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Based at Cambridge Judge Business School, the Cambridge Centre for Alternative Finance is governed by a Managing Board and consists of the following individuals:

Robert Wardrop

Robert Wardrop

Co-founder and Director, Cambridge Centre for Alternative Finance 

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Robert is a sociologist in the Finance & Accounting subject group at Cambridge Judge Business School. He has a successful track record of investing in and advising small and mid-sized firms in North America, Europe and Asia spanning over 30 years, and this experience led to his interest in understanding how and why alternative channels of finance emerge outside the traditional banking and capital markets system. His current research focuses on small and mid-sized firms that issue bonds as an alternative to bank financing, with the aim of better understanding the decision-making behaviour of firm owners and classes of investors across different economies. In addition to his academic role at Cambridge, Robert currently serves on the Global Advisory Boards of the University of Chicago Booth School of Business and the School of Business at Queen's University in Kingston, Canada.

Bryan Zhang

Bryan Zhang

Co-founder and Executive Director, Cambridge Centre for Alternative Finance

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Bryan is trained in economic geography and public policy. His research examines the accumulation and allocation of capital for start-ups and SMEs through alternative circuits of finance in a geographical and comparative context. Since 2013, Bryan has led and co-authored some of the most influential industry reports on the state of alternative finance both at national and international levels. He has advised and collaborated with numerous institutions and organisations including the Financial Conduct Authority, the British Business Bank, the Department of International Development, the European Commission, the World Bank, Oxfam and Unilever. Bryan is also a Research Fellow in Finance at Cambridge Judge Business School and a Senior Fellow at the Financial Innovation Lab.

Raghavendra Rau

Raghavendra Rau

Co-founder and Director of Research, Cambridge Centre for Alternative Finance

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Raghu is currently the Sir Evelyn de Rothschild Professor of Finance at Cambridge Judge Business School. He is also Head of the School's Finance & Accounting subject group and a past president of the European Finance Association. Raghu is Co-Editor of Financial Management and an Associate Editor of the Journal of Banking and Finance, the International Review of Finance and the Quarterly Journal of Finance.

Visit Professor Raghavendra Rau's faculty webpage

Mia Gray

Mia Gray

Senior Research Fellow, Cambridge Centre for Alternative Finance

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Dr Mia Gray is a Senior University Lecturer at the Department of Geography, University of Cambridge. She is an economic geographer focusing on how alternative finance, such as crowdfunding, affects regional economies, labour markets, and the distribution of opportunity. Mia is an Editor of the Cambridge Journal of Regions, Economy and Society. She was also the Acting Director of the Cambridge Centre for Gender Studies.

Tania Ziegler

Tania Ziegler

Research Associate, Cambridge Centre for Alternative Finance

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Tania is a Research Associate at the Cambridge Centre for Alternative Finance (CCAF), Cambridge Judge Business School, University of Cambridge. Tania's research interests include small business economics and SME utilisation of alternative funding models to access finance. She was the Programme Manager of the Alternative Funding Network at the London-based Knowledge Peers. Previous to her work in alternative finance, Tania specialised in Chinese outward direct investment and was a Fulbright Scholar. Tania studied economics and holds an MSc in China in Comparative Perspective from the London School of Economics.

Kieran Garvey

Kieran Garvey

Lead in Regulation & Policy, Cambridge Centre for Alternative Finance

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Kieran is the co-author of nine alternative finance industry reports covering market activity globally, as well as more specifically within regulation in East Africa and UK sustainable energy. He is leading the Cambridge-World Bank 2017-2019 Regulator & Policymaker Surveys in addition to a research programme to develop a technology solution to more efficiently conduct regulatory reviews of different FinTech business models in developing and emerging countries. Kieran previously worked at the UK Crowdfunding Association, as a UK parliamentary crowdfunding advisor and has aided a large number of companies to secure finance via equity crowdfunding. He also helped establish a microfinance social enterprise in Northern Vietnam, inspired by Kiva. Kieran holds an MSc from Imperial College London and a BSc from the London School of Economics.

