The Eastspring Investments Group Board oversees our business strategy and performance, as well as ensuring that our governance framework, risk, and control systems are robust and defensible.

Board members

HSIEH Fu Hua

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Chairman
Independent and non-executive director

Mr Hsieh Fu Hua is Chairman of GXS Bank Pte Ltd, a Grab-Singtel joint venture for digital banking. He is a board director of GIC Private Limited and adviser to the PrimePartners Group, which he co-founded.

Mr Hsieh started his career in merchant banking and capital markets in 1974 when he joined Morgan Grenfell Asia Holdings upon graduation, eventually rising to head the organisation. He subsequently served as Group Managing Director of BNP Prime Peregrine Group Hong Kong, CEO of Singapore Exchange, President of Temasek Holdings, Chairman of Tiger Airways Holdings and Chairman of United Overseas Bank and Chairman of Asia Capital Reinsurance Group Pte Ltd.

Mr Hsieh is active in the social sector. He serves on the boards of a number of non-profit organisations. He chairs the National University of Singapore, the National University Health System, and the Singapore Business Federation Foundation Limited, and is a board member of MOH Holdings Pte Ltd. He is currently also a member of the National Research Foundation’s Research, Innovation and Enterprise Council.

Mr Hsieh founded BinjaiTree, a privately-run charity that is keenly engaged in mental health, the arts and social services. He co-founded Caregivers Alliance Ltd, Resilience Collective Ltd, Shared Services for Charities and Tri-Sector Associates. He was previously President of the National Council of Social Service and Chairman of Stewardship Asia Centre as well as the National Gallery Singapore.

Mr Hsieh is an alumnus of the NUS Business School.

Dr CHIA Tai Tee

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Independent and non-executive director

Dr Chia Tai Tee is an independent and non-executive director of the Board of Eastspring Investments Group, an independent director of the United Overseas Bank Group and a member of the Boards of Trustees of the Singapore Institute of Technology and the Ministry of Home Affairs Uniformed Services Invest Plan. He also serves on the Investment Committee of the Tote Board.

Dr Chia was the Chief Risk Officer at GIC, a position he held until his retirement in March 2020. As CRO, Dr Chia was responsible for the risk management oversight for the GIC group. He had held various positions in investment policy, economics and strategy, foreign exchange, and quantitative investments at GIC. Prior to joining GIC in 1994, he was a lecturer at the Department of Economics and Statistics at the National University of Singapore.

Dr Chia holds a Bachelor of Economics (Hons) from The University of Adelaide and a PhD in Economics from the Australian National University. He is also a graduate of the Advanced Management Programme of Harvard Business School.

Veronica ENG

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Independent and non-executive director

Ms Veronica Eng is an independent and non-executive director of the Board of Eastspring Investments Group since November 2020 and an independent and non-executive director of the Board of Keppel Corporation since 1 July 2015. She is the Chairman of the Keppel Corporation Board Risk Committee and a member of the Audit Committee. She also serves on the Investment Committee of Temasek Trust.

Ms Eng was a Founding Partner of Permira. Over her 30-year career with Permira, Ms Eng held a number of key positions in the firm and had extensive experience in a wide range of roles in relation to its funds' investments across sectors and geographies. She served on the board of Permira and its Executive Committee, chaired the Investment Committee and was the Fund Minder to various Permira funds. In addition, she also had oversight of Permira's firm-wide risk management as well as its operations in Asia.

Ms Eng is a Professor (Practice) at the NUS Business School.

Ms Eng holds a Bachelor of Business Administration (First Class Honours) from the University of Singapore.

Avnish KALRA

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Group Chief Risk and Compliance Officer, Prudential plc

Avnish was appointed Group Chief Risk and Compliance Officer in April 2022. He previously held the position of Chief Risk Officer of Prudential Corporation Asia since July 2018 and was responsible for regulatory compliance, risk management and corporate governance across all of the Group’s Insurance and Asset Management businesses in Asia and Africa.  He joined Prudential in August 2014.

