Yohei Omichi

bfinance, the independent global investment consultancy, has opened a new office in Tokyo. Yohei Omichi has been appointed Senior Director to lead the firm’s Japan presence, strengthening support for Japanese asset owners and global institutions at a key turning point for the country’s economy and capital markets.

The opening reflects growing two-way demand. On the one hand, global institutional investors are increasing their focus on Japan opportunities. On the other, Japanese asset owners, energised by the new dynamism of the domestic economy, are looking outwards with renewed optimism, seeking investment insight to create global portfolios across both public and private markets.

With extensive experience working with public/private pension funds and distributors, Omichi is well placed to capitalise on opportunities as Japan’s economy and capital markets look set to enjoy a sustained recovery. More broadly, with the addition of Tokyo, bfinance significantly strengthens its existing Asia Pacific (APAC) presence in Hong Kong and Australia.

The new office adds to a global footprint now spanning 12 locations, also including London, Paris, Munich, Amsterdam, Rome, Chicago, Toronto, Montréal and Dubai, the company’s hub for the Middle East and Africa.

Japan’s renewed economic dynamism and a vibrant outlook for APAC

Japan’s pension and insurance companies represent one of the world’s largest pools of institutional capital, while the country’s savings and investment landscape is at a key turning point following a series of co-ordinated reforms.

A sustained focus on corporate value creation, capital efficiency, continued momentum in shareholder engagement and corporate action is reigniting interest in Japanese capital markets. Inflation is now close to the Bank of Japan’s 2% target and there are high hopes the new government will successfully execute a further shift towards growth-orientated policies.

The reforms to date have helped restore a long-absent economic dynamism, seemingly drawing a line under a punishing period of deflationary economics. This is not only stimulating external interest in Japan but also prompting Japanese-based asset owners to broaden their investment horizons and begin looking outwards again.

bfinance has certainly seen strong demand in Japan for the full range of private markets, and particularly for income-generating asset classes such as infrastructure equity and debt. Diversifying liquid strategies have been another ongoing source of strong demand as Japanese investors seek to optimise long-term returns and manage risks in a low-yield environment, as Japanese interest rates slowly normalise in response to the return of moderate rates of inflation.

The company has long observed a good appetite for low‑volatility, market‑independent hedge fund strategies in Japan. While these strategies are currently enjoying strong performance tailwinds, bfinance’s independent analysis has consistently identified those with a track record for alpha generation across different market cycles.

More broadly, over the past five years, bfinance has helped a wide variety of investors across APAC, in Australia, China, Hong Kong, Japan, Malaysia, Singapore, South Korea and Thailand.

It has partnered with these clients on the full range of private markets assets, including all the real asset classes of infrastructure, real estate and natural capital (timber and agriculture), as well as the entire range of liquid markets (including diversified strategies, fixed income and listed equities).

This has included working with an array of APAC wealth clients, as the region is set to become the predominant source of wealth creation. Financial wealth is projected to grow at about 9% annually in APAC through 2029, compared to 4% in North America and 5% in Western Europe*.

What the Tokyo office means for international and Japan-based clients

The Tokyo office brings bfinance closer to clients and market participants in Japan, combining local presence with the firm’s global research and implementation platform.

• For Japan-based asset owners: closer day-to-day support, faster execution, deeper local market insight, and direct connectivity to bfinance’s global manager research specialists.
• For global institutions: stronger on-the-ground due diligence, improved access to Japan-based managers and opportunities, and tighter coordination across cross-border research.

David Vafai, CEO at bfinance, says: “The opening of a Tokyo office strengthens our ability to support clients at a time when Japan is increasingly central to institutional portfolios – both for global investors re-engaging with the market and for Japanese asset owners building more international, multi-asset portfolios.

“Our focus is on delivering independent manager research, rigorous due diligence and practical implementation support, with the responsiveness and local presence that sophisticated investors expect.

