SFAM

E-Letter Inside this issue

Breaking News: Forthcoming SFAM events ........................................... 2

Presentation of CFA Program to UOM students ............................... 3

Participation in FLM Career-Oriented Fair 2012 ....................................... 3

Successful application for Growth Funding ......................................... 4

2012 EMEA Regional Meeting ...... 4 Winners of the Society Scholarship Program ........................................ 5

New look SFAM Website .............. 7 Good luck to our candidates for the June 2012 CFA exams ................... 8 The Management Committee Office Bearers .......................................... 9

Contact Details 2011/12

James Benoit, CFA President james.benoit@afrasiabank.com

Imrith Ramtohul, CFA Vice-President Imrith.ramtohul@aonhewitt.mu

James Leung Yin Kow, CFA Secretary james.leungyinkow@gmail.com

Ashwin Prayag, CFA Assistant Secretary ashwin.prayag@sicom.intnet.mu

Deepa Jhamna, CFA Treasurer deepa.jhamna@mu.pwc.com

Randhir Mannick, CFA Assistant Treasurer rmannickr@pivotlimited.com

Sharona Rambocus, CFA Membership Chair sr@ipro.mu

Prem Beejan IT Chair prem@beejan.com

Alvin Joyekurun, CFA Assistant Events Chair alvin.joyekurun@mcb.mu

Hello Members & Candidates, After a very busy program in 2011, we spent the first quarter of this year to get ready for another big burst of activities to bring you more membership value. We are very pleased to announce that we have received a Society Growth Funding Award from CFA Institute which you can read about inside. This significant award will drive some very substantial changes in awareness of our activities and the CFA brand this year. We also recognise that the value of the membership is importantly linked to the number of and quality of interaction of our membership base. But it is not just about events for us existing members. We have therefore spent quite a lot of time working with University of Mauritius and its Faculty of Law and Management to make dedicated CFA program presentations to students and also to attend at its recent Career Fair. These were excellent ways to get to know prospective members, with many of these students either considering to or already studying for the CFA exams. If we are to reach our goal of having 100 members in Mauritius, we must steadily get more exam candidates and get them passing the exams. Encouraging & good news on the June 2nd, 2012 exams: Primo, at the last count, some 173 candidates all three Levels combined are enrolled in the exams. Secondo, 20 candidates are taking part in the Level III exams. More about the exams themselves can be read inside. Lastly, many of us on the Management Committee will have served a full three year term at this year’s AGM in September. It will be a time to bring on new faces and also a time to refresh certain ways of organizing our activities to reflect the evolving strategic goals of CFA Institute. We will be recommending some exciting changes soon for consideration by our members. James Benoit, CFA President

May 2012 Issue 12

CORPORATE PATRONS 2011– 2012

Breaking News: Forthcoming SFAM events

SFAM will celebrate the 50th Anniversary of the CFA Program To commemorate the 50th Anniversary of the CFA Program, CFA Institute is trying to open or close at least one stock exchange on every continent on 29 May 2012. To achieve a global opening of the exchanges, CFA Institute has expanded this reach to all local societies who have an exchange in their country to share in this celebration on May 29th by arranging a similar event. We are pleased to announce that Mauritius will be part of that global event, joining Kenya, as the only two participating exchanges in Africa. So far, fourteen stock exchanges around the world such as New York, London, Singapore and Hong Kong have confirmed their participation. The event at the exchanges will take place with a countdown at either the start or end of the trading session at the respective local time. In Mauritius, SFAM is working with the Stock Exchange of Mauritius (SEM) to finalise the agenda and the venue. We are planning to celebrate the 50th anniversary of the CFA Program at 10am, the start of the trading session.

