New SGX chief: A veteran with a 'first-class mind'

Hsieh Fu Hua comes with a solid track record - 29 years in the industry, with directorships in 59 firms in the last five

By Azhar Khalid

NEVER mind if it's local or foreign, talent is what it takes, the Singapore Exchange (SGX) seems to be saying.

Yesterday, it named local industry veteran Mr Hsieh Fu Hua to replace American Thomas Kloet, who stepped down as its chief executive about a month ago.

Industry peers immediately cheered his appointment - which takes effect on March 1 - saying that Mr Hsieh not only had a first-class mind but also a first-class temperament.

One source who has worked with Mr Hsieh said that he always asks incisive questions during meetings, enabling him to see which way a company is headed.

DOWN-TO-EARTH
• Mr Hsieh always asks incisive questions during meetings, enabling him to see where a company is heading, says one source. Mr Hsieh is a 'very good leader, approchable and a down-to-earth person', he adds. • He has about 29 years of experience in the financial services industry - ranging from stockbroking, investment banking and fund management.

He also described Mr Hsieh as a 'very good leader, approachable and a down-to-earth person'.

'His commanding yet respectable way was one of the characteristics that prompted some of the senior executives at Morgan Grenfell Asia to join him when he resigned from the investment bank,' said the source.

Indeed, SGX chairman JY Pillay said in a statement that 'we are pleased to welcome Mr Hsieh who brings to SGX a solid track record in building teams and businesses in Asia and a reputation for delivering results'.

Mr Hsieh, 53, has about 29 years of experience in the financial services industry ranging from stockbroking, investment banking and fund management.

Currently, Mr Hsieh is the managing partner of boutique fund management company PrimePartners Asset Management.

It was founded by a group of former senior executives of Morgan Grenfell Asia.

The asset management unit was also one of the pioneer boutique fund managers to be awarded Investment Adviser status by the Monetary Authority of Singapore in 1999.

On his appointment, Mr Hsieh said he will 'continue to position SGX as a global exchange'.

I look forward to applying my experience to the building of a most important institution in our financial markets,' he added.

The business graduate from the University of Singapore began his career with British-based investment bank Morgan Grenfell Asia in 1974.

By 1985, he had risen to the rank of managing director.

He quit Morgan Grenfell in May 1993 after a tussle with its London office for management autonomy.

In 1998, he was appointed group managing director of BNP Equities Asia in Hongkong but his stint there was short.

He returned to PrimePartners the following year.

In the past five years, Mr Hsieh had held directorships in about 59 companies including property giant CapitaLand, BNP Prime Peregrine, WyWy Office Solutions and ECS Holdings.

However, he will relinquish his directorships in 21 companies prior to his SGX appointment.

Commenting on his appointment, Mr Richard Lai, chief executive of the online financial supermarket DollarDex said: 'Fu Hua is also a supporter of growing artists, you can see the unpretentious but elegant red paintings and bowls in his office.'

He should know. Mr Hsieh sits on DollarDex's advisory panel.



Taken from: Strait Times Interactive, Jan 17,2003