Parmenion Ethical’s management board consists of three directors:


Jean-Philippe Cerutti

Jean-Philippe founded the Parmenion Group in 2011. He is our Chief Risk Officer and a managing director.

He has about 25 years of relevant investment experience, dealing with institutional and private (family office and ultra-high net-worth) clients. He started his investment career at Société Générale in Paris, where he became head of Proprietary Trading and Technical Research. In 1997 he moved on to Credit Suisse. After an 11-year period with the Swiss bank he was in 2008 appointed as Chief Investment Officer of a multi-family office based in Geneva (MIF Group) with a strong client base in Switzerland and the Middle East, before founding Parmenion in 2011.

Over the years, Cerutti has worked on his trading and risk management framework, which in essence consists of a ‘Risk Budgeting’ approach that enables the user to impose tighter risk controls on the one hand, while making it possible to make money both in bullish and bearish financial market environments on the other. This Risk Budgeting system is a key element in Parmenion’s concept and IP.

Jean-Philippe does hold several board member- and directorships in (multi-)family offices, investment funds and asset management companies.

If you want to know more about Jean-Philippe, please visit his Linkedin profile for additional professional information or email him at

Erik L. van Dijk

Erik is our experienced CIO with almost 30 years of relevant investment experience. He is a specialist in emerging and frontier markets (including investment valuation), asset allocation, portfolio construction and the selection of investment managers. He is also known for his work on Islamic Finance as an ambassador for a more integrative approach. In this approach western-style ESG Investing and Islamic Finance are merged into one framework that fits the UN-PRI (United Nations Principles for Responsible Investment).

At the heart of Parmenion’s Investment Concept lies van Dijk’s joint work with Nobel Prize Laureate Dr Harry Markowitz with whom he worked together for almost a decade. Their seminal paper on Asset Allocation and Portfolio (Near) Optimization entitled ‘’Single-Period Mean-Variance Analysis in a Changing World’’ was published in the Financial Analysts Journal (March/April 2003), with an independent test by MIT professor Mark Kritzman c.s. showing the added value of the approach several years later.

Van Dijk has about three decades of relevant investment experience at both the academic and professional level. Not only did he work for brand name investment managers like Fortis Investments (Netherlands/Belgium) and United Asset Management/Old Mutual (USA/South Africa), but he was also involved in several private equity and venture capital initiatives. He has been a well-known asset manager and consultant in the institutional European investment market during the last 20 years and in the Middle East during the last 10 years. In the academic field Erik has worked as lecturer and visiting lecturer Corporate Finance and Investments at several business schools and post-graduate institutions in the Netherlands and abroad.

Erik has published a book on Quantitative Investment Analysis (in the Dutch language) and numerous papers in academic and professional journals. The 90-page chapter on Return and Risk in the Handbook of Asset and Liability Management (ed. Zenios & Ziemba, North-Holland Science Publishers, 2006) was co-authored with Dr Markowitz.

If you want to know more about Erik, please visit his Linkedin profile for additional professional information or email him at

Paul van Oyen

Within Parmenion Ethical, experienced investment banker and ethical visionary Paul van Oyen is a director, holding responsibility for the Fair Finance Europe Fund (FFFE), our Philanthropy desk and the (Western style) ESG component of our ethical approach. Paul has 40 years of relevant experience in investment banking and corporate finance.

He started his financial career in the mid-1970s at Rabobank, where he held several senior positions, and he worked on the creation of a correspondent banking network in Western and Eastern Europe. In 1986 he founded the London Amsterdam Merchant Bank and became its first CEO. In 1990 the bank was successfully sold to Dutch insurance firm Ohra. In the 1990s and 2000s Paul became interim manager, coach and consultant at Van Oyen Advies. During this period he deepened his already existing involvement in ethical and philosophical research (including the study of major religions), especially focusing on topics that would lead the way towards a “Fair Big Finance”. It was therefore no surprise that Paul was one of the co-founders (in 2013) of the KredietUnie Nederland (Netherlands Credit Union), a remarkable, cooperative credit union that was successfully launched to provide small entrepreneurs with an alternative to bank finance. In 2015 he was – together with Nordien Chalhi – the co-founder of the Fair Finance Funds Foundation, a partner of our own Triple F Foundation.

Paul is also active as board member in various charities and foundations. His recognition as specialist in philosophy in general and Indian philosophy in particular has translated into a series of publications. For more information please visit Paul’s Linkedin profile or email him at

Paul holds a graduate Law degree from the University of Amsterdam in the Netherlands.