Hilbert is a tech-enabled investment company operated by experienced professionals
Hilbert Group is an investment company which specialises in quantitative, algorithmic trading strategies in digital asset markets. Hilbert’s primary activity is the asset management of its algorithmic, quantitative trading funds.
Hilbert has a team of experienced quants with significant trading, algo-programming and risk experience, who are supported by an experienced team of professionals with both institutional tradfi but also fintech backgrounds.
Board of Directors

Erik Nerpin
Chairman of the board since 2021.
Education: Jur kand from Uppsala University, Master of Law LL.M from Boston University.
Current assignments: Advokat (Member of Swedish Bar) and founder and board member of Advokatfirman Nerpin. Chairman of the Board of Wicket Gaming AB, Blasieholmen Investment Group Equity AB, Blasieholmen Investment Group Seed AB, Diamyd Medical AB, and Kancera AB. Member of the Board of Effnetplattformen Holding AB, Blasieholmen Investment Group AB, Ittot AB, EffNet AB, Naihsadrak AB, Identity Devices Sweden Holding AB, Neovici Holding AB, Sallisac AB and Kancera Förvaltning AB.
Previous assignment (last five years): Chairman of the Board of Pila Pharma AB. Member of the Board of Freemelt Holding AB, Klaria AB, Effnetplattformen AB, Frill Holding AB (publ), Axolot Solutions Holding AB, Aligera AB, Nicoccino Holding AB, Hitech & Development Wireless Sweden Holding AB, Klaria Pharma Holding AB, Svenska Aerogel Holding AB, Otirol Art AB, Karessa Pharma Holding AB, Nenarg AB, Karessa Pharma AB, ISR Immune System Regulation Holding AB, Hudya AB, Divio Holding AB, GoldBlue AB (publ), CasinoWilds Holding AB, Axxonen Holding AB and NORD Nordic Retail & Distribution Holding AB.

Steen Jakobsen
Member of the board since 2025.
Steen Jakobsen is a seasoned economist and investment strategist with more than 30 years of experience in global financial markets. He served as Chief Investment Officer at Saxo Bank from 2000 until April 2024, where he was instrumental in transforming the institution from a regional broker into a global leader with more than 1.2 million clients. During his tenure, Jakobsen established Saxo Bank’s reputation for cutting-edge research and insightful market commentary, founding the bank’s influential Outrageous Predictions series and building the well-respected Saxo Strats team. He regularly appeared as a guest on CNBC and Bloomberg, providing expert analysis on macroeconomic trends, asset allocation, and political risk.

Stuart Connolly
- Member of the board since 2023.
Independence: Independent non-executive director in relation to the company, senior management, and the company’s major shareholders.
Education: MA in Economics at the University of Glasgow.
Current assignments: Director of Hilbert, Director of AC Holding Ltd, Director of AL Forty International Ltd, CIO DeusX Capital, CEO Alpha Lab 40.
Previous assignments(last five years): Chief investment Officer of Deus X Capital, Co-Founder and Chief Executive Officer of AlphaLab40, Non-Executive Director, Operating Committee Member of Hayvn, Non-Executive Director of Hilbert Group, Investor with Red Acre Ventures, Chief Operating Officer of Oceanwood Capital Management, FX Derivatives and Financing at BlueCrest Capital Management.

David Butler
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Member of the board since 2021.
Independence: Independent non-executive director in relation to the company, senior management, and the company’s major shareholders.
Education: Chartered Accountant Australia and New Zealand (CAANZ).
Current assignments: Member of the Board and founder of Green Day Advisors (Malta) Limited and Green Day Advisors Limited. Member of the Board of Alanda Capital Holdings Ltd, Alanda Cap Man (Malta) Ltd, Andurand Capital Management Ltd, Apex Corp. & Adv. (Malta) Ltd, Dominion FS Malta Ltd, East One Alpha Fund, East Values Fund, FMG (Malta) Limited, Falcon Money Management Holding Ltd, Falcon Money Management (Malta) Ltd, Galbraith’s SS (Malta) Ltd, Galbraith’s Overseas Holding Ltd, Galbraith’s Ltd, HC Holding Limited, HC Advisors Limited, Hilbert Capital Ltd, Hilbert Digital Asset Fund, Heptagon Capital Limited, Hellas Chartering Ltd, J.Stern & Co (Holdings) Ltd, J. Stern & Co. Ltd, King’s Court Capital Fund, Level E Capital, SICAV Plc, Mesa Fund SA SICAV, Noster Capital Holdings Ltd, Noster Capital Management Ltd, Noster Alpha Constant Fund, Scipion Capital (UK) Ltd, Scipion African Opp Fund, Scipion Active Impact Fund, Star Rights Ltd, Throgmorton UK Limited, Vitesse Capital Limited and Vitesse Holdings Limited.
Previous assignment (last five years): Member of the board of ACPI Inv. Ltd, AndurandCSL, ApexFSHold, ApexFSMalta, DominionFSSwitz, MaltaCapMan.

