August 2, 2025

GTR Webinar: Trade Finance Funds 2021
Wednesday, May 5, 2021
15.00-16.40 BST

The trend towards increased use of non-bank finance has been ongoing and only exacerbated by recent events, whether it’s ongoing financial stresses faced by companies and SMEs in particular, regulatory constraints and high-profile cases of fraud leading to bank derisking and in some cases retrenchment, or the myriad offerings available in the market – often boosted by technology – from what has become a thriving alternative finance sector. This webinar will delve deeper into how trade finance funds, with various areas of focus and adhering to various models, have become increasingly central, as well as considering investor appeal and the role of technology in creating an accessible marketplace.

 

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Introduction

The trend towards increased use of non-bank finance has been ongoing and only exacerbated by recent events, whether it’s ongoing financial stresses faced by companies and SMEs in particular, regulatory constraints and high-profile cases of fraud leading to bank derisking and in some cases retrenchment, or the myriad offerings available in the market – often boosted by technology – from what has become a thriving alternative finance sector. This webinar will delve deeper into how trade finance funds, with various areas of focus and adhering to various models, have become increasingly central, as well as considering investor appeal and the role of technology in creating an accessible marketplace.

Host: Jeff Ando, Director, Content & Production, Global Trade Review (GTR)

 

Are trade finance funds now mainstream?

The term ‘trade finance fund’ covers a range of company models, from providing working capital loans, to trade receivables, to impact investing. But what defines and decides individual objectives, and what does that selection mean for a fund’s risk profile when implementing its strategies? Should funds target borrower and investor bases, or allow them to evolve organically? How collaborative is the market when it comes to entering into ‘club deals’ and what is the considered role of the banks in this new ecosystem? What have been the key challenges to overcome over the past 18 months and which are looming on the horizon?

Moderator: Aidan Applegarth, Managing Director, Bankingwise

David Frye, Chief Executive Officer, Levantor

Dave Skirzenski, Chief Executive Officer, Raistone Capital

Ulla Fetzer, Client Portfolio Manager, NN Investment Partners

 

The investor perspective

With ever increasing need for greater and more diverse participation in the provision of trade finance, much has been made of the importance of attracting institutional investors to fill the gap. But what attracts investors to trade finance as an asset class? Are they purely motivated by yield or is ESG playing a greater role as a motivating factor at a time of reduced bank appetite? How strong is investor understanding of the risk profile of trade finance and what are the major benefits of the sector? What could be improved to increase investment levels, whether it’s attracting more investors or bringing in a greater share of the existing investor purse? How important is it to place trade finance into perspective alongside other asset classes?

Moderator: Shannon Manders, Editorial Director, Global Trade Review (GTR)

Martin Opfermann, CFA, Senior Portfolio Manager, Allianz

Dale Galvin, Founder & CEO, Deliberate Capital

Daouii Abouchere, Head of ESG & Sustainable Finance, Channel Capital Advisors

 

How can investors access bank-originated trade finance portfolios?

Commercial banks are looking to transfer balance sheet risk beyond traditional channels, which have tended to consist of fellow banks and insurance carriers. Meanwhile, institutional investors are interested in accessing a low risk, short-term asset class but it has still been traditionally challenging for non-bank financial institutions to access trade finance portfolios from commercial banks. What are the technological requirements to create an active bank distribution market? What are the investor reporting requirements? What level of risk transparency is required?

Moderator: Christoph Gugelmann, Founder & CEO, Tradeteq

Mead Welles, President & CEO, Octagon Asset Management

Marilyn Blattner-Hoyle, Global Head of Trade Finance, AIG

Bertrand de Comminges, Managing Director, Global Head Trade Finance Investments & Global Investment, Santander Asset Management

 

Closing panel summary and audience Q&A

This closing segment will provide a final summary on the key issues impacting the world of trade finance funds, from reporting standards to valuations, liquidity levels, scalability and the potential impact of the Greensill collapse on investor appetite. It will also run through any questions posed by the audience throughout the course of the webinar, seeking to provide a follow-up action plan on steps the industry can take to promote itself.

