A holistic approach to delivering superior returns

A holistic approach to delivering superior returns

ABOUT US

The Keystone story

Our mission is to be a leading asset management firm that helps our clients realise their investment goals. To achieve excellence, we have created a world-class team by actively recruiting the most talented and experienced personnel.

Founded in 2021, Keystone is headquartered in Singapore. A strong company culture that prioritises transparency and integrity defines everything we do.

Specialised teams

Keystone aims to build teams that are domain experts organised by industries in geographies or countries with idiosyncratic domestic drivers.

Long-term view

Keystone takes a 3–5-year thematic fundamental view, generating alpha through their unique portfolio construction process with timing and sizing of ideas.

Fundamental research

Keystone employs fundamental research to invest in equities from sectors and countries where a sustainable advantage can be developed.

Our holistic vision

At Keystone, we seek inputs from diverse sources and consider multiple prespectives and opinions. This holistic approach allows us to identify both risk and opportunity and create more effective strategies.

Our leadership team

Exceptional people have the power to create extraordinary outcomes. United by a common mindset and passionate commitment to deliver superior, risk-adjusted returns, our leadership team takes pride in its history of developing exceptional talent.

Liu Xuan
Chief Investment Officer
Ken Tonkinson
Chief Executive Officer
Matt Zhang
Chief Risk Officer
Mark Ledingham
Chief Compliance Officer
Thandar MYO AUNG
Chief Operating Officer

Helping our community

Committed to supporting the local community, Keystone actively supports the following charities: 

Children’s Wishing Well

Since 2024, we have partnered with Children’s Wishing Well (CWW). A registered charity founded in 2002, CWW is Singapore’s only organisation dedicated to providing a holistic education to children and young people from disadvantaged backgrounds.

The children typically come from low-income families, and their parents may be suffering ill health, incarcerated, or simply absent from their lives. CWW supports both their educational and daily living needs and equips them with the future skills to escape the poverty trap. We also participate in CWW’s annual Fresh groceries for Every Student’s Home (FRESH) initiative. 

Food from the Heart

In 2025, we began partnering with Food from the Heart (FFTH), a non-profit committed to alleviating hunger through food support initiatives and nurturing a more compassionate Singapore. 

Much of the charity’s focus is on redirecting food from local bakeries and food businesses that would otherwise go to waste. Through its 10,000-strong network of volunteers and five cornerstone programs, FFTH distributes food to those in need, with nearly 60,000 beneficiaries in 2023. 

Liu Xuan
Chief Investment Officer

Xuan has 17 years’ of experience in hedge funds with a 15-year track record of running a fundamental long/short equity strategy at various global multi-strategy platforms like Point72, Millennium and Schonfeld.

Xuan holds a BSc (Hons) degree from the National University of Singapore.

Ken Tonkinson
Chief Executive Officer

Ken has 25 years’ experience in asset management, with the last 19 years focused on Asia, building and running business infrastructure primarily across global platforms such as Fortress Investment Group.

Ken received a MBA from Lerner College of Business & Economics at the University of Delaware, and a BSc in Finance with a minor in Economics from Bloomsburg University of Pennsylvania.

Matt Zhang
Chief Risk Officer

Matt has 16 years’ of experience in finance, and has been responsible for managing a range of investment and non-investment risks across institutions such as GIC and SGX.

Matt holds a PhD (Finance) from the National University of Singapore and is a Financial Risk Manager certified by the Global Association of Risk Professionals.

Mark Ledingham
Chief Compliance Officer

Mark has 18 years’ experience in finance, with the past 15 years focused on implementing compliance frameworks and monitoring processes at buy-side institutions in key global jurisdictions.

Mark holds a BSc (Hons) in Computing Science and Economics from the University of Glasgow.

Thandar MYO AUNG
Chief Operating Officer

Thandar has 19 years’ experience in operations management. Her previous roles include managing the operations team for long-only funds with AR Capital; handling operations at Kiara Advisors for the Long Short Equities Hedge Fund with a focus on Korea and Greater China; and alternative operations at Maybank Asset Management Singapore.

Thandar holds a Masters of Finance and a Bachelor of Business in Economics & Finance from SIM-RMIT University.