As part of Allard Partners’ MBA scholarship program, I’m very lucky to have the chance to spend four weeks in Allard Partners Ltd in Hong Kong, which enable me to experience the challenging and dynamic life in investment industry and explore the Hong Kong’s culture combining of east and west. The following are the records and learning from my summer intern in Hong Kong.

1. The brief introduction of Allard Partners

Allard Partners Limited is a fund manager and invests in public equity markets in Asia Pacific. The firm employs fundamental analysis with top-down and bottom-up approach to make its investments with offices in Hong Kong, Australia and India.Allard Partners was founded in 1995 by Mr. Wayne Peters, who grew up in Hong Kong and Australia. Wayne has over 30 year experience in Asia Pacific’s investment industry. Since year 2005, Allard start to set Allard Partner MBA scholarship program in School of Management, Fudan.

(Left: Allard Partners CEO,Mr. Wayne Peters; Right: Fudan 2012 MBA student YUAN, Min）

2. Summer internship in Allard Partners.

As the 8th MBA scholarship program, Allard Partners taken this program very seriously and prepare complete rotational arrangement for coming scholar. Despite four weeks stay in Allard Partners, I have worked in three departments and gained the different knowledge of investment industry.

Investment Research Department: It is one of the most critical functional units of investment manager who analyzes target companies and provides investment suggestions to fund manager. I spent my first two weeks here. In the first day, after brief introduction about Allard Partners and investment business, I was assigned to complete an analysis report of a leading cosmetic retailing group. In the beginning, I really felt nervous and anxious due to the background of freshman in investment business and also limited knowledge of cosmetic industry. However, the situation was changed when I calm down and combined the assignment with my learning during MBA class.  The training of case study during Strategy Management course help me to establish the framework of analysis; The knowledge from Financial Account and Corporate Finance course offer me the tools to judge the financial status of target company; The experience accumulated from iLab offer me the skills to collect required information from different channels. Eventually I felt analysis report writing was an enjoyable job where I can utilize my learning and where I can predict the result in the future based on existing information.

(Staff in the Investment Research Department)

Client Relationship department:  It is the window for asset management company to communicate with investors. Its main responsibility is to deliver timely fund information to investors and maintain the close relationship between fund manager and investors.  During one week internship in this department, I was required to complete two mini projects. One project is to analyze and compare the fees charged by other funds in Asia Pacific with a similar strategy (peer group analysis) and the other project is to compare two CRM systems between one European vendor and one US vendor. It is the first time for me to know there are so many funds in Asia Pacific, especially concentrated in Hong Kong and also is my first time to experience the on-line sales and on-line demo from vendor in another continent. This new experience really makes my internship harvestable.

Operation team: It is the housekeep for fund and provides various supports and monitoring to fund. I spent my last week in operation team and try to understand the fund running from different perspective. Operation team is different with above two outgoing department and it focus on internal control and capital flow. A well-running operation team can bring unthinkable advantage for fund manager. But the day by day’s routine job also test team member’s concentration, carefulness and also patience.

(Staff in the Trade Department)

3. My learning from Allard Partners

Though I just worked in Allard Partners for four weeks, I indeed gained some things from this valuable summer intern for my career, even for my life.

Knowledge about Investment industry: As a freshman in investment industry. It is amazing experience for me.  During the four weeks in Allard, I have completed an initial report on a cosmetic retailing company, taken part in several investor presentations for interim performance, associated with marketing and operation team in several projects.  Those activities help me understand the general picture about investment industry:

• I understoodthe different roles and responsibility for investment team, marketing team, trader, and operation team and also how the funds and assets management are operating.

• I started to learn how to select a qualified company from a growing industry and put them into the company pool for further watching.

• I tried to learn the analysis combining the big picture/framework /and details/particular event, parameters. I try to learn how to analyze a company under both global context and local angel.

• I was taught it is more important for an investment practitioner to have passion comparing to experience and technical skills, though they are also very critical in this industry.

• I realized there is no shortcut in investment industry and it will take a long time to accumulate the experience and understand how a particular industry is running.

Especially I can’t forget the meeting with Senior Partner Mr. Wayne Peters after he reviewed my analysis report about that cosmetic retailing company. He asked how many percentages of information I knew about the target company. I replied it was around 70-80% since I felt confident about my research. He immediately and resolutely told me he will not take the investable suggestion from anyone who only spent two weeks on the target industry and company. Investment decision is based on long-term watching and analyzing and fund manager should only invest on companies he knew well.

