Lorenzo Vangelisti

Lorenzo is Co-founder, Partner and CEO of Valeur Group. He has more than twenty years’ experience in banking and finance, acquired in major financial centres worldwide. Lorenzo started his career in 1996 in the Private Banking division at Credit Suisse, Switzerland. In 2007, he relocated to London to work in their Investment Banking division. As Director of the Fixed Income and Equity Derivatives Team, he was responsible for covering institutional clients in Italy, Switzerland and Monaco. Lorenzo is a CFA Charterholder and has been awarded the Swiss Certified Banking Specialist Certificate from Centro di Studi Bancari (Vezia).

Profilo LinkedIn

Massimiliano Cattaneo

Massimiliano is Director of Valeur Concept and works as Architect in the real estate and interior design sectors. Massimiliano has more than twenty years’ experience and is the founder of ARCA srl. He holds a degree in Architecture from Politecnico di Milano, and is registered with the Association of Architects in Milan and Canton Ticino.

Profilo LinkedIn

Aleksandra Kozlica

Aleksandra is the Director of Indaco Sicav-Sif funds and Anteo Sicav-UCITS funds. Aleksandra is responsible for the structuring of collective and dedicated investment funds for institutional and private clients. Before Valeur, she worked in the private equity sector. Aleksandra holds an International Baccalaureate Diploma from United World College of the Adriatic, and a Bachelor’s and Master’s Degree in Economics and Finance from Bocconi University. Aleksandra also attended courses in financial derivatives at the London School of Economics and at Plekhanov University International Business School. In 2018, she initiated a second Bachelor’s degree in Law at Bocconi University.

Profilo LinkedIn

Alessandro Noceti

Alessandro is Director of Valeur Capital and Valeur Securities and is the Head of Distribution. He started his career at Credit Suisse London in the Fixed Income and Equity Derivatives Team, where as Director he was responsible for the institutional clients in Italy. Alessandro holds a Bachelor’s Degree in Economics from Modena e Reggio Emilia University, and a Master’s Degree in Business Administration from ESCP Europe.

Profilo LinkedIn

Roberto Ostinelli

Roberto is Director of Valeur and Portfolio Manager. He has twenty years of experience in finance. Roberto started his career in 1992 at UBS. Until 2006 he worked for Banco di Lugano and was responsible for discretionary mandates. From 2007 to 2009, at Julius Baer Lugano, he was in charge of special mandates. Roberto was awarded the Diploma in Banking in 2003 and has several financial certifications: CIIA (Certified International Investment Analyst), CIWM (Certified International Wealth Manager) and CAIA (Chartered Alternative Investment Analyst).

Profilo LinkedIn

Claudio Vangelisti

Claudio is Director of Valeur, Valeur Securities and Valeur Concept, and is the Chief Operating Officer of the Group. He started his career in the Wealth Management division of UBS Lugano in 2003. After six years, he moved to Credit Suisse where he worked in the External Asset Managers division, as Relationship Manager EAM. Later, Claudio moved to the Private Banking “Ultra High Net Worth Individual” division of the same bank, and was directly responsible for a portfolio of elite clients.

Profilo LinkedIn

Elena Aruanno

Elena is the Risk Manager of the Group. She started her career in a family office in Lugano as an investment advisor for discretionary mandates. Elena holds a Bachelor Degree in Business Economics. She also obtained a Master of Science in Quantitative Finance with a major in Statistics and Insurance Products at University of Perugia and she is a CFA Charterholder. She was also a junior researcher at Baffi Center Research of Luigi Bocconi University in Milan. During her academic experience, she was a teaching assistant for the course of the Economics of Financial Intermediaries which covered financial products, derivatives and structured products.

Profilo LinkedIn

Francesco Battaglia

Francesco is a surveyor who provides assistance during the construction phase. After receiving his diploma in 2009, he joined the Milan board of surveyors in 2013, after which he worked for a prestigious engineering firm in Milan. His duties included managing client needs, from the initial estimates and planning stages to computing the value of completed projects.

Profilo LinkedIn

Jacopo Bini

Jacopo is a Trader who started his career in 2000 at Prometeo Investment Services, a fixed income brokerage firm which focused on the Italian market. In 2007, Jacopo moved to Auriga Global Investors in Madrid, where he worked in the Fixed Income desk with a focus on the Spanish market. He was responsible for managing Italian, French, Austrian and American institutional clients. Jacopo graduated in International Business at Franklin University.

