Fifty Leading Women in Hedge Funds 2020

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50 LEADING WOMEN IN HEDGE FUNDS 2020

50 LEADING WOMEN IN HEDGE FUNDS 2020

Introduction
HAMLIN LOVELL, CONTRIBUTING EDITOR, THE HEDGE FUND JOURNAL

T

his is the eighth edition of our
50 Leading Women in Hedge
Funds report and is publishedin association with EY for theseventh time. Whilst Covid-19
has denied us the opportunity
to host accompanying eventsin London and New York, atleast this year, the professional achievementsof the women featured in this year’s reportshine through, nonetheless. We are so pleased
to be publishing this report just a few days after
Kamala Harris made history by becoming theﬁrst female, ﬁrst black and ﬁrst Asian-American
US Vice-President-elect.
Previous reports have sometimes repeated
two or three names from earlier reports, mostnotably where the women in question haveenjoyed a signiﬁcant promotion – either within
their current ﬁrm or as part of a move to a newﬁrm – or have founded their own ﬁrm. With one
exception, all the women featured in this year’s
report are new names.
However, a good number of the ﬁrms featured
in this year’s report have provided honorees
before. Firms such as BNP Paribas, Bridgewater
Associates, Citadel, D. E. Shaw, GAM Systematic
Cambridge, Millennium Management, Northern
Trust, Pictet Asset Management, Point72,
Simmons & Simmons and Tudor Investment
Corporation have featured before, largely because
these ﬁrms seem to be particularly good at hiringand promoting lots of women into senior roles.
In this year’s report we also feature women fromﬁrms who last featured some years back, namely
Angelo Gordon (in 2010) and Brevan Howard (in2013).
Firms appearing in this report for the ﬁrst
time include Beach Point Capital Management,
Capstone Investment Advisors, Dalton
Investments, Houlihan Lokey, Indus Capital,
Janus Henderson, LibreMax Capital, Lone Pine,
M&G, Mudrick Capital, Odey Asset Management,
One William Street, Quantica and Quantitative
Brokers.
Some 23 of the women featured this year are
investment professionals, whilst 27 are in noninvestment roles including compliance, legal,
audit, operations, ﬁnance, administration, sales,
marketing and investor relations.
Three of the women in this year’s report workfor two of the most proﬁtable hedge fund2

As the leading global
provider of services
to alternative funds,
EY is proud to sponsor thisedition of the 50 Leading
Women in Hedge Funds
report. We congratulate thisextraordinary and inspiringgroup of honorees who havebeen selected by The Hedge
Fund Journal. In this incrediblychallenging year, one that saw
the Covid-19 global pandemic,
unforeseen natural disasters
and social unrest across theworld, we especially want tocommend these women on
their achievements during
this period of disruption anduncertainty.
According to EY research,gender-diverse leadershipis closely linked to anorganization’s ability toinnovate and to generate
proﬁts. An analysis of the
S&P Composite 1500 foundthat ﬁrms with womenat the top were worth on
average $40 million more thanthose without. Meanwhile,
the Peterson Institute forInternational Economics foundthat boards with 30% ormore women could add up to
6% to their net margins. The

evidence is clear. Having more
women in senior roles helps
businesses to innovate andperform better.
EY is a leader in innovationand for its exceptionallydiverse and inclusive culture.
Continuing to put purpose
into practice, EY is oneof the ﬁrst professional
services organizations tolaunch talent programs forneurodiverse individuals, suchas people with autism. Our
Neurodiversity Centers of
Excellence, in locations acrossthe US, further galvanizes theEY commitment to diversity,
inclusion and belonging — anddemonstrates they are criticalfactors to business innovation
and a better working world.
Please join us incongratulating the truly
exceptional women featured
in the 50 Leading Women in
Hedge Funds 2020 report. As
they thrive in their roles, theseleading women are not only
making a mark in this industry;
their success and visibility
are paving the way for more
women and underrepresented
professionals to follow theirpath.

managers of all time – according to LCF Edmondde Rothschild analysis – namely Bridgewater
Associates and Lone Pine. The two Lone Pine
women in this year’s report are two of the threeportfolio managers who succeeded Lone Pine’s
founder Steve Mandel. Three of the report’s
discretionary equity portfolio managers specializein the healthcare and biotechnology sector, which
has attracted more attention this year for obvious
reasons. Four of the investment professionals
work for systematic and quantitative hedge fundmanagers, which is notable given the generaldearth of women in STEM. Another noteworthy
cluster is three women managing multi-billion
amounts in liquid credit strategies.
Women in the report sit on a wide variety ofcommittees including: management, operating,executive, risk management, compliance,
brokerage, conﬂicts, technical standards, capital
allocation, steering, valuation and ESG. Some
women sit on as many as ﬁve committees.
Many of the honorees also sit on diversity andinclusion councils or committees. These often
overlap with a proliferation of afﬁnity groups andnetworks, which can cover: women, parenting,
LGTBQ, disabilities, and multiple ethnic and/or
racial groups, which can include Black/African/
Caribbean, Hispanic or Latin, and others such as
multicultural. These groups may sometimes exist
exclusively for employees, but increasingly they
are also reaching out into the wider community
for different reasons: sometimes they dovetailwith corporate or personal philanthropy orvoluntary work, and in other cases the objective
is to promote more diverse recruitment. Hiring
drives may centre around universities but they
can also start earlier to pique young people’sinterest in studying STEM or ﬁnance related
subjects.
Advanced university study is a rarity in thelist. The plurality of the ﬁfty did not pursue
university study beyond bachelor’s level, and theMBA remains the most frequent postgraduate
qualiﬁcation. There are at least four CFA
charterholders and two CAIA charterholders on
the list, which only contains three women with a
PhD: one economist, one quantitative portfolio
manager and a valuation expert.
New York and London are unsurprisingly themost popular locations but we have cast the net
into Baltimore, Boston, Chicago, Connecticut,
Minneapolis and Los Angeles in the US; Dublin
and Zurich in Europe, and Beijing, Hong Kong andSingapore in Asia to identify these names.

An analysis of the S&P
Composite 1500 foundthat ﬁrms with womenat the top were worth on
average $40 million morethan those without.
A diverse workforce is one dimension of internal
ESG/CSR policies, and several women on boththe investment and non-investment sides werekeen to talk to us about their respective ﬁrm’s
evolving ESG policies. These can range from
customized mandates excluding certain sectors toengagement with companies. Some ﬁrms are evenpublishing their own ESG related research. Thisis clearly a growth area, not least as opinion polls
suggest that female investors are more concerned
about ESG.
The standard disclaimer applies. Thisalphabetically ordered report is not a ranking
per se, but rather a selection of senior women
who should serve to inspire others. As a trade
publication, occasionally we have to overlook
women whose employers eschew any media
coverage. Many of those omitted from this report
are worthy candidates and may well feature in
future reports. We have also received a large
number of nominations for women who do not
yet seem quite senior enough, but they could well“graduate” to leading women status quite soon
as they ascend the career ladder. Many female
portfolio managers running very small amountsof money (sometimes outside a fund or corporate
structure) could also be considered if they growassets, form or join a ﬁrm. We are keen to monitor
such women – and we may be able to feature themin future reports.

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50 LEADING WOMEN IN HEDGE FUNDS 2020

Kathryn Alexander

Alexandra Krystal

Sarah Alfandari

Samantha Levenstein

Janet Joyce Arzt

Cindy Ma

Head of Data Initiatives and Relationships, Global Quantitative
Strategies, Citadel, New York
Chief Executive Ofﬁcer, Dalton Investments, Los Angeles
President, Mudrick Capital Management, New York

Mary Ann Betsch

Managing Director, Financial Control, Citadel, New YorkSamantha Bower

Managing Director and Head of US Prime Services Sales and Capital
Introduction, CIBC, New York
Director of Investor Relations, Beach Point Capital Management, New YorkManaging Director and Global Head of Portfolio Valuation and Fund
Advisory Services, Houlihan Lokey, New YorkJoy G. Mashaal

Managing Director, Senvest Management, Los Angeles

Head of Business Development and Investor Relations, Macro
Investment Business, M&G Investments, London

Nicole McLean

Arancha Cano

Surbhi Mehta

Natalia Chefer

Fiona Mulligan

Kathy Choi

Sara Nainzadeh

Managing Director and Portfolio Manager, Wellington
Management, London
Managing Director and Co-Head, Discretionary Macro, The D. E.
Shaw Group, New York
Portfolio Manager, Beach Point Capital Management, Santa Monica

Louisa Church

Executive Managing Director and Head of Investor Relations for
Europe and the Middle East, Sculptor Capital Management, London

Maureen D’Alleva

Head of Performing Credit, Angelo Gordon, New York

Denise Davidson

Partner and UK Alternatives Audit Leader, EY, London

Amelia Davies

Managing Director, Murano Connect, London and New YorkAnh DoPartner and Head of Pharmaceuticals and Biotech Investment,
Indus Capital, New YorkStephanie Dolan

Chief Financial Ofﬁcer and Managing Director, One William Street
Capital Management, New YorkRui Dong

