research & strategy
who is who
Private Banking
International
August 2014
The purpose of this booklet is to give an overview
of the biography, area of competence and contact
details of the Private Banking Research and Strategy
team.
This team uses a variety of internal
and external sources to produce independent and consistent secondary
research. It is serving the needs of
Private Banking International, Private
Banking NL and Retail clients. The
strategic directions and recommendations provide input to Discretionary
Portfolio Management and Investment Advisory activities. Research &
Strategy plays an important role in
the Investment Committee in determining the asset allocation across the
bank. A ‘One view’ concept is used to
ensure the provision of consistent investment opinions towards all Private
Banking and Retail clients.
Didier Duret
Stephen Evans
didier.duret@nl.abnamro.com
Tel: +31 20 383 5990
stephen.evans@sg.abnamro.com
Tel: +65 6597 8811
As Chief Investment Officer of ABN AMRO
Private Banking International Research &
Strategy, Didier Duret heads the bank’s
global team of top-notch analysts, covering
asset classes such as equities, bonds,
money markets and alternative investments - to name but a few. As Chairman
of the Private Banking Global Investment
Committee, Didier is instrumental in
providing ABN AMRO investment advisors,
private bankers and their clients with comprehensive investment advice and financial
market strategy covering 40 countries.
Stephen Evans heads ABN AMRO’s
team of analysts in Amsterdam, Singapore and Hong Kong, covering investment grade, high yield and emerging
market fixed income. He joined ABN
AMRO in 2011 having worked the
previous 15 years at ING, initially in
Debt Capital Markets out of London
and since 2004 in Private Banking out
of Singapore. During his time in Asia,
he has pioneered the introduction
of global high yield and emerging
markets fixed income to private clients
in Asia. Prior to ING, Stephen occupied
a number of credit-related roles at
Merrill Lynch, Crédit du Nord and
Creditanstalt. He began his career in
1982 at Mellon Bank in Pittsburgh.
Chief Investment Officer
Didier has previously held positions in
ABN AMRO group in the private banking
arena as head of Product Development
for one European region, head of Financial
Products in Switzerland, and head of
Portfolio Management in Geneva. Before
joining ABN AMRO in 1998, he was head
of Fixed Income Portfolio Management
at UBS Geneva and Senior Economic
Advisor with Paribas Switzerland. He
also worked as a Junior Economist at the
International Monetary Fund. Didier holds
a Master’s degree in Economics and a
Master’s degree in Political Sciences from
the University of Grenoble and also did
postgraduate studies in Finance at Ecole
Supérieure des Affaires/Hautes Etudes
Commerciales, in Montreal.
Global Head Bonds
Stephen graduated from the University of London and the University of
Oxford in Middle Eastern history and
languages.
Sybren Brouwer
Global Head of Equity Research and
Head Research Netherlands
sybren.brouwer@nl.abnamro.com
Tel: +31 20 628 2877
Sybren is global head of equity research at ABN AMRO Private Banking
International, based in Amsterdam.
Previously, he was active within Global
Clients ABN AMRO Group. Sybren
started his career with ABN AMRO
Wholesale in 1989 and moved to
London to work for ABN AMRO Hoare
Govett in 1994. After an intermezzo
with Robert Flemings (London) and
Kempen & Co (Amsterdam), he rejoined ABN AMRO in 2002 to work
within the Dutch equity research
team of Global Clients. He joined ABN
AMRO Private Clients in September
2005 to take up his current position.
Sybren holds a Master’s degree in
Business Economics and Organisation
from the University of Groningen, the
Netherlands.
Bond Research & Strategy Team
Roel Barnhoorn
Henk Wiersma
Jeroen van Herwaarden
Roel Barnhoorn is currently responsible for the bond thematic research
with ABN AMRO’s Global Bond Research team. Working for ABN AMRO
for more than 25 years, he held several
positions within ABN AMRO group. He
previously headed the Active Investment Advisors group in Geneva and
was responsible for developing and
monitoring the risk on fixed income
instruments. Before joining Private
Banking in 2002 he jointly set-up, expanded and spearheaded the developments of the wholesale fixed income
business throughout Switzerland for
the group from 1998. Starting with
ABN he followed a three year training
in the Dutch network and as a result
was placed in the dealing room at the
head office in Amsterdam where he
was actively involved in traded options
& futures, convertible, equity and fixed
income instruments.
