2023 Singapore Institutional Investor Roundtable

Thomas Deinet

Executive Director, SBAI

Thomas Deinet was appointed Executive Director of the SBAI (previously known as the HFSB) in 2008. In 2007, Thomas joined the working group to project manage the development of practice standards proposed by 14 leading international alternative investment managers that led to the establishment of the SBAI.

Prior to joining the SBAI, he was a senior manager at Oliver Wyman, where he extensively worked with major financial institutions in Europe covering asset management as well as corporate and investment banking. Thomas also worked as an analyst in energy trading for a major commodities trading firm.

Thomas is a graduate of the University of Karlsruhe, Germany, with a major in industrial engineering and holds an MSc from Purdue University, USA. Thomas is a CFA charterholder.

Stuart Fiertz

SBAI Trustee; Co-Founder, President and Director of Research, Cheyne Capital Management

Stuart Fiertz is the Co-Founder, President and Director of Research of Cheyne Capital. From 1991 to June 2000, and prior to establishing Cheyne Capital, Stuart worked for Morgan Stanley where he was responsible for the development and implementation of customised portfolio strategies and for credit research in the convertible bond management practice.

Prior to joining Morgan Stanley, Stuart was an equity research analyst for the Value Line Investment Survey, and a high yield credit analyst in Boston at Merrill Lynch and in New York at Lehman Brothers. Stuart is a CFA® charterholder and a CAIA designee. He is chairman of the Alternative Credit Council (ACC) and a Founder & Trustee of the Standards Board for Alternative Investments (SBAI). From 2014 until 2020, Stuart was also a council director of the Alternative Investment Management Association (AIMA) board.

Stuart has been awarded the CFA Certificate in ESG Investing. Stuart was educated at the International School of Geneva and at Dartmouth College where he was awarded a BA degree in Political Science and Economics.

Chun Hong

Co-CEO and CIO of Multi-Asset Strategies , Avanda Investment Management

Chun Hong is Co-CEO as well as CIO of Multi-Asset Strategies at Avanda, a Singapore-based asset manager for long-term asset owners. He was part of the founding team that started Avanda in 2015 and launched the firm’s flagship global multi-asset fund, and he serves as co-PM of the flagship fund and Avanda's other multi-asset mandates.

Prior to joining Avanda, Chun Hong was a Managing Director and Head of the Real Return Program Division at GIC where he began his career in 1999 as a portfolio manager.

Debra Ng

MD, Asia Region Head, Albourne Partners

Debra Ng is a Partner and Shareholder of Albourne Partners. She joined Albourne as Portfolio Analyst in 2006 and heads the Albourne Singapore office.

Prior to that Debra was Regional Business Director of Strategy and business development at LFC Management Ltd (Singapore), (an Asian FoHF), for two years. Debra worked for four years at Citigroup Asset Management (Singapore) as Director, Institutional Advisory from 2000. Before that she worked at Capital International (Singapore) as Assistant Vice-President with Portfolio Management support and institutional client relationship management responsibilities from 1994 to 2000. Debra started her career as an Investment Analyst covering the Technology, EMS, Autos and small conglomerate sectors at DBS Investment Research (Singapore) from 1991 to 1994.

Debra graduated from the California State University, Los Angeles (USA) with a BSc. Business Administration in Finance with Economics in 1990. She attained the Chartered Alternative Investment Analyst designation in 2006.

David Nolan

MD, Graticule Asset Management Asia

David is a Managing Director at Graticule Asset Management Asia focused on Investor Relations and Business Development. David began his career in Sydney in 1986 in the Foreign Exchange markets, moving to Hong Kong in 1994 to join Goldman Sachs. David lived in Hong Kong for 8 years, moving with GS to Tokyo in 2002 as a Managing Director in the FX and Fixed Income.

David and his family moved back to Australia in 2005 where he worked as a GS proprietary trader for 6 years before moving back to the franchise side of the business managing the FX and Futures businesses for GS Australia David joined Point 72 in 2018 as a Senior Macro Strategist before working in Private Equity/ESG focus from 2020 to 2021, he joined Graticule in March 2022.

Davis has a Bachelor of Economics (Honours) degree from the Australian National University, Canberra.

Raghu Raghunathan

Chief Executive Officer, World Wide Fund For Nature (Singapore) Ltd

Mr R. Raghunathan (Raghu) is the Chief Executive Officer of the World Wide Fund For Nature (Singapore) Ltd since April 2020. WWF-Singapore is a regional hub for one of the world’s largest conservation organisations.

As CEO, Raghu is focused on shaping conservation strategies with global impact and local relevance, bringing communities, businesses and governments together to enable change. He believes in making a positive impact for the world by empowering people to take climate action and restore our natural biodiversity.

Raghu brings more than 25 years of extensive and diversified experience in management and finance consulting, having spearheaded successful business transformation strategies for organisations in Singapore and the region. Prior to joining WWF-Singapore, Raghu provided consulting services related to the implementation of digital technologies, working with industry associations, government agencies and local small and medium enterprises in Singapore. He is also a former partner and leader in the Consulting practice of PricewaterhouseCoopers (PwC) Singapore.

Raghu graduated from the University of New Delhi with an Honours Degree in Commerce. He is also an executive committee member at SINDA (Singapore Indian Development Association), a self-help group that uplifts the socio-economic status of the Indian community in Singapore.

