Experience Matters
At GuardCap, we believe building relationships that last requires putting our clients first. Our diversity of knowledge, experience and opinion combine with our disciplined processes to ensure we strive for excellence in all that we do.
Management

Steve Bates, CFA
Steve Bates has held the role of CIO since 2013 when Guardian Capital acquired Zephyr Management and formed GuardCap. Prior to joining GuardCap, Steve co-founded the Aurora strategy with Clive Lloyd in 2003. Previously he was head of emerging markets at JP Morgan Fleming Asset Management, a business he established for the predecessor organization (Flemings) in 1990. Steve has previous experience as an investor in both US and European equity markets.
Steve holds a law degree from Cambridge University and is a CFA® Charterholder.
Global Equities

Michael Boyd
Michael Boyd joined GuardCap in 2014. Michael has been managing fundamental equity funds for over 25 years. Before joining GuardCap, Michael was with London-based institutional fund management company Seilern Investment Management Ltd. (1994-2013), as a Global Equity Fund Manager, Managing Director and shareholder. Previously he was a Fund Manager at Murray Johnstone Limited (1988-1994) in Glasgow, Scotland.
Michael received an Honours degree in Economics from Heriot-Watt University, Edinburgh and qualified as an Associate of the Institute of Bankers in Scotland.

Giles Warren
Giles Warren joined GuardCap in 2014. His career in the financial services industry began over 25 years ago when he joined the London-based institutional fund management company Seilern Investment Management Ltd. (1997-2014). At this firm, and prior to joining GuardCap, he worked with Michael Boyd on Seilern Stryx World Growth Fund, ultimately becoming a co-fund manager of the fund in 2010.
Giles graduated from Edinburgh University with an Honours degree in Politics and Economic History. He is an Associate of the Society of Investment Professionals.

Bojana Bidovec, CFA
Bojana Bidovec joined GuardCap in 2016. Her career in investment management began over 15 years ago with Driehaus Capital Management in Chicago, where she was an Analyst and later Portfolio Manager. In 2010 she joined the Global Equities team at RobecoSAM in Zurich, as a Senior Analyst covering the industrial and technology sectors. Bojana also spent time in the firm’s Hong Kong office, expanding the team’s coverage of Asian companies.
Bojana graduated from the University of Ljubljana in Slovenia with a degree in Banking and Finance and earned an MBA from London Business School. She is a CFA® Charterholder.

Orlaith O’Connor, CFA
Orlaith O’Connor joined GuardCap in 2015. Orlaith’s career started over 10 years ago at Martin Currie Investment Management in Edinburgh, Scotland, where she researched global health care companies. Prior to specializing in the health care sector, Orlaith worked on the Technology, Media and Telecoms and Asian teams.
Orlaith holds an MPhil in Economics from the University of Cambridge and a First Class Honours degree in Economics and Mathematics from the National University of Ireland, Galway. She is a CFA® Charterholder.

Satvik Subramaniam
Satvik Subramaniam joined GuardCap in 2024 as an Investment Analyst in the Global Equities team. His career in the financial services industry began in 2020 when he joined Cyrus Capital Partners as an Investment Analyst focusing on special situations, continuing in the role until joining GuardCap.
Satvik graduated from the University of Cambridge with First Class Honours degree in Natural Sciences (Astrophysics).
Emerging Markets Equities

Ed Wallace, CFA
Ed Wallace joined GuardCap in 2015. His career in the investment industry began over 20 years ago, when he joined Gartmore Investment Management on their global equity team as a graduate trainee, subsequently becoming an analyst and portfolio manager. In 2011 Henderson Group acquired Gartmore and Ed moved with the team to Henderson Global Investors managing global and international equity funds for institutional and retail clients. Over an 18-month period (2003-05), he also participated in developing UK government policy on institutional investment at HM Treasury.
Ed graduated with a first-class honours degree in Modern History & Economics from Oxford University. He is a CFA® Charterholder.

Joris Nathanson
Joris Nathanson joined GuardCap in 2016. Prior to joining GuardCap, Joris spent 10 years working for Nevsky Capital LLP, a multi-billion dollar Global and Emerging Markets specialist investment firm offering both long only and long/short strategies, where he was Partner and Senior Analyst.
Joris graduated from Oxford University with a degree in Philosophy, Politics and Economics (PPE). He qualified as a Chartered Accountant with Deloitte LLP.

