• 2008.05.24   Modular   [Shanghai/New York]   English and Chinese with simultaneous interpretation

The programme participants will:

• Develop an overview about the investment industry worldwide
• Develop insights about interaction of world capital markets
• Understand the fundamental investment theories
• Develop deep knowledge and practice on stock and fixed income investment strategies
• Understand investment risk management theory and practice
• Understand advanced investment issues like quantitative investing, hedge fund strategies, behavioural finance, etc.
• Know how to manage investment operation
• Have access to the CEIBS Alumni network of business elites

• Overview of investment management industry
• Fundamental portfolio theory and framework
• Equity investment management strategies and styles
• Fixed income investment management strategies
• Performance evaluation
• Risk management on investment
• Hedge fund strategies
• Other advanced investment topics: quantitative investing, behavioural finance, venture capital/private equity, real-estate investing, etc.
• How to manage investment operation (company structure, corporate governance, HR management, marketing management, investor relations, etc.)

Module 1 (May 24-28, 2008)

Faculty: Ding Yuan, Professor of Accounting, CEIBS; Zhao Xinge, Associate Professor of Finance, CEIBS

Guest Speakers: Ma Jun, Managing Director of Deutsche Bank, Chief Economist Greater China, and investment strategist; Zhang Zili, Senior Vice President, Director of Research and Fund Manager of American Century Investments

• Overview of the mutual fund industry
  • Mutual funds: Structure, regulation, categories, expenses, distributions, performance, size issue, taxation
  • Closed-End Funds, Exchange-Traded Funds and Listed Open-end Funds
  • Behaviour of mutual fund investors
• From economics to investment strategy
• Equity investment management
  • Equity portfolio management: the U.S. practice
    • Evolution of equity investment management methodology
    • Market efficiency theory
    • Basics of valuation techniques
    • Essential elements of modern portfolio management
    • Concept of risk and capital asset pricing model
    • Active quantitative investment management framework
    • Alpha modeling 
    • The importance of efficient trading
    • Performance attribution
  • Value investing: China experience

Module 2 (June 27-July 1, 2008)

Faculty: Aaron Low, Visiting Professor, CEIBS

Guest Speakers: Henry Wang, Director and Head of Business Risk for Asia Pacific for Citigroup Prime Finance Business; Charles Ye, Managing Director of UBS, Head of Fixed Income China; Zheng Fang, Founder and CIO of Keywise Capital Management; Zheng Kongdong, Managing Director and Investment Manager of Equity Investment Department of China Investment Corporation

• Fixed income investment management 
  • Fundamentals
    • Introduction of bonds and bond markets
    • Characteristics of different bonds
  • Fixed income portfolio management
    • Active vs. Passive strategies
    • The yield curve
    • Specific strategies 
    • How to diversify risk
• Derivatives and risk management for investment management firms 
  • Introduction to risk management
  • Description of financial risk management instruments 
  • Equity risk
  • Bond risk
  • Use derivatives to manage risk
  • Manage risk of derivatives
• Hedge fund
  • Fundamentals and key issues
    • Introduction 
    • Hedge fund providers and counter-parties 
    • Hedge fund investment strategies 
    • Risk management for hedge funds 
  • Value investing techniques in hedge funds/China experience

Module 3 (August 27-31, 2008)

Faculty: Sheridan Titman, Professor of UT Austin, Investment Advisor to Goldman Sachs, Chairman of Western Finance Association; Wang Ko, Newman Chair in Real Estate Finance, Chair of Department of Real Estate of Baruch College, City University of New York; Zhu Yu, Professor of Finance, CEIBS; Other Professors from prestigious universities around the world (New York University, Yale University, etc.)

Guest Speakers: Deng Kun, Managing Director of Lazard; Andrew Scott, Credit Strategist of JP Morgan; Bill Lu, portfolio manager of Tudor Investment; Other famous practitioners......

• Advanced topics in equity portfolio management
  • Behavioural finance and application
  • International investing
  • Management of investment companies
    • Fund structures, financial planning, tax issues
    • Marketing techniques for asset managers 
    • Issues of corporate governance 
    • Management of investment company
  • Advanced topics in derivatives and bond markets
  • Advanced topics in hedge fund and other alternative investments
    • Quantitative investing at hedge funds
    • Real estate Investing
    • PE/VC/I-banking
• Company visits
  • JP Morgan, Lazard Asset Management, etc.

The programme will be delivered by an excellent faculty team consisting of prominent financial professors from CEIBS, world-renowned business schools and senior financial management professionals from renowned financial institutions in the Wall Street.

