Investment accounts

Authorised and regulated by the UK’s FCA to provide investment accounts, we are bound by CASS rules to segregate and protect client assets.

September 2019 investment update

The summer of 2019 was always going to be a tricky time to navigate. When trading volumes lighten, macro news can cause elevated volatility across asset classes. Our September monthly investment update is now available to download and view online.

A postcard from Oman

A major maritime trading post for centuries, Oman’s strategic Arabian Peninsula location fostered a nation of traders, tacticians and empire-builders. Fast forward to 2019, and there’s a new wave of opportunity on the horizon for investors, says Adrian Christofides, Director, Ultra-High-Net-Worth and Family Offices in Asia, Dolfin.

Dolfin shortlisted twice in the International Investment Awards 2019

Simon Black, our Head of Investment Management, has been shortlisted in the ‘Emerging Talent of the Year’ category and Dolfin as a firm for ‘Excellence in Client Service’, in the annual International Investment Awards. Voting is now open.

Investment Committee Secretary and Consultant to the Board

Phoebus Theologites


Phoebus has 27 years’ experience as complex derivatives trader (18y) and asset manager (9y) across all asset classes. He spent the first half of his sell-side career trading ‘exotic’ and long-dated FI, FX, CR and hybrid derivatives at Bankers Trust, Credit Suisse and Bear Stearns, and the second half trading and structuring ‘exotic’ EQ, hybrid and strategic derivatives at Gen Re Securities, CDC-IXIS, TD Securities and ABN-AMRO/RBS. During this time, he served variously as global head of quantitative trading, structuring, execution and trading risk, set up or restructured client and proprietary desks globally, and advised/supervised both discretionary and systematic positioning and risk management, relying on his own pricing and risk- management analytics, by dint whereof he was serially referred to, and depended on, by colleagues as ‘the trader’s trader’.

As structurer, Phoebus is credited with the invention of several complex payoffs, some reproduced verbatim as exemplars in the derivatives industry’s standard reference (Wilmott’s Quantitative Finance); other highlights include the first-ever model and trading system for first-to-default credit derivatives at Bankers Trust (Mar-93) and the ‘deal of the year’ for W. Buffett’s Gen Re (Oct-01 – a complex strategic hedge for a major Canadian bank). As trader, he has inter alia successfully managed up to $450M short gamma and $14M long vega, restructured a prop-trading business (45 traders / 13,500 positions) after first stabilizing it with just 11 trades, and established an auditable/attestable track record of cross-market calls. As head of trading risk, he (re-)defined VaR, ‘Greeks’, correlation and gap limits post-GFC for RBS Equities (20 businesses / 5 centres).

Phoebus moved to the buy-side at the invitation of one of the top commodities traders of the 20th c. (dec. 2013), with whose family and others he co-founded a MFO as CIO, advising UHNWIs on liquidity and IB/SF exercises in O&G, mining, shipping and telecoms. Having sold his stake, he then co-founded multi-award-winner SteppenWolf Capital and launched its first two UCITS (GM&FI). Concurrently, he was head of AM at the Swiss affiliate of Dolfin Financial (UK) and GM of a Cayman SPC. By dint of his cross-border legal, tax, regulatory, accounting and governance expertise (15 directorships / 9 jurisdictions), Phoebus is often privately engaged by attorneys, tax advisors, accountants and fiduciaries for specialist legal drafting and complex structuring, and has served repeatedly as MLRO, FATCA RO & CO both in CH and in several offshore jurisdictions.

From mid-2015 to late 2018, Phoebus applied his ‘multi-R’ (risk, return, resilience, replication, regime, rank, ratios, run-rate, regulation) product/business analysis & reporting framework to the assessment, challenge and improvement of the product shelf of UBS AM, advising its CEO, COO, CFO & EC on risk exposures and performance drivers of strategic AuM & PbT targets. Due to his ancillary skills, he also participated by invitation in strategic (M&A), finance (RWA/LRD), accounting (IFRS10/IAS39) and regulatory (BCBS/ESMA/FINMA/FCA/CSSF/BaFin) projects at UBS AM, GEB & Group CEO levels. Currently, he is IC member and retained consultant on IM, KYC, BD & IT matters to the Boards of Dolfin Financial (UK&MT), and continues to manage (since 2010) the portfolios of a small number of HNW private clients at both leading Swiss banks.

Contact Details

50 Berkeley Street, London W1J 8HA

+44 20 3700 3888

[email protected]


MPhil in Finance from the University of Cambridge MSc in (Mathematical) Economics from the London School of Economics BA cum laude in Economics from Harvard University
Sector expertise
Asset management Derivatives trading Structuring
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