Prior to joining Prudential, Avnish was the Asia CRO for Aviva for 6 years and has also worked at Bank of America for 14 years in various capital markets trading and risk roles across Asia. Avnish is a Chartered Accountant by training, having worked with PWC in India and Ernst & Young in Dubai.

Catherine CHIA

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Group Chief Human Resources Officer, Prudential plc

Catherine Chia is the Group Chief Human Resources Officer, having been appointed on 1 April 2023. In her role, Catherine leads Prudential’s group-wide people and culture agenda, to build a high-performance organisation where great talent are engaged, inspired and developed.

Catherine joined from StarHub, Singapore, where she worked as Chief HR Officer since 2018 to drive workforce optimisation, culture transformation, talent development and employee engagement. She also chaired the company’s Covid-19 taskforce. Before leading the HR function at StarHub, Catherine held global and regional senior HR leadership roles in LEGO, United Overseas Bank, as well as Dell Inc. in Singapore and Shanghai.

She holds a Bachelor’s degree with Honours in Social Sciences from the National University of Singapore. She served as a Nominations Committee member of Daughters of Tomorrow (Singapore) and was a board member of the Singapore Breast Cancer Foundation.

Steve BICKELL

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Senior Advisor, Prudential plc

Steve joined Prudential Group in 1979 and was one of the team who supported the formation of Prudential Corporation Asia and he subsequently transferred to Hong Kong. He has been based in Asia since 2000 and held a number of senior leadership roles for the Group including as PCA Chief Risk Officer until 2018 where he led the development of the compliance, risk management, tax and corporate governance functions across the region. Post the 2019 demerger, Steve was heavily involved with the transfer of group-wide supervisory responsibility to the HK Insurance Authority.

His association with Eastspring dates back to the establishment of the business in the 1990’-s and he has sat on a number of Eastspring local boards and governance committees.

From the beginning of 2022, Steve has been a senior advisor to the Group and as part of his role, he sits on a number of major business boards and board committees.

Bill MALDONADO

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Chief Executive Officer & Interim Chief Investment Officer

Bill Maldonado is the Chief Executive Officer & Interim Chief Investment Officer of Eastspring Investments Group. He is a member of its Board of Directors and a member of the Prudential Group Executive Committee (GEC).

As CEO of the Eastspring Investments Group, he chairs the Executive Management Committee and has overall responsibility for the management and strategic development of the firm.

Bill joined Eastspring in 2021 and has been serving as the Chief Investment Officer, spearheading Eastspring’s investment platform across equities, fixed income, multi asset, quantitative and alternatives, overseeing investment strategies and products.

Bill has 30 years of asset management experience and a strong track record in leading investment teams globally. Prior to joining Eastspring in September 2021, Bill served as the Asia Pacific Chief Investment Officer and Global Chief Investment Officer, Equities at HSBC Global Asset Management.

Bill holds an MBA from Cranfield University, a Doctorate in Laser Physics from Oxford University and a Bachelor of Science degree in Physics from Sussex University, UK and Uppsala University, Sweden.

Executive management committee

Bill MALDONADO

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Chief Executive Officer & Interim Chief Investment Officer

Bill Maldonado is the Chief Executive Officer & Interim Chief Investment Officer of Eastspring Investments Group. He is a member of its Board of Directors and a member of the Prudential Group Executive Committee (GEC).

As CEO of the Eastspring Investments Group, he chairs the Executive Management Committee and has overall responsibility for the management and strategic development of the firm.

Bill joined Eastspring in 2021 and has been serving as the Chief Investment Officer, spearheading Eastspring’s investment platform across equities, fixed income, multi asset, quantitative and alternatives, overseeing investment strategies and products.

Bill has 30 years of asset management experience and a strong track record in leading investment teams globally. Prior to joining Eastspring in September 2021, Bill served as the Asia Pacific Chief Investment Officer and Global Chief Investment Officer, Equities at HSBC Global Asset Management.

Bill holds an MBA from Cranfield University, a Doctorate in Laser Physics from Oxford University and a Bachelor of Science degree in Physics from Sussex University, UK and Uppsala University, Sweden.