Alice Yin, CFA
Alice Yin joined GuardCap in 2017. Before joining GuardCap, Alice spent five years working for Barclays Investment Bank as an associate on the M&A team, focusing on mergers and acquisitions in EMEA, cross-border transactions and working directly with companies on their financial and strategic options across a wide range of sectors.
Alice graduated from Oxford University with a degree in Mathematics and Statistics and is a CFA® Charterholder.
Responsible Investing

Karen Paton
Karen Paton is Manager, Responsible Investing, for GuardCap Asset Management Limited. She assumed this role in 2021. Prior to this, Karen was a Product Manager for GuardCap, joining the firm in 2019, and responsible for supporting the full spectrum of client relationship activities.
Her career in the financial services industry began in 2010 with J.P. Morgan Treasury Services in New York, and subsequently with J.P. Morgan Asset Management in London and Hong Kong. Directly prior to joining GuardCap, Karen was a marketing associate with Lazard Asset Management.
Karen graduated from the University of Edinburgh. She holds a MA Honours in Politics and Social Policy.
Client Service

Michael Hughes
Michael joined GuardCap in 2014 in the role of Senior Vice President and Client Portfolio Manager. Prior to this, he spent four years at Trinity Street Asset Management, a global investment boutique where he helped grow AUM from $300M to $1.8B. Michael’s tenure includes Managing Director at JPMorgan Asset Management where he was responsible for the product management of $72B in European equity fund assets. Prior to this, he was a portfolio manager and product manager for the Emerging Market Group of JPMorgan.
Michael holds a joint honours degree in modern languages from the University of Bristol.

Elena Cullen
Elena joined GuardCap in 2017, focusing on business development and client service in the UK, Switzerland, and Ireland.
Her career in the financial services industry began in 2013 with Murano Systems, a fund consultancy firm, where she worked closely with multiple investment funds and assisted with all aspects of the pre-sales process, as well as facilitated manager selection for institutional investors worldwide. Directly before joining GuardCap, Elena was a Marketing Analyst at Quality Capital Management.
Elena graduated from the University of Exeter with a BA in Accounting and Finance with European Study. She also holds the Investment Management Certificate (IMC).

Harald Janssens de Vroom
Harald joined GuardCap in 2021, focusing on business development and client relations in the Nordics, Benelux, Italy, and Singapore.
His career in the financial services industry began in 2000 when he joined Banque Générale du Luxembourg. Over the next two decades, Harald held positions at TD Waterhouse, AllianceBernstein, ING Luxembourg, and Crystal Shore, where he was a Director of an Alternative Investment Fund. Prior to joining GuardCap, Harald worked for Incomlend, a FinTech company that provides supply chain finance solutions.
Harald holds an MBA from the Rotterdam School of Management, an MA in Economics of International Trade from Staffordshire University, and a Master of Studies in Sustainability Leadership from the University of Cambridge.

Philippe Leroy
Philippe Leroy joined GuardCap in 2020, with a mandate to develop new business opportunities in parts of Europe. Phillippe’s career in the financial services industry began in 1996, when he joined Aberdeen Asset Management, where, as Sales Manager Europe, he set-up Aberdeen’s business in Austria, Spain, Portugal and France. After Aberdeen, Philippe was Head of France & Benelux Countries at Raiffeisen Capital Management, where he established and developed the Paris-based business unit servicing French, Dutch, Belgian and Luxembourg investors. Directly before joining GuardCap, Philippe was co-founder and CEO of a digital tech startup, Timeto.
Philippe earned a Master of International Public Policy (MIPP) at Johns Hopkins University (Washington DC), and a Master of Science (M.Sc.) degree in Business Administration at ESLSCA Business School (Paris).

Sarah Lynde
Sarah Lynde joined GuardCap in 2021, with the responsibility to support the full spectrum of client relationship activities.
Her career in the financial services industry began in 2014 with BMO Nesbitt Burns in Toronto. She subsequently was a Relationship Management Associate for EdgePoint Wealth Management (Toronto). Directly prior to joining GuardCap, Sarah was an Investment Sales Manager – UK & Europe, with BennBridge (London, UK).
Sarah graduated from the University of Western Ontario (Canada) with a Bachelor’s degree in International Relations.

Justin Preston
Justin Preston joined GuardCap in 2020; he targets opportunities with prospects in international markets outside the Americas. His primary focus is business development for GuardCap-managed products and strategies, with the additional responsibility to promote Guardian Group strategies that may be in demand by global investors. Justin’s career in the financial services industry began in 2000 with Skandia Investment Group, and subsequently with the Abu Dhabi Investment Authority. Directly prior to joining GuardCap, Justin was a Senior Director, Head of Equity with bfinance.
Justin received an MSc in Investment Analysis from the University of Stirling. He holds a BSc in Economics with Actuarial Studies from the University of Southampton.

