Thursday, September 17, 2015
8:00 am - 4:00 pm THU 9/17
9:00 am - 10:00 am THU 9/17
China's stock market turmoil and currency devaluation can be added to a list of uncertainties that threatens to disrupt the global economy's uptrend. Greece's default, structural challenges in the BRIC economies -- from Brazil's infrastructure problems and Russia's commodity dependency to India's overdue labor law reforms - along with the prospect of a U.S. interest rate hike, are fueling fear of renewed financial turmoil. What are the chances these challenges will stall growth? And what can we do to lessen their impact? Other developments require attention, as well. As manufacturing in parts of China, South Korea and Taiwan moves elsewhere in Asia, will financial and business services step into the void? Will a new tier of emerging cities -- Jakarta, Hanoi and Delhi as well as China's eastern coastal cities -- benefit from the outflow? With these dynamics unfolding during a time of volatile recovery, navigating the commercial opportunities and dangers will be difficult. Our expert panel will offer insights and help chart a course for turbulent times.
Introduction By
Michael L. Klowden, President and CEO, Milken Institute
Moderator
Haslinda Amin, News Correspondent and Anchor, Bloomberg Television
Speakers
Piyush Gupta, CEO and Director, DBS Group; Director, DBS Bank
Michael Milken, Chairman, Milken Institute
Scott Minerd, Managing Partner, Chairman of Investments and Global Chief Investment Officer, Guggenheim Partners
10:15 am - 11:15 am THU 9/17
Population aging, the product of increasing longevity and lower birth rates, has profound implications for business, government, civil society and individuals across the globe. Asia includes some of the world's most rapidly aging populations. While aging presents significant health, financial and social challenges, an understanding of the opportunities created by longer lives is emerging. Retirement is being reimagined as older adults turn away from age segregation and mass leisure to continue their work, launch businesses, pursue new education and purposefully contribute to their communities. A longevity economy is developing as markets recognize the demand for products and services for this growing demographic. Healthy, productive and purposeful aging holds promise for strengthening societies, expanding economies, and improving the lives of people of all ages. How can companies and policymakers respond effectively to the changing demographic landscape? How can investors capitalize on the aging shift? Our panelists offer a global perspective on the opportunities and challenges of this life-changing phenomenon.
Moderator
Paul Irving, Chairman, Center for the Future of Aging, Milken Institute
Speakers
Hiroko Akiyama, Professor, Institute of Gerontology, University of Tokyo
André Bourbonnais, President and CEO, PSP Investments
Donald Kanak, Chairman, Prudential Corporation Asia
Jacqueline (Jackie) Wong, CEO, Temasek Trust; CEO and Executive Director, Temasek Management Services
10:15 am - 11:15 am THU 9/17
Prime Minister Narendra Modi's relentless diplomacy and free-market reforms raised hopes that India would rocket ahead as Asia's new growth engine. While IBM, Microsoft and most recently, FitBit, have launched operations in India, many other companies are still waiting in the wings, reluctant to commit because of the country's difficult business climate. What is stopping India from true economic liftoff? What do investors need to know about navigating the Indian bureaucracy, political landscape, local regulations and business culture? How can effective partnerships be built with local companies? Join this panel for a candid, detailed discussion on the nation's inner workings and the implications for investors.
Moderator
L. Brooks Entwistle, Partner and CEO, Everstone Group
Speakers
Gunit Chadha, Co-CEO, Asia Pacific, and Member, Global Group Executive Committee, Deutsche Bank AG
Vinod Kumar, Managing Director, Tata Communications Ltd.; CEO, Tata Communications Ltd. Group
Rashesh Shah, Chairman and CEO, Edelweiss Group
Shivnath Thukral, Group President, Corporate Branding and Strategic Initiatives, Essar Group
10:15 am - 11:15 am THU 9/17
This roundtable series convenes a select group of senior women for an off-the-record discussion hosted by Milken Institute Chairman Michael Milken. Participants will have the opportunity to discuss challenges and opportunities related to economics and finance in Asia. The session will also offer guests an opportunity to network and receive uncensored insights from their peers.
