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Alice Vilma

Alice Vilma

Managing Director and Co-Head of the Next Level Fund at Morgan Stanley

New York, NY, US

Alice Vilma is a Managing Director and Co-Head of the Next Level Fund at Morgan Stanley, specializing in early-stage venture investments in tech and tech-enabled startups founded by multicultural and women entrepreneurs. She has executed over $25 billion in securitization, structured finance, and equity transactions over her 15+ year career, covering companies in the Industrial, Transportation, Power & Utilities, MLP, and entertainment sectors with a strong track record of driving commercial success and strategic initiatives. Vilma began her career at Morgan Stanley as an analyst, later held roles at Sallie Mae and CIT in strategic planning and investment, and returned to Morgan Stanley in 2009 where she has advanced through various leadership roles. She holds a B.B.A. in Finance from the University of Miami, an MBA from Harvard Business School, and brings extensive credentials in structured finance and venture investing.

Alice Vilma's questions to BP (BP) leadership

Question · Q3 2025

Alice Vilma asked for insight into the contributions of cost reductions, a supportive refining macro, and weak trading to BP's strong downstream results, and what the expected runway for these factors looks like.

Answer

Kate Thomson (CFO, BP) detailed downstream improvements, citing $500 million in structural cost reductions and 21% year-on-year Castrol growth in customers, 96.4% refining availability year-to-date with $200 million in cost reductions, and trading performance being in line year-to-date despite a weaker Q3.

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Question · Q3 2025

Alice Vilma asked for insight into the contribution of cost reductions, supportive refining macro, and weak trading to the downstream's strong results, and expectations for the runway.

Answer

Kate Thomson (CFO, BP) broke down downstream performance: Customers saw improvements across aviation, Castrol (up 21% YOY for 9 months), fuels/midstream integration, and EUR 500 million in structural cost reductions, plus EUR 300 million from BP Bioenergy consolidation. Refining delivered superbly with 96.4% availability year-to-date (above 96% target) and EUR 200 million in cost reductions. Trading had a weaker Q3 but was strong in Q2, with year-to-date performance in line with last year.

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