Senior Vice President and Trader, Discretionary Energy, The D. E.
Shaw Group, New York

Bronwyn Eckhardt

Executive Director, Trading, Campbell & Company, Baltimore
Managing Director, Investor Relations and Product Development, Portfolio
Manager Recruiting, Tudor Investment Corporation, Stamford, Connecticut
Global Product and Client Solutions Manager, Hedge Fund Services, BNP
Paribas Securities Services, Ireland
Fundamental Equity Portfolio Manager, Millennium Management, NewYork

Katrina Paglia

General Counsel and Chief Compliance Ofﬁcer, Capstone Investment
Advisors, New York

Rania Papageorgiou

Economist, Fixed Income and Macro, Citadel, New York

Danielle Pizzo

Head of Investment Business Strategy, Schonfeld Strategic Advisors, NewYork

Miriam Porat

Head of Risk, Brevan Howard, London

Gloria RadeffFounding Member, Partner and Chief Administrative Ofﬁcer, LibreMax
Capital, New York

Alina Rakhamimov

Technical Lead – Algorithm Development, Quantitative Brokers, New York

Robyn Shepherd

Head of Corporate Engagement, Bridgewater Associates, Westport,
Connecticut

Managing Director and Chief Compliance Ofﬁcer – US, Tudor
Investment Corporation, Stamford, Connecticut

Natasha Sibley

Kimberly Evans

Shalini Sriram

Head of Private Capital Fund Services, North America, Northern
Trust, Chicago

Ann C. Gallo

Senior Managing Director, Partner and Global Industry Analyst,
Wellington Management, Boston

Mala Gaonkar

Managing Director, Portfolio Manager and Member of theManagement Committee, Lone Pine Capital, London

Angela Samﬁlippo Gorder

Managing Partner and Global Head of Business Development,
Argentem Creek Partners, Minneapolis

Kelly Granat

Portfolio Manager, Janus Henderson Investors, London
Managing Director and Head of Structured Credit, Third Point, New YorkDr Silvia Stanescu

Scientist, GAM Systematic Cambridge, Cambridge, UK

Galia Velimukhametova

Senior Investment Manager, Pictet Asset Management, London

Anna Johnson Vella

Global Head of Consultant Relations, Capital Development and Investor
Relations, Millennium Management, New York

Kelly Wang

Head of APAC FICC Sales and Relationship Management, Citadel Securities,
Hong Kong

Managing Director, Portfolio Manager and Member of theManagement Committee, Lone Pine Capital, Greenwich,
Connecticut

Jenny Wood

Claire Holdsworth

Portfolio Manager, Aspect Capital, London

General Counsel, Odey Asset Management, London

Kate HolleranManaging Director and Head of Capital Solutions, Americas,
Barclays, New York

Karin Jans

Partner and Head of Business Development, Quantica Capital,
Zurich450 LEADING WOMEN IN HEDGE FUNDS 2020

Global Head of Marketing and Investor Relations, Third Point, New YorkMax XuJoy Yang

Chief Asia Economist, Point72, Singapore

Melody Yang

Partner, Simmons & Simmons, Beijing

Kathryn Alexander

Sarah Alfandari

Head of Data Initiatives and Relationships, Global Quantitative
Strategies
CitadelNew York

Chief Executive Ofﬁcer
Dalton Investments
Los Angeles

Kathryn Alexander is Head of Data Initiatives and Relationships
for Global Quantitative Strategies (GQS), Citadel’s multistrategy, multi-asset class, global quantitative trading business.
GQS applies statistical and quantitative modelling, as well as
predictive analytics, to identify and capture opportunities.
Alexander leads an international team focused on ﬁnding
and developing new sources of data for quantitative researchand investment globally. She works closely with quantitative
researchers to identify new data initiatives to enhance theﬁrm’s systematic strategies and leads strategic initiatives withexternal counterparties. Alexander started with Citadel in 2016,
joining from an early stage FinTech start up where she ledbusiness development. Prior to that, she was a Vice President
at Two Sigma where she held roles in New York, London, andHong Kong within their Alpha Capture business. She graduatedfrom Columbia University with a BA in English and Comparative
Literature.

Sarah Alfandari joined Dalton as Chief Executive Ofﬁcer inJune 2020, following a successful career in Europe where
she co-founded Longchamp Asset Management. In her roleat Dalton, she will be leading Dalton’s next phase of growththrough a distinctive offering of globally recognized Asian andEmerging Markets equities strategies with fully integrated ESG
investment processes. The ﬁrm has been at the forefront ofprogressing corporate governance initiatives in Japan and Korea(where it is a signatory of both markets’ corporate governancecodes) and recently expanded its ESG commitment throughits joining of both the PRI and Climate Action 100+. Alfandari’s
track record in asset raising and client relationship developmentin Europe is exemplary, demonstrated by the success of her
former ﬁrm Longchamp which grew to be one of the mostsuccessful independent asset managers and distributors in
Europe and Dalton’s key distribution partner for its UCITS
funds range. Before establishing Longchamp, she worked within
Morgan Stanley’s FundLogic Alternatives UCITS platform incharge of marketing and previously sold structured products for
Société Générale after a spell in proprietary trading at the bank.
Alfandari has a Master of Finance from ESCP Business School
and a BSc in Finance from Université Paris Dauphine.

Nina Zhao

Systematic Portfolio Manager, Balyasny Asset Management, London

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50 LEADING WOMEN IN HEDGE FUNDS 2020

50 LEADING WOMEN IN HEDGE FUNDS 2020

Janet Joyce Arzt

Samantha Bower

President
Mudrick Capital Management
New York

Head of Business Development and Investor Relations, Macro
Investment Business
M&G Investments
LondonJanet Joyce Arzt oversees non-investment functions, including
operations, accounting, ﬁnance, legal and compliance, client
services and marketing at Mudrick Capital, which specializes
in distressed credit and deep value event driven investing inNorth America. She reports to founder, Jason Mudrick, and sitson the Management Committee. Since she joined in 2014 as
Director of Business Development and Investor Relations, ﬁrm
assets under management have grown from $900m (8/1/14)
to $2.4bn (8/31/20). Arzt has led strategic initiatives including
launching longer lock capital vehicles in 2016, a senior secured
strategy in 2017, a separately managed fund of one accountbased on an ESG/SRI exclusion list, and bespoke products
including some with deferred fees and others offering coinvestments. She has also helped with a hiring drive thathas doubled the headcount to 26 people including two in the
London ofﬁce. Prior to joining Mudrick Capital, she worked in
the Client Advisory Group at York Capital Management. Before
that she worked at Morgan Creek Capital Management as a
Senior Analyst focused on hedge fund investments. She has a
BS in Commerce from the McIntire School of Commerce at the
University of Virginia and is a CFA charterholder.

6

Samantha Bower markets the Episode Discretionary Global
Macro strategy, which can be accessed through UCITS or
Cayman funds, or segregated mandates, all of which runpari passu. The strategy, lead managed by Dave Fishwick
since 1999, is marketed globally, including in the US, andto investors in Europe via the UCITS. Assets are around$4bn, and the team also runs circa $12bn in long only
multi-asset strategies (Sept 2020), which are marketed by
M&G’s broader distribution teams. Previously, Bower was
responsible for business development of single manager
hedge funds and funds of hedge funds across a variety ofstrategies at ABN AMRO Asset Management; at Man Groupjoint venture, Man-Vector, and at third party marketer
Folkes Asset Management. She started her career in ﬁnancein 1995 at PaineWebber London in ﬁxed income sales. She
chairs the AIMA Business Development and IR Group, is amember of 100 Women in Finance, and Women in Banking& Finance (WIBF). She has a BA in International Businesswith Modern Languages (French and Spanish) from SouthBank University and is a CAIA charterholder.

Mary Ann Betsch

Arancha CanoManaging Director, Financial Control
CitadelNew York

Managing Director and Portfolio Manager
Wellington Management
LondonMary Ann Betsch joined Citadel in 2018 to build out theﬁrm’s Financial Control team in New York. During her
tenure, she has driven meaningful enhancements inthe efﬁciency and effectiveness of the function acrossmultiple areas of Citadel’s business – particularly
at the intersection of Operations, Treasury and
Financial Controls. She has also driven meaningfulenhancements in the processes performed by the ﬁrm’s
administrators. Betsch regularly collaborates with
the Client and Partner Group to streamline processes
that improve the client experience. She is passionate
about team building and talent development and has
overseen a signiﬁcant hiring program over the past
two years. Prior to joining Citadel, she was a partner in
PwC’s Financial Services practice, where she advised
global investment banks and leading alternative asset
managers. During her tenure at PwC, she was selected
as a Professional Accounting Fellow at the Federal
Reserve Board. She holds a BS in Public Accounting
from Fordham University and is a licensed Certiﬁed
Public Accountant in New York State.

