Management team

Spinoza Capital is an independent asset management firm with long-standing investing and operating experience. Our senior team has a unique track record in capital markets, investment management and private equity as well as hands-on entrepreneurship and operating experience.


Dr. Philip Schnedler
Director of Spinoza Capital SICAV and Portfolio Manager

Philip Schnedler co-founded Spinoza Capital and has long-standing experience in investment banking and capital markets. Before forming Spinoza Capital, he worked at Goldman Sachs International in London as Executive Director in its Investment Banking Division. Between 2000 and 2003 he co-founded and managed the private equity and investment boutique b-to-v Partners AG in Switzerland. From 2003 to 2007 he worked for Deutsche Bank in Frankfurt as Vice President in its Corporate and Investment Bank and as Executive Assistant to the then CEO Dr. Josef Ackermann. Philip Schnedler holds a master degree in business and finance and a PhD in finance from the University of St. Gallen in Switzerland where he also works as a part-time lecturer of capital markets and finance.


Benjamin Kullmann
Director of Spinoza Capital SICAV and Portfolio Manager

Benjamin Kullmann co-founded Spinoza Capital and has extensive experience in the investment management business, in particular portfolio management and private equity. Having co-founded UK based private equity firm Gatcombe Park Ventures Ltd. in 2000, he has held various board positions and been involved in the incubation and management oversight of various operating companies across the world. From 2001 to 2011, he co-founded UK based financial services group Skrill and contributed as managing director with direct responsibility for portfolio management and later on non-executive board member to the growth of the business to over 30m customers and EUR 500m in issued e-money float. Since 2011, Mr Kullmann is also a member of the investment  council of mutual fund management firm Meritum Capital Managers GmbH in Frankfurt. Mr. Kullmann holds an LLB from the University of London.


Harald Strelen
Director of Spinoza Capital SICAV 

Harald Strelen is licensed to practice as a German lawyer and has extensive experience in the investment fund industry. He commenced his career as a lawyer at Linklaters in Cologne and Brussels. From 2005-2010 he served as the Deputy Head of Law & Compliance at HSH Nodbank Securities S.A. in Luxembourg. From 2010 - 2014 he worked as Head of Fund Structuring for Hauck & Aufhaeuser in Luxembourg.  Since 2014 he is Partner at AIQU Tax in Luxembourg. He holds an LL.M. from the University of Auckland and a M.Sc in Banking & Finance from the Luxembourg School of Finance.


Prof. Joseph Falzon
Director of Spinoza Capital SICAV

Prof. Joseph Falzon is the Deputy Chairman of the Malta Stock Exchange. Previously he acted as the Dean of the Faculty of Economics, Management and Accountancy at the University of Malta. He holds a Ph.D. degree in economics from Northwestern University, USA. His research interests include hedge fund strategies, portfolio management, and economic development. He has served as a consultant to several leading organisations and financial institutions in Malta, including the Ministry of Finance, Ministry of Economic Services, and the Central Bank of Malta. He has also served on the Executive Committee of the European Association of University Lecturers in Banking and Finance.


Michael Portanier
Director of the Investment Manager 

Michael Portanier has extensive experience in auditing, corporate finance and banking. He commenced his career within the Audit division of PricewaterhouseCoopers. In 2007, he joined CIT Bank in London within its leveraged finance division and two years later moved to New York working out of the headquarters of the parent company, CIT Group Inc. On his return to Malta, Mr Portanier worked from 2009 to 2015 for FIMBank plc where he held a number of senior positions in relation to client management and business development before joining Spinoza Capital in 2016. Mr Portanier is a Certified Public Accountant (CPA) and holds an MBA from SDA Bocconi School of Management in Milan, Italy.


Dr. Paul Magro
Director of the Investment Manager 

Dr Paul Magro has long-standing working  experience in investment  management and is a visiting lecturer at the University of Malta’s Banking and Finance department lecturing on hedge fund strategies, alternative investments and financial modelling. Dr Magro holds a Ph.D. and a M.Sc in Finance from the University of Bangor (UK). His academic research focused on hedge fund performance and risk, persistence and capital flows. Dr Magro is also a member of the Malta Association of Risk Management and a Certified Risk Manager (CIRM).