News and Updates

Delphos International Ltd. acquires a majority stake in FMA – Frontier Markets Advisors Inc.

January 28th, 2021, Washington, DC – Delphos International Ltd. announced today that it has acquired a majority stake in FMA – Frontier Markets Advisors Inc. (FMA), a Canadian consulting firm that provides investment and risk advisory services in the space of development finance and impact investing.

Christian Novak, the Managing Partner at FMA, will continue to run the business as CEO of the newly rebranded Delphos International – FMA Inc. in the newly opened Montreal office. Mr. Novak will also act as Delphos International’s Global Head of Blended Finance and its Chief Sustainability Officer.

An Argentinean and Canadian national, Mr. Novak has 30 years of experience working in emerging and frontier markets. Throughout his career, he has led or played key roles in the structuring of multi-billion-dollar benchmarks recognized by the Financial Times, IFR, and Ashoka.  Among his many professional achievements, Mr. Novak was the Chief Credit Officer for Latin America and the Caribbean at Morgan Stanley and was the Chief Risk Officer of IDB Invest.

“In addition to having an exceptional track record in overseeing the risk management of multi-billion-dollar, emerging markets fixed income and equity portfolios, Christian is one of the world’s foremost thought leaders in blended finance and sustainable investing. He has developed a unique vantage point from both a public and private sector perspective and we are thrilled to have him on board,” said Linda Habgood, CEO of Delphos International Ltd.

Mr. Novak commented, “I am thrilled to be joining Delphos International, the world’s leading financial advisor for DFI financing. Its multi-decade track record of advising clients in tapping official sources of financing for projects, companies and banks in emerging markets has been hugely important in fostering economic and social development in emerging economies world-wide, and I am excited to join such a distinguished group of professionals.”

Mr. Novak is also a Professor of Practice at McGill University’s Institute for the Study of International Development (ISID) – a “think tank” where he focuses on development financing. He has exceptional language skills in Spanish and French, and graduated as a Public Accountant and holds a bachelor’s degree in Business Administration from the Catholic University of Argentina.

Today’s announcement confirms Delphos International’s ambition to expand its global footprint by establishing additional local offices around the world in 2021, building its impact and blended finance advisory business.



Jill Carter


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Washington, DC 20037

Tel: +1 (202) 337-6300



Established in 1987, Delphos International Ltd. is a financial advisory firm with offices in Washington, DC, New York, London, Montreal, Hong Kong, and Miami. Delphos specializes in raising debt and equity from development finance institutions (DFIs), export credit agencies (ECAs) and other government agencies to support its clients’ investments in emerging markets. To date, Delphos International has successfully arranged financing well in excess of USD 20 billion for over 1,000 companies globally.

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