Arancha Cano is a seasoned macro investor who
manages a long/short equity strategy predominately
focused on the equities of global ﬁnancials companies.
Her research and style incorporate high levels of
engagement with central banks and management ofﬁnancial services companies globally. Before joining
Wellington in 2019, Cano was an equity portfolio
manager investing in global ﬁnancials at Balyasny
Asset Management for two years. Prior to that she
managed a global ﬁnancials portfolio at Moore Capitalfor seven years. Before that she worked at UBS asa portfolio manager in Proprietary Trading and inspecialist sales for global ﬁnancials. She earlier worked
in sales at Asesores Bursatiles in Madrid. Cano has
a BA in European Business Administration fromthe University of Universidad Pontiﬁcia Comillas in
Madrid. Cano and her husband, Maxence, have been
hosting an annual event in London called Ladies in
Finance, that aims to provide a forum for education,
networking and connectivity of women ﬁnancial
professionals in the London community.

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50 LEADING WOMEN IN HEDGE FUNDS 2020

50 LEADING WOMEN IN HEDGE FUNDS 2020

Louisa Church
Executive Managing Director and Head of Investor
Relations for Europe and the Middle East
Sculptor Capital Management
LondonLouisa Church is Head of Investor Relations for
Europe and the Middle East at Sculptor Capital,
where she is primarily responsible for developing
and maintaining the ﬁrm’s relationships
across institutional investors, consultants,high net worth individuals and their advisors.
In 2020, Sculptor has raised assets across all
funds and strategies, including multi-strategy,
opportunistic credit and its fourth closed end
fund real estate vehicle, which raised $2.6bn.
In terms of diversity, Church is involved in
Sculptor’s Women’s Network and the ﬁrm also
has Black and African American, Hispanic andLatino, Asian and LGBTQ afﬁnity networks.
Church joined the ﬁrm in 2019, and reports to
Sculptor’s President and COO, Wayne Cohen.
Prior to joining Sculptor, Church was CEO of
Europe, Partner and Co-Head of Global Client
Advisory at BlueMountain Capital Management.
Before that, she was a Director of Client Relations
and Business Development EMEA at Ferox
Capital Management. She holds an MA in Historyof Art from Edinburgh University.

8

Natalia Chefer

Kathy Choi

Maureen D’Alleva

Managing Director and Co-Head, Discretionary Macro
The D. E. Shaw GroupNew York

Portfolio Manager
Beach Point Capital Management
Santa Monica

Head of Performing Credit
Angelo Gordon
New York

Natalia Chefer jointly manages portfolio construction andrisk for the Discretionary Macro team’s investments anddirectly oversees trading in currencies, equities, and emerging
markets. The Discretionary Macro strategy draws on the ﬁrm’s
collaborative ethos to investigate technical, structural, andbehavioural themes and pursue cross-asset-class trading.
Chefer is also a rotating member of the ﬁrm’s Risk Committee,
which has ultimate responsibility for capital allocation andrisk management. Upon joining the D. E. Shaw Group in 2001,
she initially worked in corporate credit before pivoting toDiscretionary Macro in 2009. Chefer is an active member of the
ﬁrm’s DESCO Women afﬁnity group, which, through allyshipand mentorship initiatives, seeks to help build a diverse,
equitable, and inclusive workplace. Additionally, she sits on theForeign Exchange Committee of the Federal Reserve Bank of
New York. She has a joint BComm. in Economics and Financefrom McGill University and an MS in Public Financial Policy
from the London School of Economics and Political Science.

Kathy Choi, who reports to Beach Point’s founding partners, coCIOs and co-CEOs, Carl Goldsmith and Scott Klein, focuses onopportunistic credit mandates across high yield bonds and bankdebt, stressed and distressed credit. Beach Point’s opportunistic
credit strategy focuses on off-the-run and complex investments
leveraging the ﬁrm’s legal expertise. Choi sits on the ﬁrm’s ESG
Committee, Management Committee, and co-chairs its Diversity
and Inclusion Committee. Prior to Beach Point, Choi was aManaging Director at Post Advisory Group where she spenteight years focusing on a variety of high yield and distressed
investments. She was previously a Senior Research Analyst at
DDJ Capital Management, and prior to that role she worked ininvestment banking at Salomon Brothers as an associate in theHigh Yield Capital Markets group as well as a ﬁnancial analyst in
the Mergers and Acquisitions group. Choi has a BS in Economics
from the Wharton School of the University of Pennsylvania andan MBA from Harvard University.

As the portfolio manager of Angelo Gordon’s dedicatedperforming credit portfolios and its Northwoods
Capital CLOs in both the US and Europe, D’Alleva isdirectly responsible for managing approximately$6bn of assets and leads a team of 13 investment
professionals in New York and London. Looking to therecent state of the markets, she believes this is a goodclimate for credit picking and that maintaining a focus
on monitoring the liquidity runway of underlying
borrowers can help prudent leveraged loan investors
avoid defaults. D’Alleva’s role at Angelo Gordon extends
beyond performing credit, as she is Chair of the ﬁrm’s
Executive Committee and Co-Head of the AG Women’s
Network, which seeks to engage women across theﬁrm, increasing connectivity through networking
events, mentoring, and learning and development
opportunities. She was also Co-Head of the AG Diversity
Council, which develops strategic initiatives and events
aimed at fostering, cultivating, and preserving a cultureof diversity and inclusion at the ﬁrm. Prior to joining
Angelo Gordon, D’Alleva spent 15 years with Morgan
Stanley’s Global High Yield group where she focusedon underwriting and investment analysis of both bankloans and bonds. She holds a BA in Computer Systems
from Baruch College.

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50 LEADING WOMEN IN HEDGE FUNDS 2020

Denise Davidson

Amelia Davies

Anh DoStephanie Dolan

Partner and UK Alternatives Audit Leader
EY
LondonManaging Director
Murano Connect
London and New York

Partner and Head of Pharmaceuticals and Biotech Investment
Indus Capital
New York

Chief Financial Ofﬁcer and Managing Director
One William Street Capital Management
New York

Denise Davidson leads a team of almost 30 hedge fund auditors
in London, as well as 60 based in Bangalore, India. She handles
audit relationships with owner-managed start-ups all the way
up to well established global managers. In 2020, due to the
Covid-19 crisis, Davidson and her team transitioned seamlessly
to home working, conducting audits remotely through the useof the ﬁrm’s proprietary fund audit technology. She sits on EY’s
Global Hedge Fund Steering Committee and leads on EY’s Global
Alternatives Funds Research, delivering key ﬁndings from theﬁrm’s ﬂagship annual research to the European market. She also
co-hosts regular Alternatives Technical sessions and webcasts,
focusing on accounting, tax and regulatory topics relevant to
the industry. Client work aside, she is the Partner responsible
for employee matters for her business unit and is the Partner
Sponsor for EY’s UK Financial Services Graduates andApprentices programme. She is also active on EY’s Diversity andInclusion (D&I) Committee, promoting equal opportunities andinﬂuencing the ﬁrm’s D&I strategy. She has a BA in Accounting
and Finance from Robert Gordon University in Aberdeen and isa member of the Institute of Chartered Accountants of Scotland.

Joining Murano as its maiden employee in 2011, in an investor
analyst role, Amelia Davies advanced to become Global Headof Business Development and in 2019 became one of its three
directors; the other two are Founder, Ole Rollag, and Principal,
Molly Blincow. Davies has hired and trained analysts andresearchers, including Murano’s Head of US Sales and Head ofEuropean and Asian Sales, all of whom report to her. She has
researched investors, built CRM databases, and onboarded
asset managers across hedge fund, private credit, private
equity and long only strategies, including some with an ESG
focus. Murano’s cloud and phone-based offering has been
particularly sought after amidst remote working in 2020
and Murano’s manager client base for bespoke matchmaking
between investors and managers is close to full capacity.
Davies is now driving forward Murano’s new offering, Murano
Consulting, which helps asset managers with projects aroundbranding, marketing and positioning. The ﬁrm’s travel calendar
coordination venture, Pueblo, is on hold pending normalizationof travel. She has a BSc in Psychology from Nottingham
University.

Anh Do has led Indus’s pharmaceuticals and biotech research
since 2016. Her team carries out proprietary research, including
attending many medical and scientiﬁc conferences, to generate
long ideas in innovative companies that have strong moats,and short ideas in incumbents that are being disrupted byinnovation. The geographic focus is China, Japan and the
US. In 2020, Do’s analysis of the spread and policy responses
to Covid-19, as well as nascent treatments and vaccines, has
increasingly inﬂuenced Indus’s directional, sector and factor
positioning. Do joined Indus straight after graduating fromcollege in 2006 and was initially a generalist before specialisingin ﬁnancials between 2009 and 2016. She is a member of Morgan
Stanley Women's Investment Roundtable and serves on the
Board of Vietnam Finance Society in New York City. Do grew
up in Vietnam, studied A-levels in the UK, and has a BA in
Economics and Political Science from Bowdoin College. Indus
Capital is a $3.9bn alternative asset management ﬁrm offering
long/short strategies investing primarily in the Asia Paciﬁcregion.

