New and Notable
ARX receives up to 100 new submissions each month: academic papers, industry research, white papers, market analysis and others. Here is a curated selection of new and noteworthy posts from our institutional and individual contributors.
To browse or search ARX's repository of more than 3000 posts, select "Research" in the upper left-hand corner of the page.
Corporate Social Performance and Credit Risk
The financial sector can play a role in aligning private sector incentives with sustainable development, without incurring additional financial risk or sacrificing returns, but the CSP-credit risk relationship is dependent on country sustainability.
29 July 2020 | CFA Society Malaysia: Dr Lutfi Abdul Razak, Prof Dr Mansor H Ibrahim, Dr Adam Ng
Persistence of Australian Active Funds: Year-End 2019
A semi-annual scorecard measures the performance persistence of Australian active funds which outperformed their peers and benchmarks over consecutive three- and five-year periods. It also analyzes their transition matrices over subsequent periods.
22 June 2020 | S&P Dow Jones Indices: Priscilla Luk, Arpit Gupta, Tim Wang
China Market Strategy: Policy Signs / 中国市场策略: 政策的信号
While long-term valuation is supportive of the large caps, the instinct to trade out of human avarice will blind the longer-term picture of a future in five or more years. The volatility in the expensive ChiNext will continue to roil sentiment.
27 July 2020 | BOCOM International: Hao Hong, CFA
ETFs in Insurance General Accounts: United States - 2020
ETFs represent a small fraction of assets held by insurance companies, but their use is growing. A detailed analysis of admitted assets of U.S. insurers shows what products they use and how they allocate their assets.
29 May 2020 | S&P Dow Jones Indices: Raghu Ramachandran
Debt Analysis of Prefecture-level City Local Governments in Zhejiang and Jiangsu Provinces
16 July 2020 | Pengyuan International: Jameson Zuo
Covid-19 in ASEAN-5: Policy Response Provides Some Support
The support packages vary in scale and scope, and are largely contingent in nature. While they will broadly help reduce some of the negative effects of the crisis, they will not offset the rising recessionary or credit risks for most sectors.
25 June 2020 | Moody's Investors Service
How Smart Beta Strategies Work in the Australian Market
As the interest in smart beta strategies increases, this paper examines the effectiveness of six well-known risk factors in the Australian equity market: size, value, low volatility, momentum, quality, and dividends.
24 June 2020 | S&P Dow Jones Indices: Liyu Zeng, Priscilla Luk
WEBINAR: An Assessment of the Unit Investment Trust Fund Sector in the Philippines
An assessment of the current status, challenges, and prospects of the Unit Investment Trust Fund (UITF) sector in the Philippines from the supply and demand sides. Results of a study conducted by the CFA Society Philippines, the Asian Institute of Management, and the Fund Managers Association of the Philippines.
5 July 2020 | Arlene C. Gutierrez, Center for Sustainable Finance Asian Institute of Management; CFA Society Philippines
Earning Investors' Trust: How the Desire for Information and Innovation Shapes Client Relationships
What does it take for someone to put their capital at risk and entrust their funds to someone else to manage? The concept of trust lies at the heart of this question. CFA Institute's 2020 investor trust survey, fourth in a series, gauges the perceptions of investors toward the behavior of investment firms and professionals who are entrusted with their money.
18 June 2020 | CFA Institute: Rebecca Fender, CFA; Robert Stammers, CFA; Roger Urwin, FSIP; Rhodri Preece, CFA
China's New Green Catalogue: Harmonizing Standards
China’s regulators have published a consultation version of their updated “Green Bond Endorsed Project Catalogue”, which harmonizes domestic standards with international ones, expands the range of qualifying projects, and adds technical detail.
10 July 2020 | SynTao Green Finance: GUO Peiyuan, LIU Yujun, WU Yanjing, Grace GUAN
Fintech Decoded: Tracking Investment Activity in Fintech Companies in Q1 2020
The impact of COVID-19 will reverberate across all sectors of the economy, fintech being no exception. In the sector, challenges are expected to surface on multiple fronts, but so are opportunities, as companies look to beat the odds and thrive.
10 July 2020 | Aranca: Ashish Rane, Bharat Ramnani
Bangladesh Banking Sector Report
Banks in Bangladesh were already struggling with a challenging environment before Covid-19 struck. The pandemic is worsening the impact of recent policy measures, creating an ill-timed double whammy of lending/deposit rate cap and legacy high NPLs.
