Roles and Functions of the Board of Directors and Investment Committee:
The Board of Directors of the Manager is responsible for overseeing the activities of the Manager. The Investment Committee is responsible for formulating, implementing and monitoring the investment management policies of the Funds in accordance with its objectives and the provisions of the respective Deed. Board and Investment Committee meetings are held every three months.
Remuneration Policy For Directors And Senior Management
The Company has remuneration policies in place for its directors and senior management that take into account the demands, complexities and performance of the company, as well as skills and experience required.
Y.M. Dato’ Tunku Ahmad Zahir bin Tunku Ibrahim
Non-Executive and Independent Director/Chairman
Y.M. Dato' Tunku has been a Director of the Company since 21 February 1997. After graduation in 1987, he joined KAF Astley & Pearce Sdn. Bhd. as a broker. In 1994, he joined PYEMAS Sdn. Bhd. as a Senior Manager until 1995 when he led a management buyout exercise of the company. He has significant experience in the trading of money market instruments such as MGS, Treasury bills, SWAP, IRS, Private Debts Securities (PDS), Cagamas Notes & Bonds and interbank money market. Y.M. Dato' Tunku is the Executive Chairman of First TAZ Capital Sdn. Bhd., Chairman of First TAZ Tradition Sdn. Bhd. and sits on the board of several private companies. He is active in the development of several property projects. Dato' Tunku holds a Bachelor of Arts degree in Economics from Carlton University in Ottawa, Canada.
Clement Chew Kuan Hock
Chief Executive Officer
Clement has been the CEO of Astute Fund Management Berhad since 2015. Clement worked for J.P. Morgan for 19+ years and Merrill Lynch for 4+ years. He was Senior Country Officer of J.P. Morgan in Malaysia between 2007 and 2010. Clement also held the positions of Chairman/Executive Director of J.P. Morgan Securities Malaysia Sdn Bhd (2005 to 2014), Director of J.P. Morgan Chase Bank Bhd (2008 to 2010) and head of Malaysia equity product (1998 to 2005). In 2005, he was voted No. 1 Malaysia equity sales person by Asiamoney. Clement started his investment career as an equity analyst for Merrill Lynch in 1991 before moving to New York to cover Asia ex-Japan sales for Merrill Lynch and J.P. Morgan (1993 to 1998). Prior to joining the securities industry, he worked for property developer IGB Corporation where his last position was corporate affairs manager. Clement holds a MSc in Management Science from Imperial College London and a bachelor of economics (upper second honours) from La Trobe University in Melbourne. He is a CMSRL holder for Fund Management (eCMSRL/B6806/2016) and a member of Federation of Investment Managers Malaysia (FIMM). In 2018, Clement was appointed to the Board of Lembaga Totalisator Malaysia, a statutory entity under the Ministry of Finance (MoF). He was awarded the Pingat Mahkota Perlis (PMP) by DYTM Raja of Perlis, Tuanku Syed Sirajuddin in 2009.
Wong Fay Lee
Non-Independent and Non-Executive Director
Wong Fay Lee is an Executive Director of MBMR and has been the Group General Counsel to MBM Resources Bhd. (MBMR) since 2011. She started her career in the corporate commercial and corporate finance practice of Mallesons Stephens Jaques in Sydney and later joined Mallesons practice in Singapore. Her former positions include Manager in the Research & Development Division (responsible for bond and derivatives markets) with the Malaysian Securities Commission, Chief Executive/Managing Director of Malaysia Derivatives Clearing House (now Bursa Malaysia Derivatives Berhad) and Adviser to the Clearing Division of the Hong Kong Exchanges and Clearing Limited. She was an Independent Director of KFH Asset Management Sdn. Bhd. from 2008 to 2014. She has a Bachelor's degree in Law from the University of Sydney and a Graduate Diploma in Applied Finance and Investments from the Securities Institute of Australia. She was admitted as a Solicitor to the NSW Supreme Court and the High Court of Malaya.