“Yohei brings deep institutional experience and a strong understanding of the needs of Japan-based asset owners. His appointment is an important step as we deepen our commitment to clients in Japan and across the region.”

Yohei Omichi, Senior Director, says: “I’m delighted to lead bfinance’s Tokyo office at a time when institutional investors – in Japan and globally – are reassessing portfolio construction and implementation. Japanese asset owners are increasingly seeking global reach, transparency and disciplined execution, while global institutions are looking for stronger access to Japan opportunities and local market insight.

“bfinance is well positioned to support both needs by combining independent global research with practical implementation expertise. I look forward to partnering with clients as they navigate more complex portfolios and a rapidly evolving investment environment.”

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Ravi Rastogi

bfinance, the independent investment consultancy, has announced the appointment of Ravi Rastogi in a newly created senior leadership role: Managing Director and Global Head of Insurance. He will be based in the firm’s London office. The shift underscores the increasing strategic importance of the insurance practice globally, which has represented a key growth driver for the firm in recent years.

An industry veteran, Rastogi brings more than thirty years of experience in financial services, with almost twenty years in the specialist insurance investment field. His previous insurance investment leadership positions include regional roles at Mercer (2015-18) and (Willis) Towers Watson (2010-2015) and EY (2021-2024). In 2018 he founded Ark Advisors, an insurance-investment focused specialist consultancy. Prior to his appointment as Global Head of Insurance at bfinance, he had been working closely with the firm for several months in an advisory capacity.

In this new role, Rastogi will work closely with the senior team and client consultants across all international offices. The appointment will strengthen bfinance’s ability to support insurers in navigating increasingly complex investment, regulatory and sustainability challenges, refining the firm’s strategic offerings in this space and enhancing capabilities.

The appointment reflects the growing importance of the insurance sector to the consultancy: bfinance has over 100 insurer advisory relationships, with almost 90% of these engaging in the last 5 years. As such, the insurance practice represents one of the fastest-growing parts of the business. This shift reflects wider trends such as insurer portfolio diversification, evolving regulatory frameworks and the improving accessibility of certain alternative asset classes.

Client diversification across segment and geographical lines has been a key tenet of bfinance’s long-term strategy as it seeks to maintain resilience and sustainable growth through a period of transformative change in the global institutional investment landscape. The firm’s Wealth Management practice also represents a key strategic growth priority, providing added service capability for the broader integrated insurance and asset management groups.

Ravi Rastogi, Managing Director, Global Head of Insurance at bfinance, said: “bfinance has a long-standing reputation for independent, rigorous advice and for acting as a true extension of its clients’ internal teams. The research pedigree and unique client-centric business model resonate deeply with insurers’ own commitment to delivering investment outcomes for their end clients. Having worked closely with the firm as an advisor, I am delighted to be taking on this role full time. I look forward to working with colleagues and clients globally to help insurers address evolving investment priorities, governance demands, and sustainability objectives.”

Frithjof van Zyp, Senior Director, Australia at bfinance, said: “Ravi’s appointment further reinforces bfinance’s global strategic focus on the insurance sector. This comes at a time when Australian insurers are seeking more specialised investment support. It is a sector we have been active in since 2016, and we continue to see accelerating demand locally. Ravi’s deep sector expertise will enhance our ability to support Australian insurers across complex areas such as multi‑asset portfolio design, alternative asset class implementation, and the integration of sustainability and regulatory considerations.”

David Vafai, Chief Executive Officer at bfinance, said: “Ravi’s appointment reflects both the depth of his expertise and the growing importance of insurance clients within our global business. He brings a rare combination of strategic insight, operational experience, and deep sector knowledge. His leadership will be instrumental as we continue to expand and strengthen our insurance offering worldwide.”

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Donn Cox

bfinance, the independent investment consultancy, today announces the appointment of Donn Cox as its first Head of North America.  Cox—an industry veteran best known for founding LP Capital Advisors and his subsequent leadership positions within Pavilion Alternatives Group and Mercer—will head up a growing team of consultants in the U.S. and Canada across offices in Chicago, Toronto and Montreal.

