Our team includes senior investment banking and private equity professionals from global investment banks and accounting firms. Our principals have a track record of some US$40 billion in aggregate transaction value and over 150 years of professional experience in Asia.


Chris founded Ivory Capital in 2002. Prior to Ivory, Chris worked at Lehman Brothers Investment Banking Hong Kong and Singapore offices, with his last position as Head of Lehman Brothers Singapore & Malaysia Investment Banking Group. He also worked at the Investment Banking Groups of Deutsche Morgan Grenfell (Southeast Asia) and Baring Brothers (Hong Kong).

Chris has over 25 years of investment banking advisory services and transaction experience, primarily in Asia. He has conducted due diligence, valuation analysis and negotiations for transactions across Asia including China, Hong Kong, Taiwan, Singapore, Malaysia, Indonesia, the Philippines and Thailand, under a wide range of economic and market conditions.

His M&A and international capital markets track record includes initial public offerings, equity offerings and global bond issuances comprising over US$12 billion in aggregate value involving leading Asian companies and multinational corporations such as Asahimas Flat Glass, Ascott Group, Cargotec, C Banner, CIMB Group (Malaysia), Kraft Nabsico Inc, Li & Fung, Manila Electric Company, MayBank, Mediacorp Singapore, Mediaring, Ministry of Finance of Indonesia, Parkway Holdings (largest Healthcare company in Southeast Asia at that time), Petronas (Malaysia’s national oil & gas company), Shougang Steel, Singapore CableVision, Singapore Power, Singapore Technologies, Singapore Telecom, Singapore Press Holdings, Starhub, PT Telkom and Tenaga (Malaysia’s national electric power company).

His private equity transactions include Blackstone’s US$250m acquisition of Tysan Residential Real Estate; Carlyle’s US$80m management buyout of GDC Tech; Uni President Group’s US$120m purchase of 30% equity in ScinoPharm (Taiwan/China) from Watson Pharmaceutical (USA); CDH’s US$100m investment into New Focus Auto; Citigroup’s US$120m management buyout of Lotus Northern China BMW Dealership; US$40m investment by JP Morgan & ASC Capital in Rodamas Consumer Products and Industrials (Indonesia).

Chris graduated with a Bachelor of Law degree from the National University of Singapore, and qualified as an Advocate and Solicitor of the Supreme Court of Singapore.

Managing Director

Christopher Tan

Lucienne Jallabert has over 16 years of financial advisory, research and investment experience in Asia and Europe.

Prior to Ivory, she was based for five years in Beijing as Senior Vice President with CEBM Group, a leading Chinese independent investment advisory firm providing institutional investors with China macro research and sector strategies. Lucienne was responsible for initiatives related to investment research and sales, and client-driven business efforts such as QDII, QFII and other cross-border ventures. She helped formulate investment strategies on China topics, originated and drove initiatives to leverage CEBM’s business relationships with investment institutions in and outside China (e.g. assistance in QDII/QFII partner searches, capital raising, strategic and business assessments). Clients included several of China’s largest fund management companies, such as China AMC, Bosera, China Southern, Guangfa and E-Fund.

Prior to Beijing, she was an Associate Director with UBS Investment Bank in London and Singapore, specializing in Telecoms, Media & Technology (2000-2003). Lucienne advised Vodafone Group on its strategic partnership with Swisscom (Euro 2.95 billion acquisition of a 25% stake in Swisscom Mobile, combined with an MVNO agreement in Germany), the sale of its fixed/mobile operator in Austria (telering), and the strategic management of its investments in mobile operators SFR (France) and Vodafone Egypt. In Singapore, she worked on the MobileOne (“M1”) IPO. Lucienne began her career at Ernst & Young Paris (1996-2000), where she managed statutory audit assignments, performed buyer and seller due diligence, and provided transaction support services for public and private companies in the Telecoms, Internet and Media sectors.

