Senior Team

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HEAD OF TRADING

Masanori epitomizes the purist proprietary trader, with almost two decades of institutional trading experience, identifying every nuance of every listed company in each market in which he participates. Naturally, Masanori began his career on the proprietary trading desks of Citi and Barclays Capital for a combined six years, managing event-driven strategies in mergers and acquisitions, index rebalancing, and fundamental long/short equities. Masanori then became Senior Portfolio Manager at hedge fund Horizon Asset for five years, where he managed five Investment Analysts, with a time-averaged gross exposure of c. USD 1 billion. Masanori then joined Mizuho, where he was a founding member of the Investment Department, leading Mizuho’s venture capital investments and the investment bank's financial technology accelerator program. Masanori holds a Bachelor's degree in Chemistry from the University of Tokyo.

HEAD OF RESEARCH

Stephen has an innate ability in the art of exploiting asymmetric information, often in unconventional methodologies, specializing in event-driven and special situations portfolio management. Stephen was most recently Head of Private Capital Markets at Mizuho, an initiative he spearheaded with Mizuho's CEO. Before Mizuho, Stephen worked as a proprietary trader at Credit Suisse for three years. Stephen's rise to street eminence occurred at LIM Advisors, where he was the portfolio manager of LIM Advisors's special situations fund for six years, the top performing fund at the firm during his tenure. Stephen started his career as an investment banking analyst at Goldman Sachs and subsequently an investment analyst at Och-Ziff Capital Management (now Sculptor). Stephen holds a Bachelor of Arts from the College of Social Studies in Wesleyan University, where he graduated with University Honors.

REPRESENTATIVE OF 18 SALISBURY CAPITAL JAPAN · HEAD OF CAPITAL MARKETS AND FINANCING · INVESTMENT PROFESSIONAL

Terufumi carries three decades of professional experience in financial services. Wearing multiple hats, Terufumi not only founded and manages the Tokyo research office, including as an Investment Professional, but is also Head of Capital Markets and Financing. Terufumi was instrumental in 18 Salisbury Capital's international expansion to Japan, a market around which much of the hedge fund's trading revolves. Before 18 Salisbury Capital, which Terufumi joined shortly after inception, Terufumi was Executive Director at Mizuho in Global Markets, commencing in 2014. And before Mizuho, Terufumi was Vice President at J.P. Morgan in Equity Swaps and Equity Finance Trading between 2006 and 2014. Terufumi began his career as an accounting specialist at Mitsubishi Heavy Industries before transitioning to a procurement specialist at Tyco.

HEAD OF OPERATIONS · COO-ELECT

Andy is an established hedge fund operations professional with a decade of buy-side and sell-side professional experience. Andy's experience encompasses running teams in addition to setting up and managing operational infrastructure. An early joiner of 18 Salisbury Capital, Andy is responsible for the entirety of the firm's middle office and back office workflows. Andy was Head of Operations at hedge funds Legends Asset Management and MacroValue Investors for a combined six years. Andy began his career as an Operations Analyst at hedge fund OP Investment Management for four years before joining State Street as Senior Associate. Andy, while employed in high finance, obtained a Master of Finance in Investment Management from the Hong Kong Polytechnic University. After Michael Gibson's departure to the private equity firm ZQ Capital in 2024, Andy is due for promotion to COO. Andy attended Leeds Beckett University for a Bachelor of Arts in Business and Management.