“Have Markets Become Too Efficient for Hedge Funds to Generate Risk-Adjusted Returns?”
Inflows for passive investment funds are continuing to drastically outpace actively managed funds focused on quantitative strategies. In fact, actively managed quant funds have broadly experienced capital outflows.
Has the proliferation of quant managers changed the environment for quant investing?
John Massad, CFA: ‘85 (MBA)
Highbridge Capital Management | Managing Director, Business Development
Based in New York, Mr. Massad serves as Managing Director at Highbridge Capital Management. Previously, Mr. Massad served as Director of Client and Partner Group at Kohlberg Kravis Roberts & Co. (KKR). Prior to joining KKR, Mr. Massad worked at Caxton Associates, where he was responsible for leading the capital raising and client service efforts for the firm’s long/short equity and long-only equity investment strategies. Prior to Caxton Associates, Mr. Massad served as Managing Director of Blackrock Inc. and held positions at BlackRock Financial Management and J.P. Morgan Securities, Inc.
Mr. Massad graduated with a Bachelor of Science in Engineering from Princeton University and an M.B.A. from Cornell University.
Erica Furfaro: ‘05
ClearBridge Investments | Director, Senior Research Analyst
Based in New York, Ms. Furfaro is a Senior Research Analyst at ClearBridge Investments focused on technology investments. Previously, she was a Sector Head and Associate Portfolio Manager focused on the Telecom, Media, and Technology sector at Millennium Partners. Prior to Millenniun, she was an associate at York Capital Management, an associate at the Carlyle Group focused on the consumer and retail sector, and an Investment Banking analyst at Merrill Lynch.
Ms. Furfaro graduated Phi Beta Kappa from Cornell University with a Bachelor of Arts in Economics and Government. She received an M.B.A. from the Stanford Graduate School of Business.
Dr. Christos Zoulas: ‘92 (Ph.D.)
Two Sigma Investments | Senior Managing Director
Prior to joining Two Sigma as a Managing Director, Dr. Zoulas served as Chief Technology Officer of D. E. Shaw & Co. until 1998, when he left to join Commerzbank Investment Banking in Frankfurt, Germany. In 1999, Dr. Zoulas became the Chief Technology Officer of Blink.com, where he was one of the leading architects of Blink.com's unique technology.
Dr. Zoulas is the secretary of the NetBSD Foundation and a recipient of the Usenix Lifetime Achievement Award for contributions to the Unix operating system.
Dr. Zoulas graduated with a P.h.D. in Electrical Engineering from Cornell University.
Michael Guth, CFA
TwinBeech Capital | Partner
Based in New York, Mr. Guth is a Partner at TwinBeech Capital, a systematic hedge fund which launched earlier this year. Prior to TwinBeech, Mr. Guth worked for Point72’s Cubist Systematic Strategies. Prior to Cubist, Mr. Guth focused on the consumer sector for a long/short equity team at Moore Capital Management.
Mr. Guth graduated with a Bachelor of Science from The Wharton School at the University of Pennsylvania.
Kevin Hite: ‘98
Willett Advisors | Director of Hedge Fund Investments
Mr. Hite has served as the director of Hedge Fund investments at Willett Advisors, Michael Bloomberg's single-family office, since 2013.
Previously, Mr. Hite was partner and managing director of Protege Partners, portfolio manager at 3G Capital, director at Citadel Alternative Asset Management and portfolio manager at UBS Alternative Investment Group.
Mr. Hite graduated with a Bachelor of Science in Applied Economics and Business Management from Cornell University.
Moderator: Elise Rosenberg: ‘93
Barclays | Director - Capital Solutions
Ms. Rosenberg works as a Director in Barclays Capital Solutions Group where she leads the Endowment & Foundation channel and serves as a senior member of the Capital Introductions team. She is responsible for leveraging her knowledge of hedge funds and markets to share insights into industry allocation trends, build relationships with institutional investors and introduce them to the firm’s Prime Services hedge fund clients.
Prior to joining Barclays, Ms. Rosenberg worked as Head of Account Management - North America for Markit, where she led a team covering key buy-side and sell-side accounts across their full product suite. Previously, she worked as a Senior Managing Director of Structured Equity Products at Bear, Stearns & Co., where she was a top producer specializing in customized derivative solutions for hedge funds and other institutional investors across asset classes, and joined J.P. Morgan with the merger in 2008. Ms. Rosenberg started her career at Lord, Abbett & Co., an investment management firm, as a product specialist and marketer.
Ms. Rosenberg serves on the Cornell Dyson School Undergraduate Program Advisory Council, Cornell University Council, President's Council of Cornell Women, and is an active member of 100 Women in Finance. She is a former member of the Cornell University Board of Trustees and its Investment Committee and the Board of Directors of the Cornell Club of New York.
Ms. Rosenberg graduated with a Bachelor of Science in Applied Economics from Cornell University and with an M.B.A. from New York University’s Stern School of Business.