Service is core to Cerno culture
Consistent, Responsive, Diligent.

Nicholas Hornby

Managing Partner – Portfolio Manager


Nicholas is a co-founder of Cerno Capital and lead manages several of the firm’s client portfolios. His investment career began at Cazenove & Co in 1990, where he was a research analyst based in Hong Kong and then Singapore. In 1995, he joined CLSA in London and was responsible for the institutional business across the UK and Europe. Nicholas is deputy chair of the Board of Governors of Downe House School. He is a trustee for the Barn Theatre, Cirencester, and for various UK families, including the Cecil Estate Family Trust. He is also Chairman of The Ashendene Trust, a UK charity. Nicholas is an Economics graduate of Bristol University and an Associate of the Chartered Institute for Securities & Investment.


Managing Partner – Portfolio Manager


James is a co-founder of Cerno Capital and lead manages a number of the firm’s collective and private portfolios. After qualifying as a chartered accountant in London (Coopers & Lybrand, 1989) he relocated to Asia. Between 1991 and 2004 he worked as an equity analyst, head of research, and latterly as an equity strategist at WI Carr, Paribas, HSBC and UBS, based variously in Hong Kong, Singapore and Jakarta. James graduated from the University of St Andrews, Scotland with an MA in Philosophy & Logic in 1986. James is a Member of the Chartered Institute for Securities & Investment.

Fergus Shaw

Partner – Portfolio Manager


Fergus surveys the full range of the firm’s investments on a bottom up basis and is principally engaged in manager and security selection. He began his investment career at Valu-Trac Investment Management in 1995, where he worked in their global equity and asset allocation products. He worked for Russell Investments as a Portfolio Manager of UK equities (2001-2006) and Asian equities (2006-2009). Fergus graduated from Edinburgh University with a BCom (Hons), holds the CFA charter and is a member of the CFA Society of the UK. Fergus is a Director of the Salters’ Management Company.

Tom Milnes Cerno Capital


Business Development Director


Tom joined Cerno Capital to help with the firm’s intermediary client relationships. Before joining Cerno, Tom was Business Development Director at Investec Wealth & Investment, where he was responsible for intermediary relationships in London. Prior to this, he had roles in investment sales at LV Asset Management and Rathbones. Tom also spent five years at BAE Systems previous to his career in finance, spending some of that time as a lobbyist in Washington DC. Tom graduated with an MA (Hons) from the University of Edinburgh in 2001, holds a Licence d’Histoire from the Université Grenoble Alpes and is an Associate member of the CISI.

Edward Bonsor

Private Client Director


Edward has over 20 years’ experience in the financial sector and is a Director of the client team at Cerno Capital with a focus on private individuals and families. He joined Asian broker CLSA as their first graduate trainee in London in 1999, before moving out with the company to Asia to work as an equity salesperson in Hong Kong and Tokyo. He moved back to London with Nomura in 2007, before founding a hedge fund business in Zurich. In 2011, he moved to Jefferies International in London to establish and manage their Asia Pacific equities research distribution across Europe. Edward studied at Bristol University where he graduated with a degree in Human Geography (BSc).

James Chenevix-Trench

Investment Associate


James has 5 years’ experience working on venture capital investments. In his role at Cerno Capital, he assesses emerging economics in new industries. Working alongside the private client and investment teams, he gathers information, interviews entrepreneurs and studies the growth prospects of new and potentially disruptive sectors. Projects undertaken to date include blockchain and space related investments.


Marketing Manager


Katie is responsible for the firm’s marketing strategy. As part of this role she coordinates public relations and communications and is responsible for the firm’s visual identity and livery. She works alongside the front office on existing and prospective investor contact, including all aspects of the firm’s relationships with intermediaries. Katie manages the firm’s outreach programme which helps UK women athletes, explorers and adventurers and promotes participation and inclusion. Katie previously worked at Savills, and holds an MA in Art History from the University of St Andrews. Katie is a member of the Chartered Institute of Marketing.

Camelia Joel-Davison

Client Management & Business Development Support


Working within the Client Management and Business Development functions of the firm, Camelia has a particular focus on client onboarding, suitability reviews and all aspects of client relations. Camelia graduated from the University of Exeter in 2022 having completed a BA in Liberal Arts majoring in Politics and minoring in Geography and Business. She previously worked for a property investment company. Camelia will undertake her Chartered Institute for Securities and Investment level 3 Investment Operations Certificate in July 2023.

