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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.

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
  • Ahmed Babikir

  • Joe Bailey

  • Tom Barclay

  • Alison Barwell

  • Adrian Bell

  • Samantha Bett

  • Thor Bostelmann

  • Eugenio Bonvicini

  • Jackie Bowie

  • Joana Cardoso

  • Shane Canavan

  • Paco Carballo

  • Richard Conway

  • Gregory Curtis

  • Hugo Cusani

  • Benoit Duhil de Benaze

  • Sam Goldman

  • Andrew Farley

  • Ivan Harkins

  • Matthew Kaard

  • Alistair Hardie

  • Raeed Khandaker

  • Josh Knox

  • David Lane

  • Lionel Kruger

  • Michael Leslie

  • Ian MacFarlane

  • Ryan McCrickerd

  • Marcello Medda

  • Charlotte Montague

  • Lisa Montgomery

  • Alex Morgan

  • Deborah Parker

  • Brian Phelan

  • Francesco Podestà

  • Henrietta Podd

  • Joshua Roberts

  • Faisal Rutansingwa

  • Duncan Salter

  • Shripal Shah

  • Katherine Sibley-Denne

  • Andrew Simmons

  • Sohail Singal

  • Jackson Smith

  • Adriana Sousa

  • Hugh Sutcliffe

  • Moritz Sterzinger

  • Colin Tuley

  • Ali Vohra

  • Mahir Vekaria

  • Matthew Waterman

  • Poppy Watkins

Ahmed Babikir

I joined JCRA as a Graduate Consultant in 2017 and specialise in pricing and structuring, primarily within the Private Equity and Corporates team. Prior to joining JCRA, I 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

As an Associate Director on the infrastructure and project finance team, my job is to advise infrastructure clients on their inflation, interest rate and currency risk. Day to day I am involved in many advisory engagements for clients including developers of assets, funds, financial advisors, corporate financiers, lawyers and government entities. Our clients are geographically varied and we cover EMEA, Australasia and the Middle East from our London office, which I have worked out of for the past eight years.

I joined JCRA in 2009 from banking where I worked in the currency markets. I hold a degree in Philosophy, Politics and Economics from Exeter College, Oxford University.

I enjoy most sports, more as a spectator than player these days.

Email Joe: Joe.Bailey@jcrauk.com

Tom Barclay

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

Alison Barwell

As Head of HR I work closely with colleagues and the senior management teams in the UK and US at JCRA to address all people issues. I also manage our business support team and chair the employee forum. My key areas of responsibility are employee relations, recruitment and retention, training and development, reward, cultural transformation and performance management. I have over 25 years of extensive HR experience in adding strategic value and commercial insight, ensuring collaborative relationships across global businesses. I thrive when addressing complex HR issues, working with multi-functional teams, and am always considered a collaborative trusted adviser. I joined JCRA in September 2016. Previously I was HR Director at Sanlam, as well as a FCA registered CF1 Executive Board Director and member of the Exco and HR & Remuneration Committee. I have a BA Hons in French & English from Kings College London University and I am a member of the CIPD. – In my spare time I somehow manage to keep up with my three children who all share a love of the outdoors and can ski, sail and swim faster than me. Email Alison: Alison.Barwell@jcrauk.com

Adrian Bell

I am the Director and Head of Jcra's Social Housing team. I started my career with Hambros Bank where I 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 I 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 I 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

I am a Director based in Glasgow, working with JCRA’s Scottish and North of England clients across our specialist sector teams, primarily real estate, private equity and corporates. I have particular expertise in foreign exchange and interest rate risk management, having worked in financial markets since the mid-1990s.

I joined JCRA in 2011, moving into advisory services following a varied career in treasury roles in banks in London, Singapore and Glasgow. I graduated from Strathclyde University with a first class degree in finance and joined the graduate programme at Bank of America. I had a baptism of fire in emerging markets FX trading from the Asian currency crisis in 1997 to the Russian devaluation and default the following year. I moved out to West LB in Singapore to set up the NDF trading function, before moving back to the UK and into treasury sales roles across FX and interest rates for the corporate client base at Clydesdale Bank and HBOS.

