PNYX Group

Senior Team

Dr. Elisabeth Bourqui

CEO and Co-Founder

Chief Investment Officer, Sovereign Expertise, Entrepreneur

Dr. Bourqui is CEO and Co-founder of PNYX Group. Until 2019, she was the Chief Operating Investment Officer (COIO) at CalPERS, California Public Employees Retirement System. As COIO, Dr. Bourqui led the business and operations functions of the Investment Office. She provided leadership in the implementation of business and investment strategies, particularly for private equity, digitalization and asset allocation. Before CalPERS, Dr. Bourqui served as head of Pension Assets and Liabilities at ABB Group, an international Fortune 500 company specializing in pioneering technology. Prior to ABB, Dr. Bourqui was a Principal at Mercer’s Investment Consulting team in Canada, heading a team specialized in consulting large public funds and sovereign wealth funds. Her clients included IFC, CalSTERS, OMERS, CPPIB, AP1, PGGM. She is the main author of the 2011 Climate Change Impact Report for Asset owners at Mercer, a first of its kind, still leading research document in the industry. Before that, she worked over 12 years in Investment Banking for Société Générale in New York and Canada, heading the derivatives solutions business for Canadian institutional clients and at Credit Suisse Group in risk management. Currently, Dr. Bourqui is a member of several Board of Directors (Bank Vontobel AG, Helsana Health Investment Fund, Compenswiss, RUAG Holding AG, Ernst Von Siemens MusikStiftung Foundation, Athora Netherlands N.V., Banque Cantonale Neuchateloise, Foundation Greenbrix and Foundation Louis-Jeantet). Dr. Bourqui holds bachelor’s and master’s degrees in mathematics, as well as a Ph.D. in mathematics and financial mathematics, from the Swiss Federal Institute of Technology, ETHZ Zurich, Switzerland. She is a member of the Swiss Society of Actuaries.

PNYX Group
PNYX Group

Professor Didier Cossin

Chairman and Co-Founder

Governance Expert and Asset Management Strategist

Prof. Cossin is the Chairman of PNYX Group. He is a renowned governance thought leader. He works with asset owners, sovereign wealth funds, pension funds, insurances, family offices and central banks in fostering governance for investments. He provides best-in-class trusted advisory on governance and alignment of investments to objectives of those institutions. He is principal author behind the methodology of the Good Governance Fund, an investment fund that brings performance through investment into well governed institutions. Professor Cossin is the founder and chaired director of the IMD Global Board Center, the originator of the Four Pillars of Board Effectiveness methodology and an advocate of Stewardship. He is the author and co-author of books such as “High Performance Boards”, “Inspiring Stewardship”, “Advanced Credit Risk Analysis”, book chapters (such as Governance Risk: A Guide for Investors) and many articles in the fields of governance, investments, risks and stewardship, several of which have obtained citations of excellence or other awards. Professor Cossin is an advisor and/or executive teacher with the United Nations, central banks of several countries, ministries as well as sovereign wealth funds and supranational organizations (European Central Bank, IFC, IOC), the boards or executive committees of corporations, financial institutions and funds in Europe, Asia, Americas, Africa and the Middle East. He advises some leading non-profit organisations on governance issues (Unicef, the Red Cross). He is a member of the Risk Who's Who Society, the American Finance Association, the Eastern Finance Association, and the European Finance Association. Professor Cossin holds a PhD from Harvard University (Robert C. Merton Chair) and is a former Fulbright Fellow at the Massachusetts Institute of Technology, Department of Economics (USA). He is a former student of École Normale Supérieure (ENS) rue d'Ulm (France) and holds a Master’s degree from Sorbonne University and EHESS (France).

Chris Collie

Managing Director and Partner

Integrating policy, finance and governance for impact

Mr. Collie is Managing Director and Partner at PNYX Group. Prior to joining PNYX, he spent over ten years in international governance and sovereign finance at the European Stability Mechanism (ESM) in Luxembourg, the euro area’s €500 billion sovereign rescue fund. At the ESM, Mr. Collie led the ESM’s work in various countries from the legal department of the ESM. He negotiated and implemented a range of sovereign financing agreements and structural reforms with the ESM’s beneficiary countries in the euro area, working with eurozone Ministries of Finance, and represented the ESM in intergovernmental decision-making fora regarding financial stability reforms. Mr. Collie was closely involved in the ESM’s work in the third assistance programme for Greece. He negotiated Greece's €86 billion financial assistance agreement to prevent a "Grexit" in 2015, as well as agreements to reprofile Greece’s sovereign debt, and facilitated a €30 billion bond exchange to reduce Greece’s long-term sensitivity to interest rates. He worked with the Greek authorities, European Commission, European Central Bank and IMF to design, establish and implement Greece’s first sovereign wealth fund, stewarding a €6 billion portfolio of state-owned enterprises, infrastructure, and real estate. He served on the board of Greece’s sovereign fund as the observer representing the ESM and European Commission and serves on the board of trustees of the Centre for Effective Dispute Resolution in London. Before his international government service, Mr. Collie was a banking and finance lawyer at Gadens Lawyers in Australia, representing major lenders and institutional borrowers. He holds degrees in Laws and Arts with honours from Monash University and an MBA from INSEAD.

