Waterton Global is composed of professionals committed to conducting the highest level of due diligence when evaluating investment opportunities.
Our Investment Management team has a 12-year track record of making investments in public and private companies in North America, Europe, Asia and Australia. Our Project Evaluations team has over 200 years of combined experience and has evaluated over 350 projects with values ranging from $10 million to $3.6 billion.
From project evaluation to execution, our team offers technical expertise to evaluate projects and guide them from acquisition to successful exit.
James Hennessy – Chairman
James served as President and CEO of ING Mutual Funds with approximately $100 billion under management. He has held senior executive positions with other mortgage banking, investment banking, and financial services companies. James was also a New York City-based corporate lawyer advising on M&A and corporate finance matters. In addition, James serves on several boards. He has served on boards associated with Arizona State University, including the ASU Law School Centre for Law Science and Innovation, and recently served as a lead director of Allis Chalmers Oil & Gas Services (NYSE) and a director of a Michigan-based mutual fund and institutional asset management company.
Isser Elishis – Managing Partner, Chief Investment Officer
Isser oversees the investment decision-making process and portfolio investment strategy. His responsibilities include investment management, deal structuring and execution, portfolio monitoring and exit strategy assessment. As Chief Investment Officer, Isser has overseen more than $9 billion invested in North America, Europe, Asia, and Australia. Previous to Waterton, Isser was Senior Vice President and Director at HSBC, where he ran the Toronto-based Equity Structured Finance Group, a group that executed over $7 billion in transactions during his leadership.
Cheryl Brandon, CFA – Partner, Investment Management
Cheryl is responsible for deal origination, deal structuring and execution, portfolio monitoring and exit in the metals and mining business. Prior to joining Waterton Global, Cheryl managed a resource investment strategy for Canada’s third largest hedge fund where she focused on global investment opportunities in the precious and base metals sectors. Cheryl has 10 years’ experience evaluating and financing mining companies; she began her investment career as a research analyst in 2003 and became a Chartered Financial Analyst Charter Holder and member of the Toronto Society of Financial Analysts in 2007.
Adam Schatzker, B.Sc, MBA – Principal, Investment Management
Adam is responsible for deal origination, project valuation, deal structuring and execution, portfolio monitoring and exit in the precious and base metals mining business. Adam has 16 years of experience in the mining and mining finance industry. For much of his career, Adam worked in equity research and investment banking at some of Canada’s largest banks including Royal Bank of Canada, BMO and TD Securities. Most recently, he was Executive Vice President, Strategy and Business Development at a privately held mining company. Adam holds a B.Sc in geology from the University of Toronto and an MBA from the Rotman School of Management.
Inessa Peternel, CFA – Director, Investments
Inessa contributes to the investment process through market surveillance, quantitative modeling and data analysis. Inessa has extensive experience in financial engineering, pricing, and valuation across numerous asset classes. Prior to joining Waterton, Inessa acted as a lead financial engineer for Algorithmics, a risk management software company. She has also held a fixed income quantitative analyst position with a broker/dealer in Chicago. Inessa holds a degree in Statistics from the University of Waterloo and a BBA Finance degree from Wilfrid Laurier University. Additionally, Inessa holds the Certificate in Mining Studies from University of British Columbia as well as the CFA designation.
Calum MacBeth – Analyst, Investments
Calum supports the investment team by researching global economic factors and asset-specific initiatives, creating financial models to help facilitate deal structuring and execution, and maintaining benchmarking tools relevant to Waterton’s investment analysis. Calum’s background is in statistical, economic, and financial modelling. Prior to joining Waterton, Calum was an analyst at the National Bank of Canada after holding associate roles at TD Securities and Scotiabank. Calum holds a Master of Financial Economics from the University of Toronto and a degree in Mathematics and Economics from Queen’s University.
Wallace Zhu – Senior Commodities Trader
Wallace is responsible for market research and trading idea generation. Prior to joining Waterton Global, he worked for RBC Capital Markets and a European hedge fund, where he oversaw multi-billion-dollar global investment portfolios. He has 6 years of experience in trading equities, foreign exchange and commodities. Prior to entering capital markets, Wallace worked as a software developer. Wallace holds an MSc Finance degree from Imperial College London, a BEng in Computer Engineering and a BSc in Computer Science from the University of Western Ontario.
