Fixed Income is in our DNA

Madhav KapadiaCEO

CEO and Chairman, Madhav has extensive credit research, portfolio management and investment banking experience since 2000. Prior to founding Lucror Analytics in 2010, Madhav was a Director in the Portfolio Management and Corporate Banking Group at Credit Suisse in London. In his role, he managed a team of London and Zurich based credit analysts. He started his career at Credit Suisse in the M&A group, where he advised on a number of high-profile deals. He has worked across several products and industries, with a focus on business strategy and origination, defence takeovers and merger-related transactions including buyside, sellside and leveraged-buyouts.

Madhav graduated from the University of California, Berkeley with a BSc in Chemical Engineering and holds a MSc in Finance from Imperial College, London.

Felix FischerGlobal Head of Research & Head of Europe

Felix has significant experience in the European Credit and High Yield space. In 1998, He started his career at DEKA Investment Management GmbH, where he worked as a Portfolio Manager and Credit Analyst for three years. In 2001, Felix joined Unicredit Group (formerly Hypo-Vereinsbank) as a sellside Credit Analyst. Later he was promoted to Head of High Yield Research and Co-Head of Corporate Credit Research. In 2007, Felix joined Lehman Brothers focusing on High Yield and Distressed Debt as a Senior Analyst. In March 2009 he joined PIMCO as a Senior Credit Analyst and joined Lucror at its launch as Head of Credit Research in 2010.

Felix holds a Doctorate degree in Business Administration from The University of Bayreuth and a MBA degree from the University of Chicago.

Jayanth KandalamHead of ESG & Deputy Head of Europe

Prior to joining Lucror in 2010, Jayanth was a high yield analyst at Nomura, focusing on the packaging and chemicals industries. He joined Lehman Brothers' European research team in 2006 and has also previously worked with Infosys in its offshore credit research team. Jayanth shares responsibility in the development of Lucror's European high yield product.

Jayanth holds an MBA in Finance from Fore School of Management, Delhi and a Bachelors degree in Commerce.

Josseline JenssenHead of LatAm

Josseline is based in Lima, Peru, and joined Lucror in February 2017 as a Senior Credit Analyst, Director LatAm. She has more than 20 years of experience in the financial analysis of a large number of companies and sectors in Latin America, including the assessment of project finance, structured finance, securitisations and financial institutions. Prior to joining Lucror, Josseline worked at Fitch Ratings, where she was a Director in the LatAm Corporate Ratings team in charge of the Peruvian internationally rated portfolio and member of the LatAm Rating Committee. She also worked as a senior analyst for local and international corporate ratings at Fitch Chile, Fitch Bolivia, Fitch Argentine and Apoyo & Asociados Internacionales (a Fitch affiliate in Peru).

Josseline has a Bachelor of Economics from the Universidad del Pacifico, Lima-Peru.

Panos ParaskevopoulosHead of Business Development

A founding member of Lucror Analytics, Panos has been responsible for establishing and developing the company's profile within the investor community. He leads Lucror's global sales efforts and is responsible for planning and executing strategic growth initiatives for the company. Prior to Lucror, he was an Equity Sales Trader with NBG Securities in the United Kingdom and a sales account manager for Thomson Reuters in Greece and Switzerland. Throughout his career, he has worked on key operational and business restructurings across geographies.

Panos holds a Bachelors degree in Financial Economics from Kingston University and a Masters degree in Finance from Imperial College, London.

Stefan TzschentkeHead of Operations & Compliance

Stefan joined Lucror Analytics shortly after the company's launch in 2010. Prior to joining Lucror, he worked for various entrepreneurial ventures in Canada and Germany as a Marketing Manager specializing in Online Marketing and Search Engine Optimization. He started his career with a brief stint at the Unicredit Group (formerly Hypo-Vereinsbank) in Germany focusing on high yield research. Stefan is fluent in German, Spanish and English.

Stefan holds a degree in Business Administration from The University of Bayreuth and is a Certified Compliance Professional.

Tanvi AroraSenior Credit Analyst

Tanvi joined Lucror in 2010 from Deutsche Bank’s European research team, where she spent over three years in credit research across a gamut of European corporates, mainly in the retail and consumer space. Prior to that she was part of Infosys’s offshore credit research team.

Tanvi holds an MBA in Finance from University of Wales and a Bachelors degree in Commerce from Mumbai University.