Introduction By
Tamera Hodges, Managing Director and Head of Prime Services Sales, Asia Pacific, UBS AG
Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Tzu Mi Liew, Managing Director and Head of Fixed Income, GIC
Archana Parekh, Portfolio Manager, SeaTown Holdings
Sheila Patel, CEO, International, Goldman Sachs Asset Management
Min Lan Tan, Managing Director and Head of Asia Pacific Investment Office, UBS Wealth Management
Su Shan Tan, Managing Director and Group Head, Consumer Banking and Wealth Management, DBS Bank
Jing Ulrich, Managing Director and Vice Chairman of Asia-Pacific, JPMorgan Chase & Co.
Tracey Woon, Vice Chairman, ASEAN Corporate and Investment Banking, Citigroup, Singapore
12:00 pm - 2:00 pm THU 9/17
Policy Perspectives: Asia's Prospects and Challenges Southeast Asia has grown in economic and strategic relevance with the expansion of markets in China and India. Join us as our special guests offer perspectives on global and regional issues, including the prospects and challenges faced by ASEAN, as well as those confronting individual Southeast Asian nations. Topics of discussion will include China's economic slowdown, the expansion of ISIS, the ASEAN Economic Community, the benefits of improved port, rail and road connectivity and proposed free-trade pacts such as the Trans-Pacific Partnership. This program will provide an opportunity to hear frank, unfiltered insights from our esteemed speakers. Business Perspectives: Preparing for Asia's Future Asia is experiencing new economic vulnerabilities as the world's fastest-growing region. To attain higher levels of development, Asian economies must achieve more inclusive and sustainable growth. How are global companies reaching new consumers and laying the foundations for Asia's future? In this panel, industry leaders and experts explore how companies are meeting the needs of Asia's diverse markets and discuss the latest innovations, initiatives and platforms to spur growth.
Welcoming Remarks
Heng Wing Chan, Chairman, Asia Center, Milken Institute
Introduction By
Kirk Wagar, U.S. Ambassador to Singapore
Moderators
Michael Milken, Chairman, Milken Institute
Kevin Sneader, Chairman, Asia, McKinsey & Co.
Speakers
Achal Agarwal, President, Asia Pacific Region, Kimberly-Clark Corporation
Tim Cofer, Executive Vice President and President, Asia-Pacific, Eastern Europe, Middle East and Africa, Mondelēz International
Sam Fischer, President, Greater China and Asia, Diageo
Luhut Binsar Panjaitan, Coordinating Minister for Political, Legal, and Security Affairs, Republic of Indonesia
Cesar Purisima, Secretary of Finance, Republic of the Philippines
Jing Ulrich, Managing Director and Vice Chairman of Asia-Pacific, JPMorgan Chase & Co.
Chris Wei, Chairman, Aviva Asia; Global Chairman, Aviva Digital
2:30 pm - 3:30 pm THU 9/17
The GCMAC is made up of senior leadership from investment funds representing more than $18 trillion in assets under management. These off-the-record meetings are among a very small number of gatherings where senior investment officers and principals speak candidly about the issues driving their decisions and gather non-consensus views about financial markets and macroeconomic trends.
Moderator
Richard Ditizio, Executive Vice President and Chief Operating Officer, Milken Institute
Speakers
André Bourbonnais, President and CEO, PSP Investments
Michael Milken, Chairman, Milken Institute
Hiromichi Mizuno, Executive Managing Director and Chief Investment Officer, Government Pension Investment Fund, Japan
Yingyong Nilasena, Deputy Secretary General and Chief Investment Officer, Government Pension Fund, Thailand
Manraj Sekhon, CEO and Chief Investment Officer, Fullerton Fund Management
2:30 pm - 3:30 pm THU 9/17
Japan has set its sights on the Southeast Asian and Chinese markets to make up for sluggish consumption by its aging consumers. Increasing tourism and strengthening links to the Association of Southeast Asian Nations (ASEAN) are key elements of Prime Minister Shinzo Abe's strategy to invigorate domestic markets. Tourism is up, thanks to a weaker yen, easier visa procedures and more duty-free shopping locations. Visitors from other Asian countries, particularly China, are snapping up real estate along with consumer goods such as skincare products and pharmaceuticals. Can tourists buy enough to support domestic producers? How are the locals adapting to the influx of foreigners? Japan and the Mekong countries -- Cambodia, Laos, Myanmar, Thailand and Vietnam -- plan to develop industrial infrastructure and enhance regional value chains by creating special economic zones. How will this be implemented, and which sectors will be involved? Can Japan reclaim its economic leadership position in Asia? Our diverse panel will offer insights into Japan's economic recovery and its role in a dynamic region.
