LEADING WOMEN IN FUNDS 2015

IN ASSOCIATION WITH LEADING WOMEN 50IN HEDGE FUNDS

The Journal’s 50 driven and activism are all groups and the disabled, as Leading Women in Hedge represented. The activist well as by women. So we think Funds 2015 survey, generously world may be characterised that women fund managers sponsored by EY, is now in its as a macho one, but we have are earning allocations on their fourth, biannual incarnation, located at least two women own merits and are performing with the previous surveys who have spearheaded activist well in a variety of vehicles, having been done in 2009, campaigns and tenaciously ranging from traditional 2011 and 2013. 45 of the secured shareholder value: offshore regulated funds such names in this survey have not Lauren Taylor Wolfe of Blue as Cayman vehicles, to onshore featured in the previous three. Harbour and Frederique Helfer regulated structures including Some former surveys have of Cevian. UCITS and ’40 Act mutual emphasised the roles of women funds, as well as customised in senior managerial, executive, As well as shareholder managed accounts, operational, marketing and activism, one sign of women’s companies, pension funds, service provider roles – and growing confidence is that endowments and foundations. they are present here too. But many continue to break away this time we are majoring on from larger groups and launch One essential entry ticket for investment managers, with their own firms. For instance, the hedge fund industry now 16 (32%) of the women in Leda Braga’s Systematica this seems to be higher education, this survey being portfolio year spun out of Bluecrest; and some of this survey’s fifty managers – and another 16 Monica Hsiao has flown the have as many as four or more being allocators to hedge funds, CQS nest to set up Triada; and degrees, while others began accounting for 64% of the Genevieve Kahr has left Jericho their careers in academia. survey. If generation is to start Ailanthus. But not all of the women in the lifeblood of the hedge fund this survey have attended the industry, portfolio managers The assertion that funds or most expensive universities, and allocators should be front hedge funds run by women such as Ivy League colleges in and centre. perform better than those run the US. Some have attended by men is made by a number much lower-cost and publicly Many portfolio manager of books and studies. However, funded universities outside nominations were drawn from such studies typically compare the US, in countries including the largest managers that between 70 and 200 female Ireland, Russia, Indonesia, the populate The Hedge Fund fund managers with many Netherlands and Norway. This Journal’s US 50 and Europe thousands of male ones, shows how the hedge fund 50 listings, but there are also leading some observers to industry is a meritocratic one, smaller managers and even question whether the results where individuals from diverse some start-ups here. The spread are conclusive. In any case, very educational backgrounds can of strategies is broad: global few allocators focus exclusively prove themselves on the job; macro, systematic trading, on women-managed funds; most of the 50 Women finished CTAs, managed futures, even some US mandates to academic study after receiving discretionary commodities, allocate to WMBE (Women their Bachelor’s degree. But equity /, credit, and Minority-owned Business professional study undertaken distressed, emerging markets, Enterprises) will include firms after university can also be a equity , event run by certain ethnic minority popular choice. The MBA or

2 IN ASSOCIATION WITH

Masters in Finance is still the High Water Women, and there most widely held postgraduate are also manifold specialist qualification, with doctorates, groups including those for legal, accountancy or actuarial women business lawyers. qualifications also held by some women. At least six (12%) are We feel compelled to flag CFA Charterholders and three up two disclaimers. Firstly, (6%) are CAIA Charterholders. while a handful of women in our prior surveys are not The new CFA Institute CEO, currently working in the hedge As the leading global provider of services to hedge funds worldwide, EY Paul Smith, argued at the CFA fund industry, most of the is proud to sponsor the 50 Leading Women in Hedge Funds survey and to Annual Conference in Frankfurt women in the previous three recognize the distinguished group of women who are making their mark on in 2015, that the investment surveys continue to have the industry. We congratulate all of the honorees who have been selected industry “needs to hire and very strong claims to be in by The Hedge Fund Journal, representing an elite group of professionals who are leading by example and shaping the future of the industry. promote more women”. Hedge this one. And secondly, the funds are only one subset of the ceiling of 50 names inevitably EY is committed to supporting the advancement of women in business, and investment industry, but we means that we are constrained we view diversity as integral to the overall success of our firm. We’ve made think our survey (and the many from recognising the many much progress in securing equal opportunities for women in the workplace nominations we received that hundreds of very strong both at EY and around the world. However, according to the World Economic did not appear this year) suggest candidates, who could well Forum Global Gender Parity Report 2014, it will take until 2095 to achieve that the hedge fund industry appear in future surveys or gender parity in the workplace. is offering a springboard of indeed other articles. We also We say it is time to accelerate change. opportunity. Hedge funds that recognise that in an industry by their nature have a more with over 10,000 funds, and Our global campaign, Women. Fast forward, aims to draw attention to the entrepreneurial culture and hundreds of service providers, global gender gap issue and to call on others to accelerate change along a flat structure, contrasting we will not have received with us. with the hierarchical nature of comprehensive nominations on some corporate bureaucracies, every woman in a senior role. To accelerate growth, EY recognizes the need to harness the potential of may be able to offer swifter Nominations come from our women entrepreneurs worldwide. Our programs, on both a global and advancement. industry network, including regional level, empower women entrepreneurs to think bigger, gain access to capital, learn from their peers and find seasoned advisors. These connections prime brokers, banks, lawyers, help their companies scale, increasing employment and prosperity. Both the CFA Institute and accountants, administrators, the CAIA Association are custodians, fund allocators, The world economy is driven by sustainable value and business growth, amongst many organisations trade associations, and which depend upon attracting, optimizing and retaining all talent. Women’s that have various initiatives professional associations. advancement and leadership are central to business performance and to help women progress in economic prosperity. It’s in every organization’s and every nation’s best the investment industry; CAIA As industry assets break new economic interest to fully utilize and optimize the talents of women. has a scholarship programme records above $3 trillion, Accelerating women’s advancement is not just a fairness argument; it’s also for women that was taken thousands of women worldwide an economic imperative that creates higher growth, increased prosperity advantage of by at least one are rising up through the ranks and stronger communities. It’s already been too long. We aren’t going to person in this survey. Some of hedge funds and are setting wait 80 years to achieve global gender parity, and we call upon others to nominees are actively involved their sights on “C-suite” roles accelerate their efforts, too. It’s time. Women. Fast forward. in groups such as 100 Women that now look more attainable in Hedge Funds (100 WHF) and than ever. THFJ

3 LEADING WOMEN IN 50HEDGE FUNDS 2015

Adrienne M. Baker Partner, Dechert LLP, Boston

Betsy L. Battle Chief Investment Officer, Lone Peak Partners, New York City

Leslie D. Biddle Partner, Serengeti Asset Management, New York City

Darcy Bradbury Managing Director and Director of External Affairs, The D. E. Shaw Group, New York City

Leda Braga Chief Executive Officer and Founder, Systematica Investments, Geneva

Stephanie R. Breslow Partner and Co-Head of SRZ’s Investment Management Group and a member of the firm’s Executive Committee, Schulte Roth & Zabel LLP, New York City

Anne Casscells Co-Founder, Co-President, and Chief Investment Officer, Aetos Capital, San Francisco

Jo Cunningham Partner, Maples and Calder, Cayman Islands

Dahlia Dana Managing Director, Tekne Capital, New York City

Effie K. Datson Global Head of AIS Product Management, Senior Managing Director, State Street Alternative Investment Solutions, London

Natalie Deak Jaros Partner, EY, New York City

Kelsey L. Deshler Head of Fundamental Strategies, Research and Portfolio Manager, Credit Suisse

Angie DiCarlo Senior Vice President, Citadel Securities, Chicago

Kerry Duffain Partner and Head of Distribution, Markham Rae LLP, London

Bev Durston Founder, Edgehaven Pty Limited, Sydney

Jennifer Fan Portfolio Manager, Millennium Partners, New York City

Maia Ferrand Co-Head of External Multi Management, Candriam, Paris

Dawn Fitzpatrick Global Head and Chief Investment Officer, O’Connor, New York City and Chicago

Sonia Gardner Co-Founder, President, Managing Partner, Avenue Capital Group, New York City

Ann Glazier Rothwell Portfolio Manager and Head of Business Development, RP Investment Advisors, Toronto

