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Who We Are

ELFA is a trade association comprised of European leveraged finance investors that seeks to create a more transparent, efficient, and resilient leveraged finance market while acting as the voice of its investor community.

To that end, our diverse forum of investors engages with other industry professionals in order to educate and to promote best practices and transparency.

ELFA works to establish and enhance industry best practices primarily by promoting education and advocating for increased market transparency.  We pursue these aims through multiple initiatives, which include:

      • Committees, working groups, and roundtables
      • Conferences and events
      • Member-only conference calls
      • Newsletters and topical reports
      • Legal resources


Sabrina Fox, Executive Advisor


Sabrina is a recognised expert in the European leveraged finance market focused on increasing transparency, improving disclosure standards, and educating market participants on the importance of lender protections in documentation. Most recently, Sabrina was Head of European High Yield Research for Covenant Review. Prior to that, she was Counsel with DLA Piper in London.

Paul Clews, Chair of the Board

Paul is a highly experienced leveraged finance professional with more than 15 years of experience in the European market. Most recently, he was a partner in the London office of White & Case LLP, specialising in high yield debt. Prior to that, Paul was a Director in the European Leveraged Finance Group at Barclays. Paul is a practising attorney admitted in New York.

Executive Committee

Tatjana Greil Castro, PhD

Tatjana is a portfolio manager at Muzinich & Co. Tatjana joined Muzinich in 2007 from Metlife Investments, where she served as an Associate Director of the Higher Return Unit. Prior to that she worked as a Senior Portfolio Manager in European High Yield for Fortis Investments and as a portfolio manager and credit analyst at Legal & General Investment Management. She has a Ph.D. from the London School of Economics, a Masters from the Kiel Institute of World Economics in Germany and an M.Sc/B.S. in Economics from the University of Vienna.

Mark Wade

Mark heads up the Industrials and Utilities Credit Research group for the Global Fixed Income team at Allianz Global Investors.  Mark has been an industrials analyst for 25 years in both buy and sell side roles and currently has coverage of telecoms and basic industries in both investment grade and high yield.   Mark is a member of Allianz Global Investors’ Global ESG Committee, as well as co-heading a workstream in the firm’s inclusivity and diversity initiatives.

Mitch Reznick, CFA

Mitch is Co-head of Credit at Hermes Investment Management, where he joined in February 2010 as Head of Credit Research.  Prior to this he was Co-Head of Credit Research for the global credit and hybrids team at Fortis Investments in Paris and in London.  Before this he worked as an associate analyst in the leveraged finance group at Moody’s Investors Service in New York.

Clark Nicholls

Clark is a Senior Portfolio Manager within the EU and Global High Yield team in fixed income, responsible for managing core high yield portfolios. In addition, he is also Head of European High Yield research. Prior to AXA IM, Clark was Managing Director, Head of High Yield research for Spread Research. Preceding that, Clark held similar roles at Credit Suisse and Société Générale where he worked for five and four years respectively. Clark holds a Master’s degree in Business Administration with a specialisation in Finance from Australian Business School, NSW University. Additionally, Clark hold a Bachelor’s degree with a distinction average Marketing major from Charles Sturt University.

Gavin McKeown

Gavin is a Senior Credit Analyst of the Emerging Markets Fixed Income team at Amundi Asset Management, based in Dublin.  Prior to joining the Emerging Market Credit team in July 2017, Gavin was a senior member of the former Emerging Markets and European High Yield team. He joined Amundi Asset Management (previously Pioneer Investments) in 2008 from Alliance Bernstein in London where he was a member of the Global High Yield Credit Research team. Previously he worked with the Assurance and Business Advisory division of PricewaterhouseCoopers. Gavin is a qualified Chartered Accountant (FCA) and holds a Professional Diploma in Accountancy from Dublin City University and an honours degree in Economics (BA) from University College Dublin.

Craig Abouchar

Craig is a lead portfolio manager for Barings European High Yield Bond business  and is responsible for the portfolio management of numerous strategies. Prior to joining the firm in 2016, Craig was Co-CEO, Europe of Castle Hill Asset Management. Prior to Castle Hill, he was a portfolio manager at Ignis Investment Management. Craig earned a B.B.A. in Finance from Emory University and an M.B.A in Finance and International Business from Columbia University and served as a Lieutenant in the US Navy.

Peter Aspbury

Peter Aspbury is JP Morgan Asset Management’s lead portfolio manager for European high yield. Prior to joining the firm in 2010, Peter was the head of High Yield Research at European Credit Management.  Peter holds a B.A. in history from Middlebury College, a M.Sc. in European Studies from the London School of Economics and an M.B.A. from Cornell University's Johnson School.

Peter Carroll

Peter Carroll is a portfolio manager within the Global Convertible Bond team at Susquehanna International Group (SIG) responsible for investing in High Yield and Distressed Debt situations in Europe at their European headquarters in Dublin. Prior to that, Peter has held a number of roles at SIG, including leading the European Research Team and running a long/short fundamental equity strategy focused on Consumer, HPC and Luxury Equities, before moving to the credit team as an analyst on the European Convertible bond desk in 2006. Peter joined SIG in 2001 from KPMG where he worked at the Financial Services Division. Peter is a qualified Chartered Accountant (FCA) and holds a Bachelor Degree in Business/Accounting Finance from the University of Limerick.

Andrew Griffiths

Andrew Griffiths is Co-Head of Global Credit Research at Janus Henderson Investors, a position he has held since 2017. Previously, Andrew was head of credit research at Henderson from 2012. He worked at Insight Investment, where he served as senior credit analyst, from 2010 to 2012. Earlier, he had credit analyst roles at UBS, PIMCO Europe, Deutsche Bank, Dresdner Kleinwort Wasserstein, Hambros, and Westdeutsche Landesbank. He began his career at the National Westminster Bank. Andrew graduated with a BA degree (Hons) in French and German from the University of Salford, Manchester. He has 25 years of financial industry experience. 

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