Speakers Series: Professor Giorgio Valente in Mauritius We are pleased to announce that we are working closely with the CFA Institute to hold a Speakers Series in early June 2012, by Professor Giorgio Valente, of the University of Essex (UK). He is Professor of Finance and Director of the Centre for Asian Financial Studies at Essex Business School, University of Essex, UK. He previously held positions at the University of Warwick, UK; the Chinese University of Hong Kong and the University of Leicester, UK. His research focuses on international finance and global investments, empirical issues in asset pricing and fixed income and FX markets microstructure with a particular interest in FX determination and forecasting and the behaviour of international interest rates. Professor Valente will be addressing professionals of the local investment industry on the very interesting topic of “Algorithmic Trading and Financial Markets: Trends and Implications”. His talk will provide a critical review of the recent literature on algorithmic trading in financial markets and the major implications for asset prices and market efficiency. The influence of market activity, liquidity, volatility, profitability and IT investment size on algorithmic trading will also be covered. Some preliminary policy implications will also be suggested. Watch out for our future communication about this event!

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SFAM in Action - Recent Activities

Presentation of the CFA Program to University of Mauritius Students

The University of Mauritius Students Accounting and Finance Society invited SFAM for a presentation on the CFA program. The objective was to enlighten University of Mauritius (UofM) students who may be interested to enroll in the CFA program after completion of their

undergraduate degree. SFAM has been collaborating closely with the UofM for several years for such event. The presentation which was held on 22 March 2012 was attended by well over 70 final year students of the Faculty of Law and Management. The Q&A session was lively with pertinent questions. At the end of the presentation, the attendees left with a copy of the CFA charter brochure which they were encouraged to share with their fellow students. Over refreshments, the Managing Committee further interacted with students for additional questions related to the CFA program, career issues, and networking opportunities.

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Participation in FLM Career-Oriented Fair 2012 Volunteers showcase SFAM at the UOM Career-Oriented Fair 2012

The Faculty of Law & Management of the University of Mauritius organised the annual FLM Career-Oriented Job Fair 2012 on the 17th and 18th April 2012 at the Paul Octave Wiehe Auditorium. The FLM comprises 3000 students encompassing the department of Law, the department of Management and the department of Finance and Accounting. The SFAM were among the 3 associations and 13 companies to participate in the fair and provided information on the CFA Program to students interested in pursuing the course. Five candidates joined three members of the Management Committee to take turn to showcase SFAM, answer queries of students and distribute brochures on the CFA Program. The five candidates who volunteered their time in the career fair had the following comments. Lalit Nagvekar felt an immense satisfaction at bringing forth a choice of career path and tool to young potential minds. Shamlesh Annah relished the experience of creating awareness among students from diverse department. Ashvin Cuttaree faced both sets of students alike: who did not hear about the Program and those who were acquainted but did have much information about it. Atish Doorgakant noted that the students were relieved to know that CFA institute has a representative society in Mauritius that can guide them through the program and registration process. Koirasha Jeewoot counselled on the level of discipline required in the preparation and more importantly on job prospects in Mauritius.

SFAM in Action - Recent Activities

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EMEA Regional Meeting 2012

The annual CFA Institute EMEA Regional Conference was held in Dublin between 1st and 3rd March 2012. Setting sight on the future 2015/2022, three strategic focus were considered: broader mission, bolder voice and bigger tent. This conference provided an opportunity to share ideas and discuss common issues faced by societies. The CFA Institute new brand was presented harmonizing the image across the globe and societies were invited to incorporate this brand in their communication strategy. An Investment Fundamentals Certificate will be launched in 2013 for participants working within the investment industry not directly involved with investment decision or decision making The Global market sentiment survey conducted in November 2011 by the CFA Institute showed that equities were out of favour, the European slide were anticipated to continue and market integrity was expected to get worse. On the regional front, it was comforting to note that the Kenyan and Nigerian Society are growing fast providing opportunities for cooperation. The conference ended with an Advocacy workshop on the last day and was attended by Randhir Mannick, the Advocacy Chair. The deliberations were pertinent as SFAM is pursuing advocacy initiatives at national

