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We're here for the long run

How we help
Drawing clarity from complexity

For interest rate, foreign exchange, inflation and commodities hedging and debt advice, as well as valuations and hedge accounting
for financial instruments, we provide independent guidance to a wide range of businesses.

Innovative solutions

Our financial risk management solutions are entirely bespoke, and our strategies secure transparent and competitive pricing. Innovation is inherent to what we do because your circumstances are unique.

Relationship business

Our business is built on long-standing relationships with our clients. We maintain contact with you even after a transaction is complete.

Independent advice

We are not a broker or counterparty to any derivative transaction and are therefore not incentivised to recommend any particular product or instrument. This means the advice you receive is independent and our advice and pricing is transparent.

A focus on you

The financial markets are dynamic and your hedging strategy should be responsive to external market conditions, as well as to internal changes in the business itself. We offer updates and convey relevant market information to assist in your decision making.

Proven processes

We are experienced in running the execution processes with all types of institutions. You will achieve the best execution possible thanks to our pricing systems, pre-trade dry runs on pricing, and how we structure the process to create competition and transparency. We also monitor the market to identify appropriate deal timing and liquidity.

Adding value

We deliver value by being an essential part of your strategic decision making, and ensure you undertake hedging that makes sense for your business and meets your objectives. Our experience in negotiating with banks and minimising execution costs works to protect your profitability, while enabling you to benefit from favourable market movement in the future.

fast facts
The value of transactions we work on with clients each year
Transactions we advise on each year
Different global counterparties we work with each year
We advise clients in over 33 different countries
First-class service, independent advice

Your prosperity is our priority. We are always advancing our knowledge of financial markets, and building on our expertise in finance and risk management strategies and techniques, so you can be confident you’ll receive first-class, strategic, independent advice.


We deliver consistently first-class advice


We are always improving and finding new ways to solve challenges


Our advice is straightforward and jargon-free


We know that you need us to act swiftly, which is exactly what we’ll do


We only make recommendations that are right for you - we are not incentivised to suggest a particular solution


Our expertise levels the playing field with banks saving you money and time 

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  • All
  • Board members
  • Ahmed Babikir

  • Joe Bailey

  • Tom Barclay

  • Alison Barwell

  • Adrian Bell

  • Samantha Bett

  • Thor Bostelmann

  • Eugenio Bonvicini

  • Jackie Bowie

  • Shane Canavan

  • Paco Carballo

  • Richard Conway

  • Gregory Curtis

  • Hugo Cusani

  • William David

  • Benoit Duhil de Benaze

  • Mark Glowrey

  • Sam Goldman

  • Andrew Farley

  • Ivan Harkins

  • Malin Gustafsson

  • Alistair Hardie

  • Mike Keilman

  • Raeed Khandaker

  • William Kloehn

  • Josh Knox

  • David Lane

  • Lionel Kruger

  • Michael Leslie

  • Jonathan Lye

  • Ian MacFarlane

  • Maria McDonagh

  • Ryan McCrickerd

  • Marcello Medda

  • Lisa Montgomery

  • Alex Morgan

  • Nicolas Paranque

  • Deborah Parker

  • Brian Phelan

  • Szymon Piecuch

  • Francesco Podestà

  • Henrietta Podd

  • Nedal Ramahi

  • Dara Roach

  • Joshua Roberts

  • Duncan Salter

  • Sachin Shah

  • Shripal Shah

  • Katherine Sibley-Denne

  • Andrew Simmons

  • Jackson Smith

  • Adriana Sousa

  • Hugh Sutcliffe

  • Aaron Stelzer

  • Moritz Sterzinger

  • Heather Symons

  • Colin Tuley

  • Ali Vohra

  • Matthew Waterman

  • Poppy Watkins

Ahmed Babikir

Ahmed joined JCRA as a Graduate Consultant in 2017 and specialises in pricing and structuring, primarily within the Private Equity and Corporates team. Prior to joining JCRA, Ahmed completed internships at BNP Paribas and Goldman Sachs and obtained a Masters in MORSE (Mathematics, Operational Research, Statistics and Economics) (First Class Hons) from the University of Warwick.
Email Ahmed: Ahmed.Babikir@jcrauk.com

Joe Bailey

Joe is an Associate Director in our PFI/PPP sector, structuring and pricing hedging solutions within interest rate and foreign exchange derivatives.   Prior to joining JCRA in 2009 he worked in foreign exchange for Barclays Capital and gained experience in fund management. Joe is an enthusiastic cyclist and recently competed in the Marathon des Sable. Joe has an Master's degree (Hons) in PPE from Exeter College, Oxford.
Email Joe: Joe.Bailey@jcrauk.com

