Elevating Southeast Asia’s M&A Landscape: An Exclusive Interview with Daniel Ibasco, President and CEO of Fortman Cline Capital Markets

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Fortman Cline Capital Markets Ltd. (FCCM), a boutique investment banking firm with offices in Hong Kong, Singapore, and Manila, has been at the forefront of Southeast Asia's M&A and capital markets advisory landscape. Founded with a mission to provide innovative, tailor-made financial solutions, FCCM has become synonymous with excellence in strategic advisory for emerging conglomerates and owner-managed businesses.

Under the visionary leadership of its President and CEO, Daniel Ibasco, FCCM has successfully closed transactions exceeding USD 20 billion across diverse sectors, including power and energy, healthcare, logistics, and technology. Recognized for its expertise and unwavering commitment to client success, FCCM was honored with the “Best M&A Boutique Firm - Southeast Asia, 2024” award from the Global Brand Frontier Awards, conducted by Boston Brand Research & Media.

Daniel Ibasco, with over three decades of experience in investment banking and a proven track record in Asian capital markets, has been instrumental in shaping FCCM’s reputation as a trusted partner for businesses navigating complex financial landscapes. Under his guidance, FCCM continues to lead with innovation, delivering exceptional value to its clients.

Boston Brand Research & Media had the honor of interviewing Mr. Daniel Ibasco to uncover the secrets behind FCCM's success, the challenges of operating in an evolving market, and his vision for the future of the M&A industry in Southeast Asia. Below are the questions we explored with Mr. Ibasco and his team.

1. Congratulations on FCCM’s recent recognition as the “Best M&A Boutique Firm - Southeast Asia, 2024.” How does this milestone resonate with you personally, and what does it mean for your team and clients?

This milestone confirms with greater conviction the thesis we had all long regarding our advocacy for the founders and entrepreneurs (who are our key clients) and the transformation impact we have created for their businesses. We were a recipient of a similar award in the past, but this award further confirms that we are on the right track.

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2. Reflecting on FCCM’s journey, are there any specific challenges or moments of triumph that stand out as defining experiences for you and the firm?

There were quite a number of defining moments over our 15-year journey. For example, we were chosen as a financial advisor by one of the largest conglomerates here (even if this was not a target client of ours) for a series of non-stop and large ticket acquisitions for them.  This validated our thesis that customer service and personal trust wins at the end of the day over league tables and institutional prestige. Other defining moments for us was when we were able to close rather complicated transactions amongst many doubting Thomases on the side. We saved companies from financial distress, we were able to mediate family disputes that came along with transaction execution, and we were able to come up with innovative solutions that proved themselves right in the end.

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3. With over 30 years of experience in the financial industry, how has your personal journey influenced the culture and values you’ve cultivated at FCCM?

I have worked for large financial institutions prior to forming FCCM.  These institutions were fraught with overbearing compliance departments, bureaucracy, and politics over the use of scarce resources. In contrast, I was able to build an entrepreneurial culture at FCCM with a very customer-centric approach and a response time the big firms could not offer. I think I was able to accomplish more transactions at FCCM than with the big firms I used to work for.

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4. What was the most memorable turning point in FCCM’s story, and how did your vision help navigate through it?

The turning point for FCCM was when we were able to diversify our customer base 3-5 years after inception. We were too reliant on one large customer during our early years. My vision of being an investment banker to entrepreneurs and founders of businesses served well in this diversification strategy.  We managed to migrate from low-margin business serving overbanked and large clients to higher-margin clients in the SME space.

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5. As a leader, how do you balance the pressure of steering a dynamic firm like FCCM with staying true to your core principles?

I believe that staying true to our core principles has kept us out of trouble and continue to do successful deals. We deliberately stayed out of the public sector as a client. We remained as a single-purpose advisory company to avoid conflicts of interest. We are also very honest in the way we manage client’s expectations. We prefer to underpromise but overdeliver.

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6. FCCM’s success spans diverse sectors such as healthcare, technology, and energy. How do you personally stay updated and attuned to the unique demands of these industries?

Being an industry specialist requires having (i) people within the organization who know this vertical.  We like working with retired executives who have a lot of experience and wisdom to offer  (ii)  research on the entire industry ecosystem.  Who are the players in each component of the ecosystem and (iii)  networking and talking to people within the industry

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7. Could you share a project or deal that felt especially rewarding for you, either due to its complexity or the impact it created?

I think the sale of The Medical City would qualify as one. This is a company that had shareholder disputes, had a good franchise that was underinvested, had a big exposure in Guam which investors and creditors didn’t want, and that had financial pressures from leverage used to support Guam. Managed to sell this business for good consideration.  This involved shareholder dispute resolutions, spin-off of Guam, and some liability management exercises with the banks.   It was complex given the number of moving parts.

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8. Innovation is often driven by a leader’s unique perspective. Can you share how your personal approach to problem-solving has shaped FCCM’s innovative solutions?

Each company no matter how successful or not has a problem. Through careful listening,  there are diagnostic and therapeutic processes involved.  Innovative solutions have often arisen out of this process. We don’t sell products. We sell ideas and solutions.

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9. FCCM emphasizes a client-first philosophy. Is there a particular client success story that holds a special place for you and illustrates this principle?

I really can’t think specifically of a case. But we take risk management exercises for a client seriously. We have in some instances advised clients from not taking debt offered for risk reasons. We always want our clients to be in a sustainable capital structure.

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10. The M&A landscape in Southeast Asia is evolving rapidly. What emerging trends excite you personally, and how is FCCM preparing to seize these opportunities?

I am most excited about cross-border M&A within ASEAN. We are beginning to see good cross-border flows within ASEAN which necessitates building a more extensive regional network. 

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11. As you look ahead, what is the one strategic initiative that you feel most personally invested in and why?

I think regional expansion within ASEAN is the most sensible thing to do as we think of scaling up. Each market has limitations and scaling is not easy if you just have a single-country focus

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12. Your career has spanned decades and continents. What personal habits or philosophies have been the key to your sustained success and growth?

Having a growth versus a fixed mindset is key. I am very disciplined in terms of my daily health routines. I personally believe that having a good mind and body is key to sustained success and growth.

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13. If you could go back to the start of your career, what advice would you give to your younger self, and how does that align with the guidance you offer to aspiring professionals today?

My advice would be to remain intellectually curious and always winning to learn new things.   I would also spend more time talking to people generating information as opposed to just sitting on your desk doing search work all day. Ideas come when speaking to people from all different fields and backgrounds.

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14. Beyond FCCM, what inspires and motivates you in your daily life? Are there any personal interests or pursuits that contribute to your leadership style?

Maintaining good physical and mental health is key