50 Leading WomenIn Hedge Funds 2013
I N A S S O C I AT I O N W I T H

50 LEADING WOMEN IN HEDGE FUNDS 2013

50 Leading Women in Hedge Funds 2013
In association with EY
HAMLIN LOVELLW

omen first worked on the floor of the
New York Stock Exchange in 1943, and1967 ushered in the first female NYSE
member. Fast forward to 2013 and one woman sittingin Manhattan now presides over the largest prime
brokerage in the United States: Teresa Heitsenrether,
Global Head of J.P. Morgan’s prime brokerage. Sheis one of more than thirty new names in this year's
survey, and J.P. Morgan is among many firms in theindustry that devotes special effort towards devising
human resources policies that help to retain women.
Women continue to be well represented across all
professions and functions: as lawyers, accountants,
prime brokers, portfolio managers, traders,researchers, analysts, consultants, chief investment
officers, chief operating officers, and in sales,
marketing, investor relations, capital introductions,and business development roles. The MBA degree
is probably the most often seen qualification,
particularly in the USA, but elsewhere the survey
includes those who have studied philosophy orlinguistics, before moving into finance.
Alongside regular survey constituents Elena
Ambrosiadou and Leda Braga, a new nameappears this year from the world of quantitative
investment namely Jennifer L. Ancker Whelan, who
is managing director of $7.5 billion CTA, Graham
Capital Management.
The growing presence of women in the upperechelons of marketing hedge funds is noticeable. AtCQS both the head of European marketing, Soraya
Chabarek, and the head of Americas marketing, KarynGeringer, are women as is Louise Zarrilli who heads
up Tudor’s investor relations function as well as
sitting on the firm's Operating Committee.
Several US women look after operations atsome of the industry's largest managers namely
Elaine Crocker at Moore Capital, Eileen Murray at
Bridgewater - the world's largest manager by assets,
Rose Shabet of $17 billion Viking Global Investors
LP, and repeats Jennifer Stier of Highfields andMarcy Engel of Eton Park. Amongst allocators, thelargest US university endowment, Harvard, still has
Jane Mendillo at the helm. Meanwhile MichelleMcCloskey continues to oversee bottom-up processes
for FRM the largest Europe-based independent multimanager group. PAAMCO is also a regular fixture inthis survey, with its two co-founders Judy Posnikoffand Jane Buchan taking it in turns, and now joined
by London-based Lisa Fridman, who heads up theEuropean research effort. Marie-Hélène McAndrew
maintains her long tenure running Permal’s macrofund of funds.
Lawyers have been particularly busy this year
readying clients for new regulations in the US, EU2and elsewhere. Schulte Roth & Zabel’s StephanieBreslow appears again alongside new entrants
Nora Jordan of Davis Polk in New York and Effie
Vasilopoulous of Sidley Austin in Hong Kong. Women
who originally trained as lawyers are particularly
active in the distressed debt space, with Sonia
Gardner of Avenue Capital and Jamie Zimmerman
both making repeat appearances.
Sovereign wealth funds have again found their way
into the survey with China Investment Corporation
managing director of fixed income and absolute
return, Roslyn Zhang. Although Beijing-based Zhang
is the only one in this survey currently working
in a BRIC country. The geographic split is as usual
intended to correspond to the global distribution ofhedge fund assets.
Many of the firms are running over $10 billion ofassets but as in previous years we also want tohighlight a few rising stars who have often beenbrave enough to leave larger groups and forge theirown path. So, women are not just rising throughthe ranks of the worlds biggest funds – they are alsostriking out as entrepreneurs setting up their ownshops. Massi Khadjenouri co-founded her own fund,Kite Lake Capital, in the event driven field, having
previously been chief investment officer of Cheyne’s
special situations fund. Andrea Morrall also cofounded an event investing group, OVS, where she isCOO. Another earlier stage fund is Kathleen Kelley’s
Queen Anne’s Gate Capital Management, where
she is chief investment officer for the discretionary
macro manager.
The process of gathering nominations followed
the pattern of previous surveys: we spoke toallocators, advisers, brokers, and service providers
like administrators and law firms. We started witha long list of ninety two names. Choosing thefinal fifty has always involved difficult decisions
and qualitative assessments, but criteria included
assets, performance, seniority, length of experience,
and also the glowing references from nominators.
Some seventeen women here also appeared in the2011 survey, as they continued to receive strong
testimonials and their stature as giants of theindustry makes it difficult to ignore them. If plenty
of others who were in former surveys thoroughly
deserve to be mentioned again, that only illustrates
the general point that fifty names is never enough to
do justice to the wealth of talent now apparent in theindustry. This year’s fifty can be seen as examples ofwhat women have achieved in hedge funds, and we
expect their colleagues and competitors to populate
future surveys.
We would like to extend our gratitude to EY for once
again making this survey possible through theirgenerous support. THFJEY
As the leading global provider of services
to the hedge fund industry, EY is proud tosponsor the 50 Leading Women in Hedge
Funds survey and to recognize the women
who make their mark in the industry in apositive way. We congratulate the women
selected by The Hedge Fund Journal to beamong this distinguished group of leaders.
EY is committed to support the advancementof women in business, and we view diversity
as integral to the overall success of our firm.
We participate in nearly 50 professional
women’s networks and recently announced
that 26% of new partners at EY member firms
around the world are women, representing
a steady increase from 19% in 2008. We
also have received numerous accolades
over the years for our achievements in thedevelopment and advancement of women inbusiness. EY has been included in America’s
Top Corporations for Women’s BusinessEnterprises by the Women’s BusinessEnterprise National Council on four occasions;
the Top 10 Companies for Executive Women by
DiversityInc magazine; the Top 10 Companies
for Working Mothers and Top 20 Companies
for Multicultural Women by Working Mothermagazine; and the Catalyst Award for creating
a culture in which women can participate,lead and excel.
With more than 25 years of experience inhedge funds, we remain committed to theindustry. EY has the largest team of hedge
fund professionals of any Big Four firm. We
audit approximately 40% and provide tax
services to about 50% of the top 100 global
hedge funds. The firm has received numerous
industry accolades for excellence in hedge
fund services. In addition, having built ourbusiness on start-ups, we are recognized as
the leader in helping funds launch. The depthand breadth of our experience affords us aunique view of the current challenges facing
fund managers and the ability to quickly
provide the informed and practical advice
firms need today.
As the hedge fund industry grows, its womenleaders will continue to play a critical role.
We look forward to continuing to support
hedge fund firms’ evolving needs throughour extensive portfolio of services, as well as
continuing to work closely with the industry’s
leading women and their colleagues.

