About Us |


Angeles was founded in 2001 to provide institutional investors with independent investment advice.

Today, we advise on approximately $27 billion across customized portfolios for many highly respected educational institutions, charitable foundations, non-profit organizations, governments, corporations and private investors. This total includes approximately $2.5 billion in discretionary assets and the remainder in non-discretionary advisory assets.

We employ an investment philosophy that is built on fundamental research. We embrace the power of diversification across asset classes, but apply an opportunistic approach to portfolio positioning, seeking to capitalize on market dislocations, underfollowed asset classes and access to managers we believe to be exceptional.





Michael has more than 30 years experience as an institutional portfolio manager, investment strategist, and investment consultant. From 1997 to 2001, he was a partner at Asset Strategy Consulting and its successor. From 1993 to 1997, Michael was the director of investments for Blue Cross of California/WellPoint, Inc. Previous to 1993, he spent a total of 8 years as a bond and currency trader, and then as Chief Market Strategist with First Interstate Bank, Ltd. He started his career as a derivatives trader with Barclays Bank plc.

Michael was an Adjunct Professor of Finance at Pepperdine University from 1991-2000 and at Loyola Marymount University. He earned his Bachelor of Arts, magna cum laude, from Tufts University, and Master of Arts in Law and Diplomacy from The Fletcher School of Law and Diplomacy (Tufts/Harvard). He is a past chairman of the Los Angeles Chamber Orchestra.



Leslie was a founder of Angeles Investment Advisors in 2001 and of Asset Strategy Consulting in 1991. Leslie works directly with clients to develop and implement strategic investment policy, and provide practical perspective on all aspects of an institutional investment program. This includes developing asset allocation policy and structure, selecting managers, providing trustee education, and monitoring investment results. As a founder of the firm, Leslie plays a role in overseeing the business of Angeles Investment Advisors.

Prior to joining the investment industry, Leslie spent eight years working as a policy analyst in the legislative and executive branches in Washington, D.C. Leslie received her B.A. from Carleton College, and her Masters in Public Affairs from Princeton University’s Woodrow Wilson School of Public and International Affairs. She is a Chartered Financial Analyst® Charterholder and a member of the CFA Society of Los Angeles. Leslie is a trustee of The California Endowment and a family foundation, a former trustee (and current Investment Committee Member) of her alma mater, Carleton College, a Retirement Oversight Committee member for a private Los Angeles based school, and a board member of the Spondylitis Association of America.



Howard is one of the founding partners of Angeles Investment Advisors in 2001, and of Asset Strategy Consulting in 1991. He is a senior consultant at the firm working primarily with Endowments, Foundations, and Private Pension clients. Howard has been researching managers for 25 years and has conducted hundreds of manager searches representing billions of dollars.

Howard has worked in the investment consulting industry since 1986. Prior to the formation of Angeles, he was a founding partner and Chief Operating Officer of Asset Strategy Consulting. He developed the firm’s proprietary performance measurement and analytics software, and managed the firm’s growth to 50 employees. His career in the investment business began at Wilshire Associates where he was a member of the consulting team and was in charge of the firm's international and fixed income manager search activities.

Howard received his BA in Economics from the University of California, Irvine. He is a Chartered Financial Analyst® Charterholder (since 1996) and is a member of the CFA Society of Los Angeles.



Anna joined Angeles Investment Advisors at its founding in 2001, and is a partner of the firm. Anna works with foundations, endowments and pension plans on formulating and implementing strategic asset allocation, investment portfolio structure, and policy development. Prior to joining Angeles, Anna worked with the principals of Angeles at Asset Strategy Consulting and its successor firm. Anna joined Asset Strategy Consulting in 1999, as a performance measurement analyst and in 2000, moved to the manager research team to engage in the analysis and due diligence process involved in hiring and terminating money managers.

Anna received a B.A. in Business/Economics with Honors from the University of California, Santa Barbara. She is a Chartered Financial Analyst® Charterholder (since 2002) and is a member of the CFA Society of Los Angeles.



