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Our Story


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Our Story


Our Story

Ember Associates is founded by two Hungarians residing in Singapore. Our name and logo show our admiration to our chosen home while paying tribute to our roots.

In English, “Ember” is defined as the smouldering remains of a fire. In Hungarian, it means  “Human”. This comes as no surprise that our logo incorporates the Chinese character for Fire (火), which also includes the character for Man (人). 

The analogy is akin to reigniting the human spirit, that while aglow could still possess the potential to kindle. As such, we perceive fire to be the symbol of knowledge and passion that we convey. We aspire to set off a fire in others. Embers would still glow very hot, sometimes as hot as the fire which created them long after we have left. They can even spontaneously alight even though they are thought to be completely extinguished.

Our philosophy is that in business, we embrace the best of both Eastern and Western cultures and grounds on what make us human to be exceptional at what we do. Even though we may be different, we are not separate.

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Our Team


Our Team


Our Management Team

Balazs Fogoly

Balazs Fogoly   M  anaging Partner

Balazs Fogoly
Managing Partner

Balazs is a former banker whose expertise lies in sales and decision making. He has over 7 years experience in Financial Derivatives Sales with a diverse clientele across various industries in Europe and Asia. As a Business Manager, he formulated sales strategies and developed educational campaigns for the banks’ client facing staff.

He is also an independent trader and investor who develops his own trading strategies and technical indicators taking advantage of predictable decision-making patterns in financial markets.

"As an independent trader and investor I am fascinated by how decisions are made in financial markets. Cognitive biases can turn even the most profitable trading strategies into ruin, but they can also create predictable patterns we can take advantage of."

Balazs is an INSEAD MBA alum with a Bachelor’s degree in Economics. He still regularly helps out at INSEAD’s Your First 100 Days, where MBA and EMBA participants have to make difficult decisions with scarce resources during the simulation of the first 100 days of an entrepreneurial acquisition.

Zsolt Tokoli

Zsolt Tokoli Managing Partner

Zsolt Tokoli
Managing Partner

Zsolt is a chartered coach, trainer and organizational consultant with 20 years of experience. He has extensive HR consulting and training experience with local and global companies across a range of industry sectors. His expertise is in leadership development, charismatic communication, change management, cultural integration and sales. He also advises companies on large-scale change initiations. 

Zsolt specializes in creating unique programmes based on experiential learning such as horse-assisted leadership development, decision-making training using Poker and personal charisma programmes that help participants change by recalibrating their comfort zone. Zsolt is also a certified Immunity-to-Change coach. 

"Helping people change is my genuine passion. But I also like to immerse in my geeky side, play some cards, wonder if Iron Man would be a good Jedi-knight, or get better at playing Duran Duran's Girls On Film on the guitar. When I am not doing any of these, I typically sit by the pool with a large bottle of sparkling water and write. Which, in a way, is also about people. And change."