Thoughtful, patient investing.
Our Firm
Our FirmMarathon Asset Management, operating as Marathon-London in North America and Japan, is an independent, privately owned investment management firm based in London. Founded in 1986, Marathon has successfully applied longer-term and often contrarian strategies in its investments around the globe on behalf of its institutional client base.
Marathon offers clients access to a variety of equity strategies spanning regional, international and global markets, all managed under its distinctive Capital Cycle Philosophy.
Institutional clients can access Marathon’s capabilities through separately managed accounts or, in certain jurisdictions and for selected strategies, commingled vehicles. Although Marathon does not, itself, offer US mutual funds, we do act as subadvisor to such funds provided by trusted partners, offering access to selected strategies.
If you are interested in learning more about Marathon and what we may be able to do for you, please contact us.
Our Culture
Our CultureMarathon seeks to meet our clients' performance expectations, and thereby retain long-standing institutional relationships; and to retain Marathon's investment-centric culture built upon the tenets of individual accountability and alpha generation.
Marathon's investment culture is characterised by intellectual curiosity, eclecticism and non-consensus decision-making.
The firm has been structured to align firm and client objectives, including a long-term investment horizon and a focus on performance rather than asset gathering. The investment team’s remuneration is based on long-term performance relative to the benchmark. Product proliferation is avoided to stay focussed on a narrow range of strategies.
Furthermore, the capital cycle approach, uncommon in the investment world, is not bound by style or market cap restrictions which leads to a stimulating and independent investment environment in which portfolio managers have the intellectual freedom to invest widely across all industries.
The Purpose, Vision and Values statement codifies Marathon's corporate goals and behaviours for clients, staff, and all stakeholders in our firm. The statement also reflects the need to ensure that our business and staff exhibit the right attributes to help deliver good conduct leading to positive, client-centric outcomes.
Marathon’s approach to management is based on a multi-counsellor model; under this approach each portfolio manager conducts their own research and is completely accountable for the management of their own allocation.
Client portfolios are typically constructed by combining several portfolio manager allocations together in set proportions to form regional and multi-regional portfolios (though certain regions and the Global Opportunities product are “single manager”). The base proportion of each region that is allocated to each regional manager is a decision taken by the board under advice from the senior investment team members.
Our People
Our PeopleInvestment Team Member Details
Robert Anstey
Portfolio Manager, North America
Robert joined Marathon in January 2014 and is responsible for US small and mid-cap and Canadian equities within Global and International portfolios. He is a member of Marathon’s Partners Group. Prior to Marathon, Robert worked at Hermes Fund Managers for 12 years latterly as Head of US equities, leading a team of four managing the Hermes US small and mid-cap equity strategy.
Robert holds an M.A. from the University of Cambridge and is a CFA charterholder.
William Arah
Co-founder and Portfolio Manager, Japan
William (Bill) is a co-founder of Marathon and has been a Portfolio Manager of Marathon's Japanese equities since 1987. Bill is a Director of the company and sits on the Board. He is also a member of Marathon’s Partners Group. He has worked in the investment management industry since 1982.
Bill holds an M.A. from the University of Oxford.
Charles Carter
Managing Director and Portfolio Manager, Europe
Charles manages European equities across Marathon's Global, International and European equity portfolios. He joined Marathon as a European equity Analyst in 1998 and assumed portfolio management responsibilities of European equities in 2007. In 2018 Charles joined the firm's Board of Directors and was appointed Managing Director of the business in 2019. He is also a member of Marathon’s Partners Group and Management Committee. Prior to joining Marathon, Charles was part of Olivetti's internal M&A team in Italy involved in the disposal programme to restructure Olivetti's business. Prior to that, Charles worked for Lazard Brothers initially in the Corporate Strategy group and latterly in the Corporate Finance division.
Charles holds an M.A. from the University of Oxford and an MBA from INSEAD.