Tom Barclay

Tom joined JCRA as a Financial Accountant in January 2014. Prior to this Tom worked at a general practice accountancy firm, where he focused on creating efficient methods for preparing VAT returns and using import functions for accounts preparation. Tom holds a Bachelor's degree in Economics from the University of Sheffield and is studying to become a Chartered Accountant in 2016. In his spare time, Tom is an indiscriminate sports-fan and enjoys spending time with friends.
Email Tom: Tom.Barclay@jcrauk.com

Alison Barwell

Ali joined JCRA in September 2016 as Group Head of HR, based in London. Ali is responsible for all HR issues in the UK and overseas. Prior to joining JCRA Ali was HR Director at Sanlam UK for 12 years.
Email Alison: Alison.Barwell@jcrauk.com

Adrian Bell

Adrian is the Director and Head of our Social Housing team. Adrian started his career with Hambros Bank where he built the fixed income business in a number of Eurobond markets and developed specialist institutional placement in long dated Sterling Bonds and US$ private placements. This team pioneered using the bond market to fund Housing Associations and were responsible for most of the innovations in this area benefitting the sector. In 1998 he joined RBC rising to Chairman of RBC Europe, which during this time became one of the pre-eminent sterling bond houses in the City, and established the bank’s global Infrastructure Advisory Team. In 2009 Adrian retired from RBC to start a new, non-conflicted advisory business, focussed on assisting businesses previously reliant on bank and derivatives markets to access the bond market.  This team now advises approximately 50 housing associations on all aspects of treasury, risk management and funding.
Email Adrian: Adrian.Bell@jcrauk.com

Samantha Bett

Samantha joined JCRA in 2011 and is a Director based in our Edinburgh office. Sam has 20 years’ experience in Treasury markets having worked in foreign exchange (FX) trading at Bank of America in London and WestLB in Singapore. Latterly, she held senior positions at Clydesdale Bank and HBOS, undertaking client advisory mandates as well as leading the FX Sales team in Scotland at HBOS. Sam has two very sporty sons who keep her extremely busy with tennis, football, rugby, golf and skiing. Sam has a Bachelor's degree (First class Hons) in Finance from the University of Strathclyde. Sam also sits on the Capital and Finance committee at Social Investment Scotland, a charity and social enterprise that provides loans to other charities, social enterprises and community groups across Scotland.
Email Sam: Sam.Bett@jcrauk.com

Thor Bostelmann

Thor joined JCRA in May 2016 as the External Communications Manager after moving to the UK from New Zealand. He is responsible for promoting JCRA’s expertise and financial acumen to our external stakeholders. Prior to joining JCRA, Thor worked for a public relations agency in Auckland where he looked after the PR needs of key accounts such as Vodafone, Samsung and Coca-Cola. He holds a Bachelor's degree in Communication from the Auckland University of Technology and in his spare time enjoys keeping fit, going to gigs and all things related to food.
Email Thor: Thor.Bostelmann@jcrauk.com

Eugenio Bonvicini

Eugenio is as an Associate at JCRA and works in the Real Estate team. He focuses on debt advisory, capital raising and restructuring for real estate sector clients covering senior, hybrid and subordinated debt. Prior to joining JCRA, he has worked at FAB, SMBC and Natixis working in the Project Finance, Leverage Finance and Real Estate Finance teams. He holds a bachelor degree from Bocconi, Milan and an MSc from Regents College, London.
Email Eugenio: Eugenio.Bonvicini@jcrauk.com

Jackie Bowie

My job is to lead the JCRA team across our offices in the UK and North America. My work is extremely varied day to day and I remain involved in many advisory engagements for clients across our specialist sector teams. I also have the privilege of spending lots of face to face time with both existing and new client relationships; explaining to them the value JCRA’s expertise can bring to their risk management decisions. I am part of the Group Board which means relentlessly driving our growth agenda and of course our regulatory and compliance obligations.

I joined JCRA in 2004, initially in the Edinburgh office. I advised many clients on hedging against FX and interest rate risk. In 2010, after being appointed a Director and joining the Group Board, I relocated to London. In 2012 I was part of the management team which completed the VMBO, moving on to execute the second phase of that in 2017; taking in our first tranche of external capital and allowing the founding directors of JCRA to retire.

I hold a first class degree in Economics from Strathclyde University and MSc in Investment Analysis and am a member of the CFA institute. My early career in finance focused on the US equity markets where as an equity analyst and subsequently a fund manager I had an exciting 10 years within various Scottish asset managers. Investing in the equity markets through the tech boom and subsequent bust in the late 1990’s was a learning experience never to be forgotten! A career shift to advisory was unplanned, but after just 6 months of working with JCRA’s clients I knew I had definitely made the right choice.

I love to be active, and when time allows enjoy running and swimming. I am also a voracious reader and will never be without a book in my bag.

My two daughters Eva and Isla keep me busy the rest of the time, and weekends are spent supporting their pursuits with downtime usually being a family meal and a movie.