Russell Thompson
- 30+ years Finance & Trading. Ran Pan-Asia Trading for AIG, and ran desks for HSBC Hong Kong, and Midland Montagu.
- Founder / Owner The Cambridge Strategy, USD $3.5B AUM in emerging markets strategies.
- Firm attained top 1% of returns for Investment Management firms for the past 10 years.
Board of Advisors

Lars Seier Christensen
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35+ years in Finance & Trading. Began career in London in 1988 in foreign exchange and derivatives.
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Co-Founder & Co-CEO, Saxo Bank (1992–2016). Built it into a global multi-asset trading and investment platform serving private clients, institutions, and white-label partners.
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Oversaw 20+ years of growth before selling remaining stake in 2018 to Geely Holdings and Sampo.
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Founder / Owner, Seier Capital. Private family office with combined assets of ~USD $400M. Invested broadly with strong focus on blockchain and compliance-ready solutions.
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Founder, Concordium Blockchain (2018–present). Layer-one protocol with built-in ID framework, balancing privacy and accountability for enterprises and regulators.

Frode Foss-Skiftesvik
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Board Member, Hilbert Group (since 2021). Independent non-executive director providing strategic oversight and governance.
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Current Roles: Chairman of the Board & CEO of QCG Capital Ltd and Fitzroy Capital Ltd; Board member of multiple entities including QCG General Partner S.A.R.L., Fitzroy Trading Ltd, Fitzroy Norge AS, LRD Latchi Regeneration and Development Ltd, LCFS Properties Ltd, REGN Datacenters AS, Sogn Datasenter AS, GenKap Limited, Hilbert Capital Ltd, and Gulen Invest AS.
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Previous Roles (last 5 years): Board member of Tue Eiendom AS, Gimle Eiendom AS, Finisterre Holdings Ltd, Finisterre Malta Ltd, and Finisterre Capital LLP.
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Holds an MBA, Thunderbird School of Global Management and a BA in Business Organisation, Heriot-Watt University.
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Shareholder in the company with 5,022,099 shares (3,264,800 A-shares and 1,757,299 B-shares).
Executive Team

Dr. Magnus Holm
- Magnus initially programmed and implemented the Hilbert algorithmic quantitative digital asset trading strategy in April 2017. He subsequently co-founded Hilbert in 2018.
- Magnus has a Ph.D. in Theoretical Physics from Chalmers University in Gothenburg, Sweden.
- Before co-founding Hilbert, Magnus spent 15 years programming, modelling and trading. Magnus has developed and implemented algorithmic trading techniques (based on fundamental financial models like Game Theory and Kelly Trading) across sports-betting markets (including poker, where he was the Swedish Poker Champion), listed equity and derivatives markets and crypto-currency markets.

Dr. Niclas Sandström
- Niclas co-founded Hilbert in 2018.
- Before co-founding Hilbert, Niclas spent 14 years in quantitative modelling, programming and risk management in FX, interest rates and credit, with Credit Suisse First Boston, Barclays Capital, and most recently at Finisterre Capital, the Emerging Market fixed income hedge fund (2011-2018).
- Niclas has a Ph.D. in Theoretical Physics from Chalmers University in Gothenburg, Sweden.
- Holdings in the Company: 8,122,207 shares (1,180,250 A-shares and 6,941,957 B-shares) and 500,000 stock options through companies

Russell Thompson
- 30+ years Finance & Trading. Ran Pan-Asia Trading for AIG, and ran desks for HSBC Hong Kong, and Midland Montagu.
- Founder / Owner The Cambridge Strategy, USD $3.5B AUM in emerging markets strategies.
- Firm attained top 1% of returns for Investment Management firms for the past 10 years.