Profilo LinkedIn

Mattia Botta

Mattia is responsible for the Distribution of investment solutions to institutional Clients. He started his career at EFG Financial and later moved to Tradition Group where he worked in the division for the distribution of structured products in Switzerland. Mattia holds a Degree in Banking and Finance from Zürich University.

Profilo LinkedIn

Stefano Chiodini

Stefano is a Portfolio Manager. He started his career in the Wealth Management division at UBS, with a focus on Italian clients. Stefano graduated in Political Science in 2007 at Bologna University. In 2010 he earned a double Master’s degree in Economics and International Politics at Università della Svizzera Italiana, in conjunction with Catholic University of the Sacred Heart of Milan, and he is a CFA Charterholder.

Profilo LinkedIn

Andrea Coia

Andrea is a Structured Products Specialist. Prior to joining Valeur, he started his career in Deutsche Asset & Wealth Management (DWS Group) in Milan, as an ETF/ETC Sales Support for Southern Europe. Andrea holds a Bachelor of Science in Business Administration from Università degli Studi della Tuscia in Viterbo, and a Master of Science in Finance from Bocconi University in Milan.

Profilo LinkedIn

Damiano Cutri

Damiano is a Portfolio Manager. Prior to joining Valeur, he started his career in Iason Ltd in Milan as a junior consultant, where he was in charge of risk management projects for a leading Italian bank. Damiano holds a Bachelor’s degree in Economics and Finance and a Master of Science in Finance from Bocconi University in Milan, where he also worked as a research assistant for the Department of Finance and for the BAFFI CAREFIN Research Centre.

Profilo LinkedIn

Paul Greco

Paul is responsible for the Distribution of investment solutions to institutional Clients. He started his career at UBS Wealth Management and at the Investment Banking division of HSBC. Prior to joining Valeur, he worked for Tradition Group as a Cross-Asset Derivatives Sales in Spain, France and Switzerland. Paul holds a Master of Science in Finance from EDHEC Business School.

Profilo LinkedIn

Eda Kozlica

Eda is the HR Manager of the Group. After obtaining the International Baccalaureate Diploma, Eda received a Bachelor’s degree in Psychology at the Université Paris Descartes and a Master’s Degree in Clinical Psychology at the Università Cattolica del Sacro Cuore in Milan where she also obtained authorization to practice the profession of psychologist. Eda is fluent in Italian, English, French, Hungarian and Serbian.

Profilo LinkedIn

Gabriele Leandri

Gabriele is Technical Assistant to the Architect. Gabriele obtained the engineering Degree at Politecnico di Milano. In 2012, he gained the international certification for Revit software from Autodesk and is now a qualified teacher of Revit. Gabriele is also specialised in 3D modelling with Rhinoceros, 3D Studio Max, and Lumion software.

Profilo LinkedIn

Andrea Macchi

Andrea is a Portfolio Manager. He worked in the Fixed Income Sales department at Royal Bank of Scotland in Milan for four years; then reprised the same role for six years at Deutsche Bank in Zurich, with a focus on distribution of illiquid bonds and structured products. Andrea holds a Bachelor’s Degree in Economics and a Master’s of Science Degree in Finance from Bocconi University.

Profilo LinkedIn

Nicola Mauri

Nicola is the Chief Investment Officer of Valeur Group. Nicola has more than 13 years’ experience in equity and hybrids derivatives and holds a Master of Science in Financial Markets from Bocconi university in Milan. Prior to joining Valeur, Nicola held Executive Director position in Goldman Sachs as derivatives strategist for equity & hybrids and systematic strategies. In this period he specialized in portfolio optimization and hedging solutions for European institutional clients setting-up various successful funds and investment products based on derivative and systematic strategies of major European groups. Nicola previously held similar roles in J.P.Morgan and UBS.

Profilo LinkedIn

Marco Mattachini

Marco is a Portfolio Manager. He started his career in Valeur as an investment advisor for discretionary mandates. Before joining Valeur, he worked in the Private Banking division of Credit Suisse in Italy. Marco holds a Bachelor’s Degree in Economics with a major in finance. He also completed a Master of Science in International Finance at London South Bank University.

Profilo LinkedIn

Simone Poli

Simone is a Product Specialist. Before joining Valeur Capital, he started his career in Milan at Euromobiliare Asset Management SGR and Euromobiliare Advisory Sim, both part of the Credem Group. Simone holds a bachelor’s degree in Business Administration and a master’s degree in Management from Bocconi University.