Moderator
Kotaro Tamura, Asia Fellow, Milken Institute; Chairman, Japan Intelligence Initiative; Former Senator and Parliamentary Secretary for Economic and Fiscal Policy, Japan
Speakers
Paul Gruenwald, Managing Director and Chief Economist, Asia-Pacific, Standard & Poor's Ratings Services
Hiro Hirano , CEO, KKR Japan
Yuji Kage, Senior Advisor, Blackstone Group, Japan
Tatsuo Yamasaki, Former Vice Minister of Finance for International Affairs, Japan
3:45 pm - 4:45 pm THU 9/17
Following the financial crisis and subsequent global trade collapse, macroprudential regulation and trade finance came to the forefront of the economic debate. By aiming to mitigate systemic risk, macroprudential regulation of Western banks could limit the availability of trade finance in Asia. Specifically, the short-term nature of trade finance -- about 105 days for loans -- made it an easy target for European banks looking for places to deleverage under Basel III. In essence, Asia, the largest consumer of trade finance, may become the first casualty of Western macroprudential policy. This private session will provide a unique opportunity for Asian regulators to share their views on how, why and when macroprudential regulation has succeeded in Asia and to offer their take on Basel III. Participants also will discuss how it and other new regulations, such as Know Your Customer, may force changes in the composition of trade finance in Asia and what must be done to attract more non-bank financial intermediaries.
Moderator
Claude Lopez, Director, International Finance and Capital Markets Research, Milken Institute
3:45 pm - 4:45 pm THU 9/17
Investors are becoming nervous about Europe's future and the effect of Chinese market interventions. After a multiyear bull market, where can investors find opportunities? We will ask our expert panel for their views on investing in the current environment. Which asset classes are providing the best bargains? What investment strategy provides the best chance of success? Which geography presents the most attractive risk-reward proposition? How do investors incorporate a margin of safety in their calculations, and what role does contrarian analysis play in digging up treasure where others see trash?
Moderator
Hans-Paul Bürkner, Chairman, The Boston Consulting Group
Speakers
Thomas Finke, Chairman and CEO, Babson Capital Management
Paul Horvarth, CEO, Orchard Global
Robert Petty, Managing Partner and Co-Founder, Clearwater Capital Partners
Takumi Shibata, Representative Director, President and CEO, Nikko Asset Management
5:00 pm - 6:00 pm THU 9/17
Financial technology, or FinTech, startups are blossoming across Asia with the promise of more efficient, lower-cost services for people and businesses underserved by traditional institutions. Backed by billions of dollars in venture capital, these digital platforms provide a range of services, from accessible loans to currency exchange and remittance services. What are the latest innovations in Asia's rapidly growing FinTech sector? How are banks responding and should they be concerned? How will regulators adapt to these insurgent companies, and can they balance protection and progress? This meeting will feature an interactive discussion, providing participants with an opportunity to hear frank insights from a diverse group of speakers.