Barnali Biswal
- Barnali has over 2 decades of experience in successfully trading risk-managed sizable portfolios for institutional investors globally.
- Barnali previously worked as Managing Director of Goldman Sachs running its high-yield credit trading business ($1bn+ portfolio).
- The past 3 years she worked as Chief Investment Officer for quantitative multi-strategy crypto hedge fund Atitlan in London.

Anna Dinescu
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15+ years in Project Management across top-tier multinationals, fintech startups, and investment companies.
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Specialist in Business Development & Fund-Raising for VCs, hedge funds, and family offices, with a focus on fintech, blockchain, digital assets, and alternative asset portfolios.
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Extensive experience bridging investment strategy, operations, and innovation within financial and technology sectors.

Tom Bowles
- Financial Quantitative Expert, with 25 years experience in top-tier hedge funds, asset management and family offices in London, New York and Monaco with AUM from $1bn to $30bn.
- Specialised in quantitative and machine learning, with a PhD from Oxford in mathematical forecasting.
- Successful entrepreneur track record, building three MedTech companies with strong +$1bn exits.

Sylvana Sciberras
- Sylvana has 20 years of experience in hedge funds and financial services.
- She previously held roles as Head of Finance, General Manager, and Compliance Officer for the hedge-fund Finisterre Capital.
- Sylvana is an accredited Auditor and has spent over a decade with Deloitte in senior roles; whereby she was also entrusted with the operations of the Audit Department.
- Sylvana holds a Bachelor of Accountancy (Hons)and a Bachelor of Commerce from the University of Malta.
- Holdings: 140,000 stock options.

Mark Adams
- Over a decade of legal experience as a lawyer, director and legal representative at various market leading firms
- Former Head of Legal at William Hill International where Mark was part of the senior leadership team and responsible for a large team of globally operating legal staff. In this capacity Mark was a board member, legal representative and company secretary for multiple entities within the group.
Hilbert Capital Team

Ashley Moore
- Ashley has 25 years of experience managing & trading equity, fixed income, fx and commodity derivatives in London, Hong Kong, Singapore and Tokyo
- Ashley has deep knowledge of digital assets and the custody of those assets through his experience with Copper.co
- Trusted advisor to Hedge Funds, Trust Companies, Law & Accounting firms on digital assets and blockchain

Sofia Koo
- Sofia is a financial industry veteran with over 20 years of experience at institutions including Blackstone, Apollo Global Management, Credit Suisse and TCW.
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Prior to joining Hilbert Capital, she held a position at Tradecraft Capital, where she focused on digital assets.
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She brings deep expertise in financial markets, liquidity and risk management, operations and investment strategies.
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Sofia holds a B.A. in Communications from West Texas A&M University.

Justyna Korfanty
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15+ years in Business Intelligence, Digital Marketing & Product Development. Worked globally with hedge funds, accelerators, tech startups & media (Founders Forum, SpaceKnow, Argus, Investor List) on product development, UX design and go-to-market execution.
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Consultant / Team Member, Hilbert Capital. Previously Head of Marketing & Communications, LibertyRoad Capital – a crypto asset manager focused on BTC & ETH yield strategies.
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Expertise across data strategy, digital product development, prototyping, web & mobile UX, branding, and digital marketing strategy.
- Academic background: MBA, AGH University of Science and Technology; Diploma DESS CAAE, Institute of Business Administration Lille; BA in Marketing & Advertising.

Viking Johansson
- B.Sc. in Accounting and Finance
- Junior position at Carlyle Aviation Partners (<1 year)
- Trained and served in the Swedish Armed Forces in a Signals Intelligence unit
- Service Manager at SEB bank managing customer relations (3+ years)

Brett Paton
- 30 years of software engineering experience for major financial institutions including Credit Suisse, Deutsche Bank, Enron, Merrill Lynch, Mizuho, Societe Generale and UBS.
- Specialising in front office real-time trading and risk management application development.
- Built software company to manage complex structured CDO products used by Aladdin Capital, Eaton Vance and UBS Wealth Management.

Dr. Thierry Pudet
- Ph.D. in Computer Science
- Worked along side Nobel Prize Winners Myron Scholes and Bob Merton at LTCM to develop and implement a proprietary trading and risk management system.
- Ex. Head of Risk Europe for Structured Products Goldman Sachs London.
- Ex. Chief Risk Officer Citadel Investment Group London.
- Ex. Chief Risk Officer of Finisterre Capital.

