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UBS Asia Pacific announces winners of its inaugural Stock Picking Competition
Indus Capital Partners, Blue Pool Capital, Bennelong Asset Management, Lynx Arbitrage and Elliot Advisers, were winners in the inaugural UBS Asia Pacific Stock Picking Competition. In excess of 220 UBS clients from around the world participated in the competition which focused on stock performance in the first half of the year.
Launched in early 2006, the competition invited clients of UBS Investment Bank's equities business to nominate any stock in the Asia Pacific region with a market capitalisation in excess of USD250 million and an average daily turnover in excess of USD1 million. Categories included: best long idea; best short idea; and best large cap stock idea. At the competition's conclusion, competitors were provided with a list of the selected stocks. However, neither the names of the entrants nor their individual selections were disclosed.
More than 160 investors gathered in Hong Kong on the evening of 23rd August for an awards presentation to announce the winners. Indus Capital Partners and Blue Pool Capital shared the award for Best Stock Pick, with Bennelong Asset Management as the runner-up; Lynx Arbitrage won for Best Short; and Elliot Advisers won the Best Large Cap Stock idea category.
"Central to our clients' businesses is the development of ideas that enable them to make money from their investments. Initially envisaged as a light-hearted contest, the competition has proved to be a valuable additional mechanism for the exchange of mutually beneficial investment ideas," said Chi-Won YOON, UBS Head of Asian Equities. "The enthusiastic response has persuaded us to expand the competition next year by offering a larger and longer-term format," he said.
"It is always interesting to see how my views compare to those of my peers and to gain insights to opportunities that I may not have otherwise considered," said one of the category winners.
Proceeds from an auction held at the awards ceremony - prizes included two return business class airfares to Bali donated by Cathay Pacific Airways and two nights accommodation in a deluxe suite at The Legian Bali - will be matched by UBS and donated to the Hong Chi charitable organisation.
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