50 Leading Women In Hedge Funds 2013 IN ASSOCIATION WITH 50 LEADING WOMEN IN HEDGE FUNDS 2013 50 Leading Women in Hedge Funds 2013 In association with EY HAMLIN LOVELL omen first worked on the floor of the and elsewhere. Schulte Roth & Zabel’s Stephanie New York Stock Exchange in 1943, and Breslow appears again alongside new entrants EY W 1967 ushered in the first female NYSE Nora Jordan of Davis Polk in New York and Effie member. Fast forward to 2013 and one woman sitting Vasilopoulous of Sidley Austin in Hong Kong. Women As the leading global provider of services in Manhattan now presides over the largest prime who originally trained as lawyers are particularly to the hedge fund industry, EY is proud to brokerage in the United States: Teresa Heitsenrether, active in the distressed debt space, with Sonia sponsor the 50 Leading Women in Hedge Global Head of J.P. Morgan’s prime brokerage. She Gardner of Avenue Capital and Jamie Zimmerman Funds survey and to recognize the women is one of more than thirty new names in this year's both making repeat appearances. who make their mark in the industry in a survey, and J.P. Morgan is among many firms in the positive way. We congratulate the women industry that devotes special effort towards devising Sovereign wealth funds have again found their way selected by The Hedge Fund Journal to be human resources policies that help to retain women. into the survey with China Investment Corporation among this distinguished group of leaders. managing director of fixed income and absolute Women continue to be well represented across all return, Roslyn Zhang. Although Beijing-based Zhang EY is committed to support the advancement professions and functions: as lawyers, accountants, is the only one in this survey currently working of women in business, and we view diversity prime brokers, portfolio managers, traders, in a BRIC country. The geographic split is as usual as integral to the overall success of our firm. researchers, analysts, consultants, chief investment intended to correspond to the global distribution of We participate in nearly 50 professional officers, chief operating officers, and in sales, hedge fund assets. women’s networks and recently announced marketing, investor relations, capital introductions, that 26% of new partners at EY member firms and business development roles. The MBA degree Many of the firms are running over $10 billion of around the world are women, representing is probably the most often seen qualification, assets but as in previous years we also want to a steady increase from 19% in 2008. We particularly in the USA, but elsewhere the survey highlight a few rising stars who have often been also have received numerous accolades includes those who have studied philosophy or brave enough to leave larger groups and forge their over the years for our achievements in the linguistics, before moving into finance. own path. So, women are not just rising through development and advancement of women in the ranks of the worlds biggest funds – they are also business. EY has been included in America’s Alongside regular survey constituents Elena striking out as entrepreneurs setting up their own Top Corporations for Women’s Business Ambrosiadou and Leda Braga, a new name shops. Massi Khadjenouri co-founded her own fund, Enterprises by the Women’s Business appears this year from the world of quantitative Kite Lake Capital, in the event driven field, having Enterprise National Council on four occasions; investment namely Jennifer L. Ancker Whelan, who previously been chief investment officer of Cheyne’s the Top 10 Companies for Executive Women by is managing director of $7.5 billion CTA, Graham special situations fund. Andrea Morrall also co- DiversityInc magazine; the Top 10 Companies Capital Management. founded an event investing group, OVS, where she is for Working Mothers and Top 20 Companies COO. Another earlier stage fund is Kathleen Kelley’s for Multicultural Women by Working Mother The growing presence of women in the upper Queen Anne’s Gate Capital Management, where magazine; and the Catalyst Award for creating echelons of marketing hedge funds is noticeable. At she is chief investment officer for the discretionary a culture in which women can participate, CQS both the head of European marketing, Soraya macro manager. lead and excel. Chabarek, and the head of Americas marketing, Karyn Geringer, are women as is Louise Zarrilli who heads The process of gathering nominations followed With more than 25 years of experience in up Tudor’s investor relations function as well as the pattern of previous surveys: we spoke to hedge funds, we remain committed to the sitting on the firm's Operating Committee. allocators, advisers, brokers, and service providers industry. EY has the largest team of hedge like administrators and law firms. We started with fund professionals of any Big Four firm. We Several US women look after operations at a long list