Successful Application for Growth Funding CFA Institute now has a global panel which reviews and grants growth funding to societies to pursue stretching, beyond business as usual projects. SFAM has recently applied for and received a USD 40,000 funding grant. This is significant. We will be using these funds to reposition SFAM with a soon to be announced name and branding change and a year-long series of outreach activities to leading employers and to relevant regulators and institutions here. A full time public relations and advocacy firm has been hired to lead and drive all these initiatives. We expect this to be a transformative and long lasting program to further our mission of leading the development of the investment profession in Mauritius. At the end of the activities we hope to have achieved the following:-

increased our membership base to 65 from 50

increased the number of Corporate Patrons and the level of their support

have CFA codes of conducts, best practice and other of our credentials recognized, and/or endorsed by such bodies as the FSC, SEM and various university programs

established a broad based awareness of and support for SFAM members and CFA candidates within leading, relevant employers here - such support to include their financial support for annual member dues and examination costs.

Winners of the Society Scholarship Program – June 2012 Every fiscal year, SFAM offers ten scholarships provided by CFA Institute under the Society Scholarship Program for candidates registered for the June exam. Recipients have been selected based on the following criteria:

Willingness to achieve the CFA Charter.

Involvement in SFAM activities and organizations.

Need of financial assistance.

Appropriateness of CFA Charter for career development.

The CFA Program Society Scholarship offers reduced cost for candidates selected by CFA Institute member societies. For the current exam offering, the CFA Program enrolment fee (if applicable) has been waived. Scholarship recipients paid a discounted registration fee along with curriculum and shipping costs plus any applicable taxes and import duties: US$185 for the eBook, US$245 for print and US$275 for the eBook and print Scholarships. For level 1, the value of the scholarship is roughly $800 and $300 for level 2 & 3. SFAM is pleased to announce the winners of the June 2012 CFA Exam Scholarship Program. They are: Shamlesh Annah [Level 1], Dushiant Kumar Dookan [Level 1], Parleshwar Sharma Doorgakant [Level 2], Parveena Sheik Rahim – Edwards [Level 3], Koraisha Jeewoot [Level 2], Dilen Kistnen [Level 1], Ravind Kumar Singh Mahadnac [Level 1], Christopher Liong [Level 3], Yashwin Rughooputh [Level 3], Nazaahah Bi Rujee [Level 1]. A professional brief and comments of some of the winners are provided below.

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Shamlesh Annah, a CFA Level I candidate, graduated with honors from the University of Mauritius

with a bachelor’s degree in Economics and Finance and the University of Nottingham (UK) with a

Merit for his Master’s degree in Economics and Financial Economics. As undergrad and postgrad,

Shamlesh was a member of the Economics Society. He has also completed all of the Association of

Chartered Certified Accountants Examination; is an ACCA Affiliate and is acquiring practical experi-

ences towards achieving ACCA membership. Shamlesh worked as an intern in different companies

within the financial services sector; was an external auditor at KPMG Mauritius and is currently a Fi-

nancial Analyst at Emtel Ltd. According to Shamlesh, “…the CFA qualification is a real benchmark for

professionals related to the financial world. The only regret that someone who has passion for finance

can have is not to have enrolled for the CFA program!” Dilen Kistnen, a CFA level I candidate, has graduated with honors from the University of Mauritius

with a bachelor degree in Finance (Minor: Law). He has worked as a trader at GHF group for 8 months,

prior to just having been selected in the Graduate Programme of the Mauritius Commercial Bank Ltd.

He thinks that a CFA designation would be a huge benefit since after having completed the curricu-

lum, his analytical skills and knowledge of the financial and investment world would be vastly en-

hanced. Also, he said that “…this designation would be a testimony of my good ethical values and

would improve my performance at work. The CFA course is the ideal program that gives us a real pic-

ture of the investment environment”. Nazaahah Bi Rujee, a CFA Level I candidate, graduated with honours from the University of Mauritius

in 2011 with a bachelor’s degree in Finance with Law. She is presently working in a portfolio manage-

ment company and gaining eminent exposure in the administration of private equity funds and other

financial services organisations. She believes that pursuing the CFA designation will make her stand

out from the crowd which is an utterly interesting and exciting challenge. “CFA Charter will furnish

me with the practical education in investment management, will differentiate me in a global market-

place and will build up my ability to evaluate risks,” she said.