. Email Jackie: Jackie.Bowie@jcrauk.com

Shane Canavan

Shane is a Director of JCRA, advising real estate clients on managing, pricing and structuring hedging strategies, in particular on interest rate risk. Shane joined JCRA in 2010 having gained work experience in the private equity sector. Shane is a CFA charterholder and holds a Bachelor's degree in Economics and Economics History from The London School of Economics.
Email Shane: Shane.Canavan@jcrauk.com

Paco Carballo

Paco Carballo is a Director at JCRA and leads our Hedge Accounting for Derivatives team providing support and risk management solutions to clients, as well as serving Corporates. He joined JCRA in February 2016 from EY where he was a Director of FAAS, leading a team specialised in hedge accounting for UK based corporates. Previously, he worked at Chatham Financial and Deloitte, accumulating over 12 years helping clients and auditors with IAS39 and hedge accounting. He spent the initial part of his career leading derivatives sales desks at international banks in London and Spain (Sumitomo, Commerzbank, Credit Lyonnais, Banco Sabadell and Banco Santander). He loves JCRA’s entrepreneurial culture, and how everybody’s goal is to thrill clients that very often become ardent fans of our firm. His colleagues often say that he mixes a very deep technical knowledge with an uncommon ability to listen and explain very simplistically the topic to clients, and highlight his 'passion' to convince them of the 'benefits' of hedge accounting. Outside of the office, he loves playing golf with his son (until he will beat him!), dinners with family and friends and a good movie and book. Paco holds a Bachelor's degree in Business Administration and a Master's degree in Business Administration from ESADE in Barcelona.
Email Paco: Paco.Carballo@jcrauk.com

Richard Conway

Richard is an Associate at JCRA and provides clients with advice on interest rates, inflation, and economics. Richard also assists with business plan modelling and stress testing in Brixx/Excel. Prior to JCRA, Richard held roles at Canaccord Genuity and Strategic Insight. Richard holds a Bachelor's degree in Economics from Trinity College, Dublin; a Master's degree in Economics from the University of Warwick and has completed the Capital Markets Programme with the Chartered Institute for Securities and Investment. Richard can be found most weekends cycling in Surrey Hills.
Email Richard: Richard.Conway@jcrauk.com

Gregory Curtis

Gregory joined JCRA in 2015 and is an Associate in the Real Estate Team. Before joining JCRA Gregory held six-month internships at Société Générale CIB and HSBC, and gained a place on a two-year corporate finance graduate programme with Liberty Global, where he was involved in several acquisitions. Gregory holds a Master’s of Finance from IESEG School of Management in Paris.
Email Gregory: Gregory.Curtis@jcrauk.com

Hugo Cusani

Hugo is an Associate specialising in the Project Finance and Infrastructure sectors, structuring and pricing complex derivatives within interest rates, foreign exchange and inflation. Since joining JCRA in 2014, Hugo has worked on diverse projects across numerous sectors and regions. Prior to joining JCRA, Hugo began his career as an intern at BNY Mellon and Bloomberg. Hugo has a Bachelor's degree in Business Economics from the University of Liverpool.
Email Hugo: Hugo.Cusani@jcrauk.com

William David

Will is a Graduate Consultant at JCRA having joined in 2016. He specialises in structuring and pricing interest rate, and foreign exchange derivatives for clients primarily in the Real Estate sector. Prior to joining JCRA, Will gained work experience in a number of different sectors including the asset manager firm, Ruffer LLP. Whilst studying for a Bachelor’s degree in Philosophy, Politics and Economics (PPE) from Exeter College, Oxford he represented the University’s Athletic Club and was awarded a half blue. In his spare time he continues to maintain a keen interest in running as well as sports and recently completed the London Marathon in April 2017.
Email Will: William.David@jcrauk.com

Benoit Duhil de Benaze

Benoit Duhil de Benaze is a Director at JCRA, focusing on FX and deal contingent hedging in the Financial Sponsor and Corporate markets across the UK and Europe. Benoit has over 11 years of investment banking experience (corporate, deal contingent FX and interest rate, institutional and sponsor coverage) and was most recently at Nomura. Benoit is an Actuary and graduated from the ISFA (Institut de Science Financière et d'assurance) in France, a Masters in International Finance Professional from the HEC School of Management, Paris, and he has also completed MCT Advanced Diploma in Treasury, Risk and Corporate Finance.
Email Benoit: Benoit.deBenaze@jcrauk.com

Mark Glowrey

Mark is a Director based within our Social Housing team. Before joining JCRA in April 2016, Mark worked with Canaccord Genuity, where he established their retail-eligible bond distribution across the wealth management and intermediary sectors, and later broadening distribution to a range of institutional investors. Mark is known for his in-depth market knowledge, direct investor engagement, and for writing – his first book is about to hit the shelves. When he’s not writing, or working, Mark can be found up the side of a mountain, on the water, or sometimes sailing through mid-air. Mark is a Member of the Chartered Institute of Securities and Investments (MCISI).
Email Mark: Mark.Glowrey@jcrauk.com

