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, 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.

Jean-Claude Dufournet, CEO, SFAA Switzerland

Jean-Claude DufournetDr. Dufournet holds a master in IT and a doctorate in Economic Sciences from the University of Geneva. During his activities for the Swiss Financial Analysts Association (SFAA) as CEO, Dr. Dufournet established the following companies: 

  • In 1990 he founded AZEK: The Swiss training center of the SFAA.
  • In 1998, he founded IndoSwiss financial software development company. IndoSwiss is an Indian IT company specialising in financial software development.
  • In 2001, he was involved in founding the Association of Certified International Investment Analysts ACIIA. The ACIIA now has 36 national association members and awards the CIIA diploma.
  • In 2003, he founded the company Information System for Financial Analysts. ISFA offer services to measure the performance of analysts’ recommendations.
  • In 2005, he founded the association International Learning Platform for Investment Professionals. ILPIP is a common platform delivering course materials to all national associations offering the CIIA diploma.
  • In 2007, he founded the Association of International Wealth Management with Baker McKenzie and Central Law Training. The AIWM award the CIWM diploma. 

Dr. Dufournet is also a Board Member of ILPIP and AIWM. As part of his consulting activities, Dr. Dufournet has collaborated with the biggest Swiss banking and financial institutes. He worked in the fields of real estate portfolio performance and in financial software development.

Min Wang, Vice Chairman, Securities Association of China.

Min WangMr. Wang has a long experience in the supervision of securities firms in China. Before joining Securities Association of China (SAC), he worked at various departments at China Securities Regulatory Commission (CSRC) and its regional bureaus, including CSRC Training Center, Department of Inspection and Examination and Office of Risk Disposal.

He was Deputy Director of CSRC’s Office in Shanghai, and Deputy Director of CSRC regional bureau in Hebei Province. Last year, he became Vice Chairman of SAC. He is now in charge of the Practitioner Management Department, the Training Center and the General Office of SAC.

Mr. Wang earned a Ph.D. in Finance and M.A. in Economics from Renmin University of China.

Paolo Balice, Presidente Aiaf Italy

Balice Paolo 2016Mr. Balice degree cum Laude Economics, La Sapienza University – Roma in 1982 and he holds master cum laude in banking – La Sapienza University – Roma in 1983.

Since 1983 Paolo Balice works in banking groups and asset management.

He also held the following roles:

• Azimut Group: Managing Partner, Wealth Management
• Invesco Group: Deputy Chief Investment Officer Europa, Member of Southern Europe Executive Committee

Mr. Balice is author of several articles and publications on finance, banking, financial communication, as well as an appreciated speaker and panelist in Italy.

Mr. Balice since 2011 is a Chairman of AIAF Associazione Italiana Analisti e Consulenti Finanziari.

Mr. Balice is also a Board Member of ACIIA and ILPIP.

He is 60 years old, married, has two sons.


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.

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