Lilian THAM

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Chief Operating Officer
Chief Executive Officer, Eastspring Investments Singapore

Lilian Tham is the Chief Operating Officer at Eastspring Investments and Chief Executive Officer of Eastspring Investments Singapore. She is a member of the firm’s Executive Management Committee.

Lilian joined Eastspring in January 2021 with responsibility for operations, technology, data & AI, and administrative support, as well as strategic growth and change initiatives.

Prior to Eastspring, Lilian held senior roles at Schroders where she worked for 26 years, most recently as Asia Pacific COO with oversight of Operations, Investment Services and Technology, Change and Innovation across the region.

She is a Fellow of the Institute of Banking and Finance Singapore and actively volunteers her expertise in various industry associations and committees.

Janelle YEO

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Chief Financial Officer

Janelle Yeo is the Chief Financial Officer (CFO) and a member of the Executive Management Committee at Eastspring Investments. She is responsible for the Strategic Planning and Finance functions within the firm.

Prior to her current role, she was Head of Corporate Strategy and was also responsible for the firm’s Mergers and Acquisitions, and the corporate development of Eastspring’s wholly foreign-owned enterprise in China. Immediately prior to that, she was the CFO for Eastspring’s Taiwan business and assumed the CEO (interim) role from Oct 2019 to Nov 2020. She also previously served as Director of Regional Strategic Planning for Eastspring’s global business.

Janelle joined Eastspring in 2008. She has over 20 years of experience within the financial services sector in Asia. She began her career as a banking supervisor with the Monetary Authority of Singapore and then as a management consultant with Oliver Wyman.

Janelle holds an MBA from INSEAD and a Bachelor of Accountancy (Hons) from Nanyang Technological University in Singapore. She has also been awarded the CFA charter.

Terence LIM

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Chief Risk Officer

Terence Lim is the Chief Risk Officer and a member of the Executive Management Committee at Eastspring Investments. He oversees legal, compliance, risk, and governance activities across Eastspring.

Prior to joining Eastspring, Terence was abrdn’s Chief Risk Officer - APAC based in the Singapore office where he provided oversight and leadership of the Risk and Compliance function across Asia Pacific. He was on various abrdn APAC entity boards and was a member of the APAC Executive Leadership Team, the Global Risk & Compliance Leadership Team and abrdn group’s Global Leadership Group.

Terence joined abrdn in August 2016 after having spent 10 years with Macquarie Group where he was Deputy Regional Head of Compliance, Asia and Head of Compliance, Singapore. He led a Compliance team of more than 60 persons in 11 countries in Asia and across multiple businesses and product lines that included investment banking, fixed income, currencies, commodities and equities trading as well as fund management. Terence also spent 10 years as a corporate and capital markets lawyer in Singapore and Malaysia and was a partner at a Singapore law firm prior to joining Macquarie Group.

Terence is a qualified lawyer in England and Wales, Malaysia and Singapore and obtained a law degree from the University of Leicester and an MBA from the University of Chicago Booth School of Business.

Prue SCHNEIDER

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Chief Human Resources Officer

Prue Schneider is the Chief Human Resources Officer (CHRO) and a member of the Executive Management Committee at Eastspring Investments.

Prue joined Eastspring Investments in May 2011 and was appointed CHRO in September 2023. As CHRO, she leads the People and Culture agenda at Eastspring, building a high performing organisation and a strong, engaged talent pool.

Prue is a highly skilled executive with strong commercial perspective and extensive experience in culture change, organisational development, high performance teams and people and HR management. She has over 20 years of experience within the consulting and the financial industry, working across locations including Australia, Singapore, Hong Kong and China.

Prior to joining Eastspring, Prue held a range of senior HR roles at organisations including ING Insurance & Asset Management and Standard Chartered Bank. She holds a Master of Leadership and Management from Curtin Business School, and a Professional HR Diploma from the Australian HR Institute.

Stuart WILSON

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Head of Sustainability

Stuart Wilson is Head of Sustainability and a member of the Executive Management Committee at Eastspring Investments. He spearheads sustainability initiatives across the firm.

Stuart has more than 20 years of experience in investment management, asset ownership and corporate governance.

