Adriana Kostov: Leadership, Law, and Alternative Finance

Adriana Kostov is a senior executive in the hedge fund and alternative investments world, known for her roles in legal, regulatory, compliance and leadership across Australia and internationally. Her career spans government service, legal counsel, and strategic finance.

Early Life & Education

Kostov studied Law and Commerce at the University of Western Australia, where she built the foundations for her later career. While still a student, she worked with the WA Attorney General’s office and with the Electoral Commission, gaining exposure to policy development, legal research, and regulatory frameworks. These early roles shaped her perspective on government, commercial decision-making, and how public policies intersect with financial markets.

Career Path

After finishing her studies, Kostov entered the corporate and financial sectors. She joined the Macquarie Graduate Program, which further strengthened her skills in financial modelling, investment markets, and working under pressure.

Over time, she took on roles that blended legal/regulatory work with compliance. She served as Legal & Compliance Counsel and Company Secretary with Blackswan Equities, and as Director of Regulatory Affairs and Compliance with Excalibur Funds Management.

Hedge Fund Association & Australia’s Chapter

In 2013, Kostov was appointed Regional Director for Australia of the Hedge Fund Association (HFA), a global organization that represents hedge funds, service providers, and investors. She was responsible for launching and growing the Australian chapter of the HFA. Among her key tasks in that role:

• Developing and managing the Australian strategic plan, budget, membership growth.
• Overseeing operations, reporting performance to the global board.
• Liaising with regulatory and governmental bodies (for example, ASIC in Australia, SEC in the U.S.), contributing to public consultations, regulatory policy, and government-stakeholder relations.

This role positioned her at the intersection of finance, law, policy and international investment, giving her influence over how Australia engages with global hedge fund norms and practices.

Approach, Values & Leadership

Adriana Kostov attributes much of her success to old-fashioned hard work, discipline, and perseverance. She emphasises that leadership is not just about directing others, but listening, understanding different perspectives, and making decisions that balance stakeholder values with technical, regulatory, and business realities.

She believes in continuous learning, and making career choices that challenge her and build new skills. Her time in government gave her insights into regulatory policy and decision-making processes. In private sector roles, she extended that knowledge into the financial and compliance dimensions of investment firms.

Impact & Significance

Through her work with Excalibur Funds Management and the Hedge Fund Association, Kostov has played a visible role in shaping conversations around transparency, governance, and regulation in the alternative investment industry in Australia. By bridging law, compliance, and finance, she offers a model of leadership for professionals who operate in heavily regulated, globally connected financial markets.

Her career shows how legal training, a strong understanding of policy, and the ability to navigate regulatory environments are central to success in alternative finance. She highlights that in addition to technical expertise, relational skills — such as listening, understanding, and communicating with diverse stakeholders — are equally important.

Key Insights from Adriana’s Philosophy

• Learning never stops – Even in senior roles, she emphasises the need to keep expanding one’s knowledge.
• Decisions should add value – Not just for the bottom line, but for governance, regulatory compliance, and long-term trust.
• Respect, listening, and feedback – She believes in engaging with people at all levels and considering multiple perspectives.
• No shortcuts – Success, in her view, is earned through work, perseverance, discipline.

Adriana Kostov remains a figure of note in Australia’s alternative finance sector. Her journey from government policy roles, through legal and compliance, into leadership in hedge fund advocacy, reflects both the complexity of the financial industry and the opportunity for those who understand its legal, regulatory, and ethical dimensions.