CEO Asia Q&A: 金融インタビュー Henley Executive Hedge Fund Program: Co-founder Anna Stephenson ヘンリー大学のヘッジファンドエグゼクティブ東京コース

Soon, finance professionals in Tokyo, wishing to enter the hedge fund industry will be able to learn directly on weekends from local buy-side experts in their financial field. The Tokyo program starts March 11, 2017. See full details on this program below. 

ヘンリー　エグゼクティブ　ヘッジファンド　プログラム (東京) 2017年　3月 11日～　東京独自のエグゼクティブヘッジファンド認定プログラム6か月でヘッジファンドビジネスの経験を積む。インフレクションポイントインテリジェンスはヘンリーエグゼクティブヘッジファンドプログラムを東京のヘッジファンドクラブ、トムソンロイターズ、そして平和不動産と共同で開催いたします。このプログラムは次世代のヘッジファンドマネージャーとカウンターパーティを育成するプログラムです。日本語のニュースとサポートはFacebook上にあります。

Today we interview Anna Stephenson, the co-founder of the Henley Executive Hedge Fund Program for professionals interested in gaining expertise about Hedge Funds. They have had three Hong Kong streams of students already, and expanded the program to Singapore in 2016, and Tokyo this spring. The program is taught in English in all three cities, and is focused on practical knowledge taught by experts as well as a strong networking component.

1) Why did you start your program and when did it begin? How big are the classes and how many students have completed the program so far?
We had the idea for the program because we noticed that while there are many professionals in the Hedge Fund space, most are experts in only their own field. For example, Lawyers understand the documentation required but have little expertise in Portfolio Management. The Portfolio manager might not have strong Fund Administration expertise or Capital Raising skills.  This course is designed to give an overview about all aspects of the Hedge Fund business from setup to management. 

The classes are limited to 25 participants and require at least 3 years of working in the finance industry.  We have had 70 people take the program in Hong Kong, and started in Singapore last fall. Tokyo will start with 15-25 students on March 11, 2017. There are 9 places left as of today, 16 confirmed.

2) What kind of results are you expecting for your graduates in the short or longer term? How long does the program take and what is the schedule like?

Participants who have completed the program have gained a much better understanding of all the aspects of operating and managing a Hedge Fund. Service providers can now see a complete picture of how their client operates.   We have also had a number of participants who were looking for an opportunity to work in the Hedge Fund industry find new jobs.

Classes are held one weekend a month for six months (12 days). The rest is online learning and a group project. We also have monthly networking events where industry partners, teachers and participants get together. These have been very helpful to build lasting relationships across the Hedge Fund community.

3) Why is  your program different from other hedge fund courses? Why not just take a college course on hedge funds instead?

This course is unique because it is taught by current industry professionals.  There are no pure academics teaching the program. This makes the hands-on learning very relevant, current and practical. Many Universities teach a hedge fund course but it usually centers around Portfolio Management or Risk Management. We also teach that but include other important subjects including Pitch-book Formation, Capital Raising, Fund Setup and Administration, Operations, Legal, Tax, Compliance and Governance.

4) Why are you so driven to make this program do well? What connection is there with Henley University, and why did you partner with them?  

Knowledge is power.  To really excel professionally, it takes a person who is motivated, willing to learn and able to apply what they learn in the real world. That is what this course offers in the Hedge Fund space.  Henley Business School has an International Capital Markets Center (ICMA) and have been a great school to collaborate with.

5) Are there any extra benefits to taking this program that are worth sharing at this time?

In addition to education and networking we also spend time with each participant to identify what their goals are for the program and give advice how to achieve them. Both Steve and I have been working in Finance for over 25 years, in three different countries, so we have a lot of experience to share.

6) Are you only going to offer the Henley Executive Hedge Fund Program in 3 cities in Asia? Will the program only be taught in English?

For 2017, we are only running the course in Hong Kong, Tokyo and Singapore. We likely will expand to other cities over time. The course is only taught in English at this time. If we see a demand for a Japanese language program, we can consider it in future.

7) How much does it cost? How can you register or apply? What kind of background or procedures are needed?

The cost for the 6 month Tokyo program is ￥950,000 and can be paid in installments.  There is a discount for those between jobs. Registration and more information can be found here: 

http://henley.asia/executive-education/executive-hedge-fund-program/tokyo/

The program is limited to 25 participants on a first come, first served basis. Candidates must have three years of expertise in the financial services industry. Register today! It is Highly Recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click here.  Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 45,000+ followers already have! click here! 

あなたがアジアや日本のセールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてください。ティエムジェィパートナーズをTwitterでフォローしてください！ 世界中のTwitterで第1位の採用企業、45,000以上のフォロワーが既に持っています！クリックしてください。

For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.

