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Profile   |    Vision and Mission Statement   |    Advisory Board   |    Board of Directors   |    Committees   |    Annual Report   |    Board Meeting Summary    |   President's Report for FY2017 &n
Board of Directors
Ms. Ashley P.W. Khoo, CFA, CPA
Ms. Ashley Khoo, CFA, CPA, is an asset management and investment banking professional with comprehensive buy-side and sell-side experience, inclusive of portfolio management, fundamental/quantitative/pre-deal research covering Asian and China markets, multi-asset class investment, and Big 4 financial advisory with financial institutions (Agricultural Bank of China International Asset Management, HSBC Global Asset Management, Citigroup, Deutsche Bank, Credit Suisse, PricewaterhouseCoopers).

Ashley is a CFA and a CPA charterholder. She is the President of The Hong Kong Society of Financial Analysts and has been serving on the Board since August 2007.
Mr. Derek W.M. Mok, CFA
Vice President
Mr. Derek Mok, CFA, is the Chief Investment Officer of Fubon Convoy Asset Management (HK) Ltd. Before that, he was the Head of Asset Management and Chief Investment Officer of RHB Asset Management Limited and Director – Investment of Haitong International Asset Management Ltd. responsible for managing public and private funds focusing on Greater China region. Prior to that, he was a Fund Manager of Guotai Junan Assets (Asia) Limited, covering Greater China region, and was an Investment Manager for BEA Union Investment Limited. Derek worked at the Reserves Management Department of the Hong Kong Monetary Authority, and was responsible for managing the global equity portfolio exposure for the Hong Kong Exchange Fund. He had also worked at China Securities (International) Asset Management Limited as the Director of Investment Management, VC Asset Management Limited and Nexus Investment Management Limited (the investment arm of Sun Hung Kai Properties Limited).

Derek is a CFA charterholder and holds the FRM designation. He is a CPA (Aust) and a Fellow of the Hong Kong Institute of Certified Public Accountants. Derek holds a Bachelor degree in Accounting from the Monash University and a Master degree in Investment Management (concentration in Financial Engineering) from the Hong Kong University of Science and Technology. He also holds a Master of Arts from the Macquarie University.
Mr. Tony Watson, CFA
Vice President
Mr. Tony Watson, CFA, worked in Asia’s credit markets for 20 years. He left LIM Advisors Limited as Senior Portfolio Manager (Asia ex-Japan High Yield) at the end of April 2015. Prior to joining LIM in 2008 he was Head of Debt Research for Asia (ex–Japan) at Morgan Stanley. Tony variously covered corporate, utility and bank debt issuers at ING Bank NV (Hong Kong) from 2000 to 2004 and at ABN AMRO Bank NV (Singapore) from 1997 to 2000. He was regularly ranked by Asiamoney, FinanceAsia and The Asset as one of Asia (ex-Japan)’s top 10 publishing credit analysts between 2001 and 2007. Tony worked at Thomson BankWatch (Hong Kong) [now part of Fitch Ratings] as a bank credit analyst between 1995 and 1997. He started as an intern at Royal Bank of Canada (Singapore Branch) in 1994.

Joining the Hong Kong Society of Financial Analysts in 1996, Tony became a director in 2010 and stepped in as Managing Director (Acting) between March and September 2015. He was named Volunteer of the Year by the CFA Institute in 2015.

Tony holds an MBA from University of Western Ontario, a BBA from St. Francis Xavier University and is a CFA charter holder.
Dr. Yin Toa Lee, CFA
Dr. Yin Toa Lee, CFA, is a US Capital Markets Partner of EY based in Hong Kong experienced in capital markets and accounting advisory across industry sectors. He currently supports clients with their US IPO and periodic filings pursuant to US GAAP, PCAOB and SEC requirements. He works collaboratively with clients, bankers, attorneys and others. He was previously based in Beijing, Tokyo and Boston.