Ian Deacon
Portfolio Manager, US and Global Equity
Ian joined Marathon in 2016 as a Global equity Analyst and in 2021 assumed portfolio management responsibilities for US Large-Cap equities, as part of Marathon’s traditional multi counsellor Global strategy, whilst also taking the lead on Marathon’s Global Opportunities strategy. He is a member of Marathon’s Partners Group.
Ian started his career in 2003 as a Fund of Hedge Funds Analyst at IV Capital. Thereafter he co-founded and was director of two data management services companies for hedge fund investors. Ian then joined Marshall Wace Asset Management in 2008 as a Performance Analyst to help build out the overall performance team. In 2010 he joined Marshall Wace's Global Opportunities Fund as a Long/Short Equity Analyst.
Ian holds an M.A. from the University of Cambridge and is a CFA charterholder.
Alex Duffy
Portfolio Manager, Emerging Markets
Alex joined Marathon in 2021 as an Emerging Markets equity Portfolio Manager. He is responsible for Global Emerging Markets investments within Global and International strategies as well as in standalone Emerging Markets funds and accounts. He is a member of Marathon’s Partners Group and Management Committee. Alex joined Marathon from Fidelity International, where he began his career in 2004 as an equity Analyst before being appointed a Portfolio Manager in 2008, initially for Latin American equities and, from 2013 for Global Emerging Markets.
Alex holds an M.A. from the University of Nottingham.
Laura Fyfe
Analyst, Emerging Markets
Laura joined Marathon in 2022, as an Emerging Markets Analyst. Prior to joining the team, Laura worked as an Investment Analyst at Stewart Investors in Edinburgh, where she had spent the previous three years conducting research into Emerging Markets companies globally.
Laura holds a B.A. from Western University, and an M.Sc. from both Ivey Business School and the Norwegian School of Economics.
Lee Holden
Senior Analyst, Portfolio Analytics
Lee joined Marathon in 2010, initially as a Performance Analyst before being promoted to Performance Supervisor overseeing all of the performance team's reporting and analytics. In 2020 Lee moved into the newly created Portfolio Analytics function, working directly with the Investment Team to enhance, develop and evaluate the investment portfolio analytics capability. Lee started his career in 2007 at Bank of New York Mellon where he was an Investment accountant before moving to Invesco as Fund Accountant in 2009.
Lee holds a B.Sc. (Hons) from the University of Nottingham, is a CFA charterholder and holds the Certificate in Investment Performance Measurement (CIPM) designation.
Justin Hill
Portfolio Manager, Pacific
Justin joined Marathon in 2021, initially to manage Asia Pacific ex-Japan across Marathon’s equity strategies, before also taking on responsibility for a portion of Japanese assets for Marathon’s Japan and International strategies in April 2024. He is also a member of Marathon’s Partners Group. Justin started his career at Arthur Andersen as a tax specialist before moving into investment management in 1996 at Friends Ivory & Sime where he was responsible for UK Smaller Companies. In 2001 he moved to Pictet Asset Management where he covered Asian equities. Prior to joining Marathon he spent two years at BP Investment Management, covering Developed Asia.
Justin holds an M.A. from the University of Oxford, is ASIP Qualified (CFA UK member) and holds the ACA Chartered Accountancy designation.
Toma Kobayashi
Portfolio Manager, Pacific
Toma manages Pacific equity investments across Marathon's Global, International and Japanese equity portfolios and is a member of Marathon’s Partners Group. He joined Marathon in August 2018, initially as a Japan equity Analyst before assuming portfolio management responsibilities for Japanese equities in July 2022. His remit expanded to cover the whole Pacific region in mid-2025. Toma joined Marathon from Orbis Investments where, from 2014, he worked as a generalist in the Japanese equity team.
Toma holds a BEng from University College London and holds an MPhil from the University of Cambridge. He is also a CFA charterholder.