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Parleshwar Sharma Doorgakant, a CFA Level II Candidate, graduated with a master degree in

Investment Management from the University of Reading after completing a bachelor degree in

Finance from the University of Mauritius. He passed his CFA Level I examination alongside his

MSc. Parleshwar has gained exposures through various internships and full-time positions within

the financial services industry and is currently working as consultant at Ernst & Young. For him,

the CFA Program not only describes the relevant technical skills but is also a professional train-

ing which is considered to be of a gold standard in the financial industry. He stated that “…the

self-discipline, sacrifice and rigorous study involved in achieving the CFA charter will definitely

enhance my professionalism and commitment."

Koraisha Jeewoot, a CFA level II candidate is an investment analyst at MCBIM Ltd, the invest-

ment arm of The Mauritius Commercial Bank Ltd. Along with past experience as senior financial

consultant at Ernst & Young, she has also been an auditor in the banking & insurance sector.

Koraisha acquired the ACCA qualification in 2009, winning the 1st prize in both Financial Man-

agement (2008) and Advanced Financial Management (2009). According to her, the complete

CFA curriculum, rigorous exams preparation and comprehensive application of the program are

what award the CFA Charter the mark of distinction for investment professionals worldwide.

“The Society of Financial Analyst Mauritius has, through the Society Scholarship Program, moti-

vated me a lot to prepare for the exams. SFAM has also given me various networking opportuni-

ties in the investment industry,” she said.

Yashwin Rughooputh, a CFA Level III candidate, graduated with honors from the University of

Mauritius with a bachelor’s degree in Management with Finance. He is also an ACCA affili-

ate. Yashwin occupied the post of Assistant Credit Analyst in the Corporate Banking Unit at the

Mauritius Commercial Bank Ltd for three years. He has recently joined IPRO Fund Management

Ltd as an Investment Analyst. He is of the view that the CFA Program is an opportunity for those

who aspire to higher standards in their professional life.

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Members and Candidate Updates New look for SFAM Website In this age where a young school boy or girl using an iPod© , iPad© or Blackberry© is browsing the globe and at the

same time knows the physical position of his/her friends on a Google© map within one metre of precision, the

existence of a website for any organisation, whether profit oriented or not-for-profit, is a sine-qua-none. The website

of an organisation today has become its virtual office. Those organisations that have emulated their office functions,

procedures and processes in their websites will stay ahead of others and those that are still using static pages under

set frames will lamentably be at the end of the queue complaining that their customers are no more interested in their

services or products.

CFA Institute has provided a dynamic and interactive website for its members, candidates and the public in general. It

has a large repertoire of professional information for the investment professional. Each member society is given

adequate technical and administrative support as well as free web hosting space.

SFAM had put in place its website some three years back. This was already a major achievement as members and the

public could access information on the society, read the society’s newsletters and see pictures and notes of major

events, among others. The layout and page contents were very classical.

The Managing Committee recently decided to bring the society’s website at par with those of the other major societies

of CFA Institute and agreed to a 3-phase development.

The first phase consisted of aligning the top page with those of other large societies’ webpages with the existing

information. After assessing a few of the top sites, a new top page was designed with a moving banner that prompts

few images taken from Mauritian landscape. In addition to the contents, a new section reserved for members of the

Managing Committee has been added. This enables members to exchange information on board papers, financial

position and on agendas of meetings. The moving images are a plus as they are visible globally and attracting attention

of foreigners to the beautiful landscape of Mauritius.

The second phase is under way and consists of designing the website pages and content layouts. A working session has

already been conducted with a PR firm on this and further brainstorming will be conducted. The change of name will

also be part of this phase as a new logo will be designed within the CFAI portal structure and colour scheme. This is

planned to be completed by December, 2012.

The third is to make the website as our virtual office to provide online services to members and students. A student

corner will be designed. Information on existing members with their positions will be made available to encourage

young graduates to embark on the CFA course. The events section will be designed in line with global norms so as to

target a global audience. More and more information about the society will be made available during this phase. This

is expected to be completed by the end of 2013.