I thoroughly enjoy working in an advisory capacity. My role requires me to have a deep understanding of our clients’ requirements with the wide range of engagements and client sectors, ensuring that I am always challenged to keep my sector knowledge and treasury risk management expertise up to-date. I also act as an independent expert witness for borrowers in litigation actions in relation to derivative sales by banks and brokers.

My sons, Murray and Gregor, are extremely active and weekends are spent on tennis courts, rugby and football pitches, golf courses and on the pistes. Our family holidays are very important and my husband and boys share my love of travel.

Email Sam: Sam.Bett@jcrauk.com

Thor Bostelmann

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

Eugenio Bonvicini

My role involves a focus on debt advisory, capital raising and restructuring for our clients in the UK and Europe. The products my team covers include senior, hybrid and subordinated debt to optimise and improve the capital structure of our clients.

I joined JCRA in 2017 and prior to that, I worked at FAB, SMBC and Natixis in the Project Finance, Leverage Finance and Real Estate Finance teams. I have worked in Italy, the UK and the UAE.

I hold a Bachelor’s Degree in Economics from Bocconi, Milan and an MSc in Banking and Finance from Regents College, London.

I enjoy sports and, when I have time, I love to travel across Europe.

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 different 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 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

Joana Cardoso

I joined the Social Housing team at JCRA as a Trainee Consultant in January 2018. In my role I provide housing associations with advice and support on a range of matters, including bank and capital markets debt, interest rate management, capacity reviews, credit analysis, and stress testing.   Prior to joining JCRA I worked at S&P specialising in investment management client relationships. I hold a Bachelor’s degree in Management & International Business Economics from the University of Manchester, and am studying towards my Level III CFA exam.   Email Joana: Joana.Cardoso@jcrauk.com

Shane Canavan

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

Paco Carballo

I lead the accounting support practice at JCRA and am involved in diverse initiatives targeting Corporates clients. Joining in 2016, my role has included further developing the support services we provide our clients in various sectors with regards to derivatives and debt valuation and the always complex topic of hedge accounting under international and national accounting standards. I believe that due to our strong technical derivatives expertise, hedging advisors at JCRA are uniquely placed to provide the necessary support allowing clients to adequately explain to stakeholders the impacts that hedging can have in their financial statements, and make decisions considering those.

I have developed my professional career within derivatives - end user space, from leading the derivatives sales desks at international banks in London (Sumitomo, Commerzbank and Credit Lyonnais), to Spanish banks (Banco Sabadell and Banco Santander). After realising that clients needed more help than banks could provide, I transferred to “the client side”, working for Deloitte, Chatham Financial, EY and now JCRA, assisting clients directly, not with the aim of “selling” solutions but helping them understand their financial markets risks and how to hedge and account for them. Having been on both sides of that business places me in an unique position where I, with the team at JCRA, can contribute to making complex things easier to understand for our clients and take the most complex hedging issues off their hands, so that they can focus on the relevant economic decisions for their businesses.

I studied my Business Administration and Master's degree in Business Administration at ESADE in Barcelona. A keen technologist, following very closely current tech trends and how they are shaping the financial world and our society, I love spending time with my family and two young children, helping them grow and become the best they can be.

Email Paco: Paco.Carballo@jcrauk.com

Richard Conway

As an Associate Director on the Social Housing team, my role is focused on helping JCRA’s clients optimise their funding arrangements and ensuring that their treasury portfolios are fit for purpose. goals. It is a broad mandate, which means that I work across a range of products and borrowers, with a particular focus on housing associations and charities in the UK.

Over the course of a single day, I could find myself meeting with a rating agency, pricing a new bond or private placement, and restructuring a swap portfolio. This scope allows me to work on many different aspects of a problem for our clients, delivering a holistic, outcome-focused solution, whether that means reducing interest costs over six months, or funding development of new homes over six years.

I joined the JCRA team in 2016 from Canaccord Genuity, where I sat within the UK Fixed Income team. In my time there the team was focused on helping UK borrowers access new funding from the retail, wholesale and private placement markets as well delivering associated treasury advice to help support business planning and borrowing decisions.

I hold an Msc in Economics from the University of Warwick as well as a BA in Economics from Trinity College Dublin, with a focus on financial economics and monetary policy.

Outside the office, I can usually be found exploring the countryside around London on a bicycle or catching up on the weekend’s rugby.