                  

                              Mark  Pink                                             Shinichi Nagasawa

                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891

          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday Feature CEO Interview: Jeremy Kloiser-Jones, the Founder and CEO of BC Finance Group

Today, we interview Jeremy Kloiser-Jones, the Founder and CEO of BC Finance Group, a firm focused on impact investments in financial services. In 2013, the group launched a Microfinance institution in Myanmar - and is the only institution of its kind with a national footprint. BC Finance is also working on some exciting Fintech applications of Blockchain technology. 

ジェレミー・クローイザー・ジョーンズ氏は、京都大学で法学を学んだ。彼は日本語と日本語の両方に堪能です。彼は日本とアジアで多くの仕事をしてきました。彼は現在、日本と国際投資家と直接取引をしています。彼はフィンテックで博士号を取得しており、よく知られているブロックチェーンの専門家です。

1)    When did you start BC Finance? What is your main business and current scale of operations?

We have been present in Myanmar, since 2012, prior to most foreign businesses and many embassies. We received our micro finance institution (MFI) licence in 2013, commencing business in October of that year, so we have been operating for more than three years now. We have around 100 staff serving clients through 19 branches in 8 states. The national roll out that we undertook in 2013/14 was unprecedented, and we are the only national commercial MFI in the country.

We lend to individuals, micro and small enterprises. As we lend for income generating activities, in an economy growing as fast as Myanmar is - the Asian Development Bank forecasts 8.4% GDP growth this year - credit performance is excellent. Since inception, we have had zero bad loans. Although microfinance as a sector generally has very low default rates, this performance surprises even us. Going forward, bad loans will not always be zero, but should be very low. A common misconception is that microfinance clients are poor credits. They are not.

2) Why did you choose to start your firm in Myanmar? What opportunity did you see?

Many people are not aware just how large Myanmar is. It has a population of 52 million and is the second largest country in ASEAN. Banks provide for the elite, and we provide for the average person, and there are many of them. The demand for microfinance in Myanmar is tremendous, at around USD 10 billion. This compares with current supply of only USD 300 million or so. In my career I have never been involved in a business with fundamentals as good as this. We can lend everything that we have, it is always repaid (to date), and yet we have tens of thousands of clients still waiting for loans. We simply need more inventory, which is capital. Hence we are currently doing a raising.

Given the above, it is obvious that returns to investors are extremely robust, but, in addition, providing formal financial services to those who did not have them before is of significant social value. Most of our clients are women, and they are able to better care for their children with the increased income that comes from growing their businesses. Financial services for the under banked is not just about lending. As a deposit-taking institution, we also provide our clients with savings accounts. This is an important offering for their financial security.

3) Where do you see the opportunity for your firm to grow? What key advantage do you have today in Myanmar?

As touched on above, for the immediate term, the growth opportunities are in Myanmar, and few other markets could provide a similarly attractive growth profile. Our aim is to build our loan portfolio to USD 150 million as quickly as is prudent. We are fortunate to have started early in Myanmar, and hence have a licence scope that is superior to virtually all other market participants. We can support deployment of significant amounts of capital. There is no shortage of profitable lending opportunities. Our national footprint also gives us the ability to offer remittance services in a meaningful way.

That said, there are other markets that can provide significant scale or other opportunities. These include ASEAN countries such Indonesia and Vietnam, although differing regulatory requirements dictate different approaches between markets. We are also looking at Sri Lanka, and have been shown interesting transactions in Cambodia, although that market requires a different approach to Myanmar, given that it is no longer “blue sky”. The Philippines also has much to offer.  

4) Tell us about your Fintech and Blockchain initiatives for mobile banking services in future.

During 2016, we were involved in testing blockchain technology against our core banking system. Although we were the first MFI in Myanmar, to introduce a core banking system, and are satisfied with what we have, we need to seek continual improvements. Confirming that private distributed ledger (blockchain) technology could smoothly and accurately record all of our clients borrowing and saving transactions, was an important proof of concept step. We did this in connection with Japanese partners. It could form the basis for development of a next generation MIS. Personally, I see that blockchain likely has more utility in applications that are client facing and we are working on some of these. Cryptocurrency as a basis for remittance transactions, and identity or credit data verified via blockchain could offer significant benefits not just for our business, but more broadly throughout Myanmar.

We are currently developing a P2P platform for emerging markets that will further enable those who wish to borrow and those who wish lend, to connect. This platform will leverage off the network of any financial institution with clients in excess of their capacity. I can't disclose more than this for now.

5) Have lending opportunities in Myanmar changed in any way due to government actions or new technologies like Blockchain?

Myanmar actually has a fairly good core legal regime for microfinance, but there is still room for improvement. As financial inclusion is important for the average person to participate in the economic growth that the country is now experiencing - a point of concern for the new government under Nobel Peace Prize winner, Aung San Suu Kyi - we expect continual improvements in the regulatory environment over the coming year. We actually had some significant deregulation a few months ago, but we expect to see even more.

