Investing with Confidence in India - milltrust.commilltrust.com/wp-content/uploads/2016/01/2016.1Q-Milltrust-India... · PRODUCT RESPONSIBILITY YEARS WITH FIRM YEARS IN THE INDUSTRY

1© Copyright 2016 | Milltrust International Group (Singapore) Pte. Ltd.

© Copyright 2015 | Milltrust International Group (Singapore) Pte. Ltd.

MILLTRUST INDIA FUNDInvesting with Confidence in India


1. Executive Summary

2. UTI

3. Milltrust India Fund Strategy

4. Appendix

5. Biographies

CONTENTS


OUR FIRM

Milltrust International is an award-winning global investment organization focused

on providing investment management expertise on both traditional and

alternative investments with a strong focus on the Emerging Markets. Milltrust’s

Emerging Markets Managed Accounts (UCITS) Platform is an open-ended

investment company incorporated in January 2012 under Irish company law and

regulated by the Central Bank of Ireland.

OUR TEAM

Milltrust has assembled a senior investment team with over two decades of

investment, portfolio management and fund selection experience, previously

responsible for managing some of the largest institutional pools of assets

dedicated to the Emerging Markets.

OUR OFFICESMilltrust is co-located in the regulated asset management hubs of Singapore and

London with additional regional presence in some of the most dynamic markets in

the world.

EXECUTIVE SUMMARY: COMPANY OVERVIEW


REGIONAL EMERGING MARKETS FUNDS

Milltrust has launched a suite of actively-managed and regulated equity funds,

the Milltrust Funds, from across the Emerging Markets managed by best-in-class

and locally-based investment teams. Also collectively known as EMMA (Emerging

Markets Managed Accounts)

GLOBAL EMERGING MARKETS

PORTFOLIOS

The Milltrust Global Emerging Markets equity offering provides a complete

investment solution for investors looking for a true exposure to the developing

world. Also known as the Milltrust GEMMA (Global Emerging Markets Managed

Accounts) and Milltrust GEMMA (Global Emerging Markets) Portfolios.

EXECUTIVE SUMMARY: PRODUCTS OVERVIEW


EXECUTIVE SUMMARY: PRODUCTS OVERVIEW



PORTFOLIOS

Our Emerging Markets Funds are REGULATED (UCITS), managed by leading, locally-basedinvestment teams and structured as COMMINGLED MANAGED ACCOUNTS on the StateStreet custody platform.

*Note: launch in 2015

MILLTRUST LATIN

AMERICA FUND

MILLTRUSTAFRICA FUND*

MILLTRUST MENA FUND*

MILLTRUST CHINA FUND

MILLTRUST INDIA FUND

MILLTRUST ASEANFUND


EXECUTIVE SUMMARY: GEMS PORTFOLIO OVERVIEW

The Milltrust Funds on the platform provide the BUILDING BLOCKS for a true EmergingMarkets portfolio. The Milltrust GEMS Portfolio combines the funds on the platform withadditional investment coverage across the rest of the Emerging Markets universe throughcarefully selected investment teams.



PORTFOLIOS

Milltrust ASEAN Fund

Turkey Fund

Milltrust Greater

China FundMilltrust

India FundKorea Fund

Milltrust Latin

America Fund

Milltrust MENA Fund

Russia Fund

Africa Fund

GEMS Portfolio

STRATEGY• Long-biased, actively-managed and

benchmark agnostic investment strategies• Portfolio of high conviction ideas• Bottom up fundamental company analysis• Top down country/regional rotation• Overweight regions with favourable outlook

INVESTMENT TEAMS• Multi-manager approach• Managed by locally-based investment

teams• Investment teams have informational

edge and strong track record


EXECUTIVE SUMMARY: AWARDS, NOMINATIONS AND ACCOLADES

8© Copyright 2015 | Milltrust International LLP

UTI


• Established in 1964 as the Unit Trust of India by an Act of Indian Parliament, UTIAMC, a quasi-sovereign entity, is the oldest and the fifth largest asset manager inIndia with USD 32.4bn of assets under management in USD.

