About RS Group

Mission and Vision

Our aim is to create a paradigm shift in our societal values and priorities so that economic growth does not jeopardize human development and environmental sustainability. Through our investments, we seek to shape a compassionate society that desires a better world for future generations while protecting “the commons” upon which all life on Earth depends.

We envision a world in which our values and actions reflect our appreciation of our interdependence with the rest of humanity and with the environment.

Our Guiding Principles

Total Portfolio Approach

We take a total portfolio approach to asset allocation. This approach bridges the not-for-profit and for-profit worlds by generating both financial and ‘extra-financial’ returns, through social and environmental benefits. It encompasses a wide range of activities across the financing spectrum: from grants, to lending to charities, to investing equity in social enterprises, to Sustainable and Responsible Investing (SRI).

Blended Value

Blended Value states that value creation is not an “either/or” proposition wherein one creates either economic returns or social impact, but rather value is whole—organizations have both economic and social aspects of performance; and, by extension, capital is not simply philanthropic or market-rate, but rests along a continuum. Across this continuum, various types of investment offer various levels of financial, social and environmental performance. There is no “trade-off” between doing well and doing good—there are simply different degrees of performance in an integrated capital market. Please go here to read more on these concepts.

Blended Finance & Catalytic Capital

Blended finance is an investment structuring appraoch that uses catalytic (or flexbile) capital from public or philanthropic sources to de-risk or enhance the retruns of sustainability/development projects. The objective is to make these projects more attractive to commercial investors, thereby increase private sector investment in sustainable development. Blended Finance and Catalytic Capital are instrumental in supporting high-impact yet underfunded areas that are often seen as high risk, or having lower returns, or in frontier markets where mainstream investors don’t want to go. Catalytic Capital can take many forms, from proof-of-concept grants, to first loss or guarantees and below-market investments equity or debt investment instruments. At the end of the day, it is about mobilising more mainstream capital to sectors or regions which otherwise would not have happened, and allowing organizations with different objectives to invest alongside each other while achieving their own objectives (whether financial return, social impact, or a blend of both). (Definition and graphic credit: convergence blended finance)

Our Team

Christine Chan, Associate Director for Investment

Christine focuses on the private investments of the RS Group. She has close to a decade of experience in private equity. Prior to joining the RS Group, Christine was a Senior Vice President at RRJ Capital, an Asia-based private equity fund with more than US$12 billion asset under management across four funds. Before RRJ, she was an investment banking analyst with Credit Suisse. She graduated from the London School of Economics and Political Science with first class honour majoring in Economics.

Winnie Chan, Director of Investments

Winnie oversees investments of the RS Group with focus on public investments. She has more than 20 years of experience in family office, asset management and investment banking industry. Prior to joining RS Group, Winnie was the Managing Director and Responsible Officer at both single and multi family offices, where she oversaw global wealth management across multiple asset classes. Previously she managed institutional and retail portfolios at I.G. Investment Management and Legg Mason as a portfolio manager. Prior to asset management, she worked at investment banking division at UBS and Goldman Sachs. She graduated from the University of Chicago with Phi Beta Kappa majoring in Economics.

Justin Chang, Director for Philanthropy and Catalytic Capital

Justin focuses on RS Group’s deployment of catalytic capital, supporting climate effective and local communities-centered nature-based solutions, while aiming to attract more investment into this area. He also helps manage the philanthropic activities of the RS Group. Prior to this, Justin was with the UBS Optimus Foundation for 4 years, developing and structuring outcomes-based and blended finance projects, managing investments into social enterprises, and led the social finance team’s global work on climate and nature-based solutions. Before UBS, Justin worked for Prudential plc as part of its corporate foundation in Asia, as well as prior roles at Prudential including finance, strategy, and M&A. He started his working life with EY Australia, holds a Bachelor of Business with Distinction from the University of Technology, Sydney and is a qualified Chartered Accountant.

Annie Chen – Founder and Chair

Annie is dedicating her time and resources toward social and environmental causes with the potential for generating positive systemic change and sustainable development. Believing the potential for change through social entrepreneurship, Annie is working to enhance the development of social entrepreneurship throughout Hong Kong and Asia. Born and raised in Hong Kong, Annie obtained her BA from Brown University and her JD from Columbia Law School.

Ronie Mak – Managing Director

Ronie is an investment banker by training with over 15 years of experience in banking.  Ronie previously spent 8 years in HSBC serving in various departments including the CEO office, strategy and business management as well as in-house mergers and acquisitions team for the region. During this period, Ronie acted as the Secretary of the Hong Kong Association of Banks in 2012, and other previous roles included KPMG Corporate Finance, United Parcel Services Mergers and Acquisitions as well as HSBC Corporate Finance. Ronie was born in Hong Kong and graduated from the University of New South Wales in Sydney with merit and a double degree in finance and marketing, Bachelor of Commerce.

Our Advisors

Ivo Knoepfel – Senior Advisor

Ivo is the founder and managing director of onValues Ltd., a leading independent investment consulting firm with a focus on responsible and sustainable investment strategies. With assets under advice in the range of multiple billion USD, onValues supports a wide range of international clients including pension funds, family offices, foundations and HNWIs on aligning their investments to long-term sustainability trends. Based in Zurich, Ivo has in the past worked for pioneering institutions such as Swiss Re (head of group sustainability), SAM (head of research and indices) and responsAbility (microfinance and impact investments). He is a certified analyst/portfolio manager and environmental engineer (MSc and PhD) by training.

Our Alumni

Our work would not have been possible without the support and contribution of our “Alumni” — former team members and advisors who have since embarked on their respective impact journeys, but will always be part of the RS Group family.

Yuni Choi
Jed Emerson
Leonie Kelly
Tze Wei Ng
Joan Shang
Bonny Landers
Katy Yung
Anna Wang