Fund Management

The members of QUAERO CAPITAL’s fund management team are particularly experienced and share the same taste for original investment approaches and independent thinking.

Philip Best

Chairman of the Board, Portfolio Manager

Philip Best is the Chairman of QUAERO CAPITAL’s Board. He is also a Founding Partner of the company and a Portfolio Manager.

Philip started his career as a fund manager at Warburg Investment Management in 1983 initially as a trainee, then 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).

In 2003, Philip launched The Argonaut Fund, a fund he still manages today.

Philip graduated from Oxford University. He worked in London and Paris before he settled in Geneva. He is bilingual in English and French.

Sophie Bigeard

Head of Multi-Asset, Quaero Capital (France) SAS

Sophie Bigeard joined Quaero Capital (France) SAS in June 2020.

A multi-manager investment professional for 25 years, she began her career in 1995 at the Banque du Louvre, as a mutual fund analyst and then as Head of External Partnerships. In 2002, she joined the Société Générale group in Luxembourg as a Fund of Funds Manager for SGBT Lux. In 2004, Sophie Bigeard joined OFI Asset Management as a Fund of Funds Manager and then Head of Long Only Multi-Management. In 2017, she created the UCI Selection team for the entire OFI Group, a team which she headed until June 2020.

Sophie Bigeard holds a Master’s degree in Economics from the University of Paris II Panthéon Assas and a DEA in International Finance from Sciences Po Paris.

Adrian Bignell

Portfolio Manager, Quaero Capital LLP

Adrian Bignell joined Quaero Capital LLP as senior research analyst in May 2021.

Previously, Adrian looked after the European smaller company funds at Invesco, started in 2003.

After successfully turning around the performance of the small caps, in 2008 he launched and ran the all-cap Invesco European Opportunities fund. On the back of strong performance, he had a Citywire AAA rating, won the ‚best fund over 3 years‘ Lipper award in 2012 and was mentioned in the Tilney Bestinvest ‚Top 100 UK Managers‘ in 2014 and 2015.

Prior to Invesco, after graduating from St Andrews University where he read French, Adrian worked at Cazenove where he ran the European smaller company fund and in 2001 was made partner.

He holds an MA (Honours) in French from St Andrews University.


Edouard de l’Espée

Portfolio Manager

Edouard begann seine berufliche Laufbahn 1972 als Finanzanalyst und schlug eine umfangreiche Karriere in der institutionellen Vermögensverwaltung und im Research ein. Ab 1981 verwaltete er einen Rentenfonds für eine Tochterbank der UBS-Gruppe. 1986 wechselte er zu Cursitor Ltd. in London, einem unabhängigen Vermögensverwalter, wo er auf der Grundlage des hauseigenen Makro-Research Investmentfonds entwickelte und verwaltete.

Durch den Aufbau von Fachwissen im Bereich der makroökonomischen Analyse verwaltet er seit über 30 Jahren Anleihenfonds und erhielt von Standard & Poor’s Auszeichnungen für herausragende Leistungen über 3, 5 und 10 Jahre. Von 2004 bis 2021 war Edouard Mitglied des Verwaltungsrats und des Prüfungs- und dann des Governance-Ausschusses der Wendel-Gruppe (Frankreich), einer öffentlichen Investmentgesellschaft mit einem Bruttovermögen von über 10 Milliarden Euro, die als aktiver Aktionär mit langfristiger Perspektive große Beteiligungen eingeht. In diese Funktion brachte er seine ausgeprägten makroökonomischen Analysefähigkeiten und seine Erfahrung auf den Finanzmärkten ein.

Edouard ist Absolvent der ESCP, Ecole Supérieure de Commerce de Paris.

Eric Daniel

Portfolio Manager, Quaero Capital LLP

Eric Daniel joined Quaero Capital LLP in 2020 and manages QUAERO CAPITAL Global Convertible Bonds investment strategy.

Prior to joining QUAERO CAPITAL, Eric was a portfolio manager for Tyndaris. Eric’s career in convertibles bonds spans over 22 years across a number of tier-1 global investment banks, including Merrill Lynch and Deutsche Bank. Eric opened the KBC Financial Products continental Europe branch in 2000. Eric was Head of Equity Derivatives and Convertibles Bonds sales for Citigroup (Paris) covering the largest global convertible bonds accounts for the bank until December 2014.

He started his career as a futures and equity derivatives trader at Bacot Allain Warburg from 1991 to 1994 and managed a CTA fund at Capital Fund Management in Paris until 1997.

Eric graduated from the French Business School ESC Le Havre in Business & Economics with a specialization in Finance.

Mark Ebert

Portfolio Manager

Mark Ebert joined Quaero Capital SA in 2012 and manages the Infrastructure Securities Fund.

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

Cristofer Gelli

Portfolio Manager

Cristofer joined the Banque Scandinave Switzerland, in Geneva, in 1980, progressing to Vice President before leaving them in 1989 to found Gadd Wealth Management. In 2002, he launched the Argos Investment Fund and he founded Argos Investment Managers in 2005, the company that would become Quaero Capital SA. Cristofer was Chairman of the company from its inception till 2021. He is also Chairman and co-founder of the Geneva-based wealth management company Gadd Wealth Management SA.