Philip Rowan

Philip Rowan

International Engagement Lead, Cambridge Centre for Alternative Finance

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Philip leads on the international aspects of CCAF’s financial innovation and financial inclusion initiatives. Philip was previously a regulator specialising in FinTech, competition policy and financial inclusion, focusing on enabling supportive regulatory environments for development. In his capacity as the International Lead at the UK Financial Conduct Authority’s Innovate initiative, he closely supported dozens of financial services regulators and governments in their efforts to promote innovation in financial services, including those in developing markets. A leading authority on regulatory sandboxes, Philip is regularly consulted by those seeking to promote innovation in regulation. During his time at CGAP Philip successfully advocated for the implementation of pro-innovation and pro-competition regulatory policies with regulators and competition authorities to promote financial inclusion. Philip has also served at the UK’s competition authority, the Competition and Markets Authority (CMA), where his work focused on improving competition in banking. Philip holds an MSc in Development Economics from the University of Oxford and a BSc in Economics from the University of Warwick.

Headshot of Michel Rauchs

Michel Rauchs

Cryptocurrency and Blockchain Lead, Cambridge Centre for Alternative Finance

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Michel Rauchs is Cryptocurrency and Blockchain Lead at the Cambridge Centre for Alternative Finance. He co-authored two influential benchmarking reports on the state of global cryptocurrency and blockchain industries in 2017. He holds a Bachelor in Economics from HEC Lausanne and graduated from Grenoble Ecole de Management with a Master’s degree in International Business with a thesis on the evolution of the Bitcoin business ecosystem from 2010-2015 using a unique longitudinal dataset of 514 companies and projects.

Rui Hao

Rui Hao

Research Associate Data Scientist, Cambridge Centre for Alternative Finance

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Dr Rui Hao focuses on the projects of big data analysis, machine learning in natural language processing, relational database design, statistical modelling, and web development in the Centre. She has a PhD from the Department of Engineering, University of Cambridge, and obtained BEng Honours first class degree from the University of Nottingham. Before joining the CCAF, she interned and worked with various industries, including high-tech companies, consultancy, financial institutes, start-ups, NGO and academia. She has recently achieved qualifications as Chartered Financial Analyst and a Certificate in Quantitative Finance.

Hungyi Chen, Cambridge Centre for Alternative Finance

Hungyi Chen

Asia-Pacific Region Manager, Cambridge Centre for Alternative Finance

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Hungyi's research focuses on financial technologies regulation, specifically in crowdfunding, peer-to-peer lending and online payment. Recently he has researched crowdfunding and its interaction with urban development, especially in the field of renewable energy. His publication, Crowdfunding in Asian Countries and its Interaction with Citizenship, has been included in Law Between Buildings Emergent Global Perspectives in Urban Law (Routledge). He is a co-author of CCAF's 2015-2016 Asia-Pacific Alternative Finance Benchmarking Report. Hungyi is an Assistant Research Fellow, Center for Internet Finance Law Innovation, Shanghai Jiao Tong University. He has a three year research stipend  from the Japanese government and the scholarship of internship from Nagoya University during his PhD course in Japan.  

Alison Gibb

Alison Gibb

Engagement and Development Manager, Cambridge Centre for Alternative Finance

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Alison’s expertise is in providing marketing and project management within education and the arts and culture sectors. Her university work includes managing marketing research projects and events for several University of Cambridge Departments and Colleges. This includes Faculty of History, The Institute of Public Health, Research Operations Office and Wellcome/MRC Cambridge Stem Cell Institute. She has also worked as a freelance project manager for Arts Council England and The Teaching Awards.

Luke Deer

Luke Deer

Research Associate, Cambridge Centre for Alternative Finance

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Dr Luke Deer researches financial innovation in China with a focus on the role of alternative finance in China's transition. Luke is a Researcher with Sydney Business Insights at The University of Sydney Business School, a Research Affiliate with the Department of Government and International Relations at The University of Sydney in Australia, and a Research Associate with the University of Cambridge Centre for Alternative Finance.

Luke was a research director and co-author for the first Asia-Pacific China Alternative Finance Benchmarking Report published in March 2016. This report was led by the Cambridge Centre for Alternative Finance, with the Tsinghua Graduate School at Shenzhen and The University of Sydney Business School in partnership with KPMG Australia and its regional offices, and supported by ACCA (The Association of Chartered Certified Accountants).

