APFI is a community of professional allocators, consultants, asset owners, and advisors united in their dedication to advancing the interests of investors through the highest professional standards and integrity in fund investing.
APFI empowers professional fund investors to learn, share ideas, network with their peers, and stay abreast of new technologies, techniques, and trends while adhering to the highest global standards of our profession.
APFI is a registered non-profit independent of commercial interests and owned and controlled entirely by its member volunteers.
APFI Member Charter
APFI members commit themselves to be models for the industry by upholding the highest standards of our profession. All APFI members pledge:
- To put the interests of my clients, my employer, and my profession above my own personal interests in the execution of my professional duties;
- To do no harm to the reputation of the asset management industry or of the profession of fund investing and to encourage others to do the same;
- Not to accept any gifts, bribes, commissions, inducements, or anything of value that would affect my professional judgement;
- To avoid conflicts of interest whenever possible, and where conflicts of interest cannot be avoided, or where the appearance of conflicts of interest may exist, to always disclose such conflicts in writing to clients or stakeholders of my professional opinions;
- To exercise my duties based on my informed judgement and not to be swayed merely by fads, marketing materials, or referrals;
- To always take in due consideration cost differences between equally suitable investment options.
APFI History & Governance
The APFI was founded in 2011 by four inspired fund selectors: Mussie Kidane, Roland Meerdter, Carlos Fernandez and Luca de Biasi. The original vision was to provide a global forum free of commercial interests for fund selectors to share ideas, have a collective voice within our industry, and in general to progress the profession of fund selection and manager research for the greater benefit of all investors. This remains our vision today.
The founders first unveiled the APFI at the Citywire Berlin event in November 2011 and held its first general assembly at the Citywire Montreaux conference in May 2012. For the first stage of its growth, the APFI was incorporated as a Swiss non-profit and made its headquarters in Geneva. Over the years, despite depending exclusively on the voluntary efforts of its busy members the APFI notched several notable successes. The APFI succeeded in making several material contributions to regulatory developments in the UK and EU. The APFI was the birthplace for DOOR, an independent due diligence data service now run by APFI co-founder Roland Meerdter. Hundreds of events and media partners worldwide worked with the APFI to improve content and raise awareness of issues germane to allocators. And along the way the APFI has engaged a wider cohort of fund selectors who share the founders’ original vision for advancing our profession.
In 2019, in the face of turnover and escalating time commitments from its core leadership team, the APFI transitioned its Board of Directors to a new generation of volunteer members. In 2021, the APFI entered into a strategic alliance with the Investments and Wealth Institute (IWI), a U.S.-based educational non-profit and professional association, as an advisor to the IWI’s global initiatives in exchange for in-kind administrative and operational support.
Still an all-volunteer non-profit, the APFI is run by its Board of Directors, which is elected by its Leadership Team, with the independent counsel of our esteemed Advisory Board.
APFI members are all professional fund investors – professionals whose principal occupation is the identification and evaluation of investment managers, funds, vehicles, etc. that are external to their own organization.
APFI Board of Directors
Adam is a Director of the APFI since 2019. Adam is the Assistant Portfolio Manager for multi-manager strategies at Xponance (fka FIS Group), a $15bn Philadelphia-based asset manager including over $5bn in multi-manager portfolios focusing on emerging and boutique managers. Adam joined Xponance in May 2013. From 2008-2013, Adam founded and ran a boutique investment advisory firm which advised on private investments in South America, Africa, and the Middle East. Previously, Adam worked as a trade and economic affairs official for the U.S. Government in Iraq, Afghanistan, Cape Verde, Sierra Leone, Ghana, and Mozambique. Adam earned his B.A. in International Relations from the University of Southern California, his M.A. in International Economics and Business from Yale University, and a post-graduate Diploma in Finance from the London School of Economics. He is a CFA Charterholder.
Gandy is a Director of the APFI since 2019. Gandy is the current Managing Director of Conceptual Fund Managers (South Africa) – a multi-manager focusing on emerging and boutique managers. Gandy previously held various positions in the financial services industry across southern Africa 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. Gandy is a Nearly-Qualified Actuary and holds a certificate in Investment and Risk Management from the Yale University School of Management (USA).