Stuart joined Eastspring in January 2022 from Sunsuper, where he was the pension fund's first Head of Responsible Investment, a role he held for over a decade. He was also a member of Sunsuper's Investment Recommendation Committee. Prior to Sunsuper, Stuart was the CEO of the Australian Shareholders Association (ASA) for 10 years, driving fundamental investment education programs, overseeing engagement and proxy voting services, and influencing policy makers to protect retail investors.

Stuart holds a Bachelor of Business majoring in both Finance and Economics and is a CFA charterholder.

Senior leaders

Faizal GAFFOOR

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Deputy Regional CEO and Head of Products & Partnerships

Faizal Gaffoor is Deputy Regional CEO and Head of Products & Partnerships at Eastspring Investments. Based in Singapore, he has management responsibilities for the firm’s Indonesia, Malaysia and Vietnam markets. He also leads the business relationship management with Prudential Life.

Effective 14 September 2023, Faizal assumes interim responsibilities for the overall management of Eastspring’s markets in Asia, as well as oversees the Distribution function in Asia, including institutional and retail segments, and Marketing.

Faizal has over 25 years of Asset Management experience and a strong track record in driving business performance across both institutional and intermediary businesses regionally. Prior to joining Eastspring, he served as Managing Director and Group Chief Marketing Officer at UOB Asset Management (UOBAM), where he headed up the Retail, Institutional and Digital Sales teams, and had led business development, product and marketing initiatives. He was also instrumental in expanding UOBAM’s regional expansion into Brunei, Japan, Malaysia, Vietnam, Indonesia and Thailand, including the formation of strategic alliances with key third-party fund managers. He held directorships and was a member of various UOBAM and UOB governance committees in the region. Faizal started his career at Citibank in the investment products and distribution team.

Faizal holds a degree in Mathematics and Economics from the National University of Singapore

Lilian THAM

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Chief Operating Officer
Chief Executive Officer, Eastspring Investments Singapore

Lilian Tham is the Chief Operating Officer at Eastspring Investments and Chief Executive Officer of Eastspring Investments Singapore. She is a member of the firm’s Executive Management Committee.

Lilian joined Eastspring in January 2021 with responsibility for operations, technology, data & AI, and administrative support, as well as strategic growth and change initiatives.

Prior to Eastspring, Lilian held senior roles at Schroders where she worked for 26 years, most recently as Asia Pacific COO with oversight of Operations, Investment Services and Technology, Change and Innovation across the region.

She is a Fellow of the Institute of Banking and Finance Singapore and actively volunteers her expertise in various industry associations and committees.

Joyce CHAN

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General Manager and Head of Intermediary Sales,
Eastspring Investments Hong Kong

Joyce Chan is General Manager and Head of Intermediary Sales at Eastspring Investments Hong Kong. She joined Eastspring in 2020 and is responsible for developing the distribution business and overseeing overall strategic direction and operations for Eastspring’s Hong Kong business.

Joyce has over 20 years of experience within the asset management industry. She joined Eastspring from PineBridge Investments, where she spent 10 years. As Senior Vice President for Business Development, she was responsible for driving its Hong Kong and Singapore businesses. Joyce previously worked at Allianz Global Investors, UBS Asset Management and HSBC Global Asset Management in her early career.

Joyce holds a Master of International Politics and Affairs from the University of Hong Kong and a Bachelor of Science in Business Administration from Washington University in Saint Louis, United States.

Alan DARMAWAN

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Chief Executive Officer, Eastspring Investments Indonesia

Alan Darmawan is the Chief Executive Officer at Eastspring Investments Indonesia.

Prior to joining Eastspring, Alan spent 12 years with Allianz Life Indonesia, most recently as the Chief Investment Officer (CIO) and served as a member of the Board of Directors. Prior to his CIO role, he held senior roles in market management, bancassurance and risk management at Allianz Life.

Alan has over 25 years of industry experience across life insurance, banking, corporate finance, pension and asset management. He holds a WMI license from OJK and is a Certified Financial Planner, Fellow Chartered Financial Planner (Singapore) and Registered Financial Planner (Indonesia).

