Singapore MAS Issues $31,000 (S$40,000) Fine on Havenport Investments & Reprimands to Senior Management (CEO Tan Keng Sin Patrick & Executive Director Tern Yuh Sheng Joseph) for Failures in Risk Framework on Managing Assets, Capital Requirement, Non-Compliance Reporting & Obtaining MAS Approval for New Product Launch to Retail Investors, Havenport Investments Founded in 2010 by Patrick Tan (Rothschild Asset Management CIO, Legg Mason Singapore Co-CEO) & Joseph Tern (Legg Mason Congruix Investment Management Deputy CIO), Havenport Investments Ceased Retail Fund Management Business in 2024 July
20th May | Hong Kong
Monetary Authority of Singapore (MAS) has issued a $31,000 (S$40,000) fine on Havenport Investments & reprimands to senior management (CEO Tan Keng Sin Patrick & Executive Director Tern Yuh Sheng Joseph) for failures in risk framework on managing assets, capital requirement, non-compliance reporting & obtaining MAS approval for new product launch to retail investors. Havenport Investments was founded in 2010 by Patrick Tan (Rothschild Asset Management CIO, Legg Mason Co-CEO) & Joseph Tern (Legg Mason Congruix Investment Management Deputy CIO). Havenport Investments had ceased retail fund management business in 2024 July. Announcement (18/5/26): “The Monetary Authority of Singapore (MAS) has reprimanded senior management members of Havenport Investments Pte Ltd (HIPL) for their failure to satisfactorily discharge their duties which included, among other things, ensuring that HIPL complied with MAS regulations. MAS also imposed a composition fine of $40,000 against HIPL for the breaches committed by the company. The senior management members were Mr Tan Keng Sin Patrick, HIPL’s Chief Executive Officer and Mr Tern Yuh Sheng Joseph, HIPL’s Executive Director. HIPL’s breaches of the Securities and Futures Act and its related regulations included failing to put in place a risk management framework that adequately identified, addressed and monitored the risks associated with the assets it managed. HIPL also breached its base capital requirement and failed to report this non-compliance to MAS. HIPL further violated its Capital Markets Services licence conditions that required it to obtain written approval from MAS before launching a new product and ensuring retail investors obtain personalised financial advice from independent financial advisers before being onboarded for that product. HIPL has ceased its retail fund management business and is no longer allowed to manage monies for retail investors from 18 July 2024.”
“ Singapore MAS Issues $31,000 (S$40,000) Fine on Havenport Investments & Reprimands to Senior Management (CEO Tan Keng Sin Patrick & Executive Director Tern Yuh Sheng Joseph) for Failures in Risk Framework on Managing Assets, Capital Requirement, Non-Compliance Reporting & Obtaining MAS Approval for New Product Launch to Retail Investors, Havenport Investments Founded in 2010 by Patrick Tan (Rothschild Asset Management CIO, Legg Mason Singapore Co-CEO) & Joseph Tern (Legg Mason Congruix Investment Management Deputy CIO), Havenport Investments Ceased Retail Fund Management Business in 2024 July “
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Havenport Investments – Havenport has been serving the investing needs of Sovereign Wealth Funds, Global Pension Funds, Banks, Financial Advisors and individual investors since its establishment in 2010. Leveraging off its strong heritage in institutional and retail asset management since its establishment, and going back to its predecessor firms, Havenport is today a wealth services company integrating our asset management, wealth management and capital management expertise to create innovative investing, wealth and capital solutions for our clients and business partners. The company is headquartered in Singapore, and is founded by Patrick Tan and Joseph Tern, both of whom have had long and successful tenures with some of the top asset management firms internationally. Our leadership team comprises professionals also with long and successful careers in both the asset management and wealth management industry. Havenport is regulated by the Monetary Authority of Singapore. It holds a Capital Markets Services licence for fund management, dealing and custody.
Patrick Tan – Patrick is a Managing Partner of Havenport Investments. He has over 30 years of experience in asset management, wealth management and investment and strategy research. Patrick was Chief Investment Officer at Rothschild Asset Management from 1994. Except for a brief period between 2000-2003, he remained Chief Investment Officer through the various successor firms, leading to the eventual formation of Havenport Investments in 2010. Patrick was also Co-Chief Executive Officer of Legg Mason Singapore, until the establishment of Havenport Investments. Between the years 2000 and 2003, Patrick was Managing Director of DBS Asset Management, and together with Joseph Tern, was instrumental in turning around the business and its investment track record, putting it back onto the path of growth. In the formative years of his career, Patrick worked as Senior Portfolio Manager with Nikko Asset Management and UOB Asset Management. Patrick graduated with Bachelor of Business Administration from the National University of Singapore in 1987. He is also a CFA charter holder.
Joseph Tern – Joseph is a Managing Partner of Havenport Investments, with over 30 years of experience in fund management, wealth management and investment research. Prior to the establishment of Havenport Investments, Joseph was Deputy Chief Investment Officer in Legg Mason Congruix Investment Management from 2004 to 2011, and Investment Director of Rothschild Asset Management from 1998-2000. Between 2000-2003, Joseph was Executive Director at DBS Asset Management, where he co-led the team together with Patrick. Earlier on in his career, Joseph spent seven years with Morgan Stanley Asset Management where he was Principal and lead Portfolio Manager for the Morgan Stanley Malaysia Fund, and the Morgan Stanley Thai Fund, which were among the largest NYSE listed Asian equity closed end funds in its time. Joseph also had stints as Senior Fund Manager with Bankers Trust Funds Management where he was the Asian Banking Sector Head, as was also a Senior Portfolio Manager with UOB Asset Management in the formative years of his career. Joseph graduated with second-class honors in Bachelor of Accountancy from the National University of Singapore. He is also a CFA charter holder.
Singapore MAS Issues $31,000 (S$40,000) Fine on Havenport Investments & Reprimands to Senior Management (CEO Tan Keng Sin Patrick & Executive Director Tern Yuh Sheng Joseph) for Failures in Risk Framework on Managing Assets, Capital Requirement, Non-Compliance Reporting & Obtaining MAS Approval for New Product Launch to Retail Investors, Havenport Investments Founded in 2010 by Patrick Tan (Rothschild Asset Management CIO, Legg Mason Singapore Co-CEO) & Joseph Tern (Legg Mason Congruix Investment Management Deputy CIO), Havenport Investments Ceased Retail Fund Management Business in 2024 July
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