Hard-work spirit:  I’m very fortunate to work together with a fast-faced, hard work group for 4 weeks. Their hard-work spirit has influenced me a lot and I even found it is shame to walk slowly..  Hence I can understand why Allard Partner can maintain its continuous outstanding performance in past decade.  Through Allard, I believe the hard work definitely will receive awarding.

Contribution to community: Before starting intern in Allard, I supposed I am able to do contribution in Allard to repay Allard’s kindness.  However, What I can do for Allard is very little and still I trouble Allard a lot. At the same time, I can’t image that the only request from Allard is that few years later when I have made some achievements, I should do something for people who need help, surrounding community and society. It indeed touched me a lot. Especially the last day I stay in Allard Partner, Mr. Wayne Peters talked with me and given me his only request of repay the society.Here I made my promise that definitely I will return to the society and help the young people in the future.

(My desk in the office)

4. My favorite points in Allard Partners:                      

Nice People:   People are quite diversified in Allard but the common feature is that they are so nice to the freshman. During my stay in Hong Kong, they help me to find the apartment, took me for lunch, given suggestion on weekend plan etc. It is just like a family here.  I fully enjoy this kind of family atmosphere.

Wonderful Coffee:  Allard have a good kitchen and wonderful coffee machine.  I always feel relaxed after drinking a cup of coffee, in spite of tight work schedule sometimes.  Even today, still I miss the dense, mellow smell of coffee. It is significant to provide some drinking or snack for relaxing which definitely can improve the productivity of employee. A tiny care may produce enormous return.

（Office in the Allard Partners）

5. The life in Hong Kong

The Fast-paced Life in Hong Kong

Hong Kong is well-known for its fast-paced life. It is easy to feel this feature of Hong Kong from the faster public elevator in metro station, the running-like walk speed in sidewalk, the frequent table turnover in restaurant.  The fast-paced creates high efficiency which has won a lot of praises for Hong Kong government and Hongkongese and further facilitates the prosperous business in Hong Kong. At the same time, this character also brings high working pressure and high living cost for residents. Some people are leaving Hong Kong for pursuing more relaxed and quiet life meanwhile some others are enjoying the Modern City’s prosperity. In general, young people are more willing to stay in Hong Kong and fight for their bright career future.

The Financial Hub

Always being told that Hong Kong is the financial hub in Asia-pacific area, but actually I don’t understand why it is. The four weeks internship made me understand the exact definition of financial hub.  In a single building in Central, you can find hundreds of hedge funds from worldwide; Within a walking distance, you can reach almost all world-renowned investment banks like JP Morgan, Morgan Standley, Goldman Sachs etc. and watch the numerous roadshows and investor presentations. During my internship in Hong Kong, several times I just taken my notebook and walked to investor presentations, just 10 minutes before the official start. It is so convenient that some time one day I can be access to several investor meetings.  It is definitely perfect platform for financial practitioner. Herein, associating Shanghai’s ambition of becoming the world financial hub, I believe that Shanghai still have to make a lot of efforts to catch Hong Kong in finance.

The Diversified and Open Society

Hong Kong is fully diversified society. Take Allard Partners as example, in their Central office, among 20 employees, there are Australians, Canadian, British, Hongkongeses, Mainlanders. People speak English with different kinds of accents. The feeding grounds also provide plentiful foods and you can find any kinds of food you want.  The diversification further attracts people from worldwide to pursue their life in Hong Kong.  Some time I wonder why Hong Kong can attract various kinds of people with Hong Kong as their destination. Of course, job opportunities and high income are the rightful reasons. Beyond that, I believe the open society and democratic system are the significant factors to make Hong Kong so attractive.  During the stay in Hong Kong, I lived in Causeway bay, the most prosperous business district in Hong Kong. Almost every weekend, there were people to address no-mainstream political opinions; there were groups to protest municipal government etc.  Policeman just stood nearby quietly and maintained the public order and then done nothing else.  Then every interest group has the chance to address their opinion and fight for their interest. I believe that’s the basic for Hong Kong can maintain its prosperity and attractiveness.

6. Final words

At last, I have to express my gratitude to Allard Partners who covered my full MBA tuition and also provided the precious internship opportunity in investment industry. I have to say thanks to colleagues in Allard Partners Wayne, Lydia, Ariel, Amy, Michael…… who given me great supports and cares during my stay.  In addition, I highly appreciate that School of Management Fudan provides me the professional training and perfect platform to pursue my career, my dream. Thanks again for all above.

 

（By 2012 MBA:YUAN, Min）