LEADING WOMEN IN
HEDGE FUNDS 2015
I N A S S O C I AT I O N W I T H

50LEADING WOMENIN HEDGE FUNDSThe Hedge Fund Journal’s
50 Leading Women inHedge Funds 2015 survey,
generously sponsored by
EY, is now in its fourth,biannual incarnation, withthe previous surveys having
been done in 2009, 2011
and 2013. 45 of the names in this survey havenot featured in the previous three. Some former
surveys have emphasised the roles of womenin senior managerial, executive, operational,marketing and service provider roles – andthey are present here too. But this time we aremajoring on investment managers, with 16(32%) of the women in this survey being portfolio
managers – and another 16 being allocators tohedge funds, accounting for 64% of the survey.
If alpha generation is the lifeblood of the hedge
fund industry, portfolio managers and allocators
should be front and centre.
Many portfolio manager nominations weredrawn from the largest managers that populate
The Hedge Fund Journal’s US 50 and Europe 50
listings, but there are also smaller managers andeven some start-ups here. The spread of strategies
is broad: global macro, systematic trading, CTAs,
managed futures, discretionary commodities,
equity long/short, credit, distressed, emerging
markets, equity market neutral, event driven
and activism are all represented. The activist
world may be characterised as a macho one, but
we have located at least two women who havespearheaded activist campaigns and tenaciously
secured shareholder value: Lauren Taylor Wolfe
of Blue Harbour and Frederique Helfer of Cevian.
As well as shareholder activism, one sign ofwomen’s growing confidence is that manycontinue to break away from larger groups andlaunch their own firms. For instance, Leda Braga’s
Systematica this year spun out of Bluecrest;
Monica Hsiao has flown the CQS nest to set up
Triada; and Genevieve Kahr has left Jericho tostart Ailanthus.
The assertion that funds or hedge funds run by
women perform better than those run by men

is made by a number of books and studies.
However, such studies typically compare
between 70 and 200 female fund managers withmany thousands of male ones, leading someobservers to question whether the results areconclusive. In any case, very few allocators focus
exclusively on women-managed funds; evensome US mandates to allocate to WMBE (Womenand Minority-owned Business Enterprises) will
include firms run by certain ethnic minority
groups and the disabled, as well as by women.
So we think that women fund managers are
earning allocations on their own merits and are
performing well in a variety of vehicles, ranging
from traditional offshore regulated funds such as
Cayman vehicles, to onshore regulated structures
including UCITS and ’40 Act mutual funds, aswell as customised managed accounts, insurancecompanies, pension funds, endowments andfoundations.
One essential entry ticket for the hedge fundindustry now seems to be higher education,and some of this survey’s fifty have as many asfour or more degrees, while others began theircareers in academia. But not all of the womenin this survey have attended the most expensive
universities, such as Ivy League colleges in theUS. Some have attended much lower-cost andpublicly funded universities outside the US, incountries including Ireland, Russia, Indonesia,
the Netherlands and Norway. This shows how thehedge fund industry is a meritocratic one, whereindividuals from diverse educational backgrounds
can prove themselves on the job; most of the 50
Women finished academic study after receiving
their Bachelor’s degree. But professional study
undertaken after university can also be a popularchoice. The MBA or Masters in Finance is still
the most widely held postgraduate qualification,with doctorates, legal, accountancy or actuarial
qualifications also held by some women. At leastsix (12%) are CFA Charterholders and three (6%)
are CAIA Charterholders.
The new CFA Institute CEO, Paul Smith, argued at
the CFA Annual Conference in Frankfurt in 2015,that the investment industry “needs to hire andpromote more women”. Hedge funds are only
one subset of the investment industry, but wethink our survey (and the many nominations
we received that did not appear this year)
suggest that the hedge fund industry is offeringa springboard of opportunity. Hedge funds thatby their nature have a more entrepreneurial
culture and a flat structure, contrasting withthe hierarchical nature of some corporate
bureaucracies, may be able to offer swifteradvancement.
Both the CFA Institute and the CAIA Association
are amongst many organisations that havevarious initiatives to help women progress in
the investment industry; CAIA has a scholarshipprogramme for women that was taken advantage
of by at least one person in this survey. Somenominees are actively involved in groups suchas 100 Women in Hedge Funds (100 WHF) andHigh Water Women, and there are also manifold
specialist groups including those for womenbusiness lawyers.
We feel compelled to flag up two disclaimers.
Firstly, while a handful of women in our priorsurveys are not currently working in the hedge
fund industry, most of the women in the previous
three surveys continue to have very strong claims
to be in this one. And secondly, the ceiling of 50
names inevitably means that we are constrained
from recognising the many hundreds of verystrong candidates, who could well appear in
future surveys or indeed other articles. We also
recognise that in an industry with over 10,000
funds, and hundreds of service providers, we will
not have received comprehensive nominations
on every woman in a senior role. Nominations
come from our industry network, including
prime brokers, banks, lawyers, accountants,administrators, custodians, fund allocators, tradeassociations, and professional associations.
As industry assets break new records above $3
trillion, thousands of women worldwide arerising up through the ranks of hedge funds andare setting their sights on “C-suite” roles thatnow look more attainable than ever. THFJ

Darcy Bradbury
Managing Director and Director of External Affairs
The D. E. Shaw GroupNew YorkAs their first MD of External Affairs, Darcy Bradbury
handles regulatory affairs and communications
globally for the D.E. Shaw group, one of The Hedge
Fund Journal’s US 50 managers, which manages
more than $36 billion and has offices in the US,
Europe, and Asia. While at D. E. Shaw, she waselected the first woman Chair of the Board, Chair of
the Legislative Committee, and Chair of the Tradingand Markets Committee of the Managed Funds
Association. Before that Bradbury was a Managing
Director at Blackstone, heading up client relations

and marketing for the hedge fund group. Bradbury
served the US Government as Assistant Secretary tothe US Treasury, working under President Clintonand supporting Bob Rubin as Treasury Secretary,
and also served as Deputy Comptroller forFinance for New York City. She holds an MBA fromHarvard Business School and an AB from Harvard
College. She is a member of the Council on Foreign
Relations, The Economic Club of New York, the US
SEC’s Investor Advisory Committee, and the US
CFTC’s Global Markets Advisory Committee.

