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About us

FSSA Investment Managers has been investing in Asia Pacific and Global Emerging Market equities for more than 30 years. We are bottom-up investors, using fundamental research and analysis to construct relatively concentrated portfolios. As responsible, long-term shareholders, we have integrated sustainability analysis into our investment process and engage extensively on environmental, labour and governance issues.​

Our people come from diverse backgrounds and offer different perspectives on companies and markets. We are passionate about investing and have developed a distinct culture based on open-minded curiosity, rigorous intellectual analysis and respectful debate. All of us are analysts first and foremost, including the portfolio managers, and we each contribute stock ideas across our client portfolios.

Download team profile PDF

Our Portfolio Managers

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Martin Lau

Managing Partner

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Helen Chen

Portfolio Manager

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Rasmus Nemmoe

Portfolio Manager

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Rizi Mohanty

Portfolio Manager

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Sreevardhan Agarwal

Portfolio Manager

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Winston Ke

Portfolio Manager

Working together with Manan Trust

We sponsor social impact initiatives through the strategic philanthropic work of Manan Trust. 

FSSA staff are invited to work alongside the Manan team throughout the grant making process – assisting with initial due diligence on partner organisations, monitoring and evaluation, relationship building, and annual project visits. Staff engagement brings a deeper perspective to our partnerships, helps ensure accountability, and encourages active global citizenship.

Learn more about Manan Trust. 

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Our history

FSSA Investment Managers has a long history of investing in Asia Pacific and Global Emerging Market equities as part of the former Stewart Ivory & Company Limited, which subsequently became known as First State Stewart. After years of organic growth, the team split in two in 2015 and First State Stewart Asia was formed. We subsequently renamed the team FSSA Investment Managers in 2019.

  • 1988

    Launch of Stewart Ivory’s Asia Pacific capability and strategy

  • 1992

    Launch of China Growth and Global Emerging Markets capabilities

  • 1994

    Launch of the Indian Subcontinent strategy

  • 2000

    Stewart Ivory was acquired by the Commonwealth Bank of Australia. The overseas fund management businesses were merged to form First State Investments (FSI)

  • 2002

    Launch of Greater China Growth strategy

  • 2009

    Launch of China A shares strategy

  • 2012

    Team rebranded as First State Stewart

  • 2015

    First State Stewart Asia formed following the team split.

  • 2017

    Launch of Global Emerging Markets strategy

  • 2019

    First State Stewart Asia renamed to FSSA Investment Managers

  • 2020

    First State Investments rebranded to First Sentier Investors, under new owners Mitsubishi UFJ Trust and Banking Corp. FSSA Investment Managers remains an autonomous investment team within the group

Investment insights

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The biggest competitive advantage an investor can have is time

In the 1960s, the average holding period for a stock was over eight years. Today, it’s less than six months. But with less time in the market, the narrow band of return dispersion means that many investors end up tracking the index, not beating it.
  • Article
  • 6 mins
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China update: Domestic revival gaining traction despite external headwinds

Investors started to turn more positive towards China after the government stepped up support for the economy last September. Domestic developments in artificial intelligence (AI) had also helped to boost market sentiment. But in recent weeks, global markets – including China equities – have been upended with chaotic announcements from the US about trade tariffs on goods imports from around the globe.
  • Article
  • 8 mins
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Management quality: how we identify teams built to last

At FSSA Investment Managers, we invest in businesses we expect to be part of our portfolio for decades to come. That’s why we put such a premium on the quality of management teams, choosing leaders who we believe have the skills to build strong franchises and deliver long-term growth.
  • Article
  • 4 mins

View all the insights