Masanaga Kono
Analyst, Japan
Masanaga (Masa), who is based in Tokyo, joined Marathon in 2016 and focuses on corporate governance and engagement. Prior to joining Marathon, he was Japanese equities chief strategist at Amundi Japan in Tokyo. He started his career at Yamaichi Securities and worked as a strategist at Yamaichi Securities Institute of Economic Research before moving to UBS Securities Japan. He then held senior positions in research planning at Deutsche Securities Ltd. and HSBC Securities Limited both in Tokyo.
Masa holds a B.A. from Keio University and a CMA certificate.
Alice Li
Analyst, Global
Alice joined Marathon in 2023 as part of the inaugural intake of Marathon's junior analyst training program. On completion of her formal two-year rotational programme during the fourth quarter of 2025, Alice was promoted to the role of Analyst, to work as a dedicated resource supporting the Marathon Global Opportunities Strategy and US large cap remit. Alice joined Marathon after spending two years at Lindsell Train as an Equity Analyst.
Alice holds a B.Sc. from University College London and an M.Sc. from the University of Oxford.
Nick Longhurst
Portfolio Manager, Europe
Nick manages European equities across Marathon's International and European equity portfolios and is a member of Marathon’s Partners Group. He joined Marathon in 2003 as a European equity Analyst and assumed portfolio management responsibilities for European equities in 2010. Nick has worked in the investment management industry since 1994. Previous roles included that of Investment Analyst at American Express Asset Management and Schroders.
Nick holds an M.A. from the University of Cambridge.
Sohan Ratajczak
Analyst, Pacific
Sohan joined Marathon in 2023 as part of the inaugural intake of Marathon's junior analyst training program. On completion of his formal two-year rotational programme during the fourth quarter of 2025, Sohan was promoted to the role of Analyst, joining Marathon's Pacific investment team. Sohan joined Marathon after spending a year at Goldman Sachs within its Global Investment Research division.
Sohan holds a M.Eng. from Imperial College London.
Ben Slingsby
Analyst, Europe
Ben joined Marathon in 2025 as a European equity Analyst. Prior to that, Ben spent 10 years at MFS Investment Management as an Investment Officer focused primarily on European equities. Ben also spent two years working at Berenberg, conducting sell-side equity research with a focus on the Financials sector.
Ben holds a B.A. from the University of Oxford and an M.A. in Business from ESCP Europe in Paris. He is also a CFA charterholder.
Tom Wharram
Analyst, North America
Tom joined Marathon in 2022 as an Analyst for Marathon's North America Team. Tom started his career in 2011 at PricewaterhouseCoopers before moving to a role as an equity Analyst at AB Bernstein. Immediately prior to joining Marathon, he worked as a Global Generalist Investment Analyst at Velanne Asset Management.
Tom holds an MChem degree from the University of Oxford, is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) and is a CFA charterholder.
Tytus Zurawski
Analyst, Europe
Tytus joined Marathon in 2023 as part of the inaugural intake of Marathon's junior analyst training program. On completion of his formal two-year rotational programme during the fourth quarter of 2025, Tytus was promoted to the role of Analyst, joining Marathon's European investment team. Tytus joined Marathon after spending two years at Goldman Sachs as an Equity Research Analyst.
Tytus holds a B.Sc. from the London School of Economics and Political Science (LSE).
Client Service Team Member Details
Zach Lauckhardt
Head of Client Service
Zach joined Marathon in 2014, as a Client and Consultant Relations Manager before promotion; initially to Deputy Head of the team in 2021, then to Head of Client Service in 2023. He is a member of Marathon’s Partners Group and Management Committee. Zach started his professional career as an analyst working at Brown Brothers Harriman, New York shortly before being called into active military service.
