Pangolin Aviation Recovery Fund


James Hay

James Hay, British and born in 1963, has been involved with Asian financial markets since 1986 with BZW and Kim Eng Securities in London, and with Arab-Malaysian Securities, TA Securities and Caspian Securities in Malaysia, where he has lived since 1993. Since 1998, James has primarily been involved with running his own investment portfolio and the Fund will be managed in a similar style to his private interests.

Mohshin Aziz


A Malaysian and currently residing in Singapore. He studied Chemical Engineering at Drexel University in Pennsylvania USA,  and has spent his 20 year career across Malaysia, USA, South Africa and United Kingdom. He has a diverse working experience with stints as an engineer, Investor Relations for a start-up airline, equity research analyst and consultant to airlines.

His entry into the world of aviation started upon joining AirAsia to spearhead the Investor Relations efforts. AirAsia went on to be a globally recognized airline and draw interest from investors all over the world and often foreign investors holds the majority shares compared to local shareholders. Thereafter, he joined Maybank Investment to lead the equity research on aviation sector across Southeast Asia, China and India. During his ten years at Maybank, the team and Mohshin on an individual basis, has received various accolades from various investor polls. He left Maybank in early 2020 to conduct independent consultancy work for airlines. Mohshin will lead the research efforts to identify investment opportunities specifically in the aviation related sectors across the world.

Richard Johnson

A British and since 2013 has lived in Switzerland. He originally studied Law at Oxford University and Finance & Real Estate Investment at City University in London and has spent his over 30-year career living and working in Asia, Europe and the Middle East. Of this Richard spent over 10 years living and working in Asia. He has been based in Singapore, Hong Kong and Beijing. 

He has held a number of senior regional or global roles in the real estate sector for groups such as JLL, Standard Chartered and UBS, serving on a wide range of private unlisted portfolio and project companies. He has sat on a range of investment committees and also has served on four listed Boards where he has held a number of Directorships and Non-Executive Directorships. He was a Director of Shangri-La Hotels (Malaysia) Berhad (2007 – 2009) and an Independent Director of CDL Hospitality REIT (Singapore) from (2008 - 2013). In this latter role he also served as Chairman of the Risk Committee and sat on the Audit Committee. He is currently Head of International Capital Markets at SIGNA Financial Services AG. He brings a broad perspective to the Fund, combining insights from global investment, real estate, hospitality and finance in the public and private sectors, coupled with corporate governance and investment oversight.

Vinchel Budihardjo


An Indonesian National now resident in Singapore, has a Master’s degree in Corporate Finance from Georgia State University. His responsibilities include company analysis and stock selection.

Much of his time is spent visiting companies both in Singapore and theregion. His fluency in the Hokkien dialect as well as Indonesian 
and Malay languages is an asset, especially when English is often not the first language of some of the companies’ managements we encounter.