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Leopard Asia Frontier Fund – Team

Investment Team

Thomas Hugger

Fund Manager

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spent 27 years in private banking, where he specialized in managing portfolios of listed and unlisted equity investments. His most recent position was Managing Director and Head of Portfolio Management at LGT Bank, Hong Kong. Earlier he held investment positions at LGT Bank in Zurich and Bank Julius Baer in Zurich and Hong Kong. Mr. Hugger is a CFIA – (Federal) Certified Financial Analyst and Investment Adviser – in Switzerland, and a Certified EFFAS (European Federation of Financial Analysts Societies) Financial Analyst. He is fluent in English and German and has working knowledge of French.

Confidential

Head of Research

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is a Chartered Financial Analyst (CFA) with 17 years of experience in the investment industry. Including several years of research and investing at two multi-billion dollar, tier one, New York hedge funds. He also has academic economic experience in Washington DC, and sell-side experience at a large, multi-national financial institution. He double majored in Economics and Finance and is fluent in English with a working knowledge of Spanish.

Confidential

Research Analyst

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confidential – in the hiring process

Investment Committee

Douglas Clayton

Chief Executive Officer

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oversees Leopard Capital’s investment activities and business expansion in pre-emerging economies. With 26 years of experience in frontier markets, Douglas is a commentator of the asset class at investment conferences, on financial television programs, and in print media publications. Prior to founding Leopard Capital in 2007 Douglas held senior executive positions at multi-national equities firms such as CLSA and Indosuez WI Carr, gaining frontline experience building and managing teams across Asia and Latin America. In 1999 Douglas founded Abacus Equity Partners which sourced and arranged two 10x private equity investments in two years. His public service positions include Technical Advisor to the Director-General of Cambodia’s Securities & Exchange Commission, and Trustee of the Center for Khmer Studies. Douglas holds an MM from Thailand’s Chulalongkorn University and a BA in History from Cornell University.

Thomas Hugger

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spent 27 years in private banking, where he specialized in managing portfolios of listed and unlisted equity investments. His most recent position was Managing Director and Head of Portfolio Management at LGT Bank, Hong Kong. Earlier he held investment positions at LGT Bank in Zurich and Bank Julius Baer in Zurich and Hong Kong. Mr. Hugger is a CFIA – (Federal) Certified Financial Analyst and Investment Adviser – in Switzerland, and a Certified EFFAS (European Federation of Financial Analysts Societies) Financial Analyst. He is fluent in English and German and has working knowledge of French.

Kenneth Stevens

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joined Leopard Capital in 2007 and has over 21 years of operational and investment experience in Southeast Asia. After serving as research head and investment banker at CLSA Securities in Thailand, he spent ten years managing proprietary private equity investments in Thailand and Vietnam. Ken’s specific operational experience includes project design, construction and management, product distribution, aquaculture production, and service businesses. He holds an MIM from Thunderbird and a BA from Cornell University, and is a CFA charter holder.