Wealth Management Institute

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Wealth Management Institute offers Asia-centric and practice-oriented education opportunities

The Wealth Management Institute ("WMI"), the first center of excellence for wealth management education in Asia, held its official launch today. WMI provides wealth management professionals with a unique combination of academic learning and practical experience, adopting an Asian focus complemented by a global perspective. Being the focal point for continued education and research, WMI aims to enhance standards of professionalism in the field and establish Singapore as the Asian hub for wealth management.

The inception of WMI is a concrete follow up on the Singapore Economic Review Committee's recommendations announced in September 2002 to develop Singapore as a regional leader in wealth management and a premier education hub. Responding to the demand of the wealth management industry, the Government of Singapore Investment Corporation ("GIC") and Temasek Holdings (Private) Limited will play a catalytic role in this initiative, with the support of the Monetary Authority of Singapore (MAS).

WMI works closely with its significant academic partners, which include the Singapore Management University (SMU), the Swiss Banking School (SBS) and the Association of Investment Management and Research (AIMR), to offer a spectrum of programmes that would enhance professionalism and meet the needs of a dynamic wealth management industry.

In partnership with WMI, the wealth management industry players will take on an active role to underscore the needs, develop the content and co-teach the programmes. WMI's industry partners, including The Citigroup Private Bank, Credit Suisse Private Banking, DBS, HSBC Republic, JPMorgan Private Bank and UBS Wealth Management as well as institutional fund managers like PIMCO, Schroders Investment Management amongst others, will be instrumental in WMI's emphasis on practice-oriented education through their offer of internship opportunities and scholarship awards to participants in WMI's Masters of Science in Wealth Management programme.

Mr Ng Kok Song, Chairman WMI, said, "WMI is motivated by a fast-moving industry that is seeing an increased demand for professionally trained wealth managers. I am confident that over time, we will establish a reputation as a global leader in the wealth management education and distinguish ourselves by the highest quality in student intake, faculty teaching and internship training."

WMI's programmes will cater to the needs of both senior and junior practitioners in the wealth management industry. Its flagship programme, Masters of Science in Wealth Management (MWM), will be conducted by SMU, in collaboration with SBS. MWM is a specialised degree that covers the entire value chain of wealth management from asset management, sale and distribution of financial products, to financial advice. A key distinguishing feature will be its on-the-ground experience, internships and scholarships supported by leading wealth management companies. A module of the Masters programme will be conducted in Switzerland, where the participants would have the opportunities to interact with practitioners and industry players beyond the region.

WMI will provide the opportunities for individuals to upgrade their skills and competence through its series of short courses. These short courses are aimed at teaching the diverse aspects of the professions at various levels, including product knowledge, finance/banking, asset allocation, ethics, compliance and legal issues, and selling and marketing techniques.

WMI will also be developing platforms, such as the Global Investors Workshop -Asia and the Fund Management/Private Banking Retreat, for bringing together professionals and practitioners for networking and discussion of strategic global issues, and trends related to the wealth management industry.

WMI aims to attract talents, upgrade professional competence and contribute to the growth of the wealth management industry in Singapore and the region.

About Government of Singapore Investment Corporation Pte Ltd

GIC is a global investment management company established in 1981 to manage Singapore's foreign reserves. With a network of five overseas offices in key financial capitals around the world, GIC invests internationally in equities, fixed income, money market instruments, real estate and special investments. With a portfolio of more than US$100 billion, it is now amongst the world's largest fund management companies.

For more information, please visit http://www.gic.com.sg

About Temasek Holdings

Temasek Holdings (Private) Limited is an investment holding company based in Singapore. Established in 1974, it holds and manages investments in companies which are involved in a wide range of business activities, from port, shipping and logistics, to banking and financial services, airlines, telecoms and media, power and utilities, and rail. Many of these companies are leading companies in Singapore, including Singapore Airlines, Singapore Telecoms, Singapore Technologies, Neptune Orient Lines-APL, PSA Corporation, DBS Bank and Singapore Power. The listed companies in the Temasek Group represent approximately 20% of the market capitalisation of the Singapore Exchange.