Tse Wen Tai

Sr VP, External Managers Department, GIC

Tse Wen Tai is currently Senior Vice President at GIC’s External Managers Department. He leads the strategy development and implementation of the department’s Global Fixed Income, Global Multi-Asset, and Global Macro hedge fund programs.

Prior to joining the External Managers Department, Tse Wen was a portfolio manager with the firm’s Fixed Income Department, where he managed a portfolio of derivative securities with the Global Interest Rates and Global Macro and Research teams. Prior to his current location in Singapore, Tse Wen spent five years at GIC’s London office and seven years in the New York office.

He joined GIC in 2006 and holds an MA in Mathematics from Oxford University and an MSc in Computational Finance from Carnegie Mellon University.

Joyce Tan

Sales, State Street Bank & Trust, State Street

Joyce Tan is a member of the Business Development Team at State Street, based in Singapore. She is responsible for driving the client management and business development of State Street’s asset servicing business for institutional investors and alternative asset manager clients in Asia Pacific.

Joyce brings over 25 years of experience in investment banking and asset servicing. Throughout her career, she has assumed a diversified range of responsibilities spanning Strategic Client Relationship Management , Business Development, Alternative Asset Servicing and Custody Operations across Asia Pacific.

Joyce has extensive experience managing and solutioning for a diverse group of strategic client relationships which includes sovereign wealth funds, central banks, public pension funds, asset managers and insurance clients throughout the dynamic Asia Pacific region.

Betty Tay

MD, Head of External Managers Department, GIC

Betty Tay is Managing Director, Head of External Managers Department in GIC. In her current capacity, Betty oversees the day-to-day activities of the External Managers Department, including portfolio management for all of GIC’s public market external managers programs, manager selection and monitoring, operations and administration for the department. In addition, Betty is a member of GIC’s Business Continuity Plan Steering Committee.

Betty joined GIC in July 1999 as a Senior Portfolio Manager. She served as a Portfolio Manager within the Emerging Markets Group from 1999 to 2002. In this capacity, Betty was posted to GIC’s London office, and was instrumental in developing portfolio management expertise in non-Asia emerging markets. In 2002, Betty joined the External Managers Group.

Betty has over 20 years of experience in international financial markets including trading functions across various products in local and international financial institutions. She began her career as a proprietary trader with the Development Bank of Singapore (DBS). Prior to joining GIC, Betty spent 6 years as a Principal at Bankers Trust Company (Singapore). She served as the Head of the Foreign Exchange Forwards Division and managed the firm’s balance sheet in Singapore.

Betty graduated from the National University of Singapore in 1991 with a BSc in Mathematics. She also holds both Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations. She completed the Stanford Executive Program in August 2014. Betty is a member of the Investment Advisory Committee for the Lee Kuan Yew Fund for Bilingualism Limited.

Mario Therrien

SBAI Trustee; Head of Investment Funds and External Management, CDPQ

Mario Therrien leads CDPQ’s investment funds activities. The teams he oversees invest in private investment funds and credit in private markets, as well as in venture capital in Québec and internationally. They are also responsible for external management in equity markets, as well as developing and managing strategic and institutional relationships. His mandate consists of adding value by building portfolios with the best external managers, while improving in-house management through the sharing of knowledge and expertise. He sits on the Investment-Risk Committee.

Prior to this role, Mr. Therrien was Senior Vice-President and Head of Strategic Partnerships, Developed Markets. He joined CDPQ in 1993 as an Analyst before taking on the role of Portfolio Manager in the group responsible for absolute return activities. Subsequently, he was mandated to develop external management activities in liquid-asset classes.

He holds a Bachelor’s degree in Economics and a Master’s degree in Finance from Université de Sherbrooke. He has also completed the Canadian Securities Course given by the Canadian Securities Institute, and is a CFA charter holder.

Bruce Tomlinson

Investment Director, Minderoo Foundation

Decades of portfolio management and asset allocation experience on both alternative and traditional asset classes.

Buy side experience with investment manager, insurance company, pension fund and foundation. Passionate about not for profit sector.

Portfolio management experience: Single asset coinvestments and funds across private and alternative credit, event driven, macro, relative value strategies, Australian equities, and asset allocation (derivative) overlays.

Responsible for investing and managing direct private equity stakes in mid risk companies across energy, transport, agriculture, and insurance sectors.

Governance/Board experience from various direct investments and coinvestments, and various not-for-profit Boards/committees.

5 years overseas experience in US and UK.

Danny Yong

Co-CEO and Co-CIO, Dymon Asia Capital

Danny Yong is the Co-CEO and Co-CIO of Dymon Asia Capital. He is Co-CIO of the firm’s flagship Multi-Strategy Investment Fund (MSIF) and sits on the investment committee of Dymon Asia Private Equity.

Before founding Dymon Asia in 2008, Danny was a founding partner and CIO of Abax Global Capital, a hedge fund based in Hong Kong. Previously a Managing Director at Citadel Investment Asia, Danny established and ran the Asia Macro trading business from 2005 to 2007. Prior to Citadel, he was Head of Trading for South East Asian FX and Derivatives at Goldman Sachs, where he spent almost six years in its Hong Kong and Tokyo offices. Danny started his trading career at JP Morgan in 1997 as a FX currency and interest rate derivatives trader.

He is Chairman of The Majurity Trust, a philanthropic organization that works with donors and charities to build a thriving and sustainable community for all in Singapore.