SGX-backed ADDX designates new CEO
The new CEO projects ADDX total transactions will reach $1.36b by 2023.
Private market platform, ADDX, has designated Oi-Yee Choo as its new CEO, which will still be subjected to the Monetary Authority of Singapore’s (MAS) approval.
Prior to joining ADDX, Choo worked at UBS, where she was head of investment banking for Singapore. In addition, Choo worked on mergers and acquisitions as well as initial public offering deals, including the listing of Suntec REIT and Parkway Life REIT on Singapore Exchange.
Choo, the firm’s former chief commercial officer, expects ADDX to record $1.36b (US$1b) in transactions by 2023, entrenching its post as Asia’s largest private market exchange.
“Reaching a critical mass will signal that we are the primary venue for any issuer or investor looking to deal in private market investments. It will strengthen our ability to achieve our mission of ensuring fair and equal access to the private markets for all – including, ultimately, retail investors,” she said in a statement.
Meanwhile, the company projects that its permanent employees will go up to 120 in 2022 from 90 at the end of 2021. In 2021, the ADDX platform reported that its total transactions exceeded $204.6m (US$150m) and the lion’s share was from individual accredited investors from 27 countries in the Asia Pacific, Europe, and the Americas.
The pace of expansion is expected to accelerate further in 2022 and 2023, with the impending opening of institutional and corporate investor accounts, and individual account openings growing at a rate of 120% annually.
In 2023, the total count of deals completed on the ADDX platform is likely to multiply by at least four times to reach 100, an increase from the 24 deals completed by the end of 2021.
“We are building the Amazon of the private markets – the first stop investors think of when considering alternative investments because they know they will find here a full range of products with varying risk-reward profiles,” Choo said.
Also, for this year, the ADDX platform will onboard more global general partners after launching deals last year by blue-chip names such as Partners Group, UOB, Investcorp, Mapletree, Azalea, SeaTown, and CGS-CIMB.
MAS approval is still pending for ADDX Pte Ltd, a newly established entity in which Choo will be at the helm to operate the ADDX platform. ADDX Pte Ltd is currently owned by parent firm ICHX Tech, which will manage the ADDX platform under existing licences until new MAS approvals are obtained for ADDX Pte Ltd.
Danny Toe, who has been head of the ADDX platform through ICHX Tech, will remain CEO of ICHX Tech.
Aside from the CEO position, Darius Liu, who was a former chief operating officer, was also designated as ICHX’s Tech group chief strategy officer, whilst Inmoo Hwang, who was previously head of business strategy and growth, will become COO of ADDX Pte Ltd.
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