Stephanie Dolan is the ﬁrm’s Chief Financial Ofﬁcer, responsible
for fund and management company accounting, ﬁnancial
reporting, and US and international tax compliance. She is amember of the Risk Committee, the Valuation Committee, andthe Management Steering Committee, and serves as an ofﬁcerof the ﬁrm’s registered investment fund. Outside of the ﬁrm,
Dolan is passionate about mentorship, and actively devotes timeand participates in speaking engagements to undergraduatesand young professionals providing insight on potential careers
in accounting and ﬁnance. Prior to joining One William Street
at its inception in 2008, Dolan was Managing Director andController of Lehman Brothers’ Investment Management
Division, responsible for budgeting, ﬁnancial reporting andaccounting, including the private client, asset management,
and private equity businesses. Earlier in her career, she held
various ﬁnancial management roles within the capital markets
division. Prior to Lehman Brothers, she worked as a manager in
Arthur Andersen’s audit practice working with banking, hedge
fund and mutual fund clients. She has a BA in Accounting from
Siena College. One William Street Capital Management is analternative investment ﬁrm with a focus on asset-based credit
that manages approximately $5bn.

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50 LEADING WOMEN IN HEDGE FUNDS 2020

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50 LEADING WOMEN IN HEDGE FUNDS 2020

Rui Dong

Bronwyn Eckhardt

Kimberly Evans

Ann C. Gallo

Senior Vice President and Trader, Discretionary Energy
The D. E. Shaw GroupNew York

Managing Director and Chief Compliance Ofﬁcer – US
Tudor Investment Corporation
Stamford, Connecticut

Head of Private Capital Fund Services, North America
Northern Trust
ChicagoSenior Managing Director, Partner and Global Industry Analyst
Wellington Management
BostonRui Dong joined the D. E. Shaw Group in 2005, where she isa senior member of the Discretionary Energy team, whichprimarily trades crude oil, natural gas, reﬁned products andpower markets. Dong is involved in trading both directionaland relative-value opportunities, including calendar and crosscommodity spreads. Additionally, she leads research initiatives
both within the energy team and as part of collaborativeﬁrm-wide projects, working to stay on top of shifts in energy
market dynamics both tied to macro considerations, such as
geopolitical and policy factors, and based on the ﬁrm’s bottomup research and analysis. Recent energy-related themes haveincluded increased interconnectivity of US and global natural
gas markets, US shale production dynamics, international fuelimport/export patterns, and post Covid-19 mobility patterns.
She also mentors new hires and is active in the ﬁrm’s DESCO
Women afﬁnity group, whose activities include lunch-and-learn
conversations, after-hours social events, and hosting prominent
speakers. She has a BA in Computer Science and Economics
from Harvard University.

As Chief Compliance Ofﬁcer, Bronwyn Eckhardt is responsible
for Tudor’s regulatory and compliance oversight in the US.
She has been essential in the development and reﬁnement of
the ﬁrm’s internal controls to effectively identify and manage
regulatory risk, and maintains strong relationships with thevarious agencies with which Tudor is registered, including
the US Securities and Exchange Commission, US Commodity
Futures Trading Commission and US National Futures
Association. She joined Tudor in May 2010 and is a memberof the ﬁrm’s Management & Control Committee, Brokerage
Committee and Conﬂicts Committee. Prior to joining Tudor,
she was Deputy Chief Compliance Ofﬁcer at MillenniumManagement LLC, Director of Compliance and Compliance
Specialist at Citigroup (formerly Lava Trading Inc.), Assistant
Director of Compliance at C.E. Unterberg, Towbin, and Regional
Compliance Analyst and Investor Service Representative at
Donaldson, Luꢀin & Jenrette. She holds a BA in Finance from
Villanova University and an MBA from New York University.
She is a member of 100 Women in Finance. Tudor Investment
Corporation is an alternative investment ﬁrm founded by Paul
Tudor Jones in 1980 and is active in global ﬁxed income, equity,
currency and commodity markets.

Kimberly Evans is responsible for strategy development andexecution, client relationships, technology and managementof teams providing fund administration across private
capital strategies: private equity, venture capital, real estate,
infrastructure, private credit, fund of funds and secondaries,
where assets under administration have grown by 82 percent
since her appointment in 2018. Previously at Northern Trust,
she led the pension and treasury business for government,
sovereign wealth and Taft-Hartley fund segments in theAmericas, where assets under custody grew by 51 percent, tomore than $880bn, under her leadership. She currently serves
as the President of the Women in Leadership Business Resource
Council at Northern Trust whose mission is to engage andempower women in the workplace. Prior to Northern Trust,Evans worked at major ﬁnancial institutions and was COO of a
privately-held company where she led a successful turnaround.
Evans graduated from the University of Illinois at UrbanaChampaign with a BSc in Psychology. She was named a Chicago
United 2019 Business Leader of Color and was also recognized
as a Leader in Philanthropy by the University of Chicago. She
serves on the board of the Chicago Public Education Fund.

Ann Gallo is a global industry analyst and the investment
team leader on Wellington Management's Health Care Team,
specializing in the health care services and medical technology
industries. She manages two global health care hedge funds
and several global health care sector portfolios. She also comanages a multisector private company investment fund. In herrole as a global industry analyst, Gallo conducts fundamental
research on public and private companies and makes buy/sell
recommendations to portfolio managers based on her ﬁndings.
As team leader, she is focused on overall investment leadershipfor the ﬁrm, as well as talent and business management. She isa member of the ﬁrm’s Private Equity Oversight Committee, as
well as the ﬁrm’s Hedge Fund Review Group Committee. Prior
to joining Wellington Management in 1998, Gallo was a seniorhealth care analyst with BT Alex. Brown. Earlier, she worked at
Piper Jaffray in Minneapolis, ﬁrst as an investment banker andsubsequently as a health care research analyst. Previously, she
was a ﬁnancial analyst with Citibank N.A. and an accountant
with Coopers & Lybrand. She received her MS in Financeand Applied Economics from the Massachusetts Institute ofTechnology and her BS in Accounting from Boston College.

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50 LEADING WOMEN IN HEDGE FUNDS 2020

Mala Gaonkar
Managing Director, Portfolio Manager andMember of the Management Committee
Lone Pine Capital
LondonAngela Samﬁlippo
GorderManaging Partner and Global Head of Business Development
Argentem Creek Partners
Minneapolis
Angela Samﬁlippo Gorder co-founded Argentem
Creek in 2015. She is responsible for strategic decision
making, business risk assessment and management of
the ﬁrm, which invests in emerging market corporate
debt strategies in closed end fund vehicles. She serves
on several ﬁrm committees including the Management
Committee, Operating Committee, Risk Management
Committee and the Compliance Committee. Her
business development remit encompasses capitalraising, client service, branding and marketing. Prior
to joining Argentem Creek, Gorder worked at US
small cap loans fund, O’Brien-Staley Partners as aManaging Director helping the ﬁrm launch its ﬁrst fund.
Previously, as Pine River’s ﬁrst marketer and investment
relations professional, she helped the ﬁrm build up its
infrastructure and grow assets from circa $1bn to circa$10bn. Before Pine River, she was on the prime brokerage
capital introductions team at Banc of America Securities
in Chicago. She belongs to the Minnesota chapter of
100 Women in Finance, and sits on the Investment
Committee for the Northwest Area Foundation, which
focuses on alleviating poverty in indigenous ruralcommunities. She graduated from Michigan State
University with a BA in Accounting and an MBA in
Finance and Taxation.

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50 LEADING WOMEN IN HEDGE FUNDS 2020

Mala Gaonkar joined Lone Pine Capital in 1998 and currently
serves as Managing Director and one of three portfolio
managers. In this role, she plays an integral part in making
investment decisions and managing Lone Pine’s portfolio,
focusing her analytical work on media, tech, telecom andemerging markets ﬁnancials. She also co-leads an 11-member
team of analysts with which she works closely on various
investment ideas. She is a member of Lone Pine’s Management
Committee, which oversees the ﬁrm’s strategy, and its ESG,
Brokerage and Valuation Committees. Before joining Lone Pine,
Gaonkar served as a Consultant for Boston Consulting Group,
as well as a Telecom and Media Private Equity Analyst at Chase
Capital Partners. She co-founded the Surgo Foundation, a datadriven non-proﬁt led by female scientists, and is a trustee of the
Clinton Health Access Initiative (CHAI), a founding trustee of
Ariadne Labs and The Queen Elizabeth Prize for Engineering,
and a member of Harvard’s Global Advisory Council. She
graduated from Harvard and Radcliffe Colleges and received
her MBA from Harvard Business School. Founded in 1997 by
Stephen Mandel Jr., Lone Pine Capital is a private investment
adviser headquartered in Greenwich, Connecticut that employs
long/short and long only strategies.