Azran bin Osman Rani
Non-Executive and Independent Director
Azran is currently the CEO of iflix Malaysia - an internet technology company delivering video-on-demand services across Southeast Asia and emerging markets. He was the former CEO of AirAsia X. He led the start-up team that developed the business plan, raised capital, secured relevant licenses and approvals, acquired aircraft and launched the airline's inaugural flight to the Gold Coast in 2007. Before joining Air Asia X, Azran was the Senior Director of Business Development of Astro and Senior VP, Special Projects of Bursa Malaysia Berhad. He was also an Associate Partner of McKinsey & Company. Azran started his management consultancy career with Booz Allen & Hamilton where his last position was a Lead Consultant in 2000. He graduated from Stanford University with a Master degree in Management Science & Engineering and a Bachelor of Science degree in Electrical Engineering. Azran is a Fellow of CPA Australia. He is a Non-Executive Commissioner of PT XL Axiata Tbk.
Asgari bin Mohd Fuad Stephens
Non-Independent and Non-Executive Director
Asgari is a Malaysian originally from Sabah now residing in Kuala Lumpur. Asgari holds a Bachelor of Commerce (Honours) from University of Melbourne, Australia and a Master of Business Administration degree from Cranfield University, UK. He has extensive experience in both public and private equity investing in Malaysia. He is the co-founder of Kumpulan Sentiasa Cemerlang Sdn Bhd (“KSC”), an investment advisory and fund management group. He started two venture capital firms, iSpring Venture Management Sdn Bhd and Intelligent Capital Sdn Bhd while continuing to work with KSC. He was previously the Chairman of the Malaysian Venture Capital Association. Prior to starting his own company in 1996 he worked at Usaha Tegas Sdn Berhad establishing their fund investment division between 1988-1990 and 1992-1995. In 1990-1992 he worked as an associate director at a stock broking firm.In the years 1982-1988 he worked for a small family company in Sabah which was involved with Oil Palm plantations and property investments.Asgari is a director of Innoprise Plantations Berhad. He has never been convicted of any offences (other than traffic offences, if any) within the past 5 years and has not been imposed of any public sanction or penalty by the relevant regulatory bodies during the financial years.
The qualifications and experience of the key management staff are as follows:
Clement Chew Kuan Hock
Chief Executive Officer
Clement Chew joined the Company in December 2014. He worked for J.P. Morgan for 19 years and Merrill Lynch for 4 years. At J.P. Morgan, he was Chairman/Executive Director of J.P. Morgan Securities Malaysia Sdn. Bhd. (2005 to 2014), Senior Country Officer for Malaysia (2007 to 2010), Non-independent director of J.P. Morgan Chase Bank Bhd. (2008 to 2010) and Head of Malaysia Equity Product (1998 to 2005). He started his career as an equities analyst at Merrill Lynch in 1991 before being transferred to New York in 1993 to cover Asia ex-Japan sales. Prior to joining the finance industry, Clement worked for IGB Corporation where his last position was Corporate Affairs Manager. He holds a MSc in Management Science from Imperial College in London and a Bachelor of Economics (Upper Second Honours) from La Trobe University in Melbourne.
Hoo See Kheng
Managing Director
Mr. Hoo See Kheng has over 30 years of experience in fund management. He became Managing Director of Astute Fund Management Berhad on 15 July 2024. Previously, he was Executive Director and CEO of Hong Leong Asset Management Berhad from 2014. Before that, he served as CEO/CIO of Libra Invest Berhad (2007–2013) and held roles at Maybank Investment Bank and Peat Marwick Singapore.
He holds a Bachelor of Commerce from the University of New South Wales and a postgraduate diploma in System Analysis and Design. A member of MIA, CPA Australia, and a Certified Information Systems Auditor, he obtained his Capital Markets Services Representative’s license in 1998.
