Markets



WOOD & Company is a leading regional Investment Bank and one of the fastest growing financial institutions in Emerging Europe. We offer a wide range of products and services for investors, including Equity Sales, Electronic Trading, DMA and FIX, Equity Structured Products, Equity Research and Equity Capital Markets.

Our teams are located in Warsaw, Prague, Bucharest, Bratislava, Milan and London. In 2010 we expanded our product footprint to Russia and Turkey by hiring a group of senior professionals from leading houses in European Emerging Markets. With this step we have complemented our traditionally strong position in Central Europe, built up over the past two decades.

Our new team members are highly experienced, have deep roots in Emerging Europe, averaging 15 years’ experience each and an unmatched amount of product and market knowledge. Many of them have been top ranked consistently in the most prominent investor surveys, such as Thomson Reuters Extel and Institutional Investor.


Equity Sales and Sales Trading

 

We are the largest dedicated EME sales team, with unparalleled investor access, voted the Number 1 CEE Brokerage Firm in the 2018 Extel Europe Survey. Our 19 sales and sales trading professionals are experts in the region, and in the needs of our clients. Spread across offices throughout Central East Europe and in key financial hubs such as London, we are 'close to the ground’, but within easy reach of every EM fund. This is one of our greatest advantages as a distribution ‎force.

As our client base is diverse, we provide a complex and tailored service.

  • Brokerage ‎firms interact with a highly experienced team of Execution Sales professionals, who couple 'high touch' care order management with cutting edge electronic trading options.
  • A team of 19 dedicated sales people serve institutional investors from around the globe, facilitating access to our top Extel-ranked Research product and to corporate managements. WOOD's signature investor conference Prague Winter is the largest EMEA event of the year, with over 160 regional companies attending, which we complement with a wide variety of more focused gatherings throughout the year. 
  • Private clients ‎are serviced by a dedicated, senior individual. They also benefit from our state-of-the-art interface, and integrated information portal and trading platform.
Equities Sales and Sales Trading Team


Kristen Andrasko
Co-Head of Equities

Kristen joined WOOD&Co. in 2006, following four years with Goldman Sachs (London) and four years with Paribas (New York). She is focused on institutional investors based primarily in the US, the UK and France. Since 2012, Kristen has managed the sales desk, and co-managed Equities since 2014.


Vladimír Vávra
Equity Sales & Sales Trading

Vladimir joined WOOD&Co. from Conseq Finance in 2008 as part of our Execution team. His primary responsibilities are CEE Equity Execution and FX Prop Trading. With more than 15 years of experience, he has an unmatched knowledge of the local market. Vladimir graduated from the University of Economics in Prague, where he majored in Finance.


Martin Stuchlík
Equity Sales Trading

Martin joined WOOD&Co. from Patria Finance in 2011 as part of the Execution department. His primary responsibility is for Equity Sales and Trading. Martin graduated in 2005, majoring in Finance and Economics from the University of Anchorage, where he received countless accolades as both a student and an athlete.


Zuzana Mora
Equity Sales Trading

Zuzana is focused on CEE equities and the FIX solution for international clients. Previously, she worked on both the Trading desk and Execution & DMA desks at WOOD&Co.


Ermir Shkurti
Equity Sales Trading

Ermir joined the Execution & Electronic Trading department at WOOD&Co. in 2015, specialising in High Touch and DMA Sales Trading. He graduated from the European University in Munich, as the best student of his graduating class, and presented the best undergraduate thesis. Additionally, he leads the Sales efforts for the Antillean Fund focused on Cuban Trade Finance. Ermir is fluent in English, German and Albanian.

 


Kostas Tsigkourakos *
Equity Sales

In associaton with WOOD&Co. from 2014, Kostas brings with him 12 years’ experience in equity research, equity sales and financial controlling. Kostas previously worked as an Equity Analyst at Euroxx Securities (gaming/industrial sector) and Merit Securities (small caps), and has also spent three years in equity sales at Euroxx Securities. Kostas has spent the past couple of years in industry, setting up the Sales Controlling Division at Alpha TV (RTL Group).

* Independent Contractor


* in association with WOOD & Company Financial Services, a.s.

