The Association of Professional Fund Investors (APFI), the member-driven group representing the interests of the fund selector community, has announced the addition of seven investment professionals and fund research specialists to its leadership team and advisory board.
The additions boost the APFI’s presence in Africa, Italy and India.
The new advisory board members, who join Bev Shah of City Hive, include:
- Jackie Beard of Morningstar
- Antony John of ILEX
- Sunil Chadda of Cairn Consulting Ltd
- Shiv Taneja of Market Metrics
The new leadership members include:
- Manish Garg of Lyxor
- Riccardo Campanini of Olympia Wealth
- Manuela Cedarmas of Tages
They join Gandy T. Gandidzanwa, of Conceptual Fund Managers, who joined the South Africa Chapter earlier in 2018, and South Africa lead Riad Daniels of GTC.
Jon ‘JB’ Beckett, APFI director and UK representative, said: “This is an exciting period for the APFI and by expanding the leadership team we can raise our voice and reach into new markets.”
“We welcome Manish, Riccardo and Manuela to the team. I am also excited about Gandy who joined our SA team earlier this year, led by Riad Daniels of GTC, which is rapidly becoming the blueprint for a modern PFI (Professional Fund Investor) community. We continue to look for local leads in key markets such as Europe, Asia and Australia as well as strategic supporters in the US to assist the work of our lead Adam Choppin. I am grateful to Jackie, Shiv, Sunil and Antony whom join Bev Shah to create a truly robust and diverse advisory board.”
“The Association of Professional Fund Investors is dedicated towards building a fund buyer community, increasing professionalism and lobbying the voice of professional fund investors globally. As a non profit we must align this aim to a fairer, sustainable and more transparent world that delivers the best possible outcomes for investors.”
Beckett added that further appointments to both the Leadership Team and the Advisory Board could be expected in coming months.
Further biographical information
Gandy T. Gandidzanwa
APFI deputy lead, South Africa Chapter and African representative
MD, Conceptual Fund Managers
Gandy T. Gandidzanwa is a Nearly-Qualified Actuary and is presently a post-graduate candidate at the Yale University School of Management (USA) specialising in Advanced Investment and Risk Management. He has held various positions in the financial services industry where his key roles centred on building and implementing models in the actuarial consulting environment. He has also served as the principal executive officer of one of the biggest umbrella funds in South Africa where he was responsible for managing several billions of assets on behalf of fund members. Currently the managing director of Conceptual Fund Managers (South Africa) – a multimanager whose unique manager-of-emerging-managers investment strategy blends only portfolios of specialist small-to-medium-sized investment firms.
Gandidzanwa said: “In search of meaningful and impactful investment performance for the investing public, the investment management product offering has continued to deepen both in range and complexity. Professional fund investors’ expertise of analyzing, selecting and blending asset managers’ products on behalf of investors has never been as important. Certainly, this expertise is expected to be even more important as we step into a future dominated by artificial intelligence and machine learning.”
APFI lead, Italy representative
Olympia Wealth, head of Institutional Clients
Riccardo Campanini is a fund of funds manager and an investment adviser for institutional investors. His background includes positions as economic journalist, assistant lecturer at Bocconi University in Milan and fund manager for ARCA SGR, an Italian Management Company, and JP Morgan. Moreover, he has taken up positions as CIO and director in Italian management companies. He has a degree in
Economics from Bocconi University in Milan and holds the designation of Chartered Financial Analyst (CFA). Campanini has a keen interest in scouting for new funds and new strategies that can help him achieve his clients’ investment targets. He has been a pioneer in fund selection in Italy through the 2000s and was among the first IFAs there. His first investments in liquid alternative funds occurred as early as 2001 and his firm was the first Italian client of Fidelity’s, among others. He is also helping institutional clients to set up dedicated funds to manage their satellite portfolios more efficiently.
Campanini said: “I am delighted to be able to cooperate with APFI and try to contribute to the development of the professional fund investors community in Italy. Sharing practices and ideas with a domestic and international network of highly skilled professionals will be key to this aim. The first of them is Manuela Cedarmas, whom I am very happy to closely work with. The role of fund selector is relatively new in Italy but its importance has been significantly increasing over time.”
APFI deputy lead, Italy representative
Tages, head of Frontier and Emerging Strategies
Manuela Cedarmas joined Tages in January 2013. Manuela is a former head of edge fund investments at Duemme SGR. She previously worked for Unifortune SGR, with responsibility over the creation and management of fund of funds. She worked previously for the Italian Stock Exchange, Citibank and was an intern at the DESA Department of the United Nations Secretariat in NY. She holds an MSc in Econometrics and Mathematical Economics from the London School of Economics and she is a CFA charterholder.
Cedarmas said: “I am very excited to join APFI and I hope to contribute effectively to the development of this community. My specific areas of expertise are in liquid alternatives, emerging and frontier markets and responsible investments. I look
forward to sharing knowledge and ideas and to work alongside Riccardo Campanini in building this innovative networking concept in Italy.”
APFI lead, India and Middle East representative
Lyxor Asset Management, Fund Research
Manish Garg has over 12 years of financial services experience, having started his career at DE Shaw India as an Investment Analyst. He later worked with a boutique investment banking firm ‘PKC Advisory’ focused on providing corporate advisory and investing banking to clients in Middle East before moving to HSBC to set up
their centre of excellence for mutual fund research in India. He built and managed the mutual fund research capability which covered long only mutual funds across all asset classes supporting HSBC’s wealth advisory business. He is currently part of Lyxor Asset Management (subsidiary of Societe Generale Group) responsible for managing fund research, risk analytics and middle office operations for their offshore centre in India. Garg holds a Bachelors in Engineering from Thapar University and a Masters in Finance from Symbiosis Pune.
