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The team

H2O Asset Management L.L.P. boasts 84 highly accomplished professionals. It includes twenty-seven investment managers.

The Executive Committee

Bruno Crastes is the CEO of H2O AM. A highly regarded figure in the investment community, Bruno has been a top fund manager and fixed income specialist for over 20 years. Before setting up H2O AM he was CEO of the London office of Crédit Agricole Asset Management (CAAM) - now Amundi - and while actively managing global fixed income portfolios sat on the Executive Committee of CAAM (now Amundi) in charge of the UK, SE Asia and Australia. Bruno received a B.A. in Mathematics from the University of Lyon and graduated from ISFA (Graduate School of Actuarial Science).

Vincent Chailley is our CIO. He previously headed the Global Fixed Income and Absolute Performance team of CAAM London. Starting his career in 1995 researching capital markets, he joined CAAM the following year as an analyst before becoming an investment manager in Asset Allocation and then Global Fixed Income. Vincent Chailley is a member of the French Actuaries Institute and holds a postgraduate degree in Economics and Mathematical modeling from ENSAE. He also holds a Master of Science in Applied Mathematics from the University of Paris Dauphine.

Marc Maudhuit is the Client Portfolio Manager of H2O AM and has worked in the asset management industry for over two decades. Until 2010 he headed the product specialist team of CAAM London’s Global Fixed Income and Currency management department. Prior to this he was in charge of the marketing of Indosuez Asset Management fixed income products where he eventually ran the overall marketing support unit of the company. Marc Maudhuit is a graduate of the ESCP Europe Business School (previously ESCP-EAP). He also holds a MSFS (Master of Science in Foreign Service) from Georgetown University (Washington, D.C.).

Jean-Noel Alba is our deputy CEO and handles the day-to-day running of H2O AM. He was previously Deputy CEO and COO of Amundi London. Beginning his career as a commercial banking sales officer of Banque Worms in 1983, Jean-Noel became Deputy Head of their Capital Corporation in New York before eventually heading the bank’s trading activities. He then moved to Elf Aquatine where he was appointed CEO of Sofax and Elf Finance. Jean-Noel graduated from IEP Paris.

Loïc Guilloux has in-depth experience in Global Macro, Asset/Liability Management, Investment Solutions and in Financial Regulations which he gained during a 22 year career in the Global Markets industry (FICC and Equities), including the last 16 years at Merrill Lynch International, based in London and Paris, where he ran several activities (Asset/Liability & Investment Solutions for Global Equities in Europe, FICC for Belgium-France-Luxembourg, Complex Interest Rates & Forex Options Sales in EMEA, SVT mandate…). The 6 prior years he was at Crédit Agricole Indosuez where, at the end of his tenure, he was deputy Head of Fixed Income sales. Previously he served as forward observation officer at 35° Régiment Parachutiste and platoon commander at 6° Bataillon d’Infanterie de Marine (Gabon). Loïc Guilloux graduated from Institut d’Etudes Politiques de Paris and holds a DEA de Gestion from La Sorbonne and a Maîtrise d’Economie Appliquée from Paris-Dauphine.

Jean-Christophe Morandeau began his career in 1988 as a wealth manager at Paribas Bank. He then joined Paribas Asset Management as the Head of Legal Department for French UCITS in 1992. In 1999 he joined Credit Agricole Asset Management as the Legal Head of Products & Corporate-France and in 2004 became the Deputy Head of Legal and Fiscal Department. Jean-Christophe Morandeau joined Natixis Asset Management in 2008 as the General Counsel. He was promoted to the Head of Legal, Monitoring (compliance and internal control) and Risk in November 2014 and became a member of the Executive Committee in February 2015. Jean-Christophe joined H2O in January 2019 as the Global Head of Legal and Compliance and Deputy CEO of H2O AM EUROPE.

The Investment Management Team

Loic Cadiou is a senior fund manager and partner at H2O AM. Previously he’s worked as part of a Macroeconomic Modelling think tank and senior researcher on international economics. Before joining H2O AM in 2010 he was an investment manager of emerging debt, global bond and absolute return portfolios at CAAM. Loïc Cadiou holds a postgraduate degree in Economics and Statistics from ENSAE (Paris Graduate School of Economics, Statistics and Finance), and a Master’s Degree in Analysis and Economic Policy from EHESS (Paris Graduate School of Social Sciences.)