Professor Gao Yan, Programme Director

Professor Ding Yuan

Professor Zhao Xinge

Professor Zhu Yu

Professor Aaron Low

Professor Wang Ko

Professor Sheridan Titman

Guest Speakers

Deng Kun
Mr. Deng is a Managing Director of Lazard where he has worked for over 10 years.  He is also a senior Portfolio Manager, managing, among others, The World Trust Fund, a London listed closed-end fund, Lazard Emerging World Fund, a Dublin-listed mutual fund, and Lazard World Alternative Value Fund, a hedge fund.  His past experience includes teaching at New York University, Hofstra University, and Peking University. Mr. Deng received degrees from Columbia University and Peking University. He holds the CFA (Chartered Financial Analyst) charter. Mr. Deng was ranked by Financial Times among the top 10 global equity managers for the years of 2000-2003.  He was also ranked among the top 10 global equity managers in each of the past 5 years in Financial Times. He has received numerous awards for Lazard Emerging World Fund, including the best 1 year, 3 year and 5 year performance awards for the past two consecutive years by Dachfonds. In 2006, he was rated No. 27 in Citywire’s Top 100 Fund Managers in Europe. He served on the Advisory Board of the Emerging Powers Programme of the World Policy Institute. He currently serves as a director of the Board of Martin Currie “A” China Fund, and also as a director of the Board of Peking University Education Foundation (U.S.A.).

Bill Lu
Mr. Lu is Fund Manager of Tudor Investment Co., Ltd. He is responsible for managing part of the company’s global macro transactions for Tudor BVI Global Fund and Tudor Tensor System Fund. Such transactions include global currency, stock ownership index and interest rate products. Since January 2004, Mr. Lu has worked for Tudor Investment. Prior to joining Tudor, he worked as a quantitative strategist for Grossman Asset Management Company, a USA-based company engaged in currency and global macro hedge fund business. From 1998 to 2001, he was Assistant Professor of Finance in Ross School of Business, University of Michigan, where he taught MBA courses and pursued academic studies in the field of investment management. Mr. Lu received his Ph.D. in Economics from Yale University in 1998, and B.A. in International Finance from Fudan University (Shanghai) in 1991.

Ma Jun
Mr. Ma is Managing Director of Deutsche Bank, Chief Economist Greater China, and investment strategist. He joined Deutsche Bank in 2000 and was mainly responsible for providing analysis of China’s macroeconomic tendency and consultancy of investment strategies for thousands of institutional investors around the world. His name has appeared on the lists of top economists and top Chinese analysers initiated by some financial magazines including Finance Asia for many times. He served in the World Bank and International Monetary Fund as the economist and senior economist from 1992 to 2000. From 1988 to 1990, he was a researcher at Development Research Centre of the State Council of China. He received the Ph.D. of economics from Georgetown University in 1994 and the master’s degree from School of Management, Fudan University in 1988.

Henry Wang
Mr. Wang is currently a director and Head of Business Risk for Asia Pacific for Citigroup Prime Finance business. In this capacity he is responsible for managing prime finance's AsiaPac/Japan exposures to buy side clients. Prime Finance is a unit of Citigroup's Hedge Fund Services that offer custodian services, margin financing, synthetic financing/stock borrow and lending, hedge fund consulting and capital raising etc to hedge fund and buy side clients. Previously he was head of Counterparty Risk Analytics for Asia Pacific for Citigroup. The group is responsible for quantifying counterparty credit exposures to Citigroup for derivatives transactions across multi asset classes that include equities, fixed income, fx and commodities. He holds a Bachelor's degree in Physics from University of Science and Technology of China, Master's degree in Physics from University of Pennsylvania and Master's degree in Finance from Columbia Business School.

Charlie Ye
Mr. Ye is Managing Director and Director of Fixed Income with UBS Securities Company Limited, responsible for fixed income business. Before joining UBS, he was Managing Director of BOC International (China) Limited, in charge of sales transactions. From 1998 to 2002, he served as Director of RVI LLC, taking charge of the development of major strategies for hedge fund and the execution of transactions. He also has rich experience in investment banking, serving as Vice President of J. P. Morgan Chase & Co. and Executive Director of Bear Stearns Cos, in the fields of stocks, bonds and interest rate derivatives in Asia-Pacific Area. Mr. Ye received his Ph.D. in Physics from Massachusetts Institute of Technology in 1990 and M.S. in finance from the Wharton Business School, University of Pennsylvania in 1993.  

