Crafting expertise over years, unlocking a world of unique opportunities

About US

Ayres is an institutional alternative investment manager based in London, UK, with expertise in a range of global macro strategies. Our primary objective is to generate outstanding investment returns by identifying opportunities in the universe that exhibit a distinct potential for asymmetry and uncorrelation to broader risk markets. Relying on an investment process that has been tested through several market cycles, we assemble those opportunities into portfolios which cater to our client’s needs and requirements.

The investment team at Ayres has a long-standing track record of generating superior risk-adjusted returns, across a variety of market cycles.

Ayres offers a range of alternative funds to access its capabilities.


Ayres was founded in April 2020 by Pablo Federico, Managing Partner and CIO, after successfully spinning out from a global investment manager specializing in emerging markets. The goal was to invest opportunistically across emerging market HY issuers and to strategically realize value in distressed securities through active involvement and hands on restructurings.

The investment team grew since 2020. Jonathan Kelly, who headed Fidelity EM credit portfolios for 20 years, joined Ayres in October 2021 to head global credit strategies. In September 2022, Greg Pappajohn, a senior macro risk taker at Soros, Key Square and Balyasny, joined to head global macro strategies. In November 2022, Luciano Buyo joined from Santander Asset Management to complement equity investing.

Our investment team has been dedicated to emerging markets for nearly three decades. Over the course of their careers, our investment professionals have worked diligently to establish a robust platform that relies on technological infrastructure and information networks, that allows access to deep insights into the macro, sectorial, and corporate dynamics across emerging market countries. Relying on solid foundations, Ayres systematically uncovers untapped opportunities in the universe, which have received extensive research and attention. We also emphasize that we have cultivated deep-rooted, unique, local relationships across the globe that are difficult to replicate, which give Ayres a distinct advantage.


Strong Track Record
of Alpha Generation

The firm has a strong multi-year track record of alpha generation in its existing strategies. Through its experience and quantitative models, Ayres has specialized in capturing opportunities created by dislocations from political and economic cycles in EMs. Ayres’ portfolio managers have cultivated their professional careers within prominent global asset management firms, boasting a long track record of generating high quality risk-adjusted returns in credit and macro strategies.

We Look for Roads
Less Travelled

The Investment Team has extensive experience in uncertain and complex situations involving defaulted and distressed debt, where most investors overlook.

Robust Operational and Compliance Controls

Ayres possesses robust operational and compliance controls, owing to the presence of significant institutional investors among its clientele.


Furthermore, our in-house models have been instrumental in generating debt sustainability analyses, which have been contributed greatly to the various restructuring committees we have a participated in.


Pablo Federico


Pablo has over 10 years of experience in Emerging Markets International Finance and Sovereign distressed. Since inception, Ayres had key roles in recent Sovereign restructurings: ARG 2020, ECU 2020, PBA 2021. Before founding Ayres, Pablo was responsible for managing two credit-oriented hedge funds at Macrosynergy Partners LLP. Previously he was a Portfolio Manager at BlackRock and, previously, a consultant to the IMF.

He holds a BS and MA degrees in economics from University of CEMA and a PhD in Economics (International Finance, Finance) from the University of Maryland.

Greg Pappajohn

Partner & Senior

Greg has over 20 years of experience in global macro investing. He joined Ayres as a partner in September 2022 to head global macro strategies.

Before joining Ayres, Greg was the CIO of Riscient Capital Management and worked for over 20 years as a macro portfolio manager and/or strategist with funds including Pappajohn Capital, Soros, Key Square and Balyasny. He began his career as a credit trader at Bear Stearns.

Greg has managed significant portfolios across equities, credit (including defaulted emerging markets), FX, rates, commodities and associated derivatives. He holds a graduate degree with major in Finance from Wharton Graduate Business School.

Jonathan Kelly

Partner & Senior
Portfolio Manager

Jonathan has over 25 years of experience in fund management. Before joining Ayres in October 2021, Jonathan led Fidelity’s retail and institutional Emerging Market Debt portfolios, as well as the EMD portions of many of Fidelity’s largest multi-sector funds. Prior to Fidelity, he served as a research assistant to Fisher Black at Goldman Sachs. Jonathan participated in numerous EM Sovereign, Quasi-Sovereign, and Corporate debt restructurings over the last 25+ years. He holds an undergraduate degree in computer science from Dartmouth College and MBA from Wharton.

Cian Seymour

Partner & COO

Cian has over 15 years of experience in investing banking and hedge fund operations. He is responsible for Operations at Ayres. Previously, he has been with Macrosynergy Partners LLP for 8 years, where he headed operations in the last part of his tenure. Previously he held different roles within their Execution, Operations and Product Control teams. Prior to Macrosynergy, he worked at Deutsche Bank, BNP Paribas, and Bear Stearns in the Operation desks. He holds a BS in Financial and Actuarial Mathematics from University of Dublin.



Luciano has over 19 years of experience in asset management. He is a member of the investment committee of the Ayres Recovery Fund. Before joining Ayres, he was Head of LATAM Equities at Santander AM coordinating a team overseeing USD3bn AUM. Awarded 3 times “Top Manager” by S&P-Apertura in Argentina, has also positioned numerous mandates with 5 Stars recognition. Flagship fund  received Lipper’s Award as the Best 10-year Latam Fund. He is a CIIA chart holder and obtained a Magister Degree in Finance in 2002 from University of CEMA.