Jérémy Touboul is an investment manager at H2O AM specialising in trading and chart analysis. Previously at CAAM where he was a derivatives trader before becoming an investment manager. Jeremy graduated from the University of Nice with a Bachelor’s Degree in economics. He also holds a Master’s Degree in finance from University of Nice - John Molson School of Business (Concordia University, Montreal).

Gonzague Legoff is a specialist in portfolio management at H2O AM. He joined us as a partner in November 2010. Previously he was the portfolio manager for International Equity Funds at CAAM. Gonzague graduated from ‘Ecole supérieure d’électricité’(SUPELEC).

Carlos Daurignac began his career in 1989 at Banque Indosuez. He specialised in foreign exchange during the EMU/euro convergence process and subsequently in emerging market currencies. In 2003 Carlos joined Brevan Howard AM as a research analyst focussing on tactical trading strategies as well as global macro themes, becoming partner in 2007. Over the past 4 years Carlos developed “alpha enigma “ a data driven process used in the analysis of macro trends and market timing. Carlos holds a Master degree from the European Business School in Paris.

Stéphane Gaillard started his career in 1997 at Credit Commercial de France in the risk department of the Capital market activities, where he implemented the VaR (Value at Risk) concept. He then moved to the options trading desk until 2000. He was then in charge of the options for Alcatel then Natixis in London from 2007, where he headed the Forex options department, including commodities until 2010. From August 2010, he was in charge of the flow and euro exotic option book at Nomura in London, and in 2013 he was promoted MD in charge of the emerging market options book. Stéphane holds a Master in Mathematics and financial capital markets from the Grenoble University. Stéphane is senior portfolio manager and a partner at H2O AM.

Juliette Pianko began her carrier in 2004 within the Middle Office department of Credit Agricole Asset Management (which became Amundi in 2010) in London. She became Head of the Middle office in 2005, managing a team of 10 people in charge of trade support and reconciliations. Juliette has worked on various operational projects from collateral management to implementation of booking/ clearing systems. She was also responsible for the operational on boarding of new portfolios. Juliette joined H2O Asset Management in May 2011 as treasury manager. She became a Portfolio manager in September 2014. Juliette holds a Master’s degree in Finance from Paris 1 Sorbonne University.

Thomas Delabre started his career in 2000 as Junior Economist at the French Embassy in India. In 2002, he joined the Economic Resarch Department of Credit Lyonnais (now Credit Agricole SA) as a Country Risk Analyst covering Latin America. In 2005, he moved to Credit Agricole AM (now Amundi AM) as a Global Emerging Markets Strategist and joinded the London office in 2007. He was then appointed EM Portfolio Manager in at the end 2009. Thomas joined H2O AM LPP in October 2014 as an Emerging Markets PM. Thomas holds a Master Degree in Finance from The American University (Washington DC, 1999) and a Post-Master in Economics from Toulouse School of Economics (1998).

Christophe Chappuis started his career in 2005 at CAAM (now Amundi) in London as a Middle Office Assistant. He was appointed Cash Manager in 2006 and then Portfolio Manager within the Absolute Return team in 2010. In 2013, he joined the New York office to implement the global aggregate strategy for US clients. Christophe joined H2O AM LPP in October 2014 as an Equity PM. He holds a MSc in Finance and Corporate Strategy from Napier University (Edinburgh).

Philippine Watteaux joined H2O AM in 2011 as an intern under the supervision of Jean-Noel Alba. After graduating in 2012, Philippine joined H2O AM on a full time basis as a risk analyst. She was part of the risk management team, where she specialised in global fixed income and global macro portfolio risk control, and risk control tools development. In September 2014 Philippine became a portfolio manager specialising in market volatility and in the corresponding options strategies. Philippine holds a Bsc in Mathematics from Imperial College.