• In January 2010, T Rowe Price International Ltd acquired a 26% stake in UTI AMC.The remaining 74% is equally split between four of the largest state-owned Indianfinancial companies - Life Insurance Corporation, State Bank of India, Bank of Barodaand Punjab National Bank

• UTI International (Singapore) Pte Ltd, a fully-owned subsidiary of UTI AMC, is theflagship company representing the offshore interests of UTI AMC. With twoincorporated entities (in Guernsey and Singapore), and branch / representativeoffices in Dubai, Mauritius and United Kingdom.

• Today, UTI AMC has one of the largest market shares of domestic assets and retailclients in India.

MILLTRUST INDIA FUND: UTI CORPORATE PROFILE


N. Murali (Singapore), is Head of Investments at UTIInternational Singapore, and lead portfolio manager for theMilltrust India Fund. He is also responsible for the firms ’diversified Asia Pacific ex-Japan fund.

His 15 years of experience in the industry across asset classes hashoned his in-depth understanding of the nuances of the Asian andIndian stock markets. N. Murali is responsible for the overarchinghedging overlay decisions which is overseen by a five memberInvestment Committee.

V. Srivatsa (Mumbai) is actively involved in the management ofthe long side of the Milltrust India Fund.

Together with his team, he currently manages over USD 550m inadvisory and segregated accounts, in addition to managing UTI’sflaghship 1986 fund which has been rated 4 stars by Morningstaron a consolidated basis.

The team is further supported by 23 investment professionals,one of the largest India dedicated teams amongst its peers

EXPERIENCED

TEAM OF INDIA

SPECIALISTS

INTRICATE

KNOWLEDGE AND

EXPERIENCE

INVESTING IN

INDIAN EQUITY

MARKETS

ONE OF THE

LARGEST

DEDICATED INDIA

TEAMS

MILLTRUST INDIA FUND: INVESTMENT TEAM


13 Portfolio Managers

9 Analysts

1 Economist

INDIA SINGAPORE

MilltrustIndia Fund

N. Murali Head of

Investments

V. SrivatsaPortfolio Manager Long Only Equities

Murali NarayannHead of

Investments

Praveen JagwaniCEO

Manish Khandelwal

SVP - Products

Mohamed Faizal

Asst. Portfolio Manager

Investment Committee

2 Portfolio Managers

1 Analyst

1 Dealer

Viral BhutaPortfolio Manager

EFFICIENT

INVESTMENT

STRUCTURE

STRONG

RESEARCH

CAPABILITIES

MULTIPLE LAYERS

OF RISK

OVERSIGHT

MILLTRUST INDIA FUND: TEAM STRUCTURE


NAME PRODUCT RESPONSIBILITY

YEARS WITH FIRM

YEARS IN THE

INDUSTRYLOCATION EDUCATIONAL

BACKGROUND

N. Murali Head of Investments 6 Years 15 Years Singapore CFA, B.A (Merit)

V. Srivatsa Portfolio Manager – Long Only Equities 12 Years 12 Years India MBA (IIM – Indore),

CA, ICWA

Viral Bhuta Fixed Income Portfolio Manager 2 Years 8 Years Singapore MBA, B.E.

Mohamed Faizal Asst. Portfolio Manager 5 Years 8 Years Singapore B. Sc (Honors), M.Sc. (Math)

Shilpita Guha Head – Dept of International Finance 20 Years 20 Years India Masters in Economics,

MBA

Alkesh Jain Research Analyst 6 Years 6 Years India B.Com, CA

Sharwan Goyal Research Analyst 8 Years 8 Years India MBA

Niranjan Das Dealer 9 Years 22 Years India M.Com, MBA

MILLTRUST INDIA FUND: TEAM RESPONSIBILITIES


MILLTRUST INDIA FUND STRATEGY


The Milltrust India Fund follows an actively managed long-biased multi-cap equity strategywith a value approach in India, incorporating fundamental research and quantitative multi-factor models to construct a portfolio of high-conviction stocks that will benefit from theIndia story. The strategy allows for some flexibility on hedging through the use of indexfuture shorts and cash to mitigate market volatility.