Anne-Marie Godfrey Partner, Akin Gump Strauss Hauer & Feld LLP, Hong Kong

Dorothee Goerz Portfolio Manager, AC Aremus Fund, London

Caroline Greer Managing Director, Commonfund, Connecticut

Akane Hashimoto Managing Director, Investment and Research, HC Asset Management Co Ltd, Tokyo

Frederike Helfer Partner, Cevian Capital AG, Zurich IN ASSOCIATION WITH

Marjorie Hogan CIO, Managing Member, Founder, Portfolio Manager, Altum Capital, New York City

Monica Hsiao CIO and Founder, Triada Capital Management, Hong Kong

Denise Hu Founding Partner and Chief Investment Officer, Archer Asia – Rockhampton Management Limited, Hong Kong

Genevieve Kahr Founder and Managing Partner, Ailanthus Capital, New York City

Kathryn Kaminski Director, Investment Strategies, Campbell & Company, Inc., Baltimore, Maryland

Polina Kurdyavko Partner, Senior Portfolio Manager, BlueBay Asset Management LLP, London

Elaine F. Mann Partner and Chief Operating Officer, The Baupost Group L.L.C., Boston

Roxanne Martino Partner, Chief Executive Officer, Investment Committee Chairperson, Aurora, Chicago

Michelle McCloskey Senior Managing Director, Man FRM, New York City

Youlia Miteva Managing Member, Proxima Capital, New York City

Lisa O’Connor Head of Portfolio Management, State Street Global Advisors, San Francisco Bay

Rebekah Pang Head of Capital Introductions – Asia, Alternative Investment Solutions, Societe Generale Prime Services, Hong Kong

Hope Pascucci President and Partner, Rose Grove Capital Management LLC, Wellesley, Massachusetts

Rani Piputri Partner and Senior Portfolio Manager, Saemor Capital, The Hague, The Netherlands

Maggie Rokkum-Testi General Manager and Chief Investment Officer, Thalia SA, Lugano, Switzerland

Ania Rontaler Partner, Simmons & Simmons, London

Sara Sprung Managing Director, Neuberger Berman, New York City

Lynda Stoelker Head of Investment Research, Stenham Advisors Plc, London

Maria Tarhanidis Director of Hedge Fund Strategies, MetLife Investments, New York City

Laura Taylor Principal, Chief Financial Officer, Nephila Capital, Bermuda

Lauren Taylor Wolfe Managing Director, Investing Partner and Member of the Investment Committee, Blue Harbour Group, Greenwich, Connecticut

Eve R. Teich Director of Marketing and Investor Relations, Silver Point Capital, Greenwich, Connecticut

Alessandra Tocco Global Head of Capital Introductions, J.P. Morgan, New York City

Sonja Uys Portfolio Manager, Insight Investment, London

Maria Vassalou Partner and Portfolio Manager, Perella Weinberg Partners, New York City LEADING WOMEN 50IN HEDGE FUNDS

an L.L.M. in Taxation and a J.D. magna cum laude from Boston University School of Law. Baker is also a member of the patent bar, and is unusual for a lawyer in that her first degree was in science: an S.B. in Physics from Massachusetts Institute of Technology.

Betsy L. Battle Adrienne M. Chief Investment Officer Lone Peak Partners Baker New York City

Partner Betsy Battle has over three Dechert LLP decades of financial services Boston and investment experience. In 2008 she founded Lone Adrienne Baker has been Peak Partners in New York Leda Braga with leading hedge fund which offers customised lawyers Dechert for 26 years. and commingled solutions Chief Executive Officer and Founder She advises on the taxation for global investors in Systematica Investments of private and regulated multi-manager hedge fund Geneva investment companies – portfolios. From 2000 to 2008, including hedge funds and Battle served as Director of In early 2015 Leda Braga spun Systematica out of BlueCrest private equity funds – and Manager Selection and a because she wanted to build a firm focused exclusively on financial products; partnership member of the Management systematic investment management; BlueCrest retains taxation; and international Committee at Soros Fund some ownership of Systematica, which is most famous for taxation, including Management LLC (SFM). At its strong performing BlueTrend CTA programme. However, FATCA. Baker is continuously SFM, in addition to managing Systematica also has a diversified equity market neutral ranked as a leading tax lawyer the external hedge fund strategy called BlueMatrix that uses fundamental as well by The Legal 500 (US), which programme for the Quantum as technical data inputs. Systematica is launching a UCITS praised her as “truly an expert group and George Soros, feeder for BlueMatrix and developing other strategies that on tax matters related to she also built the manager will utilise the firm’s systematic investing approach in liquid hedge fund products.” She selection and due diligence alternatives as well as customised solutions for institutional is a former chair of the New processes as well as the investors. Braga was previously President and Head of Developments Subcommittee multi-manager portfolio Systematic Trading at BlueCrest where she spent nearly of the Committee on construction and monitoring 14 years building the business. Prior to that she headed Investment Companies of the methodologies. Prior to SFM, up Valuation for Cygnifi Derivatives Services, a J.P. Morgan American Bar Association’s Battle held positions at Bankers spin-off. Brazilian Braga’s career began in academia as she Tax Section, and is a frequent Trust, Citicorp and J.P. Morgan, lectured and researched at Imperial College London, where speaker at investment fund primarily as a manager in she obtained her PhD in Engineering. Systematica has conferences. She was admitted Global Sales and Trading. She offices in Jersey, Geneva, London, New York and Singapore, to the bar in both New York received a BA degree from the runs $9.2 billion and is one of The Hedge Fund Journal’s and Massachusetts. Baker University of North Carolina Europe 50 managers. Systematica was profiled by The Hedge started her legal career with at Chapel Hill in 1976. Battle Fund Journal in 2015. Coudert Brothers, and Gaston currently serves as a Member Snow & Ely Bartlett. She holds of the Kenan-Flagler Business

6 School Foundation Board of the utility industry as Vice College. She is a member of the Way Capital Markets Initiative. Directors, University of North President of AES Corporation Council on Foreign Relations, Breslow is a much sought-after Carolina at Chapel Hill, and is doing project finance and power The Economic Club of New speaker and she regularly on The President’s Counsel of plant development and at the York, the US SEC’s Investor publishes books and articles. Peconic Land Trust. Overseas Private Investment Advisory Committee, and the She recently contributed to Corporation (OPIC). Biddle US CFTC’s Global Markets the 2014 Fund Formation and graduated with an A.B. in Advisory Committee. Incentives Report (published economics from Colby College in by SRZ in association with Waterville, Maine, where she is Private Equity International). on the Board of Trustees. She also co-authored Hedge Funds: Formation, Operation and Regulation (ALM Law Journal Press) and Private Darcy Equity Funds: Formation and Bradbury Operation (Practising Law Institute, 2009-2014). Breslow Managing Director and earned her J.D. from Columbia Director of External Affairs University School of Law, Leslie D. The D. E. Shaw Group where she was a Harlan Fiske New York Stone Scholar, and her B.A., Biddle Stephanie R. cum laude, from Harvard University. She was profiled Partner As their first MD of External Breslow by The Hedge Fund Journal in Serengeti Asset Management Affairs, Darcy Bradbury 2013. New York City handles regulatory affairs and Partner and Co-Head of SRZ’s communications globally for Investment Management Biddle joined Serengeti in the D.E. Shaw group, one of Group and a member of the 2013 after nearly a decade The Hedge Fund Journal’s US firm’s Executive Committee Anne at Goldman Sachs where she 50 managers, which manages Schulte Roth & Zabel LLP was a Managing Director more than $36 billion and has New York City Casscells and Partner. She is one of offices in the US, Europe, and several former Goldman Sachs Asia. While at D. E. Shaw, she Stephanie Breslow’s Co-Founder, Co-President, and colleagues Serengeti founder was elected the first woman practice includes investment Chief Investment Officer Joseph “Jody” LaNasa has hired. Chair of the Board, Chair of management, partnerships Aetos Capital Biddle focuses on investments the Legislative Committee, and securities, with a focus San Francisco in energy, power and natural and Chair of the Trading and on the formation of liquid resources as part of $1.5 Markets Committee of the securities funds (including Anne Casscells holds multiple billion Serengeti’s strategy to Managed Funds Association. hedge funds and hybrid funds), leadership roles at Aetos seek equity-like returns from Before that Bradbury was private equity funds and Capital, an independently catalyst-driven investments in a Managing Director at providing regulatory advice owned firm which has provided public and private equity and Blackstone, heading up client to investment managers alternative investment debt. At Goldman Biddle held relations and marketing and broker-dealers. She is a solutions exclusively for roles including Global Head for the hedge fund group. founding member of the Wall institutions since its founding of Commodity Sales; was CFO Bradbury served the US Street Hedge Fund Forum in 2001. Before co-founding for Goldman’s investments Government as Assistant and a member of the Board Aetos, Casscells was the Chief in metals and mining; and Secretary to the US Treasury, of Directors of 100 Women Investment Officer of Stanford was head of power, metals/ working under President in Hedge Funds. She is also Management Company, where industrial, Latin American and Clinton and supporting Bob chair of the Private Investment she was responsible for over environmental commodities. Rubin as Treasury Secretary, Funds Subcommittee of the $10 billion of endowment and Biddle also worked on a variety and also served as Deputy International Bar Association, other assets, and developed of corporate finance deals Comptroller for Finance for a founding member and former its hedge fund programme. including the TXU leveraged New York City. She holds an chair of the Private Investment Prior to Stanford, Casscells was buy-out. Away from Wall MBA from Harvard Business Fund Forum and a member a Vice President in Goldman Street, Biddle has worked in School and an AB from Harvard of the Advisory Board of Third Sachs’ Fixed Income Division