Profilo LinkedIn

Matteo Stucchi

Matteo is the Compliance Officer of the Group. After studying law at the Universities of Zurich and Lausanne, he began his career in a well-established auditing and consulting firm in Ticino, where he dealt with statutory audits in the commercial sector, before focusing on consulting and auditing in the financial sector (internal audit and compliance for banking institutions, asset managers and independent wealth managers). After 12 years he moved to the banking sector, holding the position of Legal & Compliance Officer at PKB Privatbank for 4 years. Matteo holds a diploma in Control and Internal Audit from AIIA in Milan and the CAS in Compliance in Financial Services from Centro Studi Villa Negroni / University of Geneva and St. Gallen. He is currently in the third year of his Master in Advanced Studies in Economic Law and Business Crime at SUPSI.

Paola Tavella

Paola is the Administration Officer of the Group. She started her career as a marketing manager in the film industry in Milan. Later, Paola worked in the bid-office at Christie’s auction house. Paola is currently studying Economics, Culture, and Arts at Bocconi University.

Profilo LinkedIn

Ron Zeltzer

Ron is a Portfolio Manager. Prior to joining Valeur, he has been working for 15 years at ISP Group, analyzing and trading CLOs in the secondary and primary markets. Ron started his career at UBS specializing in structured products. Ron earned his LLB in law and business at the Hebrew University in Jerusalem and holds an executive MBA from INSEAD. He is a member of the Israel Bar Association and a CFA Charterholder.



The disclaimer is composed of:
1 – Group description
2 – Disclaimer for Valeur Group, Valeur SA, Valeur Securities SA and Valeur Concept SA
3 – Privacy policy

“Valeur Group”* comprises five independent companies:

– Valeur Securities SA – Switzerland
– Valeur SA – Switzerland
– Valeur Concept SA – Switzerland
– Valeur Capital Ltd – United Kingdom

The current “Group” structure has been in operation since 2016. From 2009 to 2015 Valeur had a different company and group structure.

General information
By accessing this website www.valeur-group.com (hereafter “Site”), you explicitly declare that you have read, understood and accepted the following important legal information concerning both the Site and any material and/or information contained therein. In case of non-acceptance of the following legal information, please do not access the Site and its pages.

Limited access and geographical restrictions
This Site has a purely informative purpose for the existing clients of the various companies belonging to the so-called “Valeur Group”. In particular, the information that directly or indirectly refers to the Swiss companies Valeur SA, Valeur Securities SA and Valeur Concept SA, is addressed exclusively to natural and legal persons, as well as to partnerships and collective entities, with domicile or registered office in Switzerland. In this context, the use of the English language is only intended as an aid for our (non-Italian speaking) foreign current and prospective clients domiciled or residing in Switzerland. The Italian language is used because the aforementioned Swiss companies are active in Switzerland – especially in the Canton of Ticino-, where the Italian language is one of the official languages. The use of the Italian language cannot in any way be interpreted as an element of connection with the Republic of Italy or as an indication that the activity of the said companies is aimed at the Italian market.

More generally, please note that this Site, as a whole or in each of its contents, is not addressed to legal or natural persons who, by virtue of their nationality, type of person, domicile or residence, registered office or for any other reason are subject to a legal system that prohibits or limits access thereto, consultation, availability or publication thereof, the presentation of financial services or the marketing of certain financial products.
Restrictions on investment funds and structured products
The Site may contain information that refers directly or indirectly to structured products, as well as to the collective investment schemes that are registered in different jurisdictions and that are only accessible to persons resident in countries that allow the distribution of such types of collective investment schemes: persons who do not meet these requirements cannot access the content of this information. In particular, the aforementioned information is intended exclusively for qualified investors pursuant to Art. 10 Para. 3, 3bis and 3ter of the Swiss Federal Collective Investment Schemes Act (CISA) and for independent asset managers as defined in Art. 3 Para. 2 lit. c CISA with country of residence in Switzerland. The information on the aforementioned products contained in this Site may only be accessible to – and is addressed only to – such category of investors and may not be publicly distributed. Accordingly, persons who do not fully comply with the above conditions may not access the content of such information.