Moderator
Neal Cross, Managing Director and Chief Innovation Officer, DBS Bank
Speakers
Douglas Arner, Professor, Faculty of Law, University of Hong Kong; Co-Director, Duke-HKU Asia America Institute in Transnational Law
Thomas Hyland, Co-Founder and Partner, Aspada Investment Advisors
Piyush Khaitan, Founder and Managing Director, NeoGrowth Credit
Soma Ramasamy, Senior Director, Asia-Pacific Strategy, Paypal
5:00 pm - 7:00 pm THU 9/17
The aim of this exclusive meeting is to bring together a select group of regional and global leaders to exchange ideas on Asia's most pressing economic and financial issues. This meeting will be an off-the-record discussion and an opportunity for guests to hear the candid views of leading investors and financial institutions.
Introduction By
Michael Milken, Chairman, Milken Institute
6:00 pm - 7:00 pm THU 9/17
7:00 pm - 9:00 pm THU 9/17
The Asian Infrastructure Investment Bank, the Beijing-led initiative to finance improvements in road, rail and seaport connectivity, is an important step toward meeting the development needs of Asia's emerging economies. Others are responding to the region's appetite for infrastructure funding as well. Japan has announced a $110 billion fund, while the Asian Development Bank and the World Bank are pushing for internal reforms that would increase the overall pool of available capital. The AIIB's governance structure has been announced, but less is known about how it will actually work. Will it function solely at a government-to-government level or will it seek commercial investors? If the latter, what are the implications for the commercial market and risk management? Are there ways to increase AIIB's capital base by involving the private sector? Can global banks and investors be a part of this evolving landscape?
Introduction By
Heng Wing Chan, Chairman, Asia Center, Milken Institute
Moderator
Tommy Koh, Ambassador-at-Large, Ministry of Foreign Affairs, Singapore
Speakers
Jingdong Hua, Vice President and Treasurer, International Finance Corp.
Liqun Jin, President-Designate, Asian Infrastructure Investment Bank; Former Vice Minister of Finance, China
Clive Kerner, CEO, Clifford Capital
Tadashi Maeda, Representative Director and Senior Managing Director, Japan Bank for International Cooperation
Michael Milken, Chairman, Milken Institute
Elena Okorochenko, Managing Director and General Manager, Standard & Poor's Ratings Services, Singapore
Friday, September 18, 2015
7:00 am - 4:00 pm FRI 9/18
8:00 am - 9:00 am FRI 9/18
Persistently low rates of return across traditional asset classes and growing liabilities are prompting pension and sovereign wealth funds to seek alternatives in search of better yields and returns. Increasingly, assets such as hedge funds, real estate and private equity are being added to portfolios. Are opportunities to be found with Asia-focused managers? Which geographies and strategies should investors embrace and which should they approach with caution? What changes are they considering to governance, compliance and asset allocation as they reassess risk-return strategies? Our panel of experts will share their views on the global macroeconomic environment and how it is driving their investment decisions.
Welcoming Remarks
Michael L. Klowden, President and CEO, Milken Institute
Moderator
Jonathan Nelson, Founder and CEO, Providence Equity Partners
Speakers
Gordon Fyfe, CEO and Chief Investment Officer, British Columbia Investment Management Corp.
Jeffrey Jaensubhakij, President, Public Markets, and Director, Equities, GIC
Hiromichi Mizuno, Executive Managing Director and Chief Investment Officer, Government Pension Investment Fund, Japan
Adrian Orr, CEO, New Zealand Superannuation Fund
9:15 am - 10:15 am FRI 9/18
Advances in technology and global connectivity reinforce the interplay between geopolitics and economics, leading to complex new challenges. Cyberattacks have the potential to weaken and disrupt governments and businesses. The expansion of ISIS, and its ability to recruit educated professionals as well as teens into its ranks, illustrates the wide appeal of extremism. Increased tension over territorial claims in the South China Sea, the shale gas and oil revolution in the U.S., reliance on China as a growth driver, and conflict in Ukraine and the Middle East all place enormous pressure on strategic decision-making. Listen as a panel of experts considers the nature of these risks and what leaders can do to limit the damage.