For more information, please visit http://www.temasekholdings.com.sg

About Singapore Management University

Incorporated on 12 January 2000, SMU is Singapore's third university funded by the Government. The university's aim is to groom outstanding business leaders and creative entrepreneurs capable of excelling in a rapidly changing and dynamic world. A collaboration with America's top business school - The Wharton School of the University of Pennsylvania - allows SMU to draw on Wharton's academic and research strengths across all major disciplines. Today, SMU comprises four schools: the School of Business, School of Accountancy, School of Economics and Social Sciences, and the School of Information Systems, which has a partnership with IT-renowned Carnegie Mellon University. In the past three years, SMU's executive education programmes and events have attracted over 1500 participants from more than 25 countries. Currently located at the historical Bukit Timah campus, SMU will move to its permanent city campus in Singapore's civic and business hub in 2005.

For more information, please visit http://www.smu.edu.sg

About Swiss Banking School

The Swiss Banking School, based in Zurich, was established in 1987 as a non-profit foundation. The members of the foundation are leaders in the area of wealth management: Bank Julius Baer Ltd, Bank Vontobel AG, Credit Suisse Group, Lombard Odier Darier Hentsch & Cie, and UBS AG. The Swiss Banking School focuses exclusively on executive education for financial institutions. In linking renowned academics and senior practitioners, its objective is to help executives understand the latest developments and assess the strategic implications for the finance industry. Each year in its exclusive International Private Banking & Wealth Management Retreat it gathers 25 senior executives from private banking from all over the world for a week-long seminar on strategic developments in wealth management. To remain at the forefront of global developments in banking and finance, the Swiss Banking School co-operates with reputed academics and professionals, and fosters a wide network of finance executives through its Alumni Association.

For more information, please visit http://banking-school.ch

About Association for Investment Management and Research

The Association for Investment Management and Research® (AIMR®) is an international, non-profit organisation of more than 65,000 investment practitioners and educators in over 100 countries. As the sponsor of the prestigious CFA® designation, AIMR is a global leader in educating and examining investment managers and analysts. AIMR's mission is to serve its members and investors as a global leader in educating and examining investment managers and analysts and sustaining high standards of professional conduct. AIMR's membership is global in scope, and its activities are worldwide. AIMR offers services in three broad categories: Education through seminars and publications; Professional Conduct and Ethics; and Standards of Practice and Advocacy. AIMR's members are employed as securities analysts, portfolio managers, strategists, consultants, educators, and other investment specialists. These professionals practice in a variety of fields, including investment counseling and management, banking, insurance, and investment banking and brokerage firms.

For more information, please visit http://www.aimr.com

Annexes

For further information, please contact:

Eva Ho
Director, Corporate Communications
Temasek Holdings (Pte) Ltd
Tel: (65) 6828 6763
Mobile: (65) 9617 6234
Email: evaho@temasek.com.sg
Serene Lee
Assoc Director, Corporate Communications
Temasek Holdings (Pte) Ltd
Tel: (65) 6828 6765
Mobile: (65) 9692 0918
Email: serenelee@temasek.com.sg

Annex 1

Quotes from WMI Key Industry Partners

"The Citigroup Private Bank welcomes and supports Singapore's efforts to develop a centre of excellence in this specialised area. The establishment of the WMI is timely as demand for Asian-based wealth management talent is expected to grow even more significantly in the future. As a leader in Private Banking, we see our support of WMI's programmes as crucial to our own success."
– Mr Deepak Sharma, Head, Asia Pacific & Middle East, The Citigroup Private Bank

"With the establishment of the Wealth Management Institute, wealth managers and aspiring wealth professionals now have a formal channel through which they can upgrade skills and competence to stay ahead of these evolving needs and trends. Furthermore, the Institute, as Asia's centre of excellence in wealth management, will help attract talent to Singapore and over time, raise the bar on ethical and professional practice in the industry. Naturally, Credit Suisse, being the benchmark in wealth management, is totally supportive of this initiative."
– Mr Didier von Daeniken, Head, Private Banking Southeast Asia, Credit Suisse Singapore

"Quality training programmes that will help to broaden their knowledge of wealth management are necessary to propel the business to higher standards of client accountability. DBS welcomes the establishment of the Wealth Management Institute, and its flagship offering, the Master of Science in Wealth Management. We believe that it will play a significant role in the development of a well qualified pool of talent for fund management and private banking services in Asia."
– Mrs Yeong Phick Fui, Managing Director of Private Banking, DBS Bank