Email Richard: Richard.Conway@jcrauk.com

Gregory Curtis

I joined JCRA in 2015 and am an Associate working within the Real Estate Team.

Before joining JCRA I held six-month internships at both Société Générale CIB and HSBC, and gained a place on a two-year corporate finance graduate programme with Liberty Global, where I was involved in several acquisitions.

I hold a Master’s of Finance from IESEG School of Management in Paris.

Email Gregory: Gregory.Curtis@jcrauk.com

Hugo Cusani

I am an Associate Director at JCRA, based in our London office. I work on the Project Finance and Infrastructure desk, focusing primarily on the EMEA and Australasia regions. My day-to-day responsibilities include managing a number of projects, in particular the structuring and pricing of complex derivatives within interest rates, foreign exchange and inflation. I enjoy working with clients on large, multi-layered transactions to achieve the optimal hedging strategy for the project requirements.

I joined JCRA in 2014, where I initially worked on the pricing desk assisting the property, private equity and social housing teams before moving to project finance and infrastructure. During my time here, the client base and deal flow has grown substantially, giving the team a broad exposure to various project types in a number of geographies including the UK, Ireland, Continental Europe, Eastern Europe, Africa, Australia and New Zealand.

Before joining JCRA, I secured a Bachelor's degree in Business Economics from the University of Liverpool. During this time, I also completed a number of internships at various institutions including BNY Mellon, Bloomberg and City Forex.

In my spare time, I enjoy playing rugby and basketball, skiing, country walks and travelling. My weekends are spent socialising and indulging in my favourite pastime – eating.

Email Hugo: Hugo.Cusani@jcrauk.com

Benoit Duhil de Benaze

I am a Director and head up the Private Equity and Corporates team at JCRA. In a complex and fast-changing environment, my job is to make sure the team delivers the best value to our clients and that we maintain our top class expertise in derivatives. My work is very diversified and each advisory engagement is different and requires a fresh mind to understand the situation, business model, regulatory framework and the financial risks. I also spend time with new and existing clients to discuss risk management topics and future challenges the industry will face.

I joined JCRA in March 2017. Prior to this, I spent three years at Nomura where I was part of the FX structuring team looking after Private Equity and Corporate clients. I also spent nine years at Société Générale, where I built and headed up the London FX structuring team for both Corporate and Institutional clients. Since March 2017, I have been involved in several high-profile transactions, from FX deal-contingent hedges in multibillion cross-border M&A to large interest rate financing/refinancing situations. My main areas of focus are FX and deal contingency. The experience I have acquired as a top deal-contingent provider helps my clients achieve the best financial and legal terms for those hedging solutions.

I am an Actuary (Institut de Science Financière et d'assurance in France) and I hold a Master’s degree in International Finance Professional from the HEC School of Management, Paris. I also completed an MCT Advanced Diploma in Treasury, Risk and Corporate Finance in 2014.

When I am not working I like to be active (running, swimming and biking), and spend time with my wife and two children. New Year resolution or midlife crisis, I have signed up for my first off-road triathlon for 2018, and all support messages are welcome.

Email Benoit: Benoit.deBenaze@jcrauk.com

Sam Goldman

I work as an Associate Director on the Social Housing team. I provide advice and support for housing associations on a range of matters, including funding mandates (this includes for debt capital markets), renegotiation of bank debt, interest rate management, capacity reviews, credit analysis, treasury advice, and stress testing.

Prior to joining JCRA in 2017, I worked in Relationship Management at the Commonwealth Bank of Australia in Sydney, focusing on social infrastructure, education, health and government clients. I had also previously worked in previous roles here, having spent over 10 years in Strategy and Business Analysis.

I hold a Bachelor of Laws and a Bachelor of Economics and Social Science degree from the University of Sydney. Outside of work, I have a keen interest in politics, travel and hiking.

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

My role as Chief Innovation Officer brings me in touch with all the JCRA teams across our UK and North American offices. Since joining JCRA in 2007, I have navigated the company through many changes in the derivative markets. This role builds on that experience, and seeks to drive improvements across the group.