Moderator
Noeleen Heyzer, Former Under-Secretary-General, United Nations
Speakers
Jing Huang, Lee Foundation Professor on U.S.-China Relations and Director, Centre on Asia and Globalisation, Lee Kuan Yew School of Public Policy, National University of Singapore
Vuk Jeremić, President, Center for International Relations and Sustainable Development; Editor-in-Chief, Horizons
Parag Khanna, Managing Partner, Hybrid Reality Pte. Ltd.; Global Contributor, CNN
James McCormack, Global Head of Sovereign and Supranational Ratings, Fitch Ratings
10:00 am - 12:00 pm FRI 9/18
The Family Program provides a private setting where prominent families can discuss important issues facing them today -- from family dynamics and creating a meaningful legacy to intergenerational succession planning and raising children amid great affluence. This off-the-record roundtable discussion offers a select group of influential individuals, families and philanthropists firsthand information and access to thought leaders.
Moderator
Richard Ditizio, Executive Vice President and Chief Operating Officer, Milken Institute
10:30 am - 11:30 am FRI 9/18
As China moves toward a market-driven economy by opening its capital account and liberalizing its currency, foreign investors are trying to understand what it means for them. The dramatic intervention in response to the decline in equity markets and the devaluation of its currency demonstrate the disconnect between the government's goal of maintaining economic and social stability and the requirement of free markets to allow supply and demand to set prices. Should countries move from free markets to managed economies in times of stress? The panel of experts will discuss investor sentiment, the evolution of the Chinese market and what it will take to rebuild investor confidence.
Moderator
Kevin Lu, Member, Global Executive Board, and CEO, Partners Group (Singapore) Pte. Ltd.
Speakers
Greg Donohugh, CEO, Double Haven (Hong Kong)
Teck Sien Lau, Partner and Chief Investment Officer, Hopu Investments
Minggao Shen, Head of China Research and Greater China Chief Economist, Citigroup Global Markets Asia
Xuan Yan, President, Greater China, Nielsen
Frank Yao, Vice Chairman, Asia, and Senior Portfolio Manager, Greater China Investment Team, Neuberger Berman
10:30 am - 11:30 am FRI 9/18
Risk-takers and disruptors are deploying their smarts and strategies to turn established business models upside down. Huge investments are starting to pay off as social media, global supply chains, advanced product design and innovative health-care technology change the way we think, communicate, work and play. Which technologies will have the greatest impact on society? Who among Asia's top investors are financing these groundbreaking efforts? As smartphones become more pervasive in Asia--the world's next great consumer market--where can venture capitalists and other investors find new opportunities? When will the next wave of innovation hit, and what will the technology landscape look like in the next five to 10 years?
Moderator
Newley Purnell, Tech Asia, Wall Street Journal
Speakers
Maximilian Bittner, CEO, Lazada Group
Jenny Lee, Managing Partner, GGV Capital
Thomas Magnanti, President, Singapore University of Technology and Design; Institute Professor, MIT
Nick Nash, Group President, Garena
John Riady, Director, Lippo Group; Co-Founder, MatahariMall.com
12:00 pm - 1:30 pm FRI 9/18
The global box office is king, and demand for international movies and television has never been greater. Asia is at the forefront of a new entertainment paradigm, with many of its distributors aggressively exporting films around the world. In fact, China, with the world's fastest-growing movie industry, is expected to surpass Hollywood in box-office revenue by 2017. The growth of the Asian market has sparked drives to co-produce and co-finance movies with big Hollywood studios. But does China's industry, rich with skilled filmmakers and solid financial backing, really need Hollywood's help? What is the key to reaching a growing, and increasingly prosperous, middle class in East Asia? Who holds the advantage, and how do companies determine what the new consumers actually want? Can new streaming services combat piracy and also provide an effective means to deliver content to consumers' homes?