Ian Henderson, Chief Investment Officer, Artis Finance

Federica Sambiase, Partner & Chief Executive Officer, Working Capital Associates

Jason Barrass, Chief Commercial Officer, Arc Ratings Agency

 

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David Frye

Chief Executive Officer, Levantor

David has 20 years’ experience in delivering short-term trade and working capital assets to institutional investors. Before joining Levantor in 2017, David led Citi’s sales finance business in London, which originated sales finance transactions for sale to investors. His prior experience also includes origination and distribution for State Street’s asset backed commercial paper conduits in the Americas and Europe and advising financial institutions as a McKinsey consultant.

Global Trade Review (GTR)
2021-03-29T15:56:51+01:00

David has 20 years’ experience in delivering short-term trade and working capital assets to institutional investors. Before joining Levantor in 2017, David led Citi’s sales finance business in London, which originated sales finance transactions for sale to investors. His prior experience also includes origination and distribution for State Street’s asset backed commercial paper conduits in the Americas and Europe and advising financial institutions as a McKinsey consultant.

Chief Executive Officer, Levantor

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Global Trade Review (GTR)

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Dave Skirzenski

Chief Executive Officer, Raistone Capital

Dave is responsible for managing all facets of the business, including strategy, operations, product innovation and the firm’s go-to-market platforms. Dave is focused on helping companies achieve their vision and orienting them towards action. Dave has more than 20 years of experience building and operating fintechs around the world, and has managed core development teams that both launched and innovated software platforms. Dave began his time in the financial technology space at Morgan Stanley and then Citibank, the latter as North American Head of Supplier Finance.

Global Trade Review (GTR)
2021-03-29T15:58:00+01:00

Dave is responsible for managing all facets of the business, including strategy, operations, product innovation and the firm’s go-to-market platforms. Dave is focused on helping companies achieve their vision and orienting them towards action. Dave has more than 20 years of experience building and operating fintechs around the world, and has managed core development teams that both launched and innovated software platforms. Dave began his time in the financial technology space at Morgan Stanley and then Citibank, the latter as North American Head of Supplier Finance.

Chief Executive Officer, Raistone Capital

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Global Trade Review (GTR)

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Ulla Fetzer

Client Portfolio Manager, NN Investment Partners

Ulla is a Client Portfolio Manager in the alternative credit team of NN Investment Partners. She is responsible for maximising the commercial success of the alternative credit strategies through attracting and retaining clients in partnerships with sales, marketing and product management. As CPM, Ulla has a bridging function between the investment engine, clients, client teams and distribution channels.

Global Trade Review (GTR)
2021-04-14T09:20:21+01:00

Ulla is a Client Portfolio Manager in the alternative credit team of NN Investment Partners. She is responsible for maximising the commercial success of the alternative credit strategies through attracting and retaining clients in partnerships with sales, marketing and product management. As CPM, Ulla has a bridging function between the investment engine, clients, client teams and distribution channels.

Client Portfolio Manager, NN Investment Partners

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Global Trade Review (GTR)

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Aidan Applegarth

Managing Director, Bankingwise

Aidan has been active in trade and commodity finance markets since 1980, building up related banking businesses for the likes of HSBC, Barclays, ABN Amro and UBS, and more recently as a consultant providing professional guidance, training and thought leadership. Aidan presently offers management consulting to the trade and financial services industry through Bankingwise Limited covering strategy, risk and operations, with a niche covering all aspects of trade and commodity finance. He is an advisor to various alternative credit funds operating in the trade and commodity finance space.

Global Trade Review (GTR)
2021-03-29T15:58:39+01:00

Aidan has been active in trade and commodity finance markets since 1980, building up related banking businesses for the likes of HSBC, Barclays, ABN Amro and UBS, and more recently as a consultant providing professional guidance, training and thought leadership. Aidan presently offers management consulting to the trade and financial services industry through Bankingwise Limited covering strategy, risk and operations, with a niche covering all aspects of trade and commodity finance. He is an advisor to various alternative credit funds operating in the trade and commodity finance space.