I joined JCRA from Dresdner Kleinwort where I worked on the Credit Syndicate Desk. The rapidly changing nature of the derivatives market following the financial crisis meant I quickly started shaping how JCRA approached derivative pricing and advisory and became the point person within the company for any complex advisory situation. I formalised this role within the company by setting up the JCRA quant team, which is now led by Ryan McCrickerd. As part of the Real Estate Team, I broadened JCRA’s real estate debt advisory into capital markets solutions, completing fixed and index-linked private placements. I was part of the management team that completed our VMBO in 2012 and, following this, I became head of our Real Estate sector. As part of our 2017 MBO, I joined the Group Board to take a larger role within the wider JCRA strategy.

I have a passion for continuous learning and development and hold a Master’s degree in Applied Statistics and Stochastic Processes from Birkbeck College, University of London, which I studied for part-time while at JCRA. In addition, I hold a Master’s degree in Quantitative Finance from Smurfit Business School, University College Dublin, and a Bachelor’s degree in Business, Economic and Social Studies from Trinity College, Dublin University, majoring in Economics. I am also a CFA charter holder, another qualification that I worked towards while at JCRA.

I love almost any game and regularly play chess, backgammon and card games. Currently in my spare time I am learning the Chinese game GO.

Email Ivan: Ivan.Harkins@jcrauk.com

Matthew Kaard

I joined JCRA as a Consultant in 2017 and work across the project finance and infrastructure sectors. I advise clients on optimal interest rate, inflation and fx hedging strategies, as well as the more technical structuring and pricing of vanilla and exotic derivatives to meet specific project requirements. I hold a double Bachelor’s degree in Finance and Economics from the University of Western Australia, as well as an MSc in Banking and Finance from King’s College London, where I graduated with first-class honours. Prior to my graduate education, I worked in corporate strategy for a multinational tech company. I am studying for the Chartered Financial Analyst (CFA) designation, having completed the level one exam, and am a current candidate for the level two exam. My co-curricular activities included captaining a team in the CFA Research Challenge, where we placed third nationally. I am also a member of the Chartered Institute for Securities and Investment (CISI), having completed the Capital Markets Programme, with a focus on Securities and Derivatives. Away from the office, I am an avid traveller and runner, often combining the two. I am a member of London Midnight Runners, and have hiked through Iceland, Morocco, New Zealand, and hope to climb Mont Blanc later this year. Email: Matthew.Kaard@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

Raeed Khandaker

I work as a Middle Office Analyst at JCRA, based in the London office. I joined in 2017 from Northern Trust, where I was working as an Associate Fund Analyst. I have previously completed internships working as a Parliamentary Researcher for Lord Karan Bilimoria, as well as at Cobra as a Business Analyst.

I graduated in 2016, with a Bachelor’s Degree in Economics from the University of Greenwich. In my spare time I enjoy going to the gym and keeping active, as well as reading, and maintaining a keen interest in languages.

Email Raeed: Raeed.Khandaker@jcrauk.com

Josh Knox

Based in our London office as an Associate in debt advisory, my job is to structure, arrange and implement debt financing for JCRA clients across both Alternative Asset classes as well as more typical real estate classes.

I joined JCRA in January 2016, and have assisted numerous clients in obtaining the most appropriate debt financing from a variety of lenders. Prior to my time here I worked in both M&A and Corporate Banking, most recently with ANZ Banking Group.

I hold a Bachelor's degree (First Class Hons) in Finance and Economics from the University of Waikato, as well as a First Class Honours degree in Economics.

Outside of finance, I am most passionate about politics and philosophy.

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

I am a Director, responsible for marketing and developing JCRA’s full service offering in sub-Saharan Africa, concentrating primarily on project finance and infrastructure. I’m based in the London office and work on structuring and negotiating long-term hedging solutions in major project finance transactions in the sub-Saharan African region.

I joined JCRA in 2016 after running a successful consulting business in Johannesburg for 16 years. I have in excess of 30 years’ experience in investment and corporate banking, and have served as a director and non-executive director on a number of boards.

I hold a Bachelor of Commerce degree in Economics and Business Economics, and an Honours Bachelor of Commerce degree in Finance. I am passionate about conservation and find great satisfaction in assisting utility-scale renewable energy projects reach financial close.

I am a keen adrenaline junky and enjoy motorised sports such as water skiing and quad biking, when time allows. My wife, daughter and two sons occupy most of my spare time, and weekends are generally spent supporting the children’s various sporting activities. I enjoy good food, lots of wine, and walks in the countryside.

