Philip Best

Chief Investment Officer, Fund Manager

Philip Best co-founded Quaero Capital SA in 2005 and is a Partner, Fund Manager and Shareholder.

Philip started his career as a fund manager at Warburg Investment Management in 1983, managing the Mercury European Income Fund. In 1987, he joined Enskilda Securities as a broker specialising in European small cap companies. In 1994 he established and ran the Paris office of The Europe Company Limited, a specialist research-driven European small cap brokerage (purchased by Jefferies & Co in 2000).

Philip launched The Argonaut Fund in 2003 and in the 14 years since then the fund has achieved an annualized return over 14%. He is also a non-Executive Director of UK publicly listed investment fund Jupiter European Opportunities Trust, an investment company with assets of over GBP 630m.

Born in 1960, Philip graduated from Oxford University in 1982 and worked in London for six years before moving to Paris in 1988 and then to Geneva in 2003. He is bilingual in English and French.

Cristofer Gelli


QUAERO - Cristofer Gelli

Cristofer Gelli co-founded Quaero Capital SA in 2005 as Chairman, Partner and Fund Manager

Cristofer launched Argos Investment Fund in 2002 and Quaero Capital SA (formerly Argos Investment Managers) in 2005 and has been Chairman of the company since its inception. He is also Chairman and co-founder of the Geneva-based wealth management company Gadd & Cie S.A.

Cristofer joined the Banque Scandinave Switzerland, in Geneva, in 1980, progressing to Vice President before leaving them in 1989 to found Gadd & Cie.

He is or has been a member of several boards of directors including the Groupement Suisse des Conseils en Gestion Indépendants (Swiss Association of Independent Financial Advisors), COPRE, an independent pension fund, and various other financial services companies and investment funds.

Cristofer graduated in 1980 from the University of Lausanne (HEC) with a degree in Economics.

Marc Saint John Webb

Fund Manager

Marc Saint John Webb joined Quaero Capital SA in 2006 as a Fund Manager.

Marc Saint John Webb is co-manager of The Argonaut Fund. He launched the European Smaller Companies Fund (formerly Family Enterprise) in 2007 and is a significant shareholder of the firm.

He has over 25 years’ experience of investing in European equities, starting out as a stockbroker for Warburg Securities in Paris in 1987. He subsequently worked as a research analyst for Schelcher Prince before moving on to small cap stock picking at Oddo.

In 1997, he joined CCF Elysées Bourse as Head of the Small Caps Division, where he developed a new research product dedicated to smaller companies. He oversaw a number of IPO’s and raised further capital for listed smaller companies.

In 2001, he co-founded IXIS-Rothschild Midcaps, a Paris-based joint venture specialising in corporate brokerage and research on French mid-sized companies.

Born in 1965, Marc studied at Aston Business School in England, the Complutense University of Madrid in Spain and INSEAD in France. He holds the diploma of the SFAF (the French Society of Financial Analysts).

Franck Berlamont

Fund Manager

Franck Berlamont joined Quaero Capital SA in 2014 as a Fund Manager.

Franck is also the founding partner, President and CEO of Geneva Partners, an independent asset management firm based in Geneva, Switzerland.

After receiving his MBA from Columbia Business School in 1987, Franck Berlamont spent 13 years at Citibank, serving as Managing Director in France (90-93) and then as Citibank Private Bank Marketing Director for Europe, the Middle-East and Africa.

He joined Banque Marcuard Cook & Company in Geneva in 1999 as Partner and CEO. Mr. Berlamont founded Geneva Partners in 2002, following the sale of Banque Marcuard Cook.

Mark Ebert

Fund manager

Mark began his career with Price Waterhouse in Chicago and London. He then joined Citicorp Investment Bank – London in the Corporate Finance / M&A Department responsible for transatlantic M&A advisory. He joined UBS in London as Head of European M&A, becoming Senior Managing Director – Global Co-ordinator of M&A, based in Zurich. He became co-head of Panmure Gordon in London, an Institutional Broker and Corporate Finance Adviser focussed on UK & European high growth sectors

He then pursued his career as a Member of the Executive Committee and Head of Lombard Odier’s Investment Banking Division in Geneva.  He was responsible for the bank’s Private Equity activities as well as Securities Trading, Equity Brokerage, and M&A. He then founded Quadrum Partners in Zurich, providing corporate finance advisory services to European Institutional Investment Managers

He then joined the Fortune Group, London, as Chairman.  Fortune advised institutional investors on hedge fund strategies and ran several Hedge Funds of Funds. After Close Brothers acquired Fortune, he became a Managing Director and was responsible for developing Close’s Real Asset investment strategy, before joining QUAERO CAPITAL.