of ninety two names. Choosing the audit approximately 40% and provide tax some of the industry's largest managers namely final fifty has always involved difficult decisions services to about 50% of the top 100 global Elaine Crocker at Moore Capital, Eileen Murray and qualitative assessments, but criteria included hedge funds. The firm has received numerous at Bridgewater - the world's largest manager by assets, performance, seniority, length of experience, industry accolades for excellence in hedge assets, Anne Dinning at D. E. Shaw, Rose Shabet of and also the glowing references from nominators. fund services. In addition, having built our $17 billion Viking Global Investors LP, and repeats Some seventeen women here also appeared in the business on start-ups, we are recognized as Jennifer Stier of Highfields and Marcy Engel of Eton 2011 survey, as they continued to receive strong the leader in helping funds launch. The depth Park. Amongst allocators, the largest US university testimonials and their stature as giants of the and breadth of our experience affords us a endowment, Harvard, still has Jane Mendillo at the industry makes it difficult to ignore them. If plenty unique view of the current challenges facing helm. Meanwhile Michelle McCloskey continues to of others who were in former surveys thoroughly fund managers and the ability to quickly oversee bottom-up processes for FRM the largest deserve to be mentioned again, that only illustrates provide the informed and practical advice Europe-based independent multi-manager group. the general point that fifty names is never enough to firms need today. PAAMCO is also a regular fixture in this survey, with do justice to the wealth of talent now apparent in the As the hedge fund industry grows, its women its two co-founders Judy Posnikoff and Jane Buchan industry. This year’s fifty can be seen as examples of leaders will continue to play a critical role. taking it in turns, and now joined by London-based what women have achieved in hedge funds, and we We look forward to continuing to support Lisa Fridman, who heads up the European research expect their colleagues and competitors to populate hedge fund firms’ evolving needs through effort. Marie-Hélène McAndrew maintains her long future surveys. our extensive portfolio of services, as well as tenure running Permal’s macro fund of funds. continuing to work closely with the industry’s We would like to extend our gratitude to EY for once leading women and their colleagues. Lawyers have been particularly busy this year again making this survey possible through their readying clients for new regulations in the US, EU generous support. THFJ 2 50 LEADING WOMEN IN HEDGE FUNDS 2013 atherine Abrat leads Goldman Sachs’ Asia more than four years. Prior to that, she was in private Pacific Prime Brokerage Consulting team. She legal practice in Hong Kong at Sidley Austin, focusing K and her team assist hedge funds in building on advising asset management clients including and operating their businesses, providing advice on hedge funds. She also practised law in Australia. She business infrastructure, hiring needs, legal and tax has worked in Hong Kong for eleven years and has structuring, compliance, operations, technology and considerable expertise in the legal, structuring and Katherine Abrat key service provider selection. The team also provides regulatory issues facing hedge fund managers in the Executive Director ongoing updates and guidance to clients on policy, region. Abrat graduated with a BSc and LLB (Hons.) Goldman Sachs tax and regulatory developments in financial services. from the University of Melbourne and is admitted to Hong Kong Before joining Goldman Sachs, she was Regional practice law in the Supreme Court of Victoria and the Counsel for Asia Pacific for Janus Capital Group for High Court of Australia. lena Ambrosiadou has been at the forefront of Engineering from Leeds University, Ambrosiadou hedge fund developments in Europe for over two obtained an MSc in Technology and Development from E decades and is the Chairman and Chief Executive Imperial College London, and an MBA from Cranfield Officer of IKOS, one of Europe’s oldest and most School of Management. She worked internationally with experienced fund managers. The first IKOS company British Petroleum, as a chemical engineer, before joining was established in 1991 and it grew to be synonymous KPMG as a management consultant in Bahrain. She was Elena Ambrosiadou with excellence in systematic strategies and cutting awarded the Cranfield Distinguished Alumnus Award Chairman and CEO edge electronic execution. Today IKOS operates a global in 2007. She is an Advisory Board member of Cranfield IKOS infrastructure from its head office in Cyprus utilizing School of Management, Dean’s Council Member of the Limassol, Cyprus execution sites and research facilities in London, Harvard Kennedy School and a member of the Board of New York and Monaco.