Meet the Team

We’re Here for You

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Massimo Figna

Founder & CEO

Massimo Figna is a Founder of Tenax Capital Limited. He is the Portfolio Manager for the Tenax Financials Fund.

Massimo was an Executive Director at UBS from 1999 to 2004, responsible for Italian, German Insurance and European asset gatherers. While working for UBS, Massimo ranked among the leading European insurance sector analysts. 

 

Massimo graduated from Pavia University in 1995, with a Masters Degree in economics.  He won a scholarship in 1995 to follow a specialisation course in actuarial mathematics at the C.U.O.A. business school of Altavilla Vicentina (VI)

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William Mak

Non-Executive Director

William Mak is the Chief Investment Officer and Chief Financial Officer at the Portuguese insurer Fidelidade. He is also chairs the Investment Committee at Tenax. 

William has extensive industry experience and has held senior positions at Sun Life Financial in Hong Kong where he was Chief Information Officer and Ping An Insurance Company of China where he was Group Deputy CFO.

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Lingzhi Yu

Non-Executive Director

Lingzhi is the Head of Investment Division at the Portuguese insurer Fidelidade, and a Non-Executive Director at Tenax.

She holds PH.D in Mathematical Finance and is also CFA qualified. 

Lingzhi has a quantitative background and has held senior roles at both Barclays Capital and BPI Private Banking.

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Marco della Giacoma

Portfolio Manager

Marco della Giacoma is part of the investment team of the Fixed Income and Insurance-Linked Securities (ILS) Fund.

 

Marco joined Tenax in 2017 to manage the Tenax ILS Fund. He has since expanded his responsibilities to the broader liquid fixed income landscape. His main areas of expertise are insurance and the global fixed income markets. Prior to Tenax, Marco worked at Swiss Re in Zurich and London holding different positions and becoming ILS structurer for the European market.

Marco completed his MSc Finance at Durham Business School in 2011 and his MSc International Economics at the Rotterdam Erasmus University in 2010. He studied Economics at Bocconi University where he earned his BSc in 2009. He is also a judo black belt and sailing instructor

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Toby Pughe

ILS Analyst

Toby Pughe is part of the investment team of the Insurance-Linked Securities (ILS) Fund.

 

He joined Tenax in 2021 from AXA XL in London where he was underwriting North American and International catastrophe (re)insurance.

He is an ILS Analyst working predominantly on catastrophe bond investments.

Toby is a graduate of Loughborough University and holds a Fellowship of the Chartered Insurance Institute (FCII). His thesis focused on how Insurance-Linked Securities (ILS) can be used to transfer climate related risk in Emerging Markets.

He is also the co-founder of a six-week online course called 'The Fundamentals of Insurance-Linked Securities (ILS)' where his students include beginners all the way up to c-suite executives

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Dean Blagden

Head of Compliance and Risk

Dean Blagden is the head of Risk and Compliance.

He joined Tenax Capital in March 2021 after a series of senior compliance roles in the asset and wealth management sector.  Before that, he held management positions at the UK Financial Conduct Authority and the Bank of England

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Andreas Tretzmueller

Portfolio Manager

Andreas has worked in corporate finance and lending for SME businesses in Europe since the early 1990’s.

 

Prior to joining Tenax in 2019, he managed the German private debt investments of Belvall Capital (formerly DAM Capital) and subsequently founded his own SME investment and advisory business.

 

Previously he worked at Mizuho in Frankfurt as director for their credit business in Germany and in corporate finance and credit for Raiffeisen Zentralbank in Austria and Eastern Europe

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Rolf Brien

Portfolio Manager

Rolf is part of the investment team of the Tenax European Credit Fund (TECF).

 

Prior to Tenax, Rolf has worked for the last 25 years both as a principal investor and as a corporate finance advisor with a focus on financings for mid-sized European companies.  He recently spent circa 3 years on the investment committee of the European Investment Bank for its MidCap Growth Financing Initiative. Previously he was a managing director and investment committee  member at both PRICOA, the European investment arm of the U.S. Prudential, and Mezzanine Management, a dedicated pan-European mezzanine provider.

 

He is a qualified Chartered Accountant and Corporate Treasurer and has a B.Com (Hons) from Birmingham University.

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Gianpaolo Piatella

Portfolio Manager

Gianpaolo is part of the investment team of the Tenax European Credit Fund (TICF). 

Prior to Tenax, Gianpaolo worked for approximately 15 years in Private Equity for Synergo, Sofipa, Intesa San Paolo and Paribas Affaires Industrielles. Gianpaolo holds a BA cum laude from Bocconi University and an MBA from SDA Bocconi with an exchange program at London Business School.

Gianpaolo is a qualified Chartered Accountant and Registered Auditor.

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Kostas Feruliovas

Equity Analyst

Kostas is part of the investment team of the Financial Equities Fund.

Prior to Tenax, Kostas worked as a generalist Equity Research Analyst for several companies including a Norwegian investment Bank Norne Securities. Kostas holds a BSc in Economics from Vilnius University and graduated with a Master of Science degree in Finance from Vrije Universiteit Amsterdam in 2014.

Kostas continues to improve his qualifications and has passed all three exams required to earn the CFA designation as well as the CISI exam.

