Investors continue to navigate a challenging landscape - one characterized by sticky inflation, elevated interest rates, and growth headwinds. The lagged impact of tighter monetary policy has already started to impact parts of the global economy, and the outlook remains uncertain. Geopolitical risks also continue to run high as we enter a new multipolar regime.
Yet at the same time, there are bright spots of opportunities. Asia’s outlook is expected to be resilient alongside increasing favourable macro-economic conditions in Japan and tailwinds from China’s post-Covid reopening. Importantly, changes in leadership across asset classes and sectors lie ahead, as some are better positioned against a challenging macro backdrop.
What will drive the world in the second half of 2023? What are the key trends that investors need to look out for?
Chief Executive Officer Bank of Singapore
Mr Jason Moo was appointed Chief Executive Officer of Bank of Singapore in March 2023. He joined Bank of Singapore from Julius Baer, where he was Head Private Banking Southeast Asia and Branch Manager Singapore.
Prior to joining Julius Baer in 2020, Jason worked at Goldman Sachs for more than two decades and has held several senior roles, including CEO of Goldman Sachs Singapore and Head of Southeast Asia and Australia for Private Wealth Management (PWM). Before relocating back to Singapore, he was based in Hong Kong as Head of Market Solutions Group and Head of Alternative Capital Markets Asia Pacific. Prior to that, he worked in the Equities Merchandising Group in New York. He joined Goldman Sachs as a financial analyst in PWM in Singapore upon graduation.
Jason earned a BA in Economics and East Asia Studies, with a focus on Japan, from Brown University, USA. He serves on the Board of Governors of Raffles Institution.
Founder and Executive Chairman Banyan Tree Holdings and Laguna Resorts and Hotels Executive Chairman Thai Wah Public Company Chairman of the Board of Trustees Singapore Management University
Ho Kwon Ping is Executive Chairman of Banyan Tree Holdings, which owns both listed and private companies engaged in the development, ownership and operation of hotels, resorts, spas, residential homes, retail galleries and other lifestyle activities around the world.
Born in 1952, Ho Kwon Ping was educated in Tunghai University, Taiwan; Stanford University, California and the University of Singapore. He worked as a broadcast and financial journalist and was the Economics Editor of the Far Eastern Economic Review. He joined the family business in 1981. In 1994, after the success of rehabilitating an abandoned tin mine into Laguna Phuket, Asia’s first integrated resort, he launched Banyan Tree Hotels and Resorts. Banyan Tree manages more than 38 hotels and resorts, over 70 spas and 80 retail galleries, as well as three golf courses.
In May 2000, Mr Ho was conferred an honorary doctorate by Johnson & Wales University, and later received the London Business School 2005 Entrepreneurship Award. In 2008, he was named CEO of the Year at the Singapore Corporate Awards. In 2009, he was the recipient of the Hospitality Lifetime Achievement Award at the China Hotel Investment Summit in Shanghai. As Chairman of Singapore Management University (SMU), Mr Ho was awarded the Singapore Government’s Meritorious Service Medal for his
contribution in the founding of SMU.
In 2010, he became the first Asian to receive the ACA (American Creativity Association) Lifetime Achievement Award in recognition of his creativity and innovation in various spheres of endeavour. In 2012, Mr Ho was awarded with CNBC's Travel Business Leader Award Asia Pacific 2012, in addition to being named to the board of Diageo, a British multinational. In 2015, he published his first book The Ocean in a Drop a part-autobiography and part-lecture under the IPS-Lecture Series by Sixth President of Republic of Singapore Mr S R Nathan and was also conferred the Honorary Degree of Doctor of Business Administration by Hong Kong PolyU.
Chief Investment Officer (CIO) & Head, Portfolio Management & Research Office Bank of Singapore
Jean Chia is Bank of Singapore’s CIO, responsible for the house view across Macroeconomics, Investment Strategy, FX, Equity & Fixed Income Research, as well as Discretionary Portfolio Management (DPM), Advisory Portfolio Management (APM) and Funds Selection teams at Bank of Singapore. She is a member of the board of directors for BOS International Funds, Luxembourg and a member of the OCBC Wealth Panel.