Henk Wiersma joined ABN AMRO in
May 2013 as a senior credit analyst
and is responsible for expanding the
research capabilities to the high yield
universe. Before joining ABN AMRO,
Henk was a senior credit analyst
at IMC asset management for 2
years, covering the telecom, utilities,
retail, consumer goods and industrial
sectors. Prior to joining IMC asset
management, Henk was a credit analyst at Lombard Odier Darier Hentsch
for 4 years. He started his career at
Financiële Diensten Amsterdam (FDA)
in 1999, where he was an equity
analyst covering the consumer goods
sector after being transferred from the
financial news division of FDA where
he was editor in chief.
Jeroen is a credit analyst within the
Global Bond team of ABN AMRO
Research & Strategy. He is responsible
for the analysis and recommendations
of investment grade issuers and
bonds, next to writing fixed income
investment publications for the Global
Private Banking network. After starting
his career with ABN AMRO in 1997, he
has performed in various investment
roles, directly or indirectly advising private clients on managing their wealth.
He joined F. van Lanschot Bankiers
in 2001 and pursued his career at
MeesPierson in 2006. During and
after the integration of MeesPierson
in ABN AMRO in 2010, Jeroen worked
as a fixed income advisory specialist,
serving the Global Private Banking
network, before taking up his current
position.
Head Bond Theme Research
roel.barnhoorn@nl.abnamro.com
Tel: +31 20 343 8843
Senior Credit Analyst
henk.wiersma@nl.abnamro.com
Tel: +31 20 383 0098
Henk holds a Master’s Degree in Business Economics from the University of
Groningen.
Credit Analyst
jeroen.van.herwaarden@nl.abnamro.com
Tel: +31 20 628 1503
Jeroen holds a Bachelor’s degree
in Hotel Management and is a CFA
charterholder.
Ashwin Matabadal
Grace Lim
Carman Wong
Ashwin joined ABN AMRO in June
2014 as a Fixed Income Analyst
within the Bond Research team of
ABN AMRO Research & Strategy. He
is responsible for the analysis and
recommendations of investment grade
issuers and bonds, and is currently
involved in a project to expand the
investment grade bond universe for
the Private Banking Network. Before
joining ABN AMRO, Ashwin was an
economist in the country risk team
at Rabobank for 6 years, where had
gained experience in covering emerging markets in South East Asia, Russia,
CIS and the Middle East.
Grace is an Emerging Market analyst
with a focus on Asian credits within
the ABN AMRO Private Banking
International Bond research team,
based in Singapore. She is active
in the Asian region in promoting our
overall Emerging Market view and
commenting on Emerging Market new
bond issues and trading opportunities.
Before joining ABN AMRO in 2008,
she was a Senior Manager in Regional
Credit Markets with Bank of Nova
Scotia investing in Asian credits on
behalf of the Bank’s investment
portfolio. Grace was active in both
proprietary trading and market making
within the major banks in the Asian
region (including ABN AMRO Global
Markets). She has also held positions
in fixed income sales servicing
institutional clients in the Asian
regions.
Carman is global head of Emerging
Market Bonds, based in Hong Kong. In
her role she is promoting the Emerging Corporate Bond universe and our
strategic asset allocation. Her expertise lies in formulating Emerging Market credit strategy as well as analysing
the different sectors of Emerging
Corporate Markets in Russia, Brazil,
Mexico, Turkey, Chile, South Africa
and North Asian countries. In addition,
she is leading publications in her field,
such as the “Emerging Market Handbook” and “Emerging Market Bond
Opportunities”. Carman worked with
ABN AMRO Private Banking as a bond
analyst for more than 15 years. Before
joining ABN AMRO, she specialised
in fixed income sales for institutional
clients with PaineWebber.
Fixed Income Analyst
ashwin.matabadal@nl.abnamro.com
Tel: +31 20 3832027
Ashwin graduated from the Vrije
Universiteit in Amsterdam with a Master’s Degree in International Financial
Economics.
Emerging Market Bond Analyst
grace.m.k.lim@sg.abnamro.com
Tel : +65 6597 8601
Grace graduated from the National
University of Singapore with a Bachelor of Arts and Social Science, majoring
in Economics & Statistics.
Head Emerging Markets Bonds
carman.wong@hk.abnamro.com
Tel : +852 37633736
Carman holds a Master’s degree in
Business Administration from the
University of Wales, Newport and the
Queen’s University of Brighton.
Equity Research & Strategy Team
Edith Thouin
Head Equity Theme Research, and
Materials, Healthcare, Utilities
edith.thouin@nl.abnamro.com
Tel: + 41 44 631 5612
Edith is, besides acting as head of
equity theme research, responsible
for the analysis of companies in her
sectors in Europe and the US. She has
previously worked for Scudder Investment Management in London, heading
the research team based there, and as
a senior fund manager for Scudder’s
International Mutual Funds and for Insurance Port-folios of its parent Zürich
Financial Services. Before that, in the
beginning of the 1990’s, Edith was a
fund manager and analyst for Julius
Bär & Co. in Zürich. She completed
the Management Trainee Program of
Bank Mees & Hope, then a part of
ABN, in 1986.