Garg said: “It is my pleasure and honour to accept this position as India lead for the APFI. I am passionate about the world of wealth management and more so to better the transparency, ethics and governance standards. I believe being part of APFI will provide me the opportunity to share global best practices with my peers in India and
create a robust community of professional fund selectors.”
Principal, Market Metrics
Founder, UK Fund Boards
Shiv Taneja is a principal with Market Metrics, a Strategic Insight business, and is responsible for the firm’s UK and Continental European clients. He advises leading European and multinational asset managers on sales and distribution trends in and across Europe, with a specific emphasis on the most influential fund selectors and other wholesale intermediaries. Prior to joining Market Metrics in 2014, He spent 14 years at Cerulli Associates as global managing director responsible for the firm’s non-US operations, and was part of the original team that helped found Cerulli’s international operations in London in the late 1990s. Before Cerulli, he worked at Standard & Poor’s in its fund ratings unit in London. He has a Masters in Accounting and Finance and is also a professionally-qualified non-executive director, with a particular focus on investment funds governance, and is the founder of UK Fund Boards.
Taneja said: “Fund selectors sit at the heart of the wholesale fund investment decision-making process, and the APFI has the ability to drive the future direction of this important industry channel at multiple levels. It’s a pleasure to be invited to join as an adviser to the association and its directors, and look forward to making a
Principal, ILEX Associates
Antony John is one of four principals of Ilex Associates, a specialist asset management advisory boutique. He is currently undertaking a major institutional business consulting assignment at Aberdeen Standard Investments having completed previous assignments at J.Safra Sarasin, Architas, Alliance Trust Investments, Fisch Asset Management and Brompton Asset Management Previously, in 2012 Antony was appointed CEO of the currency manager The ECU Group plc. ECU is a privately-owned firm with a specialism in managing currency debt portfolios and managed currency alpha portfolios. John remains an equity shareholder. Prior to ECU, he was CEO of the UK business of FundQuest, the multi manager specialist of BNP Paribas Investment Partners (now BNP Paribas Asset Management) which managed and advised on over £30bn of assets. This followed the acquisition by BNP Paribas of Investment Manager Selection in 2008, at that time the largest independent multimanager in the UK (£5.3bn) where John was CEO and one of five principal shareholders. Before joining IMS in 2003 he was an executive vice president at the Swiss Private Bank Lombard Odier, with responsibility for the Northern European retail and institutional businesses with teams in London, Geneva, Zurich, Paris, Amsterdam and Madrid. He spent the formative years of his career, between 1988 and 1998 at Hill Samuel Asset Management. He is a Fellow of the Royal Society of Arts and a Freeman of the City of London.
Principal, Cairn Consulting Ltd
Sunil Chadda has 32 years’ experience in the asset management sector and is regarded as a UK leader on the subject of investment costs and charges and the impact of regulation thereon. Sunil is passionate about cost transparency and seeks better social and financial outcomes for consumers of financial services. An asset management subject matter expert with 32 years’ experience in the asset management sector in the UK, and abroad. Chadda has spent the last 17 years or so consulting at numerous asset management firms.
Chadda wrote: “Over the course of my career, I have noted various investment costs and charges and have observed many practices that have not appeared to be ‘fair’ to the end investor. Having recently taken a few years out to research investment costs and charges, whilst at the same time being lucky enough to test my research findings in live client projects, I realised that the problem of cost transparency in investment was much greater than I had initially imagined. The lack of cost transparency in savings and pensions products hinders the efficient and proper use of capital and
is, as a result, reducing the chances of achieving optimum financial and social outcomes.”
As a result Chadda has managed to build a methodology and models that assist investors in decomposing their “true” investment costs, whether for DB segregated mandates, DC, pooled funds or other types of instruments.
Chadda said: “I am extremely honoured to be invited to join the Advisory Board of the APFI and look forward to building on the good work that the APFI already does in many different jurisdictions. I am passionate about transparency on costs and charges and the removal of asymmetric terms and conditions in financial products between manufacturers and investors.’
Director of Fund Research Services, EMEA, Morningstar
Jackie Beard is the director of Manager Research Services for Europe, the Middle East and Africa at Morningstar. She leads Morningstar’s engagement with the due diligence teams of institutional investors who engage with Morningstar for external support in the evaluation of active and passive funds, investment strategies and asset management firms. She joined Morningstar in September 2008 as Director of Fund Research for Morningstar UK, leading the roll out of Morningstar’s qualitative fund research and ratings for funds available for sale to UK investors. From mid-2010, she focused on the UK investment trust market, and in 2012 led the launch of Morningstar ’s qualitative research and ratings on closed-end funds for the UK. She is a leading industry voice on investment trusts and has pioneered greater transparency from closed-end funds on their holdings, authoring the paper “Investment Trusts: Why Transparency Matters”. She is a regular presenter to fund boards, investors and advisors. Before joining Morningstar, she spent seven years at Forsyth Partners where her role included fund research, the management of the group’s broker client funds, and the development of proprietary research and information tools. Jackie started out in the financial services industry in 1991, initially at private bank Hill Samuel before moving to stockbrokers Albert E Sharp and Quilter, where she switched from private client management into fund research. She is a fellow of the Chartered Institute of Securities and Investment and an MSI Diploma holder.
Beard said: “I’m delighted to join the APFI’s Advisory Board, as Morningstar and APFI’s missions are closely aligned. The APFI seeks to advance the voice and perspective of the professional investor, to enhance the competitiveness and quality of investment products in the marketplace, and promote best practice in the areas of research, analysis, and due diligence. This is central to our own approach, where the investor always comes first. I look forward to working with the team at the APFI to help investors reach their financial goals.”