Pascal Dubreuil started his career in 1998 as auditor for Arthur Andersen and for KPMG in 1999. In 2001, he joined Crédit Agricole CIB as structured finance risk analyst. First credit analyst for Crédit Agricole AM (now Amundi) from 2004 and based in London from 2006, Pascal is then in charge of the credit analysis in the office of Singapore from 2007 to 2009. In 2010, Pascal is appointed portfolio manager to develop Global Aggregate and Global Corporate funds in London. Pascal joined H2O AM LLP in June 2015. Pascal holds a Post-Master Degree in Finance from the University of Paris II (1998).

Romain Mercier started his career in 2005 as a risk manager at Crédit Agricole AM London branch (now Amundi). In August 2010, he was appointed portfolio manager in the absolute return team and joined the Global Aggregate team in 2012, with a particular focus on FX and option strategies. Romain joined H2O AM LLP in July 2017. He holds a Master’s degree in International Business from the Institut Supérieur du Commerce in Paris and a Master’s degree in Finance from Tours University. He is a CFA charterholder and has FRM certification from GARP.

Philippe Bernard started his career in 1991 as an Equity Derivatives trader for Société Générale in Paris. In 1997, he joined Paribas in London and later in 2000, moved to BNP Paribas in Paris. In 2006, he was promoted to Managing Director in New York where he was in charge of the U.S. Stock Derivatives Flow Business for 5 years. In 2011, he moved to the internal proprietary trading desk of BNP Paribas, and headed the Equity Volatility team for 3 years. Philippe joined H2O AM LLP in January 2016.
Philippe graduated from EM Strasbourg Business School (University of Strasbourg) and London School of Economics.

Mathias Berenger has over 20 years' experience in Interest Rates Derivatives Trading. He began his career in 1996 at Credit Agricole Indosuez as a Rates Options & Exotics trader. In 2000, he moved to London where he worked for Bankgelsellschaft Berlin (Landesbank Berlin) and Citigroup in Interest Rates Options. In 2007, Mathias was promoted to Managing Director and became Head of US Volatility Trading at Citigroup in New York and then became their US Head of Proprietary Trading. He returned to London in October 2009 as Head of European Volatility Trading for Barclays Capital before being appointed Head of Vanilla Options Trading at Credit Suisse in 2011. Finally, he joined Capula Investment Management as a Portfolio Manager and Options Specialist in April 2014. Mathias joined H2O AM LLP in January 2018 as a Portfolio Manager and to help build the Rates Derivatives platform.
Mathias holds a Master of Science and Executive Engineering from École Nationale Supérieure Des Mines De Paris (MINES ParisTech).

Charles de Vazelhes began his career in 2012 within the risk and performance department of GAM Investment in London where he was taking care of the risk for the fixed income funds and improving risk & performance tools.
He then went to Hong Kong University of Science & Technology (HKUST) in order to complete his engineer degree with an international experience.
Charles joined H2O Asset Management as a quantitative analyst in August 2014. He focuses on quantitative analysis and front office development tools. Charles became Portfolio Manager in December 2016.

Charles holds a computer engineering degree from Institut Superieur d’Electronique de Paris (ISEP).

Paul-Georges Moucan has 20 years experience primarily with Amundi in managing Global Equity portfolios. As sole risk taker, he managed up to €2bn in the strategy that he runs since 2005. He successfully secured and managed institutional mandates for large European institutions on Global Equity Hedge strategies. Paul-Georges won several industry awards during his career. He holds a post graduate degree in Finance and attended Doctoral studies on risk modelling at Ecole Normale Superieure.