Mussie KidaneMussie is one of the four original co-founders of the APFI and was a Director of the APFI from 2011-2019. Mussie is the head of fund selection at Pictet & Cie. The team is responsible for selecting best-in-breed managers across all asset classes for Pictet Wealth Management unit globally. Mussie and his team partake an active role in the portfolio construction of the bank’s fund-based discretionary mandates. In addition, Mussie runs a US$1.5billion absolute return fund-of-fund for Pictet Wealth Management clients. Prior to joining Pictet in 2006, Mussie was analyst & portfolio manager within the fund selection and multimanagement team at LODH & Cie. Mussie graduated from the University of Geneva with a double Master’s degrees in Econometrics and in Finance. He is also a CFA charterholder.
Jauri was a Director of the APFI from 2014-2019. Jauri leads the Nordic activities of APFI and has more than 20 years experience in portfolio management, fund research and manager selection, having held senior positions at major firms in the region, including Director and Portfolio Manager at Nordea Asset Management in Stockholm between 2006 and 2016. He is also a Certified EFFAS Financial Analyst (CEFA).
APFI Leadership Team
Fernand is Founder & CEO of FS Associates, a US based manager research and strategy consulting firm with a principal focus on boutique investment managers. Fernand founded FS Associates in 1992. Fernand has over 40 years of experience in investment management including over 30 years in manager selection and private wealth advisory. Fernand is a Certified Investment Management Analyst (CIMA) and Certified Financial Planner (CFP).
Manuela joined Tages in January 2013. Manuela is a former Head of Hedge Fund Investments at Duemme SGR. She previously worked for Unifortune SGR, with responsibility over the creation and management of Fund of Funds. Manuela worked previously for the Italian Stock Exchange, Citibank and was an intern at the DESA Department of the United Nations Secretariat in NY. Manuela holds an MSc in Econometrics and Mathematical Economics from London School of Economics and she is a CFA Charter holder.
Giordana serves as Managing Director for Hedge Fund Advisory at Clarity Capital. With over thirteen years of experience in the hedge fund industry, previously, Giordana managed over $2.5 bn in a Fund of Hedge Funds at Prima SGR in Milan, where she was responsible for deep on-site due-diligence, covering all strategies and geographical areas. She also served as a senior analyst at MPS Alternative and Unifortune in Italy. Giordana received her Laurea Degree in economics and financial market management from Bocconi University in Milan, Italy.
Chetan is a co-founder and Managing Director at 360 Fund Insight, a fund research advisor. Before 360 Fund Insight Limited, Chetan Modi worked at Allfunds Bank in 2014 as Senior Fund Analyst covering US and UK equity strategies. He started his professional career at Morningstar OBSR in 2006. He developed in his main role as a Fund Analyst covering US, UK, Asia Pacific ex Japan and Global Emerging Markets Equity funds. Chetan graduated from Brunel University with an honours degree in BSc Business Economics.
Katy is a co-founder and Director at 360 Fund Insight, a fund research advisor. Before 360 Fund Insight Limited, Katy joined Allfunds Bank from 2015 as a fund analyst within both the Equity and Alternative & Multi-Asset teams based in London. Her role included analysis of peer groups and funds within the universe, researching new funds and continuous due diligence on recommended funds. Before joining Allfunds, Katy worked on the campaign team for political parties in Oxfordshire in the UK leading up to the May 2015 General Election. She graduated from the University of Sussex with a joint bachelor degree in Political Science and International Relations.
Navaneeth Krishnan joined Envestnet | PMC Research India in August of 2017. He is responsible for conducting research and due diligence on fixed income mutual funds and separately managed accounts. Prior to joining Envestnet, Mr. Krishnan worked with HSBC for six years undertaking research and due diligence on long-only mutual funds. Previously, he held trading and analyst roles across asset classes like commodities, currencies and equities at organizations such as Geojit BNP Paribas and HSBC Investdirect. Mr. Krishnan received a Bachelors degree in Software Systems from Bharathiar University, Coimbatore. He is also holds a Post Graduate Certificate in Business Finance (MBF) from Indian Institute of Finance (IIF), Delhi and a Certificate in AFRM (Financial Risk) from the Indian Institute of Management, Bangalore (IIMB). He is also pursuing the CAIA Charter, having passed Level I.