Sam Goldman

Sam provides advice and support on funding mandates, renegotiation of bank debt, interest rate management, capacity reviews, credit analysis and stress testing for housing associations. Prior to joining JCRA in 2017, he worked in Relationship Management at the Commonwealth Bank of Australia, focusing on Social Infrastructure, Education, Health and Government clients, and has had previous roles at Commonwealth Bank in Advisory, Strategy and Business Analysis. Sam has a keen interest in politics, travel and hiking, and holds a Bachelor of Laws and a Bachelor of Economics and Social Science from the University of Sydney.
Email Sam: Sam.Goldman@jcrauk.com

Andrew Farley

Andrew is the Compliance Manager for the UK/European business. He holds a mathematics degree from Leicester University, together with a Master of Advanced Study in mathematics and a Ph.D. in theoretical physics from Cambridge University. His former roles were transaction management, compliance and paralegal positions at Concorde Capital, Hatfield Philips and Sidley Austin, respectively. In his spare time, he likes travelling, hiking, playing football and badminton.
Email Andrew: Andrew.Farley@jcrauk.com

Ivan Harkins

Ivan is a Director at JCRA and is head of the Structuring and Advisory team based in London. Ivan works on structuring finance and hedging instruments for clients covering a broad range of asset classes: interest rate, foreign exchange, commodities, inflation and other non-vanilla structures. He joined JCRA in 2007 from Dresdner Kleinwort where he worked on the Credit Syndicate desk. Ivan holds a Master’s degree in Applied Statistics and Stochastic Process from Birkbeck College, University of London and an MScQF in Quantitative Finance from Smurfit Business School, University College Dublin. Ivan also has a Bachelor's degree in Business, Economics and Social Studies from Trinity College, Dublin and is a CFA charterholder.
Email Ivan: Ivan.Harkins@jcrauk.com

Malin Gustafsson

Malin joined JCRA in May 2016 as an Associate Director. Prior to joining JCRA she was an Assistant Relationship Manager at Qatar National Bank in London and was responsible for analysing and executing major financing deals across a diverse range of industries. She holds a Master’s in Business Administration and Economics from Stockholm University. Outside of the office, Malin enjoys a game of tennis and is an equestrian fanatic and has competed in show jumping since she was six years old.
Email Malin: Malin.Gustafsson@jcrauk.com

Alistair Hardie

Alistair joined as part of the management buy-out in August 2017 and is Chairman of the JCRA Group. He has spent 35 years working in the financial services industry, mostly in commercial market-facing roles. Alistair has led or been party to three MBOs and has both a strong M&A track record, and a history of delivering profitable growth for privately-owned enterprises and large corporates. Alistair is also a non-executive director of The Astrum Alliance, a Swiss-based non-profit type entity, and CEO of CEGA Group, a supplier to the financial services and corporate sectors. As well as being a keen follower of all sports, and an enthusiastic skier, Alistair also is an avid collector of cars.
Email Alistair: Alistair.Hardie@jcrauk.com

Mike Keilman

Mike Keilman joined JCRA as a Director on the Real Estate desk in April 2017.  Mike has both owned and operated his own derivatives consultancy and worked in capital markets.  Prior to joining JCRA, Mike worked at Cantor Fitzgerald where he created a cleared interest rate swap derivative trading desk.  For 17 years, he was the Head of Sales for the fixed income and credit sales desk at National Australia Bank.
Email Mike: Michael.Keilman@jcraus.com

Raeed Khandaker

Raeed is a Middle Office Analyst based in the London office, he joined JCRA in 2017 from Northern Trust, where he was working as an Associate Fund Analyst. Raeed has previously completed internships working as a Parliamentary Researcher for Lord Karan Bilimoria, as well as at Cobra as a Business Analyst. Raeed holds a Bachelor’s Degree in Economics from the University of Greenwich. In his spare time Raeed enjoys going to the gym and keeping active, he also enjoys reading and has a keen interest in languages.
Email Raeed: Raeed.Khandaker@jcrauk.com

William Kloehn

William is the CEO of JCRA North America, based in New York, and is responsible for expanding JCRA’s business in the US and Canada. Prior to joining JCRA in 2008, William was Managing Director at Citigroup, where he was responsible for the origination and structuring of derivatives in both the US and Europe. He has over 17 years’ experience in structuring and executing derivatives and debt raising transactions in structured finance and asset-backed arenas. William is a devoted father and a keen tennis player. William has a Master's in Business Administration from Columbia Graduate School of Business and a Bachelor's degree in Economics from St. Olaf College.
Email William: William.Kloehn@jcraus.com

