Conversations with Gina Chan

By Julian Rocero and Soong Hung Hao

Banking is an industry shrouded in glitz and glamour – dinners on the company’s tab, flexible hours, and competitive remuneration. But insiders will be the first to say that it is an environment red in tooth and claw, where expectations remain high throughout the year. Of course, if you succeed, it can be a place for immense personal growth. 

As a Senior Manager – a role she took up in 2022 – at Value Partners Group, a fund house headquartered and listed in Hong Kong, Gina shares her insights on the world of finance. With a wealth of experience under her belt, fielding roles from Treasury Specialist at Citibank to Investment Counsellor at DBS, she shares personal anecdotes of what banking is really like. Having won countless awards throughout her career, she also touches on the passion and conviction it takes to truly succeed in the cut-throat industry.

You developed an impressive career in banking before switching over to your current role in asset management. Could you share how your career developed over the years?

My ten-year experience in banking first began at Citibank Malaysia as a personal banker. My role essentially oversaw investment portfolios for clients, including instruments such as insurance coverage, investments, and legacy planning. After gaining some experience at Citibank, I pursued my Master’s in International Economics and Finance at Glasgow Caledonian University in Scotland.

Upon returning to Singapore, I started off as a Relationship Manager (RM) at UOB. About 90% of my time in this role was spent meeting clients, and the remaining 10% was spent researching client portfolios and following market trends to advise clients accordingly.

Following my tenure at UOB, I was offered the position of Investment Counsellor. This role involved conducting presentations, providing training for RMs, and overseeing sales tracking.

Upon transitioning to DBS, my responsibilities broadened beyond enhancing RMs’ knowledge. My daily tasks now encompass portfolio construction, financial planning for clients, portfolio risk management, and investment analysis.

From your vast experience in banking, what would you say is generally necessary for one to succeed in the industry?

As cliché as it sounds, passion is crucial to do well in banking. This encompasses being able to deal with rejection and hardship, which you will inadvertently encounter rather often in client-facing roles. For instance, 2022 was a rough year for the market, and clients could demand explanations for why their portfolios tanked – answering to such clients requires you to be aligned with market movements and trends. To do all of this, you need passion.

Another element of this passion is the ability to place yourself in the shoes of your client. With so many instruments at our disposal to suggest to clients, we have to think ahead for our clients, even about their extended family and the next generations. Taking the initiative to understand people is important, and only comes when you enjoy the work that you do.

The industry itself rarely allows you to slow down, and constantly pushes you to learn new things. There rarely are days when you can set everything aside and solely focus on a single task. Staying informed and agile is crucial in such a fast-paced environment.

Did you prefer the role of an RM, or middle-office roles such as Investment Counsellor?

To be frank, I am not a natural extrovert – I actually prefer a more middle-office or advisory role. I have more time to analyse market trends while still remaining connected to the client-facing teams.

I believe that extroverts would really enjoy the role of an RM. It is a job that runs on your energy tank, and you must be able to communicate effectively with all your different stakeholders on a huge variety of different topics. Being able to care for so many people is not easy!

Having won quite a few awards at DBS as an Investment Counsellor, what was that like and what are some tips you have?

I am very grateful to have had a strong and supportive team at DBS. If I have a good idea but no RM to execute it, it ultimately remains an idea. Working with my team of RMs with whom I have a great relationship was the reason I managed to be a top Investment Counsellor at DBS. On top of this, passion matters too. When people see your passion and conviction towards what you do, they will gravitate towards you as well.

Could you explain the differences, if any, between your role at DBS as an Investment Counsellor and your Treasury Specialist position at Citi?

In DBS, we mainly specialised in portfolio management and advisory. This includes unit trust funds, treasuries, structured notes, and so on, excluding insurance. At Citi, we focused more on bond execution, forex movements, options and derivatives. That role is more akin to a trader, because we do not invest in unit trusts and our research is more focused on bonds and similar instruments.

Across so many roles that span various responsibilities, what have been the biggest takeaways from your time in banking?

My biggest takeaways are resilience and developing a strong mind. The truth is that stress is a big part of finance, and you will face many unforeseen circumstances that wreak havoc on your work. During times of crisis, you must be able to bring an atmosphere of calm and foresight to your team. With clients’ portfolios down 50% or more, knowing how to assuage their fears truly requires a level head even in highly volatile environments.

People who are not in the industry might mistake the jobs of RMs and investment counsellors to be easy work. They might believe that our role is simply to advise clients, and the job comes with a host of luxurious privileges. However, the reality is that it used to be common for me to communicate with my RMs into the wee hours of the night. In volatile economic environments, the stress of keeping an eye on the markets is even greater. Every economic development, be it in the US or Europe, small or large, is something we have to get on top of. Having such a demanding job is why I believe resilience is truly key to a sustainable career in finance.

What were some of the biggest challenges you have faced in your career?

The biggest challenge is having the humility and curiosity it takes to keep improving your professional value. For instance, when I first began my career, fields like cryptocurrency and artificial intelligence were not as well known by public investors. However, the advent of the internet has brought much more attention to such fringe topics – you begin to realise that many of your peers may be smarter or more forward-looking than you. Perhaps some of them are already planning strategies for the next two or three financial cycles. I find that the key to overcoming this challenge lies in being able to draw inspiration from those around me in my journey of personal growth.

Banking often has a reputation for being a particularly cut-throat and competitive sector. How has your experience been in this regard?

Generally speaking, banking is indeed a very competitive sector. Everybody wants to excel and scale greater heights. The culture in almost every major bank trains bankers to think this way – for instance, a table of the previous day’s top performers is blasted out every morning.