Adam is Director of Investments at Paul R. Ried Financial Group, a Registered Investment Advisory firm based in Bellevue, Washington. As Director of Investments, his responsibilities include developing, implementing and monitoring client portfolios. This includes designing the overall asset allocation strategies, conducting in-depth market analysis and investment manager due diligence. He joined the firm in 2002. Adam is a Certified Investment Management Analyst (CIMA) and Accredited Asset Management Specialist.
Advisory Board
Roland J. Meerdter
Co-Founder, DOOR Ventures
Former APFI Director
Roland is the co-founder of DOOR, an online due diligence questionnaire platform. Prior to co-founding Door, Roland was the Managing Partner of Propinquity, a consultancy providing strategic research and advice to asset management companies. Previously, Roland was a Managing Director and global head of fund research and due diligence for Deutsche Bank. Roland is one of the four original co-founders of the APFI and was a Director of the APFI from 2011-2016.
Jon ‘JB’ Beckett JB is an author, consultant, lecturer, and speaker. From 2010-2018, JB was a senior gatekeeper for Scottish Widows, one of the UK’s largest insurance platforms. Based on his 20 years of experience in manager selection, he authored the book #NEW FUND ORDER, which detailed the challenges of manager selection and challenged many commonly held assumptions of the industry. JB was a Director of the APFI from 2014-2019.
Antony John
Antony 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. Antony has over 30 years of experience in the investment management industry. Of particular note, Antony was the CEO of the UK business of FundQuest, the multi manager specialist of BNP Paribas Investment Partners 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 Antony was CEO and one of five principal shareholders. Antony’s early career was spent at the Swiss private bank Lombard Odier and at Hill Samuel Asset Management. Antony is a Fellow of the Chartered Institute for Securities and Investment, a Fellow of the Royal Society of Arts and a Freeman of the City of London.
Bella Caridade-Fereira
Bella has 20 years’ experience in the research and analysis of the UK, European and Asian fund management industries. She established Fundscape in 2010, a research house specialising in the end-to-end analysis of the UK fund industry. Fundscape is the publisher of the Platform Report, a quarterly publication monitoring and analysing the fund platform distribution channel that is widely regarded as the platform industry’s official data source. Previously, Bella worked for Lipper FMI as Global Head of Research and Publications and was the author of numerous publications and reports including the popular European and Asian Data Digests, the Fund Market Profile report series and the UK Platform guide. Early in her career Bella worked in investment banking and then a London-based consulting firm where she specialised in market entry strategies for retail and institutional asset managers.
Victor Ricciardi Professor Ricciardi is a leading expert on the academic literature and emerging research issues in behavioral finance. Kent Baker and Victor Ricciardi are co-editors of the book Investor Behavior: The Psychology of Financial Planning and Investing was published in February 2014 and the book is part of the Wiley Finance Series. Professor Ricciardi’s second book Financial Behavior – Players, Services, Products, and Markets with Kent Baker and Greg Filbeck serving as his co-editors was published in June 2017 by Oxford University Press. He was previously an Assistant Professor of Financial Management at Goucher College in Baltimore, Maryland. He is a frequent news contributor and leading authority on various behavioral finance issues.
Nuala Walsh
Nuala is the founder of MindEquity, a specialist reputation, brand, culture, and communications consultancy. Nuala is also the current Vice-Chair of UN Women (UK), the only global entity dedicated to the economic empowerment of and elimination of violence against women and girls. She also Chairs the Government & Parliamentary Relations Committee among other senior non-profit appointments. Nuala’s executive career spans over 25 years in asset management, Investment banking services and management consulting. She is the former Chief Marketing Officer of Standard Life Aberdeen and member of the Asset Management Executive Committee and was a Managing Director and Head of International Marketing at Blackrock. Ms Walsh was named amongst Financial News’ Top100 Most Influential Women in Europe (2015) and the Top 50 Most Innovative CMOs (2017). She is a regular spokesperson, former lecturer and guest speaker at Insead and London School of Business.