7 LEADING WOMEN 50IN HEDGE FUNDS

and an analyst at Morgan Hedge Fund Industry. She has Stanley & Company. Casscells participated in 100 Women in is on the board of Schwab Hedge Funds events such as Charitable and of Grace “Shall We Dance?: Courting Cathedral in San Francisco Institutional Investors in 2010”. and has served on the Board Casscells supports the Stanford of KQED Public Broadcasting. Women on Boards Initiative. Casscells was a member of the She received an MBA from Asset Managers Committee Stanford Graduate School of convened by the President’s Business, where she was an Working Group on Financial Arjay Miller Scholar, and a BA Markets, which authored a in British Studies, cum laude, report on Best Practices for the from Yale University.

Jo Cunningham

Partner Maples and Calder Cayman Islands

Jo Cunningham practices law in the Cayman Islands, advising Effie K. Datson hedge funds and private equity funds on issues including fund Global Head of AIS Product Management, Senior structuring, regulation and Managing Director secondary market transactions. State Street Alternative Investment Solutions In 2008, in the wake of the London liquidity crisis, she advised on the structuring of one of the In May 2015, State Street hired Effie Datson to further first SPV “in kind” distributions, develop its $15 billion managed account platform (MAP), and subsequently advised on InfraHedge, by introducing its bespoke, infrastructure-only the successful defence of such MAP solution to additional large institutional investors structures. Cunningham is also around the world. Prior to joining State Street, Datson was admitted to practice in the Global Co-Head of Hedge Fund Distribution at Deutsche BVI. Prior to joining Maples Bank, where she was instrumental in developing the and Calder, Cunningham was a dbSelect platform. Before Deutsche Bank, she was Business barrister in London, practising Development Manager at IKOS, a systematic global at the Commercial Bar. She was macro hedge fund. In 2003-2005, Datson was a trader and also appointed as Counsel to a researcher at R.G. Niederhoffer Capital Management, a Public Inquiry initiated by the quantitative, short-term futures and FX trading fund based UK Government in 2004. In the in New York. She was briefly an allocator with Rutherford Cayman Islands, Cunningham Asset Management, an investment company of the Lord co-founded and co-chairs the Islands matters. Cunningham Jacob Rothschild . Datson started her finance Cayman Islands Chapter of 100 has authored articles and career at Goldman Sachs, where she was a Vice President in Women in Hedge Funds, and chapters for leading industry Foreign Exchange. She is former Board Chair and Founder of belongs to the 100 Women journals and books, such as 100 Women in Hedge Funds in Europe. Datson holds an MBA in Hedge Funds Legal Peer The European Lawyer. She from Harvard Business School and an undergraduate degree Advisory Group. She is a graduated from St Catharine’s in social sciences from Harvard and Radcliffe Colleges, sought-after speaker on the College, Cambridge with a 1st magna cum laude. conference circuit and advises Class Bachelor of Arts in Law US law firms on Cayman and a Master of Arts.

8 staffer Dahlia Dana moved at Stanley Druckenmiller’s co-leads EY’s US hedge fund Dahlia Dana from London to start a new Duquense and later at practice which has been ranked life in New York managing Pointstate Capital. Tekne’s #1 in number of funds and Managing Director Tekne’s business, which 13F filings show that Tekne RAUM based on regulatory Tekne Capital now employs nine people. runs a relatively concentrated, filings. She has a long track New York City Dana’s responsibilities include high-conviction portfolio of record of guiding many hedge recruitment, marketing and predominantly technology funds in their start-up stage When RIT Capital Partners general business management. stocks that have included through to full operations. Deak seeded technology, media Tekne’s portfolio manager, Apple, Autodesk, Avago, Jaros sits on EY’s Global Hedge and telecoms long/short fund Beeneet Kothari, was formerly Ebay and Liberty Global. Fund Steering Committee which Tekne Capital in 2012, RIT a TMT portfolio manager Pre-Tekne, Dana was Head of sets policy and direction for Funds and a member of the EY’s global practice. She also investment committee of Lord sits on EY’s Hedge Fund Survey Jacob Rothschild’s RIT Capital Committee which oversees the Partners, a closed-ended content and publishing of the EY investment trust listed on Global Hedge Fund and Investor the London Stock Exchange. Survey. She is a Certified Public Before that she was a fund Accountant and a member of analyst, assistant portfolio the AICPA and the New York manager and Investment State Society of Certified Public Manager for Lord North Accountants. Deak Jaros is a Street, Atlas Capital and HSBC member of the Managed Funds Investment Management Association. She serves on the respectively. Dana holds the Global Board of Directors of Securities Institute Diploma Hedge Funds Care/Help For and graduated with a BSC in Children (HFC) and is the Vice Angie DiCarlo Economics and Politics from Chair on the Board of Trustees Bristol University in 1999. of the Future Leaders Institute Senior Vice President Charter School in Harlem, NY. Citadel Securities EY’s global hedge fund practice Chicago was profiled byThe Hedge Fund Journal in 2013. Angie DiCarlo is a Senior Vice President of Citadel Securities in Fixed Income Sales and Relationship Management. She builds client relationships and leads product development targeted at US hedge funds. Citadel Securities is a Chicago- Kelsey L. based global market-making firm established in 2002 and is one of the largest market makers in US equities, Deshler options, futures, US Treasuries and most recently, interest rate swaps. The firm is the first new non-bank entrant to Head of Fundamental provide interest rate swap liquidity to institutional investors Strategies Research and via Swap Execution Facilities (SEFs) and is already a top Natalie Deak Portfolio Manager, Credit three market-maker in USD swaps on Bloomberg SEF, the Suisse primary client trading platform. Prior to joining Citadel Jaros Securities DiCarlo worked for CME Group where she led the Kelsey Deshler serves as North American hedge fund sales team, and launched new Partner the Head of Fundamental listed and OTC derivatives and clearing services. DiCarlo is Ernst & Young LLP Strategies and a Portfolio a commodity sector specialist, having gained experience New York Manager for the Alternative from BP Oil Americas and Andersen Consulting. She holds Funds Solutions (AFS) group an MBA from Northwestern University Kellogg School of Natalie Deak Jaros is a Partner within Credit Suisse Asset Management and a BS in Accounting from the Indiana in the Financial Services Office Management (CSAM) in University Kelley School of Business. of EY and serves as the Hedge New York. In this role, she is Fund Markets Co-leader in responsible for overseeing the Americas. In her role she long/short equity, event driven

