ThomasLloyd Hires Head of Portfolio & Asset Management Under Recently Appointed CIO

Zurich, 10 May 2023 - ThomasLloyd, the independent impact investment solutions provider, advisor and asset manager, has appointed Duncan Black, former Managing Director of Asia Infrastructure Advisors, as its new Head of Portfolio & Asset Management.

Based in Singapore, Duncan will report directly to the recently appointed CIO, Nadir Maruf, and strengthens the firm’s senior leadership team. At ThomasLloyd, he will drive the firm’s rapid expansion of institutional investments in renewable energy infrastructure projects across Asia.

Duncan will lead the ongoing monitoring and assessment of portfolio performance through the whole life cycle of assets acquired at the development, construction, and operational stages. He will also drive the creation and implementation of the firm’s value creation and long-term asset management strategy. Additionally, he will oversee and implement the risk management strategy for all assets in the portfolio.

In his previous role as Managing Director for Asia Infrastructure Investors, he advised renewable energy businesses in Asia on greenfield development, M&A, financing, and asset management. Over the last three years his work particularly focused on the Monsoon Wind Power Project, which saw him play a key role as commercial and financing lead for the development of the first wind farm in Lao PDR, a 600 MW US$1 billion project that will export its power to Vietnam and which will become Southeast Asia’s largest wind farm.

Welcoming the appointment, Nadir Maruf, ThomasLloyd’s CIO, said: “Duncan has an impressive track record in managing and leading the development of renewable and sustainable infrastructure investment projects across Asia. We have every confidence that he will turbocharge the company’s growth ambitions in the region.”

Maruf continued: “Among Duncan’s achievements, he recently led a $700 million project financing with the Asian Development Bank, the Asian Infrastructure Investment Bank, the Japan International Cooperation Agency, and a group of international commercial banks. He will bring plenty of experience to bear on ThomasLloyd’s portfolio management.”

Duncan was previously Co-Head of Infrastructure at Eastspring Investments (Prudential Corporation’s asset management business in Asia); a founding partner of Daestrum Capital (a Singapore-based infrastructure funds manager); worked as Head of Acquisitions, Infrastructure at Deutsche Asset Management Asia; and served as CFO of CLP Holdings’ Australian vertically integrated utility business (now EnergyAustralia), among other senior management positions in Singapore, Hong Kong and Australia.





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About ThomasLloyd


Founded in 2003, ThomasLloyd is an independent impact investment solutions provider, advisor and asset manager. Headquartered in Zurich, the company has global presence with offices across Europe, Asia and North America.

ThomasLloyd`s Impact Asset Management division was created in 2011, and is one of the longest-established, largest and most experienced sustainable energy investment managers in emerging and developing Asia. It invests where capital creates the most impact via its ‘Triple Return’ approach: strong financial returns, in addition to generating intentional positive, measurable social and environmental impact.

Over the last decade, ThomasLloyd has been measuring the impact of its investments, mapping its impact against the UN’s Sustainable Development Goals (SDG’s) and becoming one of the earliest PRI signatories. The Group is committed to the integration of material environmental, social and governance (ESG) factors into all corporate and investment decisions.

As of 31 December 2022, ThomasLloyd managed USD 1.1 billion of capital in sustainable energy infrastructure assets across a wide range of investment solutions on behalf of institutional and sovereign investors, family offices and private investors globally.

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