He is a CFA charterholder since 2002 and a Director of The Hong Kong Society of Financial Analysts since 2010 representing the growing accounting and auditing professionals within the Hong Kong based CFA charterholders. He is currently responsible for Career Development and University Relations committees. He is an Advisory Committee Member of City University of Hong Kong's Department of Accountancy and Financial Reporting Review Panel Member of Financial Reporting Council.

He had DBA from Polytechnic University, Master in Accounting / MBA from Northeastern University, Master in Finance from Boston College and Bachelor in Economics from University of Chicago. He is also a Certified Public Accountant, Financial Risk Manager and Chartered Valuation Surveyor.
Mr. Franki K.F. Chung, CFA
Director and Secretary of the Board
Mr. Franki Chung, CFA, is the Chief Investment Officer of an investment company and experienced professional in equity / fixed income analysis and portfolio management. He was the Chief Investment Officer of MEAG HK, the asset management arm of Munich Reinsurance. Based in Hong Kong, he and his team cover Asian equities and fixed income portfolios for Munich Re. Before joining MEAG in 2010, he was the deputy head of Asia Equities in Baring Asset Management and responsible for country allocation, stock selection and managing equity portfolios in Asia Pacific.

Franki is a Director and the Board Secretary of The Hong Kong Society of Financial Analysts. He is currently the Co-Chair of Best Research Report Competition and Research Challenge committees and a member of the FinTech, Technology, University Relations and Industry Relations committees. He is also the Third Vice President 2017-18 of Lions Club Hong Kong IFC.

He holds a Master of Business Administration degree from the University of New South Wales, a Bachelor of Science (Economics) (Hon.) degree from the University of London, a Higher Diploma in Production and Industrial Engineering from the Hong Kong Polytechnic. Franki has been a CFA charterholder and a member of the CFA Institute since 1998.
Mr. Frederick S.C. Tsang, CFA
Immediate Past President
Mr. Frederick Tsang, CFA, is the Chief Risk Officer of China Everbright Limited, a China-backed financial institution listed on the Hong Kong Stock Exchange with businesses involving proprietary investment, asset management, and other financial service activities.

Prior to joining China Everbright in 2000, Frederick was Head of Equity Research for the Hong Kong branch of a number of international and regional brokerage firms, including Deutsche Morgan Grenfell, Nomura and Banque Nationale de Paris (BNP).

Frederick has over 32 years of experience in the Hong Kong financial industry with rich management experience in securities and asset investment. In November 2016, Frederick has also been appointed as a member of the Process Review Panel for the Securities and Futures Commission. He served as a member of the Advisory Committee of the Securities and Futures Commission between 2011 and 2017. Frederick has also served the Securities and Futures Appeals Tribunal as a member from 2009 to 2015. CFA charterholder, Frederick has been a board member of The Hong Kong Society of Financial Analysts since 2001, and previously the President of the Society (2013 – 2015). Frederick holds a bachelor's degree in Economics with Finance and Accounting option from Wilfrid Laurier University and a master’s from University of Alberta.
Mr. Ho Tak Lee, CFA
Mr. Ho Tak Lee, CFA, has over 14 years of investment management experience. He is the Chief Investment Officer of the value investing firm Pickers Capital. Prior to establishing Pickers, he was a Senior Fund Manager at Value Partners, where he held a prominent leadership role in investment and portfolio management from 2003 to 2012. He graduated from The Chinese University of Hong Kong with a Bachelors degree in Business Administration (Financial Engineering) and a Masters degree in Business Economics. He is also a Chartered Financial Analyst (CFA) charterholder. Mr. Lee is married and has two children. He is a marathon runner and scuba diver.
Mr. Richard K.C. Mak, CFA
Richard Mak, CFA, is the Managing Director and Head of Advisory – Asia of Pictet Wealth Management. Richard Mak joined Pictet in 2011 to lead the Asia Advisory Team to provide investment advices to high net-worth investors in Asia. Prior to joining Pictet, he was the Head of Advisory-Asia at BNP Paribas Wealth Management.