Cox’s appointment in this newly created role expands the firm’s senior leadership team and strengthens its growing footprint across North America. His arrival closely follows another senior appointment in the region, with Tomas Bylaitis joining the U.S. team in August 2025 as Senior Director Client Consulting. Les Marton (Managing Director, Canada) and David Ness (Senior Director, U.S.) will report directly into the new position.

Strategic expansion across geographies, channels

Established in 1999, bfinance has served institutional investors in 47 countries representing over USD 8 trillion in assets including pension funds, insurers, endowments, foundations, family offices, and wealth managers. The firm has been active in Canada since 2006, with a long-standing client base of more than fifty institutions in the country and opened its first U.S. office in 2017.

Over the past two years, the firm has seen particularly strong growth in the US RIA and Wealth Management channels. Independent wealth platforms, multi-family offices and RIAs are seeking independent, institutional-quality, data-driven investment advisory and manager research services, often in the form of strategic partnerships that can be integrated with their specific service models and business requirements. At the same time, the needs of the firm’s traditional institutional client channels in both Canada and the U.S. continue to evolve, influenced in part by the perceived erosion of independent advisory services across the consulting industry amid a trend toward asset management product provision. Investors’ changing needs are also driving innovation in key services such as Private Markets, Fee Review, and Data & Digital Solutions.

North America leadership

Cox, who will be based in the firm’s Chicago office, will have a broad leadership mandate that includes building and managing the North American team, overseeing client relationships and project delivery, accelerating growth across all channels (institutional, wealth, RIA), expanding access to the firm’s newer service offerings, and strengthening collaboration across global research teams.

He brings more than twenty-five years of experience in investment consulting, alternative investment, and program management. Cox founded LP Capital Advisors in 2004, where he was President and Managing Director for more than ten years until Pavilion Financial Corporation acquired the business in 2014 He then became President and Managing Director of Pavilion Alternatives Group and, subsequently, Global Leader at Mercer’s Alternatives group after Mercer acquired Pavilion in 2018. As such, he has been at the forefront not only of key shifts in the institutional investment management industry but of competitive dynamics in the investment consulting sector as firms respond to a shifting investor ecosystem and technological change. Cox brings not only senior leadership experience but also a long-held commitment to independent advisory models.

Donn Cox, Head of North America at bfinance, said: “For more than 25 years, bfinance has stood out for its commitment to rigorous global research, independent advice, and alignment with the specific objectives of each client. Those qualities are increasingly rare in a market where many advisors have shifted into product manufacturing. There is a real need in North America—especially in the U.S.—for an advisory partner whose sole focus is helping investors make better decisions. I’m looking forward to building on this foundation and expanding our ability to serve institutions, family offices, and RIAs across the region.”

David Vafai, Chief Executive Officer at bfinance, said: “The US and Canada represent one of the most important growth frontiers for bfinance. Since 1999, we’ve worked with institutions in nearly 50 countries as an extension of their investment teams, and our North American client base has become increasingly strategic. Donn’s appointment brings the senior leadership, credibility, and connectivity we need to deepen our partnerships across the region and continue delivering world-class, independent investment advice.”

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Odi Lahav

Independent investment consultancy bfinance is pleased to announce the appointment of Odi Lahav as Chief Operating Officer.

Lahav brings more than 25 years of leadership experience across financial services, technology, and institutional consulting. He joins bfinance from Apex Group, where he served as Global Head of Digital Products, overseeing the group’s portfolio of fintech solutions across Europe, APAC, and North America. Prior to Apex, he held senior leadership roles spanning technology, data and analytics, and investment advisory services, including leading the global alternative investments group at a major ratings agency.

Over the course of his career, Lahav has also advised large institutional investors across a broad range of disciplines, including investment strategy, manager research, OCIO, private markets, digital product strategy, and operational execution.