"HSBC Republic is honoured to be an industry partner of the Wealth Management Institute. We applaud this initiative as it reinforces Singapore's leadership in wealth management in this part of Asia. The Master of Science in Wealth Management will add breadth and depth to the understanding and application of wealth management, which will be to the eventual benefit of customers. It is not only relevant to those who want to excel in private banking, but also for others who are actively engaged in strategic business management."
– Mr Kenneth Sit, Chief Executive, HSBC Republic Singapore

"JPMorgan Private Bank is pleased to be an industry partner to the Wealth Management Institute, a programme focusing on the education of world class professionals in private banking and asset management. As Singapore expands its role as one of Asia's leading centres for higher education, the Wealth Management Institute is well positioned to assist JPMorgan in the development of professional staff from around the region who are interested in a career in wealth management."
– Mr Martyn E. Goossen, Managing Director and Head of JPMorgan Private Bank (SE Asia)

"The Master of Science in Wealth Management degree will certainly be welcomed by professionals in the fund management industry. The programme will raise the standards in the fund management industry. It will provide the students with excellent academic know-how, together with the much needed practical insight into the world of fund management. Pheim Asset Management welcomes the efforts undertaken by all the parties involved. We are proud to be involved in this programme through our sharing of our experiences in lectures, internships and providing scholarships."
– Dr Tan Chong Koay, Chief Executive, Pheim Asset Management (Asia)

"One of the objectives of the Wealth Management Institute is allow individuals, both academically as well as within the profession, to be able to cope with the complexities of the financial market that we have today. I think the Wealth Management Institute will make a key contribution to making it simpler from the perspective of the end users as well as the institutions which want to make use of financial professionals. At State Street, we'll be providing contributions to the curriculum development, as well as the scholarship programme and on-the-ground training."
– Mr Hon Cheung, Managing Director, State Street Global Advisors Singapore

"The exponential growth of the private banking and wealth management market in Asia is poised to continue. UBS is delighted to have had the opportunity to support the initiative. UBS's experience in developing its internal diploma in private banking has proved invaluable and has allowed us to provide commercially-oriented advice to both WMI and SMU on the design and structure of the programme."
– Mr Marcel Kreis, Head of UBS Wealth Management, South Asia and Pacific

Annex 2

List of WMI Industry Partners

  • Aberdeen Asset Management
  • ABN AMRO Asset Management
  • ABN AMRO Private Bank
  • Allianz Dresdner Asset Management (Singapore)
  • APS Asset Management
  • Capital International
  • Citigroup Asset Management
  • Credit Suisse Private Banking
  • Daiwa Asset Management
  • Daiwa SB Investments
  • Daiwa Securities Group
  • DBS
  • Deutsche Asset Management
  • Deutsche Bank Private Wealth Management
  • Fischer Francis Trees & Watts
  • Goldman Sachs Asset Management
  • Government of Singapore Investment Corporation
  • HSBC Republic
  • Investment Management Association of Singapore (IMAS)
  • J.P. Morgan Chase
  • Lloyd George Management
  • Merrill Lynch Investment Managers
  • MFS Investment Management
  • Morgan Stanley Investment Management
  • Morgan Stanley Private Wealth Management
  • Nikko Global Asset Management (S)
  • Nomura Asset Management
  • NTUC Income
  • OCBC Asset Management
  • Pacific Asset Management
  • Pheim Asset Management
  • PIMCO
  • Prudential Asset Management
  • REUTERS
  • Rothschild Asset Management (Singapore)
  • Russell Investment Group (Singapore)
  • Schroders Investment Management
  • Standard Chartered Bank
  • State Street
  • Target Asset Management
  • Temasek Holdings
  • Templeton Asset Management
  • The Citigroup Private Bank
  • UBS AG
  • UOB Asset Management
  • Watson Wyatt Investment Consulting
  • Wellington Management

Annex 3

WMI Partners

  • Government of Singapore Investment Corporation
  • Temasek Holdings
  • Singapore Management University
  • Swiss Banking School
  • Association for Investment Management & Research

We would like to thank all our industry partners for their strong support in curriculum development, teaching, provision of industry speakers, marketing and resource support.