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

David Giboudeau

Portfolio Manager

David Giboudeau joined Quaero Capital SA in 2021 as Portfolio Manager for the Infrastructure Securities fund managed by Mark Ebert.

He previously worked at Auris Gestion in Paris for seven years as Equity Analyst and then became Portfolio Manager. He managed several European and international equities funds for both wealth managers and institutional clients.

David graduated from Neoma Business School, holds a master’s degree in Economics from Paris X University and is a CFA charter holder.


Sébastien Hoyez

Senior Research Analyst

Sebastien Hoyez joined Quaero Capital SA in 2014 in the role of Research Analyst. He is Senior Research Analyst.

In 2008, he began his career at 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.

Jim Huang

Research Analyst, Quaero Capital LLP

Jim Huang joined Quaero Capital LLP in 2022 as Research Analyst for the Asia ex-Japan funds.

Previously, he worked at Highclere International Investors, where he conducted company research and financial modelling for investments within the Greater China region including China A, Hong Kong, and Taiwan. Prior to Highclere International Investors, Jim has also worked for SOSV MOX, an active seed VC focusing on mobile tech startups mainly in South East Asia and India.

Jim holds a degree in Management from London Business School. He also has dual degrees with a BS in Finance and a BA in Advertising at National Chengchi University. He was born in Taiwan and is a native Mandarin speaker.

Benjamin Kelly

Senior Research Analyst, Quaero Capital LLP

Benjamin Kelly joined Quaero Capital LLP in 2021 as a senior research analyst on its Convertible Bond fund.

Recently he worked at Charles Stanley as an analyst within its equity research team; he was responsible for the selection of UK Equities for Charles Stanley’s internal model portfolios.

Prior to Charles Stanley, he started his career in 2013 as a research assistant at Thesis Asset Management and has also previously worked at Aviva Investors and Baring Asset Management.

Benjamin has completed the Investment Management Certificate and has passed level two of the CFA Program; he is also a Chartered member of the Chartered Institute for Securities and Investments.

Olivier Ken

Portfoliomanager, Quaero Capital (France) SAS

Olivier Ken kam 2022 als Portfoliomanager zu Quaero Capital (France) SAS.

Er begann seine Karriere 1996 bei der Caisse des dépôts et consignations in Paris und wechselte dann als Börsenmakler zu The Europe Company.

Von 2000 bis 2010 arbeitete er für Jefferies in Paris, wo er den Bereich „Cleantechnology“ aufbaute.

Im Jahr 2010 wechselte er zu Ecofi Investment, einem Unternehmen der Credit Cooperatif, als Manager für thematische Fonds. Er war verantwortlich für den europäischen Megatrend-Fonds Ecofi trajectoires durables und den Greenfind-Fonds Ecofi Agir pour le climat.

Olivier hat einen Master in Finanzen von der Universität Paris-Nanterre und ist Mitglied der Société Française des Analystes Financiers.

Rupert Kimber

Portfolio Manager, Quaero Capital LLP

Rupert Kimber is a partner of Quaero Capital LLP. He joined the firm (formerly Tiburon Partners LLP) in 2009 and is Portfolio Manager of the Quaero Capital Funds (Lux) – Taiko Japan.

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.

Peiwen Li

Portfolio Management Assistant

Peiwen Li, CA, joins Quaero Capital LLP in London in November 2021, as a portfolio management assistant on the China and Bamboo funds.

She is a Chartered Accountant having previously worked in EY’s London office as an Assurance specialist with a client portfolio covering FTSE 100 and private companies. Peiwen has 5 years of experience in Financial Reporting and Analysis (IFRS, and UK & US GAAP) and Financial Modelling.

She graduated from University of Leicester with a BSc in Banking and Finance and from UCL with a MSc in Management. Peiwen was born in China and is a native Mandarin speaker.

Frédéric Loisel

Portfolio Manager, Quaero Capital (France) SAS

Frédéric Loisel joined the Fixed income team of Quaero Capital France (SAS) in 2021.

Frédéric was an investment banker for 25 years.

From 2006 to 2018, he was Managing Director in charge of the Solutions Sales Team at Deutsche Bank in Paris.

Previously, he was Head of Institutional Sales at IXIS CIB after having been Sales Manager France at DG Bank in Frankfurt as well as Market Economist and Money Trader at Louis Dreyfus Finance.

Frédéric Loisel has graduated from Sciences Po Paris and holds a degree in History.

Xavier Nicolas

Portfolio Manager, Quaero Capital (France) SAS

Xavier Nicolas joined Quaero Capital France (SAS) in 2021 and manages the Fixed income strategies.

Xavier has 30 years of experience in managing Rates and Credit portfolios.

From 2001 to 2018, he was responsible for mandates Private Debt team at Aviva Investors France and Head of the fixed income UCITS funds.