Managing Director, Bankingwise

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Global Trade Review (GTR)

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Martin Opfermann

CFA, Senior Portfolio Manager, Allianz

Martin Opfermann is a senior portfolio manager within Allianz Global Investors alternative asset management team and is leading the firm’s trade finance activities. Martin joined the firm in 2017 from Allianz Investment Management SE, where he was Head of Credit and in charge of Allianz Group’s credit allocation. In 2009, he spearheaded Allianz’s strategic shift into private markets and executed several debt investment strategies. Prior to this, Martin worked in the Fixed Income team of Allianz Lebensversicherungs-AG.

Global Trade Review (GTR)
2021-03-29T16:00:19+01:00

Martin Opfermann is a senior portfolio manager within Allianz Global Investors alternative asset management team and is leading the firm’s trade finance activities. Martin joined the firm in 2017 from Allianz Investment Management SE, where he was Head of Credit and in charge of Allianz Group’s credit allocation. In 2009, he spearheaded Allianz’s strategic shift into private markets and executed several debt investment strategies. Prior to this, Martin worked in the Fixed Income team of Allianz Lebensversicherungs-AG.

CFA, Senior Portfolio Manager, Allianz

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Global Trade Review (GTR)

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Dale Galvin

Founder & CEO, Deliberate Capital

Dale is Founder and CEO of Deliberate Capital, an impact investment manager and sustainable finance advisory group created to help solve critical development challenges through the conscientious and intentional deployment of capital along with value-added services. Prior to founding Deliberate Capital, Dale was COO and created the conservation finance group at Rare, an international NGO focusing on scaling solutions that benefit people and nature. Dale also has worked in a variety of consulting and financial services firms, and was CEO of two start-ups.

Global Trade Review (GTR)
2021-03-29T16:21:35+01:00

Dale is Founder and CEO of Deliberate Capital, an impact investment manager and sustainable finance advisory group created to help solve critical development challenges through the conscientious and intentional deployment of capital along with value-added services. Prior to founding Deliberate Capital, Dale was COO and created the conservation finance group at Rare, an international NGO focusing on scaling solutions that benefit people and nature. Dale also has worked in a variety of consulting and financial services firms, and was CEO of two start-ups.

Founder & CEO, Deliberate Capital

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Global Trade Review (GTR)

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Daouii Abouchere

Head of ESG & Sustainable Finance, Channel Capital Advisors

Daouii is Head of ESG and Sustainable Finance at Channel. In her role, Abouchere is responsible for implementing Channel’s ESG framework and driving the sustainable finance strategy across the Group, working with clients to develop and execute new ESG and sustainable financing solutions. Daouii is a member of the World Economic Forum, Royal Society of Arts, and is a Senior Advisor at the International Economic Forum of the Americas.

Global Trade Review (GTR)
2021-03-29T16:22:23+01:00

Daouii is Head of ESG and Sustainable Finance at Channel. In her role, Abouchere is responsible for implementing Channel’s ESG framework and driving the sustainable finance strategy across the Group, working with clients to develop and execute new ESG and sustainable financing solutions. Daouii is a member of the World Economic Forum, Royal Society of Arts, and is a Senior Advisor at the International Economic Forum of the Americas.

Head of ESG & Sustainable Finance, Channel Capital Advisors

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Global Trade Review (GTR)

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Shannon Manders (Host)

Editorial Director, Global Trade Review (GTR)

Shannon is the Editorial Director of GTR, and a freelance financial journalist, editor and consultant with 12 years of experience reporting on and producing print and online publications for the global trade and trade finance sector. Shannon has extensive experience in moderating discussions, and has hosted numerous roundtables and webinars.

Global Trade Review (GTR)
2021-03-29T16:24:37+01:00

Shannon is the Editorial Director of GTR, and a freelance financial journalist, editor and consultant with 12 years of experience reporting on and producing print and online publications for the global trade and trade finance sector. Shannon has extensive experience in moderating discussions, and has hosted numerous roundtables and webinars.

Editorial Director, Global Trade Review (GTR)

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Global Trade Review (GTR)

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Mead Welles

President & CEO, Octagon Asset Management

Mead has unique experience in trade and commodity finance, emerging market fixed income asset management, and emerging market structured finance. He is the Founder, Chief Executive Officer and Head Portfolio Manager at Octagon Asset Management, a niche asset manager that specialises in structured trade and commodity finance, which launched in 1997. Prior to Octagon, Mead worked at Cargill Financial Services International as one of the original members of the emerging markets, trade and structured finance group.