ACTIVELY MANAGED,

BENCHMARK

AGNOSTIC,

ALPHA SEEKING,

HIGH CONVICTION &

BEST IDEAS PORTFOLIO

FUNDAMENTAL ON-

THE-GROUND

RESEARCH

LONG-BIASED EQUITIES

WITH CASH AND

FUTURES HEDGING

MILLTRUST INDIA FUND: STRATEGY AND APPROACH

• Multi cap fund with around 60-65% allocation to large caps and balance in mid and small caps with a 2-3 year investment horizon

• Large emphasis on research and selection of mid and small cap stocks which are the main alpha generators of the fund

• Blend of value and growth, with a focus on ‘growth at a reasonable price’ • High emphasis on corporate governance and management quality,

irrespective of market cap • Concentrated, best ideas exposure diversified across 35-40 stocks with a

focus on liquidity • 95% of the portfolio is in the top two quadrants of the research process


STEP 1ADVISORY

STEP 2DECISION MAKING

STEP 3EXECUTION

STEP 4FUND

ACCOUNTING

STEP 5CONTROL

Fund Management Team taking portfolio management decisions

Research Team advising Fund Managers on Companies, Sectors and Economy

Audit (internal and external), Compliance Team, Risk Management

Dealing Team executing investment decisions

Fund Accounting, Portfolio Valuation, Corporate Action Follow up

MILLTRUST INDIA FUND: INVESTMENT PROCESS


MILLTRUST INDIA FUND: RESEARCH PROCESS – 5D APPROACH

Growth•Market/Industry•Sales

PositiveOCF*•Trend•Through-cycle

Earnings Quality*•OCF/EBITDA•FCF/PAT

Valuation•Generic metrics

•Sector metrics•Historic & Cross-sectional

Business Cycle

&Management

Quality

*Note: Has been a key differentiator for UTI MF


Potential««««•†4 out of 5 years•RoCE > 12%[for Banks :0.9> RoA>0.8; Lev. <15-18x]

•Companies: 108•UTI Coverage: By stocks 58%By mkt cap 79% coverage

Evergreens «««««•†5 out of 5 years•RoCE > 15%[for Banks : RoA>0.9; Lev. <15x]

•Companies: 167•UTI coverage: By stocks 77%(69%*)By mkt. cap 95% coverage

Fairweather««•†More than 2 but less than 4 out of 5 years•Companies: 209•UTI Coverage:By stocks 44%By mkt. cap 61%

Hope”less”«•†Less than 2 out of 5 years•Companies: 50•UTI Coverage: By stocks 28%By mkt. cap 28%

† Positive OCF & PAT > Rs 50cr

Classification & coverage of top 534 companies based on fundamentals

* Three years agoUTI Portfolio : “Evergreens” 71%; “Potential” 22%; “Fairweather” 7% Source: UTI MF Research, Bloomberg

MILLTRUST INDIA FUND: INVESTMENT QUADRANTS


• The Portfolio Construction process incorporates fundamental research and quantitativemulti-factor models to construct a portfolio of high conviction stocks

• The hedging overlay process is overseen by a five member Investment Committee. Otherinvestment professionals include a dedicated Portfolio Specialist and UTI’s in-houseEconomist who also contribute to the process

• All investment decisions must be formally approved and documented by the InvestmentCommittee

