Jexium Ltd., formed in 2020 to acquire the business and assets of IFCL Group (Industrial Finance Corporation Ltd.), culminates 40+ years of innovative financial businesses created by its founder.  Jexium’s corporate lineage, with key milestones and clients along the way, is shown below:

IFCL Group (Manila 1998-2020)

The IFCL business was organized initially in 1998 by Joseph Lufkin to provide consulting services related to the design, organization and management of funds, financing facilities and large complex multi-country multi-projects to the Asian Development Bank in Manila, and expanded from there. Key IFCL milestones include:

  • Leading role in creation of the $151m Asia Pacific Carbon Fund in 2006, Asia’s first Carbon Credits / CDM fund
  • Developing the PRISMS fund portfolio management system for ADB’s billion-dollar+ portfolio of investments in regional private debt, private equity, venture capital and infrastructure funds (2004-5)
  • Work on sovereign-level Islamic financial products for the Islamic Development Bank, Jeddah in 2018-19
  • Leading role in design and setup of the China CDM Fund and China CDM Fund Management Centre in Beijing in 2007, A $1B+ clean energy investment fund for China’s Ministry of Finance and National Development and Reform Commission NDRC
  • Development of the INDEX project portfolio management platform, and of what is now “SOURCE”, the multilateral infrastructure project development & data management platform for the Sustainable Infrastructure Foundation, Geneva
  • Building a trust funds and investee projects strategy and management system for the Climate Finance division at ADB as a platform for Asia Pacific climate finance.
  • Organizing a fund for private equity investment in the Chinese municipal water treatment sector (2007-8)
  • Lead role in the structuring & establishment of the ADB’s multi-donor trust fund the Asia Pacific Project Preparation Facility, AP3F (2014)
  • Lead role in design and operationalization of the $1b+ Shandong Green Development Fund (a Green Climate Fund, France, Germany and ADB-invested national-provincial public sector fund to finance energy transition and decarbonization industrial retrofits of SOEs and other large companies in Shandong Province PRC)
  • Lead role in arranging a large infrastructure project sovereign loan for the Republic of Kazakhstan (highways) funded through ADB issuance of KZT-denominated bonds
  • Redesign of the 1,500+ project portfolio, financial architecture and donor reporting for the Coral Triangle Initiative (CTI-CFF), a 6-country treaty organization in southeast Asia and the Pacific, managing a $4.5B+ oceans conservation program funded at the time by the Governments of Australia, the US and Germany, GEF, UNEP and other organizations (2014-17)
  • Work with regional development agencies in Kazakhstan on project pipeline and project portfolio management, project financing and general management & organization of their due diligence and investment processes.

ICFL Clients included:

Development Finance Institutions: Asian Development Bank (Manila RP), Islamic Development Bank (Jeddah SA), SPK Batys (Aktobe KZ, KazCenter ZhKH (Astana KZ)

Public & Development Funds & Facilities: Shandong Green Development Fund (Jinan & Beijing CN), Kazakhstan Urban Infrastructure Modernization Program and Financing Facility, proposed ADB Education Financing Partnership Facility and Trust Fund, Youth for Asia Programmatic Trust Fund and Cluster TA; Asia Pacific Project Preparation Fund (AP3F), ADB’s Urban Financing Partnership Facility (UFPF), and its constituent multi-donor trust funds ($16m Urban Environmental Infrastructure Fund, $120m Urban Climate Change Resilience Trust Fund, and SKR500m Government of Sweden Guarantee Facility); Core Environment Program (CEP), Pacific Region Infrastructure Facility (Sydney), Asia Water Development Corporation Ltd. (HK), Pakistan Green Energy Fund (ADB), the $1B+ China CDM Fund and CDM Fund Management Center (Beijing CN), ADB Asia Pacific Carbon Fund (APCF), the Marshall Islands Intergenerational Trust Fund (MIITF), and the Solomon Islands Ministry of Finance Privatisation Unit Trust

Private Clients, Investment & Hedge Funds: Citibank, Conflict Management Consulting LLC, Fidelity Investments, McKinsey & Co., Goldman Sachs (various divisions), HSBC, Deutsche Bank, Värde Partners, Merrill Lynch, Morgan Stanley, CLSA, Och-Ziff, Polygon, Affinity, D.E. Shaw (primarily their HK and SG offices dealing with China).