Global Trade Review (GTR)
2021-03-29T16:41:06+01:00

Mead has unique experience in trade and commodity finance, emerging market fixed income asset management, and emerging market structured finance. He is the Founder, Chief Executive Officer and Head Portfolio Manager at Octagon Asset Management, a niche asset manager that specialises in structured trade and commodity finance, which launched in 1997. Prior to Octagon, Mead worked at Cargill Financial Services International as one of the original members of the emerging markets, trade and structured finance group.

President & CEO, Octagon Asset Management

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Global Trade Review (GTR)

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Marilyn Blattner-Hoyle

Global Head of Trade Finance, AIG

Marilyn is the Global Head of Trade Finance for AIG and in that role also leads the development of new products including portfolio solutions enhanced by data for bank and alternative investors, Basel/capital risk mitigation solutions and trade finance-related technology applications. Marilyn joined AIG in 2015, having previously worked as a lawyer in the international banking and finance practice for global law firm Hogan Lovells in London and New York, where she serviced numerous bank clients as well as corporates.

Global Trade Review (GTR)
2021-04-12T07:52:43+01:00

Marilyn is the Global Head of Trade Finance for AIG and in that role also leads the development of new products including portfolio solutions enhanced by data for bank and alternative investors, Basel/capital risk mitigation solutions and trade finance-related technology applications. Marilyn joined AIG in 2015, having previously worked as a lawyer in the international banking and finance practice for global law firm Hogan Lovells in London and New York, where she serviced numerous bank clients as well as corporates.

Global Head of Trade Finance, AIG

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Global Trade Review (GTR)

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Bertrand De Comminges

Managing Director, Global Head Trade Finance Investments & Global Investment, Santander Asset Management

A renowned industry expert, Bertrand is currently the lead portfolio manager for the global trade finance strategy at Santander Asset Management. Before joining Santander, Bertrand was for 8 years at HSBC, responsible for European business development activities for Global Trade & Receivables Finance. Bertrand is a member of the ICC’s Banking Commission Steering Committee for transforming trade finance as an asset class, and a subject matter expert in the ICC’s Global Supply Chain Finance initiative.

Global Trade Review (GTR)
2021-04-07T11:19:23+01:00

A renowned industry expert, Bertrand is currently the lead portfolio manager for the global trade finance strategy at Santander Asset Management. Before joining Santander, Bertrand was for 8 years at HSBC, responsible for European business development activities for Global Trade & Receivables Finance. Bertrand is a member of the ICC’s Banking Commission Steering Committee for transforming trade finance as an asset class, and a subject matter expert in the ICC’s Global Supply Chain Finance initiative.

Managing Director, Global Head Trade Finance Investments & Global Investment, Santander Asset Management

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Global Trade Review (GTR)

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Christoph Gugelmann

Founder & CEO, Tradeteq

Christoph is Co-Founder and CEO of Tradeteq. He previously was a portfolio manager at the Trafigura-owned Galena Asset Management in Geneva. Prior to that he was a managing director at Bank of America Merrill Lynch where he headed all public and private side market solutions teams for Europe, Middle East and Africa. Prior to that he held various management positions at Goldman Sachs and Morgan Stanley in London, Frankfurt, and New York. He graduated in finance and business administration from the University of St. Gallen, Switzerland, in 1996.

Global Trade Review (GTR)
2021-03-29T16:25:09+01:00

Christoph is Co-Founder and CEO of Tradeteq. He previously was a portfolio manager at the Trafigura-owned Galena Asset Management in Geneva. Prior to that he was a managing director at Bank of America Merrill Lynch where he headed all public and private side market solutions teams for Europe, Middle East and Africa. Prior to that he held various management positions at Goldman Sachs and Morgan Stanley in London, Frankfurt, and New York. He graduated in finance and business administration from the University of St. Gallen, Switzerland, in 1996.

