The EMC manages the association. Its task is in particular to carry out the decisions of the association and to administer its assets. The EMC consists of the Chair, the Deputy Chair and other members. The present composition of the EMC is the following:


Jesús López Zaballos (IEAF, Spain)


Dr. Jesus Zaballos, Chair of the EFFAS Executive Management Committee (EMC).

General Manager of the Spanish Institute of Financial Analysts (IEAF) Training School – FEF.

Independent Board Member and Chairman of the Audit Committee of MAPFRE SV and MAPFRE AM.

Jesús is a member of the boards of ACIIA, ILPIP, EFFAS, and IATEC Spain. Since 1985 he has been a member of the Madrid College of Economists and since 2006 a member of the European University Association for Community Studies.

In 1984 he started his professional career as a broker in the Spanish Money Market. Later he worked as an expert in the Capital Market Industry for several important private and public financial institutions where he held a variety of responsibilities in different fields. He was Head of Domestic Treasury of the Banco de Crédito Industrial in 1991 and he was Head of Training of the Treasury and Capital Markets areas of Argentaria (1995-1998). In 1999, he created “Formación y Finanzas, SL”, a Business Consulting and Financial Advisory firm specialized in advisor and training activities for the Financial Industry. At present, he is the chair of the company.

In 2013 he was a founding partner of Aureo Wealth Advice EAFI, S.L, a wealth management company registered with the Spanish regulator. In 2014 he was appointed member of the Advisory Board of Docout, a company specialized in outsourcing services, in business processes, records management and consulting, using high-tech tools.

PhD in Management & Business Administration at San Pablo CEU University, Madrid (1999), summa cum laude, and Degree in Economics & Business Administration at Complutense Universtity, Madrid (1985). He also has a Diploma in General Management (PDG) from IESE (1997) and is a Certified Expert in Business Valuation by the Spanish Institute of Financial Analysts, Madrid (2008). Since 1990 he has been a usual Lecturer and Visiting Professor in Seminars and specialized courses in several Universities and Business Schools.

Deputy Chair

Fritz Mostböck, CEFA®, CESGA® (ÖVFA, Austria)


Fritz Mostböck is Head of Group Research and Chief Analyst at Erste Group Bank AG. He is a graduate of the Vienna University of Economics and Business Administration, a Certified European Financial Analyst (CEFA®) and a Certified ESG Analyst (CESGA®). He is responsible for macro/fixed income, credit and equity research in Poland, Czech Republic, Slovakia, Hungary, Croatia, Serbia, Romania and Austria. In addition, his division is responsible for defining the global investment strategy, which provides the input for Erste Group’s asset allocation. Mr Mostböck has many years of experience working with global institutional investors, especially those with a focus on Central and Eastern Europe. He is a member of the OVFA Board (Austrian Association for Financial Analysis and Asset Management, and has been President of the OVFA since 2003, being re-elected in 2012, 2016, 2018, 2020 and 2022. Since 2006, Mr Mostböck has been a member of the EFFAS Board. In 2012, he was elected Deputy Chairman of EFFAS. From 2007 to 2018, he was Chairman and founding member of the EFFAS Commission on ESG (environmental, social and governance issues) and is still a member. He is a member of the Austrian Working Group for Corporate Governance.


Manuel Puerta da Costa (APAF, Portugal)


Manuel Puerta da Costa has a Master’s taught degree in International Finance and Graduate Degree in Economics, from the Porto Economics Faculty (Faculdade de Economia do Porto, Portugal) where he was a Teacher in several subjects for several years, including as an Invited professor teaching “Financial Markets and Instruments”. In 1995 he completed the CFA diploma of financial analysis, being the first Portuguese resident to obtain the ICFA’s certificate of Chartered Financial Analyst. Since 1992, Mr. Puerta da Costa has held several positions in BPI Group (now part of Caixabank Group) as Sector Equity Analyst, Head of Research, Head of Capital Markets, being appointed as Executive Director in BPI Equity Broker from 1996 to 2000. From 2000 to 2010 he was responsible for creating a new team , within BPI’s Private Banking Division, responsible for managing HNW and UHNW individual portfolios. There he successfully launched a new range of Multi-Asset Products that now are at the core of BPI’s Asset Management product offer. From 2008 he was appointed to the Boards of BPI Asset Management (BPI AM) and BPI Insurance and Pensions (BPI VP), and in 2010 he took over the Real Estate Funds and Pension Funds managed in-house. Mr. Puerta da Costa has years of experience in interacting with several areas of Financial markets, namely institutional investors, Equity Analysts and Real Estate managers.

