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Investment Management

Elias Nechachby, CFA

Elias is the founder of the MoSAIQ program and as the ICON MoSAIQ Portfolio Manager is to be credited for its continued success. 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. 

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Manjeet Mudan PhD

Manjeet is Carmika Portfolio Manager and 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.

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Martin Vestergaard

Martin is Carmika Portfolio Manager and 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.

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