Investment discipline
Systematic approach
Decisions follow tested rules, not intuition. This makes our process repeatable, reviewable and resistant to emotion.
01
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 2017 by two Swedish scientists, Niclas Sandström and 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, with more than $400 million entrusted by allocators, family offices and a sovereign wealth fund.
Principles that guide us
Trust is earned through consistency. These principles are not aspirations — they are the standards we hold ourselves to, every mandate and every report.
Research process
Research-led investing
Every strategy begins as a research question and is only deployed when the evidence holds across market regimes.
02
Institutional operations
Institutional standards
Segregated custody, independent administration and established counterparties underpin every relationship.
03
Portfolio controls
Risk discipline
Risk is managed by design — limits, hedging and drawdown controls sit inside every mandate.
04
Oversight
Governance
Investment and risk committees, board oversight and clear escalation paths for every decision.
05
Reporting
Transparency by default
Position-level reporting and consistent disclosure, so allocators can verify rather than take our word.
06
Timeline
2018
Founded by Dr. Niclas Sandström and Dr. Magnus Holm.
2021
Listed on Nasdaq First North Growth Market (HILB B)
2024
Barnali Biswal becomes CEO
2025
Liberty Road Capital acquired
Dec 2025
Nordark acquired
Jan 2026
Enigma Nordic acquired
Aug 2026
Hilbert backed Syntetika launches
Build institutional
infrastructure for digital markets
Leadership & team
A team drawn from quantitative finance, trading, technology and institutional asset management
Our team
BB
Chief Executive Officer
Barnali Biswal
Two decades across asset management and capital markets, focused on building institutional businesses.
EG
Chief Operating Officer
Elad Gafni
Quantitative researcher leading strategy design, modelling and portfolio construction.
RT
CIO · Partner · Board Member
Russell Thompson
Independent risk oversight, limits frameworks and stress-testing across strategies.
TB
Partner · CTO & Head of AI
Tom Bowles
Execution infrastructure, market microstructure and liquidity across venues.
AD
Partner
Anna Dinescu
Builds the systematic trading, data and on-chain infrastructure behind the platform.
NS
Co-Founder · Board Member
Dr. Niclas Sandström
Finance, reporting and investor relations for the listed group.
MH
Co-Founder
Dr. Magnus Holm
Quantitative research and strategy development across the platform.
Governance & Board
Built for accountability and oversight
JM
Chair
Jonathan Morris
Two decades across asset management and capital markets, focused on building institutional businesses.
Investor Relations
Shareholder and listing information for Hilbert Group (HILB B).