Kelly Granat
Managing Director, Portfolio Manager andMember of the Management Committee
Lone Pine CapitalGreenwich, Connecticut

Kelly Granat joined Lone Pine Capital in 2007 andcurrently serves as Managing Director and one of threeportfolio managers at the ﬁrm. In this role, which she
has held since 2015, she plays an integral role in making
investment decisions and managing Lone Pine’s portfolio,
focusing her analytical work on the consumer space.
She also co-leads an 11-member team of analysts withwhich she works closely on various investment ideas.
She is a member of Lone Pine’s Management Committee,
which oversees the ﬁrm’s strategy and guides its various
business priorities, as well as a member of the ESG,
Brokerage and Valuation Committees. Prior to joining
Lone Pine, Granat served as an Analyst at J.P. Morgan
Securities, a Financial Analyst at Gilbert Global Equity
Partners, L.P., a Vice President at Chilton Investment
Company and a Senior Analyst at Angelo, Gordon & Co.
She graduated from Harvard and Radcliffe Colleges in1996 and received her MBA from Harvard Business Schoolin 2002. Founded in 1997 by Stephen Mandel Jr., Lone Pine
Capital is a private investment adviser headquartered inGreenwich, Connecticut that employs long/short and long
only strategies.

Claire Holdsworth
General Counsel
Odey Asset Management
LondonClaire Holdsworth joined Odey as General Counsel
in 2004. She reports to Odey’s Chief Executive
Ofﬁcer, Tim Pearey, and works closely with the
ﬁrm’s Chief Compliance Ofﬁcer, Jack Satt, andChief Operating Ofﬁcer, Tom Richards. As well
as overseeing legal matters at Odey, she acts as
Company Secretary for group companies in the
UK, Channel Islands and Switzerland. She provides
legal support to Odey’s Cayman hedge funds, Irish
and UK UCITS, Irish QAIF and segregated accounts
and to Odey Wealth, the ﬁrm’s UK and Channel
Islands private client business. She previously
worked as a securities and derivatives lawyer at
Credit Lyonnais. She trained as a corporate lawyer
at Hogan Lovells, where she did secondments to
Barclays and John Lewis. She started studying law,and took her solicitor examinations, whilst serving
as a Captain in the Intelligence Corps of the British
Army in Germany, Sardinia, Northern Ireland
and Bosnia. She has a BA in German from the
University of Wales.

15

50 LEADING WOMEN IN HEDGE FUNDS 2020

16

50 LEADING WOMEN IN HEDGE FUNDS 2020

Kate Holleran

Karin Jans

Alexandra Krystal

Samantha Levenstein

Managing Director and Head of Capital Solutions, Americas
Barclays
New York

Partner and Head of Business Development
Quantica Capital
ZurichDirector of Investor Relations
Beach Point Capital Management
New York

Kate Holleran leads the Barclays Capital Solutions team in theAmericas, which sits within the Prime business and which
offers ﬁnancing, clearing, and execution services for manyof the world’s largest and most sophisticated hedge funds.
The Capital Solutions platform develops relationships withinstitutional investors and hedge fund managers by delivering
industry leading content, targeted capital introduction services
and hosting content rich forums for knowledge transfer anddiscussion on industry issues. Holleran joined Barclays in 2008
from Lehman Brothers’ Capital Introduction team in the US.
She previously worked within the Prime CAO team where shehelped to integrate the ﬁrm’s ﬁxed-income, equity ﬁnancing
and futures clearing business, and managed a service thatoffered turn-key real estate services to hedge fund and asset
management clients. Holleran began her career at Lehman
Brothers Europe within the ﬁnance division in London where
she was a product controller supporting the equity ﬁnancebusiness. She has a degree in Business and Economics fromthe University of Dublin, Trinity College, Ireland. She holds
designations from the Chartered Institute of Management
Accountants (CIMA) and the Chartered Alternative Investment
Analyst (CAIA).

Karin Jans sits on Quantica’s Executive Committee and reports
to the ﬁrm’s CEO, while two other business development
professionals – a senior relationship manager and a seniorproduct specialist – report to her. The team of 15 professionals
manages the Quantica Managed Futures strategy, which hasreceived The Hedge Fund Journal’s UCITS Hedge performance
awards in the trend-following CTA category. The strategy canbe traded with or without commodities since a large European
institutional investor required a version excluding commodities
due to their ESG policy two years ago. Vehicles include a Cayman
fund, two UCITS funds and a number of separately managed
accounts. The team have been running the fully systematic
QMF Program for more than 15 years. Prior to joining Quantica,
Jans was a Senior Relationship Manager with Union Bancaire
Privee (UBP), marketing alternative investments to institutional
clients. Prior to joining UBP, she was a Senior RelationshipManager for a private equity fund of funds that was under the
corporate umbrella of BlackRock Private Equity Partners AG and
Swiss Re Private Equity Partners AG at different times. She has
a BBA in Banking and Finance from the University of Applied
Sciences in Zurich, is a CFA charterholder and holds the Series 3
and 30 Licenses.

Managing Director and Head of US Prime Services Sales and Capital
Introduction
CIBC
New York
Alexandra Krystal joined CIBC in 2017 to co-head the US prime
brokerage business. CIBC continues its global prime brokerage
expansion with a strategic business plan that includes crossasset class offerings for ﬁnancing, clearing, and execution,
as well as synthetic prime brokerage and DMA. Krystal’s
responsibilities include the development and implementationof the ﬁrm’s US prime brokerage initiatives, including oversightof sales, onboarding, and capital introductions. Krystal is also
responsible for managing senior hedge fund relationships,
overseeing the build-out of client-facing strategies and providing
ongoing guidance with respect to market structure and industry
trends. Krystal is involved with community outreach, having
hosted events related to education and women-in-ﬁnance. Prior
to CIBC, Krystal worked in the Hedge Fund Consulting Practice at
EY, where she led the PB Hedge Fund Strategy. Krystal developed
EY’s PB Advisory business, where she and her team worked
along-side prime brokers to perform business assessments
considering metrics across infrastructure, legal entity analysis,
and balance sheet. She also developed an industry-leading
Hedge Fund Treasury Study to substantiate the evolution of
the ﬁnancing role. Previously, she worked in prime brokeragesales at UBS and Barclays. She holds an MBA from New York’s
Columbia University and a BA from Colgate University.

Samantha Levenstein markets for Beach Point CapitalManagement, a $14bn asset management ﬁrm focusing on
credit-related investments and specializing in complex, lessfollowed opportunities, and headquartered in Santa Monica.
The ﬁrm has raised assets across all strategies in 2020: public
and private credit, event driven, securitized, stressed anddistressed. Beach Point has a global investor base with pension
funds making up the largest group and endowments andfoundations the second largest. Levenstein sits in the ﬁrm’s
New York ofﬁce, which has a staff of 12 including investment
and operational professionals. Prior to Beach Point, she worked
at alternative strategies consulting ﬁrm, Aksia LLC, helping
institutional investors build out their hedge fund, private credit
and opportunistic programs, as well as focusing on businessdevelopment. She is a member of the Milken Institute's Young
Leader’s Circle, a Founding Steering Committee Member for the
Women’s Alternative Investment Forum and sits on the Boardfor the non-proﬁt, Chick Mission, which educates patients andprovides need-based grants to cover the cost of egg freezing
for women whose fertility is threatened by cancer. She has a BSfrom the University of Florida’s College of Journalism and a JD
from New York Law School.

17

50 LEADING WOMEN IN HEDGE FUNDS 2020

Cindy Ma

Nicole McLean

Managing Director and Global Head of Portfolio Valuation and Fund
Advisory Services
Houlihan Lokey
New York

Executive Director, Trading
Campbell & Company
Baltimore

Cindy Ma joined Houlihan Lokey in 2007 and the valuation team sheheads is a leading ﬁrm for hard-to-value assets. She has extensive
experience in valuing illiquid securities across capital structures,industries and geographies and in establishing best in class valuation
policies and procedures. She belongs to Houlihan Lokey’s TechnicalStandards Committee; sits on the Financial Instruments Board of
the International Valuation Standards Council, and has worked as aconsulting and testifying expert for the SEC. She also sits on Houlihan
Lokey’s Diversity and Inclusion Council. Prior to joining Houlihan
Lokey, Ma was a partner at EY and directed a number of signiﬁcantlitigation and restructuring projects related to derivatives valuation,
securities trading and risk management. She began her career
trading derivatives and designing risk management products for a
global commodity ﬁrm. She holds a PhD in Finance from Columbia
University, a BS in Accounting from Indiana University, and the CFA
and FRICS designations. A frequent speaker at industry conferences,
she has authored numerous publications including a college textbook
on derivatives and served as an Adjunct Professor at the Columbia
Business School. Ma is a board member of PENCIL, a non-proﬁt thatconnects public school students to success.

Nicole McLean has worked on Campbell & Company’s trading desksince June 2008. She currently oversees the ﬁrm’s listed derivativeand cash equity trading with counterparties globally. McLean works
closely with the Research and Operations teams, to implement
seamless, automated workﬂows as new, more exotic markets areadded to the trading programs. She also chairs Campbell’s Best
Execution Committee, which requires her to coordinate the efforts
of senior members across various departments to continually evolve
Campbell’s trading process and supporting infrastructure to provide
the best results for their clients. Her focus on delivering theseresults includes leading efforts on transaction cost analysis (TCA)
and working directly with bank and third-party vendors in selecting
various trading algorithms. Most recently she tested and on-boarded
a specialized algorithm to better handle Campbell's most challenging
listed derivative markets as well as led an equity algorithm-controlled
study for the quant equities programs. She also has responsibility forthe ongoing upgrading of the ﬁrm’s order and execution management
systems. During Covid-19, McLean has been key in establishing
Campbell’s new work from home environment. She holds a BS in
Business Administration from Villanova University and an MBA from
Loyola University Maryland.