Execution desk offers high touch and low touch market execution services to local and international banks and financial houses. As a leading financial services provider in the Central and Southeastern Europe we are able to offer block and risk trades on most of the regional blue chips. Our clients can execute via our Direct Market Access or take advantage of WOOD&Co professional trading team who guarantees CE3 vwaps and official closing prices.

By leveraging the services of other divisions within WOOD & Co., we offer clients the unique ability to invest not only within CEE & SEE space,  but also in most of OECD markets. We offer leading-edge execution via propietary suite of algorithmic trading strategies, tools and analytics. Our clients can take advantage of the online trading platform Infront, with live news and market data, offering them precise and timely excecution from a PC, tablet or phone. Many of our clients look to us not only for our execution capabilities and outstanding research product, but also for our comprehensive  and tailored-made clients aproach. We are determined to carefully understand clients overall financial situation, unique needs and goals, and deliver an optimal investment solution to meet them in a changing market environment.  We not only leverage our internal capabilities, but also look outside the firm to third-party partners, finding the appropriate solutions to address clients‘ objectives.


Equity Research

Bucking the trend of ‘research as a commodity product’, WOOD offers real insight into a dynamic but thinly-covered region. Our clients depend on us for information they can find nowhere else. The team of 22 analysts provides original, unbiased stock and industry research on Emerging and Frontier Europe.

Small caps are analysed with as much care and depth as liquid blue chips. We mine the landscape for investible, off-benchmark companies, providing ‘overlooked’ exposure to CEE.

Boasting the top-ranked CEE Analyst Team in Extel, year in, year out, WOOD tailors its services to the investment needs of each client. We embrace a ‘matrix’ approach: strong regional sector coverage for comparative analysis, underpinned by country-specific expertise.

With close to 200 companies covered in over 15 countries, we are specialists, but with an enviable breadth.  We tie this all together with equity-relevant macro and strategy views.

WOOD is delighted to introduce its award winning team.

Research Team


Alexandros Boulougouris, CFA
Co-Head of Research

Alex joined WOOD&Co.in 2014 following more than 19 years' experience in equity research and portfolio management. Prior to joining WOOD&Co., Alex was a Senior Equity Analyst at Credit Agricole Cheuvreux. Most recently, Alex ran a EUR1.1bn global portfolio for a Greek public pension fund. He has consistently been ranked in top positions in EXTEL, Institutional Investors and client voting surveys.

Sector:
Industrials
Consumer
Materials
Construction
Financials


Lucian Albulescu, CFA
Equity Analyst

Before joining WOOD&Co. in 2013, Lucian worked as an Equity Research Analyst at KBC Securities for eight years, covering the Romanian market, as well as CEE real estate, construction and mining. At WOOD, Lucian covers blue-chip Bucharest Stock Exchange listed companies. He holds a Master’s degree from the Academy of Economic Studies in Bucharest and a Bachelor’s degree from Universite d’Orleans, and he is also a CFA charterholder.

Sector:
Financials
Utilities


Bram Buring, CFA
Equity Analyst

Bram first joined WOOD&Co. in 2005 to relaunch its regional Sales Research business; he currently covers healthcare, utility and telecom stocks across five CEE markets and Greece. Previously, he spent six years at Raiffeisen covering the pharma and chemical sectors. Bram has been ranked among the top-15 CEE/Eastern European analysts (individuals) in the Extel Surveys for the last three years (specifically #5 in the 2017 survey).

Sector: 
Utilities
Healthcare
TMT


Atinc Ozkan *
Equity Analyst

Atinc joined WOOD&Co. in 2017, following almost two decades of equity research experience, covering mainly the Turkish TMT, defence, utilities and contracting sectors. Prior to WOOD, Atinc was the Director of Turkish Research at Credit Suisse (and a senior analyst), where he was highly recognised for his leadership and top contributions to the research, strategy and corporate access efforts in the EMEA region, achieving “key contact” status in his sectors for global clients. Atinc was previously a regional TMT analyst at CLSA, a research analyst at Global Securities, a commercial manager in Siemens AG’s telecommunications division and an auditor at PWC in Turkey.