Like many other countries, how regulation evolves in Myanmar, to deal with the emergence of new technologies such as blockchain, will be an important area to watch. This is of particular interest to me. In my downtime I am currently pursuing a PhD on the regulation of blockchain with an emphasis on applications in emerging markets and smart contracts.

6) Are there gaps in Myanmar lending that overseas investors do not fully understand that BC Finance try and fill?

Many misunderstand what microfinance is. The easiest way to explain it is to say that microfinance in an emerging economy such as Myanmar, fills the role of a retail bank in a more developed economy. We are the financial institution for our customers. They will have an account with us, they will have a mobile money account with us or linked to us, but they will likely never have a bank account. The opportunity is significant.

Generally, we also find that investors do not understand the high credit performance of microfinance. Commercial microfinance globally, has default rates in the low single digits. In Myanmar, defaults rates are even lower. After more than three years of operations, BC Finance is yet to experience even one bad loan - although we will, of course, experience them over time. As long as loan decisions are appropriately managed, microfinance customers are a better credit risk than the average developed market credit card holder. Like any market, there are different segments within microfinance. The provision of microcredit in a post-conflict zone in the Middle East by an NGO, is a charitable activity and would likely experience well in excess of 50% bad loans. While extremely important, this is not our business.

From a macro perspective, because credit provision in Myanmar is coming from a very low base, there is not yet a credit cycle and certainly not a credit bubble. It is a robust environment to be lending into. The opportunity for BCF is in how quickly we can supply the market. The more we can supply, the more businesses we can support, and the greater returns we will make. There are no unknowns in our business model. Myanmar is a country of wonderful people and we are proud to be building our business there, contributing as the country builds its future.

7) Where do you see your firm growing the most in the next 2-3 years? Will this continue within the mobile Fintech space? Are you seeking investors for new projects or service offerings?

Most of our growth over the next few years will come from meeting the incredible demand for credit we are seeing in Myanmar. This will be achieved by expansion of our direct balance sheet (traditional) lending, as well as via our P2P (Fintech) platform. Over that time, mobile phones will certainly become established as a primary transactional tool, in our view. Within this, we will be rolling out new products and technologies at the appropriate pace – to be neither to early nor too late to provide the right mix for the market.

As for your last point, we are seeking investors for BCF and are currently in discussions on an equity round of up to USD 7.5 million to close during the 1^st quarter of 2017. We are also raising USD 15 to 20 million of debt. Aside from this, we are always open to partnering with firms who bring something to the table we do not possess and are willing to invest alongside us.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click here. Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 45,000+ followers already have! click here! 

あなたがアジアや日本のセールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてください。ティエムジェィパートナーズをTwitterでフォローしてください！ 世界中のTwitterで第1位の採用企業、45,000以上のフォロワーが既に持っています！クリックしてください。

For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.

                  

                              Mark  Pink                                             Shinichi Nagasawa

                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891

          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

CEO Asia Q&A: 金融インタビュー Henley Executive Hedge Fund Program: Co-founder Anna Stephenson ヘンリー大学のヘッジファンドエグゼクティブコース

Today we interview Anna Stephenson, the co-founder with Steve Bernstein, of the Henley Executive Hedge Fund Program for professionals interested in gaining expertise about Hedge Funds. They have had three Hong Kong streams of students already, and are expanding the program to Tokyo, and Singapore this year. The program is taught in English in all three cities, and is focused on practical knowledge taught by experts as well as a strong networking component.

1) Why did you start your program and when did it begin? How big are the classes and how many students have completed the program so far?
We had the idea for the program because we noticed that while there are many professionals in the Hedge Fund space, most are experts in only their own field. For example, Lawyers understand the documentation required but have little expertise in Portfolio Management. The Portfolio manager might not have strong Fund Administration expertise or Capital Raising skills.  This course is designed to give an overview about all aspects of the Hedge Fund business from setup to management. 

The classes are limited to 25 participants and require at least 3 years of working in the finance industry.  We have had 70 people take the program in Hong Kong, and will be starting our first intake in Singapore on October 15^th. Tokyo will follow in March 2017. 

2) What kind of results are you expecting for your graduates in the short or longer term? How long does the program take and what is the schedule like?

Participants who have completed the program have gained a much better understanding of all the aspects of operating and managing a Hedge Fund. Service providers can now see a complete picture of how their client operates.   We have also had a number of participants who were looking for an opportunity to work in the Hedge Fund industry find new jobs.

Classes are held one weekend a month for six months (12 days). The rest is online learning and a group project. We also have monthly networking events where industry partners, teachers and participants get together. These have been very helpful to build lasting relationships across the Hedge Fund community.

3) Why is  your program different from other hedge fund courses? Why not just take a college course on hedge funds instead?

