Asia Frontier Capital


Fund Management, Advisory

Asia Frontier Capital Limited is a pioneering fund management company that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund and AFC Vietnam Fund.

Asia Frontier Capital was founded by CEO and Fund Manager Thomas Hugger after an MBO of the existing Leopard Capital entities in Hong Kong as well as Cayman Islands on the 1st June, 2013. The strategic acquisition allows the Asia Frontier Capital fund management team to further drive value creation for investors by increasing the focus on the firm's core competencies.

Thomas Hugger has more than 20 years of investment experience in frontier markets and is supported the wealth of experience held by AFC company directors, equity partners and investment team. The handpicked team comes from senior positions with the world's top investment banks, private banks and asset managers and have lead several entrepreneurial start-ups in frontier markets globally. Having pioneered investment initiatives across Asia, this group of individuals each brings a unique set of skills to the firm. 

Under the direction of CEO and fund manager Thomas Hugger, the AFC Asia Frontier Fund continues to operate a combination of top-down and bottom-up strategy to achieve long-term capital appreciation investing in listed equities that have their principal business activities in high growth frontier markets of Asia. The country universe includes Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam.

On the 11th of December 2013 AFC launched the AFC Vietnam Fund under the Asia Frontier Capital (Vietnam) Limited company umbrella.  The company and fund is directed by the executive leadership of Andreas Vogelsanger, CEO, Andreas Karall, CIO, and Thomas Hugger, COO, who have more than 75 years of experience managing investments in frontier markets, Asia and around the world.

Asia Frontier Capital Limited's subsidiary and investment advisor Asia Frontier Investments Limited is licensed and regulated by the Hong Kong Securities and Futures Commission for Type 4: Advising on Securities and Type 9: Asset Management.


Title: CEO and Fund Manager

Thomas Hugger

CEO and Fund Manager

Thomas has spent 27 years in private banking where he specialized in managing portfolios of listed and unlisted equities. He has been investing in Asian and African Frontier Markets since 1993. He is the former Managing Partner, CFO & COO of Leopard Capital; and was previously a Managing Director and Head of Portfolio Management at LGT Bank in Hong Kong. He also held senior investment positions at Bank Julius Baer in Zurich and Hong Kong. Mr. Hugger was the founding shareholder of one of the largest brokerage companies in Bangladesh. He is also a Certified Financial Investment Analyst (CFIA) and Investment Adviser (Switzerland) and a Certified European Federation of Financial Analysts Societies (EFFAS) Financial Analyst.

Asia Frontier Capital News

Contact Details

1208, 12th Floor, Loon Kee Building267-275 Des Voeux Road Central
Hong Kong
+852 3904 1079
Contact Person:
Peter de Vries
.(JavaScript must be enabled to view this email address)
Company Web Address: