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WINTER2016NEWSLETTERJANUARY 22, 2016IN THIS EDITION:UPCOMING EVENTS:FORECAST DINNER. CFA INSTITUTE ANNUAL CONFERENCE IN MONTREAL AND MOREMESSAGE FROM THE PRESIDENTRECENT EVENTSMEMBER’S RESOURCES: CFA INSTITUTE MARKET SIZING REPORTCAREER DEVELOPMENT: FLEXING, CODE SWITCHING, AND LEADERSHIPMembers, candidates and partners of the CFA Society Ottawa are welcomed to share their stories, information andannouncements in the next edition of the Newsletter. Please contact admin@cfaottawa.ca.
TABLE OF CONTENTSMESSAGE FROM THE PRESIDENT .3UPCOMING EVENTSOTTAWA .4SOCIETIES NEARBY .5GLOBAL .5RECENT EVENTS . 7MEMBER’S RESOURCESCFA INSTITUTE MARKET SIZING REPORT.8CAREER DEVELOPMENTFLEXING, CODE SWITCHING, AND LEADERSHIP . 9-10CFA SOCIETY OTTAWA LEADERSHIP & VOLUNTEERS .11CFA Society Ottawawww.cfasociety.org/Ottawa
MESSAGE FROM THE PRESIDENTRoxana Lund, Programming Chair, has planned andexecuted a number of events. On November 19,Philippe Ithurbide from Amundi Asset Managementpresented “Looking ahead to 2016”. On December 9Aly Alladina from PCJ Investment Counsel deliveredan excellent overview of his firm’s expectations for theCanadian equities market. On January 19 we had ourfirst Members’ Speaker Series Breakfast during whichJeremy Klein from Edison Asset Management providedan overview of smart beta funds. Expect at least oneprogramming event per month until the summer break.These are uncertain times for the world economy. Theprice of crude has dipped below 30/bbl, the Canadiandollar is drastically depreciating, and equity marketsare reflecting economic uncertainty with heavydeclines in valuation.Who could have forecast our current economic climatejust a few months ago? The winner of the Forecast of theYear Award will be announced at the 2016 ForecastDinner, which will be organized by Wesley Blight,Society’s Vice President. We are pleased to have secureda number of thought-provoking panelists from ManulifeAsset Management, CIBC Asset Management andFranklin Templeton Investments. I encourage youall to register early.The Society is very fortunate this year to benefit froma number of highly motivated volunteers who are infull execution mode.Graham Edwards, Membership & Mentorship Chair,has been instrumental in organizing a number of membernetworking events, as well as affinity relationships.Since the initial launch of the Mentorship Program lastsummer, several successful mentorship relationshipshave been initiated. On December 2nd, there was agood attendance at the Society’s Christmas SocialSoirée at the National Art Centre. In April we areplanning a networking and dinner event at an OttawaSenator’s game. Graham is also representing theSociety’s participation in the CFA Institute’s GlobalBranding Initiative, with additional details to followin the next newsletter.Kevin Pei, Employer Outreach Chair, has launched theSociety’s Ambassador Program. This program nowincludes ambassadors representing thirteen employersin the Ottawa region. The Program will help theSociety expand its partnerships with employersacross the Ottawa-Gatineau area.Ian Taylor, Education Chair, has been working closelywith the University of Ottawa and Carleton University.The Society sponsors their finance clubs and supports theCFA Institute Research Challenge. This year, for the firsttime, the University of Ottawa had also participated in theCFA Society Toronto Master of Finance Ethics Challenge.Alexander Taryshkin, Communications Chair, has beenworking hard behind the scenes to enhance the utilityof the Society’s web site, improve the quality of emailcommunication to members, and to establish the Society’s presence on social media. He is also responsiblefor developing this newsletter.The big news from other Canadian Societies comesout of Montreal where they are hosting the 9th CFAInstitute Annual Conference in May of this year. Thisis one of the industry’s largest gatherings of investment professionals, historically attracting as many as1,800 delegates from 70 countries. Last year’s annualconference was held in Frankfurt, Germany. The themeof this year’s conference is “Investing in a ChangingWorld”. Speakers will include top economists, legendaryinvestors, and bestselling investment authors. As Ottawais only a short trip away, I encourage you to attend.Sincerely,Bernhard Eichenlaub, CFAPresident, CFA Society Ottawa
