ACIIA Executive Board



Yasuhiro Maehara, Managing Director, SAAJ Japan.

Yasuhiro MaeharaYasuhiro Maehara became President and Chief Executive Officerof the Securities Analysts Association of Japan (SAAJ) on 7 August 2013. 

In a career with the Bank of Japan spanning more than thirty years, Dr. Maehara worked in such areas as international finance, monetary policy, Diet liaison, and public relations. In 1998, he became the first advisor to the Governor in charge of Diet liaison and interfacedwith politicians under the new Bank of Japan Law for two and ahalf years. He was a visiting scholar at the Brookings Institution (1987-89), Chief Representative of the Bank of Japan in Washington, D.C. (1992-95), General Manager for the Americas in New York (2000-03), and Deputy Director-General of the Monetary Affairs Department (2003-05). 

In 2005, hejoined Hitotsubashi University and, from 2005 until 2010, directedthe Hitotsubashi Executive Program for Macroeconomic Policymakers, a two-week seminar for senior officials of ministries and central banks in Asia. He is concurrently Adjunct Professor at the School of International and Public Policy, Hitotsubashi University. 

He has been a member of the SAAJ Board of Directors since 2011 andwasa member of the SAAJ Policy and Coordinating Committee 2011-13. 

He graduated with a BA in economics from Hitotsubashi University in 1974 and obtained a PhD in economics from the London School of Economics in 1981. He became a Chartered Member of the Securities Analysts Association of Japan(CMA) in 2012. 


Deputy Chairman

Jean – Baptiste Bellon, SFAF France

Jean Baptiste BELLONMr Bellon join the French Association of Financial Analyst board (SFAF) in 2013, he is a member of the association for more than 25 years. 

Mr Bellon is an independent financial analyst, his company Trapeza Conseil services asset managers, institutional investors, consultants and brokers on the field of banking firm and banking industry analysis. He started his career as an analyst in an industry intelligence company in Paris (DAFSA) and then worked at CCF (now HSBC France) in Paris in 1987-1995, first in corporate finance department and then at the equity broker subsidiary. He moved to Deutsche Bank European equity broker in 1995-2004 with banking coverage. 

Mr Bellon has a Ph D in Economics (1982, growth and inequality) from Paris Panthéon-Sorbonne University and is graduated from Sciences-Po Paris (1981, IEP, Economie et Finances). 

Mr Bellon is a member of EFFAS board since 2013, a member of EFRAG user panel, a member of French accounting standard setter (ANC) International Committee, and a member of French Market Authority (AMF) Corporate Working Group (Commission Consultative Emetteurs). He is teaching banking analysis and corporate finance in various university and schools (SFAF, Edhec, Escp Paris, CFVG Hanoi, Paris Dauphine, Paris XIII, …).


Board Members

Jesús Lopez Zaballos, Training School General Manager, IEAF Spain

Jesus Lopez ZaballosDr. Jesus Zaballos took on his first professional role as a broker in the Spanish Money Market in 1984. He has worked as an expert in the Capital Market Industry, for several important private and public financial institutions, where he held a variety of responsibilities in different fields. He was Head of Domestic Treasury of the Banco de Crédito Industrial in 1991 and he was Head of Training of the Treasury and Capital Markets areas of Argentaria (1995-1998).

In 1999, having obtained the PHD in Finance, Dr. Zaballos left his job as a Bank Executive Manager to create "Formación y Finanzas, SL", a Business Consulting and Financial Advisory firm specialised in advisor and training activities for the Financial Industry. At present he is the chairman of the company.

In 2002, he joined the Instituto Espanol de Analistas Financieros (IEAF) as General Manager of its Training School and continues there at present. Since 2006 he is also the Managing Director for International Affairs of the IEAF. He is the Director of the professional certification programs in Spain: CIIA, CEFA, Back Office Manager, European Financial Advisor and Asset Manager and Treasury Manager given by IEAF.

Dr. Zaballos is the EFFAS Chairman as well as Board member of ACIIA, ILPIP, EFFAS and GIPS Spain. He was a member of the Financial Markets Commission of the Economist Association of Madrid between 2004 and 2008 and Chairman of the Training and Qualification Committee of EFFAS from 2005 to 2008.

Dr. Zaballos has a PhD in Management and Business Administration and a degree in Economics and Business Administration.