No offer and no recommendation
The content of the Site (information, opinion, as well as data or any document) is for informational purposes only and in no case constitutes an opinion (legal, fiscal or other type of opinion), an invitation, an offer, a recommendation or an inducement to buy or to sell, to apply for or to subscribe to securities, financial instruments, financial or investment products or services, nor a persuasion to effect transactions. Before you make any decision relating to investments, we recommend that you consult with your advisor.

Exclusion of liability
We decline, without limitation, any liability for losses and/or damages of any nature – whether direct, indirect or consequential – possibly arising from the use and/or access to the Site and its contents, or from links that lead to third party websites.

No reliance
Every care has been taken in preparing the content of the Site; however, no guarantee can be given regarding the correctness, accuracy, completeness, reliability or update of the proposed contents. These contents may be changed at any time, and without notice and there is no obligation to remove information that is no longer up to date from the Site or to explicitly identify it as such.

Link to other websites
No verification is carried out on the websites of third-party providers linked to the Site and therefore we decline any responsibility for the relative contents and for any services offered therein.

Sensitive data
The Site does not collect and does not intend to collect sensitive personal data (such as data concerning political opinions, religious beliefs, health or sex life). To the extent that such data should be collected, your consent will be requested in advance. Please note that if you provide sensitive unsolicited personal data, you consent to the same being used.

The content of the Site is covered by copyright: it is therefore not permitted to reproduce (partially or in full), transmit (electronically or otherwise), modify or use the Site, or the content of the same, for any public or commercial purpose without our prior written consent.

Applicable law and place of jurisdiction
Any dispute concerning the use of the Site shall be subject to the Swiss law, which shall exclusively govern the interpretation, application, and effect of all the conditions set out above. The courts of Lugano shall have exclusive jurisdiction over all claims or disputes arising out of or in connection with the Site and its use.
Shareholder Rights Directive (applies to Valeur Capital Ltd)
The Firm has developed an engagement policy with respect to obligations under the Shareholder Rights Directive and will in due course publish in full an appropriate disclosure regarding its policy, related processes, and engagement with investee companies (as per FCA rules at COBS 2.2B.5 R).

I confirm that I have read, understood and accepted all the statements presented in this page, in particular the restrictions concerning the domicile and/or the place of business as well as the limitations pertaining  the investment funds and the structured products, and I declare my intent to access to the contents of the Site at my own exclusive initiative, without having been solicited in any way.


This policy
This policy sets out what personal data we might collect, how we process and protect that data, the lawful grounds for that processing, and your related rights.  Essentially ‘personal data’ means any information relating to an identified or identifiable natural person, namely one who can be identified, directly or indirectly from that information alone or in conjunction with other information. In most cases, the lawful ground will be that the processing: (i) is necessary for our legitimate interests in carrying out our business, including to raise and invest the funds / maintain, improve and market our products and services, provided those interests are not outweighed by your rights and interests (‘Legitimate Interests’), (ii) is necessary to perform a contract with you (‘Contract’), or (iii) is necessary to comply with our legal obligations (‘Legal Obligation’). Where processing is based on your consent (‘Consent’), we will identify the processing purposes and provide you with relevant information to make the processing fair and transparent.

As data protection law and practice are constantly developing, we’ll need to update this policy from time to time, which we’ll do by posting a new policy on the Website that takes effect from the date stated.  It is your responsibility to return to the Website from time to time and check for changes.
How Do We Obtain Personal Data?
We collect or are provided personal data in the normal course of business, for example:

– you may provide us with your details during discussions about investing in our fund or our fund investing in your business/buying our products or services,
– when you visit the Website, we may collect information about your visit such as your IP address and the pages you visited,
– you may provide us with your details when you ask about our funds or other Services (through the Website, by email or otherwise) and we may obtain legally-compliant lists of potential customers for our funds or other Services for our marketing purposes.
When you provide us with personal data about yourself or another person, you are confirming to us that you are authorised to provide us with that information and that any personal data you give us is accurate and up-to-date.
Sensitive Personal Data
Given the nature of our business, we do not ask for ‘sensitive’ or ‘special categories of personal data’, such as information about your health, political opinions, racial origins or sexual life and we would ask you not to send any to us.