Founder & CEO, Tradeteq

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Global Trade Review (GTR)

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Ian Henderson

Chief Investment Officer, Artis Finance

Ian has been involved in all aspects of international finance for over 30 years including banking, corporate finance, insurance and asset management. Ian has covered global and emerging markets in origination, structured trade & commodity finance, syndications, asset management & portfolio management, credit risk, asset valuation and asset recovery/ restructuring across all commodity groups, financial institutions  and industrial sectors. He holds a Bachelor of Commerce from the University of Witwatersrand, South Africa and the Islamic Finance Qualification.

Global Trade Review (GTR)
2021-03-29T16:41:45+01:00

Ian has been involved in all aspects of international finance for over 30 years including banking, corporate finance, insurance and asset management. Ian has covered global and emerging markets in origination, structured trade & commodity finance, syndications, asset management & portfolio management, credit risk, asset valuation and asset recovery/ restructuring across all commodity groups, financial institutions  and industrial sectors. He holds a Bachelor of Commerce from the University of Witwatersrand, South Africa and the Islamic Finance Qualification.

Chief Investment Officer, Artis Finance

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Global Trade Review (GTR)

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Federica Sambiase

Partner & Chief Executive Officer, Working Capital Associates

Federica is a senior banking and finance professional with 20+ years’ experience in originating, advising and structuring corporate and trade finance solutions for global clients. Before WCA, Federica was in Citigroup for nearly 10 years, with her most recent role as Regional Cluster Head for the entire Citigroup suite of trade finance services and solutions for multinational clients. Before Citigroup, Federica worked for global FIs both in advisory and principal roles, after starting her career as a corporate and capital markets lawyer with Magic Circle law firms.

Global Trade Review (GTR)
2021-03-29T16:42:19+01:00

Federica is a senior banking and finance professional with 20+ years’ experience in originating, advising and structuring corporate and trade finance solutions for global clients. Before WCA, Federica was in Citigroup for nearly 10 years, with her most recent role as Regional Cluster Head for the entire Citigroup suite of trade finance services and solutions for multinational clients. Before Citigroup, Federica worked for global FIs both in advisory and principal roles, after starting her career as a corporate and capital markets lawyer with Magic Circle law firms.

Partner & Chief Executive Officer, Working Capital Associates

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Global Trade Review (GTR)

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Jason Barrass

Chief Commercial Officer, Arc Ratings Agency

Jason is the Chief Commercial Officer of Arc Ratings Agency based in the UK. Having spent his career facilitating trade finance with banks, Jason has joined Arc to build out the structured finance rating business. Of particular interest is to bring subject matter expertise to the trade finance asset class to help restore confidence and facilitate liquidity in this sector.

Global Trade Review (GTR)
2021-04-07T11:21:28+01:00

Jason is the Chief Commercial Officer of Arc Ratings Agency based in the UK. Having spent his career facilitating trade finance with banks, Jason has joined Arc to build out the structured finance rating business. Of particular interest is to bring subject matter expertise to the trade finance asset class to help restore confidence and facilitate liquidity in this sector.

Chief Commercial Officer, Arc Ratings Agency

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Global Trade Review (GTR)

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Jeff Ando

Director, Content & Production, Global Trade Review (GTR)

Jeff is an experienced events professional with nearly 20 years’ media industry experience, having joined GTR in 2009. In his role he is responsible for the output of all GTR conferences, seminars and online event content across the company’s global portfolio, as well as playing a key role in wider external communications strategy and planning. Jeff also conducts external consultancy and advisory work on behalf of organisations including the ICC Banking Commission and Coriolis Technologies.

Global Trade Review (GTR)
2021-03-29T16:43:29+01:00

Jeff is an experienced events professional with nearly 20 years’ media industry experience, having joined GTR in 2009. In his role he is responsible for the output of all GTR conferences, seminars and online event content across the company’s global portfolio, as well as playing a key role in wider external communications strategy and planning. Jeff also conducts external consultancy and advisory work on behalf of organisations including the ICC Banking Commission and Coriolis Technologies.

Director, Content & Production, Global Trade Review (GTR)

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Global Trade Review (GTR)

Venue: 15.00-16.40 BST