This means that you may be placed in tough situations as a result of your choices. Picture this – you created a portfolio that was heavy in the tech sector. When the tech sector enters freefall, you might be questioned and scrutinised for your choices, while your colleagues who instead invested in consumables or more stable options would not. Despite your good intentions, you find yourself having to explain your decisions to upset clients or superiors.

You always want to be at the top of your game. Try to be thorough with the due diligence you do before making each call, because having your calls consistently wrong loses your credibility, and your RMs could be taken up by other investment counsellors.

When handling investment portfolios, whether personally or professionally, do you ever encounter a sense of helplessness when the market crashes?

Personally, I rarely experience such a feeling. When proposing a certain investment idea to my clients, my target time horizon is generally the longer term, and I am hoping to invest in the early to middle stages of the specific instrument. The volatility that we will inevitably face is definitely taken into consideration, but economic crises could certainly trigger dips much worse than we had initially forecasted.

During such times when trade ideas do not pan out as expected despite intensive research and due diligence, the key is to remain confident yet decisive. The first thing to consider is whether it is the right time to cut our losses. If it was indeed a wrong call, you must be able to justify it to the client given the circumstances then, and explain what specifically went south. You are also usually expected to suggest the next value proposition to salvage the situation. I have a high degree of conviction in all the instruments I propose, so it often instead boils down to simply having to wait out the short-term movements, and get through the mental stress when markets are especially turbulent. In this sense, being dynamic in asset management is truly crucial.

Are there any common misconceptions you have encountered about banking?

Banking rewards you in multiple ways. Sure, the high commissions and remuneration are attractive. However, just as importantly, a career in banking can bring a great sense of self-accomplishment as well. While it is indeed very competitive, the right person can really find their niche and thrive in the banking culture. This ‘right person’ includes a huge range of personalities, but the commonality lies in a strong go-getter, proactive nature. In the same vein, I do not think the competitiveness that banking is notorious for is necessarily an entirely external or environmental factor. Instead, competitiveness comes from within, and it depends on how motivated and driven that individual is.

Could you share more about your current role as Senior Manager at Value Partners Group?

I am currently covering intermediary and institutional sales within Southeast Asia at Value Partners, and entered this position close to 18 months now. Most portfolio counsellors have the dream of moving to a fund house in asset management. That is where you get the opportunity to transform your specific skills into talents that are more irreplaceable. As a portfolio counsellor, your eye is on the larger picture, focusing more on monitoring general market trends. However, in asset management, your job is focused on the specifics, all the way down to an individual company’s financial reports. Your perspective shifts towards using a bottom-up process instead of a top-down one.

Between banking and asset management, the skillset required is also slightly different. At a bank, you are on the ‘sell’-side and focused on researching and pitching investment instruments. Whereas in asset management, you are on the ‘buy’ side. Generally, we have a more ‘behind-the-scenes’ look at the decisions that go into packaging investment portfolios.

In addition, the questions you have to field in these two roles are quite different. The questions that public clients would pose, as compared to private bankers or in-house due diligence teams, are very different. An experienced banker would really drill you into the specifics – they want the exact breakdown of why the fund performed a certain way.

Overall, the decision to move over to Value Partners was not easy to make, because I was doing very well as a treasury specialist. But it has been my dream to enter asset management, and I am happy with the decision I made.

What have been your biggest takeaways since joining Value Partners?

Joining an asset management firm provides a unique and diverse professional experience, marked by a client-centric focus, long-term wealth creation strategies, and exposure to global investment opportunities. At Value Partners, there is a strong emphasis on in-depth analytical research, fostering the development of innovative financial products, and collaborative work in dynamic team environments to cater to global clients.

As a team member, it enables me to conduct a comprehensive global search, navigate international markets, and stay informed about economic trends. This role not only offers continuous learning in a dynamic industry but also empowers me to contribute to ethical and responsible investing, positively impacting clients’ financial well-being.

In today’s growing industry of asset managers, how do you see Value Partners rising above its competitors?

What truly distinguishes Value Partners is our reputation as specialists in the China/Asia market. Recognising the challenges posed by the intricate nature of Asian markets, particularly China, characterised by political intricacies, policy fluctuations, and governance transparency concerns, we take pride in our expertise. Established in 1993, we boast 30 years of navigating the dynamic Chinese market, providing us with a substantial head-start. In contrast to more conventional asset managers, our extensive exposure and experience in this complex field set us apart. Currently managing assets totaling US$6 billion, we have the capability to engage directly with private banks and sovereign wealth funds, showcasing our robust market presence.

What were your biggest highlights of the year 2022?

My highlight was definitely being offered a role at Value Partners. After a fantastic run at Citibank, it was a dream come true – despite being a demanding field that has high standards and barriers to entry, I find that switching roles keeps me competitive and helps expand my horizons. To me, life is too long to stick with one thing, and too short to not be adventurous!

In hindsight, is there any advice you wish you had been given prior to entering finance?

I have seen a lot throughout my career in the financial sector.. The truth is that banking requires a lot of effort, hard work and passion, and it is a harsh environment that demands performance and commitment. Once you have a foot in the door, you will realise that it is not as luxurious and flexible lifestyle that everyone yearns for.

Before deciding on your career path, understanding your character is crucial. While strong analytical skills are valuable, success in banking requires more, such as the ability to effectively pitch to clients. Even with top-notch reports and research, being a successful banker hinges on the essential skill of closing deals. As you advance in your career, your skill set should evolve accordingly. In senior positions, interacting with clients should mature, placing greater emphasis on delivering professional value rather than solely pursuing sales.