50 Leading WomenIn Hedge Funds 2013
Katherine Abrat, Goldman Sachs (Asia)
Elena Ambrosiadou, IKOS
Jennifer L. Ancker Whelen, Graham Capital Management
Natalie Birrell, Anchorage Capital Group, L.L.C.
Leda Braga, BlueCrest Capital Management

Nora Jordan, Davis PolkKathleen M. Kelley, Queen Anne’s Gate Capital Management
Massi Khadjenouri, Kite Lake Capital Management
Pam Kiernan, Deutsche Bank
Annette Krassner, Pine River Capital Management

Stephanie R. Breslow, Schulte Roth & Zabel LLP

Vivian Lau, Serengeti Asset Management

Jane Buchan, PAAMCOMarina Lewin, Bank of New York Mellon

Fiona Carpenter, Ernst & Young
Soraya Chabarek, CQS

Marie-Hélène S. McAndrew, Permal
Michelle McCloskey, FRM

Elaine Co, Janchor Partners Limited

Jane Mendillo, Harvard Management Company

Anastasia Critides, Morgan Stanley International

Andrea Morrall, OVS Capital Management LLPElaine Crocker, Moore Capital

Eileen Murray, Bridgewater Associates, LPJodi DeVito, Credit Suisse

Su Mustier, Albourne Partners

Genia Diamond, Cantab Capital Partners

Anita Nemes, Deutsche Bank

Anne Dinning, D.E. Shaw & Co.

Suzi Nutton, Lansdowne Capital Partners

Lucy Elwes, Theleme Partners

Ingrid Pierce, Walkers Global

Marcy Engel, Eton Park
Kristen Eshak Weldon, Blackstone

Purnima Puri, Highbridge Principal Strategies
Rose Shabet, Viking Global Investors LP

Lisa Fridman, PAAMCO Europe

Jennifer Stier, Highfields Capital

Sonia Gardner, Avenue Capital

Geraldine Sundstrom, Brevan Howard

Karyn Geringer, CQS
Samantha Greenberg, Paulson & Co.
Kathryn Hall, Hall Capital Partners LLC
Teresa Heitsenrether, J.P. MorganShirin Ismail, Fullerton Fund Management

Effie Vasilopolous, Sidley Austin
Galia Velimukhametova, Man GLG
Louise Zarrilli, Tudor Investment Corp.
Roslyn Zhang, China Investment Corporation
Jamie Zimmerman, Litespeed Management LLC

I N A S S O C I AT I O N W I T HThis reprint is provided for the reader’s information only and does notconstitute investment advice or convey an offer to sell, or the solicitation of anoffer to buy, any security or financial product. The D. E. Shaw group does notendorse any information, beliefs, or opinions presented in this article andmakes no representation as to their accuracy or adequacy. Please note also thedate of the article, as the information contained in it has not been updated forany information that may have changed since its publication.
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