Richard has over 30 years of experience in financial industry with 17 years in Japanese equity investments working for various institutions including Lombard Odier, Skandia Asset Management, Goldman Sachs, Citibank, and Nomura. He has been advising private clients on global investments since 2003.

Richard is a board member of The Hong Kong Society of Financial Analysts. He was the President Council Representatives for Asia Pacific Region of the CFA Institute from 2004 to 2008.

Richard holds the Chartered Financial Analyst designation and is a member of the CFA Institute since 1993. He graduated from The University of Hong Kong with the Bachelor of Social Sciences.
Ms. Jenny C.Y. Lor, CIPM, CFE, FRM
Ms. Jenny Lor, CIPM, CFE, FRM, is Chairperson of the Investment Performance & Risk Committee (formerly known as Global Investment Performance Standards (GIPS) Committee) of the HKSFA. She is a founding member of the Investment Performance & Risk Committee. She is a member of the HKSFA since 2003 and obtained HKSFA’s outstanding volunteers awards in 2006 and 2013 respectively. Since January 2014, Jenny has been elected as a board member of the HKSFA.

She graduated from the University of London with a M.Sc. in Financial Economics and California State University with a BBA (Hon.) in Finance. She is one of the first investment performance professionals in the world to earn the Certificate in Investment Performance Measurement (CIPM) designation. She was advisor to the CFA Institute served on the CIPM Examination Review Panel, 2007-2008. From 2010 to 2016, she was member of the CIPM Advisory Committee under the CFA Institute Board of Governors.

Jenny has over 25 years of experience in business development and client relationship management, risk and compliance, and regulatory and professional standards setting with top tier financial institutions and public authorities. She was Director of UBS Global Asset Management (HK) Limited; Vice President & Head of China Business Development of State Street Bank & Trust Company, Manager of Mandatory Provident Fund Schemes Authority (Regulation & Policy Division, Supervision Division, Trustees Department). She held various senior management roles in CitiTrust Ltd., Sakura Finance Asia Ltd., Bankers Trust Company, Hong Kong Securities and Clearing Ltd., and American International Assurance Co. Ltd. She was a part-time instructor at the Open University of Hong Kong teaching investment and financial risk management related courses for 10 years. She is a qualified Financial Risk Manager, Certified Fraud Examiner and Certified Computer Hacking Forensic Investigator and member of the Global Association of Risk Professionals, the Professional Risk Managers’ International Association, the Association of Certified Fraud Examiner, the Treasury Markets Association, the Hong Kong Securities and Investment Institute and the Hong Kong Independent Non-Executive Director Association.
Mr. Karl H.K. Lung, CFA
Mr. Karl Lung, CFA, is currently a Director of The Hong Kong Society of Financial Analysts and has sixteen years of experience in the investment industry. He had worked as Portfolio Manager with ABN AMRO Asset Management (Asia) Limited for nine years and is responsible for Hong Kong equity investments. Before joining ABN AMRO, Karl had been an investment analyst for seven years with brokerage houses that include W.I. Carr (Far East) Limited, Schroders Securities (Hong Kong) Limited, and Nomura Research International Company Limited, and also as an Investment Analyst with Sun Hung Kai Properties Limited.

Karl holds a Master of Business Administration degree from the University of Toronto and a Bachelor of Commerce (Hon.) degree from McMaster University in Hamilton, Ontario, and received the CFA Charter in 1992. He had been a member of the Advisory Committee on Human Resources Development in the Financial Services Sector of the Financial Services and the Treasury Bureau, and Public Shareholders Group of the Securities and Futures Commission.

Karl is now a member of the Hong Kong Business Valuation Forum Council and a member of the Merger and Takeover Panel, Takeovers Appeal Committee.
Mr. Vincent Ng, CFA
Mr. Vincent Ng, CFA, joined Atlantic-Pacific Capital in 2007 and is the Partner responsible for the Asia-Pacific region, which includes deal origination and product distribution across markets such as Hong Kong, China, Japan, Korea, India, Southeast Asia, Australia, and New Zealand. Atlantic-Pacific Capital is one of the largest independently owned global placement agent and advisory firm dedicated to raising capital for alternative investments. Vince has worked on more than 30 global fundraisings that have included strategies such as private equity growth and buyouts, infrastructure, energy, and real estate. Vince is a regular speaker at major private equity and industry conferences across the region.

