Qualification sets good example for staff
Managing director went after a CFP credential despite years of experience under his belt
Paul Pong Po-lam, managing director of Pegasus Fund Managers, has an interesting background.
Growing up as the eldest in the family, he started working and earning pocket money for himself and his young siblings when he was at primary school.
From school to university, Mr Pong gained entrepreneurial and innovative experiences for his career and personal development.
He is also a certified financial planner.
Why did you pursue CFP certification with an established name in the industry? I got the qualification in 2001 - I was in the first batch in Hong Kong.
This is partly for the corporate image, but I believe it sets a good example for our staff.
I encourage our staff to upgrade themselves, whether that might be by pursuing an MBA, a CFA or CFP.
You were not academically trained in finance or accounting. You were a chemist. What made you want to become a finance professional?
After graduating from the Chinese University, I started at Jardine Matheson Group in the industrial products division.
I got promoted to product manager within six months. It was quite an achievement at that time. The experience was amazing.
I created some products to fit the market's needs, sharpened my business acumen and built valuable connections with my business partners, who are mostly Fortune 500 companies' executives.
Six years later, my ex-partner asked me to join his company. I was offered a 30 per cent share of the company.
When the Middle East crisis broke out, my partner left and I took up the whole company. I then changed the name to Pegasus Fund Management.
At present, we serve institutional, corporate and individual clients on portfolio and fund management, as well as wealth management and financial planning.
How has your business progressed over the years? We have been doing quite well as a boutique practice. Besides offering a higher-than-average return to our clients, we have also attracted a multi- national bank to be our minority stakeholder. This is a clear recognition of our work and achievements.
It was quite a big change for us as the partner required a more stringent and sophisticated controlling and reporting system. In particular, it trained us up in the corporate governance area. We have also developed some long-term and intimate friendships with our clients.
The people who we work with are not just from the finance field but from all sorts of industries.
After years of relationships, some of my clients have even sent their children to us as summer interns or graduate trainees. This is also an acknowledgement of their trust in us.
What are the challenges you face now? We definitely have to learn a lot, not only theories, otherwise we will not be able to make good recommendations.
The world is ever-changing, we just need to update ourselves. Clients are becoming more sophisticated and demanding. They and our company are overloaded with information.
We need to be focused on our own position. In addition, market competition is more intense, with more players getting into the market.
What are your visions for the firm and industry? The China market is opening up. I think we are in a good position to help the Chinese mobilise their savings, which will eventually help the economy. Traditionally, Chinese like saving their earnings and put them in banks. They are not good at or keen on investing. We know that investment is good for the economy. We need to build a steady track record and allow clients to believe in and invest with us.
The next 10 years are crucial to the industry. For the past 10 years, we were in the development stage, and now is the growth stage. I believe Hong Kong will be the wealth management centre, the Zurich of Asia.
What is your advice to newcomers?
There is a way to achieve - hard work. The more you do it, the better you can make it. When I was at Jardine, I met five clients daily to learn more about the products. When I started in finance, I learnt by subscribing a minimal amount to each fund to learn about the industry and products. By doing this, I have gained essential knowledge.
Wealth management is a long-term business. It is not a brokerage or deal-driven investment banking business. It needs continuous effort.
Qualifications
1981 Bachelor of Science in Chemistry, Chinese University of Hong Kong
1998 EMBA, Chinese University of Hong Kong
2001 Certified Financial Planner, Hong Kong
Work experience
1981-1986 Manager, industrial products division, Jardine Matheson Group
1986-1990 Director, Gartmore Fund Managers Far East
1991 to present Managing director, Pegasus Fund Managers/Pegasus Financial Services/Pegasus Property Consultants