World-Class Economic Research and Advisory
Antipodean Capital is a world-class economic research and advisory team based in Australia. Our team of experts is comprised of seasoned professionals with a wealth of experience in financial markets and macroeconomic analysis.
Our team is dedicated to providing our clients with insightful analysis and accurate forecasts to guide their investment decisions. We bring our diverse expertise to the table to ensure we deliver the best possible outcomes for our clients.
Craig Ferguson
Managing Director
Craig has over 20 years of experience in the financial industry, including his time as a currency and bond trader at JP Morgan and Head Currency Strategist at ANZ Investment Bank.Craig's group at JP Morgan was consistently ranked among the top three in the world, and he was the top-ranked currency forecaster in Australia during his time at ANZ Investment Bank. Since founding Antipodean Capital in 2006, Craig has made successful predictions regarding the global financial crisis, the recovery after it, and the collapse of oil and iron ore prices.Our expertise in macroeconomic analysis and forecasting allows us to provide valuable insights and recommendations to our clients. We take pride in our ability to anticipate market trends and help our clients make informed decisions.
Bill Painter
Fixed Interest Consultant
Bill has had a distinguished 35-year career in financial markets, specialising in multi-currency fixed income trading, risk management, strategy, and sales. As the Managing Director and Head of Fixed Income trading at Royal Bank of Canada, he built a market-leading business specialising in portfolio positioning, product and sector allocation, and risk strategy. Bill also spent 23 years at JP Morgan in London, New York, and Sydney, trading US Treasuries and agencies and chairing the London Bond Market Association. His extensive client connectivity has supported the growth and success of these businesses.
Damen Purcell
Chief Operating Officer
Damen Purcell is a strategic leader and consultant with over 30 years of extensive experience in business development, distribution operations, investment management, and strategic planning. His expertise encompasses leading distribution teams, incubation of investment firms, overseeing fiscal responsibilities, and implementing effective project management practices. As the founder of Trailhead Consulting, Damen specialises in operational excellence, assisting businesses to grow through optimised project execution, enhance investment outcomes, and strengthened stakeholder engagement. His broad experience includes developing sales and marketing strategies, budgeting and forecasting, facilitating client relationship management, and supporting product innovation. Throughout his career, Damen has successfully managed distribution, operational and investment-related activities across various market segments, including institutional, retail, and middle markets.
David Drage
Macro Consultant
David brings a wealth of experience to our team. As the former Principal Adviser, Financial Markets at the Australian Treasury, he provided analysis and advice on global financial market developments to the Treasurer and a range of federal government departments and agencies. He also managed financial market research at the Reserve Bank of New Zealand and was a member of the monetary policy committee. David was previously an economist at ANZ bank in New Zealand, where he was the bank's Chief Economist.
David deGaris
Economist
David joined Craig and the ACM team in early 2024 after returning from 4½ years in London with NAB. He was there as the key touch point for Northern Hemisphere clients on macro developments downunder, whether related to those more germane to the Australia’s RMBS markets whether from the labour market, demand and supply side factors and potential tension points. He comes to ACM with obvious deep experience with Economics and financial markets and building trust with clients. Prior to his London post, Dave was a Director with NAB’s Market Economics team and previously with ANZ. He earlier spent a decade and a half In Canberra with the ABS, the Federal Treasury during financial deregulation and fiscal reforms and with the Prime Minister’s Department as a Senior Economic Advisor during Bob Hawke’s tenure. His remit with ACM is to bring even more experience, thought and clarity to macro developments and financial markets.
Peter Beckhouse
Portfolio Manager
Pete Beckhouse has over 25 years experience in Investment Management and Capital Markets gained working within asset managers, venture capital, hedge funds, investment banks and start ups across APAC, Europe and the US. He has worked and consulted at leading companies including; Morgan Stanley, UBS, HSBC, Citi. He has led Product Development teams at PIMCO Europe and Legal & General UK, as well as launching a hedge fund and several venture capital funds. Ongoing education has included Chartered Alternative Investment Analyst (CAIA), CFA Certificate in ESG Investing, and University of Cambridge CISL Sustainable Finance. He has a proven track record of building and managing efficient, scalable investment vehicles that support cross-border investments. His expertise spans public and private markets, navigating complex regulatory, financial, and operational frameworks to structure vehicles that drive long-term value creation. His focus extends beyond structuring to include operational excellence, compliance, governance and risk management, ensuring that the investment vehicles or companies are managed with precision, compliance, and efficiency.