Mark has been running the infrastructure securities Fund since March, 2012.

Mark’s degrees inlcude BSc, Gdip, and MSc.  He qualified as a Certified Public Accountant.


Rupert Kimber

Fund Manager

Rupert Kimber is a partner of Quaero Capital LLP. He joined the firm (formerly Tiburon Partners LLP) in 2009 and is lead manager of Tiburon Taiko Fund and other Japanese mandates.

He is a significant shareholder in the fund and in Quaero Capital LLP. Rupert commenced his career at Cazenove in 1984 and has been involved in Japanese equities since 1986.

In 1989 Rupert relocated to Cazenove’s Tokyo office where he worked as an analyst and salesman.

In 1997 he became a partner of Cazenove based in Tokyo with the responsibility for developing the Japanese cash equities business as well as remaining active in sales. Following a decision to close the business in 2003, he took the bulk of the team to KBC Financial in Tokyo where he became a managing director with responsibility for developing the Japanese cash equity business.

In 2005 he joined Polar Capital to work alongside the Japanese fund managers and was responsible for building out the Tokyo based research team. In 2007, he joined Belvedere Investment Partners where he launched and managed the Belvedere Japan Fund.

Rupert graduated from York University with a degree in politics.

Ray Hirsh

Senior Investment Analyst

Ray Hirsh is a senior analyst on the Japan team supporting Rupert Kimber. He joined Quaero Capital LLP (formerly Tiburon Partners LLP) in August 2009.

Prior to joining Tiburon, Ray worked in the City of London for 2 years, beginning his career as a credit analyst at Société Générale.

In 2004, Ray graduated from London School of Economics with a BSc in Economics and went on to complete an MSc in Economics at York University.

Ray is also qualified as a Chartered Financial Analyst and is a Japanese speaker.

Edouard de l’Espée

Fund Manager

Edouard de l’Espée joined Quaero Capital SA in 2014 as a Fund Manager.

Edouard started his career in 1972 as a financial analyst and embarked on an extensive institutional asset management and research career. He began managing a bond fund in 1981 for a subsidiary bank of UBS Group. In 1986 he joined Cursitor Ltd in London, an independent money manager, where he developed and managed investment funds based on in-house macro research. Building expertise in macro-economic analysis, he has been managing bond funds for over 25 years, earning Standard & Poor’s distinctions for outstanding performance over 3, 5 and 10 years.

Edouard is on the Board and Audit Committee of the Wendel Group (France) since 2005, a public investment company with gross assets over 10 billion Euros which takes major participations as an active shareholder with a long-term perspective. To this function he brings his strong macro-economic analytical skills and experience of financial markets.

Edouard co-manages a dynamic yield portfolio in the Quaero Capital Funds (Lux) range.

Born in 1948, Edouard graduated in 1972 from ESCP, Ecole Supérieure de Commerce de Paris.

Henry Hillgarth

Fund Manager & Research Analyst

Henry Hillgarth joined Quaero Capital SA in April 2016 in the role of fund manager support and research analyst.

Henry began his career as a research analyst at Baillie Gifford in Edinburgh in 2011, where he underwent the Trainee Investment Manager program, working on fundamental analysis of companies across different geographical areas including the UK and Continental Europe. After nearly three years at Baillie Gifford he moved on to the Geneva-based equity long/short fund, Pascal Advisors, where he continued to build his experience on European equities until he joined Quaero Capital.

Henry is a native of Geneva and speaks fluent English, French, Italian and Spanish. He holds a degree from Oxford University, and has passed level 2 of the CFA Program.

Sébastien Hoyez

Research Analyst

Sebastien Hoyez joined Quaero Capital SA in 2014 in the role of research analyst.

In 2008, he began his career at the investment bank Natixis, before joining AXA IM as a Portfolio Controller. In 2011, Sebastien moved to Carmignac Gestion to reinforce the Middle Office team, subsequently joining Tikehau IM in 2013 also to assist in the development of new support tools and systems. In addition to his responsibilities at this time, Sebastien decided to widen his competence to investment analysis and undertook the CFA (Chartered Financial Analysts) exams.  Sebastien joined Quaero Capital SA in September 2014 to work with Philip Best and Marc Saint John Webb on fund management support and research analysis.