This course is unique because it is taught by current industry professionals.  There are no pure academics teaching the program. This makes the hands-on learning very relevant, current and practical. Many Universities teach a hedge fund course but it usually centers around Portfolio Management or Risk Management. We also teach that but include other important subjects including Pitch-book Formation, Capital Raising, Fund Setup and Administration, Operations, Legal, Tax, Compliance and Governance.

4) Why are you so driven to make this program do well? What connection is there with Henley University, and why did you partner with them?  

Knowledge is power.  To really excel professionally, it takes a person who is motivated, willing to learn and able to apply what they learn in the real world. That is what this course offers in the Hedge Fund space.  Henley Business School has an International Capital Markets Center (ICMA) and have been a great school to collaborate with.

5) Are there any extra benefits to taking this program that are worth sharing at this time?

In addition to education and networking we also spend time with each participant to identify what their goals are for the program and give advice how to achieve them. Both Steve and I have been working in Finance for over 25 years, in three different countries, so we have a lot of experience to share.

6) Are you only going to offer the Henley Executive Hedge Fund Program in 3 cities in Asia? Will the program only be taught in English?

For 2016/2017, we are only running the course in Hong Kong, Tokyo and Singapore. We likely will expand to other cities over time. The course is only taught in English at this time. If we see a demand for a Japanese language program, we can consider it in future.

7) How much does it cost? How can you register or apply? What kind of background or procedures are needed?

The cost for the 6 month Tokyo program is ￥950,000 and can be paid in installments.  Registration and more information can be found here: 

http://henley.asia/executive-education/executive-hedge-fund-program/tokyo/

The program is limited to 25 participants on a first come, first served basis. Candidates must have three years of expertise in the financial services industry. Register today! It is Highly Recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click here. Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 45,000+ followers already have! click here! 

あなたがアジアや日本のセールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてください。ティエムジェィパートナーズをTwitterでフォローしてください！ 世界中のTwitterで第1位の採用企業、45,000以上のフォロワーが既に持っています！クリックしてください。

For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.

                  

                              Mark  Pink                                             Shinichi Nagasawa

                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891

          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

ヘッジファンドとは何ですか？(パート1) マーク・ピンク、社長、TopMoneyJobs.com

ヘッジファンドとは何ですか？どのように機能するのですか？

ヘッジファンドには、1949年以来の歴史があります。ヘッジファンドの作成者、アルフレッド・ウィンズロー・ジョーンズは、アメリカで第一号を開発しました。彼は興味深いバックグラウンドを持っています。彼はアメリカ人の両親のもとで、1901年にオーストラリアのメルボルンで生まれました。彼は1923年にハーバード大学を卒業してから、後にコロンビア大学大学院で博士号を取得しました。

彼はドイツのベルリンで外交官、ニューヨークのフォーチュン誌で金融ジャーナリスト職を務めました。その後、彼はキャリアチェンジの機会を得て、1948年に資金管理の仕事へ移りました。彼は彼自身の40,000米ドルを含め、 100,000米ドルを調達し、シンプルなロング/ショート戦略を開始しました。

彼は最高のパフォーマンスの株式を買って、その価値が上がることを望みました。彼はまた価値が下落することを期待して、最悪のパフォーマンスの株式をショートしました。彼は彼のパフォーマンスを最大化する為に、レバレッジを使用しました。彼はその後すべての利益を共有する為に、リミテッド・パートナーシップを設立しました。これは成功し、ポジティブな結果に基づいて、外部の投資家から、マネージング・パートナーとしての彼自身の為に20％の手数料を生み出しました。彼はその当時のすべてのミューチュアルファンドをアウトパフォームすることができました。彼は、その後5年間実績を挙げ、すぐに認められるようになりました。

彼がロングとショートを組み合わせ、レバレッジを使用し、リミテッド・パートナーシップを活用した結果、今では、ヘッジファンド業界の父として知られています。それからは多くの新しい戦略が開発され、業界の資産は1兆米ドル以上に成長しています。多くのヘッジファンドはニューヨーク、ロンドン、シカゴ、サンフランシスコ、東京、香港、シンガポール、そしてメルボルン、オーストラリアなどの都市にあります。これは、TopMoneyjobs.comの継続シリーズのパート1です。

  

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, and anything else with a financial theme.  Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 29,000+ followers already have! click here! 

あなたがアジアや日本のセールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてください。ティエムジェィパートナーズをTwitterでフォローしてください！ 世界中のTwitterで第1位の採用企業、29,000以上のフォロワーが既に持っています！クリックしてください。

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

    Tokyo                                                                Tokyo

             Mark  Pink                                                  Shinichi Nagasawa

      Direct + 81 3 3505 3891                                       Direct  +81 3 3505 3891

            Email pinkmark@tmjpartners.com                         Email nagasawa@tmjpartners.com