Global Proxy Services Corporation (Boston 1989-97)

GPSC was founded by Joseph Lufkin in Boston in 1989, at a time when most institutional investors had only just begun to invest in international equities, and the global custody / master trust sector in banking was in its formative stages. A particular demand from institutions was for the ability to exercise their legal shareholder rights globally, and advice both on voting policies and international corporate governance in general and assistance with specific governance issues at specific non-US investee companies .

To meet this need, GPSC built and managed an entirely new transaction management system from sourcing and translating stockholder meeting notices from issuers to creation and issuance of its own voting forms co-branded for major clients (e.g. GPSC-Citibank, GPSC-Barclays Bank, GPSC-BNY), to automatic application of client voting policies through a proprietary resolution-code matching system, to transmission of votes through its network of sub-custodians and local legal proxies, to physically attending stockholders’ meetings where necessary using our network of lawyers in different countries, to providing ERISA and other compliance-required voting reports to clients.

At the same time, GPSC provided strategic and tactical corporate governance advice on both macro (country-level) and micro (specific investees) levels to high-profile clients like CalPERS and asset managers such as J P Morgan Investment Management, State Street Global Advisors, Wells Fargo Trust Company, S G Warburg, LGT, Bank of Ireland Asset Management and many others, arranging private meetings between clients and investee directors (e.g. at British Telecoms, Tokyo Gas, Sony, Mediobanca, Heineken, Daimler-Benz and many others), planning and executing “investee relations” campaigns for major clients, client appearances at press events and securities exchanges, and arranging extensive press coverage globally.

GPSC’s global proxy services business was sold in 1996-98 to the Bunker-Ramo Corporation, a wholly-owned subsidiary of Automatic Data Processing (NASDAQ:ADP), and is now part of ADP spin-out Broadridge Financial Solutions (NYSE:BR). From its start in 1990 to the time of its sale in 1996, the GPSC business had grown from covering 3 countries for one global custodian client to:

  • AUA of $200BN in equities
  • issued by 2,500+ public companies around the world
  • held at 350+ correspondent sub-custodian banks
  • in 53 countries
  • by 1,200+ institutional accounts

GPSC Clients and client accounts included:

Banks & Trust Companies: Bank of New York, Bank of New Zealand, Bank of Nova Scotia, Barclays Bank, Bermuda Trust (Singapore), Boston Safe Deposit and Trust Company, Cedel Bank SA, Chase Manhattan Bank NA, Citibank (Luxembourg) SA, Citibank NA, Columbia Trust Company, Comerica, Credit Lyonnais, First Interstate Bank, First Interstate of Oregon, First National Bank of Chicago, Japan Securities Clearing Corporation, Lampebank SA, Merita Bank OY, Midlantic Bank NA, Montreal Trust, Morgan Stanley Trust Company MSTC, NBD Bank, Norwalk Savings Society, Norwest Bank, Royal Bank of Canada Trust (Cayman), Shawmut Bank NA, State Street Bank and Trust, Swiss Bank Corporation, The Bank of Ireland, United Missouri Bank, United States Trust Company, Wachovia Bank of North Carolina, Wells Fargo Bank, Westpac Banking Corporation.

Investment Managers & Securities Firms: Acadian Asset Management, Alex Brown, Alliance International, Allmerica Investment Management Company, AMR, Baillie Gifford Overseas, Bank of Ireland Asset Management Limited, Baring Asset Management, Batterymarch, BEA Associates, Bradford & Marzec, Brinson Partners, Buchanan Partners Ltd., Capital Guardian, Chancellor, Clanco Management Corporation, Clay Finlay, County NatWest (Australia), Cursitor-Eaton, Daiwa International, Delaware International, DSI International Management, Froley Revy, Gamma Advisors, Genesis Investment Management, Gentrust International, Henderson Administration, IAI International, IDS, Invesco, Ivory & Sime International, J. Aron & Co., J. Rothschild Administration Ltd., J. Rothschild Securities Ltd., Jenison Associates, JP Morgan Investment Management, Lazard Frères Asset Management, LGT Asset Management, Mackay Shields, Mackenzie Financial Group, Manchester Securities, Martin Currie, Marvin & Palmer, Matuschka Group, Mercator Asset Management, Mercury Asset Management, Mesirow Financial, Montgomery Asset Management, Morgan Stanley Asset Management (MSAM), Nations Gartmore Investment Management, Nomura Investment Management, Odyssey Funds Management, Oechsle International, Philips & Drew Fund Management, Pinnacle Associates, Post Horn Asset Management, Putnam Investment Companies, Rand Financial Services, Rowe Price Fleming, Sagit Investment Management, Standish Ayer & Wood, State Street Global Advisors (SSgA), Stewart Ivory T. Rowe Price, Templeton, Thornton, Walter Scott & Partners, Wanger Asset Management

