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At AlbaCore, we focus on the long-term. As one of Europe’s leading alternative credit specialists, we invest in private capital solutions, opportunistic and dislocated credit and structured products. 

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Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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Specialists in equity portfolios in Asia Pacific, emerging markets, global and sustainable investment strategies

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Our philosophy is very simple. We are constantly searching for high quality businesses and when we acquire them, we will work relentlessly with them to create long-term sustainable value through innovation, ESG-led and proactive asset management.

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Global Property Securities team

Global Property Securities team

Stephen Hayes
Head of Global Property Securities

Stephen holds a Bachelor of Commerce (Economics and Management) from the University of Wollongong and is a Fellow of the Financial Services Institute of Australia.

In his role, Stephen is responsible for management of the Global Property Securities team, one of a number of First Sentier Investors investment teams. The team manages Domestic, Asian and Global Property Securities portfolios for a number of funds. 

Prior to re-joining the company in September 2012, Stephen was Managing Director at Perennial Real Estate Investments, where he worked for over six years. Before his time at Perennial, Stephen worked at the company as Head of Property Securities. 

Andrew Schaffer
Senior Portfolio Manager

Drew is both a Chartered Financial Analyst (CFA) and a Chartered Alternative Investment Analyst (CAIA). He has a Bachelor of Arts from Wheaton College, with a Major in Economics and a Minor in International Relations.

In his role, Drew shares responsibility for the management of Americas Property Securities portfolios across a number of funds and mandates.

Prior to joining FSI in February, 2019, Drew worked for three years at Madison International Realty where he was responsible for sourcing, underwriting and structuring real estate transaction within both the public and private markets. At Madison he covered apartment, industrial, mall, manufactured housing, shopping centre, single family rental, storage and student housing sectors. Prior to that he was part of the First Sentier property securities team in 2015 and 2016 where he covered a range of sectors. His investment career began with a REIT equity research role at Sandler O’Neil and Partners in New York.

Dennis Maloney
Senior Portfolio Manager

Dennis is both a Chartered Financial Analyst (CFA) and a Chartered Market Technician (CMT).  Dennis has a Master’s degree in Business Administration (MBA) from the Tuck School, Dartmouth College, as well as a Bachelor of Arts degree in Economics (Hons) from the State University of New York at Binghamton. 

Dennis shares responsibility for the management of Americas Property Securities portfolios across a number of funds and mandates.

Prior to joining First Sentier Investors in July 2016, Dennis worked for over seven years as Portfolio Manager at Perennial Real Estate Investment where he focused on companies in the Americas. Before Perennial, Dennis worked on the sell-side covering REITs at Goldman Sachs, Deutsche Bank, and Dresdner Kleinwort Wasserstein.

Prior to his sell-side experience, he worked on the mortgage bond sales desk at Merrill Lynch. Dennis began his career at Prudential Real Estate Investors (PREI) focused on direct property investment. 

Daniela Lungu
Senior Portfolio Manager

Daniela has a Master’s degree in Business Administration (MBA) from the School of Management at UQAM / McGill University in Montreal, and a Master’s degree in Engineering from the Polytechnic University of Bucharest.

In her role, Daniela is responsible for the management of UK and European Property Securities portfolios across a number of funds and mandates. 

Prior to joining First Sentier Investors in October 2012, Daniela was a property consultant, advising European property companies on a range of strategic projects. Before that, Daniela was a Portfolio Manager for UK and European property securities at CBRE Investors, a position she held for six years. Daniela also has extensive experience as an equity research analyst at Sky Capital, Deutsche Bank and at Creditanstal (now part of UniCredit Group). 

Tuan Pham
Senior Portfolio Manager

Tuan holds a Business Degree majoring in Accounting and Finance from the University of Technology, Sydney, a Master’s degree of Commerce from Macquarie University, Sydney, and is a Chartered Accountant.

In her role, Tuan is responsible for the analysis and research of property companies in the Asia Pacific region. Asian property securities are held in our global and Asian Property Securities portfolios.

Prior to re-joining First Sentier Investors in November 2012, Tuan was the Regional Head for Asia at Perennial Real Estate Investments, where she worked for over six years. Before her time at Perennial, Tuan worked at the company as a Portfolio Manager covering property securities in the Asia Pacific region. 

Stuart Axelrod
Senior Portfolio Manager

Stuart is a CFA Charterholder and holds a BS in Finance from Yeshiva University (USA). 

In his role, Stuart shares responsibility for the management of Americas Property Securities portfolios across a number of funds and mandates.

Prior to joining First Sentier Investors in August 2009, Stuart worked on the buy-side focused on the REIT sector for five years as an Investment Analyst at Citigroup Global Markets - Equity Principal Strategies, and as an Equity Analyst at High Rise Capital Management LP.

Before moving to the buy-side, Stuart worked for six years as a sell-side REIT equity analyst at Lehman Brothers where he was a member of top ranked REIT research teams from 1997-2003. Stuart started his career at Bankers Trust Company in New York where he worked as an Associate in Global Economic Research.

Ivan Introna
Portfolio Manager

Ivan is a CFA Charterholder and holds a MSc in Banking and International Finance from Cass Business School, London and a BA in Economics and Commerce from Universita’ degli Studi di Bari, Italy.

In his role, Ivan is responsible for the management of UK and European Property Securities portfolios across a number of funds and mandates. 

Prior to joining First Sentier Investors in January, 2019, Ivan worked in European- focussed property equity analysis, for five years at CenterSquare Investment Management and prior to that for three years at Henderson Global Investors. At Henderson he also worked for a year in an investment services role, liaising with investment managers, product specialists and sales teams.

Ivan’s career before starting in investments includes roles at Willis in insurance, at Barclays in treasury and at the Cass Business School.

Neil Stuart-Findlay
Portfolio Manager

Neil is a CFA Charterholder and holds a Bachelor of Business Science degree majoring in Accounting and Finance from the University of Cape Town, South Africa.

In his role, Neil is responsible for the analysis and research of property companies in the Asia Pacific region. Asian property securities are held in our global and Asian Property Securities portfolios.

Prior to joining First Sentier Investors in January, 2020 Neil was a Portfolio Manager and Investment Analyst at Investec Asset Management (IAM) where he worked from 2001 to 2018, originally in Cape Town and more recently in Sydney. In his investment roles at IAM, he focused on both general equities as well as listed property, initially focussed on South African stocks before expanding into global real estate securities.

Wendy Ma
Investment Analyst

Wendy is a Chartered Financial Analyst (CFA). She has a Masters of Science in Finance at Boston College. She also attended Peking University in Beijing, China where she attained a Bachelor of Science in Finance.

In her role, Wendy is responsible for the analysis and research of property companies in the Americas.

Prior to joining FSI in December 2022, Wendy worked for 5 years at Evercore as the Vice President of REITs where she worked closely with supporting analysts in covering healthcare, net lease, industrial, diversified REITs and Mexican FIBRAs. Prior to that, she was a senior research associate, covering REITs at B. Riley Financial from 2015-2018. At B. Riley Financial she was responsible for covering over 20 stocks, mainly in lodging and lodging REITs. Her investment career began with Brean Capital in a research role where she was responsible for researching gaming and lodging REITs.