The Baker Steel investment team has extensive experience in investing in natural resources with strong technical backgrounds as geologists, metallurgists and mining engineers coupled with risk analysis expertise.

These combined skills give our team a critical edge in identifying investment opportunities and generating industry-leading returns.

Trevor Steel, Managing Partner and CIO

Trevor is the Chief Investment Officer and a Managing Partner at Baker Steel, which he co-founded in 2001. From 1992 until 2001 Trevor was a senior portfolio manager at Merrill Lynch Investment Management ('MLIM', formerly Mercury Asset Management) where he specialised in the natural resources sector and worked alongside David Baker within MLIM’s award-winning natural resources team. Prior to joining the natural resources team, Trevor worked with various teams at MLIM, having joined in 1991 as a graduate trainee. He holds a degree in Geology from the Royal School of Mines, Imperial College, London. He is a Regular Member of the CFA Institute and CFA UK Society. Trevor often participates as a panel member and is a keynote speaker at international gold and mining conferences.

David Baker, Managing Partner

David is a Managing Partner at Baker Steel and heads the company's Sydney office. Prior to founding Baker Steel in 2001, David was part of the award-winning Merrill Lynch Investment Management natural resources team, successfully managing the Mercury Gold Metal Open Fund, the largest precious metals fund in Japan, from its launch in 1995 until his departure in 2001. Prior to joining MLIM in 1992, David was a gold and mining analyst for James Capel Stockbrokers in London from 1988 and held a similar role at Capel Court Powell in Sydney from 1986 to 1988. David started his career in 1981 as a metallurgist at CRA Broken Hill, Australia. He holds a degree in Mineral Processing and a Masters in Mineral Production Management from Imperial College, London.

James Withall, Fund Manager

James is a portfolio manager, based in London. He joined the firm in 2003 and is now a partner in the business. James has more than seven years experience as a geologist working in Western Australia before returning to London to gain his Masters degree. From 1998 to 2001, James worked for Xstrata AG, following which he ran his own applied geology consulting practice. From 1995 to 1998 James worked for a number of gold mining companies in exploration, project and mine geologist roles. James has a degree in Applied Geology from Leicester University and a Masters in Mineral Project Appraisal from Imperial College, London. He is a member of the Society of Economic Geologists (SEG), the Institute of Materials, Minerals & Mining (IOM3) and of the Association of Mining Analysts (AMA).

Steve Ellis, Portfolio Manager

Steve is a portfolio manager. He joined the firm in 2011 and is a partner in the business. Steve specialises in portfolio construction and derivative pricing. From 1996 to 1998 Steve worked for the Reserve Bank of Australia (RBA) as a Senior Bank Analyst and studied the sale programme and leasing of RBA's gold reserves. He has closely studied the global gold-leasing market ever since. He holds a degree in Banking and Finance from Curtin University, Perth and he studied for a Masters in Applied Finance in Sydney before moving to London in 2001. Steve has worked in derivatives markets at international banks in both Sydney and London for over 10 years before launching and managing his own successful multi-strategy gold hedge fund at RAB Capital from 2006 to 2010.

Matthew Huston, Research Analyst

Matthew is Baker Steel's London-based research analyst. Matthew's background is as a geologist and mining analyst working on project evaluations and feasibility studies in Australia, North America, Europe, and West Africa for 13 years. He has had exposure across all levels of the industry, from hands-on exploration to detailed project modelling. From 2005 to 2009, he worked as the in-house Mining Analyst for Dundee Precious Metals, Toronto, Canada. He has an Honours degree in Geology from the University of Adelaide with a sub-major in Economics. In 2001, he gained his Masters of Science in Mining Project Appraisal from Imperial College, London. Matthew is a member of the Australasian Institute of Mining and Metallurgy (AusIMM).

David Coates, Research Analyst

David is Baker Steel's Sydney-based research analyst and works alongside David Baker. A mining engineer by training, he worked in the mining industry for 10 years before relocating to London and becoming involved in capital markets. David's mining industry experience includes working in open-pit and underground gold mines as well as large-scale underground nickel mines in Western Australia for Plutonic Resources, Homestake Gold and WMC. After completing an MBA in Sydney and Switzerland, David worked for Glencore International AG in the Philippines and Zambia before joining Ambrian Partners as a sell-side mining research analyst in London and subsequently moving to the buy side with New City Investment Managers/CQS. David is a member of the AusIMM and holds a WA First Class Mine Manager's Certificate.