8 July 2020 | Asian Tiger Capital Partners: Md. Nafeez Al Tarik, CFA, FRM; Shohana Ahmed; Saad Niamatullah; Tofayel Ahamed
WEBINAR: Toward Greater Trust: Fees, Disclosures, and Professionalism
What does it take for someone to entrust their savings to someone else to manage? The newest trust survey by CFA Institute shows a decline in client trust in Australia and Singapore. What are the reasons and how should the industry respond?
7 July 2020 | CFA Institute: Mary Leung, CFA; Maria Wilton, CFA; Daryl Liew, CFA; Piotr Zembrowski, CFA | Video: 1 hr 5 min.
WEBINAR: Green Finance Development in China
As China actively pursues ecological and sustainable development, green finance serves a core function in the country’s financial ecosystem. Dr. Ma Jun, director of the Center for Finance and Development at Tsinghua University, chairman of China Green Finance Committee, and a member of the Monetary Policy Committee of the PBOC, and Rhodri G. Preece, CFA, head of industry research at CFA Institute, discuss green finance development in China.
29 June 2020 | CFA Institute | Video: 52 min.
The Case for Mandatory Separation of Chairperson and CEO Roles in India
As the implementation of SEBI's mandated separation of the roles of chairperson and CEO in Indian companies is postponed, we asked members of CFA Institute in India and CFA Society India for their views on this issue. This report provides the results of the survey.
23 May 2020 | CFA Institute, CFA Society India: Sivananth Ramachandran, CFA
Offshore Tax Evasion and Avoidance in the Belt and Road Initiative
Offshore tax evasion and avoidance are a threat to the financial and reputational integrity of the Belt and Road Initiative (BRI). Many BRI countries are vulnerable, as they are not party to global standards for financial and tax transparency.
6 July 2020 | HKUST Institute for Emerging Market Studies: Michael Tyrala
Connecting the Disconnected: Digital Services Industry
The data centre, a central organ in digital conversations, has emerged as an asset keenly courted by investors. Since 2018, private equity investors’ deal volume in data centres has not only surged but deal sizes have also spiked.
1 July 2020 | Asia Private Equity Review
Evaluating Active Managers’ Performance through a Risk Lens: Risk-Adjusted SPIVA® Scorecard
As an extension of the standard SPIVA Scorecard, the Risk-Adjusted SPIVA Scorecard assesses the risk-adjusted returns of actively managed funds against their benchmarks on both a net-of-fees and gross-of-fees basis.
18 May 2020 | S&P Dow Jones Indices: Berlinda Liu, Gaurav Sinha
Impairment of Assets and Liabilities during the COVID-19 Crisis
As the Covid-19 pandemic continues to spread, companies find it hard to forecast revenue and to evaluate assets and liabilities. Many have delayed the publication of financial statements. What disclosures are needed in this unprecedented situation? Notes from a Digital Reporting Workshop for Japanese investors.
27 May 2020 | Chie Mitsui
The Retirement Puzzle
Present-day retirees may not be as well off as they expect during their retired life, as incentives exist for people to deplete their superannuation in the early years of retirement, with significant negative consequences for government finances.
30 June 2020 | Monash University: Ummul Ruthbah
Impact of COVID-19 on USD Corporate Bond Liquidity
The COVID-19 crisis has impacted asset valuations, increased volatility and led to reduced liquidity in many cases. In this paper, FTSE Russell examines the effects of the crisis on the liquidity of USD corporate bonds.
30 June 2020 | FTSE Russell: Mikhail Bezroukov, Yu Zou
WEBINAR: Transformation through Purposeful Leadership
A masterclass session with Tan Sri Abdul Wahid Omar, Chairman of University Kebangsaan Malaysia (UKM) Board of Directors and Chairman of Bursa Malaysia, and Justin Ong, CFA, President of CFA Society Malaysia. A webinar presented by CFA Society Malaysia.
24 June 2020 | Tan Sri Abdul Wahid Omar, Justin Ong, CFA | Video: 1 hr 11 min
Seeing Through Frosted Glass: Assessing Chinese Local Governments’ Creditworthiness
As Chinese local government debt is growing rapidly, an assessment of the creditworthiness of Chinese local governments uses a top-down rating approach which better reflects the nation’s vertically integrated governing structure.
