Adepa Adepa

Our people

Empowering Our Clients Through Our People’s Expertise

Our people is the cornerstone of our success, blending creativity, strategic thinking, and in-depth financial expertise. We cultivate trust with our clients by delivering innovative solutions tailored to their needs, while upholding the highest standards of professionalism and integrity. Through a collective commitment to excellence, we continue to push boundaries and shape the future of the financial services industry.

Adepa Global Services Group

Board of Directors

Carlos Alberto Morales

Carlos Alberto Morales

CEO & Director

Carlos Alberto Morales

Phillipe Beckers

Director

Jean Nöel Lequeue

Director

Teresa Múgica Murga

Director

Romain Muller

Romain Muller

Director

Sergio Plaza Repiso

Director

Adepa Global Services Group

Committee of Executive Management

Carlos Alberto Morales

Carlos Alberto Morales

CEO & Director

Alessandro d’Ercole

Deputy CEO & Global Head of Business Development

Francisco García Figueroa

Francisco García Figueroa

Global Head of Legal & Compliance

Cristobal Oraa Gil

CFO

José Ángel Recio

José Ángel Recio

Global Head of IT

Alireza Sahraei

COO & Global Head of Investor Services

Daniele Tresoldi

Daniele Tresoldi

Global Head of Fund Administration

Managers of our Headquarters and Subsidiaries

Meet the key individuals who drive success and innovation across our entire network. Their leadership and expertise play a crucial role in achieving our strategic objectives and delivering outstanding results for our clients and stakeholders.

Francisco García Figueroa

Luxembourg

Francisco García Figueroa

Country Head

Spain

Alex Bardaji

Country Head

Italy

Alessandro d’Ercole

Country Head

Pedro Becerra

Chile

Pedro Becerra

Country Head

Adepa Asset Management S.A.

Conducting Officers’
Committee

Francisco García Figueroa

Francisco García Figueroa

Conducting Officer

Rosa Lopez Perez

Rosa López Pérez

Conducting Officer

Sergio Romero

Conducting Officer

Daniele Tresoldi

Daniele Tresoldi

Global Head of Fund Administration

Martina Vallendar

Martina Vallendar

Conducting Officer

Adepa Asset Servicing Luxembourg S.A.

Authorized Managers

Frederic Collot

Nicolas Montagne

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Carlos Alberto Morales

CEO. Director of Adepa Global Services Group S.à r.l. and Adepa Asset Management S.A.

Carlos joined Adepa in 1997 and developed Adepa’s operations from scratch in Luxembourg in 2006 to a renowned market player outside the country’s borders. His experience has been built after having undertaken responsibilities in administration, investment management and marketing activities.

 

Carlos is today overseeing and shaping the group’s development strategy, in Luxembourg and abroad, developing key business relationships and key client accounts.

Philippe Beckers

Director of Adepa Global Services Group S.à r.l. & Adepa Asset Servicing Luxembourg S.A.

He joined the Board of Adepa AM in 2013. Beforehand, Mr. Beckers had Executive positions in International management and IT consultancy companies. He was also COO in 2 private banks in Switzerland. He has extensive experiences in IT, Fund Operations, Risk Management and detailed knowledge of both the Luxembourger and Swiss investment fund jurisdictions.

 

As an independent Director, Mr. Beckers is member of several Boards of Fund Asset Managers and Fund Management Companies both in Luxembourg and Switzerland.

Jean Noël Lequeue

Director Adepa Global Services Group S.à r.l. & Adepa Asset Management S.A.

Jean Noël is the President of the Luxembourg Association of Compliance Officers (Association Luxembourgeoise des Compliance Officers – ALCO), he also sits on a number of committees: Comité des Obligations Professionnelles with the ABBL, Comité de prévention AML/FTF, Comité de Gouvernance d’entreprise, comité consultatif anti blanchiment (the anti-money-laundering consultative committee), and others.