Dr. Hans-Peter Bermin
- Hans-Peter joined Hilbert in 2019.
- Hans-Peter has a Ph.D in Mathematical Finance form Lund University.
- Before joining Hilbert, Hans-Peter was Head of Interest Rates Modelling at Morgan Stanley (2012-2016) and JPMorgan (2006-2012). He started his career at WestLB.(2001-2005) and has more recently acted as senior part time consultant at Capula (2020-2021).

Nick Yannakoyorgos
- Nick joined Hilbert in 2023.
- Before joining Hilbert, Nick was at JPMorgan, where he spent 23 years and was Executive Director and Senior Quant Developer in the interest rates / FX / credit derivatives division. Nick worked closely with Hilbert’s Chief Risk Officer, Dr. Hans-Peter Bermin, for 6 years during his time there.
- Nick has a degree in Electrical Engineering from Manchester University and a Masters in Computing.

Marc Conlon
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Chartered Accountant (CA(SA)) with 5+ years of experience in finance.
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3+ years in external audit at Deloitte across South Africa and Bermuda, specializing in financial services.
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Audit focus on asset managers (traditional and hedge funds), listed funds, and insurance entities; senior roles included leading audits of multi-billion-dollar asset managers and complex financial instruments.
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Finance oversight for DAOs, Foundations, and digital asset protocols across L1s, L2s, and DeFi ecosystems out of the Cayman Islands, including some of the world’s largest protocols.
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Holds a Bachelor of Business Science in Finance (Hons.) with Accounting and a Postgraduate Diploma in Accounting from the University of Cape Town.

Olivia Hudson
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Olivia is a Chartered Accountant (CA(SA)), qualified in South Africa
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She has over 3 years of experience in external audit at BDO LLP in London, specializing in financial services.
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During her time in London, she focused on audits of asset managers, listed investment funds, and FCA-regulated entities
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She has worked with early-stage crypto businesses and gained exposure to digital asset structures
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She holds a Business Science Finance with Accounting and Postgraduate Diploma in Accounting from the University of Cape Town

Belen Campos

Our story
Hilbert was co-founded in 2018 by Dr. Magnus Holm and Dr. Niclas Sandström to continue the implementation of Caerus, the volatility harvesting algorithm which they programmed together in 2016.
Hilbert’s primary activity is asset management of algorithmic trading strategies. This is enhanced by three related activities:
- Hilbert Technologies – investments in blockchain technologies
- Hilbert Proprietary Trading – incubation of trading strategies
- Hilbert Data and Analytics – market data and onchain analytics
Hilbert advances through continuous R&D, investment and implementation.
Mathematician David Hilbert was an important influence on both Dr. Sandström’s and Dr. Holm’s doctorate work on theoretical physics at Chalmers University of Technology, Sweden, where they first met in 1995. The Hilbert logo is inspired by the so called “Hilbert Curve”, a mathematical concept first described by David Hilbert.
Our equity investments
Hilbert Group invests in blockchain/crypto technologies and companies that build value within this space. The goal of these investments is to generate strong capital appreciation, but also to gain access to technologies and people that are relevant to the further growth of Hilbert Group.
Coin360
Coin360 is one of the biggest global websites for insights into aggregate data for cryptocurrency related topics. This includes prices, returns, trading volumes, exchange volumes, etc. Coin360 has on average more than 3 million unique visitors per month, making it one of the top ranked websites worldwide for finding crypto related data.
Hilbert Group sees the potential in Coin360 mainly in expansion of its functionalities for its growing user base, and in further expansion of existing and into new revenue models. Hilbert Group also sees potential in the data and analytics available through Coin360 to be used for (algorithmic) trading.
- Invested since: July 2021
- Stake: 60%
CapChap
CapChap is a self-service SaaS tool which helps companies manage corporate actions and share transactions – secured with blockchain technology through the Chromia blockchain. CapChap operates the automated platform for handling and documenting the most common corporate law formalities and transactions like selling/buying shares in non-listed companies.
Hilbert Group sees potential in using the power of blockchain technology to automate corporate processes, lower legal costs and increase transparency. The potential market is huge, as this is a globally felt problem within companies of any size, but especially large corporates.
- Investment since: April 2022
- Stake: 5.7%