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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 sophisticated 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 movements in the future.

FIND OUT WHAT WE DO
fast facts
£40
bn
The value of transactions we work on with clients each year
648
Transactions we advise on each year
50
Different global counterparties we work with each year
33
We advise clients in over 33 different countries
OUR APPROACH TO BUSINESS
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.

Quality

We deliver consistently first-class advice

Innovation

We are always improving and finding new ways to solve challenges

Clarity

Our advice is straightforward and jargon-free

TIMELY

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

Transparent

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

VALUE

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

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MEET THE TEAM
  • All
  • Board members
  • Charlotte Allsopp

  • Joe Bailey

  • Tom Barclay

  • Alison Barwell

  • Adrian Bell

  • Samantha Bett

  • Thor Bostelmann

  • Jackie Bowie

  • Shane Canavan

  • Paco Carballo

  • Fabrice Centeno

  • Richard Conway

  • Gregory Curtis

  • Hugo Cusani

  • William David

  • Christian de Chenu

  • Benoit Duhil de Benaze

  • John Edwards

  • Mark Glowrey

  • Andrew Farley

  • Garry Grace

  • Malin Gustafsson

  • Ivan Harkins

  • Paul Huberman

  • Mike Keilman

  • Farina Khan

  • Josh Knox

  • William Kloehn

  • David Lane

  • Lionel Kruger

  • Michael Leslie

  • Jonathan Lye

  • Ian MacFarlane

  • Marcello Medda

  • Ryan McCrickerd

  • Lisa Montgomery

  • Paul Newman

  • Alex Morgan

  • Nicolas Paranque

  • Brian Phelan

  • Szymon Piecuch

  • Francesco Podestà

  • Oliver Purches

  • Henrietta Podd

  • Nedal Ramahi

  • John Rathbone

  • Dara Roach

  • Joshua Roberts

  • Duncan Salter

  • Sachin Shah

  • Shripal Shah

  • Katherine Sibley-Denne

  • Andrew Simmons

  • Jackson Smith

  • Adriana Sousa

  • Elaine Spencer

  • James Stretton

  • Hugh Sutcliffe

  • Aaron Stelzer

  • Moritz Sterzinger

  • Heather Symons

  • Colin Tuley

  • Ali Vohra

  • John Walker

  • Andrew Walsh

  • Matthew Waterman

  • Poppy Watkins

Charlotte Allsopp

Charlotte is PA to JCRA’s CEO and Private Equity Team Secretary, having joined JCRA in 2013. Prior to joining JCRA, Charlotte worked for Hays Recruitment as well as JSA Services, a UK based provider of Umbrella Company and Accountant services. Charlotte holds a Bachelor's degree (Hons) in Physiotherapy from the University of the West of England. She is an enthusiastic globetrotter and recently completed a half marathon in less than two hours.

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.

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.

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.

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.

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.

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.

Jackie Bowie

Jackie is the CEO of JCRA and a member of the JCRA Group Board. She has been with JCRA for over 12 years and in that time has worked across all of JCRA’s client sectors, advising on interest rate, FX and wider treasury management mandates. Jackie has 22 years of capital markets experience. She spent 10 years as a US Equity fund manager in various roles at Murray Johnstone and Aegon (now Kames) Asset Management. Jackie has a Bachelor's degree (Hons) in Economics, a Master's degree in Investment Analysis and is a member of the CFA Institute. Jackie is married with two daughters and is most frequently asked the question ‘Are you related to David?’

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.

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.

Fabrice Centeno

Fabrice is a Director at JCRA and head of the Western region of the US. He has over 12 years of capital markets and risk management advisory experience for multinational corporations and government sponsored entities. He was most recently at J.P. Morgan in London, heading a team which marketed derivatives based solutions to hedge specific balance sheet risks including interest rate, FX, inflation, credit and commodities. Fabrice enjoys collecting wine, though he is also something of a thrill-seeker and enjoys surfing and driving race cars. Fabrice attended the Magistère Banque Finance at Université Panthéon-Assas. He holds a dual Master’s degree in Financial Management and a Master's degree in Financial and Banking Techniques.

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.

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.

Hugo Cusani

Hugo joined JCRA in 2014 as a Consultant and specialises in the Real Estate and Project Finance and Infrastructure sectors structuring and pricing complex derivatives within interest rates, foreign exchange and inflation. Prior to joining JCRA, Hugo began his career as an intern at BNY Mellon and Bloomberg. Since beginning at JCRA, Hugo has worked on diverse projects across numerous sectors. Hugo has a Bachelor's degree in Business Economics from the University of Liverpool.

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.

Christian de Chenu

Christian is based in JCRA’s London office and specialises in complex derivatives within interest rates, foreign exchange, inflation and commodities. Christian joined JCRA in 2010 and holds a Bachelor's degree (First Class) in Mathematics from Trinity College Dublin as well as a Masters’ degree from ETH Zurich where he focused on Experimental Game Theory. Christian holds a Certificate in Quantitative Finance.

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.

John Edwards

John is the Managing Director of JCRA with direct responsibility for interest rate hedging and structured finance advice for Real Estate clients. He previously worked in the treasury and Capital Markets at Citicorp. John has spent 24 years with JCRA, having joined in 1991, and has seen the company transform and grow. John is a keen sportsman and loves to spend time with his family. John has a Bachelor's degree in Mathematics and a Diploma of Business Studies from the University of Sheffield.

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).

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.