9 LEADING WOMEN 50IN HEDGE FUNDS

and distressed credit manager research and is a voting member of AFS’s Fund Review Maia Ferrand and Americas Portfolio Review Committees. CSAM has over Co-Head of External Multi Management $400 billion in global assets Candriam under management, including Paris direct hedge fund strategy offerings, an actively managed Maia Ferrand co-heads external multi-management at multi-manager platform, Candriam Investors Group (Candriam). Candriam, one of The customised mandates and Hedge Fund Journal’s Europe 50 managers, offers comingled advisory services, as well as funds of funds and UCITS funds of funds as well as funds of liquid alternative strategies. one, advisory and customised services. Candriam’s flagship Deshler is also part of Credit monthly dealing funds of funds, Candriam World Alternative Suisse’s Global Citizens Alphamax, has an 11-year track record, during which time Program and, in partnership it only invoked a gate for the first two quarters of 2009, with Women’s World Banking, maintained a balanced portfolio and created no side pocket. evaluates microfinance Ferrand has been adept at investing in early stage and opportunities in S.E. Asia. Prior emerging fund managers that later became big brand names. to joining Credit Suisse, Deshler Prior to joining Candriam in 2001, she spent 14 years trading worked as an investment FX and equity derivatives at investment banks in Paris, team member responsible London and New York – and finds this trading experience now for managing the General informs her perspective on assessing risk, reward and talent. Motors ’s hedge Ferrand graduated with a Masters degree in Econometrics fund portfolio and started her from the University of Paris II and a degree in European career as a research analyst at Fine Art from Christies Education. Candriam is an acronym CTC Consulting. She earned a of “Conviction and Responsibility in Asset Management”. B.S. in Business Management Candriam Investors is a New York Life company. Candriam and French Studies from the was profiled by The Hedge Fund Journal in 2015. University of Minnesota-Twin Cities and a M.Sc. in Finance jointly from the NYU Stern School of Business and the Kerry Duffain is a Partner capital requirements whilst was Head of Client Service Hong Kong University of and Head of Distribution at providing investors with a and Multinational Product Science and Technology. Markham Rae LLP, which predictable income. Duffain Specialist at State Street Global was founded in 2010 by has been interfacing with Advisers. former BlueCrest Head of institutional investors and Risk Management, Jonathan investment consultants for Martin, and the Head of more than two decades. She Strategic Rates Trading at BNP was previously Global Head of Bev Durston Paribas London, Christopher Consultant Relations and Head Founder Brandt. Markham Rae offers of UK Institutional at BlueCrest Edgehaven Pty Limited two strategies. Its discretionary Capital. Before that she was Sydney macro fixed income strategy Global Head of Consultant invests in liquid, developed Relations for Pioneer Global Bev Durston founded interest rates and foreign Asset Management. Prior Edgehaven in 2013 to provide exchange, and has profited to Pioneer, Duffain was independent advice on Kerry Duffain from the stronger US dollar European Head of Consultant strategy, manager selection, in both 2014 and 2015. Its Relations at Citigroup Asset portfolio construction, risk Partner and Head of trade finance strategy is partly Management, and has also management and retirement Distribution inspired by the trend of bank been Head of European Client product design for institutional Markham Rae LLP deleveraging and can help to Service for J.P. Morgan Asset investors. Current advisory London alleviate banks’ regulatory Management. Previously she roles include being a member

10 of the Investment Committee Arbalet Capital, shut down for the Local Government due to investor outflows. Super and Sisters of St Joseph Arbalet assets had peaked at in Australia. Before starting over $700 million, making it Edgehaven, Durston was one of the largest commodity Head of Alternatives for the fund launches of 2012. Prior to British Airways Defined Benefit that Fan had been a Portfolio pension fund in London. At BA Manager and Partner at she spent five years building Arrowhawk Capital Partners, up the alternatives team – where 10 of the staff had and the fund’s portfolio of followed her over to Arbalet. external alternative funds – Fan’s roles at both hedge from scratch and generated funds were remarkable as she exceptionally high risk-adjusted was aged under 30, and was returns. Prior to that she was featured in Forbes magazine’s a Senior Investment Manager “30 under 30 Finance” survey. in Equities for the Government Fan also enjoyed rapid career of Singapore Investment progress in investment banks. Corporation. Durston has Before moving into hedge worked across all asset classes funds Fan was a trader at and belonged to Investment and Morgan Committees at pension Stanley, where she became funds including SunSuper, head trader for index products. Queensland Investment Fan specialises in commodity Corporation, Commonwealth relative value trading, which Super Corporation and BT can involve calendar spreads Funds Management. Durston and geographic spreads within Dawn Fitzpatrick first invested in hedge funds the energy and agriculturals Global Head and Chief Investment Officer in 2001. She is an Honorary space. Fan received a dual O’Connor Fellow of Macquarie University B.S. in Statistics and Finance New York City and Chicago where she manages the hedge at New York’s Leonard Stern fund course for its Masters of School of Business. Dawn Fitzpatrick is Global Head and Chief Investment Applied Finance postgraduate Officer of O’Connor, an alternative asset management firm degree. She received a based in New York. As CIO, she oversees the firm’s portfolio Masters of Applied Finance management, capital allocation and risk management from Macquarie University in Sonia as well as communicating with the firm’s investors. Sydney, and a first class degree Gardner She also serves as Head of the Tactical Trading Strategy in Banking and International within O’Connor’s flagship fund. Prior to her current role, Finance from Cass Business Co-Founder, President, she served as head of various teams within O’Connor’s School in London. Managing Partner numerous investment strategies. O’Connor, which is wholly Avenue Capital Group owned by UBS AG, has a 37-year history of liquid relative New York City within equities, credit, convertibles and Jennifer Fan derivatives with approximately $5.3 billion in assets under Sonia Gardner and her brother management. Fitzpatrick began her career with O’Connor Portfolio Manager Marc Lasry were pioneers & Associates in 1992. She holds a B.S. from the University Millennium Partners of the US distressed debt of Pennsylvania’s Wharton School of Business and is a New York City market, co-founding Amroc member of the UBS Global Asset Management Executive Investments in 1989 and then Committee and Americas Risk Committee. She is a member Jennifer Fan was snapped up by Avenue Capital in 1995, with of the Federal Reserve Bank of New York’s Investor Advisory Israel Englander’s $20 billion just $7 million of capital. Committee on Financial Markets. She is also on the Board Millennium Partners, pretty Avenue now manages $13 of Trustees at the Hackley School. much immediately after the billion invested in North hedge fund she had founded, America, Asia and Europe,

11 LEADING WOMEN 50IN HEDGE FUNDS

oriented fund of hedge funds. Glazier Rothwell has also been Caroline Vice President and Director of the Alternative Investment Greer Strategy and Group at TD Newcrest. Managing Director She started her finance career Commonfund at RBC DS, in fixed income Connecticut sales and trading including the High Yield Caroline Greer, Managing Director, shares responsibility Proprietary Trading Group, and for portfolio analysis, manager identification, due later did institutional equity diligence, and investment monitoring. Commonfund sales in Toronto and New York has been allocating to hedge funds since 1982 on with RBC DS, First Marathon/ behalf of a client base of endowments, foundations, National Bank Financial across strategies ranging from charities, pension funds and family trusts. Prior to and TD Newcrest Capital. stressed and distressed debt joining Commonfund in 2005, Greer served as a Partner Glazier Rothwell is a CFA to public equity and private and Principal for Contego Capital Management, LLC, charterholder. She graduated equity, and from real estate specialising in customised funds of hedge funds. She was with a Bachelor of Commerce debt to structured credit and responsible for sourcing, evaluating and monitoring hedge from the UBC Sauder School speciality lending such as fund managers across a full range of strategies. Prior to of Business in Vancouver, factoring. Gardner manages joining Contego, Greer was a Senior Vice President for British Columbia, and is today the business, overseeing all Oppenheimer and Co. where she co-managed their funds a Leslie Wong Fellow of the aspects of global operations of hedge funds programme and monitored Oppenheimer’s UBC Portfolio Management including more than 200 staff. private equity fund. Greer began her career at Montrose Foundation. All of the departmental heads Advisors, a boutique financial advisor specialising in report to her. Avenue now managing customised funds of hedge funds and private runs almost as much money equity portfolios. She received a B.A. in Political Science Anne-Marie in Europe as it does in the US. from the University of Toronto, and an M.A. and M.Phil. It recently was reported that from Columbia University of New York. Commonfund Godfrey Avenue reached a first close employs several other women in senior roles, including on approximately $1.2 billion President and CEO, Catherine Keating, and Managing Partner for Avenue Europe Special Director and Head of the Strategic Solutions Group, Sarah. Akin Gump Strauss Hauer & Situations Fund III, its latest E. Clark. Commonfund was profiled by The Hedge Fund Feld LLP flagship European vehicle Journal in 2015. Hong Kong focused on credit opportunities across Europe, as well as an Anne-Marie Godfrey advises approximately $700 million fund managers on the first close on Avenue Energy hedged investment-grade establishment of hedge Opportunities Fund L.P., a fund Ann Glazier credit strategies for high-net- funds, and advises investment formed to take advantage worth investors, families and advisers, fund administrators, of the increasing amount Rothwell institutions. Glazier Rothwell trustees and other service of distressed and stressed Portfolio Manager and Head also co-chairs the Investment providers on fund-related companies in the energy of Business Development Management Committee issues. She is also a regulatory and utilities sector in North RP Investment Advisors for the SMUS Endowment in expert and advises investment America. Gardner received a Toronto, Canada Victoria, British Columbia and managers and advisors as well B.S. in Philosophy from Clark is a member of the Board of as fund distributors on Hong University, Massachusetts, Ann Glazier Rothwell heads the Governors at SMUS and The Kong and European regulatory and also studied law at New business development group York School in Toronto. Before matters including the York’s Benjamin Cardozo School at RP Investment Advisors, joining RPIA, she was co- Alternative Investment Funds of Law. Sonia Gardner was which runs several award- founder and Chief Investment Managers Directive. Before profiled by The Hedge Fund winning long/short credit Officer of Alpha Scout Capital joining Akin Gump, Godfrey Journal in 2013. strategies and interest rate Management, a Canadian- was a Partner at Bingham