Josh Knox

Josh is an Associate, having joined JCRA in January 2016. Before joining JCRA, he spent time working at ANZ Banking Group. Josh has seized all the opportunities that JCRA offers, making plenty of friends along the way - who always defer to his superior knowledge of all things music. Josh holds a Bachelor's Degree (First Class Hons) in Finance and Economics from the University of Waikato.
Email Josh: Josh.Knox@jcrauk.com

David Lane

David is an IT Analyst at JCRA. He joined in 2014 following roles IT roles at Legg Mason, Wanstor. David is a keen festival goer and enjoys keeping fit outside of work. David holds a Bachelor's degree (Upper Second Class Hons) in Computer Science from the University of Kent.
Email David: David.Lane@jcrauk.com

Lionel Kruger

Lionel is a Director and responsible for Project Finance/Infrastructure in sub-Saharan Africa. Lionel is based in the London office where he works on structuring and negotiating long term hedging solutions in major project finance transactions. Prior to joining JCRA in 2016 he ran a successful consulting business in Johannesburg and has thirty years of experience in Investment and Corporate Banking. He has a Bachelor's degree in Commerce and a Bachelor's degree in Commerce (Hons) from the University of South Africa.
Email Lionel: Lionel.Kruger@jcrauk.com

Michael Leslie

Michael is a Director, based in Edinburgh, and specialises in debt advisory work along with advising on debt related hedging. Michael is a Chartered Accountant and has extensive experience of mid-market corporate and property finance having previously worked in M&A Advisory with Ernst and Young LLP, Corporate Banking with Bank of Ireland UK and in Transaction Services with Deloitte LLP.
Email Michael: Michael.Leslie@jcrauk.com

Jonathan Lye

Jonathan is a Director, focused on the Real Estate sector. He joined JCRA from Chatham Financial where he worked on interest rate and foreign exchange hedging strategies for Real Estate, Private Equity and corporate clients. Before Chatham he worked at JP Morgan as a Business analyst and Sema Group as a Management Consultant. Jonathan has a Bachelor's degree in Mechanical Engineering from the University of Bristol, an Master's in Business Administration from CASS business school and was previously an Engineering Officer in the British Army.
Email Jonathan: Jonathan.Lye@jcrauk.com

Ian MacFarlane

Ian is a member of the JCRA Group Board and Director of JCRA, and is responsible for JCRA's activities in Project Finance and Infrastructure globally (with the exception of North America). Ian is based in the London office where he works with clients on advising, structuring and negotiating long term hedging solutions for major project finance transactions. Much of this work is with the public sector where Ian has built up significant relationships advising on PFI and PPP transactions. Before joining JCRA in 1999 Ian was Head of Treasury at Daiwa Bank (Capital Management) Ltd for 10 years and was in charge of the interest rate and foreign exchange risk management of the bank's capital. Prior to Daiwa Bank, Ian worked for ANZ Bank in London and Australia working in treasury and financial engineering.
Email Ian: Ian.MacFarlane@jcrauk.com

Maria McDonagh

Maria joined JCRA in 2017 as Head of Marketing based in London. Maria has close to 20 years global professional services marketing experience. Prior to joining JCRA she spent 3 years as Head of Marketing for the Executive Education business at London Business School after 12 years in various marketing roles at KPMG in the UK. Outside of work Maria runs and cycles, often combining races with the opportunity to travel. Maria is Chartered Institute of Marketing (CIM) qualified and holds a BA Hons degree in United States Studies from the University of Essex.
Email Maria: Maria.McDonagh@jcrauk.com

Ryan McCrickerd

Ryan is an Associate Director at JCRA having joined in 2011. He holds mathematics degrees from both Oxford and Cambridge University and is presently a mathematical finance PhD student at Imperial. Ryan spends most of his time at JCRA developing pricing and risk models. Of particular interest to him are the pricing and theory of derivative valuation adjustments. Ryan also likes to run.
Email Ryan: Ryan.McCrickerd@jcrauk.com

Marcello Medda

Marcello joined JCRA in 2015 and is an Associate based in London. Prior to joining JCRA, Marcello worked at Intesa Sanpaolo and Societe Generale CIB, having started his career at Morgan Stanley. Marcello holds a Master’s of Science from Bocconi University, and a Bachelor degree from Università di Cagliari, on both occasions majoring in Finance.
Email Marcello: Marcello.Medda@jcrauk.com

Lisa Montgomery

Lisa joined JCRA’s Social Housing advisory team in mid-2015, after moving to the UK from South Africa. She provides support on funding mandates, derivative strategy mandates, capacity reviews as well as credit analysis and stress testing for housing associations. Previously, Lisa worked as an analyst at the investment banking division of Translink Corporate Finance, and as a fund accountant at Maitland Fund Services. She has a Master’s Degree in Financial Management from the University of Cape Town.
Email Lisa: Lisa.Montgomery@jcrauk.com

