A Marechale Capital plc business
NJC Capital.
A family-office investment firm using proprietary NJC Capital trading software, deploying AI-developed predictive algorithmic IP that is 100% owned by the Group.
About NJC Capital
A systematic manager built on four decades of trading experience.
NJC Capital comprises NJC Capital Management VSA Private Fund Limited ("NJC Fund") and NJC Capital Management Limited ("NJC Manco") - a systematic alternative investment business built around proprietary, AI-developed predictive algorithms owned in full by the Group.
Founded by Nick Cowan following a career spanning senior trading roles at Barings, Bear Stearns and ING Barings in London and Tokyo, NJC combines institutional discipline with the agility of a partner-led boutique - trading the world's most liquid markets through a proprietary framework that has been refined over more than 40 years.
The management company holds the algorithmic IP and operating infrastructure; the Fund is the vehicle through which the strategy is deployed for external investors and Group principal capital.
Investment Strategy
Sustainable returns. Capital preserved.
The strategy is built around a small number of first principles: preserve the equity of the Fund, apply strict risk controls at every level, trade only in liquid markets, and generate returns regardless of prevailing market conditions.
Tried-and-tested technical trading strategies designed to deliver sustainable returns whilst protecting the equity (AUM) of the Fund.
Strict risk limits at both individual position and overall portfolio level, with mandatory stop-losses on every trade.
The Fund trades only highly liquid assets - for example, S&P 500 constituents - preserving execution quality and exit optionality.
The objective is to generate returns regardless of prevailing market conditions - long, short and market-neutral positioning.
The Team
Principal-led, institutionally trained.
Nick Cowan
CEO and Founder Nick Cowan has been trading for over four decades, including working for the world's largest investment banks in London and Tokyo (including as Global Head of Equities Trading) and trading his own capital for many years.
- ›Derivatives Trading, Barings UK (2 years)
- ›Head of Derivatives Trading, Barings Japan (3 years)
- ›Head of Trading, Bear Stearns UK (2 years)
- ›Global Head of Equities and Derivatives Trading, ING Barings London (4 years)
- ›Global Head of Equities, ING Barings London (5 years)
- ›Board Member, ING Barings (5 years)
- ›Professional Trader running NJC Trading (10 years)
- ›CEO, Valereum Plc (14 years)
Richard White-Smith
Over 40 years of international experience at CEO level in founding, managing, acquiring, divesting, restructuring and building companies in a wide variety of industries across the UK, Malaysia, Hong Kong and Australia.
- ›Successfully managed, advised and invested in businesses from start-up to IPO
- ›Sector experience across carbon sequestration
- ›Digital and data services
- ›Marketing and broadcast services
Mark Warde-Norbury
Mark spent 14 years with merchant bank Robert Fleming & Co Ltd, where he helped to launch and manage the Private Banking operations in the UK. On leaving in 1998 he established St Helen's Capital Plc, now Marechale Capital Plc. Mark's other directorships include Flight & Partners Ltd, an FCA authorised specialist fund management business, which he was involved with setting up in 2007, and which runs the top performing Flight Recovery Fund. Over the years, Mark has established and advised businesses in a number of sectors, including in renewable energy and hospitality, and brings deep institutional finance expertise and capital markets oversight to the board.
- ›14 years with merchant bank Robert Fleming & Co Ltd
- ›Launched and managed Private Banking operations in the UK
- ›Established St Helen's Capital Plc, now Marechale Capital Plc, in 1998
- ›Co-founded Flight & Partners Ltd, an FCA authorised specialist fund management business
- ›Advises businesses across renewable energy, hospitality and other sectors
News & Perspectives
Research from the NJC desk.
Commentary, market notes and the Through a Graph Darkly series on the Wyckoff methodology that underpins the NJC systematic framework.
| Date | Title | CONTENT | Read |
|---|---|---|---|
| 01 June 2026 | NJC Wyckoff Algo Live! | After a century since its formalisation, 40 years of study and deployment by NJC and 12 months in design and development NJC Capital's ‘Wyck… | Read |
| 05 May 2026 | Through a Graph Darkly – Wyckoff Point and Figure (P&F) Count Guide | Wyckoff developed a uniquely effective method to identify price targets for both long and short trades using Point and Figure (P&F) charts.… | Read |
| 28 April 2026 | Through a Graph Darkly – Nine Buying/Selling Tests | Whereas the three Wyckoff laws provide a big-picture foundation for the Wyckoff method, the nine buying and selling tests are a set of narro… | Read |
| 27 April 2026 | Through a Graph Darkly – Comparative Strength Analysis | Wyckoff's stock selection process always included an analysis of comparative strength. To identify candidates for long positions, he looked… | Read |
| 23 April 2026 | Through a Graph Darkly – Supply and Demand Analysis | Analysis of supply and demand on bar charts, through examination of volume and price movements, represents one of the central pillars of the… | Read |
| 21 April 2026 | Through a Graph Darkly – Distribution – Wyckoff Schematics | Analyses of Trading Ranges One objective of the Wyckoff method is to improve market timing when putting on a position by anticipating a comi… | Read |
| 16 April 2026 | Through a Graph Darkly – Accumulation – Wyckoff Schematics | Analyses of Trading Ranges One objective of the Wyckoff method is to improve market timing when putting on a position by anticipating a comi… | Read |
| 13 April 2026 | Through A Graph Darkly – The Basic Principles: Three Wyckoff Laws | Wyckoff's chart-based methodology rests on three fundamental “laws” that affect many aspects of analysis. These include determining the mark… | Read |
| 27 March 2026 | Through A Graph Darkly – Wyckoff Price Cycle | According to Wyckoff, the market can be understood and anticipated through detailed analysis of supply and demand, which can be ascertained… | Read |
| 02 March 2026 | Through A Graph Darkly – Wyckoff's "Composite Man" | Wyckoff proposed a heuristic device to help understand price movements in individual stocks and the market as a whole, which he dubbed the “… | Read |
| 20 February 2026 | Through A Graph Darkly – A Five-Step Approach to the Market | The Wyckoff Method involves a five-step approach to stock selection and trade entry, which can be summarized as follows: 1. Determine the pr… | Read |
| 11 February 2026 | Through A Graph Darkly – A bit about the Man | Richard Demille Wyckoff (1873–1934) was an early 20th-century pioneer in the technical approach to studying the stock market. He is consider… | Read |
| 22 January 2026 | NJC Capital appointed as Director of NJC Capital Management VSA Private Fund Limited | NJC Capital appointed as the Director of NJC Capital Management VSA Private Fund Limited (VSA Fund). The VSA Fund is a private fund focusse… | Read |
Role within the Group
The Group's asset management capability.
NJC provides Marechale with recurring management and performance-fee revenue, complementing Stanford's transactional flow and Blubird's SaaS-model economics - and creates a natural home for tokenised, systematically-managed products.