Key Metrics

Number of portfolio holdings 35 – 40

Market Cap Large, Mid and Small

Sector Constraints Not more than 25% in one sector

Market Cap of individual company Above US$ 100 million

Maximum Cash Allowed Up to 20%

Index Futures Short Up to 15%

MILLTRUST INDIA FUND: PORTFOLIO CONSTRUCTION


Risk Management Committee – UTI IS

Shobha MenonHead of Legal &

Compliance

Praveen JagwaniCEO

Krishna Gukhool Head of Operations

Monitor investment guidelines

• -Position Limits

• -Pre and post trade checks

Review the fund’s risk reports

Consistency Review

Compliance and Regulatory checks

Independent Statutory Auditor

MILLTRUST INDIA FUND: RISK MANAGEMENT


APPENDIX


STRUCTURED AS A

UCITS IV MANAGED

ACCOUNT ON

MILLTRUST’S DUBLIN-

DOMICILED PLATFORM

REGULATED BY

THE CENTRAL

BANK OF IRELAND

PRIME BROKER & TRADING CTPY

LEGAL COUNSEL

CUSTODIANState Street Bank

AUDITORKPMG

ADMINISTRATORState Street Bank

INVESTORS

PB Agreement, ISDA

Admin Agreement

Custody Agreement

Audit Agreement

Appointment Letter

SubscriptionAgreement

OfferingMemorandum

Investment Mgmt Agreement

Platform InfrastructureAgreement INFRAHEDGE

INVESTMENT MANAGER (UCITS)

BOARD

EMMA* PLC (UCITS)

SUB-FUND

*Emerging Markets Managed Accounts PLC

MILLTRUST INDIA FUND: LEGAL STRUCTURE


PLATFORM PROVIDER, CUSTODIAN & ADMINISTRATOR

• Daily Independent Monitoring and Oversightof Risk Limits& Investment Guidelines

• World-class service providers ensuring thecustody, trading and pricing of assets.

BEST IN CLASS,

INDEPENDENT AND

CONFLICT-FREE

SERVICE PROVIDERS

WITH

IRREPROCHABLE

GOVERNANCE

STANDARDS

PLATFORM ADVISOR, PLATFORM PROMOTER (UCITS)

• Selection of Platform funds• Comprehensive and Periodic Due Diligence of

Underlying Managers• Oversight & Monitoring of Investments, Operations

and Risk Management of each sub-fund• Monthly Compliance Review and Reporting• Quarterly Compliance (Board) Reporting• Central Bank of Ireland Reporting• Reacting to and implementing changes

in UCITS/QIAIF and other regulatory requirements

LEGAL ADVISORS

AUDITOR

SPONSORINGBROKER

MANAGED ACCOUNTS PROVIDER

BROKERS/ PRIME BROKERS (Open Architecture)

COMPLIANCE PARTNERS

MILLTRUST INDIA FUND: PLATFORM & SERVICE PROVIDERS


Investors benefit from the state-of-the-art and interactive web portal and, in some cases, a mobile app* which include anadvanced set of portfolio monitoring and risk analytics tools which are updated on a DAILY BASIS.

INVESTOR WEB PORTAL IOS/ANDROID MOBILE AND TABLET APP*

*IOS/Android mobile and tablet app available under certain conditions to be discussed with Infrahedge

MILLTRUST INDIA FUND: INVESTOR TOOLS


INVESTMENT TERMS Class A Class B Class C (being considered)

Subscriptions: Weekly Weekly Weekly

Min Subscription Amount: USD 1,000,000 USD 100,000 USD 20,000,000

Redemptions: Weekly* Weekly* Weekly*

Redemption Notice: 2 Business Days 2 Business Days 2 Business Days

Lockups: No No No

Penalty: No No No

Management Fee: 1.30% 1.80% 1.30%

Performance Fee: 15% over Hurdle Rate 15% over Hurdle Rate 15% over Hurdle Rate

Platform Fee: Nil Nil Nil

High Water Mark: Yes Yes Yes

Hurdle Rate: 3M LIBOR 3M LIBOR BSE 100 Index

Currencies: USD USD USD

STRUCTURE

Investment Manager: UTI International Singapore (Pte) Ltd.