In his new role, Lahav will oversee Investment Research, Digital Solutions, and corporate functions, including Technology, Legal, Compliance, and HR. His appointment marks a key step in aligning product, research, and delivery functions to further enhance bfinance’s innovation, operational execution, and delivery of data-driven insights for clients.

This appointment underscores bfinance’s continued investment in talent and infrastructure to support clients navigating an increasingly complex and fast -evolving investment landscape.

David Vafai, Chief Executive Officer, said: “We are thrilled to welcome Odi to bfinance. His exceptional track record in digital product leadership, institutional advisory, and operational transformation makes him ideally placed to strengthen our capabilities and support our clients’ evolving needs.”

On his appointment, Lahav commented: “I’m delighted to be joining bfinance at such an exciting time in its journey. The firm’s commitment to innovation, client-focus, and independence is truly compelling. I look forward to working with the team to advance the firm’s digital strategy, strengthen its operational foundations, and deliver even greater value for our clients.”

bfinance celebrated its 25th anniversary and completed a management buyout in 2023, when it moved back into employee ownership under the ongoing leadership of David Vafai.

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Jamie Downing

bfinance, a global independent investment consultancy, has announced a strategic expansion of its wealth sector services, as wealth managers face growing demand for sophisticated, institutional-grade investment solutions. Responding to a competitive landscape and changing client needs, bfinance is extending its expertise to wealth managers and multi-family offices, helping them deliver advanced investment strategies once reserved for large institutional investors.

With clients increasingly focused on sustainable and ESG-aligned investments and seeking the flexibility to enter specific opportunities alongside traditional mandates, wealth managers are under pressure to evolve their offerings. This shift is driving demand for solutions that blend custom portfolio design, ESG integration, and access to alternative asset classes. By broadening its wealth sector services, bfinance is supporting managers in providing these sophisticated options, empowering them to meet diverse and complex client expectations.

Jamie Downing, Managing Director and Head of Client Consulting at bfinance, commented: “We’re seeing a clear shift in the wealth sector, with managers aiming to replicate the sophistication of institutional investors to meet rising client expectations. Wealth managers now need to offer more than traditional investment options—they must deliver ESG-integrated strategies, alternative investments, and customised portfolio structures. This demand for advanced solutions has driven significant interest in bfinance’s expertise in manager research, strategic portfolio design, and fee optimisation.”

Originally developed in partnership with institutional asset owners such as pension funds, bfinance’s core research capabilities are increasingly sought by wealth managers. This partnership approach provides wealth managers with the flexibility to access only the specific expertise they need, acting as an extension of their in-house teams to enhance capabilities in areas such as manager research and selection, portfolio design, and performance monitoring.

In 2023, more than 10% of engagements conducted by bfinance were for wealth managers or multi-family offices, highlighting the wealth sector’s evolution towards institutional-style sophistication. The firm has seen a range of recent search activity from wealth managers, including absolute return fixed income, semi-liquid infrastructure, and liquid alternatives for downside protection.

Reflecting on recent trends, bfinance’s Asset Owner Survey indicates that wealth managers are increasingly adopting flexible mandates and ad hoc opportunities to capture emerging trends in ESG and alternative investments. Clients’ focus on cost transparency has also grown, with wealth managers scrutinising transaction costs for a complete view of expenses.

This expansion comes as bfinance marks 25 years of independence and celebrates a recent return to employee ownership under CEO David Vafai. With a presence in 11 financial centres worldwide, including London, Chicago, Toronto, Dubai, Sydney, and Hong Kong, bfinance remains committed to delivering its unbiased, research-driven consulting services to an ever-broadening client base across the wealth management and institutional sectors.

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Olivier Cassin

bfinance, an independent investment consultancy, has announced the appointment of Olivier Cassin, who will lead the firms research and investment teams following bfinance’s recent management buyout.