Good luck to all candidates!!!! “There are no secrets to success. It is the result of preparation, hard work learning from failure.” - General Colin Powell The Management Committee of SFAM takes this opportunity to wish the best of luck to all candidates who will be attempting the different levels of the CFA Program at the Mauritian test centre, which will be at the Intercontinental Hotel, on the 2nd June 2012. There is often some element of chance in exams but if you have prepared well the odds are generally in your favour… We fully recognize the huge amount of time, effort and sacrifice put in by candidates in the preparation of the exam. We are pleased to advise that SFAM will be present at the Mauritian test center on the exam day, to provide moral support, and to ensure that the exam atmosphere is conducive for our candidates to give their best. The Management Committee is looking forward to meeting the various candidates.

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James Benoit, CFA PRESIDENT

James was a co-founder of SFAM in 1999 prior to SFAM becoming a full society in 2002 under the leadership of Sanjay Jagatsingh. He serves in the role of President in 2009. He is a CFA Charterholder since 1996 and has been a member of CFA Institute societies in Hong Kong and the Philippines as well.

James is CEO and Executive Director of AfrAsia Bank Limited. He was previously an international management executive for 20 years with HSBC Group internationally.

Imrith Ramtohul, FCCA, CFA VICE-PRESIDENT

Imrith joined SFAM in 2006 and previously held the positions of Assistant Treasurer (2007) and Treasurer (2008). He was appointed as Vice-President of the Society in 2009 and also acts as Events Chair. Imrith holds the Chartered Financial Analyst designation. He is

also Fellow Member of the Association of Chartered Certified Accountants UK and holds a Bachelor of Business Science (Honours) degree from the University of Cape Town. Imrith is currently Senior Manager-Investment at Mauritius Union Group. Imrith has 13 years of investment and banking experience, both in Mauritius and abroad.

James Leung Yin Kow, CFA SECRETARY

James was a founding member of SFAM in 1999 and subsequently treasurer. He was President of SFAM in 2007, held other positions within the society and is currently secretary. He has volunteered at CFA Institute: Standards Setting (Education), Hearing Pool

Panel and Grader (Examinations). James is a CFA Charterholder since 2000. He has a Honours Bachelor of Commerce (Gold Medal with A average summa cum laude) from McMaster University, Canada in 1993 as well as a Master of Arts in Economics from York University, Canada in 1994. He was a member of a task team subcommittee for the first Report on Corporate Governance in Mauritius in 2003. He was a stockbroker at Newton Securities from 1995 to 1998 before working for 13 years (1998-2011) as Fund Manager at MCBIM, the investment management subsidiary of MCB.

The Management Committee office-bearers 2011/12 SFA Mauritius - Contact Details

James Leung Yin Kow, CFA

Secretary

c/o AfrAsia Bank Limited

Bowen Square

10 Dr Ferriere Street

Port Louis

Mauritius

Phone :

+230 723 8195

E-mail:

james.leungyinkow@gmail.com

Web:

www.cfasociety.org/mauritius

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Ashwin Prayag, CFA ASSISTANT SECRETARY

Ashwin is serving SFAM since October 2011. He is additionally the Assistant to the Advocacy and Education Chair. Ashwin is also a member of CFA South Africa. Ashwin is a CFA Charterholder since 2007, having previously graduated from the University of Cape

Town, South Africa, with a Bachelor of Business Science (Honours) degree and a Master of Business Science (Finance) degree. Since 2003, he has gained experience in the investment industry, and as an academic, both in Mauritius and in South Africa. Ashwin is currently an Investment Analyst at the State Insurance Company of Mauritius Ltd.

Deepa Jhamma, CFA TREASURER

Deepa joined SFAM in 2006 and acted as Secretary for two consecutive years prior to taking up the position of Treasurer in 2008. Deepa graduated with a Bachelor of Commerce (Economics & Finance) from the University of Melbourne in 2000, and qualified as a CFA

Charterholder in 2004. She held several managerial positions at Ernst & Young Mauritius & PricewaterhouseCoopers Ltd, and is currently a Senior Manager at PricewaterhouseCoopers Ltd.