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

Ian MacFarlane

I am a Director of JCRA and head of project finance and infrastructure for EMEA and Australasia regions, based in the London office. I currently have a team of seven who typically work on long-dated hedge solutions for the public sector (PPPs), renewable energy developers and infrastructure funds. My job is to manage the team and oversee the work we do for our clients, getting involved in the more complicated and significant transactions where required. I am also responsible, together with the team, for leading the marketing of our client base and business development. This provides me with the opportunity to meet our client base and explain the benefits of what JCRA do and the value we can bring to a transaction.

I joined JCRA in 1999 and developed our UK benchmarking business in project finance. This developed over the years and we now provide a far more strategic advisory role to clients over the wider project finance sector, focusing mainly on infrastructure. This business has grown significantly and we now advise clients in the UK, Ireland, Continental Europe, Eastern Europe, Africa, Australia and New Zealand. I joined the Group Board in 2010 and was part of the management team that completed the VMBO in 2012 and the subsequent MBO in 2017

Before joining JCRA, I was Head of Treasury at Daiwa Bank (Capital Management) for 10 years, where I was in charge of interest rate and foreign exchange risk management of the bank’s capital. Prior to Daiwa Bank, I worked for ANZ Bank in London and Melbourne for seven years in Treasury and financial engineering, after starting my career in Grindlays Bank.

In my spare time, I am an avid rugby fan, I also enjoy skiing, walking and travelling, and am a keen motorcyclist and general petrol head.

Email Ian: Ian.MacFarlane@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

I am an Associate working for the Property Team in JCRA’s London offices.

My role is to advise British and European real estate institutions in managing their FX and interest rate risk. My work is varied day to day and I spend a large amount of time face to face with both existing and new JCRA clients.

Before joining JCRA in 2015, I worked in the banking industry, where I mainly focused on equity derivatives. My last role was at Morgan Stanley where I worked with the Strategic Equity Solutions Team. Prior to that, I was at Societe Generale and Intesa Sanpaolo.

In 2016, I was seconded to the New York office for three months. During that time, I a great experience from a professional and personal point of view.

I hold a Bachelor’s degree in Business Administration (Major: Finance) from Università degli Studi di Cagliari and have completed a Masters in Finance from Bocconi University.

I love football and, when time allows, I enjoy running and going to the gym.

Email Marcello: Marcello.Medda@jcrauk.com

Charlotte Montague

As Executive Assistant, my job is to support and assist the Executive team at JCRA in carrying out their day-to-day activities. I joined the London office in September 2017.

After leaving the University of Lincoln where I studied Law, I worked with and supported the directors and senior team members of two independent financial advisory firms, sitting industry exams in savings, investments and pensions.

Outside of work, I enjoy exploring all that London has to offer, socialising with friends and family, kickboxing, running and swimming

Email Charlotte: Charlotte.Montague@jcrauk.com

Lisa Montgomery

I joined JCRA’s Social Housing advisory team in mid-2015, after moving to the UK from South Africa.

In my role at JCRA, I provide support on funding mandates, with particular focus on the banking market and capital markets for housing association, universities and charities. I also provide support on derivative strategy mandates, capacity reviews, credit analysis and stress testing for housing associations.

Before moving to London, I worked as an analyst at the investment banking division of Translink Corporate Finance, and as a fund accountant at Maitland Fund Services.

I hold a Master’s Degree in Financial Management from the University of Cape Town.

Email Lisa: Lisa.Montgomery@jcrauk.com

Alex Morgan

I am an Associate Director on the Social Housing team at JCRA. We provide clients with advice and support on funding through capital markets, renegotiation of bank debt, interest rate management and capacity reviews as well as credit analysis and stress testing for housing associations. Recent deal highlights I have been involved in include advising Pennaf Housing Group through their £250m debut public bond issuance, the first of its kind for a Welsh housing association, and the debut private placement for Red Kite Community Housing.

Prior to joining JCRA in 2016, I was part of the debt finance team at Barclays, specialising in the education and social housing sectors. I hold a Bachelor’s degree in Economics (First Class Hons) from Cardiff University.

Outside of work I enjoy spending my time playing tennis, and suffering through West Brom matches.

