Join Our Global Network Market Outlook 2021

Market Outlook 2021

Where are the risks and opportunities in the coming second half of 2021? Our experts shared their perspectives and discussed new investment ideas.

Our well-respected specialists shared their observations and analyses of the economic and financial market outlook. Benjamin Cavalli, Chief Executive Officer, Singapore, Head of Private Banking South Asia and APAC Sustainability Leader, kicked things off by sharing insights on how the year has been thus far.

John Woods, Chief Investment Officer, APAC spoke about the Bank’s house views, investment ideas, and the risks and opportunities to look out for in the coming second half of 2021. He was then be joined by Ray Farris, Chief Investment Officer, South Asia, for a moderated Q&A session.

Following that, we examined the ongoing evolution of the US-China relationship under the Biden administration, in an invigorating conversation moderated by Lito Camacho, Vice Chairman, Asia Pacific between Kishore Mahbubani, Distinguished Fellow, Asia Research Institute, National University of Singapore and Dr. Dong Tao, Vice Chairman, Greater China, Private Banking Asia Pacific, whose expertise on the US and China brought much colour to this session.


Wednesday, June 23, 2021 | 12:30 pm - 2:00 pm (UTC+8:00 Singapore time)


  • Genevieve Woo
    CNA Presenter

Welcome remarks

  • Benjamin Cavalli 
    Chief Executive Officer, Singapore; Head of Private Banking South Asia and Asia Pacific Sustainability Leader

Investment Outlook H2 2021

Local Heroes

  • John Woods
    Chief Investment Officer, Asia Pacific

Question and Answer

Local Heroes

  • John Woods
    Chief Investment Officer, Asia Pacific
  • Ray Farris
    Chief Investment Officer, South Asia
  • Genevieve Woo
    CNA Presenter

Panel Discussion

When Titans Clash — A Renewal of Rivalry or A Revival of Harmony?

  • Lito Camacho
    Vice Chairman, Asia Pacific
  • Dr. Dong Tao
    Vice Chairman Greater China, Private Banking Asia Pacific
  • Kishore Mahbubani
    Distinguished Fellow, Asia Research Institute, National University of Singapore


  • Genevieve Woo
    CNA Presenter

Speaker biographies

Kishore Mahbubani is a Distinguished Fellow at the Asia Research Institute (ARI), National University of Singapore (NUS).

Mr Mahbubani has been privileged to enjoy two distinct careers, in diplomacy (1971 to 2004) and in academia (2004 to 2019). He is a prolific writer who has spoken in many corners of the world.

In diplomacy, he was with the Singapore Foreign Service for 33 years (1971 to 2004). He had postings in Cambodia, Malaysia, Washington DC and New York, where he twice was Singapore’s Ambassador to the UN and served as President of the UN Security Council in January 2001 and May 2002. He was Permanent Secretary at the Foreign Ministry from 1993 to 1998. As a result of his excellent performance in his diplomatic career, he was conferred the Public Administration Medal (Gold) by the Singapore Government in 1998.

Mr Mahbubani joined academia in 2004, when he was appointed the Founding Dean of the Lee Kuan Yew School of Public Policy (LKY School), NUS. He was Dean from 2004 to 2017, and a Professor in the Practice of Public Policy from 2006 to 2019. In April 2019, he was elected as an honorary international member to the American Academy of Arts and Sciences, which has honoured distinguished thinkers, including several of America’s founding fathers, since 1780.

Mr Mahbubani was awarded the President’s Scholarship in 1967. He graduated with a First Class Honours degree in Philosophy from the University of Singapore in 1971. From Dalhousie University, Canada, he received a Master’s degree in Philosophy in 1976 and an honorary doctorate in 1995. He spent a year as a fellow at the Center for International Affairs at Harvard University from 1991 to 1992.

He has achieved several “firsts” in his two careers. He was the Founding Dean of the LKY School, the founding Director of the Civil Service College, the first Singapore Ambassador to serve on the UN Security Council, the first Singaporean to publish articles in globally renowned journals and newspapers like Foreign Affairs, Foreign Policy, the New York Times and the Financial Times and co-authored articles with distinguished global thought leaders like Kofi Annan, Klaus Schwab and Larry Summers. Mr Mahbubani has never shied away from taking on new challenges.

