APQ Global

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Market Cap:
£8.62 m
11.00 GBX
52 weeks high
52 weeks low

The objective of the Company is to steadily grow its earnings to seek to deliver attractive returns and capital growth through a combination of building growing businesses in emerging markets as well as earning revenue from income generating operating activities.

The Company will focus its activities in emerging markets globally (in Asia, Latin America, Eastern Europe, the Middle East and Africa). The Company intends to:

develop lending activities to sovereign, corporate and banking entities in emerging markets for a range of business purposes, including for acquisition financing, working capital and investment purposes. The terms of any loans will vary but are typically expected to range from six months to five years. The Company expects that its loans will typically be secured;

take operational control of businesses through the acquisition of minority and majority stakes in public and private companies in emerging markets; and

acquire and operate real estate and commodity companies.

APQ Global (ticker: APQ LN)

is a global emerging markets income company with interests across Asia, Latin America, Eastern Europe, the Middle East and Africa.

Our objective is to steadily grow earnings to deliver attractive returns and capital growth to our shareholders.

We achieve this through a combination of revenue generating operating activities and investing in growing businesses across emerging markets. We run a well-diversified and liquid portfolio, take strategic stakes in selected businesses and plan to take operational control of companies through the acquisition of minority and majority stakes in companies with a focus on emerging markets

2016 was a defining year for our company. On 11 August 2016, we raised £78 million on the Channel Islands Stock Exchange, and we were admitted to trading on the London Stock Exchange’s AIM Market two weeks later. These landmark developments give us the resources to focus on growing dividends and substantial capital growth for our shareholders in the years to come, and we want to thank those involved for their support – not only our distinguished group of institutional and private shareholders, but also our Board of Directors and the management team who worked hard to make this happen.

Our key objective from the start was to generate sufficient income in the portfolio to retain a healthy dividend yield, and that objective remains to that day (with APQ maintaining its current target of 6%). This focus on income is not just a reflection of the current state of the investment universe but reflects our fundamental view that investors in emerging markets tend to overpay for the ‘dream’ of long-term growth and underpay for the cash flows readily coming from the asset class. Our approach is the exact opposite: We believe Emerging Markets (‘EM’) offer tremendous income opportunities regardless of index performance, asset class. If public or private bonds offer the best opportunities, we will pursue them. If we can find decent long-dated cash flows in hedging instruments or royalties, we will pursue those as well. Our edge as team, in our view, is a deep and long-standing expertise in scanning the EM universe for these opportunities and embedding them on our balance sheet to achieve the income target we have set ourselves and achieve modest book value growth in the medium term.

This approach has served us well in our first year of operation. We paid our first dividend in January, and subsequent 1.5p dividends in April and August. We have stuck to liquid exposure because we see a distinct lack of value and income potential in illiquid opportunities across EM. The latter is a reflection of a glut of liquidity compressing risk premia in global markets. For a detailed look at these trends, we refer you to our quarterly fact sheets.

Guernsey, Channel Islands.

Bart Turtelboom
Chief Executive Officer and Executive Director

Bart started his career at the International Monetary Fund where he published extensively on international monetary policy, including ground-breaking research on interest rate liberalization in Africa and the interaction between tax collection and monetary policy in Brazil.

Bart joined Deutsche Bank’s emerging market group in January 1998 and subsequently worked on benchmark transactions in Argentina, the Philippines and Russia.

After a brief stint trading emerging markets on the buy-side, Bart joined Morgan Stanley’s emerging markets group in 2004, leading to his appointment as global co-head of emerging markets sales and trading in 2006 and head of Morgan Stanley’s Emerging Markets Capital Market Group in Europe. Leading a team of one hundred professionals based in Asia, Latin America and Europe, he built the group into one of Wall Street’s pre-eminent proprietary emerging markets trading groups.

On 15 September 2008, Bart and a core team of Morgan Stanley professionals joined GLG Partners to lead its emerging markets practice. In early 2013, Bart co-led GLG’s team move to APQ Partners, a London-based emerging markets asset manager where he now serves as Managing Partner and Chief Investment Officer.

During his career, Bart has worked on ground-breaking transactions in emerging markets, including the first transaction involving Russian Paris-Club debt, the issuance of the largest Eurobonds denominated in Mexican Peso, ground-breaking currency hedging transactions in Turkey and multi-billion dollar lending facilities in the CIS.