Steven Barnett – Junior Analyst, Investments
Mark Hill, B.Eng. – Partner, Head of Mining
Mark is the head of the evaluations group and conducts asset evaluations and due diligence reviews by leading a multi-disciplined team through the diligence process. This process includes identification and evaluation of new investment opportunities, preliminary screening, technical due diligence, financial modeling, and industry benchmarking. Mark has 25 years’ experience in the mining industry, most recently with Barrick Gold as the Vice President of Evaluations and previously as the Vice President of Mining, Capital Projects. Prior to Barrick Gold, Mark held senior positions with BHP Billiton, AngloGold Ashanti, Placer Dome and WMC Ltd. Mark has a wide variety of international operations, project and construction based experience. Mark has a Bachelor in Mining Engineering (B.Eng.) and a Graduate Diploma in Mineral Economics.
Jack McMahon – Partner, Head of Mining Operations
Jack is responsible for leading, developing and managing Waterton Global’s operating teams. Jack has over 30 years’ experience leading high quality operational and project mining teams in North America, South America, Asia and Africa. He recently served as Chief Operating Officer of a Barrick Gold / Antofagasta Joint Venture (Tethyan Copper). Jack has a proven track record of successful operations and maintenance management on projects ranging from definition through to production.
Jackie Wheeler, P.Eng – Principal, Evaluations, Mine Engineering
Jackie conducts asset evaluations and due diligence reviews by leading a multi-disciplined team through the diligence process. Jackie is involved in underground and open pit mine design, optimization and operational support. Jackie joined Waterton Global in 2013 after working with Barrick Gold’s corporate evaluations group. Prior to Barrick Gold, Jackie was the Senior Mine Engineer (Projects / Planning) at Teck’s Quebrada Blanca Mine in Chile. Jackie has also held a variety of operational, technical and supervisory roles in Canadian mining operations. Jackie holds a Bachelor of Science in Mining.
Charlie Davies – Principal, Exploration
Charlie is head of exploration activities for Waterton Global and is responsible for exploration activities at assets held under management as well as providing exploration evaluations that support the due diligence process. Prior to joining Waterton Global in 2014 , Charlie was an exploration manager for Kinross Gold’s exploration team for over six years in corporate, mine and greenfields roles. Prior to Kinross, Charlie worked in senior roles for Bolnisi Gold NL in Mexico and Ivanhoe Mines Mongolia Ltd in Mongolia. Charlie was awarded a PhD in Economic Geology and has a Bachelor of Science (First Class Honours).
Peter Gower – Director, Open Pit Mining & Technology
Peter provides technical support for Waterton’s evaluations and operations groups and he leads the Mining Technology group. His area of expertise is in developing optimized mine plans, operating and estimating capital costs for open pit operations, and identifying and implementing mining technologies. Prior to joining Waterton Global, Peter worked for Peck Tech consulting as the Director of Mining Solutions. Peter has also worked as a project engineer for Barrick Gold and as a Technology Consultant for Adecco-Caterpillar in the US, Canada and Sweden. Peter holds a BASc Mineral Engineering, PEng. and PMP.
Elizabeth Hughes – Manager, Underground Mining
Elizabeth provides underground mine engineering analysis and support for the evaluations and operations groups. She specializes in underground mine planning, optimization and scheduling. Elizabeth’s experience has been gained through mine engineering positions with Goldcorp, Barrick and Hecla mines at various operations in North America. Elizabeth holds a B.A.Sc. in mine engineering and is a P.Eng. candidate.
Jordan Lianza, B.Sc – Manager, Evaluations
Jordan conducts asset evaluations and provides technical support to Waterton’s Operations team. In addition to asset evaluations Jordan is responsible for life-of-mine budgeting and financial modeling, industry asset screening and benchmarking, and leading the project risk analysis. Jordan joined Waterton Global in 2012 after working with Barrick Gold’s Corporate Development group where he had responsibilities of similar capacity. Jordan has 6 years of experience in the mining industry, holds an HBSc degree from the University of Toronto and is a 2016 MBA Candidate at the Rotman School of Management.