Alex Abbou started his career on the European Equity Sales Trading desk at Societe Generale in 1999 in Paris. In 2001, he moved to London to join Deutsche Bank as Vice President of Pan European Cash Equity Sales Trading. He subsequently moved back to Paris in 2004, to join Merrill Lynch in a Equity Sales role. Alex joined Morgan Stanley as Executive Director of Global Equity Derivatives Sales in 2006, where he rebuilt the bank's Equity Derivatives franchise within the French client post financial crisis. Finally, in June 2013 Alex returned to Societe Genreale, as Paris Head of EQD Execution, where he managed Cash and Equity Flow Derivatives Sales for Continteial Europe.
In March 2018, Alex joined H2O as a Portfolio Manager, where he will work alongside Gonzague Legoff specialising in Equities management.
Alex holds an Masters degree in Banking and Finance from the University Pantheon Assas Paris II and a TRIUM Global Executive MBA (HEC, NYU Stern and LSE)

Paul Arnould started his career in June 2011 with Societe Generale as an Associate in the Light Exotic Trading Equity Derivatives desk in New York where he was tasked with developing new trading strategies for the team. In March 2012, he joined Alphadyne Asset Management where he covered EM and G10 focusing on Fixed income and FX. Paul then moved to Alphadyne's London office where he was promoted to a senior trading role, continuing his focus on EM and G10 .
Paul joined H2O in April 2018 as a Portfolio Manager with a focus on emerging markets, supporting Thomas Delabre. Paul Arnould graduated from Ecole Centrale Paris with a BS in Mathematics, specialising in Mathematical Engineering. He also holds a Masters in Finance from Princeton University.

Andrew Egan started his career with Citigroup in 2012 as an FX Operations Analyst focussed on corporate and investor clients. He joined H2O AM in May 2014 as part of the Middle Office team. In November 2015 he joined the Investment Team as an Assistant Portfolio Manager. Andrew holds a BSc Economics with Finance from Queens University Belfast.

Alessandro Eusepi has started his career at Banca IMI (Intesa San Paolo Group) as an intern within the equity derivatives and ETFs sales team. After that, he moved to London where he covered the positions of Investment Analyst at Amagis Capital and Valuation Analyst at M&G Investments with main focus on equity and fixed income asset classes. Alessandro holds a Bachelor's Degree in Economics and Management (Hons) from the University of Padua and an MSc in Finance (Hons) from Bocconi University with majors in Asset Pricing and Asset Allocation. Alessandro is fluent in Italian and English.

Thomas Goury started his career in Equity Finance Trading at BNP Paribas. After graduating from EDHEC Business School, he worked as an Equity Front Office Developer at Societe Generale.
He joined H2O in January 2018 as a Junior Portfolio Manager, with an additional focus on developing quantitative tools with the equity portfolio management team.
Thomas holds a Master of Science in Financial Markets and a Master in Management from EDHEC Business School.

Following internships at CACEIS and Morgan Stanley, Sebastien Gangnat-Tunzini started his career in 2012 with Getamax in London as a Sales Trader on the European and US Equity Markets desk. In 2014, he joined Quadra Capital Partners as an Analyst focusing on Global Long/Short strategies, where he supported Paul-Georges Moucan.
Following H2O's acquisition of the Quadra Fund, Sebastien joined H2O in May 2018, where he will continue to support Paul-Georges in the same capacity.
Sebastien is a graduate of the EDHEC Business School, with a focus on Corporate Finance and Financial Markets, and is also a CFA charterholder.

Hugo Madigou started his career at BNP Paribas in Paris as an Index Exotic Trader in 2010, trading autocallable structures, options on dividends and variance and callable barriers on European indices. Further to this, Hugo was responsible for developing exotic options pricing models. In 2012, he moved to London where he ran a global indices spread book. In 2013, he then moved to New York in the same capacity, trading both indices and single stocks. In 2016, he joined Citi as an Index Exotic trader, where he also developed models on proprietary strategies on the VIX and single stocks based on macro events.
Hugo joined H2O AM LLP in December 2018 as a portfolio manager to support Philippe Bernard in equity volatility trading.
Hugo is a graduate of the University Pierre et Marie Curie, ESCP Europe, and École Polytechnique.

Philip Chow has 26 years of experience in global markets covering rates, credit and currencies. Most recently, Philip was the Chief Investment Officer at Amundi Singapore, where he helped oversee investment and business activity in the Asia-Pacific region and was part of the Amundi Group's Global Executive Committee for Fixed Income and the Global Fixed Income Architects Committee. His career in the finance industry began in 1992 in London, and he has taken on analyst and portfolio manager positions in firms such as Threadneedle Asset Management, WestLB Asset Management, F&C Asset Management and AXA Investment Managers. Philip graduated from the London School of Economics and Political Science with a BSc (Econs) in Monetary Economics. He is also a CFA Charterholder.

