Management & Board

Board of Directors

Jeremy Sillem


Jeremy Sillem is the managing partner of Spencer House Partners, a London-based firm focused on providing financial advice and capital to the asset and wealth management industry. Prior to founding the firm in 2005, he was, from 2000 to 2004, chairman of Bear Stearns International in London. Before that, he spent a 28-year career with Lazard LLC and its predecessor entities in London and New York. He has served on the boards of a number of asset management and related businesses including those of CDC Group, Martin Currie, RHJ International, Kleinwort Benson Group, Harbourmaster Holdings and WP Stewart. He is an advisory director of Partners Capital LLC and is the former chairman of the World Trust Fund. He is a Trustee and Advisory Director of Reform, the public policy think tank, a member of the investment committee of the National Portrait Gallery and a former member of the investment advisory committee of Brasenose College, Oxford. He received an M.A. (Honours) in Politics, Philosophy and Economics from Oxford University.

Duncan Budge


Duncan Budge is Chairman of Dunedin Enterprise Investment Trust plc and Artemis Alpha Trust plc, and a non-executive director of Lazard World Trust Fund (SICAF), Lowland Investment Company plc, Menhaden Capital plc and Asset Value Investors Ltd. He was previously a director of J. Rothschild Capital Management from 1988 to 2012 and a director and chief operating officer of RIT Capital Partners plc from 1995 to 2011. Between 1979 and 1985 he was with Lazard Brothers & Co. Ltd. He received an M.A. (Honours) in History from Oxford University.

Colin Bond


Colin Bond has been Chief Financial Officer of the specialty pharmaceutical company Vifor Pharma based in Zürich since 2016. From 2010 to 2016, he was the Chief Financial Officer of Evotec AG, the early drug discovery company listed on the Frankfurt Stock Exchange as part of TecDax. Prior to that, he held CFO positions at several companies including Ecolab and Novelis. During his early career, he worked as a pharmacist, auditor, and management consultant for Procter & Gamble, Arthur Andersen, and Pricewaterhouse Coopers, respectively. He holds a university degree in pharmacy from the University of Aston (Birmingham) and an MBA degree from London Business School. He is a fellow of the Institute of Chartered Accountants in England and Wales and a member of the Royal Pharmaceutical Society of Great Britain. Colin Bond is a citizen of Great Britain and Switzerland.

Harry Hyman


Harry Hyman is the founder and managing director of Primary Health Properties PLC (PHP), a listed company that specialises in the ownership of property leased on a long-term basis to healthcare providers. PHP is managed externally by Nexus Tradeco Limited “Nexus”. The Nexus Group also manages the PINE Unit Trust which specialises in educational assets. After graduating from Christ’s College Cambridge, Harry qualified as a chartered accountant with Price Waterhouse. In 1983 he joined Baltic PLC where he was deputy managing director, finance director, and company secretary. He left to establish PHP and Nexus in February 1994. Harry is the non-executive chairman of Summit Germany Limited, an AIM listed property vehicle. He is also the non-executive chairman of Derriston Capital PLC. Harry is a non-executive director of the QCA and the founder of The International Opera Awards. He has been a non-executive director of a number of listed investment trusts.

Investment Team

Pedro Gonzalez de Cosio

Investment Manager

Mr. Gonzalez de Cosio is a Principal and co-founder of the Investment Manager and will manage the Company’s portfolio. During the 14 years prior to founding the Investment Manager, Mr. Gonzalez de Cosio held various positions in the structured finance divisions of Deutsche Bank and JP Morgan in New York, where he was responsible for structuring various forms of collateralised financings and derivatives for US and international clients, including several years covering clients in the life sciences industries. Mr. Gonzalez de Cosio’s prior experience also includes various positions in the investment banking division of Nomura Securities in New York, the leasing division of Société Générale in Paris, and coordinating the issuance of external debt for the Mexican Ministry of Finance. Mr. Gonzalez de Cosio earned a B.A. degree (Summa Cum Laude) in Business Administration from the University of San Diego and an M.B.A. from INSEAD in Fontainebleau, France.

Pablo Legorreta

Investment Manager

Mr. Legorreta is Founder and Chief Executive Officer of Royalty Pharma and a Principal and co-founder of the Investment Manager providing advisory oversight. Founded in 1996, Royalty Pharma is the industry leader in acquiring revenue-producing intellectual property, with over $17 billion in royalty assets. Royalty Pharma funds innovation in life sciences, indirectly, when it acquires existing royalty interests from the original innovators (academic institutions, research hospitals, foundations and inventors) or, directly, when it partners with life sciences companies to co-develop and co-fund products in late-stage human clinical trials. Prior to founding Royalty Pharma, Mr. Legorreta spent a decade at Lazard Frères in Paris and New York where he provided cross-border merger and acquisition and corporate finance advisory services to European and U.S. corporations. Mr. Legorreta serves on the Board of Governors of the New York Academy of Sciences, and the Boards of Trustees of Rockefeller University, The Hospital for Special Surgery, The Pasteur Foundation (U.S. affiliate of the French Institut Pasteur), The Open Medical Institute, The Park Avenue Armory and Grace Church School.  Mr. Legorreta founded and is currently Chairman of Alianza Médica para la Salud (AMSA), a privately-funded, not-for-profit foundation whose goal is to educate Latin American doctors and healthcare providers to improve the quality of healthcare in Latin America. Mr. Legorreta received a degree in industrial engineering from Universidad Iberoamericana (Mexico City).

Martin Friedman

Investment Manager

Mr. Friedman is a Principal of the Investment Manager, having joined in 2011. Mr. Friedman has spent the past 22 years in various positions in the healthcare finance industry, most recently as the co-head of the US life sciences banking at Bank of America/Merill Lynch. He has worked very closely with both large cap and emerging pharmaceutical, biotech, specialty pharmaceutical, device and diagnostic companies, having advised on M&A transactions and raised equity and debt capital. Mr. Friedman’s prior experience also includes his 12 years at JPMorgan, including four years at JPMorgan Partners, and several years as the Head of M&A and Collaborations at Novartis AG based in Switzerland. Mr. Friedman earned a B.A. degree in English and History from Columbia College and an M.B.A. (Honours) in Finance and Accounting from Columbia Business School.