H2O team

An experienced global macro team.

  • All
  • 1 – Global ExCo
  • 2 – Investment Team
  • 3 – Client Portfolio Management
  • 4 -Sales & Relationship Management
  • Bruno Crastes
    Bruno Crastes
    Group Co-CEO – CEO H2O AM LLP
  • Vincent Chailley
    Vincent Chailley
    Group CIO
  • Juliette Pianko
    Juliette Pianko
    Group CRO
  • Jean-Christophe Morandeau
    Jean-Christophe Morandeau
    Group General Secretary (Legal, Compliance, and Finance)
  • Marc Maudhuit
    Marc Maudhuit
    Group COO
  • Loïc Guilloux
    Loïc Guilloux
    Group Co-CEO – CEO H2O AM Europe
  • Babak Abrar
    Babak Abrar
    Group Chief Sales and Marketing Officer
  • Matthieu Genessay
    Matthieu Genessay
    Deputy Head of Sales & Marketing – Head of Client Portfolio Management
  • Loïc Cadiou
    Loïc Cadiou
    Senior Portfolio Manager – Economist
  • Pascal Dubreuil
    Pascal Dubreuil
    Portfolio Manager
  • Thomas Delabre
    Thomas Delabre
    Portfolio Manager
  • Paul Arnould
    Paul Arnould
    Portfolio Manager
  • Stéphane Gaillard
    Stéphane Gaillard
    Portfolio Manager
  • Philippine Watteaux
    Philippine Watteaux
    Portfolio Manager
  • Paul Chetboun
    Paul Chetboun
    Portfolio Manager
  • Carlos Daurignac
    Carlos Daurignac
    Global Macro Strategist
  • Andrew Egan
    Andrew Egan
    Portfolio Manager
  • Jacob Robinson
    Jacob Robinson
    Portfolio Manager
  • Christophe Chappuis
    Christophe Chappuis
    Portfolio Manager
  • Alessandro Eusepi
    Alessandro Eusepi
    Portfolio Manager
  • Philippe Bernard
    Philippe Bernard
    Portfolio Manager
  • Romain Mercier
    Romain Mercier
    Portfolio Manager
  • Victoire Rougnon
    Victoire Rougnon
    Economist
  • Thomas Goury
    Thomas Goury
    Portfolio Manager
  • Philip Chow
    Philip Chow
    CEO H2O AM Asia & Portfolio Manager
  • Lhoucine Aderdor
    Lhoucine Aderdor
    Portfolio Manager
  • Alexis Lavergne
    Alexis Lavergne
    Client Portfolio Manager
  • Elena Mrost
    Elena Mrost
    Client Portfolio Manager – Offshore funds
  • Mehdi Rachedi
    Mehdi Rachedi
    Head of Investor Relations (French IFAs)
  • Yoann Meyer
    Yoann Meyer
    Deputy Head of Investor Relations (French IFAs)
  • Anthony Cimetiere
    Anthony Cimetiere
    Investor Relations Manager (French IFAs)
  • Alberto lo Presti
    Alberto lo Presti
    Investor Relations Manager
  • Cedric Ludwig
    Cedric Ludwig
    Executive Director – Co-Head H2O Switzerland
  • Mickael Benzakin
    Mickael Benzakin
    Senior Director – Co-Head H2O Switzerland
Bruno Crastes
Group Co-CEO - CEO H2O AM LLP

Bruno Crastes began his career in 1989 as a bond portfolio manager in the fixed income team of Indosuez Asset Management. He was appointed Deputy Head of the team in 1994. Following the merger of Indosuez AM with Segespar (Crédit Agricole Group) into CAAM in 1997, he became Head of Global Fixed Income & Currency management. He was further promoted CIO and Deputy CEO of CAAM London Branch in November 2002, and finally CEO in April 2005. From 2007 until April 2010, while actively managing global fixed income portfolios, he sat on the Executive Committee of CAAM (then Amundi) in charge of the United Kingdom, South East Asia and Australia. Bruno is a founding partner and CEO of H2O. Bruno received a B.A. in Mathematics from the University of Lyons and graduated from ISFA (Institut Supérieur de Formation des Actuaires).