Luke has conducted primary research on small and micro enterprise lending in Zhejiang Province in eastern China and he is a co-author of one of the first English language industry research reports (with the ACCA) on ‘Peer-to-Peer Lending in China: An Overview and Survey Case Study’. Luke has also published with Associate Professor Ligang Song on China's macro payments "imbalances" and on China's financial adjustment pressures in the journal China and World Economy.

Luke’s current research projects include: the Asia-Pacific alternative finance benchmarking research with the Cambridge Centre for Alternative Finance, a study of marketplace lending in Australia, and an Institute for New Economic Thinking (INET) grant-funded project which explores a ‘Money View’ analysis of the dynamics between financial innovation and central banking in the recent history of China’s financial system. 

Visit Dr Luke Deer's website

Kate Belger

Kate Belger

Administrator, Cambridge Centre for Alternative Finance

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Kate is Administrator for the CCAF team. She has wide experience of administrative practice across the University of Cambridge. She has worked for the Department of Applied Mathematics and Theoretical Physics, Faculty of Mathematics, as senior secretary supporting a team of academics and researchers. Her College work includes administrative roles in the Mistress' office at Girton College, and the Development Offices of Girton and Murray Edwards College.

Bob Wigley

Bob Wigley

Fellow, Cambridge Centre for Alternative Finance

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Bob is Chairman of UK Finance, Victoria Beckham, Ellestone Apparel and Bink. He is a Non-Executive Director of Nordengine Capital and the Qatar Financial Centre Authority and Chairman of its Audit Committee. He is a Trustee of the Peter Jones Foundation. He is a member of the advisory boards of Blockchain, Remora, Symphony Environmental and Tetronics International. He is a Visiting Fellow of Oxford University and Chairman of Oxford University’s Centre for Corporate Reputation. He chairs the Courtyard Appeal for the Royal College of Music and sits on its Council. He is a Fellow of the Institute of Chartered Accountants and has a business degree and an honorary doctorate from Bath University. 

He was the Chairman of Merrill Lynch Europe, Middle East and Africa before it was taken over by the Bank of America. In 2010, he was appointed an Ambassador for UK Business by the Prime Minister and chaired the Green Investment Bank Commission for the Chancellor of the Exchequer looking at how the UK might fund its carbon emission reduction obligations. In 2008, he chaired a panel of leading London financial services company CEOs for the incoming Mayor of London, Boris Johnson, producing a major report on how to maintain London's competitiveness in global terms for the decade ahead and now sits on the Mayor's Panel of Economic Advisers.

Between 2011 and February 2015 he was a Non-Executive Director of the Qatar Financial Centre Authority and Chairman of its Audit Committee. He was a member of the International Business Advisory Board of British Airways from April 2012 to Dec 2014. Between 2006 and 2009, Bob was a member of the Court of the Bank of England and of its Risk policy and Audit Committees, prior to which he was a Non-Executive Director of Royal Mail Group and Chairman of its Audit Committee for three years.

Marwa Hammam

Marwa Hammam

Fellow, Cambridge Centre for Alternative Finance

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Marwa currently holds the post of Executive Director of the Cambridge Master of Finance (MFin) programme with overall responsibility for the day to day running of the programme, curriculum review and enhancement, corporate development, careers coaching and marketing. She developed the credit component of the programme and teaches the core fundamentals of credit and advanced credit courses. Marwa is also a regular guest speaker on credit risk management and stress testing and authors case studies on a range of finance related topics. Marwa is an alumna of the Cambridge MFin and prior to re-joining CJBS in her current capacity, held the role of Portfolio Banker managing a $9 billion Western European power and utilities portfolio with Citigroup in London and had a Senior Credit Officer designation. Marwa has 14 years' banking experience and began her career with Citi in EMEA, where she held a number of roles in relationship management, investment banking, credit, country and market risk management between 1996 and 2002. 