Alex Morgan

Alex is an Associate at JCRA, providing clients with advice and support on funding mandates, renegotiation of bank debt, interest rate management, capacity reviews as well as credit analysis and stress testing for housing associations. Prior to joining JCRA in 2016, Alex was an Assistant Vice President at Barclays, working in the debt finance team focusing on the education and social housing sectors.  Alex holds a Bachelor’s degree in Economics (First Class Hons) from Cardiff University. Outside of work, Alex spends his time playing tennis and suffering through West Brom matches.
Email Alex: Alex.Morgan@jcrauk.com

Nicolas Paranque

Nicolas joined JCRA in 2015 and is an Associate advising Real Estate clients on managing, pricing and structuring hedging solutions for interest rate, inflation and foreign exchange risks. He joined from HSBC London where he looked after the restructuring of interest rate hedging solutions mis-sold to UK retail clients. Prior to this, Nicolas worked for fixed income derivatives sales and securitisation teams at Société Générale CIB and BNP Paribas CIB in London, Brussels and Hong Kong. Nicolas holds a Master’s Degree in Finance and Capital Markets from Toulouse Business School. He also undertook extensive studies in mandarin at Tsinghua University in Beijing and at Fudan University in Shanghai. Nicolas is often described as enthusiastic and studying languages is his favourite pastime.
Email Nicolas: Nicolas.Paranque@jcrauk.com

Deborah Parker

Deborah joined JCRA in July 2017 as an Associate in London. Prior to JCRA, Deborah spent 17 years at HSBC Global Markets specialising in interest rate derivatives across sales, structuring and derivatives mis-selling roles. Deborah also spent two years on secondment in Jersey, Channel Islands where she worked in both sales and trading roles. Deborah is a keen scuba diver and open water swimmer, who recently completed a Cross Channel swim as part of a relay team. Deborah holds Bachelor’s degrees in both Economics and Financial Services.
Email Deborah: Deborah.Parker@jcrauk.com

Brian Phelan

Brian is a Director at JCRA based in New York. Prior to joining JCRA in 2011, Brian worked on the Convertible Bond and Volatility Arbitrage desk at Concordia Advisors in New York and Bermuda, where he developed models for trading and valuation, including an automated hedging system that traded equities in international markets. Brian interests are varied, ranging from football to Physics – he represented Ireland at the International Physics Olympiad. Brian holds a Master’s degree in Quantitative Finance from The Michael Smurfit Graduate School of Business, University College Dublin and an Master's in Computer Science from The City University of New York, Graduate Center. He also has a Bachelor's degree in Mathematical Sciences from Dublin City University.
Email Brian: Brian.Phelan@jcraus.com

Szymon Piecuch

Szymon is an Associate based in our New York office, focusing on client service delivery across all our sectors. Prior to joining JCRA, Szymon worked at HSBC Global Banking and Markets where he was Senior Analyst, Interest Rate Derivative Valuation; and before HSBC he was as an Analyst at RBC Capital Markets. Szymon holds a Bachelor's degree in Economics and a Master's degree in Finance from St John's University, New York, as well as being a CFA charterholder.
Email Szymon: Szymon.Piecuch@jcraus.com

Francesco Podestà

Francesco is an Associate Director at JCRA and has been part of the Private Equity and corporates team since 2015. He specialises in creating hedging solutions for interest rate, foreign exchange and commodity risk. Previously, Francesco spent seven years with J.P. Morgan as part of the Global Emerging Market team with focus on CEE and sub-Saharan African clients. Francesco has an Master's degree in Corporate Finance and Financial Markets from The University of Pisa; a Diploma in Economic Sciences from Scuola Superiore S.Anna; and a Bachelor's degree in Economics of Financial Markets from The University of Genoa. Francesco is something of a historian and has a keen interest in art and sports.
Email Francesco: Francesco.Podesta@jcrauk.com

Henrietta Podd

Henrietta is a Director in our Social Housing team, since joining JCRA in April 2016. Henrietta has worked in the bond markets for 30 years, during that time she has worked largely in the wholesale bond markets covering most industry sectors. In 1992 she moved to Hambros to concentrate on bond issuance for infrastructure, and increasingly advised on the UK’s PFI/PPP programme. At RBC she headed an award winning bond team and was responsible for the capital markets relationships with Housing Associations also leading the debut issue for THFC No2.  Henrietta started the housing association advisory team with Adrian in 2009/2010. Day to day she manages a number of housing association retained relationships, specialises in advising on the capital markets and maintains the team’s relationships with the largest UK institutional investors.
Email Henrietta: Henrietta.Podd@jcrauk.com