Structure: UCITS Open-ended investment company

Fund Domicile: Dublin

Administrator: State Street Fund Services (Ireland) Limited

Custodian: State Street Custodial Services (Ireland) Limited

Auditors: KPMG

Legal: William Fry

Platform Infrastructure Provider: Infrahedge Limited

Promoter & Global Distributor: Milltrust International LLP

MILLTRUST INDIA FUND: TERMS

* Daily being discussed


BIOGRAPHIES


BIOGRAPHIES: UTI KEY INVESTMENT TEAM (1)

Mr. V. Srivatsa is the fund manager for the offshore funds in UTI AMC. He currently manages around USD 90 million of equity AUM of theoffshore funds – India Fund, IT Fund and Pharma fund. In total, he manages USD 600 million across mandates similar to the 1986 Fund.His offshore funds have been highly rated in Morningstar, the India fund is rated four star in Morningstar on an overall basis and is ratedfive star on a five year time frame. The pharma fund is rated five star on an overall basis amongst the g lobal healthcare funds. The ITfund is rated three star by Morningstar on an overall basis. He joined UTI in 2002 r ight from the campus and has worked in the securitiesresearch department of UTI for 3 years. He has handled sectors ranging from IT, Pharma, cement and Engineering. He was promoted asFund manager in Novem ber 2005 for the offshore funds in UTI. He has been managing the off shore funds since then. He is a charteredaccountant, cost accountant and has done his MBA from Indian Institute of Management, Indore.

Portfolio Manager - 1986 Fund, UTI AMC (Mumbai)Mr. V. Srivatsa

Head of Investments, UTI IS (Singapore)Mr. N. Murali, CFA

Mr. N. Murali is the Head – Investments at UTIIS. He manages the flagship diversified Asia-Pac ific ex-Japan balanced fund and takes thelead on all investment dec isions. Mr. Murali joined the firm in 2008 and was responsible for setting up the investment function for thefirm. Mr. Murali has over 15 years experience in the investment industry having covered various reg ional equity markets as well asalternative asset c lasses like real estate. Pr ior to joining UTIIS, he spent 5 years as the Portfolio Manager for two leading investmentmanagement companies in Singapore, NTUC Income Insurance and Mirae Asset, managing Asian emerg ing market equity funds. He has alsojointly-managed several Asia-Pac ific ex-Japan regional equity funds, a China-India consumer equity fund and a Singapore equity fund. Mr.Murali also had a stint as manager with Singapore’s first real estate investment trust, Capitamall Trust. He was primarily involved infinanc ial modeling and acquisit ion-related due diligence work for the fund during and after list ing. He also has sell-side equity analy stexposure having worked as an investment analy st with Keppel Securities for 2 years. Prior to joining the investment industry, he workedas a journalist with Bridge News and Financial Times Information for 3.5 years cover ing var ious Asian equity and energy markets. Mr.Murali graduated from the National University of S ingapore with a B.A. (Merit) major ing in Economics and Political Science and hascompleted the Chartered Financial Analysis (CFA) program


BIOGRAPHIES: UTI KEY INVESTMENT TEAM (2)

Assistant Portfolio Manager, UTI IS (Singapore)Mr. Faizal AlawdeenMr. Alawdeen joined UTI Intl in September 2010 as a Research Analy st. He has a Masters of Science in Mathematic s (Research) and aBachelor of Science (Honors) in Applied Mathematic s from National University of Singapore. He has 8 years of industry experience andhas previously worked at Overseas Chinese Bank Corporation and The Royal Bank of Scotland plc. He is conversant in Mandarin, Malayand Tamil.

Mr. Viral Bhuta is a fixed income portfolio manager with the Investment Manager. He has an MBA (Finance) from Northeastern Universityand Bachelor of Engineering (Electr ic Engineering) degree f rom V.J.T.I. (University of Mumbai). His areas of expertise include developinginvestment strategies for investing in Indian corporate bonds and yield curve trading on US treasury futures. His prior experience alsoincludes designing IT systems for controlling complex depository operations (back-office, settlements and bookkeeping), handlingmillions of transactions daily. He has previously worked with Venus Capital Management’s independent advisory based in India andSingapore in various roles including Assistant Fund Manager since January 2007.

