Our Team

CEO/CIO

Nick founded Resonance Asset Management Limited in 2012 to create and manage investment funds of real industrial operating assets for institutional investors. Resonance has grown to manage c. US$550M in AUM with funds investing in operating wind farms and industrial water treatment and bioenergy plants in the UK, EU, China and Australia.

From 2000 to 2009, Nick held a number of senior management positions at Man Group plc, one of the world’s largest independent alternative asset management businesses (EMG.L) in London, New York and Zurich. He founded and served as CEO and CIO of Man Environmental Capital Opportunities (Man ECO), an investment manager focused on sustainable and climate change-related investments, and was a member of the Management Committee of Man Investments. 

Prior to joining the Man Group, Nick was an investment banker at Schroders for 8 years where he originated and executed public and private M&A transactions. Nick’s early career was spent at Oracle Corporation Inc. (ORCL.US) as a business systems consultant and at Marconi Space and Defence Systems (part of GEC plc) as an electronic systems design engineer. 

Nick holds Bachelor of Science (BSc) and Master of Engineering (MEng) degrees in Electrical and Electronic Engineering from the University of Bath, and an MBA from the London Business School.

Managing Director

Herman Cai joined Resonance Asset Management in 2014 as a Managing Director. He has over 21 years experience in the water, wastewater and waste-to-energy sectors across Asia and Europe. Herman has experience in investing via PPP, BOT, BOO and Concession models, and in developing and managing long-term partnerships with municipal governments and large industrial clients, in particular within the petrochemical sector.

For six years prior to joining Resonance, Herman was a portfolio manager of the Environment Group at Fourwinds Capital Management in South East Asia. He managed The Aqua Resources Fund and The Waste Resources Fund with Lydia Whyatt.

Prior to Fourwinds, Herman was an Investment Director at Veolia Water (Asia) (NYSE:VE) where he focused on business development and the M&A financing of water, wastewater and waste-to-energy projects in the South East Asia region. He was instrumental in building Veolia’s Asian franchise and successfully managed key industrial outsourcing projects (PP, concession and BOOT) and municipal wastewater transactions amounting to over US$1.5B (20+ projects).

Herman has a Master of Finance from Hong Kong Polytechnic University, BA in Banking & Finance from the University of South Australia, and a postgraduate diploma in Marketing from the Chinese University of Hong Kong. Herman speaks fluent Mandarin, Cantonese, Indonesian and English.

Managing Director

Lydia Whyatt joined Resonance Asset Management in 2014 as a Managing Director. She leads the investment process for the Resonance Industrial Water Infrastructure Fund. She has over 16 years experience investing in water technology, infrastructure and service businesses, and over 21 years investment experience in PE/VC and infrastructure.

Prior to joining Resonance, Lydia was a Managing Director of the Environment Group at Fourwinds Capital Management and was responsible for managing the Aqua Resources Fund. She served on the boards of Waterleau Group, a leading wastewater treatment business active in the food & beverage, and municipal sectors, and Monsal, the UK’s leading Advanced Anaerobic Digestion technology business.

Prior to Fourwinds, Lydia was in charge of a €90M family office fund focusing on investments in water and waste technology and related service companies. She was also part of Kennet Venture Partners, one of the most successful technology VCs in Europe, and a management consultant with McKinsey in London.

Lydia has a Finance degree from the London School of Economics and a postgraduate degree in Physics from Moscow State University.

Investment Director

Orlando Hilton joined Resonance in 2013 and has over 10 years of experience in the energy, wastewater, and resource recovery sectors. Orlando is responsible for the origination, execution, and management of Resonance’s two wind funds, acting as a Director for each of the subsidiary companies. Orlando also supports Lydia Whyatt and Nick Wood in the execution of investments made by the Resonance Industrial Water Infrastructure fund.

Prior to joining Resonance, Orlando worked with a large UK solar park developer where he was involved in the development of the UK’s earliest utility-scale solar parks.

Orlando has a BSc from the London School of Economics and holds the Investment Management Certificate (IMC) qualification.

Investment Director

Warren Leitao is based in Australia and has 15+ years experience in business and project development as well as asset management with a focus on thermal and renewable power generation. He held senior positions at Siemens Energy (EMEA) and was most recently Chief Operating Officer at ReNu Energy (Australia).

Warren holds a bachelors of commerce (BComm) from the University of Pretoria, South Africa.

Senior Associate

Josh Li is based in Hong Kong and is responsible for deal execution and portfolio management. Before joining Resonance, he worked for Ernst & Young (EY) China. He has a robust knowledge of accounting standards and tax regulations under different regimes.

Josh has an MSc in Accounting from the Hong Kong University of Science and Technology. He holds China’s Certified Public Accountant qualification.

Associate

Ilja Ostropicki joined Resonance in 2021. He assists the London team with deal execution and portfolio management. He is also Resonance’s Head of Sustainability. Before joining Resonance, Ilja interned as an investment analyst at Mercer (Marsh McLennan).

Ilja has a BSc in Management from the University of Bath and a MSc in Finance from University College London (UCL). He also holds the CFA Institute Certificate in ESG Investing and Investment Management Certificate (IMC) qualifications.

Investment Analyst

Darius Choi joined Resonance Asset Management in 2020 as an analyst. He supports the Hong Kong team with deal execution and portfolio management.

Darius has passed CFA Exam Level I and holds a Bachelor of Economics and Finance from the University of Hong Kong.

Investment Analyst

Ekaterina joined Resonance in 2022. She supports the team in London with deal execution and portfolio management. Before joining Resonance, Ekaterina interned for a sustainability strategy consultancy called Re_Set Advisory, where she supported business transformation strategies with a focus on circular economy solutions.

Ekaterina has a BA in Human, Social and Political Science from Cambridge University. She also holds the Investment Management Certificate (IMC) qualification.

Investment Analyst

Arianna joined Resonance Asset Management in 2022 and is based in Hong Kong. She supports the team with deal execution and portfolio management.

Arianna holds an MSc in Finance from the University of Hong Kong with distinction. She holds the Financial Risk Manager (FRM) qualification.

Investment Analyst

Ivy joined Resonance Asset Management in 2022 and is based in Hong Kong. She supports the team with portfolio management and deal execution. Before joining Resonance, she had auditing experience in PriceWaterHouse Coopers Shenzhen Branch.

Ivy has a Master of Finance from the University of Hong Kong.

Investment Analyst

Daniel rejoined Resonance in 2023, after his year-long placement in 2020. He supports the team with portfolio management and research. He has previous experience with construction management in Zambia and has interned for infrastructure engineering consultant BuroHappold.

Daniel has a MEng in Civil Engineering from the University of Bath.