 

After qualifying as an engineer on completion of long and brilliant studies, his carrer is built around the banking sector, first he joined to Banque de Bruxelles, where he was responsible for IT projects, then in 1977 to Crédit Communal de Belgique, one of the two banks that founded Dexia in 1996. In the course of three decades with the bank, Jean-Noël Lequeue has worked in many areas, from IT to the Chief Compliance Officer role created for him, not forgetting research, purchasing, marketing, general inspection and the management committee.

Teresa Múgica Murga

Director of Adepa Global Services Group S.à r.l.

Secretary of the Board of Directors, of the Joint Audit and Risk Committee, of the Appointments and Remuneration Committee and of the Sustainable and Governance Committee of Banco Inversis, S.A. Secretary of the Board of Directors of Inversis Gestión S.G.I.I.C. Responsible for Legal Advice and ESG matters of Grupo Inversis. Director of the Manager of the General Investment Guarantee Fund, S.A. on behalf of Inversis Gestión S.G.I.I.C. From 2000 to 2006 he worked at LANDWELL (PricewaterhouseCoopers Tax & Legal Services), in the Legal and Regulatory area, as associate. Previously, he worked in the Legal Department of ELF ANTAR France.

Romain Muller

Director of Adepa Global Services Group S.à r.l.

Romain has worked in the investment fund industry for more than 20 years and has broad experience in international business development and distribution related to investment funds. He has built up his experience in companies such as KNEIP Communication, as well as CCLUX (now Fundsquare) and Standard & Poor’s in Paris where he held Managing Director roles.

 

Romain is specialized through the pan-European investment fund market, mainly with a client delivery approach and with a business development focus. He is also an independent director covering the requirement of physical presence in Luxembourg and global supervision.

Sergio Plaza Repiso

Director of Adepa Global Services Group S.à r.l.

Chief Financial Officer of Banco Inversis S.A and Member of the following Committees: Steering Committee, Product, Assets and Liabilities, Expense Coordination Committee and Credit Risk Admission. He participes directly in the Board of Directors and the Audit and Risk Committee and direct dialogue with regulatory bodies.

 

Founding member of the Bank in 2000, he has contributed to making Inversis today a leader in the provision of comprehensive investment services to financial institutions, insurance companies and other players in the distribution of investment products.

 

He is involved at the highest level in the execution of the Group’s corporate transactions.

Alessandro D’Ercole

Deputy CEO, Global Head of Business Development and member of the Executive Committee of Adepa Asset Management S.A., Director of Adepa Global Services Italy & Adepa Corporate & Trust Sàrl

Alessandro spent the first five years of his career in audit first in Italy and then in Luxembourg, before joining an international asset management company. Since he joined Adepa group in July 2009, he has been instrumental in developing the current client base internationally as well as the service offering of Adepa Asset Management. He is today particularly closely overseeing the business development of the Group as well as the operations in Milan, Italy.

Francisco Garcia Figueroa

Global Head of Legal & Compliance, Head of Luxembourg, Member of the Executive Committee of Adepa Global Services Group S.à r.l. and Conducting Officer of Adepa Asset Management S.A.

Francisco joined ADEPA in 2016. Previously he had over four years of experience in TMF Luxembourg, where he was the supervisor of the Legal Department of the structured finances unit. Before moving to Luxembourg he had over 11 years of experience as in-house legal counsel in leading organizations in Spain, including Inditex.

Cristobal Oraa Gil

Chief Financial Officer, Member of the Executive Committee of Adepa Global Services Group S.à r.l.

Cristobal brings over 10 years of experience in financial auditing and reporting across multinational and national environments. Specializing in audits under Spanish and Internation Financial Reporting Standards, Cristobal has worked closely with international teams, providing advisory on internal controls, budget analysis, and business plans to ensure accurate financial oversight and tailored client solutions.

José Ángel Recio

Global Head of IT, Member of the Executive Committee of Adepa Global Services Group S.à r.l.

José Ángel holds a degree in Telecommunications Engineering and has worked in IT since the beginning of his career, primarily within the financial sector. He has held several roles, including CTO. Additionally, he has been involved in digital signature projects (PKI) and participated in EU-funded initiatives. Later, he transitioned to venture capital, serving as an IT advisor for investment funds.