Between 2002-2006, she held a business origination role at the Bank of TokyoMitsubish UFJ covering the European oil and gas space in addition to co-leading a mid-tier client conversion initiative. Marwa joined Société Générale Bank as Vice President and Senior Credit Analyst in 2006, covering a portfolio of Western European construction, media, industrial and consumer goods clients and worked closely with coverage and product areas including derivatives, structured finance, securitisation and trade finance. Marwa also had responsibility for monitoring and managing names with evident migration in credit quality and was actively involved with a number of remedial management situations during her time with SocGen. 

Marwa holds a Masters of Finance Degree from Cambridge Judge Business School, University of Cambridge, an MBA from Birmingham Business School and a BA in Business Administration and Economics from the American University in Cairo. Marwa undertook credit risk training with Citi in the late 1990s in addition to completing the six months Chase Manhattan credit course. 

Diane-Laure Arjaliès

Diane-Laure Arjaliès

Research Fellow, Cambridge Centre for Alternative Finance

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Diane-Laure has been an Assistant Professor at the Ivey Business School (Western University, Canada) since 2015. Her research investigates how the fashioning of new devices and/or collective actions can help transform markets towards sustainability. An ethnographer by training, she enjoys field research and sharing her experience with students and practitioners. Over the past decade, she has studied the emergence of responsible investing, conservation finance, impact assessment, integrated reporting, and alternative currencies. With a renowned team of social scientists of finance she co-authored Chains of Finance: How Investment Management is Shaped (OUP). Diane-Laure’s work in this area has won several academic and professional prizes. The French Ministry for Finance and Economy appointed her to the Scientific Committee of the French SRI label, she is a board member of the French Social Investment Forum, an advisory member of the Principles for Responsible Investing and a Jury member of the FIR-PRI Finance and Sustainability Awards. Before working at Ivey, Diane-Laure was Assistant Professor at HEC Paris. Prior to academic life, she worked for several years as an analyst in an asset management company and as a social economy manager in a mutual insurance company. She graduated with a PhD in management, an MBA and an MPhil in organisational theory, with highest honor.

Rolf Hickmann

Rolf Hickmann

Research Fellow, Cambridge Centre for Alternative Finance

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Rolf founded pH Group, now an Experian company, in 1987; a specialised data-analytics consultancy, it focused entirely on the business population of the UK, France, and several other countries, pioneering the extensive use of databases. The pH data, tools and models are still used by the top UK commercial banks (and several in France), most key utilities, telco providers and several insurers. Prior to this Rolf was a Strategy Consultant and Case Leader at the Bolton Consulting Group in Munich, London and Paris. 

Since leaving pH Group in 2012, Rolf has been advising firms and institutions in a personal capacity on a number of projects involving SME financing and credit analysis. He is particularly interested in research that can provide the basis for effective, new funding mechanisms for deserving SMEs (especially in times of market failure), reflecting a data-led understanding of how this population segments, and what contribution each segment makes to the economy at large, as well as in risk-adjusted returns. A specific focus of interest is the cohort of "expanding" firms, which uniquely combine lower default rates with high needs, yet are typically underserved by the mainstream channels. Rolf has a BSc in Physics from the University of Texas (Austin) and an MBA in Finance from University of California, Berkeley.

Mingfeng Lin

Mingfeng Lin

Research Fellow, Cambridge Centre for Alternative Finance

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Dr Mingfeng Lin is an Assistant Professor of Management Information Systems at the Eller College of Management, University of Arizona. His primary research interest is IT-enabled new markets and novel business models, particularly online crowdfunding and other forms of alternative finance. He has published in journals including Management Science and Information Systems Research.

Davinia Cogan

Davinia Cogan

Research Affiliate, Cambridge Centre for Alternative Finance

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Davinia Cogan works at Energy 4 Impact, a UNDP and World Bank founded non-profit focused on finding business solutions to energy poverty. Davinia joined Energy 4 Impact in 2013 to help launch their business advisory team in East Africa, and managed the rollout of a USAID funded programme bringing pay-as-you-go solar home systems to Rwanda. She is the Programme Manager of Crowd Power, a UK government funded programme exploring the role of crowdfunding and peer-to-peer lending in financing off-grid energy startups in sub-Saharan Africa and Asia. Prior to joining Energy 4 Impact, Davinia completed a microfinance fellowship in Tajikistan and worked as a consultant to non-profits and social enterprises including the Social Stock Exchange in London. She also held roles in investment management at ING Australia. She has a MA in International Studies from the University of Sydney and a Bachelor of Business (Finance, International Business) from the University of Technology Sydney.