12 McCutchen in Hong Kong. volatility profile. Prior to opportunities including companies, Alent and Vesuvius, Godfrey previously worked as running the AC Aremus Fund, alternatives, and operates in which Cevian also has 20% Head of Legal for Fortis Prime she spent over 10 years in the internet site “Investment stakes. She sits on the board of Fund Solutions in Ireland. She event-driven investing. She In Japan” that showcases directors at Valmet, the Finnish has been widely recognised in was portfolio manager for investment managers from all engineering firm demerged surveys including Chambers Aremus Partners and, before around the world, including from Cevian portfolio Asia, IFLR 1000 (Asia Pacific) that, a portfolio manager for Japan. HC has non-affiliated company Metso in January and The Legal 500 Asia Pacific. Lombard Odier’s 1798 Global business partnerships with 2014. Helfer works closely She is a sought-after speaker Partners strategy. She has Pavilion Financial Corporation with portfolio companies on the conference circuit at also held roles as a London- and with Eureka Capital, which to drive operational and events in Asia, Europe and the based investment professional researches Asian hedge funds strategic improvements. She US. Godfrey has lectured on working for the US hedge and is run by founding partners also identifies potential new the Law Society of Ireland’s fund groups, York Capital of the Eurekahedge database. investments for Cevian. Before Diploma of Applied Finance. Management and Farallon Prior to joining HC, Hashimoto joining Cevian in 2008, she She graduated from the Capital Management. After spent four years at Watson was Engagement Manager at National University of Ireland several finance internships, she Wyatt (now Towers Watson) McKinsey & Co, between 2004 with a Bachelor of Corporate started her career as an M&A as an investment and business and 2008. Helfer holds an M. Law and French (Hons.) in 1996 investment banker at Merrill consultant. She began her Sc in Real Estate Development and an LL.B. (Hons) in 1997. Lynch. She graduated with career at The Bank of Tokyo from the Massachusetts an MBA from the European (now Bank of Tokyo-Mitsubishi Institute of Technology and Business School in Oestrich- UFJ, Ltd) in 1994, spending a Dipl. Ing. (M.Sc equivalent) Winkel, Germany. five years in the capital in Urban Planning from the Dorothee markets group. Hashimoto University of Vienna. She is a Goerz graduated with a Bachelor of CFA charterholder. Akane Arts (Economics), from The Portfolio Manager University of Tokyo. AC Aremus Fund Hashimoto Marjorie London Managing Director, Frederike Hogan Dorothee Goerz is the portfolio Investment and Research manager of the AC Aremus HC Asset Management Co Ltd Helfer CIO, Managing Member, Fund, a Luxembourg UCITS Tokyo Founder, Portfolio Manager SICAV, which combines a Partner Altum Capital shorter-term, event-driven “Womenomics” is one plank Cevian Capital AG New York City and merger-arbitrage strategy of Japanese Prime Minister Zurich with a longer-term, deep Shinzo Abe’s “Abenomics” Marjorie Hogan has run Altum value strategy. The fund reform agenda which aims to Frederike Helfer is a full, Capital since July 2009, an invests in liquid mid and large increase female participation equity owning partner in The opportunistic structured credit cap equities listed mainly in in Japan’s labour force, and Hedge Fund Journal’s Europe fund with offices in New York Europe. The fund targets a targets women occupying 50 manager Cevian Capital, and London that invests across “sustainable and uncorrelated 30% of senior management which was founded in 2002 CLOs, RMBS, CMBS and other alpha” of between 6% and 10% positions by 2020. In this by Lars Forberg and Christer asset-backed securities in both per year. In down markets, context Akane Hashimoto Gardell. Cevian manages assets the US and Europe. Hogan has the fund targets a positive could be seen as something of $14 billion, making it by far responsibility for all aspects performance; in flat markets, of a role model for Japanese the largest activist manager of the investment strategy the fund aims to outperform women. HC was founded in in Europe and one of the top including asset allocation, and relevant equity markets. In a 2002 by Noriyuki Morimoto, three globally. Helfer led fund management. Prior to rising market, the fund aims who set up Watson Wyatt’s the analytical and founding Altum, Hogan spent to participate through event- Tokyo investment consulting engagement work on UK- 17 years at Bear Stearns where driven investments. Goerz business, and Hashimoto is co- listed engineer Cookson plc, she managed proprietary will soon launch a Cayman- founder. HC, the first fiduciary in which Cevian took a 20% capital in mortgages and CDOs; based fund pursuing the same outsourcing manager in Japan, stake and effected Cookson’s set up the first market-making strategy, with a higher return/ covers global investment demerger into two new listed CDO trading desk on Wall