 

In 2015, José Ángel joined ADEPA as Head of IT. Since then, he has contributed to various IT areas, including infrastructure management and evolution, software development, and addressing regulatory and compliance challenges.

Alireza Sahraei

COO & Global Head of Investor Services, Member of the Executive Committee of Adepa Global Services Group S.à r.l.

Alireza, a trained engineer with a strong focus on process and technology improvement, brings extensive experience in asset management operations across various fields. Currently leading Adepa’s Investor Services division, Alireza is dedicated to advancing the division and driving it toward a more digitalized and efficient future, ensuring top-tier service for clients.

Daniele Tresoldi

Global Head of Fund Administration, Member of the Executive Committee of Adepa Global Services Group S.à r.l.

Graduating from Bocconi University in 2003 with a specialization in Finance, Daniele began a career in consultancy at Deloitte, focusing on derivative and fixed-income valuation during IAS39 implementation. He later held leadership roles in securities pricing at ICCREA Group and BNP Paribas. Since joining Adepa in 2016, Daniele has driven valuation enhancements and led the Securities Services Department, heading the valuation function with specialization in alternative assets.

Alex Bardaji

Country Head of Spain

Alex joined Adepa in 2006 as a Fund Manager in Spain. In 2009, he relocated to Adepa’s Luxembourg office, where he led the Investment Department and later advanced to Head of Operations. In 2014, Alex left Adepa to establish a proxy advisory firm in Spain, which was successfully sold to a leading industry player in 2021. In 2023, Alex rejoined Adepa as Country Head for Spain.

Pedro Becerra

Country Head of Chile

Pedro joined Adepa in 2021 and works as Head of NAV CENTER Chile.

 

Prior to joining Adepa, Pedro was Deputy Operations Manager at PICTON AGF, between 2017 and 2021. Previously, he was Head of Mutual Funds in Principal AGF.

 

Pedro holds a degree in Civil Engineering from Universidad de Chile and a Master of Finance from the same University.”

Rosa López Pérez

Head of Risk Management, Conducting Officer of Adepa Asset Management S.A.

Rosa is a professional financial executive with 25 years of experience in the banking and asset management sectors in Luxembourg. During her extensive professional experience in several key positions, she has been in charge of implementing a global risk management and investment compliance framework for UCITS and AIFs.

Sergio Romero

Business Development Senior Manager, Conducting Officer of Adepa Asset Management S.A.

Sergio Romero is a finance professional with 20 years of experience in asset management and treasury operations. He holds a degree in Business Administration from Universidad María Cristina in Madrid and has expertise in structured products, OTC derivatives, fixed income, and proprietary portfolio management. His experience covers private and institutional banking, including servicing funds and managing liquid and illiquid assets.
Since 2018, Sergio has been with Adepa Asset Management Luxembourg, focusing on business development and structuring EU-regulated investment vehicles for international asset managers. Before this, he held key roles at Société Générale, Banco Inversis, and Andbank, specializing in treasury and asset management services.

Martina Vallendar

Global Head of Investment Management, Conducting Officer of Adepa Asset Management S.A.

Martina joined Adepa Asset Management in 2018 and is heading Adepa’s Management Company’s and AIFM’s investment management team. Since November 2024, she is Conducting Officer Investment Management and is responsible for the organization of the portfolio management function according to CSSF 18/698.

Martina is member of the group’s Investment Committee and has proven knowledge in managing portfolios with a wide range of different asset classes and strategies as she has nearly 20 years’ experience as Portfolio Manager and Fund Industry Professional in Luxembourg.

Prior to joining Adepa, she holds Senior Portfolio Manager positions at LBBW Luxembourg S.A. and YCAP Asset Management (Europe) where she was managing liquid/illiquid investments and funds. Martina is graduated from the University of Trier as Diplom-Kauffrau with a diploma in Business Administration.

Frederic Collot

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Nicolas Montagne

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