Jean has over 20 years of experience in Private Banking and Asset Management. Prior to her current role, she was previously Head, Equities Advisory & Sales, responsible for the equities and derivatives business at Bank of Singapore, and Head of Client Advisory Services for Equities, Investment Products & Services at UBS Wealth Management, Singapore.
Prior to UBS, she was Vice President, Head of Grassroots Research at Allianz Dresdner Asset Management (now known as Allianz Global Investors). Jean graduated with an MA in Philosophy, Politics and Economics from University of Oxford, UK. She holds a Sustainable Finance certification from Cambridge Institute of Sustainable Leadership (CISL).
Jean is currently a Financial Women’s Association of Singapore (FWA) Female Champion and an Institute of Banking and Finance (IBF) Fellow for Private Banking and Wealth Management.
Head of Investment Strategy Bank of Singapore
Eli Lee is Head of Investment Strategy at Bank of Singapore and he plays a central role in developing asset allocation and thematic strategies across global asset classes for the Bank.
He is a key member of Bank of Singapore’s investment committee, which determines the Group’s overall investment strategy and direction, and serves as a member of the OCBC Group Wealth Panel. He also previously led the Special Situations Research team at OCBC Investment Research. As an investment thought leader, Eli’s independent perspectives are often sought after by international media, including the Wall Street Journal, Bloomberg and CNBC.
With close to two decades of industry experience, Eli began his investment career at the Wellington Management Company in Boston. He graduated from Harvard University with an MA in Statistics.
Chief Economist Bank of Singapore
Mansoor is a macroeconomist and financial market strategist with two decades experience covering institutional investors around the world. Mansoor speaks to policymakers and central bankers and maintains links with think-tanks in Washington and Beijing. He appears on CNBC and Bloomberg Television, his work features in The Economist and he has written for the Financial Times.
Mansoor was most recently at the Royal Bank of Scotland’s investment arm, NatWest Markets, where he was the Asia region's Macro Strategist and previously the bank’s Global Head of FX Strategy. Prior to joining RBS, Mansoor spent 17 years at UBS in London, Zurich and Singapore where he was also Global Head of FX Strategy from 2002 to 2014. Mansoor holds a Bachelor’s and a Master’s degree in Economics from the London School of Economics.
He was tutored by Professor Charles Goodhart, a former Chief Adviser at the Bank of England.
Managing Director Greystar Asia-Pacific
Akira Kosugi is a Managing Director for Greystar Asia-Pacific, leading the establishment and growth of the company’s rental housing platform in Japan. His key responsibilities include implementing and advancing the firm’s investment objectives in Japan with an initial focus on multifamily acquisition strategies in Tokyo and Osaka. Akira has been active in the real estate investment industry for more than 20 years, with experience across multiple asset classes globally. Prior to joining Greystar in 2019, Akira held leadership roles in Blackstone, Bank of America Merrill Lynch and Grove International Partners.
Senior Economist Nomura Asset Management
Mr Atsushi Matsumoto has been Senior Economist at Nomura Asset Management, covering the global economy, since December 2021 when he joined Nomura. Before joining Nomura, he had been an economist at Mizuho Research Institute since 2008, where he started his career and covered Japanese, European and the US economies. Also he had been temporarily a staff economist for the Government of Japan from 2011 to 2013. He has in total more than 10 years of experience as an economist.
Mr Matsumoto holds M.A. in International Public Policy from Osaka University. He is a CFA charterholder.
General Manager & Chief Representative Tokyo Stock Exchange, Inc. Singapore
Kazuhiko Yoshimatsu joined the Tokyo Stock Exchange (TSE) in 1997 where he handled business development and planning in securities/derivatives trading, listing rule & corporate governance, compliance & market surveillance areas. He worked at the Financial Services Agencies of Japan (JFSA) for 2 years, and experienced corporate strategy, global strategy, media relations & investor relations at the Japan Exchange Group (JPX). He also experienced promotion and policy recommendations of the Japanese capital market at The Consortium for Japan International Asset Management Center Promotion (JIAM) and The Organization of Global Financial City Tokyo (FinCity.Tokyo).
