Location: Singapore

Reports to: Chief Investment Officer / Principal

Employment type: Full-time, permanent

About the office

The office manages a globally diversified, multi-asset investable portfolio alongside a substantial concentrated position in listed Singapore companies held through the wider family structure.

The investment function is deliberately small. It currently comprises the Principal and a Senior Portfolio Manager focused on private markets, manager selection and asset allocation.

The office is governed by a Board-approved Investment Policy Statement and operates a Total Portfolio Approach with a defined Reference Portfolio, a loss-constrained asset allocation framework, and quarterly reporting to the Board. Capital is permanent, the horizon is multi-decade, and performance is evaluated over rolling periods of five years or longer.

The role

The Portfolio Manager will work alongside the Senior Portfolio Manager on the office’s public markets and hedge fund research, manager selection work, and will conduct independent research on the family’s listed holdings. There are two distinct bodies of work:

  1. Public and hedge fund manager selection. Research, screening, due diligence and recommendations across the developed equities, emerging equities and absolute return allocations, currently well below their strategic weights and being deployed from a large cash position. Page 2 of 6
  2. Corporate research on the family’s listed holdings. Covering a small number of Singapore-listed companies in which the family is a significant long-term shareholder, with the depth and independence of a fundamental analyst, working exclusively from public information.
  3. Outside the family’s legacy holdings, the office implements public equity exposure through passive index funds and externally managed active strategies. This is a manager selection and portfolio construction role. It does not involve taking or managing positions in individual listed securities, and there is no intention to run a direct stock-picking book at this time.
  4. Decision-making. Investment decisions rest with the Investment Committee and ultimately with the Principal. The Portfolio Manager prepares the analysis, forms and defends a view, and makes recommendations. The role does not carry discretionary authority over the portfolio.

 

Key responsibilities

Public and hedge fund investment programme

  • Lead the research, screening and recommendation process across the developed equity, emerging equity and absolute return allocations, including manager selection, sizing and termination recommendations to the Investment Committee.
  • Source, screen and conduct full due diligence on long-only and long/short managers. Prepare Manager Due Diligence Memos to Investment Committee standard covering philosophy and process, team, alignment, performance attribution, behaviour in stress, operational robustness, terms and portfolio fit.
  • Execute the office’s passive index deployment methodology and its structured public equity deployment framework, which is designed to guide pacing under uncertainty rather than to time entry points.
  • Build in-house hedge fund selection capability with the objective of reducing reliance on external fund-of-fund and advisory layers over time.
  • Monitor existing managers on an ongoing basis, including performance against benchmark and peers, strategy drift, team stability and terms.

Corporate research on legacy listed holdings

  • Maintain independent, full-scope coverage of a small number of Singapore-listed companies in which the family holds significant long-term positions, comparable in rigour to sell-side or buy-side equity coverage.
  • Build and maintain financial models, capital allocation histories, dividend sustainability analysis and governance assessments for each holding.
  • Conduct competitor evaluation and peer benchmarking, assessing each holding against domestic and regional comparables on financial performance, returns on capital, capital allocation, valuation and strategic positioning.
  • Track and synthesise sell-side and market consensus, and form an independent house view that is explicitly differentiated from it.
  • Analyse capital return policy, use of cash, management quality and succession, and prepare materials supporting the family’s stewardship.
  • Assess the concentration, sector, geographic and factor exposures embedded in the family’s listed holdings, and advise on how the investable portfolio should be diversified.

Information discipline. This coverage is conducted exclusively from publicly available information. The role operates behind a formal information barrier and the successful candidate will maintain a documented source log for all research output. This is a condition of employment, reflects the family’s governance obligations, and is non-negotiable.

Portfolio, platform and office contribution

  • Contribute to total portfolio construction, liquidity budgeting, rebalancing and risk monitoring alongside the Senior Portfolio Manager and the Principal.
  • Contribute to quarterly Board reporting and to periodic review of the Investment Policy Statement.
  • Become a principal user of Addepar for portfolio aggregation and reporting. Full training and familiarisation will be provided, and the successful candidate will be expected to become proficient and to use it as the basis for portfolio reporting and analysis.
  • Contribute to the build-out of the office’s research process, investment documentation standards and reporting infrastructure.
  • Support other family office workstreams as they arise. The office is at an early stage of its build-out, and the role will at times include operational, reporting and administrative work that would sit elsewhere in a larger organisation. A willingness to take this on is essential.

Candidate profile

The office weighs attitude, curiosity, integrity and initiative as heavily as background. The combination of skills sought here is uncommon, and candidates who meet most rather than all of the experience requirements are encouraged to apply.

Attributes

  • Intellectual curiosity. A habit of pursuing a question past the point at which an answer becomes convenient, and of reading primary sources rather than summaries of them.
  • The office handles sensitive family and corporate information. The role depends on absolute discretion, and on candour with the Principal even when the analysis is unwelcome.
  • No one will set the week’s agenda. The successful candidate will identify what matters, start it, and bring it forward.
  • Comfortable holding an independent view and defending it with evidence, without being adversarial. This role involves presenting analysis in family governance settings where diplomacy and rigour are equally necessary.
  • Self-directed. There is no research support function, no coverage team and no junior resource.
  • Comfortable with the operational reality of a small office in build-out, including work that would be delegated elsewhere.
  • Genuine interest in long-horizon investing and in stewardship of concentrated ownership positions.

Experience

  • Approximately eight years or more of direct investment experience.
  • A track record as an equity analyst at a long-only or long/short manager. Institutional long-only backgrounds are of particular interest, and strong sell-side equity research backgrounds will also be considered.
  • Demonstrable depth in fundamental equity analysis: valuation, capital allocation assessment and management quality judgement.
  • Full self-sufficiency in financial modelling. The office has no analyst or associate support, and the successful candidate will build and maintain their own models from primary disclosure.
  • The judgement to assess an external manager’s process rather than simply re-underwriting their positions.
  • Ability to write to institutional investment committee standard and to present clearly to a non-executive Board.
  • Willingness to travel, including long-haul trips to Europe and the United States for manager meetings and industry conferences.
  • Bachelor’s degree in a relevant discipline. CFA, CPA or equivalent preferred.
  • Singapore-based and Singapore tax-resident, or willing and eligible to become so.

Advantageous

  • Few candidates will bring both equity analysis and manager selection skills. Experience in either is acceptable, provided there is a genuine willingness to be coached and to build the other.
  • Coverage experience in Singapore or ASEAN listed equities, ideally including financials and real estate.
  • Established relationships across the US public equity and long/short manager landscape, with the ability to source and gain access to managers in that market.
  • Experience on the allocator side of manager meetings and due diligence.
  • Experience analysing controlled or family-influenced companies, holding company structures, or sum-of-the-parts situations.
  • Prior experience at a family office, endowment, foundation, sovereign wealth fund or other permanent capital allocator.
  • Exposure to hedge fund operational due diligence.
  • Involvement in corporate governance, stewardship or shareholder engagement activity.
  • Familiarity with portfolio aggregation and reporting platforms, in particular Addepar.

What the office offers

  • Lead responsibility for the analysis behind a growing institutional portfolio, with direct access to the Principal and visibility with the Board.
  • Permanent capital with no fundraising requirements.
  • Direct exposure to a top-tier global manager roster across public, hedge and private strategies.
  • A visible path to a senior investment leadership position as the office grows.

Process

Interested candidates should submit a CV together with a short note on their relevant experience. Shortlisted candidates should expect a written analytical exercise as part of the process.

If you would like to find out more about the role, please send a (preferably Word) copy of your latest CV to dimitrip@agreusgroup.com

REF: AGR1154