Joy G. Mashaal

Surbhi Mehta

Managing Director
Senvest Management
Los Angeles

Managing Director, Investor Relations and Product Development, Portfolio
Manager Recruiting
Tudor Investment Corporation
Stamford, Connecticut

Joy G. Mashaal (sister of founder Richard Mashaal) has worked at
Senvest Management LLC for 20 years covering the healthcare industry
for Senvest’s ﬂagship strategy as well as its technology strategy. Her
areas of focus include biotech, pharma, medical devices, healthcare
information technology, and diagnostic tools. Senvest’s contrarianinvestment philosophy leads her to seek out-of-favour or “under
the radar” long ideas – like Israeli spinal robotics company, Mazor
Robotics, which has since been acquired by Medtronic. On the shortside, Senvest concentrates on companies with questionable businesspractices or governance issues – like Insys Therapeutics, which was
involved in the illegal marketing of its opioid medication and Akorn
Pharmaceuticals, whose fraudulent activities led Fresenius to renege
on its bid to acquire the company. Mashaal sees Covid triggering
an investment renaissance in vaccine and anti-infective science.
Senvest has crossed over into private investments such as LumiraDx,
a transformational diagnostic company, and diabetes technology
ﬁrm, Bigfoot Biomedical, where Mashaal sits on the board. Mashaal
previously worked as a research analyst focused on biotechnology at
Castle Creek Life Science Partners. She holds a BA in Environmental
Studies and an MA in Conservation Biology, both from the Universityof Pennsylvania.

18

50 LEADING WOMEN IN HEDGE FUNDS 2020

Surbhi Mehta oversees investor relations and product developmentin the US and is responsible for discretionary portfolio manager
recruiting globally for Tudor. Mehta joined Tudor in July 2012 andis focused on the development, launch and marketing of new funds
while also overseeing US client relationships. In the last few years,
she helped launch two new funds, expanded the ﬁrm’s client baseand assisted in shaping Tudor’s portfolio manager line-up. She is amember of Tudor’s Operating Committee, Beneﬁts Committee and isan advisor to the ﬁrm’s afﬁnity group, Tudor UNITE, which works withpersonnel to raise awareness, respond to diversity issues and support
initiatives to address inequalities in our society. Prior to joining Tudor,
she spent eleven years at Goldman Sachs most recently as a Vice
President in the Quantitative Investment Strategies team. She holds a
BA in Economics from St. Xavier’s College, Mumbai University and an
MA in Economics from the University of Virginia. Tudor Investment
Corporation is an alternative investment ﬁrm founded by Paul Tudor
Jones in 1980 and is active in global ﬁxed income, equity, currency andcommodity markets.

19

50 LEADING WOMEN IN HEDGE FUNDS 2020

20

50 LEADING WOMEN IN HEDGE FUNDS 2020

Fiona Mulligan

Sara Nainzadeh

Katrina Paglia

Rania Papageorgiou

Global Product and Client Solutions Manager, Hedge Fund Services
BNP Paribas Securities Services
IrelandFundamental Equity Portfolio Manager
Millennium Management
New York

General Counsel and Chief Compliance Ofﬁcer
Capstone Investment Advisors
New York

Economist, Fixed Income and Macro
CitadelNew York

Fiona Mulligan plays a pivotal role in shaping the Hedge Fund
Services product offering globally at BNP Paribas Securities
Services, driving key product innovations, such as the digitalclient and investor portal, that are in line with the evolving
needs of hedge fund clients. She also supports the development
and execution of the go-to-market strategy for the business,working across functions to identify and leverage synergies
with wider bank solutions. Prior to joining Credit Suisse Prime
Fund Services (which was acquired by BNP Paribas), she was
Head of Investor Relations for GLG (now Man Group) where she
was responsible for service provider selection and oversight,
distribution management, sales and marketing support. Thisclient contact has given her a deep understanding of operational
nuances faced by hedge funds and how they can streamline
organisations and reduce costs through outsourcing. With
20 years of experience in the hedge fund industry, she has awealth of experience spanning operations, risk, compliance,
distribution services, sales and marketing support, client
relationship management, project management and digital
innovation. She has a BA in International Business from Ulster
University. She is a member of 100 Women in Finance.

Sara Nainzadeh manages a global portfolio with a team ofﬁve senior analysts covering the consumer discretionary,
TMT, utilities, industrials and energy sectors. She re-joined
Millennium in 2020 after spinning out to launch Centenus
with Millennium’s support in 2017. Nainzadeh was previously
a portfolio manager at Millennium between 2007 and 2017,
managing a global energy, utilities and industrials portfolio.
Prior to her role as a portfolio manager, she worked as ananalyst covering utilities and energy at Millennium from 2004
to 2007. She started her career at Merrill Lynch in the Equity
Research Department covering natural gas pipelines andelectric and gas utilities. Nainzadeh currently sponsors anannual scholarship for underprivileged individuals studying
arts subjects at the University of Rochester. She is also an active
participant in New York’s Persian community and serves as amember of the NoRuz on the Metropolitan Museum Committee.
Nainzadeh has a BA in English from the University of Rochester.

Katrina Paglia joined Capstone in 2019 as General Counsel andChief Compliance Ofﬁcer, where she is responsible for legal,
regulatory and compliance functions and is a member of theManagement, Investment, Conﬂicts and Valuation Committees.
Since joining, Paglia has expanded her growing team to a
global presence, with its current six lawyers and compliancestaff across Capstone’s ofﬁces, managing regulatory oversightin the US, UK, Canada and Australia. She instills in her teaman innovative and collaborative culture with respect to legal
and compliance strategy, such as deploying cutting-edge
technology to automate various workﬂows. As a champion ofa positive work environment, Paglia is a member of Capstone’s
Diversity & Inclusion group and recently launched the Capstone
Women’s Network with various initiatives to support the careerdevelopment of women at Capstone. Prior to Capstone, Paglia
was General Counsel, Corporate and Governance, and Corporate
Secretary at Och-Ziff Capital Management (now Sculptor
Capital Management). She began her career at Venable LLP,
was later Compliance Manager at American Express, and Legaland Compliance Counsel at M.D. Sass. Paglia earned her BA in
Criminal Justice from the University of Maryland and JD with a
Certiﬁcate in Business Law from Brooklyn Law School.

Rania Papageorgiou is an economist within Citadel’s Fixed
Income and Macro business, where her work powers US
growth and inﬂation forecasting models used across multiple
investment teams. Her research has centred on near- andmedium-term inﬂation dynamics in developed economies, witha particular focus on the US. She also specializes in commodity
driven small open economies (namely Canada, Australia, and
New Zealand), forecasting growth, inﬂation and labour market
dynamics to inform the ﬁrm’s expectations for ﬁscal andmonetary policy. Before joining Citadel in 2015, Papageorgiou
worked as a researcher within the Western Hemisphere
Department at the International Monetary Fund (IMF), having
worked in the Strategy, Policy and Review Department before
that. Prior to the IMF, she spent a summer as a graduate student
at the Bank of Canada in the Financial Markets Department. She
holds a BA and BSc in Economics and Biomedical Science from
McGill University and an MA in International Economics fromJohns Hopkins University SAIS.

21

50 LEADING WOMEN IN HEDGE FUNDS 2020

22

50 LEADING WOMEN IN HEDGE FUNDS 2020

Danielle Pizzo

Gloria Radeff

Head of Investment Business Strategy
Schonfeld Strategic Advisors
New York

Founding Member, Partner and Chief Administrative Ofﬁcer
LibreMax Capital
New York

Danielle Pizzo is responsible for developing and executing Schonfeld’svision and is a key contributor to all ﬁrm investment decisions. She
sits on the three-person Capital Allocation Committee, alongside
CIO Ryan Tolkin and President Andrew Fishman; the 16-person
Management Committee; on executive committees of Schonfeld’s
Asian and European businesses; and is an extension of Schonfeld’s
Executive Committee. In addition to maintaining portfolio manager
relationships across the ﬁrm, she oversees strategy and personnel
across Fundamental Equity business development, marketing andinvestor relations, recruiting and communications. In 2020, Schonfeld,
which runs $6bn of external capital in addition to Schonfeld family
assets, has hired sector specialists in consumer, TMT, and utilities
within its Fundamental Equity strategy, and portfolio managers
trading quant equity, stat arb, quant macro, and discretionary/systematic event strategies. Pizzo is a key person dedicated to thedevelopment of the ﬁrm’s Diversity, Equity & Inclusion Alliance,
which includes various sub-communities. She also sits on Schonfeld’s
Philanthropy Committee. She was previously Chief of Staff to the CIO
and began her career at Schonfeld on the business development team.
Prior to Schonfeld, she was a Research Associate at K2 advisers. She
received a BA in Economics and Psychology from Bucknell University.

