PANEL 4: WHAT WILL BE THE CATALYST FOR THE NEXT TAIL EVENT? IDENTIFYING CHEAP HEDGES IN THIS CURRENT MARKET ENVIRONMENT.
Ari Bergmann is Penso’s Founder and Managing Principal/CIO. He leads the firm’s investment committee and manages various Penso funds and clients’ mandates.
Dr. Bergmann founded Penso Advisors, LLC in early 2010 to offer systemic risk management and implement hedging strategies for asset managers and institutional investors through managed accounts. Since its founding, Penso has expanded its services to include management of discretionary global macro and risk mitigation strategies through private funds and bespoke funds of one.
Between 1997 and 2010, Dr. Bergmann was CEO of Sentinel Advisors, LLC, manager of the Citadel Master Fund (derivatives arbitrage); Sentinel Symphony, LLC, manager of the Symphony FOHF (multi-manager fund of hedge funds) and Penso Capital Markets, LLC, manager of risk overlays.
Prior to his role in overseeing these firms, Dr. Bergmann was employed at Bankers Trust from 1989 to 1997. In 1989, he joined Bankers Trust’s U.S. Interest Rate Derivatives trading desk and managed this unit during 1992 and 1993. During this period, he was active in the development of structured notes, index-amortizing swaps, time swaps, binary options and other derivative products. From late 1993 until his departure in 1997, he headed the Risk Merchant Bank and the Transaction Development Group at the bank. He founded the latter to integrate Bankers Trust’s finance and derivative capabilities to offer enhanced corporate finance products to corporate clients. In this capacity, he led a team that created a derivatives structure that was widely used in the privatization of many large European companies. He also developed derivatives and trading strategies used by several corporations in the implementation of strategic acquisitions. During his tenure at Bankers Trust, Dr. Bergmann was a Senior Managing Director and a pioneer in the field who helped create and implement the initial swaps on hedge funds.
From 1987 through 1989, Dr. Bergmann was an Assistant Vice President at Drexel Burnham Lambert Trading Corp., working in precious metals and commodity trading. From 1986 through 1987, Dr. Bergmann was a staff accountant at Price Waterhouse in New York.
Dr. Bergmann holds a Master’s in Liberal Studies and a Ph.D. in Comparative Religion, both from Columbia University.
Jerry has 34 years of experience in the financial markets.
Jerry was instrumental in the establishment of the futures and options market in South Africa. He also traded government bonds for a large discount house before being appointed Head of Equity Derivatives for one of South Africa’s largest and most successful merchant banks,
In 1996, Jerry founded Peregrine Holdings Ltd. The company offered a range of services but its main niche was designing derivative strategies for institutional clients. Peregrine enjoyed early success under his management culminating in a stock exchange listing in 1998.
In March 2001, Jerry co-founded 36 South Investment Managers Limited. The firm moved to London, UK, in 2009, and operates as 36 South Capital Advisors LLP.
Christian Kober is a Derivatives Strategist at Capula Investment Management LLP having joined the firm in July 2019. In this role, Christian works closely with the firm’s investment, strategy and investor relations teams. Christian was previously the Head of European Equity Derivative Strategy in Barclays’ Pan European Equity Research in London from 2010 to 2019 where he was ranked #1 in the 2016 and 2017 Extel survey. Earlier in his career, Christian worked at Morgan Stanley as Lead Analyst for European Equity Derivative Strategy and in Quantitative Equity Prop Trading. Christian began his career at SG Securities in 2001 where he was an equity research analyst, covering the transportation sector.
BBA, University of Saarbrücken, 1998
MBA, Leipzig Graduate School of Management, 2001
Chartered Financial Analyst (CFA)
Dr. Deep Kumar is a Principal and a Portfolio Manager for III Capital Management’s asymmetric portfolio business. He leads the firm’s option trading efforts and is a member of the Management Committee. Dr. Kumar joined the firm in March 2003 and has been with the firm since that time, except for a ten-month period during 2010. Previously, Dr. Kumar was at BNP Paribas in New York, where he was the Chief Risk Officer for the USD rates group and oversaw the day-to-day risk taking by the group. Dr. Kumar has also done a great deal of work on volatility smiles and skews, much of which is used by a number of Wall Street firms for pricing and managing risks associated with options. He is the co-author of “Managing Smile Risk,” published in Wilmott Magazine in July 2002. Dr. Kumar holds a PhD (1994) in hypersonics from Cranfield University, UK, as well as an MSc (1991) in aerodynamics and an MA (1990) in engineering both from Cambridge University, UK.
Grant Jaffarian is the Portfolio Manager of Crabel Advanced Trend and a member of the firm’s Executive Committee. Grant joined CCM in 2014 as part of its acquisition of AlphaTerra where he was the Founder and Chief Investment Officer. Prior to launching AlphaTerra in April 2013, Grant served as the Chief Investment Officer at Efficient Capital Management. He began his career at Belgium-based Analytic Investment Management, a high turnover futures manager acquired by Robeco Bank. From there, he went on to found Petra Intraday, a short-term systematic investment manager, before joining Efficient. Grant earned a bachelor’s degree from Wheaton College where he majored in English and holds an MBA with a concentration in economics from the University of Chicago.
Tim McCourt serves as CME Group’s Managing Director and Global Head of Equity Products and Alternative Investments. He is responsible for leading the company’s global Equity Index product line. He also serves on the S&P Dow Jones Indices U.S. Advisory Panel.
Before joining CME Group in 2013, McCourt worked for the Royal Bank of Scotland, where he was responsible for building and managing the Americas Index and Delta One trading book. Prior to RBS, he held a senior trading role with JPMorgan in New York, spending 10 years with the Equity Derivatives Group.
McCourt holds a bachelor’s degree in political science from Boston College and a MBA from The University of Pennsylvania’s Wharton School.