KEY ACCOUNTABILITIES
Role Overview
The Director - Portfolio Manager, Passive Tax & Liquidity ETFs is a senior investment leadership role with responsibility for portfolio management excellence, liquidity oversight, tax efficiency, and governance across a suite of MAS-regulated, passively managed ETFs distributed in Singapore and the broader APAC region.
The role combines hands-on portfolio oversight with platform-level accountability, including leadership of complex index events, regulatory engagement, capital markets coordination, and contribution to the firm's ETF strategy and growth agenda.
This role requires deep expertise in passive ETF implementation, APAC market structure, cross-border tax considerations, and MAS regulatory expectations, and acts as a key senior interface across investments, risk, compliance, capital markets, and product teams.
1. Portfolio Management Leadership & Index Implementation
- Provide senior oversight and direction for passive, index-tracking ETFs, ensuring precise benchmark replication, disciplined risk management, and consistent delivery of low tracking error and tracking difference.
- Lead execution of index rebalances, reconstitutions, and corporate actions, accounting for GLOBAL / APAC-specific market calendars, settlement cycles, liquidity constraints, and trading hours.
- Review and challenge portfolio construction approaches (replication, sampling, optimisation) to ensure scalability and robustness as assets grow.
- Act as the senior escalation point for complex portfolio, liquidity, or implementation issues.
2. Tax & After-Tax Outcome Stewardship
- Oversee tax-aware passive portfolio management practices, including withholding tax management, lot selection, in-kind optimisation, and distribution outcomes, in line with fund disclosures.
- Provide subject-matter leadership on cross-border tax considerations relevant to country specific-domiciled ETFs.
- Partner with tax, legal, and compliance teams to ensure tax outcomes are well-governed and appropriately communicated.
3. Liquidity, Capital Markets & ETF Ecosystem Leadership
- Own senior-level oversight of ETF liquidity and market quality, including bid-ask spreads, premiums/discounts, depth, and AP participation.
- Act as a senior investment counterpart to authorized participants, market makers, and internal capital markets teams.
- Guide strategies for scaling ETFs while maintaining efficient primary and secondary market functioning.
- Provide leadership during periods of market stress or exceptional flows.
4. Risk Management, Governance & MAS Regulatory Accountability
- Ensure all portfolios operate within MAS regulations, prospectus commitments, index rules, and internal risk frameworks.
- Serve as a senior contributor to investment oversight, risk, and governance committees.
- Support MAS interactions, audits, and regulatory reviews as a senior investment representative.
- Ensure robust controls across liquidity risk, operational risk, and implementation risk.
5. Platform Strategy & Product Partnership
- Partner with product, distribution, and strategy teams to shape the ETF roadmap, particularly for tax-efficient and liquidity-focused offerings.
- Provide senior investment input into new ETF launches, index selection, product enhancements, and fund changes.
- Represent the investment function in key client, consultant, and regulator-facing discussions as required.
6. Leadership & Capability Development
- Provide functional leadership and mentorship to portfolio managers and analysts within the passive ETF team.
- Set standards for portfolio management discipline, documentation, escalation, and decision-making.
- Contribute to talent development, succession planning, and capability building for the ETF platform.
QUALIFICATIONS AND EXPERIENCE
Required Qualifications and Experience
- Bachelor's degree in Finance, Economics, Mathematics, Engineering, or a related discipline advanced degree preferred.
- 12+ years of experience in passive portfolio management, ETFs, or index funds, with significant exposure to APAC markets.
- Demonstrated senior-level experience managing large-scale ETFs, complex index events, and liquidity-sensitive strategies.
- Strong working knowledge of MAS regulatory requirements, ETF governance standards, and market practices.
- Proven ability to operate as a senior investment leader, balancing portfolio outcomes, risk, regulation, and commercial objectives.
Preferred Credentials
- CFA designation strongly preferred.
- Experience with tax-efficient, cash, ultra-short, or fixed income liquidity ETFs.
- Familiarity with Singapore Exchange (SGX) and other APAC exchanges, settlement frameworks, and capital markets participants.
- Experience working with global index providers at a senior relationship level.
Key Competencies & Leadership Attributes
- Deep passive investment judgment with strong risk awareness.
- Ability to operate credibly with regulators, senior management, and external market participants.
- Strategic mindset with the ability to scale platforms without compromising discipline.
- Strong people leadership and mentorship capability.
- Clear, confident communicator of complex investment, tax, and liquidity topics.
What Success Looks Like (Director Level)
- Sustained delivery of low tracking error, efficient tax outcomes, and strong ETF liquidity across the platform.
- High confidence from regulators, risk, and senior management in the robustness of the ETF portfolio management function.
- Scalable growth of ETF assets without degradation of market quality or operational resilience.
- A strong, well-developed passive ETF team with clear standards and succession.
