Strategy & Practice Management

Phillip Capital Hires First ESG Head

The Singapore-headquartered Phillip Capital, a fund management firm, has reported hired Stephen Beng Sui-Leung as its first Head of ESG.

The appointment comes as the firm plans to pursue the integration of ESG strategies into its product roadmap, Finews Asia reported in an article.

Beng previously held regional senior management roles in several financial services firms and is an experienced relationship manager, product developer and communicator. He will be responsible for deploying the framework towards the Group’s ESG commitments, as well as within the investment portfolios managed by the firm.

According to Phillip Capital, the overall trading value in its ESG ETFs increased over 100% as of mid-April 2021 compared to the whole of 2020, while AUM of ESG funds crossed USD500 million.

Stephen Beng Sui-Leung, Head of ESG, Phillip Capital, said: “I firmly believe that capital markets can drive the big industrial changes necessary for us to meet conservation, climate and social goals. I’m also confident that through judicious processes and earnest partnerships, we will continue to see positive investment performance attached with purposeful rewards.”

Phillip Capital said the firm will work with its UK counterpart, King & Shaxson Asset Management, to build deeper integration of ESG considerations in its product offerings in Singapore. In Singapore, only its Phillip Global Quality Fund has ESG considerations, and it is not considered ESG-centered. King & Shaxson, however, has been managing ethical portfolios since 2002, with an AUM of GBP160 million (USD222 million).

In the first phase, the company will be wrapping the ethical portfolios from its U.K. office and bring the offerings to Singapore’s accredited investors.

Founded in 1975, Phillip Capital operates in 15 countries, with 5,000 employees and over 1 million clients worldwide. It has USD35 billion in assets under custody/management, with over USD1.5 billion in shareholders’ funds.