13 LEADING WOMEN 50IN HEDGE FUNDS

Street, and also founded Bear CQS in Hong Kong, heading up strategy fund of hedge media and telecoms fund Stearns’ mortgage derivatives Asian credit investing. Prior funds that launched in 2009 Jericho Capital. Kahr joined business, which carried out to joining CQS, Hsiao worked with cornerstone investor Jericho as the fund’s very first trades including executing in proprietary trading. She Rockhampton Management. pre-launch hire in January Index Amortising Swaps was Director in Merrill Lynch’s Hu began her career as an 2009. By 2014 Jericho was linked to mortgages; Balanced Global Principal Finance Group, equity derivatives strategist managing $2 billion. During Guaranteed Swaps linked to and a portfolio manager at Merrill Lynch. In 2003, she her time at Jericho, Kahr CMO tranche; and trading trading fundamental credit joined SAIL Advisors, the family was involved in most major agency CMO derivatives. strategies. Before that she office of Robert W. Miller, and aspects of the business Hogan’s innovations was a Vice President and became a Portfolio Manager including idea generation, included CDO swaps linked to credit portfolio manager and led the firm’s Asian hedge portfolio construction, risk amortisations of CDO tranches. on Credit Suisse’s global fund research and investment management, investor She started her financial proprietary trading team in portfolios. She belongs to relations and hiring. She career at First Boston, as an London. Hsiao’s finance career the Hong Kong Education began her investment career OAS Modeller, Head of Risk started doing proprietary Committee of 100 Women as an Associate at TPG-Axon Management and corporate trading and in Hedge Funds and she is a Capital, a fundamental long/ warrants trader. Hogan earned arbitrage at the Nomura Asset member of the Rockhampton short equity fund in New her PhD in Mathematics Investment Division in London. Management Philanthropic York. Kahr graduated Magna from Stanford University in Hsiao’s career has spanned Fund which supports the cum Laude from Yale with BA California, with a speciality in three continents, as she was educational needs for the and MA degrees in East Asian stochastic processes. previously an M&A and private underprivileged in Hong Kong Languages and Literatures. equity lawyer for Fried Frank and Japan. She graduated from Kahr serves as Treasurer Schriver & Jacobsen in New the Tepper School of Business and a Director of the Board York. Hsiao holds four degrees: at Carnegie Mellon University. of the Brooklyn Community a BA in Quantitative Economics Hu is fluent in Mandarin and Foundation, a public charity Phi Kappa and an MA Cantonese. dedicated to mobilising people, in International Policy from capital and expertise for a fair Stanford, California; an MSc in and just Brooklyn. Finance from London Business School and a JD from UCLA Genevieve School of Law California. Kahr Monica Founder and Managing Denise Hu Partner Hsiao Ailanthus Capital Founding Partner and Chief New York City CIO and Founder Investment Officer Triada Capital Management Archer Asia – Rockhampton Genevieve Kahr is the Founder Hong Kong Management Limited and Managing Partner of Hong Kong fundamental long/short equity Monica Hsiao’s Triada Capital fund Ailanthus Capital, which is Management launched in Denise Hu founded multi- set to launch in October 2015. Polina May 2015 and is a long/ family office Archer Asia in Ailanthus will specialise in Kurdyavko short Asian credit fund with a 2009 and has over 16 years small and mid-cap companies fundamental approach. Hsiao of Asian hedge fund industry in the global technology, Partner, Senior Portfolio formed Triada with former and market experience. She media, and telecom sectors, Manager CQS colleagues, including runs the firm’s investment with a particular emphasis Bluebay Asset Management Anna Tham who was Head of functions and oversees a team on opportunities that are too LLP Asia Research at CQS in Hong which advises a number of illiquid for larger funds and London Kong. Hsiao built up CQS’s families and institutions on too complex for traditional Asian credit capability and Asian alternative investment small-cap generalists. Prior Kurdyavko is Co-Head of team and became the senior funds. The Archer Asia Fund to Ailanthus, Kahr spent six BlueBay’s Emerging Markets credit Portfolio Manager at is an Asian-focused multi- successful years at technology, (EM) Debt team with $20

14 Kathryn Kaminski

Director, Investment Strategies Campbell & Company, Inc. Baltimore, Maryland

Mathematician and polymath, Kaminski’s career spans teaching, public speaking, writing, research and investment management. She earned a PhD in Operations Research and lectured at Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts before pursuing post-doctoral research at Stockholm’s Swedish Institute for Financial Research (SIFR). Kaminski spent seven years lecturing on derivatives, hedge funds and investment management at the Stockholm School of Economics. During this time, she stayed close to real-world investing, with multiple engagements including having been a Senior Investment Analyst for Risk & Portfolio Management (RPM); a market commentator for CME Group where she authored papers coining the phrase “crisis alpha”, a featured writer for Eurex Institutional Insights Newsletter, and an advisor to systematic hedge funds Flyberry Capital LLC and Fidelis Capital LLC. Kaminski co-authored with Managed Futures, an acclaimed book published by Wiley in 2014 that explores both the theoretical basis and the empirical evidence for trend following in considerable depth. In 2015 Kaminski returned to the United States to take the role of Director of Investment Strategies at veteran CTA Campbell & Company, a trend-following pioneer since 1972, profiled byThe Hedge Fund Journal in 2013.

billion AUM across EM hard BoA Merrill Lynch to develop and is a CFA charterholder. at The Baupost Group, L.L.C., currency, local currency and their Local Emerging Markets BlueBay was profiled and on a Boston-based investment corporate debt. Kurdyavko also Non-Sovereign Indices. Prior the cover of The Hedge Fund management firm that manages a 14-strong team to joining Bluebay in 2005, Journal’s May 2015 edition. manages over $28 billion dedicated to EM corporate Kurdyavko was a Credit Analyst on a discretionary basis for debt. Kurdyavko manages the in EMEA corporate research at institutional and private EM Corporate Alpha hedge UBS, doing secondary coverage clients. Mann oversees fund strategy and also around of CEEMEA issuers and Elaine F. the broad operational $4.5 billion on the actively research support for primary Mann efforts and partners with managed long-only side. issuance. Kurdyavko started Baupost’s president and Her strategies invest in EM her EM career as an EM equity Partner and Chief Operating CEO on investment-grade and high- analyst at Alliance where she Officer leading organisational yield corporate debt in hard pioneered EM quantitative The Baupost Group L.L.C. development. She currency. Kurdyavko also co- research. Kurdyavko graduated Boston is also a member of manages an EM local currency with an MSc (Hons) in Finance Baupost’s Management corporate strategy after her from the People’s Friendship Elaine Mann is a partner Committee. Mann leads an team worked closely with University of Russia, Moscow and chief operating officer operational team focused on

15 LEADING WOMEN 50IN HEDGE FUNDS

supporting investment efforts billion invested with MWBE and providing a high level managers. Aurora can also of client service. In addition source emerging managers and to the functions directly has over $1.4 billion invested overseen by the CFO, Mann’s with 15 emerging managers, reports include Information defined as those with assets Technology, Investor Services, below $2 billion. These smaller Corporate Communications, managers may benefit from Human Resources and Office Aurora’s “start from scratch” Administration. Prior to philosophy, which begins each joining Baupost in 1998, she manager search afresh with a was a senior consultant at blank canvas, to try and avoid Grenzebach Glier & Associates, any biases arising from pre- strategic advisors to non-profits existing investments. Prior to on development and public joining Aurora, Martino was a relations, and a director in the General Partner with Grosvenor Development Office of Babson Capital Management. Before College, her alma mater. Mann that she was a Senior Manager graduated with a B.S. in with accountancy firm Coopers Business Management. She and Lybrand. She graduated is involved in several not- with a BBA in Accounting from for-profit organisations and the University of Notre Dame educational institutions, and in Indiana, an MBA from the is on the board of directors of University of Chicago Booth Lisa O’Connor The BASE and is a corporation School of Business (Booth), member at Perkins School for and was a Certified Public Head of Global Macro Portfolio Management the Blind. Accountant. Martino recently State Street Global Advisors was named co-chair of the San Francisco Bay Area Council on Chicago Booth. Lisa O’Connor is a founding member of State Street Global Roxanne Advisors (SSGA) first global macro hedge fund. She thinks that discretionary macro is well placed to profit from policy- Martino Michelle driven markets that show increasing policy divergence, sometimes manifested in currency wars. Her approach is Partner, Chief Executive McCloskey also informed by big-picture demographic trends such as Officer, Investment Committee ageing populations that help to explain low inflation and Chairperson Senior Managing Director surplus capacity. O’Connor joined SSGA in 2013, after 12 Aurora Man FRM years at Mellon Capital Management Group. As Head of Chicago New York City Active Fixed Income, she assisted in launching and co- managing Mellon’s flagship global macro fund and had Martino has led Aurora’s Michelle McCloskey is senior responsibility for corporate credit, global rates and global investment in hedge funds managing director at Man hedge funds. O’Connor has also been a Fixed Income since 1988. Aurora offers FRM, based in New York, and Portfolio Manager for Coutts Bank, and has experience in customised and comingled a member of Man Group’s derivatives portfolio management, analysis and trading fund solutions investing in Executive Committee. In from her tenure at Mellon and Societe Generale. O’Connor hedge funds and also has a addition to serving as a leader is a CFA Charterholder and has participated in events run daily liquidity ’40 Act mutual of the multi-manager business, by CFA Society of San Francisco such as “Macro Wizards: fund. Aurora is very actively she also oversees the manager Perspectives on Global Markets in 2015.” She obtained her involved with MWBE (Minority research and managed MBA from University of California Berkeley Hass School and Women Owned Business account lifecycle teams. of Business, and her BA in International Relations from Enterprises) managers, Previously, she was head of University of California, Davis. maintains a proprietary the commodities and new database of 250 MWBE alternatives teams at FRM, and managers and has over $1 before that she headed RMF

