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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 initiatives developed and executed by dedicated sub-committees. For the 2020 membership year, the following sub-committees are actively pursuing the goals set by the Board at our AGM in October 2019: Disclosure & Transparency Committee, Diversity & Inclusion Committee, Engagement Committee, ESG Committee, Loan Investor Committee.

Participation on our sub-committees is open to any individual working within an ELFA member firm. For more information about ELFA membership, contact Sabrina Fox, Executive Advisor, at sfox@elfainvestors.com.


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.

Alex Kay, Chair of the Board

Alex is a finance partner based in London, and part of the business restructuring and insolvency team.  Alex represents distressed buy side investors and bondholder committees in complex cross border restructurings, assisting his clients in all aspects of a transaction from initial contingency planning and investment analysis, to implementation and management of complex workouts.

Executive Committee

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. 

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. He has held these roles since joining AXA IM in 2015. 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, being ranked 1st by Institutional Investor and Euromoney amongst others in 2003, 2004 and 2006. 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.

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.

Emma Norman

Emma is a Senior Legal Counsel at Invesco, providing investments legal support to various Fixed Income teams in EMEA, including those investing in leveraged loans and high yield bonds. Prior to working at Invesco, Emma was a Senior Associate within the Restructuring & Insolvency practice at Freshfields, where she acted for both debtors and creditors in relation to financially distressed issuers across numerous sectors and jurisdictions. Emma holds an LLB(e) in Law with French Law from The London School of Economics and has over 10 years of legal experience.

Malin Hedman

Malin is the co-head of the European industry research team at Bain Capital Credit and the chairwoman of the ELFA ESG committee. She has been at Bain Capital Credit for c 5 years and before that was a credit analyst at Cairn Capital. She started her career as a research analyst at J.P.Morgan, has 13 years of financial markets experience and a MSc from the Stockholm School of Economics.

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.

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.

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.

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