Sectors:
EMEA TMT
Defence & Aerospace
Industrials


Jakub Caithaml
Equity Analyst

Jakub joined WOOD&Co.‘s research team in June 2011. Having taken over our real estate coverage, he is following the key CEE listed names currently (Immofinanz, CA Immo, Atrium, GTC), along with Greek property player Grivalia and Emlak, the largest Turkish residential REIT. On the deal front, he participated in the IPO of PHN in 2013. In the 2016 Extel survey, Jakub ranked among the top-10 analysts in the EMEA Real Estate category. He holds a Bachelor’s degree from the University of Economics in Prague.

Sector: Real Estate


Ondřej Sláma
Equity Analyst

Ondřej joined WOOD&Co. in February 2015 from Roklen Fin, where he was part of the corporate finance team. Ondřej earned his bachelors degree in Economics and Finance from the Charles University, Prague, in 2014. Ondřej covers specialist energy names like Unipetrol and Petrol.

Sector:
Energy

 


Jakub Mičian
Equity Analyst

Jakub joined WOOD&Co. in 2015 as a sales intern, before becoming one of our analysts, covering several consumer names in the EMEA region, while co-initiating on food retailers in Russia and Turkey. Before joining WOOD, Jakub worked as a buy-side analyst, and also as a legislative assistant for the National Parliament of Slovakia. He graduated from the University of Economics in Prague, majoring in Corporate Finance.

Sector:
Consumer


Fani Tzioukalia *
Equity Analyst

Fani joined WOOD&Co.’s equity research team in 2017 from LXM Group, a financial services subsidiary of Libra Group, to cover the Greek market. She earned her BSc in Business Administration in 2016, with a major in Finance from the American College of Greece. 

 


* in association with WOOD & Company Financial Services, a.s.

Coverage Universe



Austria
Atrium
CA Immo
DO&CO
Erste Bank
Immofinanz AG
OMV AG
RBI

Czech Republic
CEZ
CME
Komercni Banka
Kofola
Moneta Money Bank
O2 Czech Republic
Philip Morris CR
Unipetrol

Croatia
Atlantic Group
Podravka

Cyprus
Bank of Cyprus
Hellenic Bank

Greece
Aegean Airlines
Alpha Bank
Athens Exchange Group
Coca-Cola HBC
Eurobank
Folli Follie
Fourlis
Grivalia Properties
Hellenic Petroleum
Jumbo
Motor Oil Hellas
Mytilineos
National Bank of Greece
OPAP
OTE
Piraeus Bank
Piraeus Port Authority
Public Power Corporation
Sarantis
Titan Cement

Georgia
Bank of Georgia
Georgia Healthcare Group
TBC Bank

Hungary
ANY Security Printing Company PLC
Graphisoft Park
Magyar Telekom
MOL
OTP Bank
Richter Gedeon
Wizz Air
Waberer’s International
Kazakhstan
KAZ Minerals

Lithuania
Siauliu Bankas

Poland
Alior Bank
AmRest Holdings
Bank Handlowy
Bank Millennium
Bank Pekao
Bank Zachodni (BZ WBK)
Benefit Systems
Bogdanka
CCC
CD Projekt
Ciech SA
Cyfrowy Polsat
Dino
Echo Investment
Enea
Energa
Eurocash
Forte
GetBACK
Getin Noble Bank
Globe Trade Centre SA
ING Bank Slaski SA
Inter Cars
Jeronimo Martins
JSW
KGHM Polska Miedz
KRUK
LiveChat Software
Lotos
LPP
mBank
Medicalgorithmics
Orange PL
Pfleiderer Grajewo
PGE
PGNiG
PKO Bank Polski
PKP Cargo
PKN Orlen
Play Communications
Prime Car Management
PZU
Stock Spirits Group
Synthos
Tauron
Warsaw Stock Exchange
Wirtualna Polska
Romania
Banca Transilvania
BRD
Bucharest Stock Exchange
Conpet
DIGI
Electrica
Fondul Proprietatea
Nuclearelectrica
Medlife
OMV Petrom
Romgaz
SIF 1 Banat-Crisana
SIF 2 Moldova
SIF 3 Transilvania
SIF 4 Muntenia
SIF 5 Oltenia
Transelectrica
Transgaz Sa Medias

