Management Team



Patrick Holt

Principal, Executive Director, Chair of the Investment Committee

Patrick Holt started Pepper Investment Management in January 2012 with the Pepper Group. The aim was to launch and manage a number of fixed income and credit focused investment funds tailored for the wholesale investor marketplace. Following 3.5 years of successful track record the management team entered into a management buyout of Pepper’s remaining shares in Pepper Investment Management in February 2016 and renamed the business Blue Quay Investment Management.

Patrick has over 24 years’ management experience in global markets, financial products and the investment management industry. He has worked in depth with securitised and structured credit assets in Australia and globally, on both the buy and sell side. Patrick worked for Deutsche Bank for over 15 years mainly in London where he was a Managing Director running its Emerging Markets, Structured Credit, G7 Credit and G7 FX distribution businesses to asset-side clients. These included hedge funds, long-only managers, bank principal units and sovereign wealth funds. Patrick returned from London in early 2008 to start the Strategic Principal Finance Group for DB in Australia.


Paolo Luzzani

Principal, Senior Portfolio Manager

Paolo joined Blue Quay Investment Management (formerly Pepper Investment Management) in September 2012 as a portfolio manager. As a seasoned financial services professional, Paolo has 18 years’ international experience, gained largely in London and Sydney. Paolo joined Blue Quay from RBS Australia where he had been a member of the Securitisation Credit team since 2009.

Before RBS, Paolo worked for Henderson Global Investors in London for four years, responsible for origination and portfolio management of structured credit products. Paolo joined Henderson after a variety of roles with RBS and Banca Monte dei Paschi di Siena in London. Paolo holds a MSc in Mathematical Trading and Finance from the Cass Business School in London, and a degree in Commerce and Economics from the Università Cattolica of Milan, Italy.

James Zanesi

Senior Credit Analyst

James joined Blue Quay with 12 years’ experience in structured finance and fixed income products, gained in APAC and European financial markets. He worked in multiple credit-related roles where he developed strong expertise in credit risk, legal documentation, quantitative and qualitative analysis. Prior to joining Blue Quay, James was a Director at Fitch Ratings in Sydney where he was a member of the securitisation team since 2010. He led a team of credit analysts and was involved in criteria development, monitoring Australian and New Zealand Fitch-rated Structured Finance transactions, assignment of new ratings, and research.

From 2005 through 2010, James was a credit analyst in the Markets & Investment Banking division of UniCredit Group (previously known as Hypoverinsbank) and was mainly based in Munich, Germany. He worked in Credit Research, Structured Finance Origination, and Credit Strategy. During this period he was responsible for CLO and RMBS origination, warehousing, and trading and portfolio recommendations on cash and synthetic credit products. James holds a MsC with high honors in Finance and a Bachelor with high honors in Business from the School of Economics and Management of Castellanza, Italy.


Varun Eswara

Credit Analyst

Varun has joined Blue Quay with over 5 years of experience in quantitative analysis and macro-economic research. He has worked on developing, researching macro trade ideas across geographies. From 2012 to 2017, he worked at MNS Global Research where he modelled and back tested trading models for a global macro hedge fund. From 2011 to 2012, he worked in ICICI Bank in FX sales, structuring and pricing of FX derivatives.

Varun has a Post Graduate Diploma in Management from Indian Institute of Management, Bangalore. He also holds a Bachelor of Engineering Degree from PES Institute of Technology, India.

Jesse Treharne


Jesse joined Blue Quay Investment Management (formerly Pepper Investment Management) in February 2014 as a portfolio analyst, specialising in forecast modelling, geographical data and risk analysis for securitised assets. Jesse’s experience includes structuring RMBS deals as a quantitative analyst in the Treasury team at Pepper Australia, and modelling superannuation products in the Risk, Retirement and Finance team at Mercer.

Jesse is an actuary (AIAA) and holds an Actuarial and Finance degree from the University of New South Wales.