Cheryl LimQuantitative Strategist

Leading Lucror’s quant team, Cheryl focuses on quantitative research and developing quantitative factor-based strategies. She holds a PhD in Finance from the EDHEC Business School, where her research focused on term structure models and style factors in Asian government bonds. She studied the transmission of US yield curve dynamics using a novel macro-finance term structure model and the impact of style factors and factor-based investment strategies in the China, India and Indonesia government bond markets. Prior to this, Cheryl accumulated more than 15 years of consulting experience, advising and consulting for leading companies in the TMT sector.

In addition to her PhD, Cheryl holds an MBA from INSEAD, a Bachelor of Science (Hons) (Comp Sci) from the National University of Singapore, as well as the Chartered Valuation Analyst (CVA) Level 3 certificate from IVAS-Nanyang Technological University.

Dafydd MorrissConsultant Director of Sales EMEA

Since 2014, Dafydd has worked as a marketing & sales consultant for Lucror Analytics, developing the firm’s client base in Europe and North America. Prior to commencing work at Lucror, he held various posts marketing information and technology services into the global financial services industry, notably with CapitalStructure, a newswire focussing on leveraged finance and distressed debt, as well as Markit.

Dafydd holds a Bachelor’s degree in Politics from Nottingham Trent University.

Lorena ReichSenior Credit Analyst

Lorena is based in Buenos Aires, Argentina and joined Lucror as a Senior Credit Analyst, Director LatAm. She has a wealth of experience in the LatAm space, including fixed income sell-side research, equity buy-side research and credit ratings. Most recently, she worked as Head of Research and Strategy Argentina and Head of Corporate LatAm Research at Adcap Securities, where she established the research team in 2011. On the fixed income side, she has worked at Bank of America Merrill Lynch in the LatAm fixed income team in New York.

On the equity side, she worked at Alliance Bernstein in NY and London doing buy-side research for the EM team and at Emerging Markets Management (now Ashmore) in Washington, DC. She also worked at Moody’s for four years, in Buenos Aires (in the structure finance team) and in New York (in the corporate ratings team).

Lorena holds a MBA from NYU Stern School of Business and a BA in Business Economics from the Torcuato Di Tella University in Buenos Aires. She is also a professor of corporate debt markets for the Master’s Degree of Finance at the Torcuato Di Tella University.

Haidje RustauSenior Credit Analyst

Prior to joining Lucror in 2016, Haidje spent fifteen years as a credit analyst. She started her career at rating agency Duff & Phelps, where she was a corporate credit analyst focussing on high yield and emerging market issuers. Subsequently, she added equity experience at DLJ International as an emerging market oil & gas analyst. Following DLJ's takeover by Credit Suisse, she joined Barclays Capital on the convertible bond desk, covering EMEA and Asian convertible bond issuers. Haidje also has buyside experience, gained at Pine River Capital, where she was covering Asian issuers.

Haidje has an MA in Modern Chinese Studies from Humboldt University of Berlin and an MA in The Chinese Business World from SOAS, and is a CFA charter holder.

Leonard LawSenior Credit Analyst

Based in Singapore, Leonard covers a portfolio of Chinese and Indonesian high yield corporate credits. Prior to joining Lucror in 2017, he was an Associate Analyst with Moody’s Investors Service for three years, where he was responsible for credit analysis and research for a portfolio of South and Southeast Asian corporates. Previously, Leonard spent two years in ANZ Banking Group’s graduate program, where he held a number of roles, including credit risk.

Leonard holds a Bachelor of Business Administration from the National University of Singapore and is a Chartered Financial Analyst.

Peter LowSenior Credit Analyst

Prior to joining Lucror in 2013, Peter was an external auditor with KPMG for three years where he covered companies in various sectors including manufacturing, trading and investment holdings.

Peter holds a Bachelor of Accountancy degree from Nanyang Technological University, Singapore.

Si Yong NgSenior Credit Analyst

Prior to joining Lucror in 2015, Si Yong was an Investment Associate at Cambridge Associates, where he covered real asset (private equity energy, real estate and infrastructure) fund managers in Asia Pacific. In his role, Si Yong researched and analysed real estate markets across regions and conducted due diligence to identify opportunities for clients.

Si Yong holds a Bachelor of Accountancy and a Bachelor of Business Management from Singapore Management University.

Trung NguyenSenior Credit Analyst

Trung is responsible for covering high yield companies in the South East Asian region, with a focus on Indonesia and the Philippines. He joined Lucror in 2013 from ST Asset Management, a credit investment arm of Temasek Holdings, where he spent over six years in investment research and portfolio management with a focus on high yield, structured credit and leveraged finance.