Russia
Aeroflot
Evraz
Gazprom
Lukoil
Magnit
MMK
Moscow Exchange
NLMK
Novatek
Rosneft
Sberbank
Severstal
Surgutneftegas
Tatneft
VTB Bank
X5
Serbia
NIS

Slovenia
KRKA
Petrol
Sava Re

Turkey
Anadolu Efes
Akbank
Aselsan
Aygaz
BIM
Bizim Topas
Coca-Cola Içecek
Dogus Oto
DP Eurasia
Emlak Konut GYO
Enka Insaat
Erdemir
Ford Otosan
Garanti Bank
Gubretas
Halkbank
Isbank
Migros
Otokar
Pegasus Airlines
Petkim
Sabanci Holding
Tekfen Holding
Tofas
TSKB
Tupras
Turkcell
Turkish Airlines
Turk Telekom
Vakifbank
Yapi Kredi

Ukraine
Kernel Holding SA

Execution and Electronic Trading

We offer our clients single point access to trade on multiple stock exchanges in Emerging Europe. Through investment in our platforms and infrastructure, we are the leading provider of electronic access for both direct market access and algorithmic trading. Our systems comfortably accommodate the needs of high frequency trading desks, index and basket traders, as well as regular cash traders.

We believe that the easy interface and the breadth of our market access are the keys to our success. We continue to add new market destinations and meet the industry`s highest standards.

WOODstock is a trading front-end screen aimed at institutional clients. This robust solution allows our clients to get live market data, instant news feed and access to research, as well as the option to execute clients´ trade flows across global markets. WOODstock supports DMA and EDA access, basket trading and algorithms.

Execution and Electronic Trading Team


Sadiq Razak
Co-Head of Equities

Sadiq joined WOOD&Co. in January 2013 as Head of Trading to enhance our trading and execution capabilities, particularly in Turkey and Russia. Sadiq has over 20 years of experience in trading across Emerging Markets, from Turkey and Russia to South Africa, MENA and Central Europe. Until late-2012, he was Head of Trading at ING for EMEA.


Václav Karpíšek
Head of Electronic Trading

Vaclav is responsible for the company's electronic products including Direct Market Access, Smart Routing and automated algorithmic execution strategies. With his team, he provides electronic services to international as well as domestic and internal clients. Vaclav joined WOOD&Co. in 2004 and has pioneered DMA and other electronic products in the region.


Josef Kohout
Head of Trading Prague

Josef has a wealth of experience in trading team management, setting priorities and performance objectives, and trading strategy, as well as managing risk and market exposure. His equity trading focus is on Czech, Austrian, Polish and Hungarian stocks, receiving and processing orders in these markets. He is a master at analysing client’s needs and supporting them with the best possible service.


Ladislav Chvátal
Deputy Head of Trading Prague

Ladislav has been a member of the WOOD&Co. team for more than eight years and is responsible for trading in Prague. He is an efficient trading team member, providing a high-quality service to our clients on all covered markets.


Richard Naylor
Electronic Client Execution Services

Richard Naylor joined WOOD&Co.’s execution team in March 2017 to help build our Emerging Markets Electronic business. Richard has 30 years of experience in the financial markets, with the majority at SG Warburg, UBS and JP Morgan.


Silvio Kotarac
Proprietary Trader

Silvio joined WOOD&Co. as a Proprietary Trader in 2017.  He has  managed, with great success, proprietary portfolios, as well equity sales trading departments, at investment boutiques Patria Finance a.s. and CAIB Securities a.s. He started his career in capital markets in 1995, and has gained significant experience in the CEE markets.


Łukasz Płaska
Equity Trader

Lukasz joined WOOD & Co.’s trading team in 2017, bringing with him over 20 years of market experience gained working as a Market Maker at Citibank Handlowy S.A., Dom Inwestycyjny BRE Bank S.A., and as a Strategy Analyst for Telekomunikacja Polska S.A.. Prior to  WOOD & Co, he co-created and was Head of the Investment Department at Vestor S.A., where he was focused on high rate of return on investments.