Prior to joining Atlantic-Pacific, Vince started and managed the Fund Placement Advisory Group at Deloitte & Touche Corporate Finance in Hong Kong where he was responsible for deal sourcing, distribution and project management for the Asia-Pacific region. Vince has also worked in the London offices of Deloitte and Arthur Andersen where he provided financial advisory services such as audit and assurance, financial due diligence, M&A structuring, and company valuations.

Vince earned a Bachelor of Science (Hons) in Economics from Queen Mary, University of London and a Master of Science in Accounting and Finance from the London School of Economics. Vince is also a Fellow Chartered Accountant (FCA) in the United Kingdom, a Certified Public Accountant (CPA) in Hong Kong, and a CFA® charterholder.
Mr. Claudius Tsang, CFA
Mr. Claudius Tsang, CFA, is a Partner and Co-Head of Private Equity, North Asia of Templeton Asset Management Ltd., a subsidiary of Franklin Resources, Inc. (NYSE: BEN). He is responsible for analyzing and evaluating strategic equity investments in North Asia. Prior to rejoining Franklin Templeton in 2008, Claudius managed private equity and PIPE (Private Investment in Public Equity) deals in Hong Kong, China, Taiwan and the United States for Lehman Brothers. Previously, he also worked for Korea Development Bank, the China Chem Group and Jardine Fleming.

Claudius is a CFA charterholder and served as Disciplinary Review Committee member of CFA Institute from 2006 to 2009. He is currently a Director of The Hong Kong Society of Financial Analysts and a committee member of Chinese Financial Association of Hong Kong as well as the Tsinghua Alumni Association of Hong Kong.

Claudius holds a bachelor of law from Tsinghua University and a bachelor of engineering from The Chinese University of Hong Kong.
Mr. Terence C.W. Tsui, CFA
Mr. Terence Tsui, CFA, MRICS, has more than 10 years of fundamental investment research and investment management experience across countries, sectors and asset classes in Asia.

Terence is currently the Vice President of Grand Cartel Asset Management Ltd, a Hong Kong based investment management company. Prior to that, he worked as a Senior Analyst for JK Capital Management Ltd, which is the Asian affiliate of La Francaise AM International, a French-based asset manager that oversees more than EUR 50 bn investment in equity, fixed income and real estate across the globe.

Beside his professional experience in the investment management industry, he is also a fervent and outstanding volunteer at the CFA Institute and the HKSFA, where he continuously contributes as guest speaker, columnist, judge, grader, reviewer and mentor for various investment seminars, competitions, examinations and other programs.

Terence is a member of the CFA Institute and the Royal Institution of Chartered Surveyors. He is a CFA charterholder and at the same time holds the designation of Chartered Valuation Surveyor. Terence studied in the Chinese University of Hong Kong and graduated with a Bachelor Degree in Engineering specializes in Automation and Computer-Aided Engineering.
Mr. Ernest Y.K. Wong, CFA
Mr. Ernest Wong, CFA, has extensive experience in venture capital, corporate finance, business development, financial and general management. He is now the President and Group Chief Financial Officer of KVB Kunlun Holdings Limited, and also the CFO and Company Secretary of its listed subsidiary, KVB Kunlun Financial Group Limited. He is also the independent non-executive director of several listed companies in the HK Stock Exchange. Besides he also serves as the board director of Adamas Finance Asia (previously known as China Private Equity Investment Holdings Limited (“CPE”) ) which is a listed investment company in London AIM market. Previously he was the Executive Director of CPE, CFO of ASTRI, and vice president for Vertex Management.