Vincent Chailley
Group CIO

Vincent Chailley started his career in 1995 in the Research & Development team of CPR Capital Markets department. In 1996, he joined CAAM, first as an analyst in the Strategy team, then as an investment manager in the Asset Allocation team. In July 1998, he transferred to the global fixed income department as an investment manager. From 2002 to 2010 he headed the global fixed income and absolute performance team of CAAM (then Amundi) London. He is a founding partner and CIO of H2O. Vincent Chailley created and developed CAAM’s global absolute return product range (the “VaR” funds) from 1999 onwards. He managed these funds personally until he left CAAM/Amundi in April 2010. These funds totalled €42bln AuM as at end 2006. Vincent Chailley is a member of the French Actuaries Institute and holds a postgraduate degree in Economics and Mathematical modelling from ENSAE. He also holds a Master of Science in Applied Mathematics from the University of Paris Dauphine.

Juliette Pianko
Group CRO

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.

Jean-Christophe Morandeau
Group General Secretary (Legal, Compliance, and Finance)

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.

Marc Maudhuit
Group COO

Marc Maudhuit started his career in 1989 as a marketing officer with Finance Indosuez Techniques (FIT), a subsidiary company of Banque Indosuez specializing in the management of structured products. From 1990 to 1992, he was in charge of the marketing of Indosuez Asset Management fixed income products. In 1992 he took over the overall marketing support unit of the company. From 1999 until July 2010 he headed the product specialist team of CAAM (then Amundi) London’s Global Fixed Income & Currency management team. Marc is a founding partner of H2O Asset Management and the Head of Client Portfolio Management. Marc is a graduate of ESCP (Europe). He also holds a MSFS (Master of Science in Foreign Service) from Georgetown University (Washington, D.C.)

Loïc Guilloux
Group Co-CEO - CEO H2O AM Europe

Before joining H2O AM, Loïc Guilloux spent 22 years in the Global Markets industry (FICC and Equities), 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 representative…) and 6 years 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.

Babak Abrar
Group Chief Sales and Marketing Officer

Before joining H2O AM in August 2021, Babak Abrar worked for over 13 years at Natixis Investment Managers as an Executive Managing Director. Co-head of the distribution for Western Europe, he was leading a team of over 50 people, covering financial intermediaries, family offices, institutional and private banks in France, Belgium, Luxembourg, the French-speaking part of Switzerland, Monaco and Israel. He joined the Natixis group in 2008 when he opened the Swiss office in Geneva. He was then responsible for the firm’s institutional investors and financial intermediaries in the French-speaking part of Switzerland. Babak has more than eighteen years’ experience in the financial industry. He started his career at J.P. Morgan (Suisse) SA and then worked in the pension fund Business Development division at Lombard Odier. Babak Abrar holds a Master’s degree in Management, with a specialization in Finance, from the HEC Lausanne School of Economics in Switzerland and a Foundation for Business Leadership certificate from IMD.

Matthieu Genessay
Deputy Head of Sales & Marketing - Head of Client Portfolio Management

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 2011, he joined H2O Asset Management in the Client Portfolio Management team and became partner in 2015. Matthieu Genessay is a graduate of EDHEC Business School.

Loïc Cadiou
Senior Portfolio Manager - Economist

Loïc Cadiou started his career in 1993 in the Macroeconomic Modelling department of OFCE (Observatoire Français des Conjonctures Economiques, a French think tank), before moving to the Research department of Banque Indosuez as an economist covering Europe. In 1996, he joined the International Modelling department of CEPII (Centre d’Etudes Prospectives et d’Informations Internationales, another French think tank) and worked as a senior researcher on international economics (EMU, labour markets, equilibrium exchange rates, demographics and emerging country crises). In January 2001, he moved to the emerging debt management at CPR Gestion. In July 2002, he joined CAAM (now Amundi) as an investment manager of emerging debt, global bond and absolute return portfolios. He became a partner of H2O in September 2010 as a senior fund manager. 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.)

Pascal Dubreuil
Portfolio Manager

Pascal Dubreuil is responsible for the Global Aggregate strategies management. He joined the company in 2015 from Amundi, where he had been managing Global Aggregate funds since 2010. Before this, he was a credit analyst for Amundi in Paris, London and Singapore. He started his career in 1998 as an auditor for Arthur Andersen and for KPMG in 1999. In 2001, he joined Crédit Agricole CIB as a structured finance risk analyst. He holds a master degree in Finance from the University of Paris II.

Thomas Delabre
Portfolio Manager

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

Paul Arnould
Portfolio Manager

Paul Arnould started his career in 2011 with Societe Generale as an Associate in the Equity Derivatives team in New York where his role focused on developing new trading strategies for the team. In March 2012, he joined Alphadyne Asset Management a global macro Hedge Fund, in NYC 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 focusing on Emerging Markets with Thomas Delabre. Paul Arnould graduated from Ecole Centrale Paris with a Master in Applied Mathematics (2010). He also holds a Master in Finance from Princeton University (2011).