Insurers: AIG, American Skandia, Britannia Steamship Ins., CIGNA Insurance Co. of Europe (Germany, Italy, Netherlands), CIGNA Property & Casualty Insurance Co., Combined Life Ins. Co. of America, Combined Life Ins. Co. of the Netherlands, Continental Insurance Co., Dearborn Insurance Co., Insurance Co. of N. America, Legal & General, Liberty Mutual, London General Insurance (NL), National Mutual (Melbourne, AU), New York Life, Prudential, Royal Maccabees Life Insurance, and Sterling Life Insurance

Investment Funds: 20th Century Funds, Admax Regent Dragon 888 Fund, AIG Southeast Asia Fund PLC, Alpha ECU European Hedge Fund, American Odyssey International Equity Fund, Bank of Ireland Asset Management Group Trusts, BIAM Investments PLC, Biltmore Emerging Markets Fund, Buchanan Emerging Markets Fund, Buchanan European & Atlantic Fund, Cougar Global Fund, First Quadrant Strategic LP, First Quadrant World LP, Fonds Asiatique Natcan (CA), Fonds de Croissance Etranger Lopresti Gabbay (CA), Fonds Etranger non-Americain Lopresti Gabbay (CA), Fountain International Fund, Gartmore UK Emerging Companies Strategy Fund, General Consolidated Investment Trust PLC, Hopwood Investments Limited, IAI Developing Countries Mutual Fund, IAI Domestic Fund, IAI International Equity Common Trust Fund, LGT International Growth Group Trust, The Irish Investment Fund, Latin America Discovery Fund, The Malaysia Fund, MAS Funds, Montreal Trust Global Fund, Morgan Stanley Global Asset Allocation, MSAM Emerging Market Fund International, MSIF Asia Equity, MSIF European Equity, MSIF International Equity, MSIF Int’l Magnum Portfolio, MSIF International Small Cap, MSIF Japanese Equity Portfolio, MSIF Latin America Fund, MSIF Turkish Investment Fund, Morgan Stanley Asian Growth Fund, Nations Gartmore International Equities Fund, Nations Emerging Market Fund, Nations Pacific Growth Fund, Nations International Equity Fund, Pacific Equity Fund, The Pakistan Investment Fund, The Partners Fund, Panther Partners LP, The Partners Fund, Perpetual (15 funds), Prudential Bank Trust Company International Equity Fund, RTT Capital Partners, Rothschild Investment Trust, Universal Far East Fund, Value Realisation Trust PLC, Vanguard Horizon Global Equity Fund, Vanguard International Index Fund, Woodward International Equity Fund

Public-sector Entities & Pension Funds: Australia Post Superannuation Scheme, California Public Employees (CalPERS), California State Teachers (CalSTRS), Chicago Transit Authority, the International Bank for Reconstruction & Development (World Bank), London Borough of Redbridge, London Borough of Sutton, Middlesex County MA USA, Missouri Local Government Employees, Montgomery County MD, New York City Employees, New York City Teachers, Oklahoma Firefighters, Oklahoma Law Enforcement, Oklahoma State Police, Ontario (Canada) Municipal Employees, the Province of Nova Scotia (Canada), Northwest Territories (Canada) Workers’ Compensation Board, the State of Alabama, the State of Alaska, the State of Arkansas (Police), the State of Hawaii, the State of Maryland, the State of New Hampshire, the State of Oregon, the State of Tennessee, and the State of Washington, Queensland (Australia) Investment Corporation, the City of Brockton MA, the City of Cambridge MA, the City of Dallas TX, the City of Detroit MI, the City of Washington DC, the Manhattan & Bronx Surface Transit Operating Authority, the Public School Retirement System of Missouri, the Non-teacher School Employee Retirement System of Missouri, the US Department of the Treasury

