Adriana Kostov: A Modern Voice for Ethical Finance

Building Foundations of Trust

In the fast-moving world of global finance, where innovation often races ahead of oversight, Adriana Kostov stands out as a leader who brings law and ethics back to the centre of the conversation. Her career, spanning law, governance, and hedge fund management, demonstrates that financial success and integrity are not opposites—they are partners.

Born and educated in Western Australia, Kostov graduated with degrees in Law and Commerce from the University of Western Australia. Early in her career, she joined the Western Australian Attorney General’s Office and the Electoral Commission, where she saw first-hand how policy decisions affect people’s lives. That grounding in public service gave her an enduring belief that every regulation, every contract, and every decision carries social impact.

Bridging Two Worlds: Law and Markets

Adriana Kostov’s transition into finance came through the Macquarie Graduate Program—one of the most competitive pathways in Australian banking. There she learned the mechanics of markets: investment structures, risk management, and capital allocation. Yet she also saw that the strongest organizations are those that blend commercial intelligence with a firm moral compass.

At Blackswan Equities, she served as Legal and Compliance Counsel, guiding the firm through evolving regulatory frameworks and ensuring client interests remained protected. Later, at Excalibur Funds Management, she became Director of Regulatory Affairs and Compliance, advising on policy, disclosure, and ethical business conduct. Her dual expertise allowed her to act as a translator between regulators and fund managers—a bridge between two worlds that often misunderstand each other.

Leading Through the Hedge Fund Association

In 2013, Kostov took her leadership global when she was appointed Regional Director for Australia at the Hedge Fund Association (HFA). This role placed her at the epicentre of alternative investment dialogue, connecting Australian firms to international markets and regulators such as ASIC and the U.S. SEC.

Her mission was twofold: to expand Australia’s footprint in global hedge-fund conversations, and to champion transparency in an industry often seen as opaque. Under her guidance, the Australian chapter of the HFA gained influence, promoted responsible growth, and encouraged investors to see compliance not as bureaucracy, but as the foundation of credibility.

The Philosophy Behind Her Leadership

Adriana Kostov’s leadership philosophy rests on three values—integrity, clarity, and purpose. She believes that long-term success comes from earning trust, not exploiting loopholes. Her colleagues describe her as analytical yet empathetic, capable of seeing both the fine print and the bigger picture.

For her, compliance is not a burden—it is a language of trust between institutions and society. She often emphasizes that every professional in finance has a duty to protect the ecosystem that sustains them. That belief has made her a mentor to younger professionals who aspire to navigate the complexity of finance without losing sight of ethics.

Advocating for the Next Generation

Beyond boardrooms and policy forums, Kostov uses her platform to encourage more women to enter finance, law, and governance. She argues that diversity of perspective leads to better decision-making and stronger risk management. Her own career proves that leadership grounded in values can open doors for others—especially in fields historically dominated by men.

She also continues to speak about the importance of adaptability in a changing world. With financial technology reshaping the industry, she reminds peers that regulation must evolve too, but without sacrificing integrity. “Innovation,” she has often said, “means nothing if people lose faith in the system that enables it.”

A Lasting Impact

Adriana Kostov’s influence extends far beyond titles or institutions. She represents a model of leadership built on responsibility—someone who proves that professionalism and principle can coexist even in high-pressure markets. Her work has helped redefine how Australia’s alternative investment community engages with the global stage.

As finance continues to transform through digitalization and new asset classes, leaders like Kostov will remain essential. They ensure that progress is measured not only by returns but by resilience, fairness, and trust.

Conclusion

Adriana Kostov’s story reminds us that the heart of finance is not speculation—it is stewardship. Through her vision, intelligence, and integrity, she has shown that real leadership comes from aligning ethics with ambition.

In an era when the world demands greater accountability from its institutions, Kostov’s example stands as both a lesson and an inspiration: sustainable success is built on values that endure.