Joseph Joyce

Finance Director


Joseph is the firm’s Finance Director with responsibility for the financial infrastructure of the firm and managing key counterparty relationships. Previously, Joseph worked for the Banking and Capital markets team at Ernst and Young LLP, primarily working on the statutory audits of a range of global entities. Joseph graduated from Durham University in 2009 with a BSc in Mathematics and Physics. He then joined Chantrey Vellacott DFK, where he trained and qualified as a Chartered Accountant (ACA).

Michael Flitton

Portfolio Manager


Michael began his investment career at GLG Partners, the hedge fund, in 2006 where he focused on the Basic Materials and Industrials sectors. He worked as an equity research analyst at Citi (2011-2017), initially covering Mining & Steel (2011-2015) and latterly European Chemicals (2016-2017). Michael graduated from the University of Nottingham with an BA (Hons) in Industrial Economics.

Fay Ren

Portfolio Manager


Fay Ren works within the investment group and has specific responsibility for quantitative measurement of sector, style, portfolio and asset class returns. She undertakes asset class studies and coordinates the firm’s top-down symposia at which asset class settings are determined. She also undertakes security analysis in conjunction with the Portfolio Managers. Fay joined the firm from Imperial College London where she completed a BSc in Mathematics and a Masters in Applied Mathematics.

Ion Sioras

Investment Analyst


Ion is an investment analyst and supports the portfolio team on implementation and consistency on individual portfolio and the strategy levels. His work is across all the firm’s strategies with a focus on the macro component and non-equity classes. Ion joined the firm after internships at Credit Suisse and Bank of America Merrill Lynch in London. Previous to that he had completed internships at Cerno Capital and other asset-management institutions. Ion holds a BSc (Hons) in Statistics & Finance from the London School of Economics.

Oscar Mackereth

Investment Analyst


Oscar works across all the firm’s strategies and is principally engaged in security analysis and manager due diligence. Oscar’s first degree was Anthropology and History where he obtained a 1st from the University of Sussex. He then completed an MSc in International Finance and MSc in Finance at the Hult International Business School before joining Cerno Capital. In his role, he helps incorporate all relevant aspects of ESG and the climate crisis into our investment thinking and investment management.

Jeny Zhu

Head of China Investment & Senior Accountant


Jeny heads the China desk that provides investment services for Chinese nationals in the UK. She is also responsible for portfolio valuation, fund accounting and all aspects of client reporting. Previously, Jeny worked at MGPA, a private equity investment advisory company, as an investment accountant and at PricewaterhouseCoopers in London. Jeny holds an MA in Mathematics and Statistics from St. Hilda’s College, Oxford. She is a qualified Chartered Accountant (ACCA) and a Member of the Chartered Institute for Securities & Investment.

Hashim Mustafa

Senior Accountant


Hashim is principally engaged with client reporting and trade flow processing between the Portfolio Managers and client or fund custodians. Hashim previously worked for Saxon Capital, an algorithmic trading company, as a Management Accountant and before this he worked for two international banks, Renaissance Capital and ICICI. Hashim graduated with a BSc from University College London in 2006 in Geography and Economics, and is a qualified Chartered Accountant (ACCA).

Adam Hawkins

IT Manager


Adam is responsible for Cerno Capital’s Information Technology, Web and Communication systems and implements technology to benefit the business and its clients. Adam previously worked for Clyde & Co LLP as their in-house Legal Web Specialist, The Chartered Institute of Personnel & Development as the Website Software Analyst and The Royal Academy of Engineering as the IT & Web Officer. Adam graduated from The University of Kent in 2006 with a BSc (Hons) In Multimedia Technology and Design with additional modules in Business.

Harriet Winfield

Office Manager


Harriet is responsible for the office and the firm’s general daily administration. She is the first line of contact for general enquiries and assists in the organisation of firm events. Harriet joined Cerno Capital in May 2023 with experience working across the residential property industry. Harriet completed a BA in Business Management from the Royal Agricultural University, Cirencester.