Portfolio Manager – Fixed Income, UTI IS (Singapore)Mr. Viral Bhuta


BIOGRAPHIES: UTI INVESTMENT COMMITTEE & COMPLIANCE

Mr. Jagwani is a banking professional w ith an over 20-year track record in the financ ial services industry. He has been with UTIInternational (Singapore) in his current role since 2009. Hav ing worked in many geographies and multi-cultural environments he displaysa good balance between results and people orientation. He started his career with ANZ Grindlays Bank in India and worked later inAustralia and Bahrain across Credit, Consumer Finance, Systems & Private Bank ing. He later joined Standard Chartered Bank and builtthe Wealth Management and Investment Advisory business in the Middle East. He was appointed the C hief Investment Officer for MiddleEast & South Asia and was responsible for Product, Research, Certification and Compliance. He then joined Merrill Lynch and workedwith them in London and Dubai in their Hedge Fund & Private Equity A dvisory business. Mr. Jagwani holds a graduate degree in ComputerScience (B.Sc.) and a Masters degree in Operations Research (M.Sc) from Delhi University. He also has a Masters of BusinessAdministration from XLRI Jamshedpur and has completed Chartered Financial Analysis (CFA) program from CFA institute USA.

CEO – UTI ISMr. Praveen Jagwani

Mr. Khandelwal is a commerce graduate (B.COM), LLB (A) and has done his Masters in Business Administration (MBA) from SymbiosisInstitute of Business Management, Pune in 2004. Mr. Khandelwal has 10 years experience in the investment management industry. Priorto joining UTI International (Singapore), he was work ing with UTI AMC in India. He worked in the areas of Institutional Sales,Distribution, Retail Sales & Marketing and PMS (Portfolio Management services). He was regularly interacting with the intermediaries,service providers and also responsible for advising high net worth clients on their mutual fund investments. Mr. Khandelwal is presentlyworking as Senior Vice President, Product Control w ith UTI International (Singapore). His job responsibilities consist of fund structuringand product development for UTI International Business; apart from that he is also responsible for supervising of dealing and fundoperations functions at UTI Singapore

Senior Vice President, Product Control, UTI IS

Ms. Menon has more than 16 years of experience in the Banking and Finance Industry. She has been with the Manager since July 2008.She has previously worked with Sumitomo Mitsui Banking Corporation, Singapore, AVP Compliance (Dy. Compliance Officer) and ICICIBank, Singapore as the Compliance Manager. She holds a law degree (L.L.B) and a Bachelors degree in Commerce. She is also aChartered Accountant.

Head of Legal and Compliance, UTI IS Ms. Shobha Menon*

Mr. Manish Khandelwal

Note: Ms. Shobha Menon is the head of Legal and Compliance (UTI IS), which is not included in the UTI Investment Committee.


Simon Hopkins – Chief Executive Officer, has been a senior figure in the international investmentmanagement industry for more than two decades. He was an early advocate of hedge fund investing forinstitutional investors, and has been a prolific capital raiser for single manager funds, funds of funds andlisted closed-end funds. Mr. Hopkins has a strong record fighting for the rights of shareholders throughouthis professional career, where he has been an outspoken critic of egregious practices in assetmanagement and an ardent champion of investors’ interests. He was an early advocate and exponent ofmanaged account investing.

After pursuing a successful investment banking career spanning more than a decade at S.G. Warburg,UBS, HSBC James Capel and Nomura where he participated in numerous Emerging Markets transactions,in 1996 Mr. Hopkins created one of the industry’s first dedicated research and investment consultingbusinesses, Global Fund Analysis, to provide truly objective analysis for investors. At its peak GFA hadover 27,000 registered users around the globe. Concurrently, Mr. Hopkins played a pioneering role inseeding many of the incipient European hedge funds through the Fortune Group, an award-winningalternatives investment banking and advisory business, which he also created in 1996, and which mergedwith Global Fund Analysis in 2000. Fortune Group went on to become one of the UK’s pre-eminent hedgefund advisory firms with clients in 24 countries and a focus on pension funds, charities and endowments,as well as a number of the world’s leading families. The firm was successfully sold to UK-listed, financialservices group, Close Brothers Group PLC, in 2006, culminating in its full integration in January 2010.