Nedal Ramahi

Nedal is an Associate Director at JCRA, advising real estate clients on solutions for their debt and hedging requirements. He joined from BNP Paribas where he structured hybrid and subordinated debt. Nedal holds the AMCT qualification and read Mathematics at Emmanuel College, Cambridge.
Email Nedal: Nedal.Ramahi@jcrauk.com

Dara Roach

Dara is Head of Marketing and Operations in North America.  In her three years at JCRA, Dara has launched the North American marketing department and oversees all support operations. She has over 15 years’ experience as an operator, marketer and content producer in traditional and digital media companies. Prior to joining JCRA, Dara worked at Viacom and two venture-funded startups, which collectively garnered over $3 million in series A funding. When not at JCRA, Dara enjoys working with families and teaching artists to support arts enrichment.
Email Dara: Dara.Roach@jcraus.com

Joshua Roberts

Joshua is a Consultant on JCRA’s Private Equity and Corporates team. He assists companies and sponsors in assessing their interest rate and foreign exchange exposures, and designing hedging strategies to mitigate these risks in a manner that is aligned with their business objectives. Prior to JCRA, Joshua worked at VTB Capital and Odey Asset Management. He holds Bachelor’s and Master’s degrees in Mathematics from Gonville & Caius College, Cambridge.
Email Josh: Joshua.Roberts@jcrauk.com

Duncan Salter

Duncan is a Director based in our Social Housing team in London and manages and leads on a number of client mandates. Prior to this Duncan was at Canaccord Genuity. Over the last five years Duncan has led a number of major strategic advisory mandates as well as financing transactions, with both UK and US investors. At JCRA, Duncan manages a team of modellers and executives providing advice to housing association clients across all aspects of treasury practice,  risk management and finance from constructing business plans and stress testing to M&A.
Email Duncan: Duncan.Salter@jcrauk.com

Sachin Shah

Sachin joined JCRA in 2016 as a Graduate Trainee, after interning in 2015, and works in the Project Finance and Infrastructure sectors. Sachin works with clients on structuring and pricing complex derivatives related mainly to interest rates, inflation and foreign exchange. Prior to joining JCRA, Sachin completed internships with Goldman Sachs and BNY Mellon. Sachin holds a Bachelor’s Degree in Mathematics, Operational Research, Statistics and Economics (First Class Hons) from the University of Warwick.
Email Sachin: Sachin.Shah@jcrauk.com

Shripal Shah

Shripal is head of the Property team based in London. He joined JCRA in 2016 as a Director, specialising in Property Debt Advisory. Prior to joining JCRA, Shripal was Head of UK and Middle East Real Estate Finance at HSBC’s Global Banking and Markets division. He has approximately 15 years’ experience working in the real estate sector at Barclays and HSBC and has been involved in some the most high profile transactions and with clients such as Blackstone, Brookfield, Canary Wharf, most of the FTSE 100 REITs, property companies and housebuilders. He has also led some of the largest hotel portfolio financings in the last few years. Shripal holds a Bachelor's degree (Hons) in Chemistry from Nottingham University and is FCA qualified. Shripal was part of the Mt Kili Madness team that broke the Guinness world record for the highest altitude cricket game in 2014 in the crater of Mt Kilimanjaro.
Email Shripal: Shripal.Shah@jcrauk.com

Katherine Sibley-Denne

Katherine is the Group Financial Controller and joined JCRA in 2007. Whilst at JCRA she completed her professional studies to become a Certified Chartered Accountant in 2014. Prior to joining JCRA Katherine worked at AMEC as a finance assistant focusing on the National Grid Gas contract. Outside of work Katherine enjoys traveling and spending time with her family.
Email Katherine: Katherine.Sibley@jcrauk.com

Andrew Simmons

Andrew is a Director of JCRA and works on structuring finance for clients covering a broad range of asset classes. Andrew joined JCRA from a top 100 charity where he was the Finance Director and prior to that he was a partner at Brookfield Financial where he advised on M&A and structured finance. While at Brookfield, Andrew focused on the property sector advising clients in the UK, Europe and North America. Andrew is a Chartered Accountant, qualifying with Ernst and Young LLP where he worked in the private equity M&A Advisory team before moving to Eurohypo to focus on the Real Estate sector.
Email Andrew: Andrew.Simmons@jcrauk.com

Jackson Smith

Jackson joined JCRA as a Quantitative Analyst in 2016. Jackson has a Master’s degree in Physics from Cambridge. For his PhD thesis, Jackson analysed data from CERN’s Large Hadron Collider, to measure one of the fundamental asymmetries between the properties of matter and antimatter particles. At JCRA, Jackson enjoys applying his mathematical and computing knowledge to any problems that come his way.
Email Jackson: Jackson.Smith@jcrauk.com

