Board of Directors

MICHAEL KLOTER

Non-Executive Chairman

Michael holds a law degree from the University of Geneva, Switzerland, and a lawyer’s licence of the Canton of Zurich, Switzerland. After gaining professional experience as a clerk at the District Court in Zurich and experience in a business law practice in Zurich, Switzerland, he founded his own law firm in Zurich in 1995. Since then he has practised as a business lawyer and acts as director for a number of companies. Michael is the Chairman of the Remuneration Committee and a member of the Audit Committee.

KYRIAKOS RIALAS

Chief Executive Officer

Kyriakos has over 25 years of professional investment and managerial experience in the financial services sector. He has overall responsibility for risk management, legal, regulatory and general management of the Argo business.

Prior to joining Argo, he was General Manager of Emporiki Bank in Cyprus from 1999 to 2003. where he managed a portfolio of syndicated loans worth US$1 billion. Kyriakos has also worked for the Treasury department of the Bank of Cyprus Group and London Forfaiting Cyprus where he was Finance Director, overseeing subsidiaries in India, Russia, Thailand and Hong Kong. Before that he worked for Capital Intelligence in bank analysis and rating for emerging markets. He has a degree in Engineering from the University of Cambridge and qualified as a Chartered Accountant with KPMG in London. He started his banking career in the fixed income division of S G Warburg & Co in London.

ANDREAS RIALAS

Chief Investment Officer

Prior to founding Argo, Andreas worked for Deutsche Bank where he was involved in emerging markets proprietary trading and trade finance specialist products. Before that, he was at London Forfaiting (Asia) Ltd as Head of Secondary Loan Trading in emerging markets. During his time at London Forfaiting and Deutsche, Andreas was responsible for a number of debut transactions for many leading companies and banks in Eastern Europe.

At Argo, he has built a business that combines effective macro calls on a number of emerging market countries, which when combined with an expert understanding of credit liquidity and legal provenance has resulted in high quality returns for investors in our fund. Andreas studied Law at the University of London, graduating in 1991 and subsequently trained to be an English Barrister specialising in Banking Law and qualifying in 1993.

DAVID FISHER

Non-Executive Director

David Fisher is Chairman of the Investment Committee of Innova Capital, one of Central Europe’s leading private equity firms; of EnerCap Partners, a new renewable energy fund in Central Europe; and of Da Vinci CIS Private Sector Growth Fund Limited. He has over 35 years of experience in business, finance and law. As a Partner at Innova and as the Chief Investment Officer for CARESBAC-Polska and the Romanian-American Enterprise Fund, David has made and managed more than 30 private equity investments in Central & Eastern Europe in the last 15 years.

Formerly, he was Group Vice President and General Counsel of Communications Equity Associates, a worldwide media, entertainment and communications merchant bank. He is a Chartered Director with the Institute of Directors and holds a Diploma in International Commercial Arbitration from the Chartered Institute of Arbitrators. David holds degrees from Davidson College (BA), Vanderbilt Law School (JD) and Harvard Business School (MBA). He is an American who has lived and worked in Europe for more than 15 years. David is a member of both the Audit and Remuneration Committees.

KENNETH WATTERSON

Non-Executive Director

Kenneth has over 25 years of experience within the financial services industry. His specific areas of expertise include compliance and risk management, operations and change management. Kenneth holds a Master’s degree from the University of St. Andrews and a Master’s degree from London Guildhall University in Financial Regulation & Compliance Management, specialising in Corporate Governance.

He has board experience within a number of UK, Isle of Man and Channel Islands companies. Kenneth is Chairman of the Audit Committee and a member of the Remuneration Committee.

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