Shana joined Angeles Investment Advisors in 2005 from Wilshire Associates and is a partner of the firm. Shana works with many types and sizes of institutional investment funds to develop and implement investment strategies. In addition to strategic asset allocation work, investment structure reviews and policy development, she focuses on real assets due diligence and research.

Shana is an honors graduate of the Anderson School at UCLA, where she earned an M.B.A. with concentrations in Finance and Emerging Market Economics. She received her Bachelor’s degree in Philosophy from Harvard University, where she was a National Honor Scholar and captain of the varsity women’s lacrosse team. She currently serves on the Finance Committee of the Young Literati of the Los Angeles Library Foundation.



Michael joined Angeles Investment Advisors in 2010 and is a partner of the firm. Michael leads hedge fund research at Angeles. Michael also works closely with the Angeles Absolute Return Fund, the firm’s fund of hedge funds vehicle.

Michael began his career at Lehman Brothers Inc. in 2002, where he worked in risk management conducting due diligence on the firm’s Hedge Fund counterparties. Michael went on to become a Vice President in Bear Stearns’ Structured Funds group where he was responsible for due diligence on the group’s hedge fund investments. Most recently, Michael was a Due Diligence Analyst for Commerzbank’s Alternative Investment Strategies group, where he conducted research and sourced new hedge fund managers for the firm’s $1.5 billion hedge fund of funds.

Michael received a BA in Economics from New York University.



Aaron joined Angeles Investment Advisors as a Manager Research Consultant in 2012 and is a partner of the firm. Aaron is responsible for conducting manager research in public market equity and fixed income strategies. He also works with the Angeles Investment Committee to monitor and add to the firm’s approved list of investment manager products.

Prior to business school, Aaron spent eight years at Fisher Investments, a Bay Area investment management firm. At Fisher Investments, Aaron was an equity research analyst covering the Energy and Technology sectors, and previously was a capital markets research analyst. He is a published author of the firm’s first investment book, an investment guide to the global energy sector.

Aaron received his M.B.A. from the Haas School of Business at UC Berkeley, where he was co-president of the investment club. He graduated Phi Beta Kappa from UC Berkeley, majoring in Economics. Aaron is a Chartered Financial Analyst® Charterholder as well as a member of the CFA Institute and the CFA Society of Los Angeles.



Susan joined Angeles Investment Advisors in 2013 and is a partner of the firm. Susan oversees private capital manager research and selection and works with institutional investors to develop and implement portfolio allocation strategies.

Prior to Angeles, Susan was an investment professional with Black Canyon Capital, a private capital firm investing equity and debt in middle market businesses, where she evaluated, structured, and monitored investments and worked with portfolio company management teams as a board director and observer. Previously, Susan was an investment professional with Vintage Capital Group, a middle market private capital firm, where she similarly executed equity and debt investments and worked with portfolio companies as a board observer. Susan has also held positions in business development, strategy, and acquisitions at The Walt Disney Company and began her career as a strategy consultant at Bain & Company.

Susan received an M.B.A from Harvard Business School where she was a Toigo Fellow and earned First Year Honors. She graduated Phi Beta Kappa from Stanford University, where she earned a B.A. in Economics with a minor in History. Susan was recently recognized by the Toigo Foundation as a “top 40 under 40” in the U.S.



Steve joined Angeles Investment Advisors in 2008 as the Director of Funds Management and Chief Compliance Officer. Prior to joining Angeles, Steve was CFO at Rosehill Capital Management, a Los Angeles hedge fund complex focused on Japanese securities. He also served as CFO/CCO for Mikles Miller Management, another Los Angeles based hedge fund complex. From 1996 until 2004 he was CFO/CCO of the Windward Capital Management Group. While at Windward, Steve helped to create and manage both an SEC registered investment adviser and an SEC/NASD registered broker/dealer. Prior to joining Windward, Steve spent seven years in public accounting at Coopers & Lybrand and Ernst & Young specializing in the financial services industry.