Garry Grace

Garry joined JCRA as a Middle Office Analyst in January 2016 to implement and manage our CRM system and processes. Garry has a BTEC in Business and Finance. Outside of the office, Garry enjoys playing sport with his friends and spending time with his family, his wife of ten years and their two children.

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.

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.

Paul Huberman

Paul is a non-executive Director of JCRA. He brings over 28 years’ experience in the real estate and finance sector in the UK and Germany. Prior to joining the JCRA board in 2003 he was Finance Director of Grantchester Holdings plc, Regent Inns plc and Asda Property Holdings plc. Paul currently advises companies in the real estate and property finance sector. Paul is a non-executive director at Town Centre Securities plc, a leading quoted UK property investment and development company with property assets in excess of £350 million. Paul is a non-executive director at Galliard Homes Ltd, a major London house builder with a portfolio of in excess of £3 billion gross development value. Paul is a Chartered Accountant and Chartered Tax Adviser.

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.

Farina Khan

Farina joined JCRA in April 2017 as our Marketing Executive. Prior to joining JCRA, Farina was a Communications Advisor at Linklaters. She holds a Bachelor's degree in Biomedical Science from Kingston University and has recently completed her Chartered Institute of Marketing Diploma.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Paul Newman

Paul has been a non-executive Director of JCRA since 2008. He is Managing Director and co-founder of ICAP Energy Ltd and Non-Executive Chairman of ICAP Shipping Ltd. Paul started his career at British Bank of The Middle East and has over 30 years’ financial markets experience. He has held senior positions with Astley & Pearce Ltd, Exco Plc Ltd and Elders Finance Group Ltd. Paul is focussed and determined, and has found these qualities matched by the JCRA team. Paul is widely engaged in charitable activities. He is interested in motorcycles, chess, and the many adventures of Sherlock Holmes. Paul is a Fellow of St Antony College, Oxford University. He has an Master's degree in Business Administration form INSEAD, Fontainebleau, France and a Bachelor's degree (Hons) from the University of Leicester.

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.

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.

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.

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.

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.

Oliver Purches

Oliver joined JCRA in November 2016 as an Associate Director in the social housing team focusing on debt advisory. He joined JCRA from Southern Housing Group where he was part of a new team to develop the long term commercial strategy for the organisation. Before Southern, Oliver was at HSBC where he spent 7 years acting as both advisor and arranger across a variety of infrastructure projects covering Europe, Turkey, and Sub-Saharan Africa. Prior to HSBC, Oliver was a member of the KPMG global infrastructure group focusing on waste and social infrastructure advisory. Oliver has a degree in economics, is a qualified accountant (ACCA), and has passed the following CISI certificate exams: certificate in corporate finance, certificate in securities and certificate in derivatives.

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.

Nedal Ramahi

Nedal is an associate at JCRA, primarily advising property sector clients on managing, pricing and structuring hedging strategies, in particular with regard to interest rate and foreign exchange risk. He joined from BNP Paribas where he structured hybrid and subordinated debt, working on a number of corporate hybrid, bank Additional Tier 1 and Tier 2 transactions. Nedal also spent time on credit research desks at UBS and Mitsubishi UFJ and read Mathematics at Emmanuel College, Cambridge.

John Rathbone

John founded JCRA in 1989 following a career spent in the treasury and capital markets areas of several banks, and is non-executive Chairman of the Group and a Director of each of the JCRA operating companies. Prior to forming JCRA, John was the Managing Director in charge of the Australia and New Zealand Banking Group's global capital markets activities. John advises on structuring hedging solutions for clients across all sectors.

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.

Joshua Roberts

Joshua joined JCRA as a Graduate Consultant within the Private Equity team following the completion of his Bachelor’s degree and Master’s degree in Mathematics, both from the University of Cambridge (Gonville & Caius College). Between study and starting JCRA he also gained work experience at VTB Capital (Russian investment bank focussed on emerging markets) and Odey Asset Management (hedge fund). Outside of work, Joshua plays the piano classically, as well as for musical theatre productions, and enjoys running and reading modern literature.

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.

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.

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.

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.

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.

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.

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.

Elaine Spencer

Elaine Spencer, our Office Administrator and Team Secretary is based in our Leeds office and supports the team based there.

James Stretton

James is a Director responsible for JCRA's activities in foreign exchange risk management. He splits his time between London and Leeds but covers all geographic areas. Prior to joining JCRA in 2002 he ran his own consultancy after spending almost 12 years with Citibank in London, where he traded spot, forwards, futures and options, as well as hedging most of Citibank's European capital. In his spare time, James enjoys cooking, shooting and the somewhat unusual pastime of cultivating cacti. James holds a Bachelor's degree in Economics from Collingwood College, Durham.  

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.

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.

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.

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.

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.

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.

John Walker

John is a founding shareholder and Director of JCRA. He is a non-executive Board Member of Adaptainer Limited, JCPE Associates Ltd and Halos Ltd. Prior to this, John worked at Grindlays Bank for 16 years, leaving as General Manager and as a Director at both ANZ Merchant Bank and Capel Cure Myers, the stockbroker who operated alongside ANZ at the time.  John is dedicated to delivering quality service to our clients, and as a founding shareholder, John is proud to have seen JCRA steadily develop into a dynamic business. John enjoys spending time in his garden with his family and friends.  

Andrew Walsh

Andrew is based in the Leeds office and is responsible for JCRA's activities in interest rate risk management across the North of England. Andrew joined JCRA in London in 1998 and assumed responsibility for the North of England in 2003. Andrew graduated from the University of Cape Town with a Bachelor's degree in Microbiology (Hons) and Biochemistry.

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.

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.

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