Alexandra Schwarz
Alexandra Schwarz joined GuardCap in 2014. She began her career in financial services industry in 1991 when she joined FTSD Ltd. (FAME). Alexandra’s extensive experience in the sales and marketing arena has included roles with Bloomberg LP, Primark/Thomson Financial and NYSE (LIFFE). She subsequently became a self-employed Marketing/Sales Consultant, with Thomson Reuters and Singletrack Systems as clients. Prior to the commencement of her working relationship with GuardCap in 2014, Alexandra was a Marketing/Customer Service Manager consultant for Seilern Investment Management.
Alexandra has a degree as foreign-language correspondent from Language Institute, Trier, Germany.

Henry Davies
Henry Davies joined GuardCap in 2023 as Sales & Marketing Associate with the Client Service team to support the full spectrum of client relationship activities.
His career in the financial services industry began in 2020, when he joined SLB Capital Management (a boutique capital consultancy company). Directly before GuardCap, Henry held the role of RFP Specialist at GAM Investments.
Henry holds an MA Honours in Social Anthropology from the University of St Andrews, Scotland. He has completed the Investment Management Certificate (IMC) with the CFA UK; and has earned CFA® Level I from the CFA Institute.
Compliance & Operations

Arieta Koshutova
Arieta Koshutova joined GuardCap in 2015 in her current role. Her career in the financial services industry began over 20 years ago when she joined Mercer. Prior to joining GuardCap, Arieta was Head of Operational Strategy for the UK-based National Employment Savings Trust. Before that, she held roles as Head of Product Development for LV Asset Management and Managing Director at Kosovo Pension Savings Trust (KPST).
Arieta graduated with a BSc Mathematics degree from the University College of London. She has completed a series of pension certifications from Chartered Insurance Institute and Pensions Management Institute.

Charlene Berry
Charlene Berry joined GuardCap in 2016. Her career in business support and administration commenced in 2002 and included roles with UK Border and Immigration Services and within the education sector, including BPP Professional Education, with responsibility for ongoing business processes at multiple sites. Charlene transitioned into the financial sector with Deloitte in 2012, subsequently joining the Frank Hirth accountancy firm to support the Anti-Money Laundering team.
Charlene graduated from Roehampton University with a BA Honours Media and Culture degree.

David Jensen
David Jensen joined GuardCap in 2010 as a Risk Analyst for the Emerging Markets strategy, where he performed statistical analyses and econometric modeling for the emerging market strategies. He assumed his current role in 2014, and is responsible for risk management for both the Emerging Markets and Global Equity strategies.
David graduated from Open University with an honours degree in Mathematics and Statistics.

Jack MacKenzie
Jack MacKenzie joined GuardCap in 2019 with the responsibility to oversee the operational functions of the firm. Jack began his career in financial services at Deloitte in 2016 where he worked as an assistant manager in corporate audit.
Jack graduated from the University of Exeter with a degree in Economics. He is studying for the advanced stage of the ACA qualification.

Daniel Massey
Daniel Massey joined GuardCap in 2022 to oversee the compliance function of the firm. Daniel has over 10 years of experience in the financial services industry with wealth managers, commencing his career in 2010 as Compliance Officer with Charles Stanley. Directly before GuardCap, he held the role of Compliance Manager for Investec Wealth and Investment.
Daniel holds a Diploma in Regulation & Compliance from the Chartered Institute for Securities & Investment in the UK.

David Rogers
David Rogers has been the accountant of GuardCap and its predecessor Zephyr Management since 2003. Prior to joining GuardCap, David has undertaken various accounting and financial control roles at Grindlays Bank, ANZ Bank, Robert Fleming, JP Morgan and Redburn.
David qualified as a chartered accountant in 1973 and is a Fellow of the Institute of Chartered Accountants in England and Wales.

Luke Millard
Luke Millard joined GuardCap Asset Management Limited (GuardCap) in 2023 as an Operations Analyst for the Operations team, with responsibility to support the operational functions of the firm.
His career in the financial services industry began in 2022, when he joined Broadridge FCS as a Data Services Associate, continuing in this role until joining GuardCap.
Luke graduated from the University of Liverpool with a BA (Hons) degree in Business Economics (First Class Honours). He holds an MSc in Economics, Finance, and Management Distinction from the University of Bristol.

Zeynep Güzel
Zeynep Güzel joined GuardCap Asset Management Limited (GuardCap) in 2023 as a Risk Analyst for the Operations team, with responsibility for developing internal tools, assessing risk reports, conducting data analysis, and enhancing methods for estimating covariance matrices.
Her career in the financial services industry began in 2021, when she joined VakifBank International AG as a Junior Strategic Risk Manager, continuing until joining GuardCap.
Zeynep graduated from the University of Vienna, Austria with a BSc degree in Economics. She holds an MSc Finance and Economics from the London School of Economics.