Investment Manager

Investment Management Team

Investment Team

Richard Horlick

Richard founded Spencer House Capital Managment, LLP in 2006 and is a Director of Tau. Prior to this, he was a main board director of Schroders plc where he was head of investments and a member of the General Management Committee. From 1994 to 2002, Richard held a number of positions at Fidelity. He was president and CEO of Fidelity Management Trust Co the institutional investment arm of Fidelity in the US and also the Trust Bank for the Fidelity Mutual funds. Richard was previously responsible for the investment and development of Fidelity’s institutional business outside the US, and was a member of the operating committee of Fidelity International. Between 1984 and 1994, he was a director and portfolio manager at Newton Investment Management. Prior to this, he was a corporate finance executive specialising in M&A at Samuel Montagu & Co. Richard graduated from Cambridge University with a Masters degree in Modern History.

Michael Sauer

Michael joined VISOR Capital, Kazakhstan in 2005 as Chief Executive Officer, becoming President of VISOR Holding LLP in October 2008, having had some 14 years experience working in emerging markets. Prior to joining VISOR Capital, Michael was the founder and Chief Executive Officer of Continuum Information Technologies Pvt Ltd (now Kring Technologies a/s), an IT company with offices in Copenhagen, Kiev and Delhi. Prior to this, he lived for three years in Azerbaijan, where he was the Director of Equity Trading for The Minaret Group, an emerging markets investment bank, and Managing Director of Kaliber Securities. Michael began his professional career with the Swiss Banking Corporation in London before working with Brunswick Brokerage in Moscow. Michael graduated from South Bank University with a B.A. (Hons) in Finance in 1993.