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Overview
Do the benefits of investing in Wealth Management Products (WMPs) outweigh the benefits of simply holding cash? Hear from an expert panel in the CFA community to discuss the current disclosure of WMPs within China and learn more about the complex risks in the seemingly simple area of cash and cash equivalents on the books of Chinese corporates.
While WMPs may be able to offer yields far above the rates offered by banks, the range of potential returns varies widely. Some products may even be presented as guaranteed returns. The dispersion of rates on offer should challenge investors to weigh how riskless these purportedly safe assets are.
Recent troubles at the large financial institution Huarong Asset Management should give investors pause, as the perennial safety of its bonds quickly shattered in April; its once-riskless paper has reached distressed levels of 55 cents on the yuan. Companies with WMPS that own similarly “safe” bonds must now reexamine the risk profile of their normally innocuous cash hoard. Register now to join CFA Society New York’s Financial Reporting and Analysis interest group for this can’t-miss discussion.
Agenda
6:00 PM | OPENING REMARKS
Timothy Kubarych, CFA, Deputy Director of Research, Partner, Harding Loevner
6:05 PM | PANEL DISCUSSION
Moderator
Timothy Kubarych, CFA, Deputy Director of Research, Partner, Harding Loevner
Panelists
Lee Gao, Analyst, China, Harding Loevner
John Garnaut, Founder, Garnaut Global
Leland Miller, Chief Executive Officer, China Beige Book International
7:10 PM | Q&A
7:25 PM | CLOSING REMARKS
Timothy Kubarych, CFA, Deputy Director of Research, Partner, Harding Loevner
Additional Details
Learning Outcomes
- Decipher tiers of asset disclosures to better understand risk
- Apply risk assessment to determine management quality and capital allocation decision making
- Examine the ramifications of WMP exposure on optically simple financial metrics