Sebastien holds a Master Degree of Portfolio Management (Paris XII), Master Degree of Corporate Finance (ESM-A),  and since September 2015, is a CFA® charterholder.

Michaël Malquarti

Senior Portfolio Manager

Michaël Malquarti joined Quaero Capital SA in 2017 as Senior Portfolio Manager, with a focus on quantitative equities and asset allocation.

Prior to joining Quaero Capital SA, Michaël Malquarti was heading the manager research and alternative investments team at SYZ Asset Management. He started at SYZ in 2005, initially developing quantitative and qualitative tools to support the alternative investment process and subsequently as head of risk, designing and institutionalizing its risk management process. In 2010, he joined the alternative investments team as senior analyst and senior portfolio manager with a focus on quantitative issues, complex strategies and portfolio construction. In 2012, he became co-head of the alternative investment team, before becoming in 2015 the head of the overall manager research team.

Prior to working in the financial sector, Michaël carried out research in the field of theoretical cosmology.

He is the author of several publications in professional journals. Since 2015 he has also been actively promoting a reform of the monetary system.

Michaël Malquarti holds a Masters in Mathematical Physics from the University of Geneva and a PhD in Astronomy from the University of Sussex (UK).




Laurent Stöckli

Research Analyst

Laurent Stöckli joined Quaero Capital SA in August 2017 in the role of fund manager support and research analyst.

Laurent has 8 years experience in asset management. He worked for Stanhope Capital (Switzerland) SA with responsibility for the portfolio management in Geneva for Ultra High Net Worth Individual clients. Before this, he worked for a Swiss-based Hedge fund as analyst and portfolio manager for 3 years.

Laurent holds a Bachelor of Applied Science in Business Administration with a Major in Banking and Finance from the University of Applied Sciences Western Switzerland, and has passed level 1 of the CFA Program. He met Philip Best during his Bachelor thesis about Applied Value Investing.

Georgina Parker

ESG Analyst

Georgina Parker joined QUAERO CAPITAL in April 2018 as ESG Analyst.

Georgina began her career in 2007 as an equity analyst with Bessemer Trust, working first with the UK smid-cap team before joining the global large cap fund as a generalist analyst working in both London and New York. In 2015 she left for commercial experience, leading growth for Virgin Pure, a Virgin-backed start-up focused on reducing plastic waste. In 2018 she returned to the investment industry to contribute to the movement towards sustainability, joining first the sustainable investment experts at Conser Invest in Geneva.

In 2014, Georgina co-founded a network for ambitious career women, called BroadMinded, currently spanning nearly 1000 women in London.

Georgina holds a degree in Economics from the University of Edinburgh and is a CFA charter holder.

Guillaume d’Halluin

Fund Manager, Paris

Guillaume d’Halluin joined Quaero Capital (France) sas in 2014 as a Fund Manager.

Guillaume d’Halluin has 30 years experience in European equities and fund management. He spent 20 years as an equity analyst working with Wood Mackenzie (London), Delahaye Ripault (SG group) and KBC Securities in Paris.

In 1992 he was the co-founder of The Europe Company Ltd (Paris branch) where he worked with Philip Best, firmly establishing it as a research-driven small-cap focused European brokerage   and stayed with the company until it was purchased by Jefferies & Co. in 2000.

In 2005 he joined Cholet Dupont as a fund manager running 3 different FCP funds in European Equity and listed real estate companies.

In 2011 he co-founded a small multi -family office in Paris specialized in auditing investment belonging to high net wealth individuals and also offering a selection of multi-manager funds.

He is a graduate from The European Business School (1984) and holds a Master’s degree in Wealth Management (“Gestion de Patrimoine”).  He has been a member of the SFAF (the French Financial Analysts’ Association) since 2001.

Guillaume Launay

Fund Manager, Paris

Guillaume Launay joined Quaero Capital (France) sas in 2013 as Co-General Manager.

Guillaume started at Credit Lyonnais USA on Forex and options prior to joining the Credit Lyonnais Paris headquarters Forex desk, where he spent 8 years responsible for the EMS desk. For the next five years he was in charge of Repurchase Agreements and bills desks for the Credit Lyonnais Paris, London and Tokyo operations. Guillaume has worked three years in Credit Lyonnais London, two in Credit Lyonnais NY and one year in Japan. He left Credit Lyonnais in 2001 to launch Quantic Asset Management with a strong focus on credit products. He eventually sold the company to the OFI Group in 2003 to launch and manage credit funds as well as structured credit products. While at OFI, Guillaume started OFI Investment Solutions and was its CEO. He was a senior partner at OFI and a member of the advisory board of OFI Infravia.