Mr Cassin returns to the firm in the newly created role of Head of Investments and Research, having previously worked at bfinance from 2000 to 2014. He arrives from BNY Mellon, where he was Head of EMEA Client Solutions and previously managed the UK and European institutional sales team.

In the new position, Mr Cassin, who is based in the firm’s London office, will head up all research activities globally including manager selection across all asset classes, portfolio design, ESG advisory, risk analytics, monitoring and fee benchmarking. As well as overseeing the delivery and quality of the firm’s existing services, Mr Cassin will also focus on new product innovation and supporting business development for next phase of the firm’s growth.

This appointment is part of several strategically significant hires for bfinance as the firm embarks on its next phase of growth following a management buyout supported by Beach Point Capital Management. Staffing levels have expanded steadily through recent years, with particularly marked increases in technology (where headcount has quadrupled since 2020), portfolio solutions and private markets.

David Vafai, Chief Executive Officer at bfinance, said: “I am pleased to welcome Olivier back into the bfinance family.  He was pivotal in our early expansion, and it is a privilege to once again be able work with him in this exciting new post-MBO phase.”

Olivier Cassin, Head of Investments and Research at bfinance, said: “I am delighted to rejoin bfinance, a company that has grown so impressively over the past few years through the quality of its teams, the strength of its research and its total dedication to bringing clarity to sophisticated investors.”

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David Vafai

Twelve investment consulting firms, responsible for advising institutional asset owners on assets of approximately USD 10 trillion, have launched the Net Zero Investment Consultants Initiative (NZICI). Through nine specific action points, they commit to supporting the goal of global net zero greenhouse gas emissions by 2050 or sooner.

The initiative, which has been led by some members of the Investment Consultants Sustainability Working Groups in the UK (ICSWG-UK) and US (ICSWG-US), is endorsed by the United Nations Race to Zero campaign and supported by the Principles for Responsible Investment (PRI). The twelve investment consultants are: Barnett Waddingham, bfinance, Cambridge Associates, Cardano, Frontier, Hymans Robertson, JANA, LCP, Meketa, Redington, Willis Towers Watson and Wilshire.

Key influencers of capital allocation: investment consultants’ role in the Net Zero transition

Investment consultants play a crucial role within the savings and investment ecosystem. They provide strategic advice to asset owners, such as pension funds, sovereign funds, endowments, insurers, foundations and family offices in areas, such as investment beliefs and strategy, asset allocation, asset manager selection. They also provide broader education on the long-term investment risks and opportunities related to climate change, such as transition risk, physical risk and stranded assets risk. These firms are often the critical link between asset owners and asset managers, determining which firms and strategies are favoured for selection. Consultants also provide guidance to asset managers about ESG capabilities and climate competence, as well as advising on the development of new investment solutions.

The commitments developed for the NZICI have been designed to facilitate alignment with the UN-convened Net-Zero Asset Owner Alliance, the Net Zero Asset Managers Initiative and other signatories of the Race to Zero campaign. They will work together with other signatories of net zero initiatives as a member of the Glasgow Financial Alliance for Net Zero (GFANZ).

Clear commitments and timeframes

The NZICI sets out nine actions that investment consultants will take to support the goal of global net zero greenhouse gas emissions by 2050 or sooner, in the context of legal and fiduciary duties and specific client mandates. First among these actions: integrating advice on net zero alignment into investment consulting services as soon as possible, and within two years of making this commitment.

The commitments apply to investment advisory service and business operations. For those consultants which offer discretionary asset management services, the commitments include a pledge to align with the Net Zero Asset Managers Initiative within two years.

The nine actions

Within our investment advisory services we will:

1. Integrate advice on net zero alignment into all our investment consulting services as soon as practically possible and within two years of making this commitment.

2. Work with our institutional asset owner clients to identify the investment risks from climate change, highlight the importance of net zero alignment and, where applicable, support our clients in developing policies that align their portfolios to a net zero pathway.

