About the Author

Clement K. Miller, CFA

Administrative Vice President and Senior Portfolio Manager

As senior portfolio manager of the Wilmington International Fund, Clem develops and maintains close working relationships with a network of investment managers located in Europe, Japan, and Asia ex-Japan. He is a voting member of the firm’s investment committee and a non-voting member of its portfolio management committee. He is a frequent contributor to the firm’s Wilmington Wire publications.

Prior to joining investment management, Clement was a senior relationship manager with M&T Bank’s international trade division. He led a team of four relationship managers who financed transactions supporting foreign buyers’ purchases of U.S. exports, often from firms in M&T Bank’s business regions. He received the President’s Council Award for his sales accomplishments. Before joining M&T, Clem served in a variety of positions with the Export-Import Bank of the United States. As a relationship manager, he shepherded U.S. firms’ export finance transactions through the bank’s credit approval process. He served on the bank’s credit committee, which approved all loans under $10 million and managed the bank’s workouts division, working within creditor groups to renegotiate the debts of foreign and U.S. borrowers. He participated as the bank’s representative on a U.S. government delegation to inter-governmental trade financing negotiations organized by the OECD in Paris. Clem also served as a country risk economist, advising the bank’s board on country eligibility and sovereign loan pricing decisions and participating in inter-agency working groups. Earlier in his career, he served as an international economist with business consulting firm WEFA, providing economic advice to a range of business clients.

Clem holds an MBA in finance and international business from George Washington University and a bachelor’s degree in international economics from the School of Foreign Service at Georgetown University. He is a CFA® charterholder and served five terms on the board of the 600-member Baltimore CFA Society, including two as its elected president. Currently, he is serving as the M&T appointed board member of the Maryland Chamber of Commerce.


By the Author

Catalan Independence Conflict—Limited Investment Implications

Clement K. Miller, CFA |
Wilmington Wire
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October 9, 2017— On October 1, the pro-independence government of Catalonia in Spain (Europe’s fourth-largest equity market) held an independence referendum:Ever since Spain became a democratic Kingdom in 1975, Catalonia, the nation’s wealthiest region, has agitated for increasing …

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German Bundestag Elections: Christian Democrats to Seek Coalition with Free Democrats and Greens

Clement K. Miller, CFA |
Wilmington Wire
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September 27, 2017— On Sunday, Germany held general elections for the Bundestag, its lower house of parliament. This election was the last in a series of 2017 European elections in which right-wing, anti-immigrant parties and candidates challenged centrists. Earlier this year, centrists soundly defeated extremists in both the Netherlands and France.

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Xi Jinping and China’s 19th National Congress: a Steady Hand on the Tiller

Clement K. Miller, CFA |
Wilmington Wire
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September 18, 2017— China’s ruling Communist Party (CCP) convenes its 19th National Congress on October 18. The congress will be assembling against the backdrop of a favorable investment climate that goes well beyond mere window-dressing:Rising personal incomes are driving the revenue of many listed companies, especially in e-commerce.

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MSCI Includes Domestically Traded Chinese “A” Shares in its Emerging Markets Index

Clement K. Miller, CFA |
Wilmington Wire
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June 22, 2017—What did MSCI decide?MSCI, the principal international equity benchmark index provider, has decided for the first time to include some Chinese “A” shares in its emerging markets (EM) index. The decision goes into effect June 2018.“A” shares are listed on the Shanghai and Shenzen stock exchanges. Historically, the EM index has included only those Chinese stocks listed on the Hong Kong exchange or which have ADRs traded in the United States.

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UK General Elections: Conservatives and Democratic Unionists form Coalition Government

Clement K. Miller, CFA |
Wilmington Wire
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June 12, 2017—On June 8th, the UK held general elections. The ruling Conservatives won more seats in the House of Commons than any other party, but fell short of retaining their governing majority. As a result, the Conservatives had to join up with a small regional northern Irish political party to form a coalition government. Conservative Party leader Theresa May will continue as Prime Minister—at least for now.Brexit was the principal issue in the general election.

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