Edith graduated with an LLM (Law)
from the University of Leiden, the
Netherlands.
Ralph Wessels
Equity Analyst Financials, Industrials
ralph.wessels@nl.abnamro.com
Tel: +31 20 3834320
Ralph is an equity analyst with the
Research & Strategy team, based in
Amsterdam. He is responsible for the
financials and industrials sectors. He
has been a member of the team since
May 2011 when he joined ABN AMRO.
Previously, he worked at Robeco and
IRIS as an investment strategist and
as an equity analyst for almost three
years. Before that, he worked as an
MBS analyst at NIBC, a merchant bank
in The Hague.
Ralph holds a Drs. (MSc) degree in
Business Economics and studied at
the Erasmus University in Rotterdam.
Currently, he is participating in the CFA
programme.
Maurits Heldring
Equity Analyst Consumer Discretionary, IT, Telecoms
maurits.heldring@nl.abnamro.com
Tel: +31 20 344 1191
Maurits is an equity analyst with the
Research & Strategy team based in
Amsterdam. He is responsible for the
sectors consumer discretionary, IT and
telecoms. Maurits joined the private
banking research team after having
spent 15 years in equity brokerage at
various banks. He started as a trader
at Fortis, spent two years in sales
and for the last 12 years has been an
analyst with focus on media, IT and
telecoms. Maurits was involved in
the Ziggo IPO as lead analyst for ABN
AMRO in 2012. Before joining ABN
AMRO in 2008 he was head of Dutch
Equity Research at Kepler Capital
Markets.
Maurits holds a master’s degree in
Business Economics from the Vrije
Universiteit of Amsterdam. In addition,
he is as CFA charterholder.
Daphne Roth
Head Asia Equity Research
Emerging Markets Asia, Australia,
EM Asia, Latin America
daphne.roth@sg.abnamro.com
Tel: +65 6597 8508
Javy Wong
Equity Strategist
North Asia
javy.wong@hk.abnamro.com
Tel: +852 3763 3978
Barbara Schiphorst
Daphne is head Equity Research
Asia-Pacific at ABN AMRO Private Clients based in Singapore. She currently
covers the Emerging Markets Asia,
Australia, South Korea and Taiwan.
Previously, she covered the European
and North American utilities, energy
and healthcare sectors, from Zürich,
Switzerland, where she worked for
six years. She has also held positions
in the Fixed Income and Client Fulfillment departments with ABN AMRO
Private Banking, Switzerland. Before
joining ABN AMRO, she worked as
a senior consultant with Deloitte
Consulting and as auditor with Deloitte
& Touche.
Daphne graduated from the University
of Western Australia with a Bachelor
of Commerce, majoring in Finance and
Accounting, followed by a Graduate
Diploma of Applied Finance and
Investment with the Financial Services
Institute of Australasia (Finsia). She is
a Fellow, Fin with Finsia and a CPA. in
the CFA program.
Javy is an equity strategist with the
Research & Strategy team based
in Hong Kong. She currently covers
North Asia which includes China, Hong
Kong, Taiwan, Japan and Korea. Before
joining ABN AMRO, she worked as an
Equity Discretionary Portfolio Manager
at RBC Investment Management
(Asia), managing portfolios invested
in global and developed Asia equities.
She has extensive portfolio management and research experience in Hong
and China equities in her investment
career.
Javy graduated from the University
of Hong Kong with a Bachelor of
Economics. She holds an MBA degree
from Fudan University and the University of Hong Kong. She is also a CFA
charterholder.
Business Manager
barbara.schiphorst@nl.abnamro.com
Tel: +31 20 383 2288
Barbara Schiphorst coordinates the
strategic activities of the Private
Banking International Research &
Strategy team for Didier Duret. She
was responsible for the internal
and external Research & Strategy
publications from the Geneva office
between 2007 and 2013 and has been
with ABN AMRO since 2003, starting
as executive assistant to the branch
manager. Previously, she was involved
in government affairs with Medtronic
Europe S.A. From 1988 to 1994,
she enjoyed running her own Health
Centre “The Lemon Tree Club S.A.”
near Geneva.
Barbara studied Italian and Art History
at the University of Perugia and
spent five years in London with Avon
Cosmetics as an editor and print
production planner.