Lucienne is a graduate of HEC Business School and Sciences Po Paris in France, and holds a M.Sc. in Economics from Paris Dauphine University. She holds the Certified Financial Analyst designation, and is a regular member of both the CFA Institute and CFA Singapore.

Managing Director

Lucienne Jallabert

Phillip Y. Kim has 28 years of investment banking and financial advisory experience in Asia. Prior to joining Ivory Capital in 2011, he was with Morgan Stanley, Lehman Brothers and boutique advisor IRG Limited.

Phillip has completed several billion dollars in transactions across numerous Asian countries (e.g. Korea, Hong Kong, China, Singapore, Thailand, Indonesia, Philippines) and sectors (e.g. financial institutions, internet, telecom, oil & gas, consumer). His clients have included many of the leading corporate and funds across the region.

Phillip speaks English and Korean. He graduated from the University of California at Berkeley with a degree in Economics.

Managing Director

Phillip Kim

Vera Yanti Kretschmar has over 12 years extensive experience in Real Estate Investments, Retail and Consumer Products in China, the US, SEA and Europe. She has been actively involved in a variety of Investments mainly in the consumer products industry for the past 5 years. She joined Ivory Capital in 2019 based in Singapore.


Prior to Ivory Capital Vera worked at CBRE in Shanghai, China and in Hong Kong for five years where she helped Retail Brands, F&b operators and Cosmetic Brands with their Expansion Strategy and Real Estate Portfolio for Asia.


She was heading up the team which leased out the domestic airport in Shanghai Hongqiao and managed the leasing for the Shanghai Expo 2010. She managed major accounts for CBRE mainly in the luxury industry during her time.


She also ran her own Consultancy Business Prestige PR out of China for three years which assisted brands on entering and Investing into the China and SEA market. Vera was the Brand Director for leading Italian Jewelry Brand Stroili Oro in 2012 and has held various positions in the Property Investment and Consultancy Industry in Asia.


Originally from Germany, Vera grew up between Europe and Asia.  After finishing her studies in Germany and the US, Vera has lived in the US, Shanghai, Hong Kong, Manila and Switzerland and worked in Investments through the various regions.

She graduated with a Bachelor of Science in International Business from California State University Northridge.

Executive Director

Vera Yanti Kretschmar



Prior to joining Ivory, Veronika worked with a corporate finance firm in Singapore, assisting in transactions in the Fashion & Retail, Clean Tech and Education sectors.

Veronika received her Bachelor of Economics and Bachelor of Business Management degree from the University of Queensland, Australia, with a major in Quantitative Methods and Business Economics.


Veronika Dentstaporn

Zihe Yang has worked at Ivory for 2 years. Prior to joining Ivory, Zihe Yang had an internship in a consulting firm, assisting in preparing the project proposal of Linyi Stainless Steel Industrial Park, a landmark project in Shandong Province, China.

Zihe obtained her Bachelor of Business Administration degree from Shanghai University of Finance and Economics in 2014. Zihe has passed all examinations of ACCA (The Association of Chartered Certified Accountants) and expects to become a member of ACCA in 2017.


Zihe Yang

Prior to joining Ivory, Adams has interned at Henkel AG, a Global 500 chemical and consumer goods firm, and the Canadian Government, assisting in financial analysis and controlling.

At Ivory Adams has participated in various transactions in the Chemicals, Industrials, and Education sectors.

Adams received his Bachelor in Business Administration from Simon Fraser University, Canada, majoring in Finance and Operations Management. He received Honors First Class with Distinction upon graduation, the highest possible commendation for high academic achievement.


Adams has passed all three levels of the CFA and expects to become a CFA Charterholder in 2020.


Adams Ma

Jonathan joined Ivory Capital in 2016.  Prior to Ivory Capital, he worked at Brown Brothers Harriman and HSBC Group.

At Ivory, Jonathan has worked on strategic advisory and M&A assignments in the Consumer & Retail, Industrials and Renewable Energy sectors.  He is responsible for transaction execution work, business and financial analysis, and sector research. 