3. Support efforts to decarbonize the global economy by helping our clients prioritize real economy emissions reductions, reflecting the target of 50% global emissions reduction by 2030 or sooner using existing decarbonisation methodologies.

4. Assess and monitor asset managers on the integration of climate risks and opportunities in their investment decisions and stewardship and reflect this evaluation in our client recommendations.

With respect to our fully discretionary services, we will:

5. Align with the Net Zero Asset Manager Initiative as soon as practically possible and within two years of making this commitment

With respect to our own business operations, we will:

6. Set emissions reduction targets across all our operational emissions in line with 1.5°C scenarios

Within the wider financial community, we will:

7. Where suitable net zero methodologies do not exist, work collaboratively for the benefit of our clients to address these challenges, seeking harmonised methodologies

8. Engage, independently or as a group, with regulators and policymakers, to facilitate the transition to net zero carbon emissions, addressing any barriers to our clients adopting and achieving their net zero targets

To ensure accountability, we will:

9. Report progress by our firm against the commitments made here at least annually in public domain.

David Vafai, CEO at bfinance said, “We believe that global investment consultants, working closely with our asset owner clients, have a vital part to play in the transition towards a resilient Net Zero economy and we are committed as a firm to making a difference. This initiative is an important milestone for us: we are making some significant changes to policies and processes as we look to deliver on commitments. A number of our clients are already very advanced in addressing issues such as portfolio carbon intensity, temperature alignment and investment opportunities relating to the energy transition.”

Read the full commitment.

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Sarita Gosrani

bfinance, the independent investment consultancy, has announced the appointment of Sarita Gosrani as ESG and Responsible Investment Director. Sarita will head up bfinance’s new ESG advisory unit based in its London office and brings more than a decade of experience in financial services, pensions and investments.

Gosrani was formerly Head of ESG Research at XPS Pensions Group where she helped lead the firm’s approach to responsible investing and supported clients with integrating environmental, social and governance considerations into their investment strategies. Alongside this, she was responsible for developing proprietary asset manager research and monitoring frameworks to assess ESG across a range of asset classes. Sarita holds a Bachelor of Arts Degree in Economics and Human Geography from the University of Toronto, Canada. She will report to Duncan Higgs, Managing Director and Head of Portfolio Solutions at bfinance.

In addition, the firm has committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner in line with the goals of the Paris Climate Agreement to limit the global temperature increase to 1.5°C above pre-industrial levels. This commitment includes:

• working with asset owner clients to support Net Zero goals and strategies
• integrating support with Net Zero ‘as standard’ into existing consulting services such as manager research and selection
• pledging to establish appropriate emissions reduction targets across direct operations.

Gosrani represents bfinance’s first senior recruit solely dedicated to ESG matters. “We believe in keeping responsible investment matters firmly at the heart of the Research and Client Consulting teams, as has been the approach to date” says David Vafai, Chief Executive Officer, who also sits on the firm’s ESG and Responsible Investment Committee. “The creation of a dedicated ESG resource is intended to support and enhance the ESG-related work of those teams, as well as enabling us to offer some additional advisory support to clients.”

David Vafai, Founder and CEO of bfinance, said: “I am glad to welcome Sarita to the team – this new hire represents a notable expansion of the firm’s ESG capabilities. At the same time, we are excited to formalise the extensive work that we have been doing in supporting many clients on reducing the greenhouse gas emissions associated with their portfolios. Many investors are now seeking to identify asset managers with a robust strategy and transparency around emissions, for instance, or enter low-carbon or carbon-offsetting sectors such as renewable energy infrastructure.”

Sarita Gosrani, ESG & Responsible Investment Specialist at bfinance, said: “I’m delighted to join bfinance and work with such a diverse global client base at a time when investors’ ESG and responsible investment requirements are developing rapidly. With more and more of the investment industry presenting claims around ESG-related capabilities and carbon emissions, there is a real need to help asset owners cut through the noise to establish and implement a clear strategy.”

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