Email Alex: Alex.Morgan@jcrauk.com

Deborah Parker

I joined JCRA in July 2017 as an Associate in the London offices. Prior to JCRA, I spent 17 years at HSBC Global Markets, specialising in interest rate derivatives across sales, structuring and derivatives mis-selling roles. I also spent two years on secondment in Jersey, Channel Islands where I undertook roles in both sales and trading.

Outside of work, I am a keen scuba diver and open water swimmer, having completed a Cross Channel swim as part of a relay team in September 2017. I hold Bachelor’s degrees in both Economics and Financial Services.

Email Deborah: Deborah.Parker@jcrauk.com

Brian Phelan

My job is to lead the Client Services Delivery team across North American from JCRA’s New York office. This means I focus on structuring and pricing derivatives across the PPP, Project Finance, Private Equity, and Real Estate sectors. I advise clients during trade execution on both auction and negotiated trades, assist with ISDA and credit spread negotiations, KYC and Dodd Frank requirements pre-trade and, finally, assist with valuations, hedge accounting and journal entries post-trade. I mainly cover interest rate and FX trades but have also assisted on power and inflation transactions. I am also a member of the IT Strategy group at JCRA.

I joined JCRA in 2011, initially on the property desk in the London office. Along with advising property clients, I worked on several structured finance and dispute resolution mandates. Also, as a developer I created or extended several of the valuations platforms for JCRA. In 2015, I relocated with my family to New York.

I hold a BSc in Mathematical Sciences from Dublin City University, an MSc in Quantitative Finance from The Michael Smurfit Graduate School of Business, University College Dublin, and an MPhil in Computer Science from the City University of New York, Graduate Center. After completing my MSc I joined the Volatility Arbitrage desk at Concordia Advisors in Bermuda and later New York, where I developed systems and models for trading, back-testing and risk management, including an automated hedging system for gamma scalping across several international markets.

Email Brian: Brian.Phelan@jcraus.com

Francesco Podestà

As Associate Director, my job is split between leading hedging advisory projects for private capital investments and corporate exposures, and pushing the business development agenda across Europe, with a particular focus on, but not exclusive to, Pan-European and Southern European clients. I spend a substantial amount of time taking care of the strategic thinking and structuring behind several advisory works for the team, taking care of the more complex situations and engagements where bridging the language barrier will deliver the best advantage for our clients. On the latter effort, I frequently end up following the developments across all JCRA lines of business in Italy and Spain.

I joined JCRA in 2015 after spending 7 years on the trading floor of an investment bank, dealing with a very wide array of clients (banks, other financial institutions and listed corporates) and regions (Southern Europe and EMEA Emerging Markets). After having built the required technical experience, I realised that I preferred the emotional connection in being on the buy rather than the sell side of derivatives, and the move to JCRA felt natural.

On a sunny day you will find me in my garden, with my family and playing sports with friends. On a wet one, I’ll be watching documentary series on Earth and its inhabitants, or visiting the latest art exhibition in town (whichever town I am visiting at the time!).

I hold a Master’s degree (hons) in Financial Markets from the University of Pisa, a Diploma in Economics from Scuola Superiore S.Anna (Pisa), and a Bachelor’s degree (hons) in Economy of Financial Markets from the University of Genoa. All of them are fairly old now, but they are a good backing for having a nice conversation on economy, social topics, and life in general.

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

Joshua Roberts

I am an Associate on the Private Equity & Corporates team, having joined JCRA in 2016. Our team covers a very broad range of clients, from private equity funds and the companies backed by these through to corporates with more general capital structures. My role is to assist our clients in assessing their exposures to the financial markets (predominantly interest rates and foreign exchange) and to structure hedging solutions to manage these risks. I also write JCRA’s Weekly Bulletin, which aims to keep our clients abreast of relevant political and economic developments, and how these may influence the financial markets.

Prior to joining JCRA, I worked at VTB Capital, the investment-banking arm of the Russian state bank, and Odey Asset Management. Before this, I kept busy by studying for my Bachelor’s and Master’s degrees in Mathematics, both from Gonville & Caius College, Cambridge.

When not at the office, I can usually be found playing the piano, running further than is entirely sensible, or failing to work on my first novel.

