CCI’s investment team comprises four full-time portfolio managers plus four full-time analysts and several part-time researchers, collectively encompassing multiple PhDs. CCI’s Investment Committee and Compliance Committee is chaired by the experienced funds management and superannuation executive, Ms Melda Donnelly, who is supported by Mr Bob Henricks. Mr Alex Wise is a third independent member of the Compliance Committee. Senior executive bios are enclosed below.
Melda Donnelly, Chair, Coolabah
- Ms Donnelly was appointed Chair of Coolabah Capital’s Board, Investment Committee and Risk & Compliance Committee in 2015. She is responsible for managing board processes relating to compliance, governance, strategy, performance and risk management. Ms Donnelly is a director of Treasury Group (ASX: TRG/mkt cap $200m and $49bn in FUM) and a member of HESTA’s ($32bn FUM) investment advisory board. Ms Donnelly’s previous work experience includes being CEO of the Queensland Investment Corporation, Deputy Managing Director of ANZ Funds Management, Managing Director of ANZ Trustees and chairperson of the Centre for Investor Education (CIE), a specialist education and consultancy firm for executives in Australian and overseas superannuation funds, institutional investment bodies and the financial markets. Ms Donnelly has also served as chair of Donnelly Money Management ($1bn in FUA), deputy chairperson of VFMC ($47bn FUM), and a director of: Unisuper ($50bn in FUM); Ashmore Group plc ($61bn FUM); Health Super ($9bn FUM); Network 10 Limited, and the Australian Accounting Standards Board. In addition, Ms Donnelly is a member of the Advisory Committee of the Oxford University Centre for Ageing. Ms Donnelly started her career at PriceWaterhouse as an audit/tax specialist and has a BComm from the University of Queensland and is a Chartered Accountant.
Bob Henricks, Independent Non-Executive Director, Coolabah
- Mr Henricks was appointed a Non-Executive Director of Coolabah Capital’s Board, Investment Committee and Risk & Compliance Committee in 2017. Bob was previously the 20 year Chairman of the $6 billion super fund, Energy Super. In 2015 he was named 2015 Trustee of the Year by the Australian Institute of Superannuation Trustees. He currently serves as a director of the $2 billion Gardior Infrastructure Fund and the University of Queensland Diamantina Institute Business Development Board. Bob was previously chair of the SPEC(Q) and AUST(Q) super funds, and a director of the CBUS super fund. Bob brings substantial governance, compliance and risk management expertise to the business.
Alex Wise, Independent Compliance Committee Member
- Alex Wise was the Head of Fund Services and Chief Operating Officer at OneVue RE Services Limited prior to becoming an industry consultant in late 2016. Prior to joining the RE Alex was the founder of Orchard Harbour (Pty) Limited, an alternative investment consultancy business established in Sydney. Following completion of his postgraduate studies Alex entered the legal profession with Herbert Smith in London. In 2002 Alex joined Atlas Capital Limited as Group Legal Counsel and later became a Managing Director until November 2007 at which point he left to establish Orchard Harbour. Alex is a non-practising Solicitor of the Supreme Court of England & Wales, a non-practising English Barrister and he holds an Honours degree in Law from Cardiff University. Alex has been a frequent speaker at global conferences on the subject of corporate governance and operational due diligence.
Christopher Joye, Co-CIO & Portfolio Manager
- Christopher founded Coolabah Capital, which oversees Smarter Money Investments’ funds, in 2011 and leads the portfolio management effort that has produced one of Australia’s top short-term fixed-interest capabilities. He is responsible for investment decisioning, portfolio management, research and asset pricing, and general business management, running a team of portfolio managers and analysts. Christopher is also a Contributing Editor with The Australian Financial Review and well-known as one of Australia’s leading economists, policy advisors and fund managers. Christopher previously worked for Goldman Sachs in London and Sydney, the Reserve Bank of Australia, and was the founder of an award‐winning research and investment group, Rismark International. In 2009 The Australian newspaper selected Christopher as one of Australia’s top 10 “Emerging Leaders” in its economic/wealth category. In 2007 Christopher was selected by The Bulletin magazine as one of Australia’s “10 Smartest CEOs” and by BRW Magazine as one of “Australia’s Top 10 Innovators”. In 2008, the Australian Government invested $16 billion behind a policy proposal developed by Christopher to provide liquidity to the Australian securitisation market to mitigate the effects of the GFC. In February 2009, Christopher was invited by the Rockefeller and MacArthur Foundations to travel to advise the Obama Administration on the US housing crisis. Christopher served as a Director of The Menzies Research Centre, which is a leading Australian think‐tank, from 2003 to 2007. Christopher received Joint 1st Class Honours (Economics & Finance) and the University Medal in Economics & Finance from the University of Sydney, where he was a Credit Suisse First Boston Scholar, SIRCA and University Honours Scholar. He studied in the PhD program at Cambridge University in 2002 and 2003, where he was a Commonwealth Trust scholarship recipient.