Richard Wells, CA – Partner, Chief Financial Officer
Richard is responsible for all financial aspects of Waterton Global’s corporate office and operating subsidiaries including accounting, reporting, taxation, investor relations and administrative matters. Richard serves as the Chair of Waterton Global’s Valuation Committee. He also provides financial oversight as a board member for Waterton Global’s various operating companies. Richard was previously a Manager of Financial Reporting at a Canadian automotive company, Magna International, Inc. He was awarded the Canadian Chartered Accountant designation (Ontario Honour Role) in 2002 while employed in the audit practice of PricewaterhouseCoopers.
Andrea Treier, CPA, CA – Director, Financial Reporting
Andrea’s role includes responsibility for financial and investor reporting relating to Waterton Global’s portfolio as well as preparing and implementing appropriate accounting policies. Andrea also manages the preparation of the annual financial statements and directs the year end audit process. As a Chartered Professional Accountant, Andrea joined Waterton Global from the audit practice of KPMG Canada LLP. In her position as Manager in the Energy & Natural Resources group Andrea specialized in the mining industry and worked exclusively with both junior and global mining companies.
Chris Gotsis – Director, Finance
Chris provides accounting, reporting and administrative support to Waterton Global’s corporate office and operating subsidiaries. Chris is also responsible for treasury and commodity settlement functions for Waterton Global and its operating subsidiaries. Prior to joining Waterton Global, Chris worked as an independent financial consultant specializing in the implementation of accounting software for the junior mining sector. Chris previously worked for CIBC and State Street in accounting and reporting functions. In these positions, Chris was responsible for IIROC, MFDA and other regulatory reporting, financial reporting and fund valuation.
Kalman Schoor – Partner, Chief Strategist
Kalman is the Chief Strategist of the Investment Adviser and is involved with developing the strategic direction of the firm and implementing strategic decisions. In addition, Kalman assists with the general management of the Investment Adviser. Prior to joining the Investment Adviser, Kalman worked with Isser at HSBC’s Equity Structured Finance Group and has consistently worked with Isser on various projects since then.
Kamal Toor, LL.B, JD – Partner, General Counsel
Prior to joining Waterton Global, Kamal practiced law at Osler, Hoskin & Harcourt LLP (Toronto, Canada) and Allen & Overy LLP (Singapore). In each of his prior roles, Kamal advised both Canadian and international clients on corporate finance, M&A and securities law matters. Kamal has received a B.Comm, an LL.B. and a J.D. and is a member in good standing of the Law Society of Upper Canada.
Laura Fernandez, LL.B – Director, Associate General Counsel
Laura conducts comprehensive due diligence analyses on prospective investments and investment counter-parties, and identifies legal issues and risks associated with Waterton Global’s potential transactions and investment structures. Laura assists in negotiating transaction terms, generating and drafting legal documents, and the legal oversight of asset management following execution. Prior to joining Waterton Global, Laura was a member of the mining and financial services groups at Heenan Blaikie LLP (Toronto, Canada), where she acted for financial institutions and junior and mid-size mining companies. Laura holds a B.A. and an LL.B from the University of Western Ontario and Ottawa University, respectively. She received a Certificate in Mining Law from Osgoode Hall and is a lawyer in good standing with the Law Society of Upper Canada.
Aaron Wolochatiuk, J.D. – Associate General Counsel
Aaron conducts comprehensive due diligence analyses on prospective investments and assists in reviewing and generating legal documents. Prior to joining Waterton Global, Aaron articled at Heenan Blaikie LLP (Toronto, Canada). Aaron has competed in and been awarded numerous awards at international advocacy competitions, including the award for best written submission at a North American and European competition on the law of the World Trade Organization. Aaron holds a J.D. from Queen’s University, a Certificate in International Business Law from the Bader International Study Centre, and is a lawyer in good standing with the Law Society of Upper Canada.
Dave Toffoli, J.D. – Associate General Counsel
Dave conducts comprehensive due diligence analyses on prospective investments and assists formulating and drafting reports addressing legal issues and risks associated with Waterton Global’s potential and current investments. Prior to joining Waterton Global, Dave articled at Baker & McKenzie LLP (Toronto, Canada). Dave received his B.B.A. (Finance) and J.D. from the University of Toronto and is a lawyer in good standing with the Law Society of Upper Canada.