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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.

Our team

Dr. Niclas Sandström

CEO of Hilbert Group
  • Niclas set up all the infrastructure (operational and legal) around the Hilbert quantitative digital asset trading strategy. He subsequently co-founded Hilbert in 2018.
  • Niclas has a Ph.D in Theoretical Physics from Chalmers University in Gothenburg, Sweden.
  • Before co-founding Hilbert, Niclas spent 14 years in quantitative modelling, programming and risk management in FX, interest rates and credit, mostly recently at Finisterre Capital, the Emerging Market fixed income hedge fund (2011-2018).
  • Holdings in the Company: 7,967,534 shares (1,180,250 A-shares and 6,787,284 B-shares) through companies

Dr. Magnus Holm

Chief Investment Officer
  • 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.
  • Holdings in the Company: 9,809,520 shares (1,684,300 A-shares and 8,125,220 B-shares) through companies

Sylvana Sciberras

Chief Financial Officer
  • Former head of Finance for Finisterre Capital in Malta
  • 15+ years of Accounting Experience
  • Bachelor of Accountancy

Gijs Burgers

Chief Operating Officer
  • 10+ years of experience as a strategy and innovation consultant for various globally operating banks, pension funds and payment related companies like ING, APG and Western Union.
  • Initiated Amsterdam Fintech Institute (AFI) and co-founded several successful start-ups in the blockchain space (amongst which the company Onramper)
  • 2 master degrees in Public Administration and International Public Policy from the Erasmus University Rotterdam and Tilburg University.

Richard Murray

CEO of Hilbert Capital / Asset Management
  • Richard previously worked with Hilbert co-founder Dr. Sandstrom at Finisterre Capital, where he was Head of Business Development.
  • 18 years’ experience developing business and investment solutions at some of the world’s leading hedge funds. This includes Cevian Capital (Europe’s largest activist hedge fund) and Brevan Howard (the world’s largest macro hedge fund, at the time).
  • Partnered with several former Brevan Howard colleagues to develop Hilbert’s investment solutions and client base globally.

Dr. Hans-Peter Bermin

Chief Risk Officer
  • 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).
  • Holdings in the Company: 1,531,385 shares (419,050 A-shares and 1,112,335 B-shares) through companies
Mark Adams - Hilbert Group CLO

Mark Adams

Chief Legal Officer
  • 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.

Mikael Viggander

Portfolio Manager

Javier Hernandez

Head of Business Development APAC

Carla Domingo

Finance Manager

Viking Johansson

Project Manager
  • 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)

Paul Crean

Senior advisor

Equity Partner

  • Trader, Portfolio Manager and Chief Investment Officer with 40 years of experience in Financial Markets.
  • Previously managed capital for investors such as: Goldman Sachs, Blackstone, Citibank, UBS, New York State, AXA, Generali, XL Group, Prisma, Principal Life Insurance, Nippon Life, IKEA, SEB, and Ericsson.
  • Co-founded Finisterre Capital, sold his stake in 2017 to Principal Global Investors.

Dr. Thierry Pudet

Senior advisor

Ph.D. in Computer Science
Equity Partner

  • 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.

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.

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 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 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%


HAYVN is a digital asset focused financial institution delivering Payments, Trading, Custody, Asset Management and Research to their global client base. Especially within the Middle Eastern region, Abu-Dhabi based Hayvn is one of the most prominent and fastest growing options for professional traders and institutions.

Hilbert Group sees the potential in Hayvn mainly for its complete vision on how to provide trading infrastructures and for the great potential there still is within the markets that Hayvn mainly targets. Hilbert Group also sees potential to connect Hayvn’s infrastructure to Hilbert Group’s investment products in the future.

  • Invested since: October  2021
  • Stake: 2.7%

Research and Insights

The Geometry of Risk Adjustments

ABSTRACT – In this paper we present a geometric approach to portfolio theory, with the aim to explain the geometrical principles behind risk adjusted returns; in particular Jensen’s alpha. We find that while the alpha/beta approach has severe limitations (especially in higher dimensions), only minor conceptual modifications are needed to complete the picture. However, these…

Leverage and risk relativity: how to beat an index

ABSTRACT In this paper we show that risk associated with leverage is fundamentally relative to an arbitrary choice of reference asset or portfolio. We characterize leverage risk as a drawdown risk measure relative to the chosen reference asset. We further prove that the growth optimal Kelly portfolio is the only portfolio for which the relative…

Kelly trading and option pricing

ABSTRACT In this paper we show that a Kelly trader is indifferent to trade the derivative if and only if the no-arbitrage price is uniquely given by the minimal martingale measure no-arbitrage price, thus providing a natural selection mechanism for option pricing in incomplete markets. We also show that the unique Kelly indifference price results…

Kelly Trading and Market Equilibrium

ABSTRACT We show that the Kelly framework is the natural multi-period extension of the one-period mean-variance model of Markowitz. Any allocation on the instantaneous Kelly efficient frontier can be reached by trading in the bank account and a particular mutual fund consisting of risky assets only. However, different to the mean-variance model there is an…

Featured appearances

Niclas Sandström (CEO) quoted by Coindesk on Ethereum Merge

Online news and information platform CoinDesk recently published an article covering the impact of the recent Ethereum merge. Hilbert’s Niclas Sandström is quoted in the article alongside many other prominent figures of the crypto world such as Ethereum co-founder Anthony Di Iorio and Genesis head of derivatives Joshua Lim.   “In many ways Ethereum is already…

Alternatives Watch publishes op-ed about volatility harvesting

Alternatives Watch is a daily news platform that covers the rapidly evolving world of alternative investments geared toward institutional investors. They recently published an op-ed on the topic of volatility harvesting written by Hilbert’s Richard Murray, Niclas Sandström and Magnus Holm. Excerpt from the article: “Cryptocurrencies are the most ideal asset market to implement volatility… interviews Hilbert Group’s CEO on market correlations, a website that covers news and analysis on global markets, published an article on the growing correlation between traditional financial markets and crypto markets. Hilbert Group’s CEO was interviewed on the topic: “The baseline correlation is bound to go up when the asset class matures (…) Nevertheless, cryptocurrencies continue to exhibit periods of lower…

Reuters reports: Richard Murray joins Hilbert Capital as CEO

Global newsprovider Reuters published an article on the fact that Cevian’s Richard Murray is joining Hilbert Group to become the CEO of the asset management branch Hilbert Capital. The article goes into more detail on how Richard’s appointment will help channel the increased attention from institutional investors for the digital asset space. Read the whole…


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Insights and research

Read our latest publications.