Newsletter - June 2007
Director's Comments
Asia - A Region of Opportunity for the AI Industry
Much has been made of Asia's rapid expansion and whether it is sustainable. But the fact remains that never in its long history have so many Asian countries been in the throes of such a remarkable transformation all at once. And with these rapid changes come tremendous opportunities for our industry.
Take China, for instance, where unparalleled economic growth, an abundance of cheap labor, and burgeoning financial markets create opportunities for those involved in real estate, private equity, commodities, managed futures, as well as hedge funds. Of course, a similar case can be made for India, the other Asian BRIC country, but looking at Cambodia, Malaysia, Thailand, Vietnam, a consistent picture emerges.
I recently had the pleasure of returning to Singapore, Hong Kong, and Tokyo - a trip I always look forward to. Singapore's AI community has expanded quite rapidly over the last several years with much of this growth attributable to the country's many assets, including the well-educated labor pool, developed infrastructure, stable political environment, established financial markets, high standard of living, direct access to many of the regional emerging markets and a welcoming regulatory environment. Is it any wonder more and more firms are seeking to establish a presence here?
The next stop was Hong Kong. Here, as in Singapore, AI growth has been quite dramatic, and for many of the same reasons listed above. Additionally, Hong Kong's historic role as gatekeeper for products and investments flowing into and out of China has meant that much of the offshore direct and indirect investment going into China is now being channeled through Hong Kong financial institutions. As always, I enjoyed the warm welcome and hospitality of the Hong Kong finance community - my thanks to all who helped make my visit so productive and pleasurable.
Tokyo was my final destination, where I had the pleasure of meeting with several local financial institutions and addressed an audience comprised of Nikko-Citigroup employees and local AIMA members. There has been a noticeable pick-up in activity in Tokyo over the last two years. Real estate prices may only now be reaching the peak levels last seen back in the early 90's, yet the depression-like atmosphere that hung heavy over the populace during the 15 year contraction is no longer present, replaced instead by a quiet but growing optimism for the future. Thus, while regulatory uncertainty continues to weigh on the near-term prospects for increased allocations to hedge funds and private equity, I remain confident these issues will be clarified over the coming year and that inflows will pick-up once again.
The path of growth throughout Asia will certainly not be without its twists and turns. Nonetheless, the long-term trend remains positive and the opportunities this will present for our industry innumerable for years to come. With the growth across the region, I look forward to returning - we can be sure there will be some very interesting developments in the interim.
E. Craig Asche
Executive Director
September 2007 Exams
- Register for an exam
- Exam dates: September 10 - 21, 2007.
- Final exam registration closes July 30, 2007.
Scheduling an Examination Appointment:
Pearson VUE has now opened its testing centers to scheduling for the September 2007 CAIA exam period. We strongly recommend scheduling your exam appointment with them as soon as possible to ensure a seat at your preferred testing center. All exams are scheduled directly through Pearson VUE. If you have not received your scheduling instructions, please contact candidate@caia.org.
Study Guide Errata for September 2007:
Errata sheets for Level I and II Study Guides are now live on our website. These sheets have been compiled to relay revisions to the Guides that are sometimes necessary post-publication. Please take a moment to review the errata sheet for your specific exam level.
REMINDER -- NEW CALCULATOR POLICY IN EFFECT:
Beginning with the September 2007 examinations, the CAIA Association will allow only the TI BA II Plus (as well as the Professional model) or the HP 12C (as well as the Platinum edition). No other calculators will be allowed in the testing centers. Exam proctors will require that all calculator memory be cleared prior to the start of the exam.
CAIA Class of March 2007
The CAIA Association is pleased to introduce the CAIA member class of March 2007! Over 300 CAIA candidates successfully completed the Level II exams in March and joined the CAIA membership ranks as official CAIA designees. With this class, the largest to date, over 1000 individuals now hold the designation. Our most sincere congratulations to all!
Some interesting facts about the latest CAIA membership class:
- One CAIA member began their candidate journey with the July 2003 exam (our second exam offering)
- Nearly 90% of the class completed the exams within 2 years
- The average age of the class is 34
- The average number of years in the field is 7.8
- The most common astrological sign for our new membership is Leo.
Click here to meet the CAIA Class of March 2007!
Portrait of a CAIA Member
Christian Voit
Head of Alternative Investment Structuring of Global Derivatives,
Bayerisch HVB.