Adriana Sousa

Adriana joined JCRA in March 2017 as our receptionist. Adriana has over 15 years’ experience as a PA in private households and at Docapesca Portos e Lotas S.A and Outraconta, an accountancy and administration firm in Portugal. Adriana has a number of qualifications including OCR Certificate for IT users from the City and Islington College and Secretary and Administration Certificate from CENFIM (Portugal). Outside of the office, Adriana is a keen jogger and spends her time with her family.
Email Adriana: Adriana.Sousa@jcrauk.com

Hugh Sutcliffe

Hugh has been a Director and head of JCRA’s Canadian office since September 2015. He has over 25 years of capital markets experience, predominantly in the derivatives area and he currently sits on the board of JCRA Canada. Hugh founded Nauset Derivative Advisory, a practice providing cross-asset class derivative and hedging advice to corporations and financial sponsors in a variety of sectors including renewable power and infrastructure. Prior to founding Nauset, Hugh worked in the derivative teams in a variety of roles at RBC Capital Markets, General Re Financial Products, and CIBC World Markets. He is a CFA charterholder and graduated from Carleton University with a Bachelor's degree (Hons) in Economics. When not negotiating on behalf of JCRA’s clients, Hugh enjoys skiing and travel with his family.
Email Hugh: Hugh.Sutcliffe@jcraca.com

Aaron Stelzer

Aaron Stelzer is a Director at JCRA and head of the Real Estate sector in North America.  He has worked in municipal trading, corporate solutions, financial institutions derivative sales and advisory strategy most notably assisting in the growth of the IRO business at SMBC Capital Markets, Inc. and building out the IRO & derivative flow business at Commonwealth Bank of Australia in New York & London.  Aaron joined JCRA in April 2017 from CIRM and CBA, where he specialized in financial risk advisory to the real estate industry.
Email Aaron: Aaron.Stelzer@jcraus.com

Moritz Sterzinger

Moritz joined JCRA in 2015 and is an Associate advising Private Equity clients on hedging solutions for interest rate, foreign exchange and commodity risk. He was previously with BNP Paribas’ Debt Capital Market team where he worked on bond issues, Securitisations and Capital transactions. He covered German, Austrian and Swiss banks and insurance clients. Moritz is often described as enthusiastic and proactive - exemplified by his hobbies outside of work: surfing, snowboarding, playing basketball and playing the guitar. Moritz graduated from Kiel University and holds an Master's degree in Quantitative Finance as well as a Bachelor's degree in Economics.
Email Moritz: Moritz.Sterzinger@jcrauk.com

Heather Symons

Heather is JCRA’s Group Company Secretary, as well Company Secretary to all of our UK subsidiaries, having joined us 27 years ago. In the past, Heather has worked with Henderson Global Investors, CIBC Wood Gundy and Chanel. Outside of work, Heather spends her time with her family and plays sport – she promises she’s only a little competitive.
Email Heather: Heather.Symons@jcrauk.com

Colin Tuley

Colin Tuley is Group IT Manager for JCRA. Prior to joining JCRA in 2009, Colin was Service Delivery Manager for Cisco Gold Partner, later acquired by Insight UK, and User Services Manager for GFM Group, where he was responsible for managing all end user commuting and infrastructure for a diverse group of companies. Colin holds a Bachelor’s degree in Internet Computing from the University of Essex. He is an ITIL v3 Expert, MSP practitioner and holds qualifications in Prince 2 & APM Project management. Colin is a keen runner and occasional property renovator.
Email Colin: Colin.Tuley@jcrauk.com

Ali Vohra

Ali joined JCRA in 2015 as a Consultant and works in Project Finance and Infrastructure sectors. Ali works with clients on structuring and pricing complex derivatives related primarily to interest rates but also inflation and currencies. Prior to joining JCRA, Ali completed internships with Deloitte within their Corporate Finance team and with the Sales & Trading team at Societe Generale.  Ali holds a Bachelor's degree in Economics (focusing on Behavioural Economics) from the London School of Economics.
Email Ali: Ali.Vohra@jcrauk.com

Matthew Waterman

Matthew is Group Chief Operating Officer and Compliance Officer of JCRA in Europe. Matthew joined the Group Board of JCRA in April 2007 from Chariot (UK) plc, where he was Chief Operating Officer. Previously Matthew held a number of senior Finance and IT roles at: Excel plc, Power Europe and Hays plc. He was also in practice with Ernst & Young for seven years, both in the UK and US. Matthew is a Chartered Accountant and holds a Bachelor's degree in Psychology from the University of Manchester and a Master's degree in Business Administration from University of Surrey.
Email Matthew: Matthew.Waterman@jcrauk.com

Poppy Watkins

Poppy joined JCRA in March 2017 as our Business Support Assistant. Previously, Poppy worked at Citigroup as a team assistant, after having completed a Bachelor’s degree in Sociology and Social Psychology at the University of York in 2015. She enjoys spending her spare time catching up with friends and exercising.
Email Poppy: Poppy.Watkins@jcrauk.com

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