Cheon Woong PARK

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Chief Executive Officer, Eastspring Investments Korea

Cheon Woong Park is the Chief Executive Officer at Eastspring Investments Korea. He is responsible for both the institutional and retail businesses.

Prior to joining Eastspring in 2012, Cheon Woong was the CEO and President at Mirae Asset Global Investments (HK) Ltd and, before that, International Chief Marketing Officer.

In the past 25 years, Cheon Woong has worked in many of the world’s key financial centres, including New York, London, Hong Kong and Singapore, for organisations including Hyundai Securities, Merrill Lynch, Morgan Stanley and Woori Investment & Securities.

Darabusp PABHAPOTE

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Chief Executive Officer, Eastspring Investments Thailand

Darabusp Pabhapote is the Chief Executive Officer at Eastspring Investments Thailand, responsible for driving both institutional and intermediary businesses.

With 25 years of asset management experience, Darabusp joined Eastspring from Krungthai Asset Management PCL (KTAM), where she held multiple executive roles overseeing product, wholesale distribution and institutional clients for more than a decade.

Prior to joining KTAM, Darabusp held senior positions at PrimaVest Asset Management and TMB Asset Management. She began her career in the Research Department at Phatra Thanakij Pcl. in 1993 and spent several years in the Investment Management Division at Merrill Lynch Phatra Securities.

Darabusp holds a Master of Management degree from SASIN Graduate School and a Bachelor’s degree in Economics with first-class honours from Chulalongkorn University.

Raymond TANG

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Chief Executive Officer, Eastspring Investments Malaysia

Raymond Tang is the Chief Executive Officer for Eastspring Investments Malaysia. He serves on the Board of Directors of Eastspring Investments Berhad.

Prior to joining Eastspring in 2012, Raymond was Head of International and Institutional Business, and Chief Investment Officer, ASEAN region for CIMB-Principal Asset Management Berhad. He has over 30 years of industry experience, including as Executive Director and Chief Investment Officer for CMS Dresdner Asset Management Sdn Bhd from 1996 to 2004.

Raymond is a Member of the FTSE Bursa Malaysia Liting Committee, a Member of the Financial Markets Committee of Bank Negara, as well as a Committee Member in the Institutional Investors Council, an asset owner council focusing on ESG matters in the Malaysian capital markets. He also serves as a member of the Securities Commission Fund Management Digitization Group Steering Commitee and chairs the Investment Operations sub-Committee.

Previously, he served as the Chairman of the Malaysian Association of Asset Managers (MAAM) from 2008-2022, was the founding Director of the Securities Industry Dispute Resolution Center (SIDREC) until 2020, and was a pioneer member of Index Advisory Committee until its dissolution in Nov 2023.

Teruyuki SATO

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Chief Executive Officer, Eastspring Investments Japan

Teruyuki Sato is the Chief Executive Officer of Eastspring Investments Japan, responsible for driving and developing both retail and institutional businesses.

Teruyuki joined Eastspring Investments in March 2022 from UBS Asset Management (UBS AM) where he served as Head of Japan Wholesale Client Coverage. At UBS AM, he was responsible for third-party distribution business, with a proven track record in building innovative fund products and platforms.

Teruyuki holds over 30 years of experience in the financial industry, including with Mizuho Securities and Yamaichi Securities, based out of Tokyo, London, and Hong Kong.

Teruyuki holds a Master of Business Administration from Graduate School of Finance, Accounting and Law, Waseda University, and a Bachelor of Commerce from Meiji University.

Polly WANG

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Head of Greater China
Chief Executive Officer, Eastspring Investments Taiwan

Polly Wang is the Head of Greater China at Eastspring Investments and Chief Executive Officer (CEO) at Eastspring Investments Taiwan. Based in Taipei, Polly has management responsibilities for the markets of mainland China, Hong Kong and Taiwan.

Prior to joining Eastspring in November 2020, Polly was the CEO of Nomura Asset Management Taiwan for four years. She has over 30 years of financial services experience, including 15 years at BNP Paribas Cardif Insurance Group, where she held senior roles as Taiwan Country Manager and Taiwan CEO for TCB Life, as well as at ABN AMRO Taiwan and Citibank earlier in her career.