He has also been a prolific author, having published seven books: Can Asians Think?, Beyond The Age Of Innocence, The New Asian Hemisphere, The Great Convergence, Can Singapore Survive, The ASEAN Miracle (co-authored with Jeffery Sng) and Has the West Lost It?.

Mr Mahbubani has received significant international recognition for his many accomplishments. The Foreign Policy Association Medal was awarded to him in New York in June 2004 with the following opening words in the citation: “A gifted diplomat, a student of history and philosophy, a provocative writer and an intuitive thinker”. He was listed as one of the top 100 public intellectuals in the world by Foreign Policy and Prospect magazines in September 2005, and included in the March 2009 Financial Times list of Top 50 individuals who would shape the debate on the future of capitalism. He was selected as one of Foreign Policy’s Top Global Thinkers in 2010 and 2011. In 2011, he was described as “the muse of the Asian century”. He was selected by Prospect magazine as one of the top 50 world thinkers for 2014.

Benjamin Cavalli was appointed to the role of Head of Private Banking South Asia in August 2018, based in Singapore. In addition, he took on the role of Singapore CEO from January 2017.

In his senior leadership role, Mr. Cavalli leads the Private Banking business in South Asia. He also focuses on collaboration opportunities within Credit Suisse to capitalize on the synergies and business opportunities in the region, drive profitable business growth and advance market share.

In his role as Singapore CEO, Mr. Cavalli works closely with the business heads in Singapore to support the bank’s business and client strategy. He also works with the Corporate Functions to ensure that the requisite governance and control framework is in place for the bank’s business in Singapore. Mr. Cavalli joined Credit Suisse in November 2009 as Head of Private Banking Singapore Market. He was appointed the Head of Private Banking Southeast Asia and Head of Singapore Location in October 2014. He was previously from UBS Wealth Management, where he was a Managing Director and the Head of Key Clients Singapore. He started his career in the Export Finance department at UBS in Switzerland in 1992 and headed the Commodities, Structured Trade and Export Finance at UBS Investment Bank in Hong Kong from 1997 to 2000, before beginning his career in wealth management.

He has over 25 years’ experience in both Investment Banking and Wealth Management across Switzerland and Asia, 18 of which were focused on the Singapore market and in senior management capacity.

He is a member of the Sustainability Leadership Committee at Credit Suisse Group, Co-Chair of the APAC Sustainability Committee and Trustee of the Board of Credit Suisse APAC Foundation.

Mr. Cavalli is accredited under IBF Advanced (IBFA) by the Institute of Banking and Finance (IBF) in Singapore.

Mr. John Woods is a Managing Director of Credit Suisse in the Private Banking Asia Pacific Division, based in Hong Kong. As the Chief Investment Officer, he is responsible for developing regional discretionary and advisory investment strategies across asset classes and within asset classes for private and institutional clients in Asia Pacific. Mr. Woods serves as a voting member of the Global Investment Committee based in Zurich, and chairs the Regional Investment Committee, APAC.

Before joining Credit Suisse in September 2015, Mr. Woods was Head of Fixed Income at Citi Investment Management and Citi Private Bank's Managing Director and Chief Investment Strategist Asia Pacific. Prior to that, he worked at HSBC for 11 years and held senior positions in the Investment Bank including Global Head of Credit Research and Strategy, and Head of Absolute Return Proprietary Trading.

Mr. Woods brings to Credit Suisse 25 years of professional experience in Asia Pacific's equity, fixed income and currency markets, with special focus on asset allocation and asset management.

Mr. Woods holds a Masters degree in Asia Pacific Studies from the School of Oriental and African Studies of the University of London.

Ray Farris is a Managing Director and Chief Investment Officer for South Asia in the Investment Solutions and Products department of the International Wealth Management division.

Prior to this, Ray was at various times the Chief Economist for APAC, in the Investment Solutions and Products department of the International Wealth Management division, Head of Fixed Income Research and Economics, Asia Pacific Division, Head of Asia Macro Strategy, Head of Global Emerging Markets Strategy, Head of the Asia-Pacific Macro Product Research, and Head of Global Foreign Exchange Strategy (based out of London during 2007-2011). He joined Credit Suisse in February 1998 from BZW Asia, where he was Senior Economist in the equity division.