Bart obtained his PhD in Economics at Columbia University. He has obtained various academic awards including fellowships from The Brookings Institution and the Belgian National Science Foundation.


Wayne Bulpitt
Non-Executive Chairman

Wayne has around 35 years of experience in business leadership in banking, investment administration services. Having left National Westminster Bank Plc in 1992 to join CIBC Bank & Trust Company, he developed and launched CIBC Fund Managers (Guernsey) Limited in 1994. As Managing Director, Wayne spent the next four years managing and developing the offshore funds and building a third party fund administration capacity.

In 1998 this experience was to prove crucial for the Canadian Imperial Bank of Commerce where, as Director of Offshore Investment Services Global Private Banking & Trust Division, his main priority was to restructure the delivery of their investment management services outside of Canada.

Wayne founded Active Group Limited in 2002 after his careers with Nat West and CIBC. Under his leadership, Active is an innovative provider of practical and professional support services such as compliance, corporate secretarial and management services to the offshore finance sector. It employs 45 people from offices in Guernsey, Isle of Man, Malta and Cyprus. Wayne is on the Board of various investment management companies and funds (both listed and unlisted), overseeing a diverse range of investment activities.


Philip Soulsby
Non-Executive Director

Phil is a qualified accountant and spent over ten years at Credit Suisse Fund Administration Limited in Guernsey. He joined the company in 1992 and served as Finance and Marketing Director. In this role he had overall responsibility for the management and administration of offshore funds in Guernsey together with funds managed and administered on a third party basis.

Prior to Credit Suisse Fund Administration Limited, Phil was an auditor at KPMG in Guernsey, specialising in mutual funds. He also covered the insurance, banking and local industry.

Phil is currently the Managing Director of The Mundi Group Limited, the Channel Islands’ leading ethical and fair trade retail and wholesale organisation.

Phil graduated from Sheffield University with a BSc (Honours) in Mathematics and was admitted to the Institute of Chartered Accountants in England and Wales (ACA).


Wesley Davis
Executive and Finance Director

Wesley has spent 20 years in Emerging Markets Finance spanning a wide range of roles, products and geographies at Chase/JPM, Deutsche Bank, Merrill Lynch, HSBC, and Renaissance Capital. While he started as a derivatives trader, he ultimately opened up several domestic bond markets to international investors and led the acquisition and financing of new businesses in Central Asia and Africa.

For the past three years, Wesley has been leading the acquisition and development financing of several large IPP’s in West Africa. Projects range from 300-1000+mw in size, and include thermal and renewable assets.

Wesley has acted as Chairman of Advisory Boards and a member of The Board of Directors for several companies in Emerging Markets. He completed the Financial Times Non-Executive Directors Advanced Diploma course in autumn 2015.

Wesley holds a Masters in International Management from the American Graduate School of International Management (Thunderbird), an MBA from Arizona State University, and a BA in Economics from the University of Florida.



1st Floor, Tudor House
Le Bordage, St Peter Port

Guernsey, GY1 1DB
Channel Islands

[email protected]

Registered Office and Business Address

APQ Global
1st Floor
Tudor House
Le Bordage
St Peter Port
Guernsey GY1 1DB
Channel Islands

Company Secretary and Corporate Services Provider

Active Services (Guernsey) Limited
Tudor House
Le Bordage
St Peter Port
Gurnsey GY1 1WD

Financial PR Advisers

Please contact [email protected]


Link Market Services (Guernsey) Limited
Mont Crevelt House
Bulwer Avenue
St Sampson
Channel Islands


55 Baker Street
London, W1U 7EU
United Kingdom

Nominated Adviser and Broker

Nplus1 Singer Advisory LLP
1 Bartholomew Lane
London EC2N 2AX
United Kingdom

English Legal Advisers

Stephenson Harwood LLP
1 Finsbury Circus
United Kingdom

Principal Bankers

Credit Suisse AG
Paradeplatz 8

Guernsey Legal Advisers to the Company

Mourant Ozannes
PO Box 186
1 Le Marchant Street
St Peter Port
Guernsey GY1 4HP
Channel Islands


Carey Commercial Limited
1st & 2nd Floors
Elizabeth House
Les Ruettes Brayes
St Peter Port
Channel Islands