Marianne Okafor
Founding Partner, Chief Investment Officer
Sets the firm's asset allocation framework and chairs the investment committee. Previously spent eleven years in multi-asset research.
About
A firm built around one document
Ledger was founded on the conviction that the mandate — the written statement of what money is for — is the most under-used instrument in private investing. Everything the firm does is downstream of getting it right.
Story
How the firm started
In 2011 four people left larger institutions with the same complaint. They had spent years producing sophisticated portfolios for clients who could not explain, in a sentence, what those portfolios were meant to achieve. The sophistication was real. So was the mismatch.
Ledger was set up to invert the order of work. The mandate is written first, in plain language, before any allocation is discussed. It states the objectives, the horizon, the commitments and the risk budget, and it is signed by both sides.
Fifteen years later the firm remains deliberately small. We take on a limited number of mandates each year because the person who designs a portfolio should be the person who sits across the table at its review — and there is a hard limit to how many of those conversations one team can hold properly.
Values
What we hold ourselves to
- Plain language
- If a strategy cannot be explained without jargon, we do not understand it well enough to recommend it. Every document we produce is written to be read by the client, not by a compliance department.
- Published fees
- One advisory fee, stated openly, with no commissions or third-party revenue. We would rather have a shorter client list than an ambiguous incentive.
- Written reasoning
- Decisions are recorded with their rationale before they are executed. It makes us accountable at review time in a way that memory never manages.
- Candour about uncertainty
- We do not know what markets will do. We say so, we build portfolios that do not depend on knowing, and we are direct when a prospective client wants a certainty we cannot honestly offer.
Team
Four people, one desk
Fictional team members created for this template. Photographs are intentionally replaced with monograms so the layout works before real imagery exists.
Tobias Lindqvist
Partner, Portfolio Construction
Responsible for translating mandates into allocations, rebalancing rules and implementation. Background in fixed income and risk modelling.
Priya Raman
Partner, Client Mandates
Leads the mandate-writing process and annual re-underwriting. Works most closely with founders and families with concentrated positions.
Callum Reid
Head of Research
Maintains the research file behind every holding and runs the regime testing used in construction. Writes most of the firm's published insights.
Firm facts
The details
The people, figures and dates on this page are invented for the template. Ledger is not a real firm and none of this describes a real business.
| Founded | 2011 |
|---|---|
| Team | 4 partners and principals |
| Client mandates | 310 (illustrative) |
| Assets advised | $2.4B (illustrative) |
| Advisory fee | 0.65% per annum, published |
| Review cadence | Quarterly, annual re-underwriting |
| Office | London, United Kingdom |
| Ownership | Wholly partner-owned |
Illustrative demo content for this template.
Work with a small team
We take on a limited number of new mandates each year. If the approach on this site resonates, the next step is a conversation.