Professor David De Cremer

David De Cremer

Research Affiliate, Cambridge Centre for Alternative Finance

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Professor David De Cremer is currently the KPMG chair of management studies at Cambridge Judge Business School and a research fellow at the Ruihua Innovative Management Research Institute (a think tank on Chinese companies), at Zhejiang University. In 2009-2010 he was named the most influential (behavioral) economist in the Netherlands and in 2016 the Top Thought Leader in Trust by the organisation Trust Across America whose annual list recognises people for efforts "in elevating societal trust." He has been an associate editor of the Academy of Management Annals and Social Justice Research. In addition to more than 200 academic articles, he has also published several popular books such as When good people do bad things: on the psychology behind the financial crisis, and The proactive leader: How to overcome procrastination and be a bold decision maker. His latest book Huawei: Leadership, culture and connectivity has sold over more than a million copies.

Visit Professor David De Cremer's faculty profile

Schan Duff

Schan Duff

Research Affiliate, Cambridge Centre for Alternative Finance

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Schan works at the nexus of law, finance and regulation. A lawyer by training, Schan practiced law for more than a decade with the international law firms O'Melveny & Myers and Allen & Overy. Schan currently serves an advisor to FSD Africa and the Consultative Group to Assist the Poor (CGAP) where he advises on the design and implementation of regulatory frameworks to support innovation and financial inclusion in less developed economies.

Over the course of his career, Schan has been a Fellow of the Zicklin Center for Business Ethics Research, a Wharton Corporate Social Responsibility Fellow, an Olin Fellow in Law and Economics, an American Inns of Court Temple Bar Scholar and an honorary member of the Commercial Bar Association of England and Wales. He is an elected member of the American Law Institute. Schan earned a BA in Political Economy from Williams College, a JD from the University of Chicago Law School and a PhD from The Wharton School, University of Pennsylvania where his doctoral research focused on macroprudential regulation.

Eva Huang, Cambridge Centre for Alternative Finance

Eva Huang

Research Affiliate

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Dr Eva Huang is a Lecturer of the Discipline of Business Law at the University of Sydney Business School, and the founder and editor of the Journal of Chinese Tax and Policy. She has close collaborative relationships with the Department of Public Finance and the Law School of Xiamen University. This collaboration resulted in the first English language comprehensive work on Chinese taxation - Taxation in China (Thomson Reuters, 2017 forthcoming), her co-author is Professor Bin Yang. Her research interests include regulating alternative finance and internet finance, financial innovation – especially fintech and regtech, and comparative fiscal policy and tax law. She worked for the Australian Treasury as a policy analyst, focusing on the tax policy of non-profit organisations. Eva has extensive experience as a translator and interpreter, specialising in financial, technical and legal material. She has consulted tax and business advisors in regards to cross-border transactions involving China. Eva is also a freelance art dealer and curator, specialising in contemporary Chinese sculpture, oil, and watercolours using traditional medium and technique. Eva has a PhD, a Juris Doctor, a Masters of Taxation, and double degrees in Arts (Social Policy and German), and Commerce (Accounting and Economics) with First Class Honours (Commercial Law) from the University of Sydney.

Kathryn Vagneur

Kathryn Vagneur

Research Affiliate, Cambridge Centre for Alternative Finance

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Kathryn focuses on complex organisational systems. She has served on boards in the insurance, fund management and energy sectors and led consulting projects in financial services. Her interim management appointments have been in entities where success required processes to be realigned with strategy. Kathryn has had a long association with the Royal United Services Institute which includes serving as a trustee and chair of RUSI's finance committee. A past-chairman of the UK Society of CPAs, she is a qualified accountant, earned her PhD at London Business School and teaches corporate governance at Edinburgh Business School. Kathryn's research has explored governance, management control and resilience issues, especially weaknesses in the global system of financial service regulation and oversight which enabled the financial crisis 2007-2009. Her recent research has examined vulnerabilities created by projects based on blockchain technology.