Hans Buysse, EFFAS representative, ABAF Belgium

Hans BuysseMr Hans Buysse is a Chairman of Syncap Belgium, the Belgian Partner Firm of Clairfield International, a worldwide corporate finance firm that provides advisory services, mainly in cross-border mergers and acquisitions, to both international corporations and family-owned enterprises across an array of industries. He has more than 20 years banking and corporate finance experience and this includes buy side and sell side assignments, as well as MBO and IBO, within the energy & utilities sector, telecom, real estate and infrastructure as well as having extensive experience in structured finance, financial restructuring, strategic advisory, valuations and PPP. 

Hans started his career at KU Leuven, then moved to Generale Bank in 1992 (Corporate Banking, Group Treasury (financial markets) and Central Credit Department). He co-founded the Corporate Finance division at Deloitte & Touche Belgium in 1997, worked as a partner for KPMG Corporate Finance up to 2007 and at NIBC Bank Belgium where he was head of Advisory. 

Mr Buysse is the Chairman of the Belgian Association of Financial Analysts an EFFAS Executive Management Committee member and Treasurer and XBRL Europe Executive Committee member. He is also a member of the ESMA Corporate Reporting Standing Committee’s Consultative Working Group.

Hans holds a master’s degree in Applied economics, specialized in finance, a master’s degree in Management and a degree in Tax and is a Certified European Financial Analyst (FSA accredited).

Ralf Frank, Managing Director of DVFA

Lin YixiangRalf Frank joined DVFA in 2002. He is Managing Director of DVFA since 2004, and Secretary General of the association since 2011.

Prior to his current positions Ralf held several senior management positions at a US-American industrial machinery manufacturer and was senior staff at a pan-European management consulting firm. He studied in Brussels, Essen, Manchester and Sheffield and holds an M.A. in Sociology and Communications from Essen University/Germany and an MBA from Sheffield Hallam University/UK.

He is author of several articles and publications on finance, banking, financial communication and sustainability, as well as an appreciated speaker and panelist in Germany and abroad.

Ralf represents DVFA in several committees such as the Advisory Board of the German Financial Market Authority BaFin, the Investors and Markets Advisory Committee (IMAC) of Deutsche Börse, and until end of 2014 was a member of the International Integrated Reporting Committee’s Council.

He is 52 years old, married, has two sons aged 19 and 17 and an infant daughter.

Ruth Kung, ASIF Representative, HKSI HONG KONG

Ruth profileRuth Kung is the Chief Executive of Hong Kong Securities and Investment (HKSI) Institute. She is also the Executive Director of Education and Development Department overseeing the development and implementation of professional training and development for in-services practitioners of the financial services industry in Hong Kong.

Ruth has extensive experiences in learning consultancy services, talent and leadership development, coaching, change management, performance management and organisational effectiveness. She worked closely with key leaders, regulators, academic organisation and/or professional bodies to provide input and/or to lead, drive and implement local, regional and global learning and development initiatives or professional qualification (such as Certified Private Wealth Professional (CPWP) qualification launched in 2014). Ruth is also an experienced learning advisor, coach and trainer.

Ruth’s background combines strong finance and people development expertise and has considerable international experiences through working with professionals from different countries and working in Canada, Japan, China and Hong Kong. Prior to joining the HKSI Institute, Ruth worked with PricewaterhouseCoopers (PwC) for over 24 years in auditing, consulting and people development areas. She is a Certified Public Accountant and has extensive consulting experience gained from delivery of client services and internal consulting role. She was the leader of PwC Learning & Development (L&D) for Hong Kong & China and Japan.

Andreas Jacobs, CEO, SFAA Switzerland

Andreas JacobsDr. Andreas Jacobs is the Chief Executive Officer of AZEK AG and the Swiss Financial Analysts Association SFAA based in Switzerland.

The Swiss Financial Analysts Association aims at contributing to ensure a high level of qualification among professionals working in the financial sector. The SFAA is recognized by the State Secretariat for Education, Research and Innovation SERI as the examining and awarding body in relation to the Federal Diplomas. It is also the parent company of the Swiss training centre AZEK. AZEK contributes to the standing of the Swiss financial sector by offering a set of high quality training programs to cover the specific needs of both the financial professionals and their employers.

Since 2010 Dr. Jacobs is Chairman of the Board for OLZ & Partners Asset and Liability Management AG, based in Bern. OLZ is an independent asset and wealth manager with an investment strategy that prizes rationality over rashness and science over speculation. It manages assets from both private and institiutional clients based mainly in Switzerland.