Since LibreMax launched in 2010 Gloria Radeff has been responsiblefor implementing and managing policies and procedures for the ﬁrm’s
operations, ﬁnance/accounting, technology and human resource
departments. She is also a member of the ﬁrm’s ESG, Risk andValuation committees. Radeff works directly on the ﬁrm’s businessdevelopment opportunities, including the minority investment
from Neuberger Berman Group’s Dyal Capital Partners in 2018, andthe acquisition of Trimaran Advisors, with $3bn in assets undermanagement, in 2019. Radeff helps oversee the ﬁrm’s approach toenvironmental, social and corporate governance-related investing on
behalf of its funds, aligning with UNPRI standards, and emphasising
ESG engagement with issuers and relevant stakeholders. Her
technology initiatives have introduced cybersecurity developments,
cloud computing and risk analytics enhancements to the ﬁrm. In 2020,
Radeff actioned the ﬁrm’s business continuity plan, remote work,and return to ofﬁce initiatives in response to New York’s Covid-19
shutdowns. Prior to LibreMax, Radeff was a primary investor focusedon equities at Diamondback Capital and Rhombus Capital, and prior
to that was a sell-side equity analyst focused on the technology, media
and telecoms sectors. She holds a BA from Duke University.

Miriam Porat

Alina Rakhamimov

Head of Risk
Brevan Howard
LondonTechnical Lead – Algorithm Development
Quantitative Brokers
New York

Miriam Porat has been Head of Risk since May 2012, and a memberof the Brevan Howard Asset Management (BHAM) Board of Partners
since August 2013. She sits on the Operational and Business Risk
Committees and Chairs the BHAM Valuation Committee. Porat
focuses mainly on market risk and liquidity risk which are managed
both quantitatively and qualitatively. She also works in conjunction
with the ﬁrm’s compliance department to monitor counterparty risk.
As part of the assessment of market risk, Porat is closely involved in
the regular updating of the ﬁrm’s historical and hypothetical stresstest scenarios that serve to help with the identiﬁcation of tail risks
within the portfolios. In 2020, amid strong performance across all
the Brevan Howard funds, the business continuity plan worked verysmoothly while staff were working from home and the managementof liquidity and market risk has continued seamlessly. Prior to joining
Brevan Howard, initially in the Tel Aviv ofﬁce, Porat was Market Risk
Analyst at Bank Leumi le-Israel and previously at Luboshitz-Kasierer,
the Israeli branch of Arthur Anderson. She has a BA in Accounting andEconomics and an MBA in Finance, Banking and Accounting from the
Hebrew University, Jerusalem.

Quantitative Brokers (QB) is an agency broker and FinTech providing
broker-neutral algorithmic execution and transaction cost analysis(TCA) in ﬁxed income and futures markets. Alina Rakhamimov joined
QB in 2019 and has led multiple initiatives such as new algorithm
development, including Striker, QB’s ﬁrst algorithm for options
on futures; enhancing trading functionality, and customized client
workﬂow solutions. She works closely with multiple teams within
Technology, Research, and Product – to build new and enhanceexisting algorithmic strategies. The goals are to reduce trading costs
and manage execution risk through strategically designed low latency
and scalable execution strategies based on quantitative research.
Prior to QB, Rakhamimov worked as a quantitative developer at two
quantitative hedge funds – statistical arbitrage managers, Thales FundManagement, and QRT Fund – where she focused on designing highand low-frequency trading and market-making strategies in equities
and derivatives instruments. She also has prior experience in FinTech
as a quantitative strategist at Kanerai, a ﬁnancial analytics ﬁrm, where
she developed investment analytics and data solutions for structured
ﬁnance. She has a BS in Mathematics and Computer Sciences from Tel
Aviv University and an MS in Mathematics of Finance from New York
University.

23

50 LEADING WOMEN IN HEDGE FUNDS 2020

50 LEADING WOMEN IN HEDGE FUNDS 2020

Robyn Shepherd
Head of Corporate Engagement
Bridgewater Associates
Westport, Connecticut
Reporting to the CEO, Robyn Shepherd oversees theﬁrm’s public affairs, communications and branding
functions, as well as the company’s initiatives forsustainability, diversity and inclusion, and community.
Since joining the ﬁrm in 2004, she has held key
investment, client facing, and management roles andhas helped the ﬁrm transition from a founder-led
boutique to an institution led by the next generation.
After serving as Head of Client Analytics, she worked
alongside CEO David McCormick as his Chief of Staff,
partnering with him on the ﬁrm’s strategic initiatives,company culture agenda, business oversight, andgovernance. In that role, she built Bridgewater’scommunications function, created its Alumni Network,
and was a founding member of the ﬁrm’s Diversity
and Inclusion Council. Today, she oversees the teams
responsible for running and evolving those initiatives inline with the ﬁrm’s strategic priorities. Shepherd is also
the Co-Founder and Senior Sponsor of Bridgewater’s
Women’s Inﬂuence Network, one of its employee afﬁnity
groups (the others are Bridgewater Black Network,
BPROUD, Hispanic + Latinx Network). Before joining
Bridgewater, she was an analyst at Lime Rock Partners
and an investment analyst at HarbourVest Partners. She
has a BA in Economics from Brown University.

Natasha Sibley
Portfolio Manager
Janus Henderson Investors
London24

Natasha Sibley is Portfolio Manager for two of the six
strategies within Janus Henderson’s $11.6bn Diversiﬁed
Alternatives business: convertible bond arbitrage andrisk transfer. The risk transfer strategy also forms thebasis of the €220m AlphaGen Castor strategy, which
Sibley co-manages with David Elms, Head of Diversiﬁed
Alternatives, to whom she reports. The risk transfer
strategy uses derivatives to trade risks, such as dividend
futures, equity repo, volatility, variance, correlation anddispersion that banks can ﬁnd difﬁcult to warehousefor regulatory reasons. Sibley is of the opinion thatstructured products can also give rise to inefﬁciencies
in these markets. In June a UCITS version of the multistrategy product, Janus Henderson Global Multi-Strategy
Fund, was launched, running pari passu with the Cayman
vehicle. The UCITS can also be accessed via an Australianmanaged investment scheme structure. Sibley joined
Henderson in 2009 on its graduate training scheme,
became a portfolio manager in 2013 and was named
Portfolio Manager of Castor in 2017. She sits on the ﬁrm’s
Gender Diversity committee. She has a BA and Master’s
degrees in Mathematics from Oxford University. She is a
CFA charterholder.

Shalini Sriram

Dr Silvia Stanescu

Managing Director and Head of Structured Credit
Third Point
New York

Scientist
GAM Systematic Cambridge
Cambridge, UK

Shalini Sriram leads structured credit investments for Third
Point, which she joined in 2017. Reporting to founder, CEO andCIO Dan Loeb, she is responsible for all investments within thestrategy in Third Point’s main funds and in a newly launched
Structured Credit Opportunities Fund, which has raised $680m
since May 2020. Third Point has been a leading investor instructured credit since 2007, and since Sriram assumed herrole, the ﬁrm has invested in increasingly diversiﬁed asset
types including residential, commercial and consumer credit
securitizations. During the March market dislocation, Third
Point demonstrated its opportunistic approach by doubling
exposure to structured credit in a matter of weeks andlaunching a dedicated fund to capitalize on new opportunities.
Sriram draws on Third Point’s broad investment focus acrossequities, corporate and structured credit, venture capital andboard presence for consumer loan originators to augment her
research process and investment framework. She has spent her
18-year career in structured credit, with 10 years on the sell-sideat Bank of America and Morgan Stanley. Sriram received a BA
in Economics with Honors from Wellesley College and an MBAfrom Columbia University.

Dr Silvia Stanescu joined GAM Systematic Cambridge in 2018.
She specialises in systematic options trading, while also
developing new futures macro strategies as well as enhancing
the ﬁrm’s existing quantitative strategies and contributing to
the development of the solutions business. She also serves on
the Governance Board of the CCIMI, an institute specialisedin the mathematics of information housed by the Departmentof Mathematics at the University of Cambridge. Before joining
GAM Systematic Cambridge, Stanescu worked for the Equity
Derivatives Strategy team at Deutsche Bank in London, where
she authored papers on volatility risk premia and dispersion
trading and marketed the team’s research to the wide varietyof Deutsche Bank’s client base, including pension funds, asset
managers and hedge funds. Stanescu began her career inacademia at Kent Business School and her research on areas
such as risk forecasting and option pricing was published in
top academic and practitioner journals in ﬁnance, including
the Journal of Portfolio Management, European Journal ofOperational Research, International Journal of Forecasting
and The Hedge Fund Journal. She holds an MSc and a PhD in
Finance from the ICMA Centre at the University of Reading, a
BSc in Business Economics from the University of Reading anda BSc in Banking and Finance from the Bucharest Academy of
Economic Studies.