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Salvatore Zeolla

Operations Manager

Salvatore Zeolla joined Tenax Capital in 2022 as Operations Manager.

Prior to Tenax, he worked for Trinity Street Asset Management LLP, a specialist manager of Global and International equity funds. He has over 15 years’ experience in the hedge fund and asset management sector.

Salvatore holds a BA Hons in Italian and Business Studies from the University of Hull

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Marco Moreschi

Advisor Direct Lending

Marco Moreschi is an Investment Committee Member and Senior Advisor for the Tenax Italian Credit Fund.

Marco has a twenty-year experience in commercial and investment banking, with specific focus on Italian small and medium-sized companies. He spent twelve years at Banca Lombarda-Ubi Banca, where he was also responsible for the small business market. Thereafter, he worked as General Manager of Banca Centropadana, and he has been recently appointed as General Manager of Banca di Civitanova Marche.

Marco holds a BA from the Università degli Studi di Brescia and a Master Degree in Foreign Exchange and International Finance, organised by the Tirandi Foundation and SDA Bocconi.

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Alessandro Franchi

Head of Operations

Alex Franchi joined Tenax Capital in 2017 as Head of Operations.

 

Prior to Tenax, he worked for more than 15 years in hedge funds and asset managers.

 

He has managed the operations of various types of funds, ranging from long-short to onshore and UCITS regulated funds and encompassing various asset types such as OTC and listed derivatives, equity and fixed income.

 

He holds a BA Hons in Information Management & Finance from the University of Westminster

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Silvia Clarkson

Portfolio Manager

Silviais part of the investment team of the Tenax Fixed Income team.

Silvia joined Tenax Capital in January 2021 as a credit portfolio manager. She began her career in 2007 as a buy-side credit analyst with Pioneer Investments in Dublin. In 2011 she joined Euromobiliare Asset Management in Milan, where she managed corporate bonds funds until 2016. Between 2016 and 2020 Silvia was part of the fund analyst team for the selection of funds across all asset class and strategies for internal mandates and the advisory business, initially for Euromobiliare Asset Management SGR and later for Euromobiliare Advisory SIM.

 

Silvia holds a master’s degree in Corporate Finance from Bocconi University in Milan and a postgraduate master degree in International Economics and Finance from Università Cattolica del Sacro Cuore in Milan. Silvia is a Chartered Financial Analyst (CFA) charter holder since 2010 and a Certified ESG Analyst (CESGA) since 2020

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Adrien de la Motte

Legal Counsel

Adrien is Legal Counsel and Company Secretary.

 

He joined Tenax in June 2021 after spending some time at a Litigation Funding firm. Prior to that he trained as a legal executive in the Private Equity practice of US law firm Fried Frank and qualified as a solicitor in September 2020

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Niccolò Ballarati

Portfolio Manager

Niccolo Ballarati is the portfolio Manager for the Global Financial Fund and the Global UL Equity Strategy and has more than 15 years of experience in public equities investing.

 

Niccolo worked at UBS from 2000 to 2006 as Equity sales covering pan European Asset Manager and UK based Hedge Fund

 

In 2006 Niccolo joined Fenician Capital as portfolio manager running a long-short equity portfolio

 

In 2010 Niccolo moved to Brazil where he joined Patria Investimentos becoming responsible for public Equities strategies managing a long only and a long-short equity fund

 

In 2016 Niccolo moved back to London joining Tenax Capital

 

Niccolo holds a university degree in Economic History and Econometric from the University of Florence.

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Tomas Valtas

Fixed Income Analyst

Tomas is part of the Tenax Fixed Income investment team.

Prior to Tenax, Tomas has spent circa 7 years covering European High Yield as a credit analyst. He started his career at Debtwire research in London working as published credit research analyst for almost 2 years. Most recently, Tomas joined from Credit Rubric, a European High Yield data and research platform. Tomas was part of the founding team along with acting as credit analyst, primarily writing and publishing relative value reporting covering primary High Yield market.

He has BSc in Business Finance and Economics from University of East Anglia and is pursuing CFA designation

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Amanda Callaghan

Head of Credit Fund Operations

Amanda is the Head of Credit Fund Operations at Tenax.

Amanda was previously Head of Loan Trade Support/Loan Operations at Commerzbank, where she had responsibility for the support teams in secondary loan trading and distressed debt. She has over 25 years experience in the loans market spanning emerging markets, distressed and par loan settlements, loan administration and cash management. She is a specialist in LMA and LSTA documentation. Amanda was responsible for the establishment of emerging markets and secondary loan trading support desks at Dresdner Kleinwort prior to their acquisition by Commerzbank

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William Clark

Director

William Clark had over 35 years experience in international banking and asset management with Chemical Bank of New York (now J.P.Morgan), Prudential Insurance of American and the Royal Bank of Scotland. His roles at Chemical Bank included Head of Corporate Banking for the UK and Nordic Countries, General Manager in Singapore, and Regional Head of Energy and Mining Finance.

With Prudential of American the focus was on Pan European debt, private placements and mezzanine finance and he was Chief Operating Officer of their first mezzanine fund. At Royal Bank of Scotland he initiated and managed four leveraged debt funds and the RBS investments in private equity funds.