Darren Harvey, Co-CIO & Portfolio Manager
- Darren co-founded Coolabah Capital, which manages Smarter Money Investments’ funds, in 2011 with Christopher Joye. Darren contributes to investment decisioning, portfolio management and risk management, focussing on trade strategy, amongst other things. He started his career at McIntosh Hamson Hoare Govett in 1987 in their graduate training program as a junior bond futures adviser and then options adviser. In 1989 Darren was headhunted to join Fay Richwhite to establish their bond option sales business. In that year he also assumed responsibility for trading interest rate options using Fay Richwhite’s balance-sheet and built a team of interest rate option and share price index traders that included five market-makers in total. Fay Richwhite went from no activity to the No. 1 option market‐maker on the Sydney Futures Exchange by volume and reputation. Darren was responsible for all the risk management associated with Fay Richwhite’s exchange-traded derivatives businesses reporting to the Head of Trading. In 1992 Deutsche Bank recruited Darren as an Associate Director and Head of Exchange Traded Options to replicate the market making business he had established inside Fay Richwhite. In 1994 Deutsche Bank promoted Darren to Director and Head of Exchange Traded and OTC Options, which included a team of six market makers reporting to the Head of Trading. During this time Darren was responsible for principal trading off Deutsche Bank’s balance-sheet across multiple asset classes, including equities, currencies, bonds, commodities, and derivatives. Darren was also responsible for risk management and staffing. In 1998 Darren moved to London with Deutsche Bank as a Director of Deutsche Bank Global Proprietary Trading in London where he traded interest rate derivatives, currencies and stock index securities, and reported to the Head of Deutsche Bank Global Proprietary Trading, Steve Kennedy. Darren resigned from Deutsche Bank in 2001 and established his family office, Bower Capital. He was approved as an Independent Member of the Sydney Futures Exchange/Australian Stock Exchange to invest his own money in the interest rate securities markets and received rebates from the exchange as a recognised market-maker. Darren was one of the largest independent interest rate options traders on the SFE/ASX and helped the SFE/ASX design its intraday interest rate option contracts for government bonds. In 2011 Darren co-founded Coolabah Capital Investments Pty Ltd and Smarter Money Investments Pty Ltd, which he serves as an Executive Director, Co-Chief Investment Officer and Portfolio Manager of. Coolabah owns 50% of Smarter Money Investments. In 1987 Darren graduated from the SFE’s Registered Representatives Course. He was Chairman of Sydney Futures Exchange’s Exchange Traded Option Committee between 1993 and 1995, and a Casual Lecturer in Derivatives and Options at Securities Institute of Australia in 1994-1995. Between 1996-1996 he was a member of the Australian Financial Markets Association (AFMA) Over-the-Counter Option Committee. Bower Capital was approved as a recognised market maker and Independent Member of the SFE/ASX between 2001-2008.
Ed Teh, Senior Credit Analyst & Compliance Manager
- Ed joined Coolabah Capital, which manages Smarter Money Investments’ funds, in 2013. He is involved in credit risk analysis, risk management, compliance and governance reporting, and assisting with portfolio management. Ed is a senior credit risk professional with over 15 years’ experience across fixed income funds management and bond insurance and corporate lending at leading domestic and global financial institutions. He has broad experience across industries and sectors, including: infrastructure and utilities, power and energy, property & real-estate, natural resources, oil & gas, media & telco, engineering and contracting, general industrials and agriculture. Ed has served in numerous credit research roles since 2000 including: Director, Debt Products & Global Risk, at Bank of America Merrill Lynch; Senior Credit Analyst, Fixed Income Credit Research at ING Investment Management; Vice President, Project Finance & Credit, at MBIA Insurance; Assistant Vice President, Corporate Risk Management at Citigroup; Associate, Project Finance & Credit, at Bank of America; and Credit Analyst, Insitutional Banking, at NAB. He graduated with a Bachelor of Commerce and Bachelor of Laws from UNSW.