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50 LEADING WOMEN IN HEDGE FUNDS 2020

Galia Velimukhametova

Anna Johnson Vella

Kelly Wang

Jenny Wood

Senior Investment Manager
Pictet Asset Management
LondonGlobal Head of Consultant Relations, Capital Development andInvestor Relations
Millennium Management
New York

Head of APAC FICC Sales and Relationship Management
Citadel Securities
Hong Kong

Global Head of Marketing and Investor Relations
Third Point
New York

Based in Hong Kong, Kelly Wang is spearheading the growthof Citadel Securities’ client base across the Asia-Paciﬁc region
as the market making ﬁrm continues to expand its global
leadership in US Treasuries and interest rate swaps. Sincejoining the ﬁrm in 2019, Wang has helped Citadel Securities
develop new relationships with some of the region’s largest
hedge funds, asset managers and regional banks, driving an
increase in the ﬁrm’s trading volumes with APAC clients. She
has over a decade of sales experience and was Head of Greater
China Investor FX Sales at Citibank prior to joining Citadel
Securities. Before Citibank, she was a Director of Global Macro
Sales at Barclays Capital in Singapore. She began her career on
the Global Leveraged Institutional Sales team at JP Morgan.
Wang has an MBA from the University of Pennsylvania’s
Wharton School of Business and a bachelor’s degree from
National Taiwan University.

Jenny Wood, who joined Third Point in 2019, was attracted
by its track record of event driven and activist investing. She
reports to founder, CEO and CIO Dan Loeb, and leads a team ofeight who have in 2020 raised $500m for an SPV investing inPrudential, and $630m for a structured credit fund. She is also
seeking to raise awareness of Third Point’s LSE listed closed end
fund, which trades at a discount to NAV, and its reinsurance
vehicle, which recently merged with Sirius. Prior to joining
Third Point, Wood was Chief Strategy Ofﬁcer and Director ofMarketing and Investor Relations at Senator Investment Group,
another event-driven hedge fund, where she was responsible forbusiness development, marketing and investor relations, as well
as strategic planning. Prior to joining Senator, she was Head of
US Marketing at Cantillon Capital Management, a long/shortequity ﬁrm. Prior to Cantillon, she worked in various M&A roles
for ﬁrms such as IAC, Razorﬁsh and Credit Suisse First Boston.
She started her career as a commodity ﬁnance analyst at Brown
Brothers Harriman. She holds a BA in History from DartmouthCollege. She serves on the Executive Committee of the Board of
Directors for the Atlantic Council, a non-partisan international
policy organization that seeks to galvanize US leadership andengagement to collaborate with allies and partners to shapesolutions to global challenges.

Galia Velimukhametova manages the Pictet Alt-Distressed
and Special Situations strategy, a long/short credit strategy
focused on stressed and distressed corporates mainly in Europe.
It trades a concentrated book of relatively liquid long andshort positions across the capital structure including bonds,
convertibles, loans, CDS and equities. The strategy employs deep
fundamental research and can sometimes take an active stancein restructurings. In 2020, Velimukhametova expects that postCovid downgrades and defaults will lead to a growing supply of
distressed debt and restructuring opportunities, adding to thevolume of “zombie companies” and over-leveraged structuresthat existed before the Covid crisis. She leads a team of four; allfour and Velimukhametova previously worked together at Man
GLG, where Velimukhametova managed a European distressedstrategy that generated double digit annualized returns between
August 2009 and August 2018. Velimukhametova was previously
an MD, Partner and member of the investment committee at
King Street (Europe) LLP and a debt, credit and capital structure
arbitrage trader at JP Morgan. The strategy runs €310m as of
September 2020. She has an MBA from Washington University
and a degree in Economics from Moscow State University.

26

50 LEADING WOMEN IN HEDGE FUNDS 2020

Anna Johnson Vella was one of the ﬁrst members ofMillennium’s Capital Development and Investor Relations team,which has helped grow the ﬁrm’s assets from around $7bn
to over $46bn. These assets have come from an increasingly
diverse and global investor base, and include pension funds,
endowments and institutions, many of which are advised byinvestment consultants in the US, Europe and Asia. Her current
responsibilities include oversight of the ﬁrm’s relationships
with these consultants. Vella joined Millennium in 2010 tooversee client services and investor relations. Her role has
evolved over the years to include the capital development
strategy for the launch of WorldQuant Millennium Advisors,a joint venture between Millennium and WorldQuant. Prior toMillennium, Vella was a Director on the Hedge Fund Researchteam at Union Bancaire Privée; before that she was Vice
President of Investor Relations at Galleon Group. She began her
career at Watson Wyatt Worldwide (now Towers Watson) as a
strategy consultant. Vella graduated with a degree in Business
Administration from Boston University.

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50 LEADING WOMEN IN HEDGE FUNDS 2020

28

50 LEADING WOMEN IN HEDGE FUNDS 2020

Max XuMelody Yang

Portfolio Manager
Aspect Capital
LondonPartnerSimmons & Simmons
Beijing

Max Xu joined Aspect in 2008 and has risen from researcher
to senior researcher to principal researcher. She is now
Portfolio Manager for Aspect’s alternative risk premia
product, the Aspect Absolute Return Programme; the Aspect
China Programme and the Aspect China Absolute Return
Programme. She has led research and development for the
Aspect China onshore programmes, including selecting
liquid futures for the portfolio, and back-testing Aspect’s
established trading strategies in Chinese futures. She has
also worked closely with Aspect’s China onshore partner tolaunch the live-trading fund and help with its distribution.
For the Aspect Absolute Return Programme, she deﬁnes theresearch agenda, closely monitors industry trends, and works
with the distribution team to update clients on research andperformance. Her general research responsibilities haveincluded statistical analysis of market data to generate alphasignals, portfolio construction, and risk management. Before
joining Aspect, she was a Forex quantitative analyst at BNPParibas. Xu holds an MSc in Financial Mathematics from CassBusiness School and a BSc in Biological Science from Beijing
University. She is a CFA charterholder.

Melody Yang is a funds and corporate lawyer based in Simmons& Simmons Beijing ofﬁce. She has advised multiple leading
global asset management groups, hedge fund managers
in particular, in connection with their China market entry
strategies through PFM regime, QDLP, QFLP, QDII, RQFII/QFII, and various connect programs. Since China’s private fundsector fully opened to foreign participants in 2016, she has
advised the ﬁrst ever hedge fund launched in China managed
by a foreign controlled entity for Man Group and subsequently
advised multiple international hedge fund managers withrespect to their fund launches, corporate restructuring andregulatory issues in China (including those largest hedge fundmanagers headquartered in the US and UK). She is qualiﬁed in
the PRC, New York and England and Wales. She currently acts
as an advisor to the International Partners Committee of theAsset Management Association of China (AMAC), China’s defacto private fund regulator. She is also one of the co-authors of
the ofﬁcial textbook used for the national qualiﬁcation exams
for China’s private fund professionals. She also authors the
China chapter of The Law of Hedge Funds: A Global Perspective(Second Edition) published by LexisNexis.

Joy YangNina Zhao

Chief Asia Economist
Point72
Singapore

Systematic Portfolio Manager
Balyasny Asset Management
LondonJoy Yang joined Point72 in April 2017 and covers the company's
macro and market research in the region with a regular focus
on China, Japan, and Korea and a more opportunistic focus
on smaller economies such as Taiwan. She works closelywith Point72’s Chief Economist, Dean Maki, as well as fellow
economist David Seif, to provide timely economic analysis
to the analysts and portfolio managers at the ﬁrm. As partof Point72’s support for the Asian University for Womenin Bangladesh, Yang recruits one intern student each year,
from countries including Vietnam and Cambodia. Before
joining Point72 she was the Chief Asia Economist at Brevan
Howard and Chief Economist for Greater China at Mirae Asset
Securities in Hong Kong. Prior to that, she was an economist
working at the International Monetary Fund (IMF) from2007 to 2011, where she participated in the IMF loan programfor Ukraine during the ﬁnancial crisis. Yang has a PhD(specialized in trade policy) from the University of California,
Los Angeles, and a degree in Economics and Finance from the
University of Hong Kong. She also studied law for one year
at the Law School at Fudan University. She is originally from
Shanghai, China.

Nina Zhao, who reports to BAM’s Head of Equities, Jeffrey
Runnfeldt, joined BAM in January 2018 to launch an equity
index arbitrage, rebalancing and event driven strategy that ispart of a multi-strategy fund. The index strategy trades indicesand their constituents in the US, Europe and Asia, combininga systematic, data-driven approach and some dialogue andcollaboration with BAM’s discretionary teams. It can trade
events such as mergers, spin offs, rights issues, tender offers,
buy backs, and anticipated index composition changes. Zhao
is active in BAM’s Women’s Group, which hosts internaland external speakers. She also mentors women and otherquants inside and outside the ﬁrm and is involved in campus
recruiting to attract more female STEM talent into ﬁnancecareers. All of this is part of BAM’s general diversity drive,
which includes its Diversity Council. Zhao was previously the
Head of European Program Trading at Goldman Sachs since2013, having begun her career with Goldman Sachs in 2008 as
a Program Trading Strategist in the ﬁrm’s London ofﬁce. She
has a BSc in Physics from Imperial College London.

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