Email Josh: Joshua.Roberts@jcrauk.com

Faisal Rutansingwa

I joined the JCRA accounts team in January 2018 as an Accounts Assistant. Prior to this, I worked in an accountancy practice offering outsourced accounting finance solutions to high growth companies and tech start-ups.   I hold a Bachelors in Science in Microbiology from the University of Reading and I am currently studying towards my CIMA qualification.   Outside of work, I like to keep fit by boxing and enjoy socialising with friends.   Email Faisal: Faisal.Rutansingwa@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

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

I am the Group Financial Controller and my job is to lead the finance function, with a continuous improvement agenda at its heart. We provide the management team with reliable and accurate information in a timely fashion to allow them to make informed decisions that help drive the company’s growth.

I joined JCRA in 2007, and completed my studies to become a Certified Chartered Accountant in 2014. Prior to joining JCRA, I worked at AMEC as a finance assistant, primarily focusing on the National Grid Gas Contract

My son, Sebastian, keeps me on my toes when I am not in the office. We enjoy weekend walks with the dog, trips to the pool, and exploring new places.

Email Katherine: Katherine.Sibley@jcrauk.com

Andrew Simmons

As the head of Operating Assets, my job is to lead the JCRA team that focuses on the alternative real estate sectors of student accommodation, build to rent, healthcare, & hospitality, and leisure. Within those sectors, I am involved in both our debt advisory work and our hedging consultancy.

I joined JCRA in 2015, returning to financial advisory after some time spent working in the charity sector, in which I was a Finance Director for a top 100 charity. Prior to that I was a partner at Brookfield Financial, advising property clients and other Brookfield group companies on M&A and structured finance.

I hold a degree in Law from Edinburgh University and am a member of the Institute of Chartered Accountants of Scotland. Having qualified as a CA with EY, I continued my early career there, working in the M&A practice advising private equity and mid-market clients, initially in Edinburgh and latterly in London. After moving to London with EY, I began to focus on the real estate sector, first joining Eurohypo Bank and then continuing that focus when joining the Brookfield Group.

No longer working for a large charity, I have replaced that executive role with a trustee role in a relatively young charity in my time outside of work, seeking to continue to be active in that sector with a personal focus on helping young adults to be given the best opportunities available in order to thrive.

Email Andrew: Andrew.Simmons@jcrauk.com

Sohail Singal

I am a Trainee Consultant at JCRA in the Social Housing team, having joined in 2018. I provide advice and support for housing associations on a range of matters, including funding mandates, renegotiation of bank debt, interest rate management, capacity reviews and stress testing.   Prior to joining JCRA, I was an investment consultant at LCP, specialising in advising companies on their pension scheme investment strategy.   I hold a BSc in Economics and Statistics from University College London and am a CFA Chartholder.

Jackson Smith

As a Quantitative Analyst at JCRA, I develop and maintain the computing tools used daily by our client-facing advisors.

The ability to reliably calculate derivative prices, including any valuation adjustments (XVA) which may apply, underpins the advice we provide, and enables us to drive negotiations with potential counterparties.

My background is in Physics, and I hold a Master’s degree in this from Cambridge. In conjunction with my PHD thesis, I worked as part of the LHCb collaboration at CERN to measure the reactions of matter and antimatter particles.

Outside of work, I enjoy both playing and listening to music.


Email Jackson: Jackson.Smith@jcrauk.com

Adriana Sousa

I joined JCRA in March 2017 as a Receptionist. I have over 15 years’ experience as a PA in private households, as well as having worked at Docapesca Portos e Lotas S.A and Outraconta, an accountancy and administration firm in Portugal.

I hold a number of qualifications, including an OCR Certificate for IT users from the City and Islington College, and a Secretary and Administration Certificate from CENFIM (Portugal).

My family is my passion and I cannot spend enough time with them. My daughter and my husband enrich my life more and more every day. As well as spending time with them, in my free time I also enjoy reading and jogging.

Email Adriana: Adriana.Sousa@jcrauk.com

Hugh Sutcliffe

I am responsible for JCRA’s advisory business in Canada, and am a member of the global management team. In this role I work with my colleagues to design and execute hedging solutions across numerous asset classes including interest rates, FX, power, and credit. Providing this expertise to Canadian clients is particularly rewarding given the long-dated nature of their risk exposures.