After 10 years at OFI, Guillaume left to start a new company called Blue Alpha with a view to investing in newly created asset management companies and to helping develop their brand and AUM.

In 1986, Guillaume graduated from Paris Dauphine University with a Master 203.

Olivier Lutz

Fund Manager, Paris

Olivier Lutz joined QUAERO CAPITAL in September 2017 as Fund Manager to create and develop the Real Estate department. He mainly participates in the structuring of funds and in investment and asset management.

He previously worked at PERIAL Asset Management for 4 years in the Institutional division, where he oversaw the creation and management of 4 REITs for a total AUM of € 350M. He also has previous experience as an analyst at Amundi Real Estate.

Olivier has a MSc specialized in asset management from Kedge Business School. He is also a graduate from Euromed Marseille and Tongji University, Shanghai.

Martina Turner

Fund Manager, Paris

Martina Turner joined QUAERO CAPITAL in 2017 as a Fund Manager.

She is the founder of the Accessible Clean Energy investment strategy.

Martina has 30 years of experience in European financial markets.

Following extensive experience acquired at Tier-1 financial institutions in equities, business development, and clean energy investments, Martina received training in solar technology and materials ‘science’ at MIT seminars and in microcredit for solar installation at Grameen Bank.

Subsequently, Martina developed an investment strategy to generate profitable returns investing in companies focused on development, production and sale of technologies that enable the global dissemination of clean energy from the developed world to the most populated and most remote regions. After over 2 years of successful tracking, the investment model became the strategy of a structured fund, anchored by a pension fund.

Master of Science from the Faculty of Economics, London School of Economics.

Member of Société Française des Analystes Financiers.

Eurof Uppington

Fund Manager

Eurof Uppington joined Quaero Capital SA in 2017 as a portfolio manager. He is lead manager of the Disruptive Innovation Long Short Equity strategy.

Eurof has over 20 years of investing in global equity markets. Starting as an investment banker in London in 1995, he moved to the buy side as global telecoms analyst at Allianz Asset Management in Munich, New York and Frankfurt, then worked at Avocet Capital, a start-up hedge fund back in London, after which he moved to Geneva as co-manager of the Lombard Odier Technology Fund. There he also ran a long-short technology book at 1798 Capital Partners, Lombard Odier’s New-York-based in-house multi-strategy hedge fund.

He has an MA in International Relations and International Economics from Johns Hopkins SAIS in Bologna (Italy) and Washington, DC. He completed his undergraduate degree in History at Peterhouse, Cambridge University.

Zoë VanderWolk

Senior Associate, Paris

Zoë VanderWolk joined QUAERO CAPITAL in 2017 as a Senior Associate.

She has 9 years of experience in clean energy, including 5 years providing legal services in clean energy and power projects, environmental and carbon markets, and funds at Baker & McKenzie LLP.

Examples of representative matters: negotiation of development and supply agreements for next generation proprietary battery technology; advising on legal compliance obligations for biomass producer; allocation of renewable energy certificates; advising on a commercial scale carbon capture and storage project; and advising on a UK government tender for smart metering rollout.

Practicing solicitor of England & Wales.

LLB, College of Law, London

BA in Statistics, Harvard University, Harvard University (class of 2005).

Sébastien Waefler

Fund Manager

Sébastien Waefler joined Quaero Capital SA in 2014 as a Fund Manager.

Besides his role at Quaero Capital SA, Sébastien is also a Managing Partner at Singalliance (Switzerland) SA.
He has more than 15 years of asset management experience and is a member of the Swiss Financial Analyst Association (SFAA).

Previously, Sébastien was a board member of various companies, including Compagnie Aramayo SA in the mining and chemical sector, and worked as COO of amLeague SA, a company that measure asset managers’ performance.

Sébastien co-manages a dynamic yield portfolio in the QUAERO CAPITAL fund range.

Arrash Zafari

Fund Manager

Arrash Zafari

Arrash Zafari began working for Quaero Capital in 2013 and is the Portfolio Manager for the Quaero Capital Funds (Lux) – New Europe.

He started his investing career in 2005 at Orbis Funds, as an Analyst on global equities. In 2009 he moved to work on a long/short equity fund at Millennium Capital. After this he managed an emerging markets fund at Castlestone Management. Prior to entering the investment industry, he undertook accountancy training with Ernst & Young.

He holds a First Class Honours degree in International Relations from the  University of St Andrews.