Lloyd George Management is an Asian fund manager. The firm manages funds with teams in Hong Kong. The firm was established by Robert Lloyd George.

Investment Style

 Thematic Investing



Research in Under-Researched Markets

Management Integrity

Strong Balance Sheet

Our Founder


Bamboo Asia Fund

The Bamboo Strategy focuses on growth in Asia, particularly in themes such as tourism, wealth management, and the internet.

Investment may be in listed equities in mainland China, India, Hong Kong, Taiwan, Singapore, Thailand, Philippines, Malaysia, Indonesia, Australia, South Korea and Vietnam. The strategy may also buy Asian companies listed outside Asia.

The Strategy aims to generate value through careful stock selection in a concentrated, low turnover portfolio of 25-35 stocks. The Strategy seeks dividend-paying companies when possible. Long-only, stock picking with no ‘index hugging’, and an active-conservative management style. Target performance is 12% per annum, with MSCI Asia-Pacific as benchmark. The Strategy uses rigorous bottom-up research combined with informed macro decision-making to influence weighting.

The Strategy was launched in April 2015 as a Luxembourg UCITS (The Argos Bamboo Fund). In October 2015, a Delaware LP was launched to render the Bamboo Strategy more accessible for North American investors (Bamboo Asia, LP).

Indian Ocean Fund

The Indian Ocean Strategy seeks to find value and growth in India, Pakistan, Sri Lanka, Bangladesh, Vietnam and Mauritius. As other regional markets develop, such as Myanmar, they may be added to the Strategy. The Strategy aims to generate both dividend income and capital appreciation. The Fund may also buy geographically relevant companies listed in other markets.

The Strategy aims to generate value through careful stock selection in a managed, low turnover portfolio of 50-80 stocks.

The Strategy is long-only with no ‘index hugging’, and an active-conservative management style. Target performance is 12% per annum. The benchmark is 75% MSCI India and 25% MSCI Asia Frontier Markets.

Management will undertake rigorous ESG studies, with particular attention to corporate governance and shareholder value for money.

On 1 December 2016, Lloyd George Management launched the strategy as a Cayman Fund in a US Master-Feeder structure. The strategy is accessible to both US and non-US professional investors.

Managed Accounts

Lloyd George Management works with family offices to develop Asian investment management strategies. The firm manages tailored equities portfolios.


Robert Lloyd George

Robert Lloyd George

Chairman and CIO

Mr Lloyd George was educated at Eton and Oxford University (MA).  He began his investment career in London in 1974 with Coutts & Co. Mr Lloyd George subsequently worked at the Paris Stock Exchange and at a major bank in Brazil.

He is best-known for founding Lloyd George Management (now known as BMO Global Asset Management) in 1991, later forming partnerships with Eaton Vance, Mirabaud and Sal Oppenheim. There, he developed long-only funds for China, India, GEM and BRIC.

Lloyd George Management was bought by Bank of Montreal in January 2011, and Robert Lloyd George retired from Lloyd George Management in 2014.

Mr Lloyd George was previously Managing Director of Indosuez Asia Investment Services in Hong Kong from 1984, launching the first closed end country funds for Thailand, Indonesia, Philippines, China and India. In 1978, he joined the Fiduciary Trust Company in New York to work on international investments for the UN Pension Fund.

In 2015, he established Lloyd George Management (HK) Limited to build on his forty-year track record of investing in Emerging Markets.

Mr Lloyd George published several books, including Guide to Asian Stock Markets (1989), The East West Pendulum (1991), North South (1994), David & Winston (2005) (he is a great-grandson of the former Prime Minister David Lloyd George), The East West Pendulum Revisited (2005) and A Modern Plutarch (2016). 

Tom Royds

Tom Royds

Chief Operating Officer

Prior to joining Lloyd George Management (HK) in March 2015, Mr Royds spent 8 years as Chief Operating Officer for two Hong Kong based regional investment funds. In these roles, he was variously responsible for business management, operations, fund marketing, investor relations and compliance.

Mr Royds started his career in London in 1986 as a Eurobond dealer, in which capacity he worked in Hong Kong from 1988 to 1990. In 1990, Mr Royds joined Schroder Securities, initially on the convertible and derivatives team in London, and subsequently as an Asian equity salesman in New York. In 1996 he joined ABN AMRO, returning to London in 1997 as Head of North Asian Equity Sales. In July 2000, he was transferred to Hong Kong where he was later promoted to Global Head of Asian Equity Sales. He left ABN in 2005, before joining Lehman Brothers in 2006 as Head of Asia and Japan Client Account Management. Mr Royds has a BA in Economics from the University of East Anglia.

Justin Chan

Justin Chan

Investment Analyst

Justin Chan joined Lloyd George Management (HK) in July 2015, having interned at Lloyd George Management in 2012. His main focus is to generate investment recommendations for Hong Kong. Previously, Justin worked at Tocqueville Asset Management in New York, an investment firm with $13bn under management. As an analyst with a focus on U.S. equities, Justin assisted in the management of major discretionary portfolios for the Chairman. Justin was educated at Eton and graduated from Middlebury College, VT with a BA in Economics and Philosophy.

Bratin Sanyal

Bratin Sanyal

Chief Investment Officer


He is responsible for portfolio strategy, portfolio construction and risk management.  He joined Lloyd George Management from Conning Asia Pacific Limited, Hong Kong, where he was Chief Investment Officer, Asia Pacific. Prior to that he spent 20 years with ING Investment Management Limited in various roles in New York, Luxembourg and Holland, moving to Hong Kong in 2004 as Head of Asian Equity Investments.  During his long career in investments he has worked as an Economist, Analyst and Investment Manager across Asia and Global Emerging Markets. His first job was with the World Bank in Washington DC as a Consultant Financial Analyst.


Bratin holds an M.B.A. and Ph.D. candidate in Finance from Rutgers University, New Jersey, USA.  He also received a Master’s and Bachelor’s Degree in Physics from the Indian Institute of Technology, Kharagpur, India.

Stella Leung

Stella Leung

Operations Manager

Prior to joining Lloyd George Management (HK), Stella spent 20 years working in the operations team of Jardine Fleming (later merged with JP Morgan).  She performed operations for various cash equities, Futures and Options operations, cash management and reconciliation. In 2004, she joined Lloyd George Management (now known as BMO Global Asset Management) as Senior Fund Administrator of Settlement & Fund Administration in which she performed Operations on Units Trusts; UCITS Funds & Hedge Funds. Stella joined Lloyd George Management (HK) in March 2015.

Carol Li

Carol Li


Prior to joining Lloyd George Management (HK), Carol spent 21 years as Group Accountant for Lloyd George Management (now known as BMO Asset Management). She was in charge of accounting and treasury operations. She reported to the CFO and CEO. She left Lloyd George Management in March 2015. Carol joined Lloyd George Management (HK) in March 2015.


An Introduction to the Lloyd George Management (HK) Limited Team – 18 November 2020

Hedge Biden with Chinese Tech – 3 November 2020

The New Map of Global Energy – 9 October 2020

The Gold Renminbi – 27 August 2020

Contact Us

Lloyd George Management
Unit 21 & 23, 2/FL Casey Building, 38 Lok Ku Road, Sheung Wan, Hong Kong

+852 3468 7278



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