The Team

Richard Toolen

Mr. Richard Toolen is Chairman & CEO of Icon and founded the firm in 2006 with proprietary trading colleagues who originally met and worked together at Daiwa Securities Europe in Frankfurt in the late 1990s.   Richard has a BA in Economics with honours from Boston University and was awarded an M.B.A. in Finance with honours from New York University.  After Daiwa, Richard headed desks at boutique trading houses in Dublin, Munich and Gibraltar before founding Icon as a regulated Swiss entity to expand the scope of the team’s activities to include Multi-Asset trading on behalf of Qualified Investors and to conduct private wealth management activities.  Richard’s full biography can be found here on Linked In:  (

Elias Nechachby, CFA

Elias is MoSAIQ Founder and a Partner in Icon-MoSAIQ-Carmika JV, Elias developed the first MoSAIQ models in 2006, MoSAIQ became his HEC Paris, NYU Stern and LSE MBA term project in 2011.  Elias has over +25 years of experience at the crossroads of finance and technology, since graduating from the French National School of Civil Aviation (ENAC) electronics major. Elias is a CFA charter holder.  Elias previously held senior consultant position at PWC, he was VP of Business Development at Sungard and Managing Director at Trading Screen, Elias developed during his career portfolio management, risk management, order management, trading algorithms and compliance software used by tier 1 asset managers with more than $100 billion of AUM.  Elias developed a better risk adjusted long only strategy to the S&P500 composite in 2006, adding a hedge element in the 2011-2015 period, and the long/short volatility sub-strategy was finalized in 2015.  Elias has written several white papers including “Fooled by correlation” which is one of the pillars of MoSAIQ strategies. 

Manjeet Mudan

Prior to joining Carmika Partners, Manjeet was a founding partner and senior trader in volatility arbitrage and trading system development at ADG Capital. He has over 25 years of experience in risk management, quantitative option trading and option market making. Before founding ADG, Manjeet was head of European automated market making for listed equity options at Morgan Stanley in London between 2004 and 2006, and head of financial engineering and global volatility arbitrage at Mako Global Derivative between 2002 and 2004. Manjeet started his career as a financial engineer at Hull Trading, acquired by Goldman Sachs in 1999, specializing in volatility arbitrage, automated trading algorithms and risk management. He spent 9 years at Hull Trading, 1993 to 2002, making partner in 1998.


Manjeet holds a Ph.D. in Experimental Particle and Astro-Physics from University College London, with research conducted at University of Michigan, Ann Arbor. Manjeet also holds a B.Sc. in Physics from the University of Edinburgh and won the National Astronomical Society Bruno Rossi prize for Astrophysics in 1988.

Martin Vestergaard

Martin has over 20 years of experience in risk management, quantitative option trading and option market making. Martin started his career at Arbitrade in Chicago on the floor of the CBOE, before becoming a financial engineer and trader at Hull Trading, where he met Manjeet in 2000. Martin moved internally to Goldman Sachs in London before leaving to join Horizon Asset Ltd in 2002. After spending 3 years at Horizon setting up their option business, Martin became a risk manager and volatility/macro trader at Centaurus Capital from 2005 until 2008, at which point he left to join Manjeet at ADG Capital Management. At ADG, Martin traded volatility arbitrage with a macro overlay until he left in 2012 to begin trading for himself. Before founding Carmika Partners, Martin was a non-executive director at Xenfin Capital between 2010 and 2015.

Martin holds a Masters of Science in Applied Statistics and Econometrics from the Technical University of Denmark. As a direct result of his masters thesis, he co-published a paper entitled “Estimation in Continuous-Time Stochastic Volatility Models Using Nonlinear Filters” in the International Journal of Theoretical and Applied Finance.

Thomas Colucci

Mr. Thomas Colucci serves as a Strategic Advisor to Icon and our clients.  Tom is an Investment Banker with over 25 years of experience, acting as a board level consultant to start ups and financial institutions, primarily in the UK and Continental Europe. Prior to his service with Icon, he was a senior level executive at DLJ, Bear Stearns and Fortis Bank, where he was Global Head of Sales for Prime Services. With a focus on Hedge funds, family offices and large buy side investors, Tom has focused largely on the changing landscape within the early stage funding of new and innovative & disruptive technology companies.   Specific areas of focus remain TMT, FinTech, Cyber and Defense related applications. Thomas has a  BA from the University of Dayton. 

Michael Corcoran

Michael Corcoran is a Partner and seasoned Sales and Business Development professional with significant experience within the real estate, corporate finance & investment space.

He has worked in London & Dublin with international clients and won multiple sales awards previously for his work with Centrica UK and other companies.