Andrew McLachlan, Senior Credit Analyst
- Andrew joined Coolabah Capital, which manages Smarter Money Investments’ funds, in 2015. He is involved in credit risk analysis, quantitative asset pricing, and assisting with portfolio management. He was the Credit Strategist at the $5.5 billion Australian fixed-income manager Vianova (2008-2013), and its successor Brookline Partners (2014-2015), where he was responsible for all quantitative and qualitative credit analysis and valuation, as well as having input into macroeconomic strategy. He has over 15 years buy-side experience analysing Australian and indeed overseas credits from a bottom-up and top-down perspective and built and maintained the credit process at Perennial, Vianova and Brookline. Prior to Vianova, Andrew was a Senior Credit Analyst at the $6 billion fixed-income fund manager Perennial Investment Partners (2001-2008) where he designed and implemented Perennial’s in-house credit risk pricing models. After 3 years working as an economist with various government agencies in Australia and overseas, Andrew started his private sector career at NAB where he spent 7 years working as an Economist focussing on quantitative industry analysis for Australia, the UK and the US. At NAB Andrew was heavily involved in developing commodity price and commercial property forecasting models that consistently outperformed consensus expectations.
Ashley Kabel, Junior Portfolio Manager & Quant Analyst
- Ashley Kabel joined Coolabah Capital Investments, which manages Smarter Money Investments’ funds, in 2017 in a full-time role as a quantitative analyst and junior portfolio manager. Ashley was Director of Quantitative Strategies at the award-winning and strongly performing FX hedge fund, The Cambridge Strategy, between 2012 and 2016, based in London. At Cambridge Ashley managed US$250m (and a small team) in medium-term, quant-based FX strategies spanning 2012-2016 with an average audited annual return of 13.4% and volatility of 8.2%, outperforming FX beta indices and FX and Macro Hedge Fund indices. Prior to Cambridge, Ashley served as an investment analyst with portfolio management responsibilities covering FX, equities and fixed-income at the $800bn fund manager, Invesco between 2005 and 2012, based in Sydney. At Invesco he helped develop, analyse and manage multiple quant strategies including direct execution of fixed-income portfolios. Ashley graduated with honours degrees in Law and Engineering (Software) from Melbourne University, has extensive quant analytical and programming skills, and in his youth was awarded Australian government prizes for mathematics.
Dr Stephen Parker, Junior Portfolio Manager & Risk Analyst
- Dr Stephen Parker joined Coolabah Capital Investments, which manages Smarter Money Investments’ funds, in 2016 in a full-time role as a quantitative risk analyst and junior portfolio manager. Dr Parker was previously a futures trader at Star Beta focussing on Australian and US government bonds and the formulation of quantitative trading strategies and risk management models for these markets. In 2013 Dr Parker completed a PhD in Astrophysics from the University of New South Wales that involved developing automated reduction, analysis and simulation routines relating to the mass distribution of very cold brown dwarf stars’ host clusters. He was awarded 1st Class Honours in his Bachelor of Science (Advanced) in Physics and Astronomy from UNSW.
Jason Lindeman, Senior Credit Analyst
- Jason joined Coolabah Capital Investments, which manages Smarter Money Investments’ funds, in 2017 in a full-time role as a senior credit analyst. Jason has over 15 years buy-side experience specialising in fundamental and technical credit analysis across the capital structure. Previously at Hadron Capital LLP, a London based global relative value and event driven multi-asset class hedge fund, he was jointly responsible for the Credit Long/Short absolute return portfolio. The strategy sought relative value and catalyst driven investments, with portfolio views expressed using Corporate Bonds, Hybrids, Credit Default Swaps and Loans. Prior to Hadron, Jason was the Credit Portfolio Manager at RBC Capital Markets London, responsible for the European Credit Proprietary Trading Portfolio. He built and continually developed the credit process at both funds, while hiring, training and managing the relevant credit analyst teams. At Credit Suisse Capital Markets London, Jason was a Private Equity/Private Placements Analyst, investing proprietary capital in sub investment grade public companies, via the issuance of privately placed structured debt and equity securities. He was involved in the entire investment process from initial on-site due diligence, credit analysis, negotiation of terms, documentation and ongoing portfolio maintenance. Previous roles include Credit Risk Management at Credit Suisse London and NAB Corporate Banking in both London & Melbourne. Jason has a Bachelor of Economics and Post Graduate Diploma in Applied Finance and Investment.
