Rui “Ray” Liu is a Portfolio Management Supervisor for Ping An Russell Investment Management (Shanghai) Ltd (“PAR”), a China-based institutional asset manager. The firm is a joint venture between the US asset manager Russell Investments and the China financial services conglomerate Ping An Group. PAR focuses exclusively on mainland Chinese public capital markets, including China A-share equity and inter-bank fixed income. In his role Rui works with portfolio managers to construct and manage multi-manager portfolios, as well as participates on a targeted bases in manager research. PAR constructs portfolios by combining investment recommendations from multiple third-party asset managers with efficient passive strategies. We dynamically allocate capital based on our proprietary understanding of China market risk factors. This understanding is based on quantitative factor analysis, PAR’s interviews with and portfolio analysis of nearly 350 mainland China asset managers, as well as our actual investment experience with over a dozen of these managers, as of November 2013. PAR’s primary international clients are QFII and RQFII institutional investors. As of November 2013, the firm manages about USD $480 million on behalf of domestic and international institutional clients.