Steve received his B.B.A. in Accounting from the University of Notre Dame, graduating with honors, and is registered as a certified public accountant, (CPA, inactive) with the state of California. Steve is also a member of the investment advisory committee to the city of El Segundo, where he has lived since 2003.



Gina executes trades for discretionary portfolios and monitors these portfolios for compliance with asset allocation and other guidelines. She prepares and maintains all necessary trade documentation, and assists with the setup of new accounts. Gina also coordinates with the Chief Compliance Officer on SEC compliance issues and helps carry out compliance testing procedures, as well as preparing Angeles’ performance composites in accordance with GIPS standards. Prior to joining Angeles, Gina worked as a personal banker at Bank of America.

Gina received a B.A. in Business Administration, cum laude, from the University of San Diego. She spent many semesters on the dean’s list and was a recipient of the President’s scholarship. During her time there, Gina spent a semester studying and living in Madrid, Spain. In her spare time, she enjoys a variety of activities such as traveling, reading, and running.



Tatijana joined Angeles Investment Advisors in 2014. Prior to joining Angeles, Tatijana worked as a marketing and operations consultant for a hedge fund with $400M AUM and an emerging quantitative fund with $45M AUM developing institutionalized reporting, marketing and operations materials and processes. Directly after business school she worked as an Investment Banking and Corporate Development Associate at William Blair & Company where she gained experience in equity, debt and M&A transactions as well as strategic management initiatives. Prior to business school she worked in commercial real estate with JLL in Chicago.

Tatijana earned her M.B.A. from The University of Chicago, Booth School of Business with concentrations in Finance, Accounting, and Entrepreneurship. She earned her Bachelor of Science degree, graduating with high honors, and a Master of Architecture degree from University of Illinois in Champaign-Urbana. She was selected to become a member of the Milken Institute Young Leaders Circle and also serves as a peer advisor for the Forte Foundation, as a finance committee member for ONEgeneration and a junior board member for I Have a Dream Foundation.



Angeles builds customized global portfolios designed to generate superior risk-adjusted performances over time across multiple asset classes while adding value through what we believe to be exceptional manager selection. We tolerate short-term volatibility for long-term growth.




    We continuously strive to identify new investment ideas and are not afraid to be early adopters of emerging investment themes and opportunities, based on our rigorous and disciplined research.


    We are 100% employee-owned. We are an independent advisor and aim to minimize conflicts in asset and manager selection.


    We have been building customized investment programs for sophisticated investors for more than 20 years, including time spent at our previous firm. As stewards of client portfolios over the course of several market cycles, we bring perspective and judgment to each investment decision.


    We pride ourselves on maintaining longstanding relationships with our clients. Outstanding client service is a priority. We strive to be proactive, accessible, transparent and results-oriented.



Big Bang

Earth formed

Cretaceous-Tertiary Extinction

Homo sapiens appear

Fire controlled by humans

Humans cross Beringia to the Americas

Agriculture invented

Heliocentrism proposed by Copernicus

Darwin publishes, On the Origin of Species

Einstein publishes Theory of Special Relativity

Einstein publishes Theory of General Relativity

Dodgers move to Los Angeles

Apollo 11 lands on the moon; Mets win World Series

Nixon dismantles Bretton Woods system

Paul Volker appointed Fed chair; European Exchange Rate Mechanism created

Asset Strategy Consulting formed

ERM blows up

Euro established; Tech bubble

Michael Rosen, Leslie Kautz and Howard Perlow launch Angeles Investment Advisors, LLC in Santa Monica, CA.

Angeles begins offering discretionary "Outsourced CIO" investment services.

Discretionary "Outsourced CIO" assets under management reach $100 million.

Discretionary "Outsourced CIO" assets under management reach $1 billion.

Angeles gains our 50th client.

First pooled vehicle is launched to provide access to a diversified portfolio of hedge fund strategies.

Hedge fund pooled vehicle reaches $200 million in AUM.

Angeles Investment Advisors has approximately $27 billion in total assets.

Angeles Investment Advisors celebrates 100 year anniversary.