After his stint in the US military, Zach began working at the Export-Import Bank of the United States in Washington, DC in 2003, where he was Chief of Staff and Special Assistant to the Vice Chairman, before moving to the US National Nuclear Security Administration at the Department of Energy, in the Office of Defense Nuclear Nonproliferation, where he held the role of Special Assistant and Senior Policy Advisor to the Deputy Administrator. He moved into the asset management sector in 2006 when he joined Robeco Boston Partners as Vice President, Institutional Client Service before moving to the Robeco Group headquarters in Rotterdam as a Client Portfolio Manager/ Product Specialist in 2009.
Zach holds a B.A. from Colgate University and an MBA from Thunderbird School of Global Management.
Graeme Neuff
Deputy Head of Client Service
Graeme joined the Client Service team in 2008 and is primarily responsible for overseeing Marathon’s client and consultant relationships across Europe, the Middle East, Africa and the Asia Pacific regions. He is a member of Marathon’s Partners Group. Graeme joined the graduate scheme at Deutsche Asset Management (formerly Morgan Grenfell) in 1996, where he held positions in both London and New York. He worked with the UK equity team as a product specialist before taking on a number of UK based institutional client relationships as Client Manager. In 2005 he moved to First State Investments as Head of Institutional Relationships.
Graeme holds a BEng from Loughborough University and is a CFA charterholder.
Ben Kottler
Client Manager
Ben joined Marathon in 2018 as a Client Manager, and is responsible for overseeing a number of client relationships in Canada, the US and other countries. Prior to joining Marathon, Ben was at MFS Investments from 2005, where he was an Institutional Portfolio Manager for Global Equity strategies in both Boston and London. Earlier roles include Senior International Portfolio Manager at State Street Global Advisors in Boston and European Portfolio Manager & Analyst at Brown Brothers Harriman, New York. Ben started his career at NatWest Investment Management in London in 1989, where he was a UK Portfolio Manager & Analyst.
Ben is a CFA charterholder and holds the Certificate in Sustainable Investing (CFA Institute), the Certificate in Climate and Investing (CFA UK) and a B.A. degree from Durham University.
Bradley Leak
Client Manager
Bradley (Brad) joined Marathon in 2019 as a Client Manager. Prior to joining Marathon, Brad was a Managing Director at The Boeing Company overseeing equity, fixed income, real estate and real asset portfolios for Boeing’s retirement plans. Previously, Brad managed the pension asset allocation, global tactical asset allocation program and the investments in the 401(k) plan. Prior to joining The Boeing Company in 2003, Brad provided advice to institutional retirement funds, health care systems, endowments, and foundations at Stratford Advisory Group, Inc. His investment experience also includes two years with Mercer Investment Consulting.
Brad holds a B.A. from DePauw University and is a CFA charterholder.
Ben Coll
US Business Development & Consultant Relations Manager
Ben, who is US based, joined Marathon’s Client Service team in 2023 and is responsible for business development and consultant relations across the US institutional market. Previously Ben worked for Harbor Capital Advisors, Inc. for 20 years, most recently holding the position of Senior Vice President, Head of Institutions & Consultant Relations after holding other positions within Consultant Relations and Research previously. Ben started his career with American Express Financial Advisors, Inc. as a Personal Financial Advisor in 1999, before moving onto Natixis Investment Managers (formerly CDC IXIS) as a Financial/Investment Analyst in 2001.
Ben holds a BA(Econ) from Harvard University, holds the Series 7 and Series 63 qualifications, and is a CFA charterholder.
Executive Leadership Team Member Details
Charles Carter
Managing Director and Portfolio Manager, Europe
Charles manages European equities across Marathon's Global, International and European equity portfolios. He joined Marathon as a European equity Analyst in 1998 and assumed portfolio management responsibilities of European equities in 2007. In 2018 Charles joined the firm's Board of Directors and was appointed Managing Director of the business in 2019. He is also a member of Marathon’s Partners Group and Management Committee. Prior to joining Marathon, Charles was part of Olivetti's internal M&A team in Italy involved in the disposal programme to restructure Olivetti's business. Prior to that, Charles worked for Lazard Brothers initially in the Corporate Strategy group and latterly in the Corporate Finance division.
