Fund Management

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

Philip Best

Chief Investment Officer, Fund Manager

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

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).

Philip launched The Argonaut Fund in 2003. 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


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 Wealth Management SA.

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

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.

Sophie Bigeard

Head of Multi-Asset Quaero Capital (France) SAS

Sophie Bigeard joined Quaero Capital (France) 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

Senior Research Analyst

Adrian Bignell joined Quaero Capital LLP as Research Analyst in 2021.

Prior to starting at Quaero in May 2021, 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.


Eric Daniel

Fund Manager Quaero Capital LLP

Eric Daniel is managing the 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 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

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.


Mark Fleming

Fund Manager Quaero Capital LLP

Mark Fleming is a partner of Quaero Capital LLP. He joined the firm (formerly Tiburon Partners LLP) in 2003 as fund manager. Since 2020 he is Senior Advisor for the Bamboo strategy.

Having graduated from Oxford University in 1983 with a first class honours degree in Chemistry he began his fund management career at Tyndall and went on from there to British Airways Investment Management where he became head of International Equities.

David Giboudeau

Fund Manager

David Giboudeau joined Quaero Capital in 2021 as Junior 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

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.

Rupert Kimber

Fund 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 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.

Guillaume Launay

Fund Manager Quaero Capital (France) SAS

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.

Jean-François Marie

Managing Director Quaero Capital (France) SAS

Jean-François Marie joined Quaero Capital (France) in September 2017 as Managing Director in order to launch and develop the Real Estate activity. He is mainly active in structuring the investment vehicles, raising capital and investor relations. He is also a member of the Manager Selection Committee of the Fonds de Réserve pour les Retraites and board member of the OLETIS hotel company.

Prior to that, he developed a advisory activity for real estate and hotel investments with large institutional investors and family offices through his company Monge Finance. Previously, he held several executive management positions with BRED, Banque de Gestion Privée, Banque Worms and Caisse des Dépôts et Consignations.

He holds a degree from the Institut d’Etudes Politiques in Paris and is a former ENA student.

Georgina Parker

Head of Sustainability

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.

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 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).

Laurent Stöckli

Research Analyst

Laurent Stöckli joined Quaero Capital SA in August 2017 in the role of research analyst for the small cap team of Quaero Capital, managed by Philip Best and Marc Saint John Web, both fund managers.

Together, they manage 3 funds with a focus on small European companies: Quaero Argonaut Fund, Quaero Smaller European Companies Fund and Quaero Swiss Small and Mid Cap Fund.

Laurent has over 10 years experience in asset management. 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

Junior Fund Manager Quaero Capital (France) SAS

Louis-Marie Toupet joined QUAERO CAPITAL’s team in Paris in 2018 as Junior Fund 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 specialization in Data Science.

Martina Turner

Fund Manager Quaero Capital (France) SAS

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.

Louise Turrettini

ESG Analyst

Louise joined QUAERO CAPITAL in October 2018 as a junior ESG analyst.

She holds a Master degree in International Studies and Diplomacy from the School of Oriental and African Studies (SOAS) in London with a specialization in diplomacy, international security and global energy and climate policy. She also has a Bachelor degree in International Relations from the University of Geneva.

Prior to joining QUAERO she gained experience in NGOs and government fields.

Louise holds a Certificate in Advanced Studies in Sustainable Finance from the HEG in Geneva.

George Tyrakis

Analyst Quaero Capital LLP

George Tyrakis joined Quaero Capital LLP in 2019 as an Equity Analyst.

Prior to joining Quaero Capital, George spent 5 years at SEI in their Investment Management Unit as an Assistant Portfolio Manager where he was responsible for the evaluation and selection of Equity investment managers for SEI’s mutual funds.

Prior to joining SEI, George spent three years at Moody’s working as a Solutions Specialist focusing on stochastic modelling for asset managers and pension funds. Prior to joining Moody’s, he was an Actuarial Analyst at Aon working in their Global Risk Consulting team.

George holds a Bachelor of Science in Mathematics from the University of Southampton, a Master of Science in Applied Actuarial Science from the University of Kent.

He is a Fellow of the Institute and Faculty of Actuaries, UK.

Alice Wang

Fund Manager Quaero Capital LLP

Alice Wang works as a fund manager at Quaero Capital LLP in London. 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.

Margaret Yim

Investment Analyst Quaero Capital LLP

Margaret Yim joined Quaero Capital LLP in January 2019. Her coverage focused on semiconductors, property, energy, mining and industrials. In terms of regions, she is primarily responsible for A-shares, Hong Kong, and Australia.

Margaret started her career in 2011 as a fixed income generalist with UBS AG, focusing on Asian Credit and Rates. In 2014, she left UBS as an associate director and launched her philanthropy initiative focused on financial literacy education for underprivileged youth. In 2016, she joined a leading education technology start-up backed by venture capital, where she was responsible for the business development and strategy.

Margaret is a native Mandarin and Cantonese speaker and holds a Bachelor of Science in Economics and Finance from the University of Hong Kong.

Arrash Zafari

Fund Manager

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.