IFSWF Santiago Principles

Building a Better Portfolio: Balancing Performance and Liquidity

On Wednesday 27 May 2020 GIC hosted an exclusive webcast for IFSWF members to discuss Building a Better Portfolio: Balancing Performance and Liquidity, a recent paper it has co-authored with global investment manager PGIM. The paper discusses a new unified framework the two institutions have developed, which links top-down asset allocation with bottom-up private-asset investing.

In this session, the creators of this framework will seek to help IFSWF members understand how different portfolio structures, private asset commitment strategies and market conditions may affect their ability to respond to various liquidity demands over multiple time periods. This is particularly relevant given the current volatile markets. The discussion will be moderated by IFSWF Chief Executive, Duncan Bonfield.


Grace Qiu Tiantian, PhD

Grace Qiu joined GIC in 2013, is a Senior Vice President in the Economics and Investment Strategy Department (EIS).  Grace works in the Total Portfolio Strategy division of EIS, focusing on strategic asset allocation, active portfolio construction and with an asset class focus of Fixed Income/Credit across public and private markets. Prior to this role, Grace has worked as a portfolio manager in the Real Return Program in EIS, leading effort in alternative risk premia (style premia) portfolio across equity, fixed income, commodity and foreign exchange.

Before joining GIC, Grace held several roles in the investment banking industry, as Emerging Market FX and Rates strategist. She covered Latin America and Asia Pacific markets in Goldman Sachs New York and HSBC Hong Kong, respectively.

Grace holds a Bachelor’s degree in Mathematics from Cornell University and a PhD in Economics from Harvard University.

Ding Li

Ding Li joined GIC in 2014, is a Senior Vice President in the Economics and Investment Strategy Department (EIS). Ding works in the Total Portfolio Strategy division of EIS, focusing on asset allocation and asset modelling-related research, and he also leads the implementation efforts on total portfolio analytics. Prior to his current role, he had been working in Canada Pension Plan Investment Board (CPPIB) for four years, as Senior Associate in Total Portfolio Management department.

Ding Li graduated with Master of Mathematical Finance from the University of Toronto in Canada. He also has a Masters of Science in Physics from the University of Alberta.

Bruce Phelps

Bruce Phelps is a Managing Director in PGIM’s Institutional Advisory and Solutions (IAS) group. He was previously Managing Director in the Quantitative Portfolio Strategy Group at Barclays Capital/Lehman Brothers conducting client-based research on asset allocation, alternative benchmarks, risk modelling, liquidity measurement and evaluation of investment strategies. Prior to joining Lehman, Bruce was Managing Director and Portfolio Manager for Lehman Ark Asset Management where he was responsible for managing MBS and structured product portfolios and developing risk and performance attribution models. Previously, he was Senior Economist for the Chicago Board of Trade where he developed new futures and options contracts and the exchange’s electronic trading system. Bruce started his investment career as a credit analyst and foreign exchange trader for Wells Fargo Bank. Bruce received an AB degree (Economics) from Stanford University and a PhD (Economics) from Yale University. He is a CFA charter holder.

Junying Shen

Junying Shen is a Senior Associate in the Institutional Advisory Solutions (IAS)group, focusing on quantitative research related to traditional and alternative assets and the development of asset allocation model. Junying joined IAS in June 2017 from Market Risk Capital & Analysis team at Goldman& Sachs & Co. as a senior analyst, where she analyzed market risk factors for various product types including syndicated loans, public equity, private equity, and real estate assets.

Junying earned her BS degrees in Finance and Mathematics from the University of Illinois Urbana-Champaign and an MS in Mathematics in Finance from New York University.


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