At Merit Capital we understand that finances are personal and we know that the relationship that one builds with their trusted Private Banker forms the foundation of our business.


Merit Capital was founded in 2000 by professionals who have earned their spurs in the financial world. Their experience has led to the conviction to work from a philosophy of transparency and mutual interest. From focus and result orientation.

Merit Capital realized an exceptional growth over the last decade. Between 2007 and 2010 the assets under management grew with an average of 70% per year through acquisitions and organic growth. This led to a geographical expansion through branches.

Today Merit Capital has branches in every Flemish region; Antwerp, Bruges, Deurle, Hasselt, Kortrijk and Leuven. Starting in 2000 with a couple of people, we have grown to almost 44 dedicated employees.

In 2018 Duet Group became controlling shareholder of Merit Capital. The decision to acquire Merit Capital followed the reorganization of Duet Group into 3 business units. Duet has a controlling stake in several alternative asset management firms with a focus on private equity, hedge/long-only fund and wealth management.

The acquisition of Merit Capital is a natural expansion into European-based wealth management for the Group.

About Duet Group

Founded in 2002, Duet Group is an international investment firm with offices in London (HQ), New York, New Delhi and Accra. Duet Group is a controlling shareholder of multiple asset managers in the alternative space, private equity, real estate and wealth management. Since its inception, the Duet Group has developed an established portfolio of product in areas of growing importance within the investment community, notably within the Emerging and Frontier Markets.

“The commitment to excellence of Merit Capital in combination with Duet’s expertise in investment, combined with a robust process, makes this a perfect partnership which will create a premiere European wealth management platform”

-Henry Gabay-

Core Values

Through its active management in shares, bonds and funds, Merit Capital pursues an ‘absolute return’ strategy. The emphasis is on limiting any downward risk.

Our team of specialists use the latest, most advanced software for the selection of shares. When selecting the funds, we always try to find the ultimate choice of fund managers who can make the difference for you. All our selections are made on the basis of complete independence.

Our client's interests always come first

Our experience shows that if we serve our clients well, our own success will naturally follow.

Transparency, integrity and honesty

We expect our people to maintain high ethical standards in everything they do, both in their work for the firm and in their personal lives.

Our assets are our people, capital & reputation

We are dedicated to complying fully with the letter and spirit of the laws, rules and ethical principles that govern us. Our continued success depends upon adherence to this standard.

We take great pride in the professional quality of our work

We have an uncompromising determination to achieve excellence in everything we undertake.

Everyone achieves more together

While individual creativity is always encouraged, we have found that team effort often produces the best results. We have no room for those who put their personal interest ahead of the interests of the firm and its clients.

Investment Philosophy

Our investment philosophy stems from our fundamental belief that our clients interest always comes first. We understand the value of our clients assets and are dedicated to both capital preservation and capital appreciation.

  • We believe in active management, not passive. Passive management involves holding investments that attempt to replicate the performance of an index. Being an active manager allows us to focus on investments that we believe offer the best potential returns for our clients.
  • We are responsible investors. We must ensure that we only invest in businesses that have strong corporate governance. Just as we pride ourselves in having high standards of transparency, integrity and honesty we expect the same from all businesses we invest in. Further details can be found in Merit Capital’s Environmental, Social and Governance Investing (ESG) policy. We believe having an effective ESG policy helps us to reduce risk and can enhance the long-term value of our client’s investments.
  • We take great pride in the professional quality of our work, we have a robust investment risk policy that must always be adhered to. We have a dedicated risk officer that monitors all the investment portfolios daily and reports directly to the Risk Audit Legal and Compliance committee.
  • Individuals always take accountability for their investment decisions. Whilst we strongly believe everyone achieves more together by sharing ideas and debating forecast prospects at the investment committee, we also believe that accountability and having high conviction is very important. Depending on the origination of the investment idea an individual member of the investment committee always takes ownership for the final investment decision.
  • Our assets are our people, capital and reputation. We believe the quality of our people and the culture that we foster are essential to ensuring our clients assets are managed efficiently. Therefore, we seek to attract and retain some of the most talented individuals in the business and create an environment where their skills can flourish. We ensure our own capital is well managed and do not make any investments decisions that may damage our reputation.


Henry Gabay


Henry is the CEO and Chairman of Duet Group.  Prior to founding Duet, Henry was Head of Investment Banking for Israel and Turkey and Head of Equity Sales for Emerging Markets at Credit Suisse First Boston.

NON-Executive Board

Giuseppe Ciardi

non executive
Board Member

Mr. Giuseppe Ciardi is the Senior Partner and Chief Investment Officer at Park Place Capital Limited. Mr. Ciardi worked at Morgan Stanley & Company in New York.


non executive
Board Member

Kris Luyckx is a Senior Partner and leads the Criminal Law Department at Desdalex Advocaten.

jan gijsels

non executive
Board Member

to follow

laurent trau

non executive
Board Member

to follow

management comittee

Jan De Coninck

Jan De Coninck

Chief Executive Officer -
member of the board

Jan De Coninck joined Merit Capital in October 2017 as an external consultant in order to assist the Board of Directors with the restructuring and the sale process of the Company.

Paul Reynolds

Paul Reynolds

Chief Executive Officer-
member of the board

Paul Reynolds joined Duet in 2015 and is Chief Operating Officer of Duet Group and Merit Capital NV Co-CEO.

Amit Haria

Amit Haria

Chief Financial Officer-
member of the board

Amit has over 14 years of finance experience in both the public and private markets.

Dominic De Backer

Dominic De Backer

Chief Commercial Officer

Dominic joined Merit Capital in 2012 and is presently the Chief Commercial Officer.

Would you like to share in our enthusiasm and get the taste of success? Are you ready to take on challenging and exciting work?