Previously, he was Lead Manager of AFER’s bond portfolio after having managed bond and convertible funds for various management companies.

Xavier Nicolas holds a DEA in Econometrics from the University of Paris 1.

Shi Pengmai


Shi Pengmai is a graduate of Zhejiang University of Finance and Economics and has a Master of Science in Financial Management from Boston University. She previously was an intern at Lloyd George Management (HK), where she reported to Alice Wang and was responsible for conducting field studies and market research into consumer brands. She is responsible for conducting channel checks and fathering consumer intelligence for existing and future investments for both the Bamboo and the China Funds.

Ife Retat-Okewole

Junior Research Analyst, Quaero Capital LLP

Ife Retat-Okewole joined Quaero Capital LLP in 2021 as a Junior Research Analyst.

Prior to that, Ife worked at Arjun Infrastructure Partners, supporting the infrastructure investment team with company valuation and investment strategies. He also acted as financial controller.

Prior to joining Arjun Infrastructure Partners, Ife worked at Paradigma Capital as an Equity Research Analyst. Prior to Paradigma Capital, he worked at the Arab World Institute Press Office. He previously worked at Axa Investment Managers analysing and interpreting account records; he compiled financial information, and reconciled reports and financial data.

Ife Retat-Okewole received a Bachelor (Hons) of Economics and Politics from the University of Bristol. He specialised in Sustainability, Energy Policies and European Union co-operation and integration. He is bilingual in English and French.

Marc Saint John Webb

Portfolio Manager

Marc Saint John Webb joined Quaero Capital SA in 2006 as portfolio manager.

He started investing in European equities in 1987, when he joined Warburg Securities in Paris. 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 IPOs 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.

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).

Philippe Scemama

Portfolio Manager, Quaero Capital (France) SAS

Philippe Scemama joined the Fixed income team of Quaero Capital France (SAS) in 2021.

Philippe was an investment banker for 25 years.

From 2005 to 2017, he was Co-Head of Institutional Investor Solutions at Goldman Sachs in London and Paris.

Previously, he was Head of Central Banks and Supranational Investors at IXIS CIB after having been Head of Hedge Funds Sales at CIC’s European Union and Auditor in charge of financial institutions at Ernst & Young.

Philippe Scemama is a graduate of HEC.

Laurent Stöckli

Senior Research Analyst

Laurent Stöckli joined Quaero Capital SA in August 2017 in the role of Research Analyst. He is Senior Reasearch Analyst.

He started his career working for a Swiss-based Hedge fund as research analyst and then Portfolio manager. Several years later, he joined the international family office, Stanhope Capital, with responsibility for the portfolio management in Geneva for Ultra High Net Worth Individual clients. While he was reinforcing his conviction for the value investing approach during his professional and personal experiences, he met Philip Best (co-founder of Quaero) who shared his passion for this approach and convinced Laurent to join the Small Cap team at QUAERO CAPITAL.

Laurent holds a Bachelor in Business Administration from the University of Applied Sciences Western Switzerland.

Louis-Marie Toupet

Portfolio Manager, Quaero Capital (France) SAS

Louis-Marie Toupet joined Quaero Capital (France) SAS in Paris in 2018 as Portfolio Manager within the Multi-Assets team.

He previously worked in the Risk Department at DNCA Finance in Luxembourg as assistant risk manager.

He holds a Master’s degree in Economic and Financial Engineering from the University of Rennes 1, with a specialisation in Data Science.

Martina Turner

Portfolio Manager, Quaero Capital (France) SAS

Martina Turner joined Quaero Capital (France) SAS in 2017 as a Portfolio Manager.

Martina has 30 years of experience in European financial markets. She is the founder of the Accessible Clean Energy investment strategy.

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.

She holds a Master of Science from the Faculty of Economics of the London School of Economics. She is a member of the French Analyst Society.

Alice Wang

Portfolio Manager, Quaero Capital LLP

Alice Wang joined Quaero Capital LLP in London as portfolio manager in June 2020. She manages the QCF (Lux) – Bamboo and the QCF (Lux) – China. She is a frequent commentator on broader investment trends in China and across Asia and she has been published widely across the global financial media.

Previously, she worked for Lloyd George Management (HK) Limited, where she was already responsible for the portfolio of the Bamboo Fund. She began her career as a China specialist, and her responsibility eventually included South Korea, Taiwan and Philippines, with a particular focus on technology, healthcare, and consumer sectors. She is co-author of a multi-year case study on Haier Electronics for London School of Economics. In her early career, Alice worked as a brand strategist in New York for major global consumer brands, such as United Airlines, Google, and LVMH, and helped lead Groupon’s expansion to China in a joint venture with Tencent in 2011.

She is a CFA® charterholder and she graduated from Yale University with a BA in Humanities focusing on Chinese Intellectual History. Alice Wang was born in China and is a native Mandarin speaker.

Arrash Zafari

Portfolio Manager

Arrash Zafari began working for Quaero Capital SA 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.