HK Jockey Club picks head of investment risk

A former senior Cambridge Associates executive joined the Hong Kong institution’s portfolio management team last week.
HK Jockey Club picks head of investment risk

The Hong Kong Jockey Club, an endowment with several billion US dollars under management, has hired Cambridge Associates’ former Asia chief as its head of investment risk.

Alvin Tay is understood to have started last week in the Hong Kong-based role, which one industry source said he understood was a newly created post.

AsianInvestor could not ascertain how this function was looked after in the past. There had previously been a manager of investment operations, Lillian Leung, who left the endowment in March last year, according to her LinkedIn page.

The Jockey Club declined to comment.

Tay had spent eleven-and-a-half years at Cambridge in Singapore, including as head of Asia since 2014, before which he was head of its Singapore operations.
Alvin Tay

He left the investment consultancy at the end of last year and was replaced by Aaron Costello, previously a managing director on the global investment research team. Tay has also worked for Euroclear Bank and the Monetary Authority of Singapore.

The Hong Kong Jockey Club is regarded as a pioneering investor, having been a relatively early mover into various asset classes. It started allocating to private credit around 2009 and private equity in 2008 and has moved into new areas of private credit and into multi-asset strategies since 2015.

The institution has received AsianInvestor Institutional Excellence Awards over the years for its forward-thinking and advanced approach to investing, most recently in 2017.

The Jockey Club does not publicly reveal the exact amount it has in investable assets under management (AUM). However, according to its latest 2018 financial statement for the year ending June 30, 2018, the club had HK$50.62 billion ($ billion) in equity through its reserves, contingency and development fund, and another HK$10.19 billion in current assets. It also reported making HK$3.41 billion in investment returns in 2018. 

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