Randhir Mannick, CFA ASSISTANT TREASURER, AND EDUCATION,

SCHOLARSHIP AND ADVOCACY CHAIR

Randhir has been a member of SFAM since the launch of the society. He has occupied different posts in the past including President, Treasurer and Secretary and is presently the Education, Scholarship and Advocacy Chairs. He holds the

Chartered Financial Analyst designation, a Master of Business Administration and a degree in Economics. He has more than fifteen years of experience in the investment industry and has been appointed as Head of Pricing at Pivot Ltd since October 2011, the Investment administration arm of African Alliance. Previously, he was employed at Rogers & Co Ltd and the State Investment Corporation Ltd and has served as director in several companies.

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The CFA Institute Code of Ethics –

(Always worth repeating )

I will:

Act with integrity, competence,

diligence and respect,

and in an ethical manner with the

public, clients, prospective clients,

employers, employees, colleagues

in the investment profession and

other participants in the global

capital markets.

Place the integrity of the

investment profession and

interests of clients above my own

personal interests.

Use reasonable card and exercise

independent professional

judgement when conducting

investment analysis, making

investment recommendations,

taking investment actions, and

engaging in other professional

activities.

Practice and encourage others to

practice in an professional and

ethical manner that will reflect

credit on ourselves and the pro-

fession.

Promote the integrity of, and

uphold the rules governing, capital

markets.

Maintain and improve my

professional competence and strive

to maintain and improve the com-

petence of other investment

professionals.

Sharona Rambocus, CFA MEMBERSHIP CHAIR

Sharona has been serving on the management committee since October 2011. Sharona graduated with a Master’s degree in International Financial Analysis at Ecole Supérieure des Affaires, Lille 2 University in 2007 and qualified as a CFA charterholder in 2011. Sharona has previously worked in

the Deals department of PricewaterhouseCoopers Mauritius and is currently a portfolio manager at Investment Professionals Ltd whose assets under management exceed MUR 12 billion.

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Prem Beejan, IT CHAIR

Prem has a long successful career as a professional for the past 30 years. He was the General Manager of Bramer Asset Management Ltd from September 2007 to December 2008. Prior to joining Bramer, he was Group Business Development Manager at The State Investment Corporation, Executive Director at Capital Asset Management Ltd which manages Port Louis Fund and SME Partnership Fund. Prem played an instrumental role in setting up and management of the Port Louis Fund since 1997. He was also

the CEO of SICMS, the company responsible for the management of six casinos on the island. He also lectures (part time) on Finance at graduate level at the University of Mauritius. Prem holds a B.A. Hons with Distinction in Economics from a Canadian University and an MSC in Financial Management from University of London. Currently, Prem has taken a sabbatical leave from office to concentrate on global financial markets. His pastime includes trading at the stock markets and building complex models in Excel. .

Alvin Joyekurun, CFA ASSISTANT EVENTS CHAIR

Alvin is serving the SFAM since October 2011. He holds the Chartered Financial Analyst designation, a B.Sc (Hons) in Actuarial Science from the Cass Business School, London, and is a nearly-qualified actuary (Finance). Alvin has previously worked in the investment consulting field in London, and is currently a business developer within the Treasury unit of the Mauritius Commercial Bank.

The CFA Institute Code of Ethics –

(Always worth repeating )

I will:

Act with integrity, competence,

diligence and respect,

and in an ethical manner with the

public, clients, prospective clients,

employers, employees, colleagues

in the investment profession and

other participants in the global

capital markets.

Place the integrity of the

investment profession and

interests of clients above my own

personal interests.

Use reasonable card and exercise

independent professional

judgement when conducting

investment analysis, making

investment recommendations,

taking investment actions, and

engaging in other professional

activities.

Practice and encourage others to

practice in an professional and

ethical manner that will reflect

credit on ourselves and the pro-

fession.

Promote the integrity of, and

uphold the rules governing, capital

markets.

Maintain and improve my

professional competence and strive

to maintain and improve the com-

petence of other investment

professionals.