Ying Yi Ann Cheng, Portfolio Management Director
- Ying Yi joined Coolabah Capital Investments, which manages Smarter Money Investments’ funds, in 2017 as a full-time portfolio management director focussing on market research, analysis and technical factors, while also assuming responsibility for external stakeholder management. She spent the majority of her career at Citibank in London, where she was a Vice President, specialising in G10 and Emerging Market currencies, advising hedge fund clients and sovereign asset managers on alpha generating and risk management strategies. She was most recently at RBC Capital Markets working within fixed-income and credit. Prior to the sell side, Ying Yi had interned at Colonial First State and PwC in various quantitative roles. She has also held various advisory roles with tech startups in London and Sydney. After receiving a 99.95 ATAR for her HSC studies, ranking her in the top 0.05% of all secondary students, Ying Yi graduated with honours in Actuarial Science from the University of New South Wales, where she was the recipient of a Co-op Scholarship and included on the Dean’s Honour Roll for her year of exchange at NYU’s Stern School of Business.
Kai Lin, Quant Analyst
- Kai joined Coolabah Capital Investments, which manages Smarter Money Investments’ funds, in 2017 in a full-time role as a quant analyst focusing on asset pricing. Kai was previously a Data Scientist at CBA where he built machine learning models to project customer propensities. He was also involved in data mining projects with heavy use of R, Python, Hadoop, Hive, SQL and Linux tools. Prior to CBA Kai interned as signal processing researcher at Cochlear. Kai graduated from UNSW with 1st Class Honours and the University Medal in his Bachelor of Engineering (Electrical) program where his thesis researched pose estimation and trajectory matching. He is currently completing a Masters of Statistics at UNSW. Kai was awarded an ATAR of 99.90 in his HSC while at Sydney Boys High. Prizes have included the Ben Rudzyn Memorial Prize in Signal Processing, the Engineers Australia Student Prize (Electrical & IT Division), and the Institution of Engineering & Technology (IET) Student Prize.
Peter Dore CA, Financial Controller
- Peter Dore is a Chartered Accountant and Chartered Tax Adviser who gained his qualifications while working in the financial services department of Ernst and Young (EY) specialising in corporate tax. During Peter’s time in EY, he was involved in various corporate tax planning and restructuring projects while also overseeing a portfolio of financial service clients, including secondments to GE Capital. After his time in EY Peter moved into industry working in the finance team of Optiver Pty Limited where he was exposed to the fast moving pace of proprietary trading. At Optiver Peter oversaw the finance function of the Optiver Hong Kong entities, ensuring complete financial accuracy and SFC reporting. He graduated from the University of Limerick in Ireland with a Bachelor of Arts in Law and Accounting.
Matt Wilson, Portfolio Management Adviser
- Matt started consulting to Coolabah Capital, which manages Smarter Money Investments’ funds, in 2016 on portfolio management and quant analysis. Matt was previously an Associate Director at ANZ (2010-2015) responsible for interest rate trading, market-making and risk management across the interest rate swaps, overnight indexed swaps, government bonds, semi-government bonds, repurchase agreements, inflation and related currency hedging activities. Prior to his trading role with ANZ, Matt spent 2 years with ANZ in risk analyst roles, covering equities, commodities, wholesale credit and residential mortgages. He graduated with an Honours Degree in Pure Mathematics from Monash and has a Masters of Applied Finance from Macquarie.
CCI’s investment team encompasses other part-time analysts with varying backgrounds, including decades of buy-side credit research, fixed-income risk management, and mathematical and statistical analysis of financial markets.