Mr. Hopkins is a regular commentator on fund industry topics in the financial media and has addressednumerous conferences, the OECD and the London School of Economics on hedge fund investing. He wasprofiled in a significant interview with FTfm in December 2008. He graduated with honours from theUniversity of Bristol's Faculty of Law in 1986 and speaks fluent French. He now resides with his family inSingapore.

MILLTRUST BIOGRAPHIES: SIMON HOPKINS


Eric Anderson, an economics major from the University of California, Berkeley, brings nearly 15 years ofinternational investment industry experience in the United States, Europe, and Asia. He is responsiblefor running Milltrust’s Investment Solutions and award-winning Multi-Manager Managed Accountsbusiness. He has spent nearly a decade focused exclusively on the Emerging Markets, where he hasextensive experience setting strategic fund allocations for institutional investors, researching localinvestment managers, providing investment research and full due diligence capabilities and structuringand seeding a number of fund strategies in these regions.

MILLTRUST BIOGRAPHIES:ALEXANDER KALIS & ERIC ANDERSON

Alexander Kalis, Managing Partner & Investment Director, is jointly responsible for Milltrust’s InvestmentSolutions and Multi-Manager Managed Accounts business and leads manager selection, due diligence andmanager monitoring for the Group, as well as managing the business generally. He has over 14 years’experience working at top-tier asset management firms including LCF Edmond de Rothschild and BancoSantander where he managed some of the largest Emerging Markets multi-manager funds in the industryacross all asset classes. He has an award-winning portfolio management track record and has an extensivenetwork of relationships and coverage of the Emerging Markets fund universe. He holds a Master's degree(Cum Laude) in Economics and Management from the UniversitéCatholiquede Louvain in Belgium.


Mark Ebert, is the Chairman of Milltrust International Group, a global investment organisation focusedexclusively on providing investment management expertise on traditional and alternative investments in theEmerging Markets. Mr Ebert plays an active role overseeing the firm’s private placements business, which isfocussed on the agricultural sector and he serves on the advisory boards of a number of agriculturalinvestment companies. Mr. Ebert is a senior figure in the investment world with over 32 years of experience inmanaging investment banking, equity brokerage, private equity and asset management businesses.

He qualified as a Certified Public Accountant at Price Waterhouse, joined Citicorp Scrimgeour-Vickers inLondon responsible for trans-Atlantic M & A, and moved to UBS where he became Head of Mergers &Acquisitions. He then became co-head of Panmure Gordon, a UK institutional broker, and helped found theprivate equity business there, now Lyceum Capital. He was recruited by Lombard Odier & Cie. to head up itsinvestment banking activities, which included its private equity funds business, now Akina Partners, where heserved on the funds’ boards for 7 years. Mr Ebert co-founded Quadrum Partners in Zurich, focussed onadvising investment managers, and then became Chairman of the Fortune Group in London, which providedadvice on hedge fund strategies. Fortune was sold to Close Asset Management in the UK, and 2 years later heleft to join his former Fortune colleagues as Chairmanof Milltrust.

Mr. Ebert is a Certified Public Accountant, has UK/Swiss nationality, and resides with his family inSwitzerland.

MILLTRUST BIOGRAPHIES: MARK EBERT & GARY THORNTON

Gary Thornton FCA, Head of Finance and Operations, is an experienced finance professional with over twodecades of professional experience. Gary has worked with Simon Hopkins for many years, first as auditor ofFortune Group whilst at HW Fisher in London, then as finance director at Fortune, and more recently as headof finance and operations within the institutional team at Close Asset Management, a subsidiary of the UK-listed financial services group to whom Fortune was successfully sold in 2006. Gary's experience extends tofund structuring and compliance and corporate governance. He has been instrumental in the launch ofnumerous funds including managed accounts.

Gary qualified as a chartered accountant with Moore Stephens, an international firm of accountants, in 1993.He graduated from Trinity Hall, Cambridge with a degree in Modern Languages (French and German) andHistory of Art.


