View All Managers

Marathon Asset Management LLP

Marathon Asset Management LLP is an independent institutional investment advisory firm with a 30+ year track record of managing regional, international and global equity strategies. Marathon-London’s distinctive investment philosophy, referred to as the capital cycle approach to investing, focuses on understanding the longer term supply-side dynamics within a competitive ecosystem, management behavior in driving an attractive capital cycle dynamic, and how the evolution of supply-side forces impact the economics of the businesses within a particular industry. Marathon-London operates a multi-counselor model in which portfolio managers are generalists focused on specific regions (Europe, Japan, Asia ex-Japan and the Emerging Markets, North America) and are independently accountable for their own buy/sell decisions. Each portfolio is then aggregated up for broader international and global equity mandates. There are no committee-based decision-making structures which, in turn, allows the portfolio managers the independence and flexibility to execute their skills as stock pickers and aligns their incentives with that of Marathon-London’s clients.

Funds Managed

Manager Profiles

Charles Carter

Mr. Carter is a Portfolio Manager at Marathon Asset Manager, LLP. He is responsible for European investments in Global, EAFE and European equity products. He previously worked at Marathon-London, providing analytical support for Mr. Ostrer on European equities and management of European equities from 2007.

Prior to this experience, he was a part of the internal M&A team at Olivetti and was involved in the disposal program to restructure Olivetti’s business.

Mr. Carter received an MA from Oxford University and an MBA from INSEAD.

David Cull, CFA

Mr. Cull is a Portfolio Manager at Marathon Asset Management in London. He is responsible for Asia Pacific ex-Japan and emerging markets. Previously, he was an Analyst, covering Asia Pacific, ex-Japan and emerging markets.

Prior to joining Marathon, Mr. Cull worked at M&G Investments. He joined their Investment Rotation Program in 2006 and from 2007 onward, worked as a Global Equity Analyst. He was a key member in the Global Equity Team, helping to build the analytical capability around the return on capital approach to investing.

Mr. Cull received a B.Sc. (Hons) from Queen’s Belfast and an M.Sc. in Finance at the London Business School.

Michael Godfrey, CFA

Mr. Godfrey, CFA is a Portfolio Manager at Marathon Asset Management in London. He is covers Asia Pacific, ex-Japan, and emerging markets, and is responsible for those regions in EAFE, Global, and Pacific Basin portfolios.

Previously, Mr. Godfrey worked at M&G Investments on their Global Equity Team. He was one of the original members of the Global Equity Team and was instrumental in building M&G’s Asian and Emerging Markets capability based on a long-term, return on capital approach to investing. Mr. Godfrey was the co-manager of the M&G Asian Fund from 2008 and the M&G Emerging Markets Fund from its launch in 2009.

Prior to this experience, he was a Portfolio Manager at Shell Pensions Management Services, a Portfolio Manager at Westpac Investment Management, and also worked at AMP, Treasury and Derivative Operations and Client Services.

Mr. Godfrey received a BA from UTS, Sydney.

Michael Nickson, CFA

Mr. Nickson is a Portfolio Manager, Global Equity at Marathon Asset Management in London. Since 2018 he has also been responsible for comanaging a part of the Japan investments in International Mandates.

Before joining Marathon Asset Management, Mr. Nickson worked as a Portfolio Manager, Global Equity at Majedie Asset Management and was responsible for co-managing $1bn. He also worked as a Portfolio Manager, Global Equity at Odey Asset Management.

Perviously, Mr. Nickson worked as a Portfolio Manager, European Equity at MFS Investment Management. Prior to this experience, he was an Equity Analyst for European Utilities, Capital Goods, Banks and Aerospace and Defense. He also worked at Goldman Sachs as a Sell-side Equity Research Analyst, European Technology Strategy team and as a Buy-side Equity Analyst for European Business Services, Leisure and Technology.

Mr. Nickson received an MA from Cambridge University and is CFA certified.

Neil M. Ostrer

Mr. Ostrer is a Co-founder and Portfolio Manager at Marathon Asset Management, LLP. He co-founded Marathon in 1986 and is the Portfolio Manager responsible for European investments. 

Previous to Marathon Asset Management, Mr. Ostrer worked G.T. Management, beginning in 1981 as a Graduate Trainee, until eventually reaching the title of  Director, G.T. Management UK, in 1984.  He served in that capacity until 1985 when he relocated to G.T. Capital Management, Inc., San Francisco.  In 1986, he returned to UK and joined Carnegie International for a brief time before founding Marathon.

Mr. Ostrer received an MA from the University of Cambridge.

Nick Longhurst

Mr. Longhurst is a Portfolio Manager at Marathon Asset Management in London. He is responsible for European investments in Global, EAFE and European equity products. Prior to this, he provided analytical support for Mr. Ostrer on European equities.

Previously, Mr. Longhurst worked at American Express Asset Management in London as a Senior pan-European Investment Analyst. He held analytical responsibility for the European Media, Technology and Consumer Staples sector and was a member of investment committee on portfolio strategy.

Before this experience, Mr. Longhurst spent time at Schroder Investment Management in London. He was initially a UK Investment Analyst with responsibility for transport, business services, and technology sectors. In 1999, was instrumental in creating the Schroder Global Technology research team. Latterly, in the role as a senior pan European Analyst, Mr. Longhurst successfully managed the Schroder Intl. Eurotech Fund.

Mr. Longhurst received an MA from Cambridge University.

Robert Anstey, CFA

Mr. Anstey, CFA is a Portfolio Manager at Marathon Asset Management. Before this experience, he worked as a North American Portfolio Manager at Marathon-London.

Prior to joining Marathon Asset Management, Mr. Anstey worked as the Head of US Equities at Bear Stearns International Ltd. And led a team of four managing the Hermes US Small and Mid Cap Equity Strategy. He also worked at Brown Brothers Harriman & Company in Institutional US Equity Sales.

Mr. Anstey received an MA from Cambridge University.

Simon Somerville

Mr. Somerville is a Portfolio Manager at Marathon Asset Management in London and is responsible for investments in Japan.

Before joining Marathon, Mr. Somerville worked at Jupiter Asset Management in London as the Strategy Head of Japan Equities. Before this experience, he had worked as the Co-Head of Asian Equities, responsible for all Japanese investments and co-managing a team of four Japanese and Asian equity analysts. Mr. Somerville also worked as Head of Pan Asian Equities.

Previously, Mr. Somerville worked at Cazenove Capital Management in London as the Global Head of Global Equities, with a responsibility for a team of six analysts. While at Cazenove Capital Management, he also served as the Head of Japanese Equities, Manager of the Cazenove Japanese Portfolio Fund, and a Japan and Asian equity analyst.

Mr. Somerville received a BA from Durham University.

William J. Arah

Mr. Arah is a Co-founder and Portfolio Manager at Marathon Asset Manager, LLP. He co-founded Marathon in 1986 and is the Portfolio Manager responsible for investments in Japan.

Previous to Marathon Asset Management, Mr. Arah was recruited by Goldman Sachs to become senior Japan analyst with emphasis on market strategy.

Prior to this, he worked at Warburg, Rowe & Pitman (then Rowe & Pitman). He originally joined the London office in 1982 and worked on the UK market. In 1983, Mr. Arah moved to their Japan desk and was transferred to Tokyo to cover Japan as an analyst. He was appointed senior analyst in mid-1984.

Mr. Arah received an MA from Oxford University.