Roy Phua Leaves DBS Asset Management

PERSONNEL CHANGE AT
DBS AM

We would like to inform investors that Roy Phua, our senior equity portfolio manager, has decided to leave DBS Asset Management for personal reasons. We wish him well in his new endeavors.

We would like to emphasize that his move has nothing to do with Citiraya. We invest in many good companies, but occasionally a few may not do well for various reasons. This is to be expected when investing in equities. Our good track record speaks for itself.

We recently hired Lau Wing Tat as MD and co-CIO. He is a 20-year seasoned investment veteran with extensive experience in Asian equities at the Government of Singapore Investment Corporation, and leads a strong team which includes Teng Chee Wai, Lim Chi Teong, Peter Chiang, Teo Chon Kiat, Chua Keng Hong and a team of analysts.

DBSAM in total has 23 portfolio managers and analysts, and 4 dealers. Our investment approach is not dependent on any individual fund manager but is a disciplined process focused on the key fundamental, valuation and technical factors that drive markets. We have always operated on a proven, team-based investment process, and look forward to continuing to deliver good and consistent performance for your funds with us.

The DBSAM investment process involves a robust team approach where portfolio managers also take on analyst roles for specific sectors/regions and work very closely with analysts covering other sectors/ regions to decide on underlying investments for each portfolio.

With this approach, the team is kept abreast on how the portfolio is managed over time and it ensures continuity and stability in the event of personnel movements.

With Roy's departure, the Shenton Thrift Fund will be lead-managed by Teo Chon Kiat who has been on DBSAM's equities team since 2002. Chon Kiat has 6 years of investment experience. He has been managing absolute return products and has analyst responsibilites for the Consumer and Media sectors. Chon Kiat will be working with another senior fund manager Lim Chi Teong in managing all the Singapore Relative Return Products of DBSAM (of which the Shenton Thrift Fund is one). They will be supported by our team of investment professionals comprising other fund managers and investment analysts.

As for the Asian ex Japan Relative Return Products (of which Shenton Asia Pacific Fund is one), it will be managed by a group of fund managers comprising Peter Chiang (who joined DBSAM in Jun 2002 and has 19 years of investment experience in managing both Asian and global equities portfolios) and Chua Keng Hong (who joined DBSAM in May 2002 and currently managing our Asia Knowledge Fund and providing research coverage of Asian Technology and Telecommunications sectors.) They will be supported by our team of investment professionals comprising other fund managers and investment analysts.

By DBS Asset Management