Jan 2026 – Present · 2 mos · Schaan, Liechtenstein · Remote

• Incrementum AG is an independent, fully licensed asset manager based in Liechtenstein, offering a range of investment funds as well as wealth management services for private clients. The company was founded in 2013 and is fully owned by its 5 partners.
• Among the firm’s offerings, Incrementum All Seasons Fund (IASF), launched in June 2019, pursues a global, long-term multi-asset investment strategy (UCITS). The manager’s active, benchmark-unconstrained, macro-theme driven, and value-based absolute return approach, has delivered excellent returns to investors with a very low correlation to world equity markets. This has so far yielded IASF two Lipper Fund awards in its peer group (EUR Flexible Allocation – Global).

Dec 2025 – Present · 3 mos · London Area, United Kingdom · Remote

• Asset Value Investors (AVI) is a London based FCA authorised investment management firm founded in 1985. The firm manages over £1.8bn across a range of listed funds, open-ended funds, and mandates.
• AVI specialises in investing in securities that for several reasons may be selling on anomalous valuations. The core focus is on buying high quality, growing businesses trading at wide discounts to their net asset value (NAV). This strategy involves conducting detailed fundamental research in order to understand the drivers of NAV growth and assess the catalysts for a narrowing discount. AVI targets situations where it sees a clear valuation anomaly and often uses engagement or activism to help unlock value and narrow discounts.

Nov 2025 – Present · 4 mos · London Area, United Kingdom · Remote

• Green Ash Partners Investment Management Limited is an owner managed boutique investment manager focused on liquid strategies in Alternatives, Multi Asset, Equity and Credit markets.
• Amongst the firm’s offerings, GA-Courtenay Special Situations Fund targets enhanced returns through investment in dominant growth businesses within an innovative fund design able to leverage alongside deploying a positive carry hedge construct — a mode of operation that sets it apart from traditional hedge fund strategies.

Jan 2024 – Oct 2025 · 1 yr 9 mos · St Peter Port, Guernsey, Guernsey · Remote

• Manager & fund selection for nascent multi-manager platform aimed at serving high-net-worth investors and family offices, with a strong focus on identifying high-performing niche funds.
• FCA Approved Person (CF30 — Customer Dealing Function) for Sarnia Asset Management (UK) Ltd. in the capacity as Appointed Representative of Varramore Partners.
• Sarnia Asset Management is building a platform that connects high-net-worth investors to high performing niche funds. Operating from Guernsey, GFSC-regulated Sarnia Asset Management can address investors in more than 100 countries representing over 80% of the world's wealth. Guernsey is not just a well-respected jurisdiction for registering funds, but also offers more flexibility to design funds around customers' needs.

Oct 2021 – Present · 4 yrs 5 mos · Berlin, Berlin, Germany · On-site

• As Chief Investment Officer of 5th generation Max-Berlinicke-Erben single family office, I run a dynamic, integrated and goal oriented Total Portfolio Approach, using a long time horizon.
• This means each asset class, sub asset class, all the way down to individual assets, need to compete to earn a place in the overall portfolio 💼.
• I access the multi-asset opportunities through specialized managers globally. Via piggyback-/co-investments, I also enter some of the highest conviction positions of my managers directly.
• Apart from achieving positive real returns, the metric that matters the most is the marginal impact on risk adjusted return.
• Each change alters the expected risk adjusted returns and the overall portfolio exposure to core drivers like growth, inflation, credit, real rates, momentum, quality, value, etc.
• I am constantly looking for differentiated strategies run by preferably boutique managers that improve the expected risk adjusted return over a 10 year horizon.
• ⚓️ A word on the Big Debate: I prefer the liquidity of publicly listed assets to the smoothed volatility of private markets.
• I’d rather have drawdowns along the way but be able to course-correct an investment than rely on continuation vehicles fraught with conflicts of interest or evergreen vehicles where liquidity proves elusive.
• ⚓️ My investment vehicles of choice: Funds (institutional share classes only) and listed investment trusts/permanent capital vehicles (capitalising on at times very wide discounts to NAV) rather than segregated mandates or LPs.
• ⚓️ My mottos „Better vaguely right than precisely wrong“ and „Skate to where the puck is going, not where it has been“ have to a growing extent guided me as an investor over the 35+ years I have been active in global markets — and they continue to serve me well.
• ℹ️ For counterparties — Please submit info packages for new investment proposals to:
• 📬 harald@max-berlinicke-erben.de

Dec 2014 – Dec 2023 · 9 yrs · Berlin Area, Germany

• Within Scope's market leading alternative investments team, I contributed my expertise over nine years in the following areas:
• rating of asset managers in real assets (especially real estate, renewables, private equity & VC, transportation), debt funds, alternative credit, liquid alternatives and structured products/certificates
• participation in on-site management interviews of asset managers
• participation in rating committees (including in the capacity as Chair)
• production of rating reports and sector research
• carrying out of investor, issuer and arranger outreach, presenting and explaining Scope’s analytical approach
• selection of recipients of the annual Scope Awards
• Scope is the leading European provider of independent credit ratings, ESG analysis and fund research. Scope offers an alternative view to the North American rating agencies in the assessment of financial and non-financial risks and ESG impacts across a wide range of asset classes. Its growth strategy is focused on ensuring institutional investors have fast and easy access to accurate, comprehensive and timely analysis and ratings through innovative platforms and products. The firm has more than 300 employees across Europe in its offices in Berlin, Frankfurt, London, Madrid, Milan, Oslo and Paris.

Jan 2011 – Present · 15 yrs 2 mos · Charlottesville, Virginia, USA · Hybrid

• I have been increasingly involved in supporting the CFA Program through regular volunteer and consulting work for the CFA Institute, Charlottesville, VA since 2011.
• In 2023, I received the much coveted Donald L. Tuttle Award for excellence in the CFA program Level 3 grading process. Since 2013, I have participated in 20 consecutive grading sessions, acting as team captain 👨‍✈️ in recent years.
• CFA Institute is the premier global association for investment management professionals. Since its founding over 75 years ago, CFA Institute has been committed to developing and upholding professional excellence in the global investment community.

Jan 2011 – Jan 2012 · 1 yr · Berlin Area, Germany

• Setting up origination & client services in the newly opened Berlin office.
• SCDM offers a leading web-based risk monitoring and cashflow analytics tool (ABSGate® / Cascade®) for clients involved in structured credit products, placing a particular emphasis on transparency, versatility, accuracy & timeliness.
• Clients of the firm come from a wide range of business areas such as banking, asset management, alternative investments, insurance, accounting, risk management advisory and news providers.
• The company was subsequently purchased by Frankfurt School of Finance & Management before being acquired by Moody's.

Jul 2009 – Nov 2014 · 5 yrs 4 mos · Berlin Area, Germany

• Provision of:
• consultant services in the areas of structured credit / fixed income, asset manager evaluation & selection and global alternative investments.
• expert witness services, particularly in cases relating to the fallout from the financial crisis (CDOs, ABS, structured finance securities, investment vehicles).
• Mandates included:
• Landesbank Berlin AG, Berlin, advisory work in relation to the launch of a capital guaranteed credit fund / structured product, 2009
• SCDM GmbH, Berlin, see separate entry, 2011-2012
• T.R.U.ST. GmbH (tax advisory and audit services, established in 1989), Berlin, provided investment expertise to voluntary disclosure leading to tax amnesty mandates, 2013-2014
• CFA Institute, Charlottesville, VA, USA, see separate entry, since 2011 and ongoing

Jan 2004 – Jan 2009 · 5 yrs · London Area, United Kingdom

• One of six founding partners of the now defunct London-based absolute return credit fund manager which specialized in the investment grade and crossover space across sovereign, corporate, ABS and financial institution exposures. Backed by Kaupthing Bank, the largest Icelandic bank at the time.
• € 8 billion of assets under discretionary and advisory management for institutional investors and a total staff of over 30 at the peak in 2008.
• Co-Head of Structured Credit investments.
• Lead PM of two CDO of ABS, New Bond Street CDO 1 & 2, USD 1 billion each.
• Co-Manager of New Bond Street Diversified Credit Strategies, a €600 million Dublin-based absolute return credit hedge fund (invested in corporate CDS/indices, ABS, CLOs).

Jan 2003 – Jan 2004 · 1 yr · London, United Kingdom

• In charge of distributing credit products (structured credit products such as CDOs, CLOs, CSOs / CDS / bonds) to institutional clients in Germany, Austria and Luxembourg. Covered over 100 accounts. Clients were banks, insurance companies, pension funds and asset managers.

Jan 2002 – Jan 2002 · 0 mo

Jan 2000 – Jan 2002 · 2 yrs

Jan 1998 – Jan 2000 · 2 yrs

Jan 2002 – Jan 2003 · 1 yr · London, United Kingdom

• Managed a large structured credit portfolio (in excess of € 6 billion) for the bank's treasury book and ABCP conduits.
• The bank was one of the first and most significant structured credit investors in Europe with a sizeable ABS staff in three locations (Berlin, London, Dublin).

Jan 1997 – Jan 1997 · 0 mo

Jan 1994 – Jan 1998 · 4 yrs

• Worked part-time as sponsored student in Private Banking, Wealth Management, Securities Advisory

Jan 1993 – Jan 1994 · 1 yr

Jan 1993 – Jan 1993 · 0 mo

Jan 1991 – Jan 1993 · 2 yrs

Jan 1996 – Jan 1997 · 1 yr · Greater New York City Area