Stéphane Gaillard
Portfolio Manager

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 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.

Philippine Watteaux
Portfolio Manager

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.

Paul Chetboun
Portfolio Manager

Paul Chetboun joined H2O AM in June 2019 as a Portfolio Manager. Prior to that, he spent nearly seventeen years at BNP Paribas as a European Government Bond Trader, heading up the Peripheral desk. Before joining BNP in 2002, Paul worked as a European Government Bond trader at Salomon Brothers/Citi Group (1996-2002) and Barclays (1993-1996). Paul started his career as a Primary Dealer in French securities at Louis Dreyfus in 1990. Paul holds a Master’s degree in Mathematics and a Post Graduate degree in Mathematics for Finance, Statistics and Econometrics from the University of Paris Dauphine.

Carlos Daurignac
Global Macro Strategist

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. Carlos holds a Master degree from the European Business School in Paris.

Andrew Egan
Portfolio Manager

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.

Jacob Robinson
Portfolio Manager

Jacob Robinson is a fund manager focusing on Global Aggregate strategies. He joined the company in 2014 as a middle office analyst. From 2016 Jacob has been responsible for treasury functions across the funds managed by the company and started portfolio management in 2020. He started his career with BNY Mellon in 2012 as a settlement analyst before joining WH Ireland in 2013, providing trade support to the equities market making desk. He holds a BA Business Management from Manchester Metropolitan University.

Christophe Chappuis
Portfolio Manager

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 LLP in October 2014 as an Equity PM. He holds a MSc in Finance and Corporate Strategy from Napier University (Edinburgh).

Alessandro Eusepi
Portfolio Manager

Alessandro Eusepi is a fund manager focusing on Global Aggregate strategies. He joined the company in 2015 as a quantitative analyst before starting his portfolio management role in 2018. He started his career at Banca IMI in 2012 as sales-trader of equity derivatives and ETFs before working for Amagis Capital as an investment analyst and M&G as a valuation analyst. He holds a Bachelor’s Degree in Economics and Management from the University of Padua and an MSc in Finance from Bocconi University with majors in Asset Pricing and Asset Allocation.

Philippe Bernard
Portfolio Manager

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 the London School of Economics.

Romain Mercier
Portfolio Manager

Romain Mercier is a fund manager focusing on Global Aggregate strategies. He joined the company in 2017 from Amundi, where he had been managing Global Aggregate and Absolute Return portfolios since 2010. He started his career in 2005 as a risk manager in Crédit Agricole AM. He holds a master degree in Finance from Tours University and a master degree in International Business from ISC in Paris. He is a CFA charterholder and has FRM certification from GARP.

Victoire Rougnon
Economist

Victoire Rougnon started her career in September 2016 as an Assistant Market Economist in the Global Market Research department at Natixis. This was following a successful spell as an intern at Natixis the prior year. In her role she specialised in the Eurozone, Italy and analysis of monetary policy. During her time at University, she also interned at French Union of Petroleum Industries (UFIP) as an Energy Analyst. Victoire joined H2O in January 2018 as a Junior Economist. In her role she will support H2O’s Chief Economist Loic Cadiou with macroeconomic analysis. Victoire is a graduate of the University of Paris-Dauphine, holding two Masters’ degree: one Master in International Economics Diagnosis in Apprenticeship and another Master in Economics and Finance.

Thomas Goury
Portfolio Manager

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 Asset Management in January 2018, and focuses 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.

Philip Chow
CEO H2O AM Asia & Portfolio Manager

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 from 2016 to 2018, 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.

Lhoucine Aderdor
Portfolio Manager

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.

Alexis Lavergne
Client Portfolio Manager

Alexis Lavergne joined H2O Asset Management under the team headed by Marc Maudhuit. Prior to joining H2O AM in 2018, Alexis worked at BlackRock in Singapore within the Southeast Asia ex-Singapore Client Business, covering asset and wealth managers in Thailand, Malaysia, the Philippines and Brunei. Prior to that, Alexis worked for Natixis Investment Managers in Singapore. Alexis graduated from the London School of Economics with a postgraduate Diploma in Accounting & Finance and holds a Master in Management from EDHEC Business School (France). Alexis is also a CFA Charterholder.