Charles holds an M.A. from the University of Oxford and an MBA from INSEAD.
Jim Beveridge
Chief Financial Officer
Jim joined Marathon in 2020 as Chief Financial Officer. He is a member of Marathon’s Management Committee. Jim started his career as an auditor for PKF Chartered Accountants in 1986 before moving to Prudential Portfolio Managers in 1990 and then to Russell Investments in 1992, initially as a Finance Manager before being promoted to CFO EMEA in 1993.
Jim holds a B.A. from Northumbria University and holds the ACA Chartered Accountancy designation.
Claire Worsley
Head of Human Resources
Claire joined Marathon in 2020 to head the Human Resources function and is responsible for all strategic and operational aspects of HR across the business, including chairing the Diversity, Equity and Inclusion Working Group. Claire is a member of Marathon's Management Committee. Previously Claire spent a year at Apollo Global Management Inc. as Interim HR Business Partner, Europe & Asia Pacific. The role focused on HR service provision to the business in the UK as well as several other international locations. The majority of Claire’s career to date was spent at Swiss financial services group UBS, which she joined in 2001. Roles included Head of HR Wealth Management UK & Jersey; European Head of HR Equities; and Talent and Development Account Manager, Global Wealth Management. Earlier roles include Senior HR Consultant at The Willis Group Ltd, HR Officer at Arthur Andersen & Co., and HR Officer at Manchester Royal Infirmary.
Claire holds an M.Sc. and a B.A. (Hons) from the University of Manchester.
Zach Lauckhardt
Head of Client Service
Zach joined Marathon in 2014, as a Client and Consultant Relations Manager before promotion; initially to Deputy Head of the team in 2021, then to Head of Client Service in 2023. He is a member of Marathon’s Partners Group and Management Committee. Zach started his professional career as an analyst working at Brown Brothers Harriman, New York shortly before being called into active military service.
After his stint in the US military, Zach began working at the Export-Import Bank of the United States in Washington, DC in 2003, where he was Chief of Staff and Special Assistant to the Vice Chairman, before moving to the US National Nuclear Security Administration at the Department of Energy, in the Office of Defense Nuclear Nonproliferation, where he held the role of Special Assistant and Senior Policy Advisor to the Deputy Administrator. He moved into the asset management sector in 2006 when he joined Robeco Boston Partners as Vice President, Institutional Client Service before moving to the Robeco Group headquarters in Rotterdam as a Client Portfolio Manager/ Product Specialist in 2009.
Zach holds a B.A. from Colgate University and an MBA from Thunderbird School of Global Management.
Alex Duffy
Portfolio Manager, Emerging Markets
Alex joined Marathon in 2021 as an Emerging Markets equity Portfolio Manager. He is responsible for Global Emerging Markets investments within Global and International strategies as well as in standalone Emerging Markets funds and accounts. He is a member of Marathon’s Partners Group and Management Committee. Alex joined Marathon from Fidelity International, where he began his career in 2004 as an equity Analyst before being appointed a Portfolio Manager in 2008, initially for Latin American equities and, from 2013 for Global Emerging Markets.
Alex holds an M.A. from the University of Nottingham.
Claire Prince
General Counsel
Claire joined Marathon in 2021 and is responsible for all legal issues relating to Marathon's business and operations functions, fund arrangements and interactions with clients. She is also a member of Marathon’s Management Committee.
Claire started her legal career in 1999 at Hogan Lovells where she was a solicitor, before moving to Credit Lyonnaise Securities in 2002. From 2004 until joining Marathon Claire was General Counsel at Odey Asset Management. Prior to joining the investment industry Claire was an intelligence officer in the British Army.
Claire holds a B.A. (Hons) from the University of Wales and undertook a Post Graduate Legal Course at the College of Law, London.