29 June 2020 | Pengyuan International: Jameson Zuo
The Only Game in Town: Assessing Monetary Policy Tools in Response to COVID-19
As the Philippine central bank implements monetary actions to cushion the economic impact of the Covid-19 pandemic, what is the effect of these policy tools on the real economy? What other policy actions should the bank introduce?
29 June 2020 | Miguel N. Sevidal
Growth vs Value Investing on the Bursa Malaysia during Covid-19 Pandemic
Performance of 885 stocks listed on the Bursa Malaysia is analysed based on their Price to Earnings (PE), Price to Book (PB), Dividend Yield (DY), and Debt to Equity ratio (DE), during the Covid-19 pandemic from January to early June 2020.
30 June 2020 | Shu Heng Chuan, CFA, Jaccob Thomas, Lim Yik Yin
Related-Party Transactions in India
Related-party transactions – deals between parties that have a pre-existing relationship – create a principal-agent conflict and impact shareholders’ wealth. This study investigates such transactions in Indian companies.
27 June 2020 | Ashwini Damani, CFA; Ruchika Goel, CFA; Rajendra Kalur, CFA; Sivananth Ramachandran, CFA; Vidhu Shekhar, CFA; Shreenivas Kunte, CFA
WEBINAR: Assessing Insurance Companies in Turbulent Times
Tighter regulatory regimes, geopolitical uncertainty, the ongoing digitization of the economy, and the Covid-19 pandemic have caused fundamental changes in the traditional insurance business. How should investors assess insurance companies?
16 June 2020 | Eunice Chu, FCCA; Charles Chui, CFA; Jennifer Law, MD; Mike Goodall; Stratos Pourzitakis, PhD | Video: 1 hr 2 min | 1 PL
COVID-19 Impact on Bangladesh Economy
Like in most other nations, the outbreak of COVID-19 pandemic is an unprecedented shock to the Bangladesh economy. The report explores the possible impact of the ongoing pandemic on the broad economy and major industries of the country.
22 June 2020 | LankaBangla Asset Management Co. Ltd.
WEBINAR: Bank Negara Malaysia’s Pandemic Relief Measures: A Welcomed Move to the Malaysian Banking Industry?
A discussion of the measures implemented by Bank Negara Malaysia to support the efforts of banking institutions to assist individuals, small and medium-sized enterprises and corporations in managing the impact of the Covid-19 outbreak. A webinar presented by CFA Society Malaysia.
2 April 2020 | Yue Xiang Teng, Justin Ong, CFA | Video: 1 hr 26 min
Bangladesh National Budget for FY 2021
As Bangladesh struggles with an economic slowdown due to nation-wide lockdown, layoffs and job losses, EBLSL presents insights on the country’s proposed national budget for FY 2021, highlighting its potential impact on businesses and industries.
12 June 2020 | EBL Securities Ltd. Research Team
The Dragon Awaits: China Market Strategy Outlook for the Second Half of 2020
The current market shows similarities to the internet bubble of 2000. Despite broad optimism, caution is needed. Value stocks are set to outperform. The strength of cyclicals can be misconstrued. Shanghai and Hong Kong offer long-term value.
10 June 2020 | BOCOM International: Hao Hong, CFA
FTSE Russell China Bond Research Report: Q1 2020
Foreign ownership of RMB-denominated Chinese government bonds rose to a record high in March as interest rates slipped in some markets; and as the global economy slumped due to the coronavirus crisis. FTSE Russell's quarterly publication.
10 June 2020 | FTSE Russell
WEBINAR: ESG Investing Post-Covid 19
MioTech's co-founder Jason Tu compares shareholder value vs. social value, explains how technology and data readiness improves ESG adoption, and discusses regulatory drivers of sustainable investing in Greater China.
10 June 2020 | Jason Tu, Mary Leung, CFA | Video: 1 hr 9 min
Financing India's Renewable Energy Sector: Accessing Capital from Pension and Insurance Funds
The paper examines the investment traits of India's renewable energy sector and assesses the alignment of institutional investors' objectives with their investment profiles, focusing on pension funds and insurance companies.