Polly holds a Master’s degree in International Management from the American Graduate School of International Management, and a Bachelor’s degree in Diplomacy from National Chengchi University in Taiwan.

NGO The Trieu

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Chief Executive Officer, Eastspring Investments Vietnam

Ngo The Trieu is the Chief Executive Officer and Chief Investment Officer at Eastspring Investments Vietnam, responsible for the management, investment activities and business development at the firm.

Trieu has over 20 years of experience in finance and investments, including more than 16 years with Eastspring Investments Vietnam. He has been in charge of Equity and Fixed Income investment since 2010, and was CIO from 2015.

Previously, Trieu served as an Actuary for Prudential Vietnam Assurance Private Limited from 2002 to 2006. Prior to that, Trieu worked for Arthur Andersen Auditing and Eximbank in Vietnam.

He holds a Master’s degree in International Project Management from Skema Business School in France, an MBA from the Center of French-Vietnamese Management Institution (CFVG), a BA in Corporate Finance from HCMC University of Economics and a BA in Foreign Economics from Vietnam Foreign Trade University. Trieu is a CFA charterholder and holds the Fund Management Practice License issued by State Securities Commission of Vietnam.

Matthew APPELSTEIN

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Chief Executive Officer of Americas and Head of International Distribution

Matthew Appelstein is the Chief Executive Officer of Americas and Head of International Distribution for Eastspring Investments, and is based in Chicago.

Matthew is responsible for driving Eastspring Investments’ international sales efforts in the Americas, UK, Europe, the Middle East and Africa. As CEO of Americas, he is also responsible for managing the firm’s expansion there.

Prior to joining Eastspring, Matthew was Head of Product and Distribution at RBC Global Asset Management where he was charged with growing the US business in all channels for RBC. Before that he was Head of Global Distribution at Old Mutual Asset Management where he led teams establishing and managing relationships with major institutional and retail investors around the globe. Prior to that, Matthew had a leadership role in the consultant relations group of Fidelity Investments Institutional business. Matthew started his career with Coopers and Lybrand first as an auditor and then in their consulting practice. Matthew has more than 30 years of financial industry experience.

Matthew is a Chartered Financial Analyst and a Certified Public accountant. He holds a BBA in Accounting from the University of Massachusetts in Amherst.

Henk RUITENBERG

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Head of Europe

Henk Ruitenberg is Head of Europe for Eastspring Investments and Conducting Officer & Executive Board Member of Eastspring Investments (Luxembourg) S.A.. This legal entity also encompasses the UK Branch of Eastspring Investments. Henk is responsible for the management and governance of the Luxembourg based platforms and the management of the European business.

Henk joined Eastspring in 2009 as a consultant for Eastspring Hong Kong, and was appointed CEO of Eastspring Vietnam in 2010, before moving to Luxembourg in 2013 to establish the European operations of Eastspring.

Prior to joining Eastspring, Henk worked for 27 years in the asset management arm of ABN AMRO Bank, most recently as Head Business Development in Asia based in Hong Kong.

Henk holds an MBA in Business Management at the University of Rotterdam.

Xin SHAO

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Head of China, Eastspring Investments Shanghai

Xin Shao is Head of China at Eastspring Investments and General Manager & Legal Representative of Eastspring Investments Shanghai (EISH) and Eastspring Overseas Investment Fund Management. He is responsible for driving the growth and development of offshore and onshore offerings with key clients and distributors in EISH, and supporting Eastspring’s strategic initiatives in Mainland China.

Prior to joining Eastspring Investments in August 2022, Xin was Managing Director of Principal Global Investors China. With over 20 years of industry experience, Xin has held various senior-level positions across asset management firms, including Beijing Jiumu Capital Management Company, Goldman Sachs Asset Management, Changsheng Fund Management Company and China Asset Management Company.

Xin holds a Master of Finance from the University of New South Wales, Australia and a Bachelor of Accounting from Beijing Technology and Business University, China.