UPCOMING EVENTSAPRIL 7, 2016CFA SOCIETY OTTAWA ANDTHE OTTAWA SENATORSNETWORKING EVENTJoin us for a great evening of learning,networking and entertainment! The nightwill include a panel discussion, a dinner in The Ledgeand a ticket to see Ottawa Senators play against theFlorida Panthers—all included in the price of theadmission. Limited space is available. Register early!69TH69THCFA INSTITUTEANNUALCONFERENCE8-11 May 2016 Montreal, CanadaAPRIL 16, 20162016 FORECAST DINNER: THE INFLUENCE OFDYNAMIC GLOBAL GROWTHThe CFA Society Ottawa will be hosting its annualForecast Dinner on Monday, April 18, 2016 at the ShawConvention. It is the premier financial networkingevent in Ottawa, bringing together over 300 ofOttawa’s leading investment professionals.INVESTING INA CHANGING WORLD8–11 May 2016 gan Greene - Managing Director andChief Economist at Manulife Asset ManagementLuc de la Durantaye - Managing Director and Head ofAsset Allocation and Currency at Management atCIBC Asset ManagementdsteHoEric Takaha - Senior Vice President, Director ofCorporate/High Yield Credit, and Portfolio ManagerFranklin Templeton InvestmentsFor more information on ticketing and sponsorshipopportunities please visit:www.cfasociety.org/ottawa Forecast Dinner orcontact Wesley Blight at Wesley.Blight@cma.ca 2016 CFA Institute. All rights reserved.witMFACh
UPCOMING EVENTSMay 8-11, 2016 Montreal, QC69TH CFA INSTITUTE ANNUAL CONFERENCE:Investing in a Changing WorldSOCIETIES NEARBYIn a changing world, gaining a leading edge requiresa personal investment in your knowledge, skills, andprofessional network.2016 ANNUAL PENSION CONFERENCEMARCH 31, 2016 TORONTOJoin featured speakers Bob Geldof, Amy Myers Jaffe,David Rubenstein, and Michael Pettis for discussionson China in the world economy, efficient portfoliosolutions, the global energy markets, and much more.CFA Institute members who are also society memberscan use promotional code SOCIETY16, which providesa discounted rate of CAD900 (valid until 29 January2016). For more information, as well as to secure yourplace, please visit annual.cfainstitute.org.Agenda: https://annual.cfainstitute.org/schedule/Speakers: https://annual.cfainstitute.org/speakers/2016 EQUITY INVESTMENT SYMPOSIUMFEBRUARY 9, 2016 TORONTOWOMEN IN INVESTMENT MANAGEMENTAPRIL 27, 2016 MONTREAL69TH CFA INSTITUTE ANNUAL CONFERENCEMAY 8-11, 2016 MONTREALGLOBAL2016 FIBA AML CONFERENCEMARCH 7-9, 2016 MIAMI, FL, USACFA INSTITUTE CONFERENCE: WEALTH MANAGEMENT 2016MARCH 16-17, 2016 MINNEAPOLIS, MN, USAWebinars:BUILDING A HIGH IMPACT RESUMEJANUARY 26, 2016More at: www.CFAInstitute.org Insights & Learning
2016 Market OutlookThe influence of dynamic global growthMonday, April 18, 2016Reception begins at 5:00pm, dinner begins at 6:30pmShaw Convention CentreMegan GreeneManaging Directorand Chief EconomistManulife AssetManagementLuc de laDurantayeManaging Director andHead of AssetAllocation and CurrencyManagementCIBC AssetManagementEric TakahaSenior VicePresident, Director ofCorporate/High YieldCredit, and PortfolioManagerFranklin TempletonInvestmentsDon’t miss out on sponsorship opportunities!For more information please visit www.cfasociety.org/ottawa ForecastDinner or contact Wesley Blight at Wesley.Blight@cma.caWith over 350 members, the CFA Society Ottawa supports the business andprofessional growth of local investment professionals.Aligned with our mission, the annual forecast dinner is the foremost investmentconference in the nation’s capital.