10 June 2020 | Labanya Jena, CFA
WEBINAR: AI Ethics in the Corporate World
As the applications of artificial intelligence proliferate, will there be a radical shift in how people behave and make critical decisions? Will AI strengthen or weaken the role of ethics? A webinar presented by CFA Institute and Tencent Finance Academy (Hong Kong)
3 June 2020 | Alan Lok, CFA, Dorothy Chau, PhD, Laurel Teo, CFA, Justin Ong, CFA | Video: 1 hr 41 min
Value at Risk 2.0: News Anchor or Fortune Teller?
We capture the behavior of VAR during crises and weaknesses to which banks are exposed. We evaluate various regulatory measures to address them and provide suggestions how to compute forward looking VaR as an alternative to current approaches.
21 May 2020 | EY: Subrahmanyam OV , Yashendra Tayal
VIDEO: From the Desk of a CIO: Strategizing Long-Term Investments
Mohamad Damshal bin Awang Damit, CFA, Chief Investment Officer at Tabung Haji, and Faridq Ridzuan, CFA, discuss what it takes to be a CIO, and how being a CFA Charterholder can help your career.
1 June 2020 | CFA Society Malaysia: Mohamad Damshal bin Awang Damit, CFA, Faridq Ridzuan, CFA | Video: 57 min
WEBINAR: Portfolio Asset Allocation and Performance through the Business Cycle
During the crisis, asset allocation decisions outweigh stock selection decisions as a determinant of portfolio performance. What is the value of asset allocation for portfolio performance over the long term?
1 June 2020 | CFA Society Malaysia: Yau Sue Meng, CFA | Video: 58 min
WEBINAR: Is There Cash Left in the Post-Covid-19 World?
The COVID-19 pandemic has left businesses around the world cash-strapped. What are the best practices in working capital management, how do you uncover tell-tale signs of poor cash and working capital management and how can you preserve liquidity? A webinar presented by CFA Society Malaysia and PWC.
19 May 2020 | Pawan Kankanwadi, Ganesh Gunaratnam, Chun Keat Neo, CFA | Video: 1 hr 8 min
WEBINAR: Oil Armageddon: Is Black Gold Turning into Red Ink?
While the outlook for global crude oil remains subdued, the world’s most important commodity is quickly losing its value, as the chronic oversupply overwhelms storage capabilities of crude tanks, pipelines and super-tankers.
19 May 2020 | CFA Society Malaysia: Deepak Kumar Thakur, CFA, Ahmad Nabil, CFA | Video: 1 hr 5 min
WEBINAR: Gearing Up Your Portfolio with Structured Warrants
During market volatility it is important to identify the right strategies and tools to maneuver through the crests and troughs of the market. Learn how you can amplify your portfolio performance with structured warrants.
1 June 2020 | CFA Society Malaysia: Leong Kah Meng, CFA | Video: 1 hr 13 min
WEBINAR: Has Luck Run Out for Luckin Coffee?
With high volatility in the market, impending recession, unconventional monetary policies, how do you value a company? What can we learn from the failure of the Chinese coffee chain Luckin Coffee?
1 June 2020 | CFA Society Malaysia: Ryan Tong Yee Chow, CFA, Chong Jin Yoong, CFA | Video: 1 hr 12 min
How to Identify a Quality LGFV
Local governments in China started setting up local government financing vehicles (LGFVs) after they were barred from direct borrowing in 1994. Each LGFV operates within its government’s jurisdiction and they don’t compete against one another.
28 May 2020 | Pengyuan International: Brian Lam, Jameson Zuo
WEBINAR: GIPS 2020 and Taiwan Research Findings
Eddie Chan, CFA, Asia Pacific GIS Product Channel Manager at CFA Institute, introduces the newly published Global Investment Performance Standards GIPS 2020. Professor Wei-Hsien Li, PhD, presents local research from Taiwan on the GIPS experience.
26 May 2020 | CFA Society Taiwan; Eddie Chan, CFA; Wei-Hsien Li, PhD | Video: 1 hr 14 min
VIDEO: Using the Sectors of the Future to Unlock Alpha Today
How are advisors with an eye on the future using the S&P Kensho New Economies to meet client goals today? Lenity Financial’s Mark and Lisa Bova join S&P DJI for a practical look at the sectors driving the 4th Industrial Revolution.
