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  • VIDEO: The Future of Finance

    01 Nov 2018
    1514
    0

    Disruptive innovation refers to innovation that creates new markets and value networks that displace competitors and existing players. Given the disruptive innovation happening globally across markets, the financial sector is not spared. What does the future hold?
    A presentation by Maria Wilton, CFA, at the Philippines Investment Conference 2018. (52 min.)

    This article qualifies for 0.75 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 

  • VIDEO: The Asian Battle Between Alibaba, Tencent, Amazon & Grab: Turning Rideshares into Bankshares

    01 Nov 2018
    2118
    0

    This article qualifies for 0.75 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 

    The financial system is morphing as smart entrepreneurs find a back door into financial services and offer services that are easier, better, cheaper, faster and more efficient. Data analytics allows ride share companies to become banks. Retail is becoming a bank.  Payments companies are becoming banks. And now Amazon has entered banking. The Amazon moment for banks has arrived and the banks are only engaging in minor changes at the edges. A great disruption is ahead.
    Dr. Paul Schulte speaks at the Philippine Investment Conference 2018.
     

  • Action Research on Funds Governance with Employee’s Bank Trust’s Unit Investment Trust Funds

    26 Sep 2018
    451
    8

    The recent financial blow ups and buy outs has put much emphasis on good governance; the Organization for Economic Cooperation and Development (OECD) and Australian Securities Exchange (ASX)developed principles and guidelines for compliance to prevent fund blow-ups. These guidelines though are geared toward international markets.
     
    In the US and Europe, mutual funds dominate the investment market while in the Philippines, Unit Investment Trust Funds (UITFs) and mutual funds exist side by side with UITFs being more prevalent. This study focused on Employee’s Bank Trust’s team continuous effort in improving the governance framework of its Trust’s Unit Trust and Investment Funds (UITFs) through the use of action research. The team believed that the creation of a governance framework would add on to the organization’s competitiveness.
     
    Data was collected through interviews, discussions, and documentation. The team, which included members from different units of Employee’s Bank, embarked on two action research cycles over the span of three year, from May 2012 to December 2015 as it applied Payne’s (2004) governance framework to the governance of Employee’s Bank Trust collective investment schemes. Payne’s framework highlighted five principles: code of ethics, law, regulations/regulators, independent directors, and lawsuits.
     
    Using the framework, the team incorporated other principles believed to be necessary for a UITF governance framework through in-depth and regular consultations and meetings. The revised framework has allowed the team to improve fund governance. It was clear to the team involved in this endeavor that the framework had to be dynamic and open to modifications to incorporate improvements as time goes by. This study is significant due to the increasing popularity of collective investment schemes and the growing need to govern them accordingly. This information generated in this study will prove valuable in the creation of future policies and procedures to be compliant to governance practices.
    The recent financial blow ups and buy outs has put much emphasis on good governance; the Organization for Economic Cooperation and Development (OECD) and Australian Securities Exchange (ASX)developed principles and guidelines for compliance to prevent fund blow-ups. These guidelines though are geared toward international markets.
     
    In the US and Europe, mutual funds dominate the investment market while in the Philippines, Unit Investment Trust Funds (UITFs) and mutual funds exist side by side with UITFs being more prevalent. This study focused on Employee’s Bank Trust’s team continuous effort in improving the governance framework of its Trust’s Unit Trust and Investment Funds (UITFs) through the use of action research. The team believed that the creation of a governance framework would add on to the organization’s competitiveness.
     
    Data was collected through interviews, discussions, and documentation. The team, which included members from different units of Employee’s Bank, embarked on two action research cycles over the span of three year, from May 2012 to December 2015 as it applied Payne’s (2004) governance framework to the governance of Employee’s Bank Trust collective investment schemes. Payne’s framework highlighted five principles: code of ethics, law, regulations/regulators, independent directors, and lawsuits.
     
    Using the framework, the team incorporated other principles believed to be necessary for a UITF governance framework through in-depth and regular consultations and meetings. The revised framework has allowed the team to improve fund governance. It was clear to the team involved in this endeavor that the framework had to be dynamic and open to modifications to incorporate improvements as time goes by. This study is significant due to the increasing popularity of collective investment schemes and the growing need to govern them accordingly. This information generated in this study will prove valuable in the creation of future policies and procedures to be compliant to governance practices.