Rowena Butler
Client Manager
Rowena is an Australian Certified Practising Accountant (CPA) with over 25 years' experience in financial accounting and product control, specialising in Equity Derivatives within investment banking. She holds a Bachelor of Commerce from the University of Melbourne. Rowena spent 14 years at UBS Investment Bank in London, within Finance, Equities Product Control. She managed the financial control processes and commentary delivering to traders, desk heads, and EMEA leadership. She navigated complex, high-volume data flows across front-to-back systems including risk, settlement, and reporting Prior to UBS, she held management accounting roles at ING Barings, Bank of Scotland, Bank of America, and Nomura in London, after graduate tax and audit experience in Australia. Rowena now serves as Client Relationship Manager at Antipodean Capital, working closely with Damen Purcell to provide ongoing relationship management, client support and the delivery of the firm's macroeconomic research and advisory services.
Ian Langford
Geopolitical & Defence Consultant
Dr. Ian Langford is a retired Australian Army Brigadier, distinguished academic, and strategic leader specializing in national security, defense innovation, and military strategy. With over 30 years of service, he commanded elite units including the 2nd Commando Regiment and multiple Special Operations Task Groups across deployments in Afghanistan, Iraq, Timor-Leste, and the South-West Pacific. His leadership earned him the Distinguished Service Cross with two Bars—the only individual to receive a third Bar in the modern era—alongside numerous other commendations. Dr. Langford holds a PhD from Deakin University and is a Distinguished Graduate of both the U.S. Marine Corps Command and Staff College and the School of Advanced Warfighting. He also completed advanced leadership programs at Harvard University and the Australian National University. His academic credentials include a Master of Arts, Master of Defence Studies, and Master of Strategic Studies. In 2024, Dr. Langford was appointed Executive Director of Security and Defence PLuS, a trilateral academic and research partnership between King’s College London, Arizona State University, and UNSW Sydney. This initiative supports the AUKUS trilateral security pact through collaborative research, education, and policy development. He also serves as a full professor at UNSW Canberra and holds advisory roles in defense innovation and governance. Previously, he was the patron of the Defence Entrepreneur’s Forum, an organization promoting innovation among young leaders in defense. Dr. Langford’s career reflects a commitment to advancing defense capability, fostering international partnerships, and mentoring the next generation of security leaders.
Ben McMahon
Senior Investment Associate
Ben McMahon is an experienced portfolio analyst specialising in asset allocation, portfolio analytics, and optimisation. With a background in Banking and Finance from Monash University (2014), he began his career in financial planning for High and Ultra high net worth clients before transitioning into investment management. At Blue Rock Private Wealth, he played a driving role in developing portfolio strategies, processes and proprietary analytics tools. Now, as a Portfolio Analyst and Risk Consultant, Ben advises family office clients and investment committees, providing sophisticated data-driven insights to enhance decision-making and risk mitigation. His expertise ensures portfolios are robust, strategically aligned, and supported by superior access to financial data.
Oliver Lynch
Investment Analyst
Oliver joined ACM as a Junior Investment Associate in his penultimate year of a Bachelor of Commerce and Advanced Studies at the University of Sydney, majoring in Finance with a minor in International Business. He supports the investment team across public equities with a focus on macroeconomic research, market positioning, and portfolio risk analysis. Oliver leads the firm’s ASX short-interest monitoring, maintaining a tracker of the most-shorted equities and analysing crowding risk and market dislocations. He prepares equities research and presents weekly investment notes to the Investment Committee covering portfolio exposures, watchlists, and trade ideas. Prior to ACM, Oliver interned in the Commodities and Global Markets division at Macquarie Group receiving the internal SPOT award, supporting balance-sheet reporting, market analysis, and senior management presentations.
Max Deutsch
VC Investment Analyst
Max is currently an Investment Analyst at Antipodean Ventures, where he sources and evaluates early-stage investment opportunities, engages directly with founders, and manages the end-to-end process from initial triage and scoring through to IC presentation. Prior to moving into the ventures arm, he worked on the research and advisory side of the business at Antipodean Capital, covering macro and equities. He has also worked in equity research at Jefferies and has gained experience in real assets across APAC through PAG and Mirvac. He holds a Bachelor of Commerce (Finance and Banking) from the University of Sydney, where he is a Beta Gamma Sigma lifetime member.