Unions: Stichting Bedrijfspensioenfonds voor de Metaalnijverheid (NL), United Mine Workers of America, Hotel Employees & Restaurant Employees, Service Employees International Union

Corporations & their Pension Funds: Acco-Rexel Group, Air Products & Chemicals Corp., Albany International Corporation, American Airlines, ARMCO, Armstrong World Industries, Assidoman Packaging UK Ltd., Atlantic Richfield Co., Automatic Data Processing Inc., Bowater, British Airways PLC, Capital Asset Trust, Cyanamid (UK), Dana Corporation, Detroit Edison Co., Walt Disney Co., Dole Food Company, Dow Chemicals (Canada), Duke Power, Elf Atochem North America, Eutelsat, Parley Industries, Fior, Ford Motor Company UAW Retirement Plan, Forth Ports PLC, General Motors Corporation, W R Grace & Co., Group 4 PLC, Hawaii Electric Industries, Hiram Walker & Sons, Hogg Robinson (1987) (UK), Hotel Employees & Restaurant Employees, IBM, ICI Australia Ltd., LASMO PLC, Lehman Brothers, Loral Corporation, LTV Corporation, McClatchy Newspapers, National Telephone Cooperative Association, Navistar International Transportation Corp., Northern Telecom, Pacific Enterprises Oil Co., Pennsylvania Manufacturers’ Association, Philips Electronics (Canada), Pfizer Inc., Raine PLC, Rio Algom, J. Rothschild Holdings PLC, SMC Stock Transfer Service Corporation, San Miguel Corporation, Sandoz Inc., Schering-Plough, Sensormatic Electric Corp., Southern California Gas Co., Trimite plc, United Airlines, US Air, Vaux Group plc, Whirlpool Corporation, Wisconsin Electric Power Company, and Transamerica Corporation

Endowments, Trusts & Foundations: Trustees of Columbia University, Carleton College, Cornell University, Davidson College, Hillsdale College, Iowa State University, Roberts College of Istanbul, St. John’s University, Trinity University, University College of Swansea (Wales), University of Iowa, University of Minnesota, Yale University, the American Friends of the National Gallery (London), Carle Foundation, Catholic Health Trust, Christian Brothers Employees Retirement Plan, Flinn Foundation, Ewing M. Kauffman Charitable Trust, The Zoological Society 1988 Pension (London), The John D. & Catherine T. MacArthur Foundation, the Mayo Foundation, Missionary Franciscan Sisters, Mercy Consolidated Asset Management Program, the Marion Bradley Glass Trusts, Permanent Trustee Australia Ltd., and other personal, charitable and family trusts.

Lufkin & Co., Incorporated (New York 1980-1989)

Lufkin & Co. Clients included:

Banks & Trust Companies: Marine Midland Bank NA (now HSBC Bank USA – development and management of innovative managed currency fund), Hessische Landesbank Girozentrale (HELABA NY Agency), Boston Safe Deposit & Trust Company, Boston MA (extensive consulting on global custody operations), Fleet Norstar Bank NA, Boston MA & Albany NY (trust department management system vendor evaluations), First Union National Bank NA, Charlotte NC implementation of Morgan Stanley’s TAPS fixed income trading system for their bond desk.

Insurers: Acacia Group / Acacia Mutual Life Insurance, Washington DC

Investment Funds: Marine Midland Bank NA (HSBC Bank USA) Intercurrency Fund Limited and Marine Midland (C.I.) Ltd. (St. Helier, Jersey CI & NY), North Atlantic Ventures Limited (London / NY), Hopwood Investments Ltd., (St. Helier, Jersey CI & Greenwich CT), Banking Systems Limited (London) (for Bank of Yokohama, London Branch)

Please contact us to learn more.