The Markets Are New.
The Discipline Is Not

Quantitative strategies, run with the discipline and transparency of a Nordic listed company.

About Company

Our Story

Hilbert Group takes its name from mathematician David Hilbert, whose work focused on bringing structure to complex systems. One of his most famous ideas — the Hilbert Curve — shows how seemingly chaotic systems can be mapped into ordered structure. That principle defines Hilbert Group.

The firm was founded in 2018 by two Swedish scientists, Dr. Niclas Sandström and Dr. Magnus Holm, on one conviction — that these markets deserve the same rigour as any other. Quantitative research. Systematic execution. Explicit risk limits. Reporting an investment committee can sign off on.

That conviction has held. What began as a quantitative trading firm is now a listed group — Nasdaq First North, HILB B — running systematic strategies, financing, and on-chain distribution for allocators, family offices and a sovereign wealth fund.

Principles That Guide Us

Trust is earned through consistency. These are the standards we hold ourselves to on every mandate and in every report.

Investment Discipline

Systematic Approach

Decisions follow tested rules. That keeps the process repeatable, reviewable and resistant to emotion.

Research Process

Research-Led Investing

Every strategy begins as a research question and is only deployed when the evidence holds across market regimes.

Institutional Operations

Institutional Standards

Segregated custody, independent administration and established counterparties underpin every relationship.

Portfolio Controls

Risk Discipline

Risk is managed by design — limits, hedging and drawdown controls sit inside every mandate.

Oversight

Governance

Investment and risk committees, board oversight and clear escalation paths for every decision.

Reporting

Transparency by Default

Position-level reporting and consistent disclosure, so allocators can verify rather than take our word.

Timeline

August2018

Hilbert Group founded by Dr. Niclas Sandström and Dr. Magnus Holm

October2021

Coin360 acquired

October2021

Listed on Nasdaq First North Growth Market (HILB B)

March2025

Liberty Road Capital acquired

September2025

Hilbert Finance (then Nordark) acquired

December2025

Enigma Nordic acquired

August2026

Syntetika launches (the platform Hilbert backs)

Build Institutional
Infrastructure for Digital Markets

Leadership & Team

A team drawn from quantitative finance, trading, technology and institutional asset management

Our team

CEO

Barnali Biswal

Barnali has over 2 decades of experience in successfully trading risk-managed sizable portfolios for institutional investors globally.

Partner, Board Member, Chief Investment Officer

Russell Thompson

30+ years in Finance & Trading. Ran Pan-Asia Trading for AIG and managed trading desks for HSBC Hong Kong and Midland Montagu.

Co-Founder

Dr. Magnus Holm

Co-Founder, Hilbert Group (2018). Initially programmed and implemented the Hilbert algorithmic quantitative digital asset trading strategy in April 2017.

Co-Founder

Dr. Niclas Sandström

Chief Executive Officer, Hilbert Group (2018–2024). Grew the firm from its early stages into a diversified digital-asset business and led its listing on Nasdaq First North.

Partner

Anna Dinescu

15+ years in Project Management across top-tier multinationals, fintech startups, and investment companies.

Chief Operating Officer

Elad Gafni

More than a decade in digital-asset trading and fund operations. Elad co-founded the quantitative fund-of-funds YRD Capital as its Chief Investment Officer, then led institutional sales at the BIT exchange. As Chief Operating Officer he runs day-to-day operations across the group.

Partner, CTO, Head of AI

Tom Bowles

Financial Quantitative Expert, with 25 years experience in top-tier hedge funds, asset management and family offices in London, New York and Monaco with AUM from $1bn to $30bn.

Managing Director Hilbert Capital

Ashley Moore

Ashley has 25 years of experience managing & trading equity, fixed income, fx and commodity derivatives in London, Hong Kong, Singapore and Tokyo

Senior Research Analyst

Jesse Marre

15+ years in global macro and digital asset investing, spanning traditional finance and crypto markets.

Marketing & Communications

Justyna Korfanty

15+ years in Business Intelligence, Digital Marketing & Product Development. Worked globally with hedge funds, accelerators, tech startups & media (Founders Forum, SpaceKnow, Argus, Investor List) on product development, UX design and go-to-market execution.

Engineering

Brett Paton

30 years of software engineering experience for major financial institutions including Credit Suisse, Deutsche Bank, Enron, Merrill Lynch, Mizuho, Societe Generale and UBS.

Finance Manager

Marc Conlon

Chartered Accountant (CA(SA)) with 5+ years of experience in finance.

Finance Manager

Olivia Hudson

Olivia is a Chartered Accountant (CA(SA)), qualified in South Africa

Financial Accountant

Belen Campos

Governance & Board

Built for accountability and oversight

Board Member and Chair of the Board

Jonathan Morris

20+ years in global finance and technology, leading public and private companies across fintech, digital infrastructure, aerospace and financial services.

Partner, Board Member, Chief Investment Officer

Russell Thompson

30+ years in Finance & Trading. Ran Pan-Asia Trading for AIG and managed trading desks for HSBC Hong Kong and Midland Montagu.

Board Member

David Butler

Board Member, Hilbert Group (since 2021). Independent non-executive director providing governance and strategic oversight.

Board Member

Fahad Khan

Board Member, Hilbert Group (since June 2026). Provides governance oversight, strategic guidance, and international wealth management expertise.

Advisor to the Board

Lars Seier Christensen

Advisor to the Board of Hilbert Group (since 2025). 35+ years in Finance & Trading. Began career in London in 1988 in foreign exchange and derivatives.