16 Investment Management’s new side of its book. Employing a the Global Markets division of alternatives team, where she fundamental research-driven Societe Generale Corporate & Hope was responsible for researching and frequently contrarian style, ). Prior to and defining new and leading Proxima seeks out securities joining Newedge, Pang worked Pascucci edge investment opportunities whose value is obscured or in the sector President and Partner for the group. Prior to joining misperceived and where as a research analyst for KBC Rose Grove Capital RMF in 2006, McCloskey was catalysts such as turnarounds, Alpha, which was later taken Management LLC a portfolio manager for over break-ups, M&A and industry over by PAAMCO. She has been Wellesley, Massachusetts 20 years in the commodities changes could help close an active member of the Asian sector, for a variety of the mispricing gaps. Prior to hedge fund community for Rose Grove Capital is a fixed institutions including energy founding Proxima at the age many years and has served on income, credit hedge fund that companies, investment banks, of 28, Miteva held analyst committees for both AIMA and has carved out a reputation as and private asset managers. roles at hedge funds Stonehill CAIA in Singapore. She was an expert in US and European Her past experience includes Investment Corp. and Third also named as “Best Capital financials, with a special building and managing Point Management. She Introduction Specialist” in focus on preferred shares. multiple trading organisations, started her finance career AsianInvestor’s 2013 Service Hope Pascucci left her role at multi-million-dollar profit and in investment banking with Provider Awards. Pang is both Deutsche Bank to join Rose loss responsibility, market Donaldson, Lufkin and Jenrette, a CFA charterholder and a CAIA Grove in 2007, very shortly after development and education, after graduating summa cum charterholder. She graduated the fund was launched. Rose origination, and sales. FRM laude from the University of from the University of Sydney Grove runs approximately $2.0 currently has more than Pennsylvania’s Management in Australia. Prime Services billion with offices in Wellesley, $11 billion in assets under and Technology programme, has been consistently growing Massachusetts (near Boston) management, and the firm with a dual degree from the their roster of funds, and and New York City. Its funds has influence over additional Wharton School and the School adding funds pursuing foreign include Rose Grove Equity large pools of assets through of Engineering and Applied exchange, equity-related Income Fund, LP; Rose Grove customised and advisory Science. Miteva serves on the and event driven strategies. Focus Fund, LLC; Rose Grove solutions that are supported Board of One Heart Bulgaria, In addition to serving its Offshore Fund Ltd, and Rose by its proprietary managed an organisation that strives to traditional client base of CTAs, Grove Partners LP. Pascucci account platform. McCloskey improve the lives of orphans in macro funds and commodity previously worked for Merrill graduated magna cum laude her native Bulgaria. funds trading listed derivatives, Lynch in New York and London, with a B.S. in Chemical it is now well placed in the and ran Deutsche Bank’s Global Engineering from Texas Tech market to service equity Capital Markets business from University in Lubbock, Texas. strategies. Societe Generale London. She graduated from Rebekah Prime Services was profiled by Amherst College and has been The Hedge Fund Journal in 2014. Pang a Trustee of the College since Youlia 2005. Pascucci has been a Head of mentor, senior member and Miteva Sales & Capital Introductions speaker in Women in European – APAC Business, a Family Network Managing Member Societe Generale Prime Champion, and a sponsor of Proxima Capital Services Take Your Child to Work Day. New York Hong Kong

Youlia Miteva is the founder Rebekah Pang joined Newedge and Managing Member of in 2008, as part of its Prime Rani Piputri Proxima Capital Management. Brokerage sales team based in The long/short equity-focused Singapore. She subsequently Partner and Senior Portfolio special situations investment became Head of Capital Manager firm began operations in Introductions - APAC and is Saemor Capital 2004 and since inception has now based in HK as Head of The Hague, The Netherlands outperformed the S&P 500 as Capital Introductions and well as peers, generating alpha PB Sales for Societe General Rani Piputri is a partner and both on the long and short Prime Services APAC (part of senior portfolio manager

17 LEADING WOMEN 50IN HEDGE FUNDS

for the Saemor Europe Alpha Fund that was seeded by Dutch insurer AEGON. The fund employs a quantitative equity Maria Tarhanidis market neutral strategy. Saemor was founded by Sven Bouman Director of Hedge Fund Strategies in 2008. It is the second largest MetLife Investments hedge fund manager in the New York City Netherlands. European equity specialist Piputri co-manages Maria Tarhanidis is a Director of Alternative Saemor’s proprietary multi- Strategies and Head of the Hedge Fund Unit at factor stock selection model. MetLife Investments. She oversees hedge fund She also applies a qualitative portfolios for the company’s general account, risk overlay to the quantitative pension and separate accounts. Tarhanidis is a models; within the team she voting member of the Alternatives Investment covers consumer and health Committee. MetLife invests directly in hedge care sectors. Before joining funds and also offers customised products that the Saemor team, Piputri was let investors choose alternative strategies. a European Equity manager Prior to joining MetLife, Tarhanidis was a and a Quantitative Analyst at Portfolio Manager in the AEGON. Piputri has also been Strategies Group of General Motors Asset a consultant for pension fund Management. Previously, Tarhanidis was and investment consultants responsible for proprietary investments in at Ortec in Rotterdam. Her long/short equity managers for DB Advisors/ first investment job was as a Deutsche Bank Alternative Trading, and Research and Development earlier she structured and marketed equity Officer for the Indonesia derivatives for Deutsche Bank. Tarhanidis Overseas Bank (Indover), a unit began her career as an Assistant Economist of Indonesia’s central bank that at the Federal Reserve Bank of New York. was based in the Netherlands. She graduated with a B.S. in Finance from Piputri grew up in Indonesia and Rutgers University and an M.B.A. in Financial came to the Netherlands after Engineering from the Massachusetts Institute obtaining a scholarship from the of Technology – Sloan School of Management. Witteveen-Dekker Foundation to study at Erasmus University Rotterdam. She is both a CFA and a CAIA charterholder. Piputri Officer of Thalia SA, which Yield Enhancement since their Economics and Management holds an M.Sc in Financial manages multiple award- inceptions in 1999 and 2005, from SDA Bocconi in Milan, and Econometrics from Erasmus winning funds of hedge funds respectively. Rokkum-Testi a Masters of Finance from BI University Rotterdam. and offers bespoke solutions argues that Thalia has invested Norwegian Business School. and advisory services. Rokkum- in multiple strategies over the Testi manages a team of 10 years, with some of the most analysts and PMs and has been talented hedge fund managers, Maggie steadily upgrading Thalia’s due often investing in the first Ania Rokkum-Testi diligence processes for years. years of their existence. Since She is lead PM for all of Thalia’s January 2013 she has also been Rontaler General Manager and Chief funds of hedge funds, chairs the an Independent Board Director Investment Officer investment committees, and for Capula European Special Partner Thalia SA has been PM of two BSI multi- Situations. Rokkum-Testi started Simmons & Simmons Lugano, Switzerland manager funds: the BSI Multi- her career as an FX options London Manager Directional (formerly dealer at BSI SA. Rokkum-Testi Maggie Rokkum-Testi is co- BSI Multi-Manager Risk Fund) is a CFA charterholder. She Ania Rontaler is a partner in founder and Chief Investment and the BSI Multi-Manager holds a Masters of International the London Corporate group