Trung holds a Master in Financial Engineering from Nanyang Technological University, Singapore and Certificate in Computational Finance from Carnegie Mellon University. He is a Chartered Financial Analyst (CFA) and a Financial Risk Manager (FRM) charter-holder.

Filipe BotelhoSenior Credit Analyst

Based in Barcelona, Spain, Filipe has over a decade of financial-market experience, dedicating most of his career to credit research. Prior to joining Lucror, he spent over five years at PineBridge Investments in London and Santiago, where he served as vice-president in the Emerging Markets credit team, covering LatAm companies. Filipe had also been a senior credit analyst for Zurich Insurance in Barcelona for two years, analysing European credits. Other roles he had held previously included market-risk analyst at the corporate treasury of Votorantim Industrial in Sao Paulo, and offshore equity quant analyst for Deutsche Bank/Evalueserve in Chile.

Filipe holds a BSc in Economics from Universidade de Sao Paulo, and is a CFA charter holder.

Gabriela BendezuJunior Credit Analyst

Gabriela joined the LatAm team in March 2023 as a Junior Credit Analyst based in Lima, Peru. She previously worked in equity and credit research at Zest Capital, a Peruvian fintech investment boutique. Additionally, she interned in research and treasury roles at AFP Integra and Banco de Credito del Peru, two of Peru’s largest financial institutions.

Gabriela holds a Bachelor in Economics from Universidad del Pacifico.

Patrick SvecJunior Credit Analyst

Based in Lima, Peru, Patrick joined the LatAm research team as a Junior Credit Analyst in April 2024. He has more than two years of experience in the treasury department of Eurocapital, Peru’s top factoring company in the non-banking sector, where he had a key role in managing the company’s liabilities and relationships with stakeholders (e.g. banks and credit rating companies).

Patrick holds a Bachelor’s degree in Economics (with a concentration in Finance) from Universidad del Pacifico, Lima-Peru.

Ian WongCredit Analyst

Ian works with the European and LatAm research teams as a credit analyst. He joined Lucror in 2018, and previously worked in equity research at Insyte, where he assisted with coverage of small and mid-cap companies in Asia. He is fluent in English and Mandarin.

Ian holds a Bachelor of Social Science degree from Singapore Management University.

Gloria MezaJunior Credit Analyst

Gloria is based in Lima, Peru, and works with the Latin American research team as a Junior Credit Analyst. She joined Lucror in 2022 and previously worked in the corporate banking division at Industrial and Commercial Bank of China (ICBC), where she assisted with the coverage of large Latin American companies. Prior to that, she worked at Redix Startup in the seed capital valuation that was presented to PECAP in Peru.

Gloria holds a Bachelor degree in Economics from Esan University Lima-Peru and is fluent in English and Spanish.

Tissa TayBusiness Analyst

Tissa joined Lucror Analytics as a Business Analyst in 2021, where his responsibilities include supporting the development of Lucror's proprietary SQN platform. Prior to this, he completed an internship at Robert Bosch GmbH with a focus on automating business processes, data transformation, and data visualisation.

Tissa holds a Bachelor of Science (Honours) in Management and Digital Innovation from the University of London, and is fluent in English and Mandarin.

Vaneson LimBusiness Analyst

Vaneson joined Lucror Analytics in 2022 as a Business Analyst, where his responsibilities include automating data ingestion from multiple sources as well as data visualisation.

Vaneson holds a Master of Science in Financial Technology and a Bachelor of Social Sciences in Economics with Honours (Distinction) from Nanyang Technology University. He is fluent in English and Mandarin.

Jie Lin GohESG Analyst

Jie Lin joined Lucror Analytics as an ESG Analyst in 2022. Her responsibilities include ESG research and analysis as well as supporting the development of Lucror’s ESG platform.

She holds a Bachelor of Business (Honours) from Nanyang Business School, Nanyang Technological University, Singapore, and is fluent in English and Mandarin.

Keng Soon CheongESG Analyst

Keng Soon was a credit analyst with Lucror’s European research team prior to his current role as an ESG Analyst. His responsibilities include helping to formulate Lucror’s ESG methodology and developing the company’s proprietary ESG platform. Prior to joining Lucror, he held multiple leadership positions in the NTU Investment Club.

Keng Soon holds a Bachelor of Business (Honours) from Nanyang Business School, Nanyang Technological University, Singapore, and is fluent in English and Mandarin.