Nancy Rioh
Head of Compliance and Risk Management
Nancy Rioh is the designated person responsible for Compliance and Risk Management matters for Astute Fund Management Berhad (“AFMB”). Nancy Rioh has a Master`s in Business Administration major in International Business from University of Greenwich, UK, and a Bachelor Degree in Business Administration from the University of Abertay Dundee, UK. She also an Advanced Diploma holder from Association of Business Executive (ABE,UK), as well as a Diploma holder in Information Technology from SAL Group of Colleges, Malaysia. Prior to join AFMB, she was a registered Compliance and Risk Management Manager at Pheim Asset Management SdnBhd and Pheim Unit Trusts Bhd for five years. She also has nearly seven years` experience in the stock broking industry, having worked in both the Settlements and the Credit Control Departments at Hong Leong Investment Bank where she attained the position of Manager.
Roles and Responsibilities:
Astute Fund Management Berhad’s fund managers are authorised to manage the Funds in accordance with the Funds’ stated investment objective. This authority is subject to the requirements of this Master Prospectus, the respective Deeds, Guidelines and relevant laws, acceptable and efficacious business practice within the unit trust industry, the policies and internal controls in place of the Management Company. The fund managers will report to the investment committee of the Fund and will implement the investment strategies selected by this committee.
Clement Chew Kuan Hock
Chief Executive Officer
Clement Chew joined the Company in December 2014. He worked for J.P. Morgan for 19 years and Merrill Lynch for 4 years. At J.P. Morgan, he was Chairman/Executive Director of J.P. Morgan Securities Malaysia Sdn. Bhd. (2005 to 2014), Senior Country Officer for Malaysia (2007 to 2010), Non-independent director of J.P. Morgan Chase Bank Bhd. (2008 to 2010) and Head of Malaysia Equity Product (1998 to 2005). He started his career as an equities analyst at Merrill Lynch in 1991 before being transferred to New York in 1993 to cover Asia ex-Japan sales. Prior to joining the finance industry, Clement worked for IGB Corporation where his last position was Corporate Affairs Manager. He holds a MSc in Management Science from Imperial College in London and a Bachelor of Economics (Upper Second Honours) from La Trobe University in Melbourne.
He is also the designated fund manager for AMGT, AAEJF, ADF, AQF, ADA, ADAF-I, and ADAS-I.
Chan Kevin
Head of Fixed Income Investments
Kevin has over 28 years of experience in fixed income investments specializing in the domestic fixed income market. He started his career with KAF Investment Bank in 1997 as an analyst and later as a fixed income dealer where he focused on trading propriety fixed-income securities with an emphasis on corporate bonds as well as assisting the sales and distribution team with pricing and distribution of primary issuances originated by the bank. In 1999, he joined Intrinsic Capital Management as a fixed income fund manager and was appointed as Executive Director of the firm from 2005 to 2009. He was responsible for the investment strategy and performance of the entire fixed income portfolio across both institutional and private client accounts covering a broad spectrum of the fixed-income market. He is a licensed fund manager and holds a Masters in Business Administration degree from Southern Cross University, Australia.
He is the designated fund manager for ADAK.
Note: Christopher Chan (Head of Fund Management) has resigned from the Company on 30 April 2024, as such, his profile was removed in entirety.
The role of a Shariah Adviser is to:
The Shariah Committee meetings are held formally twice in a year, or more frequently if required to review on the Fund’s asset.
The Shariah Committee is currently the Shariah Adviser for Shariah Funds under Unit Trust and Mandates.
Dr. 'Aida binti Othman
Independent Member
Dr. Aida Othman is the managing director at ZICO Shariah Advisory Services Sdn Bhd. She was also formerly a Partner at Zaid Ibrahim & Co., a member of ZICO Law. Dr. Aida specializes in Islamic banking and finance, Islamic capital market instruments and Takaful products and operations. Her practice areas include Shariah Advisory, Islamic Banking & Finance, Shariah Compliance & Governance, Islamic Wealth Management and Corporate Commercial matters. She also advises on Shariah compliance and governance, including on the legal and regulatory framework for Islamic finance. In particular, she has advised on: the structure and documentation for Islamic banking products, the structuring and Shariah compliance issues for Sukuk issuance, private equity funds and unit trust funds, Shariah review and Shariah audit of Islamic financial institutions, takaful products and operations and Islamic wealth planning and management. Dr. Aida holds a Doctor of Philosophy in Comparative Law & Middle Eastern Studies from Harvard University, United States of America, a Masters of Law from Cambridge University, United Kingdom, a Bachelor of Laws (First Class Honours) and a Bachelor of Islamic Law (Shariah) (First Class Honours) both from the International Islamic University, Malaysia. Dr. Aida now serves on the Shariah committees of several financial institutions.
