JRT Partners, a Singapore-based single-family office, actively invests across diverse asset classes, from real estate to alternative investments like private equity, hedge funds, venture capital, and mutual funds. This discreet firm occasionally collaborates with other family offices on investments and provides advisory services encompassing family office setup, administration, and investment due diligence. In a recent interview, Hubbis had the opportunity to speak with Tuck Meng Yee, the founder and partner who established JRT Partners in 2015. Yee shared profound insights into the investment landscape, spanning both mainstream and alternative markets, public and private sectors. His perspective offers valuable guidance for investors of all scales seeking to strategically position themselves within the current and anticipated global economic and financial climate. A key aspect of Yee’s philosophy is his strong advocacy for both external and self-directed education, emphasizing that a deeper understanding of psychology, macroeconomics, market dynamics, and diverse investment products is crucial for navigating the uncertainties of the future.
Yee initiated the conversation by underscoring the importance of investor education extending to retail levels, rather than remaining exclusive to affluent or sophisticated investors. He voiced his belief that alternative investments, which he has observed to yield potentially superior returns compared to public markets throughout his career and personal investing experience, should ideally be more accessible to retail investors, while acknowledging the current logistical challenges in achieving this.
“Realistically, for most individuals,” Yee noted, “aggressively building wealth from an early stage, barring entrepreneurial success or inheritance, primarily relies on leveraging property. Regrettably, this often means missing out on significant opportunities within the venture capital and private equity realms.”
He illustrated this point with an insightful analogy relating to diet and nutrition:
“Banks and financial institutions often operate like restaurants, offering standardized ‘menu’ options. However, what investors frequently require is akin to a nutritionist – someone who can provide holistic planning tailored to their specific needs and financial health.”
Enhancing Information Accessibility and Quality
Despite the challenges, Yee acknowledges the positive shift towards easier access to self-directed research in the modern era. However, he also cautions against the inherent risk of being swayed by trending topics and sensational headlines, which may not translate into sustainable or risk-adjusted returns. “Therefore, it is paramount to empower investors to discern and regulate the quality of information they consume,” he emphasized.
Beyond his responsibilities at JRT Partners, Yee dedicates considerable time to investor education through lectures and virtual sessions.
“Investing, learning, and sharing knowledge are genuine passions for me,” he stated. “However, it’s also about access – access to capital and access to opportunities. Whether an investor opts for a private bank, co-invests with knowledgeable partners, passively invests through ETFs or mutual funds, or gains access to PE, VC, or hedge funds, these are all viable pathways. A crucial part of the decision-making process involves assessing one’s own time commitment, level of interest in investing, and whether outsourcing investment management is a preferred approach.”
Strategic Partner Selection in Investment
Expanding on outsourcing investment management, Yee highlighted the critical next step: selecting appropriate advisors. This decision is often contingent on the scale of investable assets, particularly when bespoke portfolio solutions are required. Furthermore, investors must determine the composition of their portfolios, considering a spectrum from purely mainstream investments to a blend incorporating various alternative asset classes.
Navigating a Landscape of Abundant Liquidity
Yee observed the current global financial landscape as characterized by inherent risks, yet these risks are often obscured by the sheer volume of liquidity stemming from monetary expansion and the resulting inflated asset valuations. “With interest rates at historic lows, or even negative in some cases, we are operating in a virtually unprecedented environment in terms of financial asset behavior,” he explained. “This has driven many private banking clients towards carry trades – borrowing at low rates to invest in assets offering higher yields or growth potential, with the hope of managing volatility and avoiding margin calls.”
He cautioned against the dangers of using short-term funding for trading volatile assets, while acknowledging the relative prudence of long-term funding for long-term investments in the current scenario. “The GameStop saga serves as a stark reminder,” he quipped, alluding to the risks of speculative trading.
