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Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.

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Leader in systematic equities across market cap weighted indices, smart beta and active quantitative strategies

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Global Property Securities

Global Property Securities

Stephen Hayes
Head of Global Property Securities

Stephen holds a Bachelor of Commerce (Economics and Management) from the University of Wollongong and is a Fellow of the Financial Services Institute of Australia.

In his role, Stephen is responsible for management of the Global Property Securities team, one of a number of FSI investment teams. The team manages Domestic, Asian and Global Property Securities portfolios for a number of funds. 

Prior to re-joining FSI in September 2012, Stephen was Managing Director at Perennial Real Estate Investments, where he worked for over six years. Before his time at Perennial, Stephen worked at FSI as Head of Property Securities. 

Tuan Pham
Senior Portfolio Manager Asia Pacific

Tuan holds a Business Degree majoring in Accounting and Finance from the University of Technology, Sydney, a Master’s degree of Commerce from Macquarie University, Sydney, and is a Chartered Accountant.

In her role, Tuan is responsible for the analysis and research of property companies in the Asia Pacific region. Asian property securities are held in our global and Asian Property Securities portfolios.

Prior to re-joining FSI in November 2012, Tuan was the Regional Head for Asia at Perennial Real Estate Investments, where she worked for over six years. Before her time at Perennial, Tuan worked at FSI as a Portfolio Manager covering property securities in the Asia Pacific region. 

Stuart Axelrod CFA
Senior Portfolio Manager Americas

Stuart is a CFA Charterholder and holds a BS in Finance from Yeshiva University (USA). 

In his role, Stuart shares responsibility for the management of Americas Property Securities portfolios across a number of funds and mandates.

Prior to joining FSI in August 2009, Stuart worked on the buy-side focused on the REIT sector for five years as an Investment Analyst at Citigroup Global Markets - Equity Principal Strategies, and as an Equity Analyst at High Rise Capital Management LP.

Before moving to the buy-side, Stuart worked for six years as a sell-side REIT equity analyst at Lehman Brothers where he was a member of top ranked REIT research teams from 1997-2003. Stuart started his career at Bankers Trust Company in New York where he worked as an Associate in Global Economic Research.

Daniela Lungu
Senior Portfolio Manager UK and Europe

Daniela has a Master’s degree in Business Administration (MBA) from the School of Management at UQAM / McGill University in Montreal, and a Master’s degree in Engineering from the Polytechnic University of Bucharest.

In her role, Daniela is responsible for the management of UK and European Property Securities portfolios across a number of funds and mandates. 

Prior to joining FSI in October 2012, Daniela was a property consultant, advising European property companies on a range of strategic projects. Before that, Daniela was a Portfolio Manager for UK and European property securities at CBRE Investors, a position she held for six years. Daniela also has extensive experience as an equity research analyst at Sky Capital, Deutsche Bank and at Creditanstal (now part of UniCredit Group). 

Dennis Maloney, CFA CMT
Portfolio Manager, Americas

Dennis is both a Chartered Financial Analyst (CFA) and a Chartered Market Technician (CMT).  Dennis has a Master’s degree in Business Administration (MBA) from the Tuck School, Dartmouth College, as well as a Bachelor of Arts degree in Economics (Hons) from the State University of New York at Binghamton. 

Dennis shares responsibility for the management of Americas Property Securities portfolios across a number of funds and mandates.

Prior to joining FSI in July 2016, Dennis worked for over seven years as Portfolio Manager at Perennial Real Estate Investment where he focussed on companies in the Americas. Before Perennial, Dennis worked on the sell-side covering REITs at Goldman Sachs, Deutsche Bank, and Dresdner Kleinwort Wasserstein.

Prior to his sell-side experience, he worked on the mortgage bond sales desk at Merrill Lynch. Dennis began his career at Prudential Real Estate Investors (PREI) focused on direct property investment. 

Peter Cashmore
Portfolio Manager, Australia

Peter holds a Bachelor of Economics degree and a Master of Urban Planning degree from Melbourne University. He also holds a Graduate Diploma in Property from RMIT University, a Graduate Diploma in Urban Sociology from Swinburne and is a Graduate of the Australian Institute of Company Directors.  

In his role, Peter is responsible for the analysis and research of Australian and New Zealand property companies. Australian and New Zealand property securities are held in our Australian, Asian and global property securities portfolios.   

Prior to joining FSI in December 2016, Peter was a Senior Real Estate Equities Research Analyst at National Australia Bank. Prior to that, Peter built up extensive experience in the direct and listed property markets (both buy and sell side), including senior roles at BT Funds Management, Deutsche Asset Management and Citigroup. 

Archena Alagappan
Investment Analyst - Americas

Archena has a Bachelor of Commerce degree from Stella Maris College and a Master of Business Administration (MBA) degree, with a concentration in Finance and Corporate Accounting, from the Simon Graduate School of Business, University of Rochester. 

In her role, Archena is responsible for the analysis and research of property companies in the Americas.

Prior to joining FSI in June 2016, Archena worked for four years as a Senior Research Associate on the Sell-side Equity REIT Research team at Citigroup Global Markets, where she focused on healthcare, lodging REITs and lodging C-corps. Before that, Archena worked as a Quantitative Marketing Analyst at Perella Weinberg Partners. She also worked as a Prime Brokerage Content Research Associate at Morgan Stanley.

Ivan Introna CFA
Portfolio Manager, UK/Europe

Ivan is a CFA Charterholder and holds a MSc in Banking and International Finance from Cass Business School, London and a BA in Economics and Commerce from Universita’ degli Studi di Bari, Italy.

In his role, Ivan is responsible for the management of UK and European Property Securities portfolios across a number of funds and mandates. 

Prior to joining FSI in January, 2019, Ivan worked in European- focussed property equity analysis, for five years at CenterSquare Investment Management and prior to that for three years at Henderson Global Investors. At Henderson he also worked for a year in an investment services role, liaising with investment managers, product specialists and sales teams.

Ivan’s career before starting in investments includes roles at Willis in insurance, at Barclays in treasury and at the Cass Business School.

Neil Stuart-Findlay CFA
Senior Investment Analyst, Asia

Neil is a CFA Charterholder and holds a Bachelor of Business Science degree majoring in Accounting and Finance from the University of Cape Town, South Africa.

In his role, Neil is responsible for the analysis and research of property companies in the Asia Pacific region. Asian property securities are held in our global and Asian Property Securities portfolios.

Prior to joining FSI in January, 2020 Neil was a Portfolio Manager and Investment Analyst at Investec Asset Management (IAM) where he worked from 2001 to 2018, originally in Cape Town and more recently in Sydney. In his investment roles at IAM, he focused on both general equities as well as listed property, initially focussed on South African stocks before expanding into global real estate securities.

Andrew Schaffer, CFA
Investment Analyst, Americas

Drew is both a Chartered Financial Analyst (CFA) and a Chartered Alternative Investment Analyst (CAIA). He has a Bachelor of Arts from Wheaton College, with a Major in Economics and a Minor in International Relations.

In his role, Drew is responsible for the analysis and research of property companies in the Americas.

Prior to joining FSI in February, 2019, Drew worked for three years at Madison International Realty where he was responsible for sourcing, underwriting and structuring real estate transaction within both the public and private markets. At Madison he covered apartment, industrial, mall, manufactured housing, shopping centre, single family rental, storage and student housing sectors.  Prior to that he was part of the First State property securities team in 2015 and 2016 where he covered a range of sectors. His investment career began with a REIT equity research role at Sandler O’Neil and Partners in New York.