BIMB Securities Sdn Bhd
BIMBSEC has been appointed as the Shariah adviser for the Fund. BIMBSEC will provide Shariah advisory services on the management and operations of the Fund to ensure the operations of the Fund comply with Shariah requirements.
BIMBSEC is a stockbroking subsidiary of Bank Islam Malaysia Berhad incorporated on 21 February 1994 and is licensed by the SC. The corporate mission of BIMBSEC is to be an active participant in a modern, innovative and dynamic Islamic capital market in Malaysia, catering for the needs of all investors, Muslims and non-Muslims, looking for Shariah-compliant investment products and services.
BIMBSEC is registered with the SC to act as a Shariah adviser for Islamic products and services regulated by the SC, which include Islamic CIS. BIMBSEC is independent from the Manager and does not hold office as a member of the investment committee of the Fund or any other funds managed and administered by the Manager. As at LPD, BIMBSEC is a Shariah adviser to eighty five (85) Islamic funds including two (2) Islamic real estate investment trusts (REITs).
As the Shariah adviser for the Fund, the role of BIMBSEC is to ensure that the investment operations and processes of the Fund are in compliance with Shariah requirements. BIMBSEC will review the Fund’s investments on a monthly basis to ensure Shariah compliance and it also reviews the semi-annual and annual reports of the Fund.
Notwithstanding the role played by the Shariah Adviser, the ultimate responsibility for ensuring Shariah compliance of the Fund in all aspects of operations and processes rests solely with the Manager.
In line with the SC’s Guidelines, the roles of BIMBSEC as the Shariah adviser are:
1. to advise on all Shariah aspects of the Fund and Fund’s operations and processes such that they are in accordance with Shariah requirements;
2. to provide Shariah expertise and guidance in all matters related to the Fund, particularly on the Deed and Prospectus, structure, investments and related operational matters;
3. to ensure that the Fund is managed and operated in accordance with Shariah requirements;
4. to review the Fund’s compliance reports as provided by the Manager’s compliance officer, and investment transaction reports provided or duly approved by the Trustee, to ensure that the Fund’s investments are in line with Shariah;
5. to prepare a report to be included in the semi-annual and annual reports of the Fund stating the Shariah Adviser’s opinion whether the Fund has been managed in compliance with Shariah in its investment, operations and processes for the financial period concerned;
6. to consult the SC where there is ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process;
7. to meet with the Manager on a quarterly basis (or as and when as required by the Manager and/or the Shariah Adviser) for review of the Fund’s operations and processes; and
8. To apply Ijtihad (intellectual reasoning) to ensure all aspects relating to the Fund are in compliance with Shariah, in the absence of any rulings, principles and concepts endorsed by the SACSC.
Muhammad Shahier joined BIMBSEC as the Head of Shariah in October 2024. He is responsible for all Shariah-related matters at BIMBSEC and serves as the Secretary of the Shariah Advisory Committee and has been appointed as the Designated Shariah Person. He holds a Bachelor of Shariah, majoring in Economics and Islamic Banking from Yarmouk University, Jordan, completed in 2014, and obtained a professional certificate, Associate Qualification in Islamic Finance (AQIF), from the Islamic Banking and Finance Institute Malaysia (IBFIM) in 2019. In addition, he also holds the Certified Shari’a Adviser and Auditor (CSAA) certification awarded by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and is registered with the Securities Commission Malaysia as an individual Shariah Adviser.