RECENT CFA SOCIETY OTTAWA EVENTSDEBT AND DELUSIONNovember 3, 2015CHRISTMAS SOCIAL SOIRÉEDecember 2, 2015In situations when most aretroubled by the alarmingnumbers, Robert Smithsonlooks beyond the figures tounderstand the underlyingconcerns. During his visitto Ottawa, Robert, who haspreviously worked at GoldmanSachs and is now a fund manager at the UK-based THSPartners spoke about the overstatement of global debtloads. He painted a rosier demographic picture fordeveloped nations than is projected by many economistsand discussed the significant deleveraging that hasalready been undertaken by consumers, corporations andsovereigns. The event drew a room-packed crowd andwas a great addition to the Society’s busy fall schedule.The Christmas Social Soirée, held by the CFA SocietyOttawa, was a festive year-end holiday event thatbrought together close to fourty people at the NationalArts Center (NAC). This was an excellent occasion forcolleagues and friends to meet their significant othersand their children, as well as, enjoy the spectacularperformance of the Nutcracker presented by the RoyalWinnipeg Ballet after the reception. Many memberswill certainly hope that this great event will be thebeginning of a new tradition at the Society.LOOKING AHEAD TO 2016November 19, 2015In November the Societyhosted a presentation byPhilippe Ithurbide, GlobalHead of Resarch, Analysisand Strategy of AmundiAsset Management—one ofthe largest fund managersin Europe. Philippe spokeabout the global outlook for 2016. He shared his grimviews on the slowing Chinese economy with short termimplications for DM financial markets and long termimplications for commodity-linked currencies. He wasmore optimistic about the recovery in Europe, expectingdomestically-driven small caps to lead growth. Needlessto say, actions of the Federal Reserve also made theday’s agenda. We thank Philippe for sharing his viewswith the Society.NAVIGATING CHOPPY WATERSDecember 9, 2015The CFA Society Ottawahosted a luncheon featuringAly Alladina, Partner, PCJInvestment Counsel onDecember 9. Aly’s presentationfocused on navigating thechoppy waters of Canadianequities. He shared hisperspective on the state of the Canadian equity market,including the impact of global growth and commodityprices on current and anticipated market conditions.Aly also spoke about PCJ’s investment decision-makingprocess and demonstrated how this process is appliedto arrive at “high conviction” stock selections. Aly’spresentation was followed by a lively discussion, withmany questions and comments from the audience.
MEMBER’S RESOURCESCFA Institute recently partnered with Mercer Consultingto size employment in the investment management industryworldwide to support its efforts to create strategy thathas an impact on the investment management profession.(and only about 1% of the total financial servicesIndustry). The United States has the largestinvestment management profession, nearly fourtimes the size of the second-largest market, Japan.CFA INSTITUTE MARKET SIZING REPORTMembers were segmented by job function andemployer type to estimate the number of membersin the core (approximately 32% of membersglobally). Based on the estimated market size ofcore investment management professionals(adjusted 10%–30% to account for small firm datanot available for this study), the global marketpenetration is estimated to be between 14%–16%,ranging from 1% in Japan to up to 38% in Switzerland.The CFA Institute’s ability to create strategy thatwill impact the investment management professionis partially dependent on what job functions and firmtypes make up the profession, what the current and futurelabor market size will look like in key markets, andhow much market penetration we have with members.CFA Institute recently partnered with Mercer Consultingon an effort to size employment in the investmentmanagement industry. Twenty-four economies wereincluded in the study, representing about 90% ofglobal assets under management.Some of the key findings of the research are outlinedbelow. The investment management industry includesanyone working for an asset management firm (includingalternatives), wealth management firm, or asset owner(e.g., pension funds, endowments, sovereign wealth funds).The five largest investment management industrylabor markets are the United States, China, Japan,Canada, and the United Kingdom, representing 73%of the total investment management work force inthe 24 countries we studied.Within the industry, “core” jobs (portfolio management, research/investment analysts, and personalfinancial advisers) account for 21% of the totalwork forceThe investment management industry is projectedto grow 28% over the next 10 years. Non-core jobs(29%) will grow slightly faster than core jobs(22%). Rank order of countries by employmentis projected to stay stable in most cases, exceptthat China might surpass Japan to become the topmarket in Asia, and the United Arab Emiratesmight surpass Russia.The fastest-growing markets are in Latin America,the United Arab Emirates, China, South Korea,India, and Indonesia.Wealth management is projected to grow slightlyfaster than asset management (34% versus26%, respectively).The CFAI will use the survey results as a partial inputto their three-year strategic plan, all of which leadsto fulfilling their miss
MAY 8-11, 2016 MONTREAL GLOBAL 2016 FIBA AML CONFERENCE MARCH 7-9, 2016 MIAMI, FL, USA CFA INSTITUTE CONFERENCE: WEALTH MANAGEMENT 2016 MARCH 16-17, 2016 MINNEAPOLIS, MN, USA Webinars: BUILDING A HIGH IMPACT RESUME JANUARY 26, 2016 More at: www.CFAInstitute.org Insights & Learning May 8-11, 2016 Montreal, QC 69TH CFA INSTITUTE