Scholarship sponsors

  • Capital International
  • Credit Suisse Private Banking
  • Daiwa Asset Management
  • Daiwa SB Investments
  • Daiwa Securities Group
  • DBS
  • Deutsche Asset Management
  • Deutsche Bank Private Wealth Management
  • Government of Singapore Investment Corporation
  • HSBC Republic
  • Investment Management Association of Singapore
  • J.P. Morgan Chase
  • NTUC Income
  • OCBC Asset Management
  • Pheim Asset Management
  • Standard Chartered Bank
  • State Street Bank & Trust Company
  • State Street Global Advisors
  • Temasek Holdings
  • The Citigroup Private Bank
  • UBS AG
  • Wellington Management

Internship sponsors

  • Aberdeen Asset Management
  • ABN AMRO Private Bank
  • ABN AMRO Asset Management
  • Allianz Dresdner Asset Management (Singapore)
  • APS Asset Management
  • Citigroup Asset Management
  • DBS
  • Deutsche Bank Private Wealth Management
  • Russell Invest Group (Singapore)
  • Government of Singapore Investment Corporation
  • Goldman Sachs Asset Management
  • Lloyd George Management
  • Merrill Lynch Investment Managers
  • Morgan Stanley Private Wealth Management
  • Nomura Asset Management
  • NTUC Income
  • OCBC Asset Management
  • Pacific Asset Management
  • Pheim Asset Management
  • PIMCO
  • Schroders Investment Management
  • Temasek Holdings
  • UBS AG
  • UOB Asset Management
  • Watson Wyatt Investment Consulting

Industry support

  • Fischer Francis Trees & Watts
  • MFS Investment Management
  • Nikko Global Asset Management (S)
  • Prudential Asset Management
  • REUTERS
  • Rothschild Asset Management (Singapore)
  • Target Asset Management
  • Templeton Asset Management

Annex 4

Master of Science in Wealth Management (MWM) Factsheet

The Wealth Management Institute (WMI), in collaboration with Singapore Management University (SMU) and Swiss Banking School (SBS), offers the Master of Science in Wealth Management degree (MWM).

Concept

  • Asia-focus with a global perspective on the latest trends in wealth management
  • Leverage the experience of the three organisations - WMI, SMU and SBS
  • Use relevant case studies and current industry practices as learning supplements

Programme Features

  • A Masters degree awarded by SMU, and a Certificate awarded by SBS
  • Asian case studies, team activities, pre-course assignments, computer-aided learning, simulations, evening talks, site visits, field trips to complement classroom learning
  • One external module to be conducted at Swiss Banking School in Switzerland
  • Opportunities for long or short internships with professional wealth managers
  • Scholarships based on merit for select participants

Programme Duration

  • 14-month programme, commences in January every year
  • 5 blocks of on-campus residential studies, each of two weeks duration
  • In all, students are required to complete 17 compulsory core courses (39 credits), 3 electives (4.5 credits) and 1 project (1.5 credits)

Programme Participants

  • Private Bankers
  • Asset Managers
  • Fund Managers
  • Investment Professionals
  • Graduates who aspire to be wealth managers

Key Highlights of Curriculum

Modules Description Key Topics
Preparatory Course Refresher on basics computer and statistical techniques
  • Accounting
  • Economics
  • Finance
  • Quantitative techniques
Module I Building blocks to managing wealth
  • Financial Statement Analysis
  • Macro/ International Economics
  • Quantitative Methods for Investment Analysis
  • Capital Markets
Module II Global wealth outlook
  • Effective leadership in team oriented organizations
  • Developing and implementing business strategies
  • International wealth and tax planning
Module III Deepening wealth knowledge
  • Equity Investments
  • Corporate Finance
  • Fixed Income Analysis
Module IV Specialisation within wealth management Core topics
  • Financial planning for individuals and institutions
  • Alternative investment products
  • Derivative investments
Electives (Private banking)
  • Marketing for financial industry
  • Tax & estate planning
  • Client Relationship management
Electives (Asset Management)
  • Private equity and real estate
  • Hedge funds (including trading strategies)
  • Structured products
Module V Wealth expansion and development
  • Portfolio management
  • Ethics
  • Risk management
  • Law and Financial legal system
  • Graduate project
 

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