Elena Mrost
Client Portfolio Manager - Offshore funds

Elena Mrost joined H2O AM on June 2017, as a Client Portfolio Manager, supporting Cyril Beriot in looking after the Managed Accounts and offshore funds client base. Elena started her career in 2011 at Barclays Investment Bank as a Corporate Rates and FX Derivatives sales, covering UK large cap corporates and private equity funds. After spending four years at Barclays, Elena moved to Deutsche Bank to join the FX Hedge Funds sales team, looking after Global Macro hedge fund managers. Elena holds an MA Honours degree in Economics from the University of St Andrews and speaks fluent English and Russian. Prior to pursuing her university studies, Elena was a professional figure skater, competing nationally and internationally for the Russian Federation.

Mehdi Rachedi
Head of Investor Relations (French IFAs)

Mehdi Rachedi: is Head of Investor Relations of H2O AM Europe. He joined H2O AM in January 2019. He holds a Master degree in Banking and Finance from the University of Tours and began his career in 1997 with AGF Assurances. In 2000, he became Head of Network Development and then Head of Network Marketing at AGF Asset Management. In 2005, Mehdi joined Natixis Investment Managers as Product Manager. In 2011, after having been a Wholesale and External Retail sales representative, he became Director of Partnerships in charge of IFAs, Retail Wholesale and External Networks.

Yoann Meyer
Deputy Head of Investor Relations (French IFAs)

Yoann Meyer, in charge of Investor Relations with French IFAs (CGPI), started his career in 2006 in the BNP Paribas BFI as sales assistant. In 2008, he became Head of Partnerships within APREP, a subsidiary of the AG2R La Mondiale group. In 2011, Yoann joined Natixis Investment Managers as Head of Partnerships. In 2014, he became Deputy Director of Partnerships in charge of French IFAs (CGPI), Retail Wholesale and External Networks. Yoann holds a Master 2 Finance from INSEEC in Paris.

Anthony Cimetiere
Investor Relations Manager (French IFAs)

Anthony Cimetière, in charge of Investor Relations with French IFAs (CGPI), began his career in 2005 in an audit firm. He then joined Exane in 2007 and Natixis Investment Managers in 2008 in Customer Service. In 2013, Anthony became Head of Partnerships in the retail team to cover the French IFAs (CGPI),  and external networks activity. Anthony holds a Master 2 in Portfolio Management from IAE Gustave Eiffel in Paris.

Alberto lo Presti
Investor Relations Manager

Alberto Lo Presti, in charge of Investors Relations for French family offices and French independent asset manager, started his career with Natixis CIB in 2008 in alternative structured products sales team. In 2010, Alberto was in charge of asset managers, private banks and Family Offices in Switzerland, UK, France and Belgium for SIXTINA, the Managed Accounts platform (Cayman, Lux and UCITS) of Natixis Alternative Investments International. He then joined Natixis Investment Managers to develop the Retail & Wholesale activity in France (asset managers, privates banks and Family Offices). Alberto holds a Master 2 “International Trading and Trading” from ESLSCA in Paris.

Cedric Ludwig
Executive Director - Co-Head H2O Switzerland

Before joining H2O AM in August 2021, Cedric Ludwig worked at Natixis Investment Managers as a Senior Director Sales Manager, in charge of the fund distribution across independent asset managers, family offices and domestic banks in the French-speaking part of Switzerland. Previously, Cédric worked for Credit Suisse as an Investment Advisor, managing a portfolio of independent asset managers. Cédric also was the Head of Investment Strategy in Oleium, a multi-family office, based in New York. He began his career in finance in the Investment Advisory team at Lombard Odier. Cedric holds a Master’s degree in Management, with a specialization in Finance, from HEC Lausanne School of Economics (Switzerland) and an advanced certificate (CAS) in Global Affairs from New York University (NYU). Cédric is both a Chartered Financial Analyst (CFA) and a Chartered Alternative Investment Analyst (CAIA) charterholder.

Mickael Benzakin
Senior Director - Co-Head H2O Switzerland

Before joining H2O AM in August 2021, Mickael Benzakin worked for over 9 years at Natixis Investment Managers as a Director Sales Manager. He was in charge of the fund distribution, covering private banks and independent asset managers based in the French-speaking part of Switzerland and Monaco. He also covers both institutional and wholesale markets in Israel. Mickael began his career at BNP Paribas in Paris and then worked as a multi- asset structured products junior sales. Mickael holds a Master’s degree in Financial Engineering from the University of Paris-Dauphine.