Board of Directors Team Member Details
Robert Hingley
Chair & Independent Non-Executive Director
Robert joined Marathon's Board of Directors in June 2019 and became Chair of Marathon Asset Management Limited in 2023. Robert was also appointed Chair of the Remuneration Committee in 2022. He is Chairman of Law Debenture Corporation, Chairman of Phoenix Spree Deutschland, a Jersey real estate fund, and Chairman of Euroclear UK & International.
A former senior investment banker, Robert previously worked at Ondra Partners, the boutique advisory firm. He was formerly Director of Investment Affairs at the Association of British Insurers and Director-General of the UK Takeover Panel. His earlier career was spent in senior positions at Lazard, Lexicon Partners, Citi and Schroders.
William Arah
Co-founder and Portfolio Manager, Japan
William (Bill) is a co-founder of Marathon and has been a Portfolio Manager of Marathon's Japanese equities since 1987. Bill is a Director of the company and sits on the Board. He is also a member of Marathon’s Partners Group. He has worked in the investment management industry since 1982.
Bill holds an M.A. from the University of Oxford.
Neil Ostrer
Co-founder and Non-Executive Director
Neil is a co-founder of Marathon and was a Portfolio Manager of Marathon's European equities since inception of the firm in 1986 until his retirement in April 2024. Since his retirement, Neil continues his association with the firm as a Non-Executive Director on Marathon’s Board.
Neil has worked in the investment management industry since 1981 and holds an M.A. from the University of Cambridge.
Charles Carter
Managing Director and Portfolio Manager, Europe
Charles manages European equities across Marathon's Global, International and European equity portfolios. He joined Marathon as a European equity Analyst in 1998 and assumed portfolio management responsibilities of European equities in 2007. In 2018 Charles joined the firm's Board of Directors and was appointed Managing Director of the business in 2019. He is also a member of Marathon’s Partners Group and Management Committee. Prior to joining Marathon, Charles was part of Olivetti's internal M&A team in Italy involved in the disposal programme to restructure Olivetti's business. Prior to that, Charles worked for Lazard Brothers initially in the Corporate Strategy group and latterly in the Corporate Finance division.
Charles holds an M.A. from the University of Oxford and an MBA from INSEAD.
Dianna Gonzales-Burdin
Independent Non-Executive Director
Dianna joined Marathon’s Board of Directors in April 2024 as an Independent Non-Executive Director of Marathon Asset Management Limited.
Dianna brings over thirty years of asset management expertise to the Board, with most of that time spent at Strategic Investment Group, a pioneer in the ‘Outsourced CIO’ industry, which was founded in 1987 and is based in Arlington, Virginia. She is currently an independent trustee on two separate mutual fund families, one being the Optimum Funds managed by Macquarie Asset Management and the other being a suite of value-oriented equity investment strategies managed by Heartland Advisors based in Milwaukee, Wisconsin. Dianna is also an advisory council member for the Equity, Gender and Leadership Center within the University of California Berkeley’s Haas School of Business, where she earned her MBA.
At Strategic Investment Group, Dianna was a Partner and Managing Director responsible for public equities. At Strategic, she directed and supervised all aspects of investment management within that asset class, including strategy development, manager research and selection, portfolio construction, and risk management across the Developed, Emerging and Frontier market asset segments. Dianna was also a senior voting member of Strategic Investment Group’s investment committee, a position that allowed her to contribute to the manager underwriting effort and asset allocation strategy across several asset classes, including private equity and other alternative investments. She also co-led diversity and inclusion initiatives at Strategic and spent time supporting the firm’s commercial efforts globally.
Dianna is a CFA charterholder and member of the CFA Society of Washington, D.C.
Legal & Regulatory Information
Legal & Regulatory InformationPlease click here to view Marathon’s regulatory disclosures, details of the regulations under which we operate and the terms and conditions of use for the website.
Marathon’s current Sustainability & Climate Report can be found here.