Ari Zaphiriou-Zarifi,

Ari Zaphiriou-Zarifi


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Ari co-founded Kestrel in 2009 and chairs the Investment Committees of both Kestrel Opportunities and KITS. Throughout his career, Ari has worked closely with UK smaller companies. After qualifying as a chartered accountant he began his career at J Henry Schroder Wagg, before becoming Chief Executive of Heritable & General Investment Bank which he sold to Landsbanki in 2000. In 2001, as chairman, he led the IPO of plant centre Blooms of Bressingham. Ari co-founded and was chairman of Beeson Gregory and was also chairman and a major shareholder in a commercial property company sold to Hammerson in 2006.

Max Royde,

Max Royde


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Max co-founded Kestrel in 2009. He is a fund manager of Kestrel Opportunities and sits on the Investment Committee for KITS. Max has been advising and investing in quoted and unquoted UK smaller companies since 1998 and prior to Kestrel was a managing director of KBC Peel Hunt.

John Ricciardi,

John Ricciardi


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John is the manager of the Kestrel Global Portfolio. Before co-founding Kestrel Investment Partners LLP, he headed asset allocation and launched the Iveagh Wealth Fund at Iveagh. He founded Bullrun Financial, a pioneer of quantitative portfolio strategies for institutions and advisers and co-founded Cursitor Management, one of the first firms to offer top-down, global asset allocation solutions for institutions. On selling Cursitor to Alliance Capital in 1996, John became head of global asset allocation for AllianceBernstein, with $450 billion under management worldwide.

Oliver Scott,

Oliver Scott


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Oliver is a co-founder of Kestrel Partners and Kestrel Investment Partners. Oliver has spent almost 20 years advising smaller quoted and unquoted companies. Before co-founding Kestrel, he was a director of KBC Peel Hunt Corporate Finance, where he advised clients on corporate strategy, board composition, IPOs and balance sheet restructurings. Prior to this, Oliver specialised in advising public and private companies on mergers & acquisitions. He is a non-executive director of IDOX plc and IQGeo Group plc.

Stuart Rollason,

Stuart Rollason


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Stuart joined Kestrel in 2011 and is the manager of all KITS and KITS ISA portfolios. He has 19 years experience as a fund manager investing in smaller quoted companies and has been directly responsible for managing up to £230m of assets. He was previously a partner at Bluehone and ISIS investment management, prior to which he was a stockbroker as well as a practicing medical doctor. Stuart has experience as a non-executive director and has an extensive smaller company knowledge base and contact network with institutional investors, company directors and brokers.

Chris Errington,

Chris Errington

Head of Research

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Chris joined Kestrel in June 2015 as Head of Research.  Prior to this, Chris was CEO of Gresham Technologies plc for five years where he led the successful turnaround of this London main market technology company; he was previously CFO for six years.

Chris qualified as a chartered accountant with Ernst & Young where he spent twelve years working in the audit and assurance business, followed by a year with BDO in a similar capacity, before being asked to join Gresham as CFO. He holds a first class honours degree in Biochemistry from the University of Southampton.


Seb White,

Seb White

Investment Director

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Seb joined Kestrel in June 2017 as Investment Director.  Previously he spent 14 years as M&A director at Alternative Networks where his responsibilities encompassed the sourcing, negotiation, execution and integration of acquisitions. Seb started his career in corporate finance at NatWest Markets, also working as a stockbroker for BZW and Credit Suisse.

David Prance,

David Prance

Chief Financial Officer

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David joined Kestrel in June 2015 as Head of Compliance and was appointed CFO in March 2016. Prior to joining Kestrel, David was Chief Operating Officer and Chief Risk Officer at a London based hedge fund management firm. David has over 20 years experience in fund management specialising in finance, operational and compliance roles across multiple jurisdictions. He qualified as a chartered accountant with Deloitte, Haskins & Sells.

Ian Forrest,

Ian Forrest

Portfolio Manager & Trading

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Ian joined Kestrel in 2012 and has been integral to the implementation of the investment process since the Fund’s launch in April 2012.  Ian’s primary focus is on trading, portfolio construction and ensuring the investment strategy is implemented efficiently within the portfolio.Ian has worked within the investment management industry for over 17 years, previously at hedge fund RAB Capital.  Ian holds the Investment Management Certificate.

Dan Matthews,

Dan Matthews

Portfolio Manager & Risk

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Dan joined Kestrel in 2017 after working as a consultant to the group since the Fund’s launch in April 2012. Dan’s primary focus is on risk and portfolio construction. Dan previously worked at Hilltop Fund Management as a Senior Analyst focusing primarily on quantitative hedge fund analysis and on the development of alternative UCITS portfolios. Prior to that he was with Signet Capital Management where he was instrumental in the founding of their alternative UCITS business and launched their first UCITS compliant fund of hedge funds. He holds a BSC in Management from Manchester Business School, is a Chartered Alternative Investment Analyst and sits on their London executive committee.

Ravi Kishore Booka,

Ravi Kishore Booka

Chief Technology Officer and Data Scientist

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Ravi joined Kestrel in September 2011 as Chief Technology Officer, responsible for technology strategy and plays key role in developing systems to power both Kestrel’s investment process and research effort. Prior to joining Kestrel, Ravi worked for Iveagh Ltd as a technology consultant, where he was instrumental in developing new tools to drive the investment process. Before that, Ravi worked as a software engineer with Intoto Software Ltd, in India. Ravi had a BSc in Mathematics and Computer science and MSc in Electronics.

Maha Dassarath,

Maha Dassarath

Head of Finance

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Maha joined Kestrel in January 2015 as financial controller and was appointed head of finance in May 2016. She studied at the London School of Economics and later qualified as a chartered accountant with a medium sized practice, where she worked predominantly in audit.

Joe Quinn,

Joe Quinn


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Joe joined Kestrel in October 2016 after 5 years at ETX Capital trading global equities for HNW and Institutional clients. Joe’s main focus is on trade execution and operations, portfolio analysis, compliance monitoring and regulatory reporting.


Sarath Kotamarthi,

Sarath Kotamarthi

IT Consultant

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Sarath joined Kestrel in December 2012 and is responsible for database maintenance for Kestrel’s internal systems. He also collects, organises, analyses and reports on non macro-economic and financial market data in support of Kestrel’s operations.

Sarath has four years experience in network administration, previously working for PC DOCTOR 24. He has completed his BSc in computer science in India and MSc in computer networking.

Pramila Prasingu,

Pramila Prasingu

Web Admin and Data Analyst

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Pramila joined Kestrel in August 2011 and works as web administrator and data analyst. She began her career with Andhra Bank in India and moved to the UK in 2010 to pursue her Masters degree. While studying for this, Pramila gained financial sector experience at Iveagh.

Frances Jackson,

Frances Jackson

PA and Office Manager

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Frances joined Kestrel in September 2018 and is responsible for the smooth running of the office and providing PA support to Max Royde and Oliver Scott. She has over 16 years’ PA experience, previously working at Deloitte for 10 years and more recently in Private Equity.

Amy Hill,

Amy Hill

Office Manager

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Amy joined Kestrel in January 2012 and is responsible for the efficient running of the office and client liaison. She has 12 years experience within the investment banking industry, previously working at KBC Peel Hunt and at Evolution Securities, where she co-ordinated investor relations campaigns and also acted as PA for various senior directors.