Prior to this, Muhammad Shahier was the Head of Shariah at Yayasan Pembangunan Ekonomi Islam Malaysia (YAPEIM) from June 2021 to October 2024, where he oversaw Shariah governance and compliance across the YAPEIM group. He also served as the Head of Business Development, Business Advisory at IBFIM from June 2019 to June 2021, providing Shariah advisory services and delivering Shariah training. Before that, he was the Senior Executive/Unit Lead of Shariah Compliance, Risk Management Division at Malaysia Debt Ventures Berhad (MDV) from January 2018 to June 2019, and a Consultant in Shariah Business Advisory at IBFIM from January 2015 to December 2017.
Muhammad Shahier is currently an active facilitator for IBFIM’s professional certification programmes and a speaker for Institut Koperasi Malaysia (IKMa) awareness initiatives. He is also an accredited trainer under the Human Resource Development Corporation (HRDC) and a recognised Continuing Professional Education (CPE) trainer with the Securities Industry Development Corporation (SIDC).
Mohd Fadhly bin Md. Yusoff
Independent Member
Encik Mohd Fadhly Md. Yusoff (Encik Mohd Fadhly) has more than 13 years of experience in Islamic Capital Market during his tenure as manager with Islamic capital market department of Securities Commission Malaysia from 1995 to 2008. During this period, he was involved in Shariah compliance supervision in relation to submissions for the issuances of sukuk, structured products, collective investment schemes and Islamic REITs. In addition, he has also undertaken in-depth research for the development of new Islamic capital market instruments as well as providing technical inputs for the preparation of various guidelines issued by Securities Commission Malaysia. Currently, Encik Mohd Fadhly also serves as a member of Shariah committee of RHB Islamic Bank Berhad, Bank Pembangunan Malaysia Berhad, Sun Life Malaysia Takaful Bhd and Opus Asset Management Sdn Bhd. He has actively participated in various industry development initiatives namely the International Organization of Securities Commission (IOSCO) Task Force on Islamic Capital Market, Islamic Financial Services Board's (IFSB) Governance of Islamic Investment Funds Working Group, technical member for the publication of Resolutions of the Securities Commission Shariah Advisory Council and Islamic capital market educational and/or promotional programmes. He obtained his Bachelor of Shariah (1st Class Honours) from University of Malaya, Malaysia in 1995.
| Category | Name | Position | Effective Date | Remarks |
|---|---|---|---|---|
| Appointment | Dr. Aida binti Othman | Shariah Adviser | 11 November 2024 | Appointed as Astute’s Shariah Adviser |
| Appointment | BIMB Securities Sdn. Bhd. | Shariah Adviser | 1 December 2025 | Appointed as Astute’s Shariah Adviser |
| Resignation / Removal | Dr. Ab. Halim bin Muhammad | Shariah Adviser | 30 November 2025 | Resigned; profile removed in its entirety |
| Resignation / Removal | Dato’ Dr. Muhammad Sabri bin Haron | Chairman, Shariah Committee | 30 May 2024 | Resigned; profile removed in its entirety |
Corporate Information
Maybank Trustees Berhad (5004-P) is the Trustee of the Fund with its registered office at 8th Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur.
Maybank Trustees Berhad (“MTB”) was incorporated on 12 April 1963 and registered as a Trust Company under the Trust Companies Act 1949 on 11 November 1963. It was one of the first local trust companies to provide trustee services with the objective of meeting the financial needs of both individual and corporate clients.
Experience in Trustee Business
Maybank Trustees Berhad has acquired experience in the administration of unit trust funds/ schemes since 1991.
Corporate Information
CIMB Commerce Trustee Berhad was incorporated on 25 August 1994 and registered as a trust company under the Trust Companies Act, 1949 and having its registered office at Level 13, Menara CIMB, Jalan Stesen Sentral 2, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia. The Trustee is qualified to act as a trustee for collective investment schemes approved under the Capital Markets and Services Act 2007.
Experience as Trustee to Unit Trust Funds
CIMB Commerce Trustee Berhad has been involved in unit trust industry as trustee since 1996. It acts as Trustee to various unit trust funds, real estate investment trust fund, wholesale funds and private retirement schemes.
This website is best viewed with: Internet Explorer 10 / Chrome 48 / Firefox 10.0
2022 © ASTUTE FUND MANAGEMENT BERHAD. 199701004894 (420390-M)