7 May 2020 | S&P Dow Jones Indices: Mark Bova, Lisa Bova | Video: 9 min
WEBINAR: Australian Credit Market Outlook and the Macro-economy
Fitch Ratings’ leading sector analysts discuss the implications of the global pandemic on Australia’s economy. The interactive webinar covers sovereigns, financial institutions, structured finance, corporates, infrastructure and ESG.
25 May 2020 | Fitch Ratings: James McCormack, Jeremy Zook | Video: 51 min
Practitioners' Insights: Investing Under Uncertainties (Webinar Presentation)
A webinar presentation on investing during the current unprecedented circumstances, with a multitude of moving parts, owing to the COVID-19 health crisis, with the effects penetrating global economies and equity markets.
13 May 2020 | CFA Society India: Kuntal Shah
WEBINAR: How Green Are Green Bonds?
A review of green bond regulations in ASEAN with a focus on their alignment with global standards and on the progress Thailand, the Philippines and Malaysia are making in the development of their green bond markets.
21 May 2020 | Mary Leung, CFA; Yoon Mee Yeong, CFA; Juliette Macresy, CFA; Cedric Rimaud, CFA | Video: 1 hr 8 min
ETF Industry in India
An overview of India’s ETF industry looks at its evolution since the first ETF was launched in 2001. It analyses the ETF market structure, market participants, policy, tailwinds, and headwinds. It also provides recommendations for the way forward.
23 May 2020 | CFA Society India: Sivananth Ramachandran, CFA; Nilesh Saha, CFA
Understanding the S&P Managed Risk 2.0 Indices
This paper explains the S&P Managed Risk 2.0 Indices, introduced by S&P Dow Jones Indices in collaboration with Milliman. These indices seek to provide core equity strategies with an embedded risk management feature.
14 April 2020 | S&P Dow Jones Indices: Tianyin Cheng, Vinit Srivastava, Joe Becker
Shareholder Activism in Japan: How traditional corporate culture is being challenged
Shareholder activism is on the rise in Japan, but has not yet developed to the same degree as in the US or Europe, where investors are increasingly focusing on ESG issues. In Japan it is mainly concerned with governance and financial performance.
21 May 2020 | Nga Pham, PhD, CFA
Emerging Market Fixed Income: Development and Characteristics of the Asset Class
A look at the characteristics and evolution of Emerging Market fixed income since the 1980s, shows that it has grown into a substantial and investible asset class. The report debunks some frequent misperceptions of Emerging Market bonds.
20 May 2020 | FTSE Russell
Volatility and Returns: Evidence from China
Volatility-managed portfolios do not work well in China because past volatility positively predicts future returns. We propose volatility-scaled portfolio, an alternative portfolio management tool that exploits this empirical fact.
20 May 2020 | Yeguang Chi, Xiao Qiao, Sibo Yan, Binbin Deng
Fintech 2020: Technological Innovations in the Financial Services Industry
This report highlights a handful of fintech innovators in Islamic finance from around the globe. It defines the fintech landscape, presents recent trends, and helps understand how fintech can revolutionize the industry and Islamic finance.
19 May 2020 | CFA Society Pakistan
Sustainable Finance in Asia Pacific: Regulatory State of Play
An overview of developments in sustainability in major jurisdictions of Asia Pacific and international policy environment examines practical implications for industry participants and policymakers, and calls for international coordination.
13 May 2020 | ASIFMA, Herbert Smith Freehills
China's Transition Toward Electric Vehicles
With strong manufacturing base in battery and battery components - the core parts in electric vehicles - China has evolved to be sufficiently competitive in the global battery manufacturing battleground against Korea and Japan.
13 May 2020 | Pengyuan International: Danny Chen, Tony Tang
WEBINAR: Deep Dive into VIX and Market Volatility
Known as the market's "fear gauge", the VIX index and its related measures covering equity, currency and fixed income markets across the globe, have become go-to measures of uncertainty and turmoil in markets. How does VIX encode meaningful predictions about the future behaviour of the markets?
12 May 2020 | Tim Edwards, PhD; Franki Chung, CFA
VIDEO: Artificial Intelligence Applications in Finance
The young demographics of the Philippines is seen as an advantage. But as advancement in artificial intelligence becomes exponential, transforming science fiction into reality, we could see jobs becoming obsolete and machines replacing humans.