How do we use personal data?
We use personal data in the normal course of our business, for example:

– To respond to enquiries about the funds and other Services, to provide the Websites and Services, to provide advice and support. Lawful basis: Legitimate Interests or Contract.
– To analyze and improve the Website, the funds and other Services, for example for technical or security purposes and to improve the customer experience. Lawful basis: Legitimate Interests, however where for example applicable law requires your consent to use certain cookies, we will ask for your Consent having provided you with relevant information.
– To market our fund(s) and other Services – if we do so, we will provide you with an easy and free way to opt-out of receiving such communications in the future. Lawful basis: Legitimate Interests (or Consent as above).
– To investigate opportunities and make investments by the fund(s).
– In certain circumstances, to share it with a limited number of third parties as described in this policy, for example for operational requirements and business continuity purposes. Lawful basis: most processing will be based on Legitimate Interests, some processing is based on Contract and, where necessary (as above) some processing may be based on your prior Consent.
Sharing Data & International Transfers
We will not give, sell or rent your personal data to third parties so they can market their services to you. Nor do we accept advertising from third parties on the Website.  We may share personal data in the following limited circumstances.

– For provision of the Services, and for our own disaster recovery and business continuity purposes, we may store or transmit personal data to or through third party providers, such as with our contractors and advisors to help us operate, secure and analyze our business. Lawful basis: Legitimate Interests or Contract.
– We may be obliged to disclose your personal data to comply with a law, order or request of a court, government authority, other competent legal or regulatory authority or any applicable code of practice or guideline. Lawful basis: Legal Obligation.
– If we enter negotiations with a third party for the sale or purchase of all or part of our business, we will only disclose personal data to that third party to the extent it relates to that business and only under conditions of confidentiality requiring the third party to be bound by the privacy policy that applies to that data. Lawful basis: Legitimate Interests.
In each case, we share the minimum personal data necessary and we have written contracts in place incorporating relevant wording to safeguard that personal data and comply with applicable laws, and we will only share such data as is necessary for the purpose in question.  Where possible, we keep personal data within the European Economic Area (‘EEA’).  However, in order to carry out the above purposes, we may use third parties and their facilities outside the EEA.  In all such cases we will ensure that appropriate security measures are in place to protect your personal data and a valid legal basis for the transfer applies.
Our Website uses cookies and/or similar technologies.  Please review our Cookie Policy which is part of (and incorporated into) this Privacy Policy for more information, including on how to refuse or selectively accept cookies and/or similar technologies.

As a default position, we will only retain personal data for any statutory retention period, then a reasonable period (if any) necessary for the above purposes.  This is subject, for example, to any valid opt-out or withdrawal of consent where processing is based on consent, or other valid exercise of your data subject rights which is effected.

The security of data is very important to our business.  In accordance with our legal obligations, we take appropriate technical and organizational measures to protect your personal data and keep those measures under review.  However, we can only be responsible for systems that we control, and we would note that the internet itself is not inherently a secure environment.

Anonymized data
We may create anonymised data from personal data, and any anonymisation would be carried out in accordance with applicable law as well as relevant guidelines from regulators such as the UK Information Commissioner (‘UK ICO’).  Anonymisation may, for example, be achieved by aggregating data to the point that no individual can be identified such as aggregating website use statistics to see which web content is working well and which could be improved.  Anonymised data does not allow for the identification of any individual person and, as it is no longer personal data, neither data protection laws nor this Privacy Policy would apply to such data.

Third Party Services
If you access the services of another provider through our websites or services, for example through a link on the Website, your use of those services is entirely at your risk and governed by the terms and privacy policy of that third party provider.  If we resell a service delivered or provided by a third party (‘Third Party Service’), including any software that is delivered or owned by a third party (‘Third Party Software’), it is that third party’s separate privacy policy that will apply to your personal data and your use of the Third Party Service and Third Party Software. Your use of a Third Party Service is not covered by this Privacy Policy. Please therefore review the privacy policy for any Third Party Service and Third Party Software before using it.

Your rights
You have the right to know if we process any personal data about you and, if we are, with certain limitations, to a copy of that personal data.  You also have the right to ask us to remove or correct any of that personal data that is inaccurate, to object to certain processing and to withdraw any consent you may have given us for any processing of your personal data.  You also have the right to ask us to restrict processing certain of your personal data, to erase your personal data, and to ‘port’ certain of your personal data to you or another provider, provided in each case that we have such data and certain conditions are met. You have the right, at any time, to object to the processing of your personal data for direct marketing.

Contact Us
If you’ve any question you can always contact us at the address above or by email to privacy@valeur.eu.  You have the right, at all times, to notify a complaint to any regulator such as the UK Information Commissioner, although we would welcome the opportunity to discuss and resolve any complaint with you first.