Before joining AZEK and the SFAA, Dr. Jacobs was Managing Partner & Chief Financial Officer at Aravis AG in Zürich. Aravis is an independent Swiss on-shore private equity house, an established investor in the renewable energy and life science spaces. It is serving over 30 leading investors including corporates, pension funds, government funds, insurance companies and family offices and actively managing more than a quarter of a billion Swiss francs.

Dr. Jacobs was Chairman of the Board of UBS Fund Management AG in Basel and Chairman of the Board of approximately 30 UBS Fund Management companies / SICAVs in Luxembourg.
Dr. Jacobs is a Lecturer in Portfolio Management for the CIIA program and also a lecturer in Finance at the University of Bern. He holds a Phd in Finance.

Alberto Borgia, Chairman, AIAF Italy

Alberto BorgiaMr. Borgia since 2017 is the Chairman of AIAF Associazione Italiana Analisti e Consulenti Finanziari. Mr. Borgia is also a Member of OIV (Organismo Italiano di Valutazione) and member of NedCommunity. He is responsible for Governance, Financial, HR, background, broad experience in Corporate Advisory, M&A and Restructuring, Business Development and Investor Relations.

Deep knowledge of legal and corporate affairs, financial markets, telecommunication, automotive, cables He worked in the past in finance in the industry. He was, among other things, a member of Pirelli's Management Committees, Olivetti, Telecom Italia, taking on roles in responsibility in dealing with financial markets and corporate finance.
Mr. Borgia degree in Political Science, Cesare Alfieri Political Science Faculty, Florence, Italy with a thesis on the European Investment Bank.Post Graduate in Bank Management S.D.A.– L.Bocconi University – Italy He is author of numerous publications and enrolled in the special section of journalists in Milan.

Yanhong Wang, Vice Chairman, SAC China

Yanhong WangMs. Wang is the Vice Chairman of Securities Association of China(SAC). She obtained a bachelor degree on archives management. In 2000, she attended two-year graduate courses in national economics from Renmin University of China..

Ms. Wang started her career in Beijing Municipal Archives Bureau and worked there as cadre from 1989 to 1993. In May 1993, she joined in SAC, where she held various positions, including editor of internal publications, Deputy Director of Members department, Director of Members department, Director of Professional Liaison department, Director of Members department of Funds and Consulting Firms, Director of Members department of Securities Firms and Director of Member Management department. In August 2012, she was appointed as Deputy Secretary General of SAC. Since April 2015, she has become Vice Chairman of SAC.

Douglas Elespe, President and CEO of FIX SCR & Chairman of Professional Training Programs and Certifications Committee IAEF

Douglas ElespePresident and CEO of FIX SCR , the local affiliate in Argentina, Uruguay and Paraguay of Fitch Ratings. In the past, Douglas was the founder, partner and CEO of other rating agencies, from Magister-Bankwatch to its successor Moodys Latin America. Moreover, he has also been a private consultant-counsel and managed or directed other firms and financial institutions as the Royal Bank of Canada (Manager, Argentina), Thomson Financial (now Thomson Reuters, President), La Ley (Director) and Lipo Chemicals (President), among others.

Douglas is the Past President of the Instituto Argentino de Ejecutivos de Finanzas (IAEF) and now Chairs the Professional Training Programs and Certifications Committee of IAEF.
He has a tenure as Professor of Law and Economics at the University of Buenos Aires, Vice Chairman of the Masters Program. Professor of Economic Policy at Graduate Level, currently is responsible for The Banking System and Capital Markets at the Post Graduate Masters Program, UBA. Attorney at Law, graduated from Universidad de Buenos Aires, Post graduate: MBA, PhD Economics and Finance, (UCLA and UBA). He is a regular speaker at conferences at universities and institutions such as IADB, IIMV, EFFAS, CIIA, and other local and international entities. Published, authored and co-authored specialized articles and books, rating manuals, etc., on Finance, Capital Markets, Banking Law and Economics. Honors Diploma University of Buenos Aires and Life Member California Scholastic Federation.

Holds a Life Membership of the California Scholastic Federation. Member of the Center of Law and Economics together with The Nobel Prize Winner Edmund Phelps´ Chair, UBA- and the Institute of Constitutional Law, National Law Academy, Buenos Aires, and Membership in the Scientific Methodology Institute of the Academy of Morals and Political Science, Argentina.

Latest news

home map

Check out the news by CIIA

Latest news

ACIIA Contact