organizes two member meetings annually to promote dialogue between institutional investor participants and experts on topics that are driving the contemporary investment climate in developed as well as emerging markets. Forward-looking discussion focuses on the implications of current issues and concerns for the development of viable markets in the future.. Roundtables in Asia Each year, PPI organizes the Asian Pension Fund Roundtable, varying the venue year-toyear to engage the active participation of a PPI-member as in-country host. Participants from Asia are drawn from the PPI Asian Network and our membership to engage in wide-ranging discussions and workshops that explore capital market evolution; regulatory reforms; and pension fund management and investment strategies. PPI Executive Seminars (PES) Immediately preceding the Asian Pension Fund Roundtable, PPI also holds an in-country seminar for a small contingent of members for an in-depth exploration of the region’s economy, capital and financial markets, risk and opportunities. PES relies on regional experts to serve as discussion leaders. PES is organized in the host country of the Asian Pension Fund Roundtable.
ABOUT PPI Membership
Public/Private Pension Fund, Endowment, & Foundation Members British Columbia Investment Management Corporation California Public Employees’ Retirement System California State Teachers’ Retirement System Canada Public Pension Investment Board City and County of San Francisco Employees’ Retirement System Employees Retirement System of Texas Government Pension Fund,Thailand Kaiser Permanente Los Angeles City Employees’ Retirement System Los Angeles County Employees Retirement Association Municipal Employees’ Retirement System of Michigan National Council for Social Security Fund, China National Pension and Provident Fund, Bhutan National Pension Service, Korea National Railroad Retirement Investment Trust Ontario Teachers’ Pension Plan Board Oregon State Treasury Pension Fund Association, Japan Promark Global Advisors, Inc.
Institutional Real Estate, Inc. JETRO, New York JPMorgan Asset Management Loomis Sayles & Company Macquarie Capital (USA) Inc. Mitsubishi Corporation Morgan Stanley Nomura Asset Management Co., Ltd. Oaktree Capital Management, LP O’Melveny & Myers LLP Quantum Advisors Pvt. Ltd./Primary Real Estate Advisors Pvt. Ltd. Shinsei Bank Siguler Guff & Company Sit Investment Associates, Inc. Tokio Marine Asset Management Co., Ltd./ Tokio Marine Capital Co., Ltd. Trust Company of the West
Friends of PPI Teresa C. Barger, CEO/CIO, Cartica Capital LLC Ronald E. Bornstein, Partner, Pillsbury Winthrop Shaw Pittman LLP
Public Employee Retirement System of Idaho
William D. Crist, Professor Emeritus, California State University, Stanislaus
Public Sector Pension Investment Board, Canada
Roy Doumani, Professor, University of California, Los Angeles
Second Swedish National Pension Fund–AP2 Sweden
Matthew K. Fong, President, Strategic Advisory Group
Virginia Retirement System
Geoffrey A. Hirt, Professor of Finance, DePaul University
Washington State Investment Board
Howard L. Hull III, Vice President, Finacorp Securities
Williams College Investment Office
Takeshi Kadota, President, Kadota & Co.
Corporate Members
Ambassador Clark T. (Sandy) Randt, U.S. Department of State (Retired)
AEA Investors (Asia) Ltd.
Ambassador Paul W. Speltz, Chairman and CEO, Global Strategic Associates, LLC
AllianceBernstein Asia Alternatives Management LLC Baker & McKenzie LLP Barclays Global Investors Baring Private Equity Partners Campbell Lutyens & Co., Ltd. Capital International Inc./Capital Guardian Trust Co.
Robert Storer, Executive Director, Alaska Permanent Fund Corporation, (Retired) Peter H. Sullivan, Managing Director, Lombard Investments, Inc. Yuelin T. Yang, Managing Director, IMC Corp Ltd.
Honorary Members & Associations
Daiwa SB Investments Ltd.
Ambassador Kihwan Kim, National Economic Advisory Council to the President of Korea
DIAM Co., Ltd.
Asian Development Bank
Dimensional Fund Advisors, Inc.
European Bank for Reconstruction and Development
EMAlternatives, LLC EMP–Daiwa Capital Asia
Lawrence J. Lau, President and Ralph and Claire Landau Professor of Economics,The Chinese University of Hong Kong
FountainVest Partners (Asia) Ltd.
National Council on Teacher Retirement
Goldman Sachs
RAND Center for Asia Pacific Policy
Grove Street Advisors
The World Bank Group/International Finance Corporation
Hamilton Lane H&Q Asia Pacific
Lifetime Members
HarbourVest Partners
Ambassador Chas W. Freeman Jr., Chairman Projects International
Highstar Capital, LP
H. Lawrence Hull, Jr., President Larco Advisors, Inc.
HSBC
Ambassador Linda Tsao Yang, Chair Asian Corporate Governance Association
IDFC Ltd.
PPI 2009 Asian Pension Fund Roundtable
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ABOUT PPI Board of Directors
Board of Directors
Advisory Council
Chair Robert M. Maynard Public Employee Retirement System of Idaho
Chair Roy Doumani University of California, Los Angeles
Vice Chair Joseph A. Dear California Public Employees’ Retirement System
Teresa C. Barger Cartica Capital LLC
Secretary Ta-lin Hsu H&Q Asia Pacific Treasurer Shelley I. Smith Los Angeles City Employees’ Retirement System Christopher J. Ailman California State Teachers’ Retirement System Ronald E. Bornstein Pillsbury Winthrop Shaw Pittman LLP John Campbell Campbell Lutyens & Co., Ltd. Nancy C. Everett Promark Global Advisors, Inc. Gordon J. Fyfe Public Sector Pension Investment Board Robert J. Haber Barclays Global Investors Robert D. Hormats Goldman Sachs (International) H. Lawrence Hull, Jr. Larco Advisors, Inc. Wayne Kozun Ontario Teachers’ Pension Plan Priya S. Mathur California Public Employees’ Retirement System Barry Metzger Baker & McKenzie LLP Ronald D. Schmitz Oregon State Treasury Kazuo Seki Mitsubishi Corporation Robert D. Storer Alaska Permanent Fund Corporation (retired) John S. Wadsworth, Jr. Morgan Stanley
Christopher K.B. Brotchie BaringPrivate Equity Partners William D. Crist California State University, Stanislaus Matthew K. Fong Strategic Advisory Group C. Lawrence Greenwood Jr. Asian Development Bank H. Lawrence Hull, Jr. Larco Advisors, Inc. Takeshi Kadota Kadota & Co. James D. Mosman National Council on Teacher Retirement Doug Pearce British Columbia Investment Management Corporation James R. Timmins Highstar Capital, LP Charles P. Valdes California Public Employees’ Retirement System Ambassador Linda Tsao Yang Asian Corporate Governance Association
Staff Marsha Vande-Berg Chief Executive Officer Gwen Bough Administration Officer & Assistant to the Chief Executive John Hunter Gray Program Officer Kris Greenville Membership & Communications Officer Che H. Moy Coordinator of Programs & Communications Mikaela O’ Brien Manager of Finance
Garrett A. Walls Trust Company of the West
PACIFIC PENSION INSTITUTE 45
PPI Roundtable Notes
PPI Roundtable Notes
PACIFIC PENSION INSTITUTE 465 California Street, Suite 610 San Francisco, CA 94104 t 415.576.1187 f 415.576.1189 www.pacificpension.org