Ernest earned his B.B.A. degree from HKU, received his MSc in investment management from HKUST and MSc in Electronic Engineering from CUHK. He is a fellow member of HKICPA and ACCA. He is also a member of ICEAW, CFA charter-holder and a member of HKSI.

Ernest is now the President of Hong Kong University Graduates Association, the Court Member of the University of HK, the Deputy Chairman of HKU Convocation, the Committee Member of ACCA HK, the venture committee member of HKVCA and the investment committee of the HKUGA Education Foundation.
Ms. Felicia C.W. Wong, CFA
Ms. Felicia Wong, CFA, is an internal audit professional with 10 years of experience in the financial industry. She currently provides audit coverage at a leading US investment bank focusing on institutional securities sales and trading business across Asia. She previously worked at Goldman Sachs (Asia) LLC providing audit coverage for securities business and risk management functions. Prior to that, she was with Bank of Montreal in Toronto as an audit manager and quantitative specialist, and later transitioned to capital markets treasury providing risk oversight on liquidity and funding before relocating to Hong Kong in 2012. Felicia is a CFA charterholder and a certified Financial Risk Manager. She holds a Master of Mathematical Finance from the University of Toronto and a Bachelor of Applied Science from the University of Waterloo.

Managing Director

Mr. Calvin K.W. Cheung
Managing Director
Mr. Calvin Cheung is an all-round expert in wealth management products distribution platform business and a specialist in content and communications.

Calvin worked in iFAST, a Singapore Mainboard-listed FinTech company, for ten years. He joined the firm as an Editor in 2006 and was one of the pioneers for its Hong Kong business. In 2009, he was promoted to the General Manager of Hong Kong, an online B2C arm of iFAST. Since 2012, he acted as a frontiersman of iFAST's China business and drove for the firm’s strategy to expand into Mainland China. As the Regional Executive Director, he led iFAST to be the first non-bank WFOE which acquired a Fund Distribution Qualification from CSRC Shenzhen in 2015. He also initiated iFAST’s south-bound MRF Sub-TA Service in Hong Kong.

Prior to joining iFAST, Calvin was an Editor in Business Desk of Singtao Daily from 1998 to 2005. He possesses a wide range of academic backgrounds, including a bachelor's degree in Applied Economics, a postgraduate diploma in Public Relations and a Google Analytics Individual Qualification certificate.
  Function Responsibilities Name of Committee Chair(s)
 AdvocacyMr. Frederick S.C. Tsang, CFA
Mr. Claudius Tsang, CFA
 Best Research Report CompetitionMr. Franki K.F. Chung, CFA
 Candidate EducationMr. Frederick S.C. Tsang, CFA
 Career DevelopmentDr. Yin Toa Lee, CFA
Mr. Vincent Ng, CFA
 Continuing EducationMr. Ho Tak Lee, CFA
 FinTechMr. Frederick S.C. Tsang, CFA
 Industry RelationsMs. Ashley P.W. Khoo, CFA, CPA
 InvestmentMr. Tony Watson, CFA
 Investor Education SeminarMr. Ho Tak Lee, CFA
 Investment Performance & RiskMs. Jenny C.Y. Lor, CIPM, CFE, FRM
 Member ServicesMr. Ernest Y.K. Wong, CFA
 MembershipMr. Richard K.C. Mak, CFA
 Portfolio Management CompetitionMr. Derek W.M. Mok, CFA
Mr. Tony Watson, CFA
 Professional Conduct ProgrammeMr. Frederick S.C. Tsang, CFA
 Research ChallengeMr. Derek W.M. Mok, CFA
Mr. Franki K.F. Chung, CFA
 ScholarshipsMr. Franki K.F. Chung, CFA
 SponsorshipMs. Ashley P.W. Khoo, CFA, CPA
 University RelationsDr. Yin Toa Lee, CFA
 Volunteer ManagementMs. Ashley P.W. Khoo, CFA, CPA
Mr. Frederick S.C. Tsang, CFA
 TechnologyMr. Franki K.F. Chung, CFA
Mr. Frederick S.C. Tsang, CFA