Philip is based in Singapire (H2O AM Asia Pte Ltd.).

Lhoucine Aderdor has more than 15 years' experience in the finance industry. Lhoucine was most recently a Senior Portfolio Manager at Amundi, where he was part of the Global Fixed Income & Currency team in Singapore from 2010 to 2018, and in London from 2005 to 2009. In his position, Lhoucine co-managed Global Fixed Income benchmarked and absolute return funds and mandates with a focus on FX, rates and credit, using a risk budgeting approach. Before joining Amundi, he worked at a Hedge Fund as a trading analyst. Lhoucine holds a Postgraduate diploma in Finance from the University of Rennes, France, a Master's degree in Finance, Business and Management and a Bachelor's degree in Economics.

Lhoucine is based in Singapire (H2O AM Asia Pte Ltd.).

Sekhar Venkatraman started his financial markets career in 1989 in Equity Derivatives trading at Kidder, Peabody in New York. Since then, he has traded convertible bond (CB) arbitrage and volatility arbitrage strategies at a few different buy-side and sell-side firms. Sekhar has had two lives at BNP Paribas, both in CB arbitrage, the first one in Tokyo from 1997 to 2002, and the second one from 2007 to 2019, starting in Paris and finishing in London. Sekhar graduated with a Ph.D. in Industrial Engineering from Purdue University. Sekhar joined H2O Asset Management in May 2019.

The Client Portfolio Management Team

Matthieu Genessay started his career with NewAlpha Asset Management, the hedge fund seeding subsidiary of OFI Asset Management in Paris. Within the marketing team, he worked on all alternative strategies before specialising in client servicing. In 2010, he joined Edmond de Rothschild Investment Managers, a subsidiary of La Compagnie Financière Edmond de Rothschild as a Product Manager and worked on fixed income and multi-management products. In August 2011, he joined H2O Asset Management in the Client Portfolio Management team.
Matthieu Genessay is a graduate of EDHEC Business School.

Cyril Beriot started his career in Chicago in 1990 trading currency options on the CME for Société Générale group.
After spending 4 years in Chicago he moved to France to develop the currency option market making operation on the MATIF. He then moved to SG head office to Head the European currency options market making. After 13 years of trading FX options and futures, Cyril moved to London to become Managing Director and Head of FX European sales and trading for SG. In 2010, Cyril joined Citibank as a Managing Director. Cyril joined H2O AM in 2013 as Head of Managed Accounts. Cyril is graduated from a French business school, ISG Group.

Marine Duverger started her career at SGCIB Newedge, in London, where she spent two and a half years as an analyst in Prime Brokerage sales, covering European Hedge Funds and CTAs. Marine joined H2O’s Client Portfolio Management team in February 2015, providing daily support to NGAM’s Business Development Units. Marine holds a Master’s Degree in Business Management from the IESEG School of Management in Lille, France. She speaks French, as well as fluent English and Portuguese.

Barry range

Loïc Guilloux has in-depth experience in Global Macro, Asset/Liability Management, Investment Solutions and in Financial Regulations which he gained during a 22 year career in the Global Markets industry (FICC and Equities), including the last 16 years at Merrill Lynch International, based in London and Paris, where he ran several activities (Asset/Liability & Investment Solutions for Global Equities in Europe, FICC for Belgium-France-Luxembourg, Complex Interest Rates & Forex Options Sales in EMEA, SVT mandate…). The 6 prior years he was at Crédit Agricole Indosuez where, at the end of his tenure, he was deputy Head of Fixed Income sales. Previously he served as forward observation officer at 35° Régiment Parachutiste and platoon commander at 6° Bataillon d’Infanterie de Marine (Gabon). Loïc Guilloux graduated from Institut d’Etudes Politiques de Paris and holds a DEA de Gestion from La Sorbonne and a Maîtrise d’Economie Appliquée from Paris-Dauphine.