MILLTRUST BIOGRAPHIES: ANAIS DE BRETIZEL & WERNER SCHUENEMANN

Anaïs de Bretizel, Managing Director, started her career in 1985 at BFCE (Natixis) then at Lehman Brothersin London as an interest rate and foreign exchange trader. She became head of Fixed Income Sales at JamesCapel (HSBC group), Nomura Securities, BNP and then Head of Credit and Structured Credit Sales at DresdnerKleinwort Wasserstein in Paris. In 2003, she joined Greenwich Associates, a strategic consultant firm based inStamford (CT, USA). She was in charge of client relationship management with investment banks, assetmanagement companies and large corporations based in France. Anaïs has developed an important portfolioof french and european institutional clients and has an extensive in-depth knowledge of foreign exchange,interest rate and credit markets.She holds a Masters degree in Foreign Service from Georgetown University,Washington D.C., USA.

Werner Schuenemann, Managing Director – Switzerland, is responsible for European marketing and businessdevelopment based in Switzerland. Most recently Werner developed a hedge fund portal and managedaccounts platform for emerging hedge fund managers at Sofos Asset Management. Previously Wernermanaged the business development at Galtere Ltd, a New York/Switzerland based hedge fund focusing on thecommodity/macro and real assets private equity space. There he was responsible for marketing and investorsrelations across a wide spectrum of investors ranging from pension plans to sovereign wealth funds to familyoffices. He also handled press interviews, conference panel and TV appearances. Prior to Galtere Ltd Wernerwas with Swiss Alpha GmbH a systematic trading fund where he was for the early stage growth of the firm,creating awareness and launching the UCITs Investment Fund. Prior to Swiss Alpha GmbH, Werner was theGlobal Head of Sales and Business Development at Pamplona Capital Management based in Zug and London.Pamplona Capital was a diversified firm with a number of verticals ranging from private equity, to singlemanager funds to fund of hedge funds. There he was responsible for setting up the Zug, Switzerland officealong with expanding the marketing reach of the firm. He also oversaw the negotiations of various structuredproducts. Prior to Pamplona Werner worked briefly as a consultant for Absolute Capital Management, andTitanium Capital LLC. Prior to his foray into hedge funds Werner worked at JP Morgan/Chase- Flemings asDeputy Head of Sales, Emerging Market Equities, Morgan Stanley & Co. Intl, Vice President of equity sales innon-Japan Asia, UBS, Director of Japanese Equities, Robert Fleming Ltd, equity sales and Yamaichi FlemingLtd, equity sales. Werner holds a Bachelor of Arts in Finance (Bankkaufmann) and has successfully completedthe Bank of America training program.


Milltrust International Group (Singapore) Pte Ltd. is a group holding company for the group's operatingcompanies. Milltrust International LLP is a subsidiary of Milltrust International Group (Singapore) Pte Ltd. and isauthorised and regulated by the Financial Conduct Authority in the United Kingdom. Milltrust International (Singapore)Pte. Ltd. is a wholly-owned subsidiary of Milltrust International LLP. Milltrust International (Singapore) Pte. Ltd isregistered with the Monetary Authority of Singapore as a Registered Fund Management Company (RFMC).

This document does not constitute any offer or invitation to purchase or subscribe for any shares or other securities.This document is confidential. It is being supplied to you solely for your information and may not be reproduced,forwarded to any other person or published in whole or in part for any purpose without the prior written consent ofMilltrust International LLP. No reliance may be placed for any purpose whatsoever on the information contained in thisdocument or on its completeness. No representation or warranty, express or implied, is given by Milltrust InternationalLLP as to the accuracy, fairness, sufficiency or completeness of the information, opinions or beliefs contained in thisdocument. Save in the case of fraud, no liability is accepted for any loss, cost or damage suffered or incurred as aresult of the reliance on such information, opinions or beliefs. Any financial projections given are illustrative only andnone of the projections or assumptions should be taken as forecasts or promises on the part of Milltrust InternationalLLP. www.milltrust.com ·

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Investing with Confidence in India - milltrust.commilltrust.com/wp-content/uploads/2016/01/2016.1Q-Milltrust-India... · PRODUCT RESPONSIBILITY YEARS WITH FIRM YEARS IN THE INDUSTRY