8 August 2018 | CFA Society Philippines, Dr. Noah Silverman | Video: 45 min.
Dissecting the Global Liquidity Crisis
The quarantines introduced in March 2020 have brought economic activity to a global standstill, triggering a bear market never seen before. The panic-selling across asset classes is considered unprecedented, even for crises. What are the safe havens?
12 May 2020 | Leveraged Growth: Aswini Bajaj, Aditya Bhatia, Rajul Jain, Ritwik Bhawsinghka, Muskaan Jain, Sonia Keswani, Racheta Chaudhary, Sudakshina Saha, Priyanka Dugar
Has COVID-19 Led to Financial Instability in China?
The COVID-19 crisis follows turbulent two years for China’s economy. Fiscal and monetary support measures have maintained stability in the banking sector and capital markets, but risks remain in small banks, real estate and export-focused industries.
30 April 2020 | Seafarer Capital Partners, LLC: Nicholas Borst
Are All Bond Ratings the Same? A Comparative Analysis of China's Domestic and Global Bond Ratings
We select a sample of China’s corporate issuers and asset-backed securities (ABS) with domestic and global credit ratings, to compare and analyse the differences in the two rating scales and the reasons behind such differences.
11 May 2020 | Pengyuan International: Ke Chen
WEBINAR: Recovery of China's Economic Activities
Fitch's senior analysts discuss the findings on China's domestic credit market conditions and property market activities, the observations on steel and construction sectors, and the views on energy consumption.
29 April 2020 | Fitch Ratings: Ying Wang, Jenny Huang, Adrian Cheng, Laura Zhai, Penny Chen | Video: 55 min.
SEMINAR: Investing through Booms and Busts
In this recorded seminar, Dr. Vikram Mansharamani applies a combination of practitioner experience and academic perspective to help audiences navigate the cross-currents of global economic, financial and political developments.
28 August 2019 | Dr. Vikram Mansharamani, CFA Society Philippines | Video: 1 hr 21 min.
The Impact of Covid-19 on Global Bond Markets
FTSE Russell's fixed income research specialist Robin Marshall provides insight into fixed income markets and the Covid-19 shock, with a deeper dive into emerging market sovereigns.
5 May 2020 | FTSE Russell: Robin Marshall
WEBINAR: CEO Insights - Communicating in a Crisis or a Crisis of Communication?
Miss Radhika Gupta, CEO of Edelweiss AMC, talks about client communication in times of crisis. The session is moderated by Mr. Rajendra Kalur, CFA.
1 April 2020 | Radhika Gupta, Rajendra Kalur, CFA, CFA Society India | Video: 60 min.
WEBINAR: Corona Financial Crisis: Is This Time Different?
Dr. Duvvuri Subbarao, 22nd Governor of the Reserve Bank of India discusses the impact of Covid-19 on India’s economy. The moderator is Dr. Samiran Chakraborty, Managing Director and Chief Economist for India at Citigroup.
13 April 2020 | Dr. Duvvuri Subbarao, Dr. Samiran Chakraborty, CFA Society India | Video: 1 hr 18 min.
ESG Disclosure in Asia: Key Findings from Hong Kong-Listed Companies
This webinar presentation includes a summary of research by CFA Institute on ESG disclosures in Asia-Pacific, and of a survey by BDO and PolyU SPEED on the performance of ESG reporting among Hong Kong-listed companies in 2018/19.
5 May 2020 | Piotr Zembrowski, CFA; Ricky Cheng; Dr. Artie Ng
The 2008 Global Financial Crisis and COVID-19 Pandemic: How Safe Are the Safe Haven Assets
This paper compares the performance of safe haven assets during the 2008 GFC and COVID-19 pandemic across the ten largest economies. The results show that gold acts a safe haven during the 2008 GFC but fails to serve as a safe haven during COVID-19.
1 May 2020 | Muhammad A. Cheema, Kenneth R. Szulczyk
WEBINAR: Cashless Payment Industry - Sector Analysis
The webinar explores the growth potential and the evolving landscape of the cashless payment industry. It highlights the most important competencies a company needs to thrive in this sector.
29 April 2020 | CFA Institute: Eunice Chu, FCCA; Danny Leong; Alan Lok, CFA; Serhii Karpenko; Rostyslav Dyuk
About the Author(s)
Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu