Pedro de Noronha

Founder & Managing Partner

Pedro is a Value investor with expertise in integrating into portfolios both the strong macro view and rigorous risk management framework necessary to succeed in today's volatile markets. 

Pedro began his career in 2000 as an M&A analyst at Merrill Lynch’s London office. Following his promotion to associate, he was hired by the JP Morgan’s Proprietary Positioning team in London, an independent business unit that reported directly to JPM’s Board of Directors, deploying the bank’s own capital through multi-asset investments. Pedro specialized mainly in risk arbitrage and special situations in Europe. He was promoted to Portfolio Manager at the age of 27, managing a portfolio in excess of $1 billion.

After achieving significant outperformance in 2007 despite the meltdown in financial markets, Pedro decided to venture out on his own, launching Noster Capital in early 2008. A central thesis in this first year of the funds was Pedro’s accurate prediction of the 2008 crash, leading to substantial outperformance through a strategy similar to those portrayed in the film “The Big Short”. This success was repeated in 2011 with a thesis that correctly anticipated the 2011 Eurozone crisis, and in the last couple of years, with a thesis that correctly foresaw the potential of Bitcoin and the advent of inflation. 

Pedro was a regular guest-host of CNBC’s Squawk Box Europe and of CNBC’s Worldwide Exchange between 2011 to 2015 and received several awards during that time, including Financial News (a Dow Jones company) Top 40 under 40 in Hedge Funds in 2011 and 2012, Financial News Top 100 under 40 (Rising Stars in Finance), and Eurohedge Awards Runner-up in 2011 in the Emerging Manager Category. Pedro is also an avid surfer who in 1993 won a world international Junior championship as part of the Portuguese National Surf Team.

Pedro sits on the board of Conservatorio, a real estate developer focused on mixed-use, mixed-income projects in Panamá, Guatemala, and Honduras with a $500 million development pipeline. Conservatorio’s model of sustainable urban revitalisation has been the subject of case studies by the MIT Center for Real Estate and Oxford University’s Said Business School.

Jack Bradley

Partner & Head of Research

Jack joined Noster in 2014 as an analyst and was eventually promoted to head of equity research and valuation, investment monitoring, and idea generation across a broad geographical and market-cap investment universe. He began his career in finance at Oldfield Partners as an intern where he assisted the investment team with research.

Jack joined Noster after sending Pedro a case study via email to introduce him to a company he found interesting. The email and the analysis were so well-drafted that Pedro gave him a 15 minutes interview, which eventually became 8 years of successful partnership that continues to this day.

Diego Tremiterra

Junior Portfolio Manager

Diego holds Junior Portfolio Manager responsibilities, having moved to Malta in 2020 to launch the Alpha Constant Fund. Diego supports the team with the research and trading of new investment ideas and opportunities.

He began his career in the Equities Division at Goldman Sachs in London, where he focused on Long-Only and Hedge Funds institutions covering European and US markets.

Following that, in 2017, Diego was headhunted to join Sonder People, a Portuguese start-up, to manage the expansion of the business to Spain, managing a team of 18. In 2019, he joined the Strategy team at Real Vision, co-managing a Series C capital raise at a +$100 million valuation where he was promoted to lead the Strategic Business Development efforts for the business.

Vasco Ramos Colaço

Member of Investment Committee

Vasco joined Noster in May 2023 as a Member of the Investment Committee. He has been based in Dubai for more than 7 years, focusing on private wealth services, corporate structuring, and project financing in the EMEA region.

Prior to joining Noster, Vasco worked as a Private Banker at BTA Wealth Management, managing a portfolio of High Net Worth Individuals, as well as held the position of Head of Commercial at Tagus Consulting. In these roles, he advised several high-net-worth individuals and families on how to best structure operational and non-operational assets to preserve family governance; he designed and implemented succession plans; and advised on asset allocation strategies.

Andrew Sutherland

VP of Operations

Andrew, as VP of Operations, is responsible for Noster Capital's middle office, keeping a smooth operation by ensuring that investors, the investment team, and service providers have the right systems in place to collaborate and interact efficiently. 

After a short stint in advertising production between London and San Francisco, Andrew began his career in finance as part of the Anti Money Laundering team for Newton Investment Management (a boutique owned by BNY Mellon) focusing on supporting high net worth individual investors with onboarding and background checks.

Michael Johnson

Operations & Strategy Manager

Michael helps Andrew in all matters related to the well-functioning of fund operations.

Michael started his career at Deloitte in 2013, where he spent almost five years auditing companies that operate within the financial services industry, predominantly major investment managers, fund administrators, and custodians.

In 2018, Michael was recruited to become the Chief Financial Officer of M&RK Advocates, a Maltese law firm that focused on helping international investors open new businesses in Malta.

Prior to Noster, Michael founded a consultancy, management, and financial reporting service provider that worked with a number of tech start-ups and investment management companies.   

Beyond Noster, Michael plays football to a professional standard in the Maltese Premier League, and occasionally for the Maltese national team.