Wei Cai, CFA

CAREER HIGHLIGHTS

• Started at CIBC Mellon in 2000
• Earned his CFA in 2011, in Toronto
• Earned his CIPM in 2010, in Toronto
• Director, performance & analytics, at Manulife Asset Management since August 2016

What made you decide to become a CFA charterholder?

My first job was at CIBC Mellon in the cash team. After two years in the back office, I applied for the position of investment performance and attribution analyst at BNY Mellon, which was Russell Mellon back then. The CFA designation was a required qualification for the position. The senior leaders… recommended that everyone pursue the program. It was certainly good advice.

What led you to attain the Certificate in Investment Performance Measurement (CIPM), and how was that different?

My long-term career goal is to become an investment performance measurement and portfolio analytical expert. The CIPM is the only kind [of program] in the industry that offers comprehensive education in portfolio performance and risk analysis, manager research, and Global Investment Performance Standards. The program… provides a practical-based approach to performance and risk evaluation.

How have the CIPM and CFA designations, and the knowledge you’ve gained through completing both programs, helped you in your career?

While nothing on your résumé guarantees you a job, the CFA and CIPM designations boosted my finance credentials. They gave me deep knowledge in the areas of investment analysis, asset management, performance measurement, and ethics. Studying for the CIPM firmed up my understanding of some key areas I’d been unclear about, such as global fixed income performance attribution with yield twist and currency effect. I can apply the knowledge I learned—such as portfolio and security characteristics analysis, and risk calculations—to my daily job.

The CFA charterholder becomes more easily transferable across markets. CFA Institute has a global network of more than 135,000 investment professionals; that provides me with lots of networking opportunities. The Career Centre of CFA Society Toronto is a great source for job searching.

Describe the position you have now.

I currently lead the Investment Performance Measurement & Analytics team at Manulife Asset Management. My job is to provide overall leadership and direction on strategic initiatives, investment performance, and risk management in compliance with current policies and guidelines. I ensure the team works closely with the front office and business partners and provides strategic financial information targeted at decision assistance, performance monitoring, and other related matters.

What books or research papers have most influenced your work and outlook?

I’m a regular reader and subscriber of David Spaulding’s monthly performance perspective newsletter and his Journal of Performance Measurement. Spaulding is an internationally recognized authority on investment performance measurement. I find it’s beneficial to read about industry trends and practical topics regarding performance and attribution challenges. Readers can send in their questions and have a healthy debate around some of the day-to-day questions that I’m sometimes unclear about.

Who is your career role model and why?

I’ve worked with many talented people in the past 20 years…so it’s hard to pick just one.

Keir Kerr, currently the director of 1832 Investment Consulting, has been my mentor since the start of my career. I look to him when I need career and professional advice.

David Cohen from BNY Mellon Performance & Risk Analytics was my first boss and hired me in 2002. His creativity, attention to detail, and gentle personality still influence me today.

John Hennessey is another. He opened my eyes to some of the great technical skill sets—such as SQL, SAS, Excel VBA, and MS Access—that I still find beneficial today.

What is some of the best advice you’ve received in your career?

Try to think from the other’s perspective, especially working within a large group on project-based tasks. It’s important to switch between styles in communication to more effectively work with people who are different from you.

What volunteer or charitable efforts do you support?

I’m a regular donor to the United Way and the Stollery Children’s Hospital Foundation. I’m also involved in community work with the Canadian National Institute for the Blind.