Adrienne M. Baker
Partner, Dechert LLP, Boston
Betsy L. Battle
Chief Investment Officer, Lone Peak Partners, New York City
Leslie D. Biddle
Partner, Serengeti Asset Management, New York City
Darcy BradburyManaging Director and Director of External Affairs, The D. E. Shaw Group,
New York City
Leda Braga
Chief Executive Officer and Founder, Systematica Investments, Geneva
Stephanie R. Breslow
Partner and Co-Head of SRZ’s Investment Management Group and a memberof the firm’s Executive Committee, Schulte Roth & Zabel LLP, New York City
Anne Casscells
Co-Founder, Co-President, and Chief Investment Officer, Aetos Capital, SanFrancisco
Jo Cunningham
Partner, Maples and Calder, Cayman Islands

Marjorie Hogan
CIO, Managing Member, Founder, Portfolio Manager, Altum Capital, New York
CityMonica Hsiao
CIO and Founder, Triada Capital Management, Hong Kong
Denise Hu
Founding Partner and Chief Investment Officer, Archer Asia – Rockhampton
Management Limited, Hong Kong
Genevieve Kahr
Founder and Managing Partner, Ailanthus Capital, New York City
Kathryn KaminskiDirector, Investment Strategies, Campbell & Company, Inc., Baltimore, Maryland
Polina Kurdyavko
Partner, Senior Portfolio Manager, BlueBay Asset Management LLP, London
Elaine F. Mann
Partner and Chief Operating Officer, The Baupost Group L.L.C., Boston
Roxanne Martino
Partner, Chief Executive Officer, Investment Committee Chairperson, Aurora,Chicago

Dahlia Dana
Managing Director, Tekne Capital, New York CityMichelle McCloskey
Senior Managing Director, Man FRM, New York CityEffie K. Datson
Global Head of AIS Product Management, Senior Managing Director, StateStreet Alternative Investment Solutions, London

Youlia Miteva
Managing Member, Proxima Capital, New York City

Natalie Deak Jaros
Partner, EY, New York City

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

Kelsey L. Deshler
Head of Fundamental Strategies, Research and Portfolio Manager, Credit
SuisseRebekah Pang
Head of Capital Introductions – Asia, Alternative Investment Solutions, Societe
Generale Prime Services, Hong KongAngie DiCarlo
Senior Vice President, Citadel Securities, Chicago
Kerry Duffain
Partner and Head of Distribution, Markham Rae LLP, London
Bev Durston
Founder, Edgehaven Pty Limited, Sydney
Jennifer Fan
Portfolio Manager, Millennium Partners, New York City
Maia Ferrand
Co-Head of External Multi Management, Candriam, Paris
Dawn Fitzpatrick
Global Head and Chief Investment Officer, O’Connor, New York City andChicago
Sonia Gardner
Co-Founder, President, Managing Partner, Avenue Capital Group, New YorkCityAnn Glazier Rothwell
Portfolio Manager and Head of Business Development, RP Investment
Advisors, Toronto
Anne-Marie Godfrey
Partner, Akin Gump Strauss Hauer & Feld LLP, Hong Kong
Dorothee Goerz
Portfolio Manager, AC Aremus Fund, London
Caroline Greer
Managing Director, Commonfund, Connecticut
Akane Hashimoto
Managing Director, Investment and Research, HC Asset Management Co Ltd,Tokyo
Frederike Helfer
Partner, Cevian Capital AG, Zurich

Hope Pascucci
President and Partner, Rose Grove Capital Management LLC, Wellesley,
Massachusetts
Rani PiputriPartner and Senior Portfolio Manager, Saemor Capital, The Hague, The
Netherlands
Maggie Rokkum-Testi
General Manager and Chief Investment Officer, Thalia SA, Lugano, Switzerland
Ania Rontaler
Partner, Simmons & Simmons, London
Sara Sprung
Managing Director, Neuberger Berman, New York City
Lynda Stoelker
Head of Investment Research, Stenham Advisors Plc, London
Maria Tarhanidis
Director of Hedge Fund Strategies, MetLife Investments, New York City
Laura Taylor
Principal, Chief Financial Officer, Nephila Capital, Bermuda
Lauren Taylor Wolfe
Managing Director, Investing Partner and Member of the Investment Committee,
Blue Harbour Group, Greenwich, Connecticut
Eve R. Teich
Director of Marketing and Investor Relations, Silver Point Capital, Greenwich,
Connecticut
Alessandra Tocco
Global Head of Capital Introductions, J.P. Morgan, New York City
Sonja Uys
Portfolio Manager, Insight Investment, London
Maria Vassalou
Partner and Portfolio Manager, Perella Weinberg Partners, New York City

This reprint is provided for your information only and does not constituteinvestment advice or convey an offer to sell, or the solicitation of an offer tobuy, any securities or other financial products. Furthermore, the D. E. Shawgroup does not endorse any information, beliefs, and/or opinions discussed in
the document and makes no representation as to their accuracy or adequacy.
Please note also the date of the document as the information contained in it
has not been updated for any information that may have changed.
Past performance should not be considered indicative of future performance.