18 of Simmons & Simmons, strategies including UCITS a leading hedge fund law and ‘40 Act funds, and is a firm. Rontaler specialises in signatory of the Principles advising UK and US hedge of Responsible Investment fund managers on all aspects (PRI). Sprung’s diverse of their business, from investment career has spanned establishment to operational investment banking, global matters, restructurings and macro portfolio management, transactions. Examples of derivatives trading, risk the matters that she has management and hedge acted on include conversions fund allocation. Sprung was of manager entities to LLPs, Global CIO for the Union advising BlueCrest on the Bancaire Privee fund of hedge acquisition of Man’s minority funds business. At Fortress investment in the group, Investment group she was advising a fund promoted by Chief Risk Officer of the liquid a leading investment bank markets business, as well as on its investment into UK global macro portfolio manager hedge fund managers and, at Fortress Investment Group, most recently, the spin-out of and at Moore Capital. Sprung BlueCrest’s systematic trading has held managing director business into Systematica. roles at three investment banks Rontaler trained at Simmons – J.P. Morgan, Merrill Lynch, & Simmons, having joined and Bankers Trust. Her first Laura Taylor in 2003. She has worked Wall Street job was at Salomon Principal, Chief Financial Officer for Simmons & Simmons in Brothers where she was a Nephila Capital Holland and also spent six mortgage derivatives trader Bermuda months on secondment to after starting in the corporate a US hedge fund manager. finance training programme. Last year Laura Taylor celebrated a decade with Nephila, She is a member of the IFLR Sprung graduated with an S.B. which she joined in 2004 as Chief Operations Officer. Today, (International Financial Law in business from Massachusetts as a Principal and member of the Management Executive Review) Women in Business Institute of Technology. Committee, she is involved in all aspects of Nephila’s Law Group and co-chair of the business, with a focus on strategic initiatives, structuring, Simmons & Simmons women’s finance and operations. Prior to joining Nephila, Taylor network. She graduated from worked in KPMG’s Alternative Investment and Banking the University of Exeter with Lynda Practice. Her clients included hedge funds, broker dealers, a degree in Law and European Stoelker financial institutions, investment managers and venture Studies (French). capital companies. She holds the Chartered Accountant Head of Investment Research (CA), Certified Public Accountant (CPA), and Chartered Stenham Advisors Plc Financial Analyst (CFA) designations and graduated Sara Sprung London from Canada’s University of Victoria with a Bachelor of Commerce. Nephila is the biggest investment manager Managing Director Lynda Stoelker is Head of focused on natural catastrophe and reinsurance risks, Neuberger Berman Investment Research and including insurance-linked securities, catastrophe bonds, New York City belongs to the Investment insurance swaps and weather derivatives. Nephila has over Advisory Committee at 100 institutional investors and $9.5 billion of capital in Sara Sprung is a Managing Stenham Advisors Plc, funds as well as over $1 billion a year of premium income. Director for Neuberger Berman, which provides discretionary Nephila is a Signatory Member of the Hedge Fund Standards and is Head of Risk and Strategy portfolios, bespoke mandates, Board (HFSB). Nephila is 18.75% owned by Man Group and for its hedge funds. 76-year- funds of hedge funds and UCITS 24.9% owned by KKR. Nephila Capital was profiled by The old Neuberger Berman is funds for clients, including Hedge Fund Journal in 2012. employee-owned, manages institutions, pension funds, $31.1 billion in alternatives family offices and high-net-

19 LEADING WOMEN 50IN HEDGE FUNDS

worth individuals. Stenham’s of High Yield and Bank Debt. client base is global, including Teich has spent 12 years honing the United Kingdom, the and refining the investor Channel Islands, the Caribbean, relations function of Silver Europe, South Africa, Latin Point, a registered investment America, Japan, Asia-Pacific advisor focused on credit, and the Middle East. Stenham distressed debt and special Asset Management runs situations, and managing approximately $3.2 billion and approximately $8 billion. Silver Stoelker manages the research Point was top ranked in the team, has responsibility for 2014 and 2015 annual Hedge equity long/short strategies Fund Report Card surveys from in Asia and Emerging Markets, ’s Alpha, and advises Stenham Asia. and received the highest Stoelker has been with rankings on criteria, including Stenham since 1999. She transparency, that form part of started as a Research Assistant, investor communications. For rose to Research Analyst and the prior 10 years, Teich was an built up the research team. She Executive Director of Morgan later specialised in long/short Stanley in the prime brokerage equity strategies, starting division catering to hedge in the US and Europe before funds and an original member broadening out to Asia. In 2005 of its Capital Introductions she launched the Stenham Asia team. Before joining Morgan Fund and became its Portfolio Stanley, she had a spell in Lauren Taylor Wolfe Manager. By 2007 Stoelker Europe working for City Forum was appointed as Investment Ltd. She was a founding board Managing Director, Investing Partner and Member of the Director and took responsibility member of 100 Women in Investment Committee for the qualitative investment Hedge Funds. Teich graduated Blue Harbour Group team, before being promoted with a BSBA in Finance and Greenwich, CT to her current role. Stoelker is Marketing from Washington a CAIA Charterholder, and holds University in St Louis – Olin Lauren Taylor Wolfe is one of very few women in activist the Investment Management Business School in Missouri. investing. She is a Managing Director, Investing Partner Certificate. and member of the Investment Committee at Blue Harbour Group, a $3.8 billion activist investment firm that engages privately and collaboratively with management Alessandra teams and boards to enhance shareholder value in North Eve R. Teich American companies. Focused primarily on investments Tocco in three sectors – information technology, consumer/ Director of Marketing and retail and business services – Taylor Wolfe has led nine of Investor Relations Global Head of Capital the firm’s investments, which have generated substantial Silver Point Capital Introductions excess returns. On top of her portfolio investment Greenwich, Connecticut J.P. Morgan responsibilities, she leads the firm’s engagement with its New York largest investor, Californian pension fund giant CalSTRS, Eve Teich has been with Silver Alessandra Tocco is a Managing and was instrumental in securing the fund’s capital Point Capital since just after Director and Global Head commitments. Prior to joining Blue Harbour Group in the firm was founded in 2002 of Capital Introduction at December 2007, she was a Portfolio Manager and Analyst at by two former Goldman Sachs J.P. Morgan. The Capital SIAR Capital and worked at Diamond Technology Partners, a partners: Edward A. Mule, Introduction team provides strategic technology consulting firm. Taylor Wolfe received who had been a Managing expertise in a wide range an M.B.A. from The Wharton School at University of Director and Partner in charge of hedge fund segments as Pennsylvania in 2006 and a B.S. from Cornell University. of distressed debt special situations, and Robert J. well as publications, events O’Shea, who was global Head and one-on-one meetings

20 to educate, inform and cultivate relationships with institutional investors across the globe. Tocco has been a driver behind the effort to develop thoughtful content to inform clients and institutional investors on industry trends Sonja Uys and business initiatives. Additionally, she is responsible Portfolio Manager for the J.P. Morgan Investor Insight Investment Services women’s initiative London committee, which focuses on enhancing and executing Sonja Uys is responsible for maternity leave planning Insight Investment’s Absolute and work/life balance for Insight fund, a multi-strategy employees. Prior to joining J.P. absolute return portfolio Morgan in 2004, she held roles available as a daily dealing as a Senior Managing Director Irish-domiciled UCITS fund or at Bear Stearns and as Director as a UK-domiciled non-UCITS of Capital Introductions Retail Scheme. The portfolio for ABN AMRO, where she allocates assets across Insight’s specialised in macro and fixed absolute return strategies, Maria Vassalou income managers. She began which include equity, credit, her career at Morgan Stanley, currency, emerging market Partner and Portfolio Manager rising to run the due diligence debt and dynamic opportunities Perella Weinberg Partners and manager selection teams portfolios, each of which is New York for managed futures. She holds run by a specialist team at a B.S. in Finance from Mercy Insight. The Absolute Insight Maria Vassalou manages a fundamentally based but College in New York. strategy aims to outperform systematically implemented global macro strategy cash, preserve capital and at Perella Weinberg Partners (PWP), the independent provide stable returns with asset management and advisory firm. Before joining low volatility, while generating PWP, Vassalou was a Portfolio Manager of a similar global returns with a low correlation macro investment strategy, and Head of Asset Allocation to equity and other mainstream at MIO Partners, Inc., a fully owned subsidiary of McKinsey markets. Uys belongs to & Company. Previously, she was a Global Macro Portfolio Insight’s Absolute Return Manager at SAC Capital Advisors. Before that she was Head Investment Committee, a of Quantitative Strategies at Soros Fund Management. centralised committee which Prior to entering the investment industry, Vassalou spent oversees the company’s range over a decade in academia on the finance faculty at of absolute return UCITS funds. Columbia Business School, where she developed many of She regularly presents at the investment principles she employs today. During her conferences on absolute return years in academia, she also served as a retained consultant and participates on expert to various firms, including Citadel and Deutsche Asset panel discussions, and has a Management. Vassalou has authored a number of research particular interest in making papers published in leading academic journals on the absolute return more accessible interrelation of macro factors and asset returns. Throughout to non-institutional audiences. her career, her research has focused on the effect on asset Uys joined Insight in 2008. She returns of macro factors such as economic growth, inflation, holds a degree in mathematics exchange rates, default risk and liquidity risk, among from South Africa’s Stellenbosch others. Vassalou holds a Ph.D. in Financial Economics from University and is a Fellow of the the London Business School. UK Institute of Actuaries.

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