Jonathan received his Masters degree in Finance from Queen’s University, Canada, and his Bachelor degree with Dean’s Honors from York University, Canada.  Jonathan has passed all three levels of the CFA Program


Jonathan Tai

Adrian joined Ivory in 2019, after interning with Ivory in 2018.  Prior to joining Ivory, Adrian was a member of the Commercial  team of the Tropical Palm Division of Cargill, Incorporated.  Adrian was responsible for supporting Cargill’s Commercial team in the development and implementation of the Division’s strategies.


Adrian received his Bachelor of Business Administration (Accountancy) and Bachelor of Arts in Economics from the National University of Singapore.


Adrian Hartanto



Kevin T. M. Lam has been actively involved in various areas of corporate finance, capital raising and private equity in North America and Asia Pacific for 25 years.

Prior to Ivory Capital, Mr. Lam was a partner of IncuVest Asia Ptd Ltd. IncuVest focuses on incubator and early stage investments in software, eCommerce and mobile technologies and applications. IncuVest is an investment partner of the Singapore government. Mr. Lam also serves as Director and Senior Portfolio Manager of Castlewood Holdings, a private capital investment company and as advisor to corporations and investment groups. Mr. Lam was also a founder and director of Pacific Financial Advisors, LLC which is a boutique advisory company in the US West Coast that provides strategic corporate advisory and financial services to early stage and small cap companies seeking creative solutions to their objectives.

Prior to founding PFA in 2003, Mr. Lam was Vice President and Director of Business Development of Ecquaria Technologies Ltd, an international web services software company (eGovernment services platform) and CFO for UDU World Pty Ltd, a telecommunications software company. Prior to 2001, Mr. Lam was Vice President of JAFCO Investments Ltd, Japan’s largest private equity and venture capital firm, for 4 years where he was responsible for supervising over 20 private equity funded industrial, software and eCommerce companies primarily located in the Asia Pacific Region. From 1987 to 1997, Mr. Lam was Vice President at Citicorp, where he was involved in mergers and acquisitions, leverage buyouts, restructuring and leverage recapitalization transactions.

Mr. Lam holds a M.B.A. in Finance and Accounting from the University of Southern California’s Marshall School of Business (1988) and a B.S. in Biochemistry & Molecular Biology from the University of California (1985).

Managing Director

Kevin T. M. Lam

John Robson has over 20 years of investment banking experience in Europe and Asia. Prior to joining Ivory, John worked in both debt and equity capital markets with Bankers Trust, Merrill Lynch, Nomura, and JP Morgan.

His area of expertise is structured investment products, and until recently John was Asia-Pacific Head of Structured Product Sales and Marketing at JP Morgan. Prior to JP Morgan, John spent 2 years at Nomura in Hong Kong as Co-head of the Equity Derivative Business, and 12 years at Merrill Lynch in Hong Kong and London developing the structured products business for the firm.

John is originally from Melbourne, Australia, and has lived in Hong Kong for 20 years. He graduated with a Bachelor of Arts (Econ) Hons degree from The University of Melbourne.

Managing Director

John Robson

Jason Tang is focused on managing investments into early stage companies in China, managing capital for a Family Office.

He has over 10 years of financial advisory experience.  Prior to joining Ivory Capital in 2008, Jason worked in PricewaterhouseCoopers (Shanghai) Transaction Services department, providing financial due diligence and M&A-related services, and at KPMG (Shanghai) specializing in IPO auditing.

Jason provided advisory and due diligence services to clients such as Carlyle, CVC, Sequoia, GE Capital and CITIC Capital.

Jason graduated in 2005 from the Shanghai University of Finance and Economics with a Bachelor in Financial Management. He is the board member of Certificate Public Accountant Association of Canada (Shanghai Chapter).