Christian Voit, currently located in Munich, Germany, is the Head of Alternative Investment Structuring of Global Derivatives at Bayerische Hypo- und Vereinsbank AG (HVB), a member of the UniCredit Group. Mr. Voit has been a member of the CAIA Association since February 2006.
Mr. Voit was hired by UniCredit Group (HVB) in January 2006 to build the firm's alternative arm in the structured derivatives market, particularly through structures on real estate, private equity and hedge funds. The CAIA Association emphasizes all of those markets and more, which is what initially attracted Mr. Voit to its curriculum.
According to Mr. Voit: "I was looking for an exam that would provide a benchmark for my practical knowledge as well as provide a greater, in-depth focus on areas and concepts that I would need as my career advanced. I found the Level I to be an excellent indicator of my existing skills, while the Level II truly helped to elevate and broaden my skill set. I find that I consistently apply the concepts I learned through the CAIA Association in my daily activities at work."
As the first UniCredit Group (HVB) employee to go through the CAIA designation process, Mr. Voit's support of the Association's curriculum ultimately led UniCredit Group (HVB) to officially approve the designation for all of its employees. To date, two of Mr. Voit's colleagues have gone through the CAIA program, including one who fully completed the designation.
Before joining UniCredit Group (HVB), Mr. Voit spent four years working for UBS at its Zurich-based Alternative Investment Structuring Unit.
Prior to UBS, he spent four years with Clifford Chance, a global law firm based in London in the structured derivatives.
Mr. Voit holds a BS C in Politics with Economics from Bristol University and an LLM from the University of London. He has also spent time working with the European Commission.
Michael Newman
Research Analyst, Catalpa Capital LLC
Michael Newman, a research analyst at Catalpa Capital LLC in New York City, has been in the alternatives industry for most of his professional career. But when it came time to gather deeper expertise and build out his knowledge-base about alternative products and strategies, he turned to the CAIA Association.
Mr. Newman started his career as an analyst at two small hedge funds where he gained research and trading experience. He then moved to Morgan Stanley in 2004 to market hedge funds, funds of hedge funds and funds of private equity funds. In making the move, Mr. Newman said he was seeking to "gain greater institutional knowledge and experience." Shortly after he joined Morgan Stanley, Mr. Newman enrolled in the CAIA program. Sitting for the CAIA exam, he said, would add further depth and insight to his alternative investment foundation.
Mr. Newman successfully sat for the CAIA Level 1 exam in the Summer of 2005, the Level 2 exam in the Winter of 2006, and was awarded the CAIA designation shortly thereafter. However, his exposure to CAIAA has not ended there. He volunteered to help grade the Fall 2006 exams and continues to participate in, and attend, the New York City CAIA Chapter Roundtables.
"The CAIA Association has provided great exposure to the diversity of investment areas and strategies," said Mr. Newman. "I have met a number of interesting and educated professionals, especially in terms of their understanding of the changing alternatives business."
After completing the CAIA program and gaining greater institutional experience, Mr. Newman had "a unique opportunity to return to the research analyst role and utilize the deeper and improved skill set," he had developed. He joined an investment team headed by Joseph McAlinden, at that time MSIM's Chief Global Strategist and former Chief Investment Officer, who had begun a global macro hedge fund within Morgan Stanley. The fund and investment team has since spun out of Morgan Stanley into the independent Catalpa Capital LLC.
Mr. Newman graduated from Georgetown University in 2001 with a B.A. in Philosophy. In addition to the CAIA designation, he is a Level I CFA Candidate. While at Morgan Stanley, a broker dealer, he maintained Series 7, 63 and 3 registrations.
CAIA Events Roundup - Fall 2007
The first half of 2007 proved to be a busy and productive one for us, as we visited candidates, members, and non-CAIA finance professionals around the globe. We were pleased to be invited to present the CAIA program to many firms, such as US Trust, the Monetary Authority of Singapore, and CalPERS. We also enjoyed the opportunity to check in with CAIA candidates and members at receptions around the globe - most notably our Signature Event with Mark Anson.
After a brief hiatus this summer, we'll be back on the road in the fall, beginning with our first visit to the land down under. We hope to meet many of you as we cross the globe, seeing familiar faces again and introducing the CAIA Association to the uninitiated.
We invite you to check out our events calendar at any time for the latest updates!
- Sydney - September 18
- Melbourne - September 21
- Toronto - September 26
- Montreal - September 27
- Paris - October 9
- London - October 11
- New York - November 1