Having spent 25 years in banking, primarily in derivatives, I opened my own practice, Nauset Derivative Advisory, in 2012. My decision to build an advisory business in Canada was influenced by observing that only those that had worked at banks really understood the intricacies of the derivative market, and banks had an inherent conflict of interest in offering independent hedging advice. My clients felt the same way, and in Nauset’s first two years I advised on over $3bn of transactions.

While deciding how to expand my advisory practice, I was introduced to JCRA. As our discussions progressed, it became evident to me that my clients would be best served by having access to the varied backgrounds of derivative professionals in a global firm and the market transparency we could provide given the deal flow we see across jurisdictions annually. We opened JCRA’s Canadian office in September 2015.



Email Hugh: Hugh.Sutcliffe@jcraca.com

Moritz Sterzinger

As part of the Private Equity team here at JCRA, I mainly focus on advising Financial Sponsors and their portfolio companies on how to manage their interest rate-, FX and commodity risk. The majority of my clients are located in the German-speaking regions, the Nordics and the Netherlands, where I also get involved in transactions from other sectors, such as property, operating assets and infrastructure. In addition to serving our existing clients, an important part of my role is to build the JCRA franchise in the geographies that I focus on.

I hold a Master’s degree in Quantitative Finance from Kiel University, as well as a Bachelor’s degree in Quantitative Finance. Prior to joining JCRA in 2015, I was with BNP Paribas’s debt capital markets team working on bond issues, securitisations and capital transactions for DACH-based banks and insurance companies, covering German, Austrian and Swiss banks and insurance clients.

Outside of work I prefer to spend my time surfing and snowboarding, which unfortunately does not happen too often, so I tend to spend my free time playing basketball, football, and the guitar.

Email Moritz: Moritz.Sterzinger@jcrauk.com

Colin Tuley

As Group IT Manager, my job is to deliver innovative business-focused IT solutions for the JCRA team and our clients across our offices in the UK and North America. My work is extremely varied day to day as I work on projects across our specialist sector teams as well as client-facing services. I am part of the Operations committee and IT strategy group, ensuring that the IT team is aligned with our ambitious growth agenda as well as our regulatory and compliance obligations.

I joined JCRA in 2009 and am primarily based in the London office. Since joining, I have seen the business and IT team grow significantly, and have been heavily involved in opening both the New York and Toronto offices.

I hold a degree in Internet Computing from the University of Essex, am an ITIL v3 Expert, am an MSP Practitioner, and hold both Prince 2 & APM project management certifications. In my early career, I was responsible for managing all end-user commuting and infrastructure for a diverse group of companies throughout the UK. Prior to joining JCRA, I briefly worked as a service delivery manager for a Cisco networking specialist.

Outside of work I enjoy running, and have a keen interest in property renovation.

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

Mahir Vekaria

I am an IT Support Assistant at JCRA, having joined the London office in 2016. Prior to this, I was an IT Support Technician at Sona IT. I hold a Bachelor's degree in Information Technology with Business Systems from The University of Hertfordshire.

I am a sports enthusiast and play football weekly. I also enjoy spending my spare time with family and friends.

Matthew Waterman

I am the Group Chief Operating Officer and Compliance Officer of JCRA in Europe. Prior to joining the JCRA Group Board in April 2007, I was the Chief Operating Officer at Chariot (UK) plc and held a number of other senior finance and IT roles at: Excel plc, Power Europe and Hays plc. I also practised with Ernst & Young for seven years, both in the UK and US.

I am a Chartered Accountant and hold a Bachelor’s degree in Psychology from the University of Manchester. In 2008, I went on to complete my Master’s degree in Business Administration with the University of Surrey.

Email Matthew: Matthew.Waterman@jcrauk.com

Poppy Watkins

I joined JCRA in 2017 as the Business Support Assistant. My role is to provide all sector team members based in the UK offices with any assistance required to ensure that they can provide clients with a first-rate service.

Prior to starting at JCRA, I worked as a Team Assistant at Citigroup, after having completed a Bachelor’s degree in Sociology and Social Psychology at the University of York in 2015.

Outside of work, I enjoy catching up with friends over multiple coffees and good food, and keeping active with regular gym visits and – running (a very recent and potentially not very long-term addition).

Email Poppy: Poppy.Watkins@jcrauk.com

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