Institutional Execution and Brokerage

WOOD & Company Milan Branch has more than 20 experienced dealers across five brokerage desks: its clients are major financial services companies (banks and other financial institutions, such as hedge funds and wealth management companies) across Europe.

In its capacity as an institutional broker, WOOD & Company Milan Branch has an excellent industry reputation and offers tailor-made solutions ensuring speed, anonymity and discreet execution.

WOOD & Company Milan Branch is a member of the European Brokers Network (EBN): six European brokers providing the best possible market coverage (www.europeanbrokersnetwork.com) on Money Market Products.


Institutional Execution and Brokerage Senior Management

Sergio Zora
Branch Manager

Sergio has been working in the brokerage industry since 1976. He was Head of Domestic Deposits at Sige Tradition S.p.A. from 1982 to 1986, after which he became a board member of Intlux S.A. and Nuova Interfin S.r.l. He has also been Chairman of ICM Forex, a company authorised by Banca d’Italia in FX trading for non-institutional clients. In 1989, he founded and became Chairman of the Board of International Capital Markets SIM S.p.A. He was later appointed CEO. From 2005 to 2014, he acted as Managing Director of IFP Milan Branch. In January 2005, he was elected a member of the Audit Committee of ATIC-Forex, the Italian financial markets association. In February 2010, ATIC-Forex and Assiom merged into AssiomForex, and Sergio was confirmed until January 2016 as a member of the Audit Committee of the new association involving over 1,400 Italian financial market operators. Since February 2016, he has been a member of the board of AssiomForex. Sergio joined WOOD&Co as Branch Manager in September 2014, following the acquisition of IFP.


Pierino Tarolli
Head of Trading

Pierino started his career as an FX spot and commodities dealer for Banca Popolare Svizzera in Bern in 1973. From 1983 to 1986, he was a FX spot and forward dealer at Sige Tradition S.p.A. In 1986, he became a partner of Nuova Interfin S.r.l., where he worked until 1991, specialising in derivatives. After a couple of years at Martin Bierbaum Group, he became Head of Derivatives at International Capital Markets SIM S.p.A. Pierino joined Integrated Financial Products in 2005, acting as Head of Equity and Bond trading. He joined WOOD&Co in 2014 in the same role.


Dario Sala Veni
Head of Sales and Marketing

Dario joined WOOD&Co. in 2014 as Head of Funds/Marketing. Previously, he was a member of the board at International Capital Markets SIM S.p.A, becoming Head of Placement Service and Marketing at Integrated Financial Products (Milano) in 2005.


Roberto Cartoceti
Head of FX-Spot / Interest Rates Desk

Roberto is Head of the FX Spot and Interest Desk at WOOD&Co.’s Milan branch. Prior to WOOD&Co. he worked for Martin Buerbaum Milan from 1986-89, Eurobroker Milan from 1989-96, Icm sim Milan from 1996-2005, and Ifp Milan branch from 2005-14 as a FX spot broker.


Marco Brambilla
Head of Asset Management

Before joining WOOD&Co. in May 2017 as Head of Asset Management, Marco Brambilla was Managing Director, Country Manager and Legal Representative of DekaBank in Italy from June 2005, in charge of all the start-ups at the company and the DekaBank’s business in Italy. Based in Milan, he was also DekaBank’s member of the European Business Development Committee, and was responsible for DekaBank’s Asset Management Business and Capital Market in Italy, Italian Switzerland, Malta, Monte Carlo and France from 2014.

Marco has 18 years’ experience in the asset management industry in Italy, France and Ireland. He was the head of NATIXIS Asset Management’s Italian and Swiss Business Development from its foundation in Italy in 2002. From 1998 to 2001, he worked for Credit Agricole’s Business Development Unit in Nice and Paris, and at UBS Capital (Private Equity) in Milan. He studied economics and finance at the University Sophia Antipolis in Nice, and was the External Professor for Finance at the LUISS University in Rome in 2004-06. 