Investment Strategist Bank of Singapore
Joseph is an Investment Strategist within the highly regarded Portfolio Management and Research Office in Bank of Singapore. Joseph provides thought leadership on a host of cross-asset investment topics, with a particular emphasis on global equities. Throughout his time in the bank, Joseph has been known for his timely calls and deep insights, and has been frequently interviewed and quoted by various media outlets. Prior to his current role, Joseph covered the Global Technology sector for the bank, and has experience navigating a range of topical issues pertaining to the internet, cloud, and the impact of geopolitics on technology.
In his earlier career, Joseph has also spent time on the sell-side in the area of real estate within Singapore and China. Joseph graduated with a BSc in Economics from the London School of Economics and holds a MSc in Management from the London Business School. Joseph is also a CFA® charterholder.
Chief Executive Officer, Asia Pacific Trafigura
Chin Hwee joined Trafigura in 2016 as CEO, Asia Pacific for the Trafigura Group. He is responsible for continuing the growth of Trafigura’s business across the region. Chin Hwee has more than 25 years of experience in management and financial roles. Prior to joining Trafigura, he was most recently the founder of the Asian operations of alternative investment firm Apollo Global Management, and before that, managing director at hedge fund Amaranth Advisors.
He is a Certified Accountant (CA) and a Chartered Financial Analyst (CFA) and also holds post-graduate qualifications from Yale University and Harvard University. Chin Hwee was a Young Leader in the World Cities Summit 2014, and one of the Young Global Leaders in the World Economic Forum. Chin Hwee was awarded the Distinguished Financial Industry Certified Professional (FICP) Award in 2013 by the Monetary Authority of Singapore. In 2015, he received the World Outstanding Young Chinese Entrepreneurs Award from business newspaper Yazhou Zhoukan and the World Federation of Chinese Entrepreneurs Organization.
In May 2020, Chin Hwee was appointed to join the Emerging Stronger Taskforce set up under Singapore’s Future Economy Council, and in November 2021, he was appointed Chairman of SGTraDex, a digital infrastructure that facilitates trusted and secure sharing of data between supply chain ecosystem partners. Chin Hwee is a member of the advisory panel for the Monetary Authority of Singapore and Singapore Maritime Port Authority. He also sits on the board of Nanyang Technology University and the Hwa Chong Institution. He has also been a trustee of the SingHealth endowment fund and was also a board and advisory member of a number of organisations including Nayara Energy Ltd, India.
Head of Asia Impact KKR
George Aitken (Singapore) joined KKR in 2014 and leads the Global Impact strategy in the Asia Pacific region. He is actively involved in KKR’s investments in MYOB, GreenCollar, Education Perfect, eQuest and BBP. Prior to KKR he was at a family office managing principal investments across a broad range of sectors including agriculture, carbon, technology, natural resources and infrastructure. He holds a Bachelor's degree in Business and a Bachelor's degree in Law (Honors) from the University of Technology, Sydney and a Masters of Applied Finance from Kaplan Professional.
Former CNA Anchor, Media Trainer
Yvonne Chan is a multi-hyphenate – a versatile news presenter and skilled moderator with 20 years of hosting live events and moderating panel discussions. She has led many high-profile conversations including ministerial forums discussing issues in geopolitics, finance, renewable energy, and topics related to ESG and sustainability.
Most recently, she was the moderator for a discussion on the new economy featuring philanthropist and former New York City mayor, Mr Michael Bloomberg, and senior management of UBS Group. She has chaired many keynote dialogues for the finance sector featuring speakers such as Singapore minister for manpower, Mr Tan See Leng, Speaker of Parliament, Mr Tan Chuan Jin, and Mr Ravi Menon, MD of the Monetary Authority of Singapore. Yvonne was also the host and moderator for a series of conversations with the PAP in an online programme titled, STRAIGHT TALK with PAP, during Singapore's General Elections 2020 period. In this series, she interviewed senior ministers and the party's new candidates about a wide range of issues and topics concerning Singaporeans.
Prior to switching careers to the media industry, Yvonne was a Management Associate with HSBC Singapore before moving on to work at HSBC London’s group management office. She graduated with a degree in Economics (Hons) from the National University of Singapore.