He has been a member of the APAF´s board (Associação Portuguesa de AnalistasFinanceiros, since 2008 and has been President of APAF Board of Directors since 2015, after being a deputy the previous 3 years. Since 2017, Mr. Puerta da Costa has been a member of the board of EFFAS (The European Federation of Financial Analysts Societies,, the umbrella organization of all analyst associations in Europe. In 2017, he was also elected member of the Board of EFAMA – European Fund and Asset Management Association, as a representative of the Portuguese association of Fund Managers. He is also a member of EFFAS’ TQC and a member of the Financial Analyst College of the Portuguese Economists Bar. He has lectured in several seminars and conferences in the last 25 years.

Board Members

Hans Buysse (ABAF-BVFA, Belgium)


Hans Buysse is the Managing Partner at Clairfield Belgium, the Belgian partner firm of Clairfield International, a worldwide corporate finance firm that provides advisory services, mainly in cross-border mergers and acquisitions, to both international corporations and family-owned enterprises across an array of industries.

Hans began his career at Leuven University and moved to Generale Bank in 1992. He co-founded the corporate finance division at Deloitte & Touche Belgium in 1997. Hans was a partner in corporate finance for KPMG until 2007. Prior to joining Clairfield, he was head of M&A for Belgium at NIBC Bank.

Hans is Chairman of the Belgian Association of Financial Analysts, President of the EFRAG Administrative Board, EFFAS Executive Management Committee member, vice-chairman of XBRL Europe, and ACIIA Council member. He has been member of the Consultative Working Group (CWG) of the Corporate Reporting Standard Committee (CRSC) of ESMA and Vice-Chairman and member of the EFRAG (Financial Reporting) Board.

Hans Buysse holds a master’s degree in applied economics, specialised in finance, a masters degree in management and a degree in tax. He is a Certified European Financial Analyst (FSA accredited).

Martine Léonard, (SFAF, France)

Martine Léonard has more than 40 years of experience in financial markets and more than 20 years in SRI/ESG. She is a current member of the EFFAS Executive Management Committee and the Chair of the French society, SFAF.

Ms Léonard has been involved in associations serving the community in sustainability matters. She is the President of the Sustainable Development Commission of the SFAF, a member of the EFFAS Commission of ESG (CESG), an active participant in the work of EuroSif and a former Vice-President of the FIR (Forum pour l’Investissement Responsable – French SIF) from 2003 to 2014.

Ms Martine Léonard has retired from her professional career but continues working hard in ESG matters. She is a member of the French SRI Label Committee and the Autorité des Normes Comptables’s Sustainability Information Commission. She is strongly in favour of transparency, quality, respect for binding promises and the absence of greenwashing.

Jannicke Rustad-Nilssen (FFN, Norway)

Jannicke Rustad-Nilssen has been the Managing Director for the Finance Society Norway (FFN) since 2023. Prior to this, Jannicke has 21 years of international experience from both portfolio management and investment banking. Of these, 5 years consist of following-up on the Norwegian State’s direct ownership in various companies through the Ministry of Trade, Industry and Fisheries (Ownership Department).

Furthermore, 7 years as portfolio manager for a family office and 9 years of investment banking experience from global companies such as Citigroup Global Markets Inc. (New York and London) and Pareto AS. She holds a Bachelor of Science in Business Administration, Finance from the University of Colorado at Boulder, USA.

Thorsten Müller (DVFA, Germany)

Thorsten Müller, CIIA, CEFA, CeFM, Lighthouse Corporate Finance GmbH, is the current Chair of DVFA. Mr Müller joined the board of directors of the DVFA in 2018. At DVFA he has been involved in the topics of capital market unions, SMEs and ESG. Thorsten is considered a proven primary market specialist. He is a member of the DVFA Commission for Company Analysis and head of the MIFID/Regulation working group. Mr Müller co-chairs, with Barbara Cohen (SFAF), the EFFAS Capital Markets Commission. He is also a member of the Issuer Market Advisory Committee of Deutsche Börse AG.

Thorsten Müller is a banker and has a degree in business administration. He rounded off his training with the CIIA. After positions at Commerzbank in Frankfurt and at WestLB in Düsseldorf, he became managing partner of Lighthouse Corporate Finance GmbH in Frankfurt am Main where he is responsible for capital market and M&A transactions.

Marco Ravagli (AIAF, Italy)

Fund Manager with more than 30 years experience; during a long lasting career Marco managed Italian, European, Global and Emerging Market Funds; Equity, Balanced, Flexible and Alternative Products. Head of Equities from 2001 and CIO from 2006, Marco Rivagli managed a team of more than 10 people and more than Eur 20Bn AuM. He led the Investment Committee for Asset Allocation driving investment decisions. Strong presentational and organisational skills developed during a wide ranging career in International Leading Fund management firms. In July 2007 DWS sold all its Retail Funds in Italy to ANIMA SGR and was offered to manage the new Alternative Fund Global Equity 130/30 in DWS Frankfurt; since January 2011 he moved to the EM Team to implement a more Global approach of the Portfolios.