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MULTI ASSET

Investment Philosophy

Market prices are determined by the complex interaction of multiple factors that can drive asset prices away from intrinsic values. As these prices have shown to revert to intrinsic values over time, “value” investors can earn excess returns in the long term. In addition to “value”, we are cognizant that other risk premium and qualitative factors can also have significant effects on asset prices. Our decisions are based on an analysis of whether the investments under consideration provide sufficient “margin of safety” in delivering returns.

Our Process

The multi asset team adopts a four-step approach to investing.

  • Step 1

    Quantitative screening

    Our quantitative models reference academic literature and are centred on our investment philosophy. Although these models adopt a valuation bias, they include an assessment of risk premium factors. The output from these models forms the starting point of our investment considerations.

  • Step 2

    Qualitative overlay

    The qualitative overlay process looks for factors that are not captured during the quantitative screening stage; for example, macroeconomic risks, corporate risks and structural changes are known to influence returns and asset prices. This is a critical step in the investment process because the initial valuation signals from the quantitative screening model may not have incorporated sufficient “margin of safety”.

  • Step 3

    Portfolio construction

    While constructing the portfolio, we ensure that portfolio risks are in accordance with the client’s mandate and the team’s investment views. Investment vehicles are carefully chosen and monitored to achieve cost efficiency and the desired exposure.

  • Step 4

    Risk control and review

    Portfolio positions and tilts are reviewed regularly to avoid unintended and over exposure to any single type of risk.

MULTI ASSET STRATEGIES

The Multi Asset team manages global mandates for large-cap, long-term investors, ranging from Global Equity, Global Fixed Income, Global Mixed Assets, Non Traditional Assets and Quant-driven strategies.

Multi Asset Solution & Global Asset Allocation Team

From its beginnings as a manager of internal funds for the Prudential Group, the Multi Asset team now also manages funds for a wide range of institutional and retail clients. Backed by a 20-year track record, the team has established a solid reputation as manager of multi-asset portfolios.

Active debate and discussion defines the team’s modus operandi. All investment views and strategies are deliberated while leveraging on the team’s collective expertise. The portfolio managers have some discretion in tilting their portfolios in accordance with client-specific mandates. Their broad investment strategies, however, must remain consistent with the team’s view.

  • Assets under management

    USD 54 billion

    (as at 31 December 2016)

  • Industry experience

    14 years

    (on average)

 

Our specialist teams include:

  • Kelvin Blacklock
    Chief Investment Officer - Global Asset Allocation
    Kelvin Blacklock

    Kelvin Blacklock joined Eastspring Investments, the Asian asset management business of Prudential plc, as Chief Investment Officer, in 2001.
     
    He is responsible for the Global Asset Allocation team based in Singapore. In this role, he has overall responsibility for the investment strategy, performance and tactical asset allocation of the firm’s global multi-asset funds. Kelvin also plays a key role in the strategic asset allocation advisory and liability management of The Group’s life insurance assets in the region. Over his tenure at Eastspring, Kelvin has also had responsibility for the Fixed Income team, derivatives and structured products as well as alternative assets.

    Prior to joining Eastspring Investments, Kelvin worked for 11 years at Schroder Investment Management, in various roles within the global fixed income team based in London, Hong Kong and Singapore.
     
    Kelvin has a deep understanding of the region and the issues of investing in the Asian markets.
     
    Kelvin holds a Bachelor of Science (First Class Hons) in Mathematical Sciences from University of Strathclyde, Glasgow, Scotland (1989). He is also a CFA charterholder.

  • Joanna Ong
    Portfolio Manager
    Joanna Ong

    Joanna Ong joined Eastspring Investments (Singapore) Limited, the Asian asset management business of Prudential plc, as Investment Director, in June 2000.
     
    Joanna is part of the Global Asset Allocation team and is responsible for managing the global tactical asset allocation of the Singapore life insurance funds as well as retail multi-asset funds of the team. Joanna is also involved in the Strategic Asset Allocation Advisory for our Life Insurance clients in the region, ensuring these funds are able to achieve their long-term target returns and operating within acceptable risk parameters. She also formulates strategy and country recommendation within the asset class.
     
    Prior to joining Eastspring Investments, Joanna worked for Bank Austria Creditanstalt International as a Deputy Manager in the Risk Management Division. Prior to that, she was an Audit Senior with Arthur Andersen.
     
    Joanna holds a Bachelor of Accounting from Nanyang Technological University, Singapore and is a CFA charterholder.

  • Henry Hsiao
    Portfolio Manager
    Henry Hsiao

    Henry Hsiao joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in December 2002.
     
    He is part of the Global Asset Allocation (GAA) team and is responsible for providing support to the senior investment team of GAA in the areas of Research, Fund Management and Quant/Database.
     
    Prior to joining Eastspring Investments, Henry started his career with President Securities Corporation as an Investment Analyst. He joined Hua Nan Bills Finance Corporation as Proprietary Trader and finally joined PCA Securities Investment Trust in our Taiwan office as a Portfolio Manager / Head of GAA & Fixed Income Department and Foreign Equity Department.
     
    Henry holds a Master of Business Administration in Finance from St John’s University, Jamaica NY.

  • Zhenghao Phua
    Portfolio Manager
    Zhenghao Phua

    Zhenghao Phua joined Eastspring Investments (Singapore) Limited, the Asian asset management business of Prudential plc, as Junior Portfolio Manager, in September 2010.
     
    Zhenghao is part of the Global Asset Allocation team, and provides support to the senior investment team of GAA in the areas of Research, Fund Management and Quant/Database.
     
    Prior to joining Eastspring Investments, Zhenghao was a Research Analyst with UOB Asset Management.

    Zhenghao holds a Bachelor of Business Administration in Finance from the National University of Singapore and is CFA charterholder.

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Prudential plc, incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups and has been in existence for over 166 years. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.

Eastspring Investments herein refers as Eastspring.

 

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