Zhang Zili
Mr. Zhang is a Senior Vice President, Director of Research and Fund Manager with American Century Investments, a premier money manager and top mutual fund company in the US with assets under management of about $100B. With more than 13 years of direct money managing experience and public track records. Dr. Zhang and his portfolio team manages the American Century Income & Growth, Equity Growth, Small Company, Disciplined Growth, Long-Short Equity and International Core Equity funds totaling more than $15 Billion. Besides directly managing various funds and supervising portfolio managers, Dr. Zhang also directs the whole equity research group responsible for investment strategies, stock selection models, and quantitative systems for global stocks. Prior to joining American Century Investments in 1995, he was a Research Fellow with Ilya Prigogine Centre for Statistical Mechanics and Complex Systems at the University of Texas at Austin. Dr. Zhang has a B.S. degree in Physics from the University of Science and Technology of China and a Ph.D. in theoretical physics from the University of Texas at Austin with Nobel Laureate Professor Ilya Prigogine. Dr. Zhang has publications in financial economics and co-authored a book on finance and investing. Working from American Century's Silicon Valley office, Dr. Zhang is a member of Executive Club of HYSTA and a Board Director of Noosphere Communications Inc.

Zheng Fang
Mr. Zheng is now Founder and CIO of Keywise Capital Management. He is Co-founding Partner of Neon Liberty Capital, managed N. Asian equity portion of $500 million Emerging Markets Equity hedge fund; manager of Greater China Long/short fund, $95 million. His previous work experience includes Portfolio Manager of J.P. Morgan Asset Management, Emerging Markets, Co-manager and Asian specialist for Global EM product with $4.0 billion AUM; Portfolio Manager of Global Small Cap EM product with $250 million AUM; Equity Research Analyst, Asian Financial & Property sectors, J.P. Morgan Asset Management, responsible for primary industry research and stock selection advice on JPM’s EAFE, Global, and Emerging Market’s products with total AUM of $4.0 Billion; Equity analyst, Rockefeller & Co., Inc.; Assistant to Chairman, China International Trust and Investment Corporation; Project Manager in power equipment department, Ministry of Machinery Building Industry. He holds M.B.A. degree from Harvard Business School, and is a CFA charter holder.

Zheng Kongdong
Mr. Zheng is currently Managing Director and Investment Manager of Equity Investment Department of China Investment Corporation, responsible for hedge fund investment and North America market investment for the global centralised portfolios of the Equity Investment Department. Since 2003, he has served UBS (Chicago, USA) as Hedge Fund Manager and Managing Director. He operates the funds with six different investment strategies in accordance with specific situations of USA, Japan and Greater China. As fund manager with over $100 million under management, he has kept a 2-digit year-end ROI for 2 consecutive years. He was senior Research Analyst and Chief Trader of the group during 1998 and 2003. Before then, he was Research Analyst of Warburg (Chicago, USA). Mr. Zheng received his Master’s degree in Financial Economics from Northwestern Polytechnic University as a scholarship winner. He is also a member of CFA Society of Chicago.  

• Shanghai (CEIBS Shanghai campus, 699 Hongfeng Road, Pudong, Shanghai) and New York (Baruch College, City University of New York)

Applications are reviewed as they arrive. Completed applications must be received 20 working days before the start of the programme. Any applications received after that date will be considered on a space-available basis. Please address all applications and enquiries to our customer service team in Shanghai, Beijing or Shenzhen.

Cancellations or changes of a programme registration may be made without penalty at least 15 working days before the programme's start date. If a confirmed booking is cancelled within 15 working days of the start of the programme, or if the applicant fails to attend the programme, a cancellation fee equaling to 20 percent of the total programme fee will be charged. When a request to substitute participant(s) for the same programme is made less than 15 working days before the start of the programme, the seat(s) will not be guaranteed. If an applicant is unable to attend the programme, the applicant may transfer to a different session of the same programme or another CEIBS Executive Education Programme within the same calendar year, but must pay any differences in fees between the two programmes. All changes and cancellations are subject to the final confirmation of CEIBS.

For more information, please contact:

Ms. Julia Zhang
Tel: +86-21 2890 5213
Mobile: 13818971933
Fax: +86-21 2890 5183
Email: zhjulia@ceibs.edu
Ms. Tanya Liu
Tel: +86-21 2890 5198
Fax: +86-21 2890 5183
Email: ltanya@ceibs.edu

* CEIBS reserves the right to amend information on this programme including price, date, location, faculty, daily schedule and other details.

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