Ray holds a degree in Economics with highest honours from the University of North Carolina, Chapel Hill, and a Master’s degree in Finance with distinction from London Business School.

Jose Isidro N. (Lito) Camacho is a Managing Director in the Asia Pacific Division of Credit Suisse, based in Singapore. He is also the Vice Chairman for Credit Suisse Asia Pacific.

Mr. Camacho joined Credit Suisse in March 2005 after a distinguished career in government and international banking. He was appointed Secretary of Finance for the Philippines in 2001, a position he held until November 2003. As Secretary of Finance, Mr. Camacho led the country's economic team and supervised the fiscal and financial sectors.

Prior to that, Mr. Camacho was the Secretary of Energy for the Philippines where he was credited with the successful passage of the country's power sector reform legislation. He was also Chairman of Land Bank of the Philippines, Philippine Deposit Insurance Corporation, Trade Development and Investment Corporation (PhilExim), Home Guaranty Corporation, National Power Corporation (NPC), Power Sector Asset and Liability Management Corporation (PSALM), National Transmission Corporation (Transco), Privatization Council, Capital Market Development Council, and National Credit Council.

Prior to joining the government, Mr. Camacho was a Managing Director and Chief Country Officer for the Philippines at Deutsche Bank, AG in Manila. Before Deutsche Bank, Mr. Camacho worked for Bankers Trust Company for over twenty years in New York, Japan, Hong Kong, Philippines and Singapore. His last position at Bankers Trust was Head of Investment Banking for Southeast Asia. Mr. Camacho became a Managing Director at Bankers Trust in 1990 and obtained Partner status in 1996.

Mr. Camacho is currently a Director of SymAsia Foundation (Singapore), a board member of the National Gallery Singapore, a member of the Capital Markets Advisory Group of the Securities Commission (Malaysia) and a Founding Member of Asia Peace and Reconciliation Council. He is also the Non-Executive Chairman of Sun Life of Canada (Philippines), a board member of Sun Life Grepa Financial, Inc (Philippines), Sun Life Malaysia Assurance Bhd, Sun Life Malaysia Takaful Bhd and a Senior Advisor to The Boston Consulting Group (Singapore). He was previously a board member of National Heritage Board of Singapore (2007-2013), member of the Securities Industry Council of Singapore (2010-2017) and member of the Group of Experts of the ASEAN Capital Markets Forum. Mr. Camacho was also formerly the Chief Executive Officer of Credit Suisse Singapore (2007-2016).

Mr. Camacho obtained his Bachelor's degree in mathematics (cum laude) from De La Salle University in 1975. He received his MBA with concentration in Finance from Harvard University in 1979. On February 2017, Mr. Camacho was awarded an Honorary Degree of Doctor of Business Administration from Eastern Asia University, Thailand.

Dong Tao is a Managing Director and the Vice Chairman Greater China for Credit Suisse Private Banking Asia Pacific.

In this role, Dong will focus on providing senior client coverage of ultra-high-net-worth (UHNW) and key clients for the Greater China market. Dong helps activate the Private Banking client franchise across Asia Pacific through participation in key client meetings and marketing events. His primary focus is to develop relationship with ultra-high-net-worth clients, bringing both his macro-economic expertise and ability to develop client solutions. With a particular focus on Greater China, Dong is also an important market commentator, observing macro-economic trends and major developments. He will also play an important role in talent development matters and the mentoring of senior banking talent across Greater China.

Before that, Dong was the Chief Regional Economist for non-Japan Asia at Credit Suisse Global Markets Asia Pacific, covering the Asia regional economy as a whole, with a focus on China. Prior to joining Credit Suisse in February 1998, he was with Schroders Securities Asia as Senior Regional Economist and Head of China research.

Dong holds a Ph.D. degree and a M.Sc. degree from University of Utah and B.A. from Beijing Foreign Language University. He worked in China, the US and Japan. He has been based in Hong Kong since 1994.

Market Outlook Seminar H1 2021 

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