Introduction By
Laura Deal Lacey, Managing Director, Asia Center, Milken Institute
Moderator
Kevin Klowden, Managing Director, California Center, and Managing Economist, Milken Institute
Speakers
Chris Bremble, CEO, Base Media
Ellen Eliasoph, President and CEO, Village Roadshow Entertainment Group Asia
James Fong, CEO, Oriental DreamWorks
Rose Kuo, CEO and Artistic Director, Qingdao International Film Festival Planning Team, Wanda Cultural Industry Group
Peter Shiao, Founder and CEO, Orb Media Group; Chairman Emeritus, U.S.-China Film Summit
12:15 pm - 1:45 pm FRI 9/18
Moderator
Curtis S. Chin, Asia Fellow, Milken Institute; Former U.S. Ambassador to the Asian Development Bank
Speaker
Eric Cantor, Vice Chairman and Managing Director, Moelis & Co.; Former Majority Leader, U.S. House of Representatives
2:00 pm - 3:00 pm FRI 9/18
In the hedge fund industry, 90 percent of assets are controlled by only 11 percent of the funds. With so much money concentrated in so few funds, this market is one of the toughest for new managers. It is particularly true in Asia, where only a few managers have been able to grow to the size of their U.S. and European counterparts. Industry veterans would argue that people are the secret to achieving great performance and client trust. Our panel will discuss how managers can pick the right strategies and talent to build a world-class investment team. They will address a wide range of questions: Is a key-man fund better than the multi-manager model? Which do institutional clients prefer and which is easier to scale? How do you attract the best analysts and portfolio managers? When the fund is down, what keeps investors in the game? What is the secret to building a successful hedge fund?
Moderator
Alvin Tay, Managing Director and Head of Asia-Pacific, Cambridge Associates
Speakers
Hyder Ahmad, Founder and Chief Investment Officer, Broad Peak Investment Advisers Pte Ltd
Adam Levinson, Founder, Managing Partner and CEO, Graticule Asset Management Asia
Manraj Sekhon, CEO and Chief Investment Officer, Fullerton Fund Management
Nick Taylor, Founder and Chief Investment Officer, Senrigan Capital Group
Danny Yong, Chief Investment Officer and Founding Partner, Dymon Asia Capital
2:00 pm - 3:00 pm FRI 9/18
The U.S. economy continues to expand, buoyed by job growth, low energy prices and increased consumer spending. Those aren't the only reasons for optimism. Key trade agreements such as the Trans-Pacific Partnership appear to be on track and, in another sign of confidence, the Federal Reserve has signaled its intention to raise interest rates this year. Yet questions remain about the strength of the recovery and America's political direction. U.S. exports have fallen as the dollar has risen in value against the euro, yen and most other world currencies, slowing growth. Will the economy slow further? And what will an interest rate hike mean for equity markets and emerging economies, two beneficiaries of near-zero rates? What issues will shape the presidential race, and what are the consequences for Asia?
Moderator
Heng Chee Chan, Ambassador-at-Large, Ministry of Foreign Affairs, Singapore
Speakers
Eric Cantor, Vice Chairman and Managing Director, Moelis & Co.; Former Majority Leader, U.S. House of Representatives
Ross DeVol, Chief Research Officer, Milken Institute
T. Bondurant French, Executive Chairman, Adams Street Partners
Amy Wilkinson, Professor, Stanford Graduate School of Business; Author, “The Creator’s Code”
3:15 pm - 4:30 pm FRI 9/18
The plunge in Chinese equities after a long surge, along with the country's slower economic growth, produced ripple effects in global and regional markets. How have they affected stock markets, liquidity, banking and investment globally? Are the measures undertaken by regulators enough to quell volatility? What other emerging markets are poised to take off? What will an increase in U.S. interest rates mean for equities and emerging economies? As demand rises with incomes, will commodity prices turn up? In the longer term, how will innovation and changing technology, financial structures and business models influence capital markets and the companies that rely on them?
Moderator
Martin Soong, Anchor, CNBC
Speakers
David Bonderman, Founding Partner, TPG
Joshua Harris, Co-Founder and Member, Board of Directors, Apollo Global Management
Michael ByungJu Kim, Partner and Founder, MBK Partners
Michael Milken, Chairman, Milken Institute
4:15 pm - 5:15 pm FRI 9/18
4:30 pm - 5:30 pm FRI 9/18