PNYX Group
PNYX Group

Costas Lemos

Deputy CEO and Partner

Expert in Supporting and Advising Leading Institutional Investors

Before joining PNYX in 2023, Mr. Lemos spent 27 years at Edmond de Rothschild, leading a specialized team advising corporations, public entities, family offices, and institutional investors on sophisticated risk mitigation solutions for currency, interest rate, commodity, and equity exposures. As Vice President and Investment Committee member of the bank’s pension fund, he oversaw multi-asset portfolio design focused on long-term capital preservation. In this role, he adapted investment policy and asset allocation to market shifts, evaluated managers and portfolio performance against benchmarks, optimized fees, and selected mandates across various asset classes. Mr. Lemos is an expert in financial modelling who has structured customized investment products and managed systematic mandates for hedging or return-seeking purposes. With vast industry experience, he has a strong network among financial institutions. Mr. Lemos holds a Bachelor’s degree in Economics and a Master’s degree in Banking and Finance from HEC Lausanne.

Philippe Mudry

Chief Economist

Prominent Business Economist and Expert in Governance Issues

Mr. Mudry has been a highly regarded business economist and vastly published economic journalist for over 40 years. He writes columns on business and investment issues in two leading French papers, L’Opinion and Les Echos. He has expertise in governance issues, especially in large corporations, and relationships with European political authorities and institutions. CEO of prominent financial media groups in France and founder of numerous business awards, among the most sought-after in France. From 2004 to 2019, he was the executive editor, then CEO, and Board Member of L’Agefi, the prominent French media dedicated to financial professionals. L’Agefi enjoys around 240,000 readers, and Mr. Mudry has been instrumental in its digital transition as early as 2005.

PNYX Group
PNYX Group

Hani Tabsh

Director

Strategic Investment Leader

Mr. Tabsh is a Director at PNYX Group. He has a fifteen-year career with diverse experiences in direct and indirect investment, portfolio management, corporate development, trading, and entrepreneurship. Most recently, he was the Commercial Director at Nuco Citrus, where he colead the development of the company, secured commercial contracts with various Fortune 100 companies and raised multiple rounds of equity and debt capital. His previous roles include Managing Director at Gramercy Hill Partners, COO & Head of Trading at Refraction Asset Management, and trading Oil and Natural Gas at Barclays Capital. With experience in both sellside and buy-side positions managing multi-asset portfolios, Mr. Tabsh is adept at deploying capital and driving operational enhancements to achieve substantial growth objectives. He brings excellent analytical and strategic thinking skills combined with a high energy level and a focus on collaboration that builds trust among internal and external partners. He holds Bachelor’s degrees from the University of Calgary in Economics and Finance.

Peter Orcheson

Director, Total Fund Management

Innovator in Asset Management

Mr. Orcheson is the Director of Total Fund Management at PNYX Group. He has extensive experience in corporate development, asset valuations, and institutional investment management. He held senior roles at Enbridge Inc. as the CIO to $9 billion in pension plan assets, achieving top decile performance. He also managed several direct private transactions in traditional Oil and Gas, Renewable Energy, and Energy Transition while serving as Technical Manager, Corporate Development. Before Enbridge, he worked as a Senior Portfolio Manager at AIMCo, where he executed structured transactions as part of a $3 billion global thematic activist mandate. Mr. Orcheson began his career as a Senior Analyst/Economist at the Bank of Canada, leading economic research and overseeing the Government of Canada's liability and Reserve Management Programs. He holds a Master’s degree in Economics from Queen’s University and an Honours Bachelor’s degree in Economics from Western University. Mr. Orcheson has significant governance experience serving on Advisory Boards to the Bentall Kennedy Property Fund, Global Infrastructure Partners Equity Fund, and the IFM Infrastructure Debt Fund. He is also a CFA Charterholder.

PNYX Group
PNYX Group

Xiao Luo

Head of Quantitative Solutions

Expert in Quantitative Analytics and Financial Modelling

Mr. Luo is the Head of Quantitative Solutions at PNYX Group. He is a specialist in Strategic Asset Allocation (SAA) modeling, optimization and quantitative research integrating both traditional methodologies and advanced machine learning approaches. Prior to joining PNYX Group, Mr. Luo was a Senior Institutional Advisor at Edmond de Rothschild Asset Management. He has experience in multi-asset management involving equites, fixed income, forex and derivatives. He also has extensive experience in various quantitative strategies, including strategy development and strategy deployment. He holds several certifications, including Chartered Financial Analyst (CFA), Certificate in Quantitative Finance (CQF), Certified Financial Risk Manager (FRM), Chartered Market Technician (CMT), and the CFA Institute Certificate in ESG Investing. He completed the EPFL ES Applied Machine Learning program and has a Master’s degree in Finance.

Sergi Corbatera

Associate Partner and Head of Governance Solutions

Investment Governance Expert with Focus on Portfolio Value Creation

Mr. Corbatera is an Associate Partner and Head of Governance Solutions at PNYX Group, specializing in investment governance and strategic engagement for major institutional asset owners. He is also the founder of a capital markets data venture focused on advanced analytics in shareholder activism. Previously, he co-founded a special situations investment firm and brings extensive experience from AB InBev, where he led global Zero-Based Budgeting initiatives. He has experience in public policy in Spain and has been member of the boards of semi-public institutions, such as a regional hospital and multiple development agencies. Mr. Corbatera holds an MBA from IESE Business School and both a Bachelor’s and Master’s degree in Business Administration from ESADE Business School. He is a Certified Financial Risk Manager (FRM) through GARP and has served on various boards.

PNYX Group

Quantitative analysis team

Arnuv Mayank

Manager

PNYX Group

Jan MacKinnon

Quantitative Analyst

PNYX Group

Project management team

Daniel
Paranhos

Senior Manager

PNYX Group

Francesca
Marchetto

Senior Project Manager

PNYX Group

Madison
Budy

Project Manager

PNYX Group