Managing Director

Jason Tang



Albert Cobetto is a Senior Advisor at Ivory Capital.  He has lived in Asia over 30 years, principally in Hong Kong including 2 years in Japan.  Albert was Managing Director and Head of Public Sectors (Asia) at ABN AMRO/RBS. Other previous positions include CEO of BondsInAsia, CIO/Managing Director of Prudential (Jennison) Asia Public Fixed Income Fund, Head of Capital Markets for Salomon Brothers Asia and Head of Financing Group for Lehman Brothers Asia. 


His experience includes senior roles in corporate finance and the global capital both as investment banker and investor.    He has a broad range of investment activities including fixed income, origination, syndication, liability management, structured finance and public equity products.  In corporate finance, he has managed financial advisory assignments, mergers, acquisitions, divestitures and direct investments. 


Albert was a key advisor in establishing the CITIC Capital China Mezzanine Fund and was a member of Independent Committee for the Fund and shareholders. In addition, he has worked closely with the Government of Japan and multinational institutions. He has advised the Tokyo Assembly, Metropolitan Government and key Japanese government ministries to expand their relationships and business in South East Asia.


He has successfully completed major capital markets transactions with other governments and institutions such as the Ministry of Finance of China for their first bond issue in the international capital markets, Korea Development Bank (KDB), Petronas and Tenaga (the national oil & gas, and power companies of Malaysia) and the Asian Development Bank (ADB).  


Albert has been a frequent speaker on the media on Asian markets, appearing on Asian Business News, Reuters, Asian Debt Monitor and Bloomberg.   He was awarded the “Emerging Markets Superstar” by Global Finance for his contributions to the development of the Asian capital markets. He holds a BSc from Bradley University and a MIM from Thunderbird (American Graduate School of International Management).


He has always been active in charities including Summerbridge, a program for highly motivated, underprivileged high school students from low income families.  In addition, a component of his work in Myanmar is for charity.

Managing Director

Albert L Cobetto

Jonathan G. Morgan assumed the position of President and Chief Executive Officer of Applied Science, Inc. in 2009, after years of building and managing businesses in a variety of industries. He was a founder and served as President and CEO at PingDa Travel, a company organized to undertake a major roll-up in the corporate travel industry in China. He also was President and CEO of First Virtual Communications, a developer of highly scalable and secure, enterprise class, rich media communications solutions, for clients including the U.S. Department of Defense. Mr. Morgan began his career as an investment banker, and held major positions in a number of firms, including Worldwide Head of the Technology Group at Prudential Securities; Founding Partner and Managing Director of the mergers and acquisitions business at Montgomery Securities, and a member of Morgan Stanley’s mergers and acquisitions department.

Mr. Morgan is a founder and Chairman of Plus 3Networks, a pioneer in the use of social media to develop corporate wellness solutions; a member of the strategic advisory board at Bishop Wisecarver, a leader in the engineering and development of motion technology solutions, and the independent director of Zuli Inc., a company focused on developing Bluetooth low energy devices and related mesh networks that are both intelligent and highly scalable. He received his HBA from the School of Business Administration at the University of Western Ontario, where he was a member of the Dean’s Honour’s List.

Managing Director

Jonathan Morgan

Terence has over 30 years of management and business development experience. Prior to joining Ivory, Terence was a strategic and business consultant to Shougang Hong Kong and senior executive of several major Insurance companies.

He was the Founder, Chief Executive and Managing Director of CEF Insurance Group, one of the leading insurers in Hong Kong with Cheung Kong, CIBC and Temasek as shareholders. In 2000, Terence led and negotiated the sale of a 55% equity interest in CEF Insurance Group to MLC Australia (now known as AXA Hong Kong) for HK$1.24 billion.


Terence is a Harvard Business School Alumni, Member of the Chartered Institute of Marketing in the United Kingdom, Fellow of the Life Management Institute USA and Member of the Actuarial Association of Hong Kong.

Managing Director

Terence Wu


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