Prudence Over Exuberance in Investment Strategies
“Given the current global economic climate and the ongoing pandemic, individuals may be inclined to deviate from their typical investment behavior, often encouraged to take on more risk due to near-zero borrowing costs. Therefore, I strongly advise investors to critically re-evaluate their portfolios, identify core holdings, consider profit-taking in certain areas, and prioritize high-conviction investments with aligned time horizons.”
Yee outlined his collaborative approach to investment strategy at JRT Partners, emphasizing the importance of canvassing advisors, gathering diverse perspectives from experts across various asset classes and markets, and then carefully discerning which views to incorporate into their investment decisions.
Informed Decision-Making and Strategic Outlook
“It’s crucial to remember,” Yee emphasized, “that no single individual possesses all the answers, and conversely, multiple perspectives may hold validity. The challenge in mainstream public markets often lies in timing and maintaining a selective yet invested approach. Private equity and venture capital, however, demand a significantly longer investment horizon and a more intricate strategy, given the typical lock-in periods of 7 to 15 years, which are justified by the potential for enhanced returns from well-chosen investments.”
Yee elaborated on JRT Partners’ key investment themes and market trends, with a primary focus on the accelerating digital evolution. The pandemic has dramatically amplified this trend, impacting critical sectors such as finance, healthcare, biotech, MedTech, logistics, marketing, entertainment, and cybersecurity.
“The pervasive influence of the pandemic and digitization is undeniable,” he stated. “The key is to identify enduring themes and align investments with funds that resonate with these transformative shifts in how we live, work, and interact socially.”
Adaptability as a Key to Navigating Change
Concluding the discussion, Yee reflected on the surprising adaptability demonstrated throughout the pandemic. “Despite widespread lockdowns, global productivity has remained relatively robust, largely thanks to technology and our collective adaptability. The shift towards remote work and increased agility is a positive step towards a more balanced work-life integration. We are indeed in a fascinating and rapidly evolving world.”
A Personal Glimpse into Tuck Meng Yee
Born in Malaysia and educated in Switzerland and Australia, Tuck Meng Yee’s international background is extensive. He attended the International School of Geneva and completed his high school and university education in Australia. He holds a BSc in Computer Science and a BEc in Accounting and Economics from the Australian National University, followed by a Master’s degree in Finance from the University of New South Wales. Adding to his diverse skill set, he is also CELTA-qualified to teach English to adults.
Yee brings over two decades of experience in Asian and Australian financial markets, encompassing derivatives, fund and portfolio management, development, research, and marketing. His career includes roles at global investment banks such as JPMorgan and UBS, private banks including ABN Amro and Citibank, and funds services at Moore Management. Since 2015, he has been at the helm of his family office, JRT Partners. This broad experience has provided him with a nuanced understanding of diverse investor profiles and their specific support requirements.
He also served as Investment Solutions Head for Allfunds in Asia, a prominent funds platform, in 2019 before returning to JRT Partners in 2020. He is fluent in both English and Mandarin.
Outside of his professional life, Yee, who is single, maintains an active lifestyle through running, swimming, and snowboarding when travel permits.
He is committed to community engagement and currently teaches pro-bono business courses to domestic helpers through an NGO.
“Frankly, giving back is the most rewarding aspect for me, whether it’s presenting to the CFA society on fund structuring or teaching entrepreneurship to domestic helpers on Sundays,” he shared. “The teaching and knowledge-sharing component is what I truly enjoy.”
Yee concluded by expressing gratitude for the opportunity to collaborate with numerous esteemed institutions and partners within the finance and wealth management sectors.
“At JRT, my focus is on defining investment strategies and portfolio allocation, collaborating with leading advisors and specialist funds in the market. Drawing upon my experiences with top-tier banks globally, I believe I have developed the necessary experience and judgment to navigate inevitable market challenges, such as the current environment. If I can further contribute by sharing this collective knowledge and experience through education, it brings me immense satisfaction. It is a privilege to give back and hopefully make a broader positive impact.”