Inter-Dealer Brokerage Products




Bonds:

Bonds, executions, with a focus on Italian government bonds (govies), and illiquid or structured bonds, including CEE and Latin America



Repos:

Short-term borrowing/lending on CG and with a strong presence on Italian govies



FX-Spot:

Voice and electronic services, providing access to the market in Name Give-Up or through Prime Broker



Money Market Products:

Sophisticated brokerage services in Interbank Deposits, EONIAs & OIS, FX-Forward, Interest Rate Swaps & Options, Forward Rate Agreements

 



Equities & Equity Derivatives:

Rapid and efficient Electornic Trading, Direct Market Access on European and US markets



Fund Placement:

Distribution of Hedge Funds and Mutual Funds

Institutional Execution and Brokerage Team


Pierino Tarolli
Head of Trading

Pierino started his career as an FX spot and commodities dealer for Banca Popolare Svizzera in Bern in 1973. From 1983 to 1986, he was a FX spot and forward dealer at Sige Tradition S.p.A. In 1986, he became a partner of Nuova Interfin S.r.l., where he worked until 1991, specialising in derivatives. After a couple of years at Martin Bierbaum Group, he became Head of Derivatives at International Capital Markets SIM S.p.A. Pierino joined Integrated Financial Products in 2005, acting as Head of Equity and Bond trading. He joined WOOD&Co in 2014 in the same role.


Francesca Corti
Fixed Income Sales

Francesca joined Integrated Financial Products in 2010, focusing on broking corporate bonds, financial papers, government bonds and emerging bonds. She now holds the same position at WOOD&Co., bringing with her 11 years of experience. Prior to joining WOOD&Co., she worked for a number of Swiss and Italian brokerage firms.


Fernando Garatti
Fixed Income Sales

Fernando has been Head of Finance at several banking institutions over his 35-year career in finance, including: Credit Agricole-Indosuez, Cassa di Risparmio di Parma e Piacenza, Banca Popolare di Puglia e Basilicata and BCC Barlassina. He joined Integrated Financial Products in 2009 as an associate, focusing on government bonds and financial corporates, and now holds the same position at WOOD&Co..

 


Marco Bramati
Fixed Income Sales / Analyst

Before WOOD&Co., Marco worked for various Italian and international banks and life insurance companies in Milan, Zurich and London as a dealer, trader and asset manager on money market, repos and securities. Marco started in Integrated Financial Products as an associate in 2009, working on bond dealing and institutional research. He now holds the same position at WOOD&Co., bringing with him 25 years of experience.


Silvio De Domenici
Emerging Markets Fixed Income Sales / Analyst

Previously, Silvio has worked in name give-up fixed income broking (cash depo, forwards, derivatives) for Tradition Milan, ICM Sim and Integrated Financial Products, specialising in forward/depo and EONIA/depo arbitrage trading. He joined WOOD&Co. in September 2014, bringing with him a wealth of experience gained over 25 years, and has moved recently to our fixed income analysts’ sales team.


Francesco Galli
Emerging Markets Fixed Income Sales / Analyst

Francesco graduated in Banking & Finance in 2014, joining WOOD&Co. in November 2014. He is part of the Emerging Markets Fixed Income trading desk, focusing on research and analysis.


Andrea Bussacchetti
Fixed Income Sales

Andrea joined WOOD&Co. in January 2017, and is working on our fixed income desk. He began his career in 2002 at Gottex GMBH, also on the fixed income desk, and he moved to Unicasim in 2006, where he developed their new fixed income desk. After this, Andrea covered illiquid credit and structured products at BGC partners in London in 2007.

 

 




Equity Structured Products

We have a range of investment instruments that give our clients access to non-listed investment opportunities in Emerging Europe. These are usually issued in the form of a warrant, which is listed on a western stock exchange and quoted on a daily basis (prices available on Bloomberg, Reuters, etc.). WOOD & Company acts as a market maker in all of the warrants issued.

Access products can be tailor-made if certain volume requirements are met and are ideal instruments for exposure to the least developed frontier markets, such as Ukraine, Kazakhstan and Belarus. In addition, they give the opportunity to invest in pre-IPO, private equity type companies which would not be investable otherwise.