OUR SENIOR TEAM
MICHAEL A. ROSEN
PRINCIPAL & CHIEF INVESTMENT OFFICER
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 B. KAUTZ, CFA
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
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 D. PERLOW, CFA
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 L. MCGIBBONS, CFA
MANAGING DIRECTOR & PARTNER
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.
MANAGING DIRECTOR & PARTNER
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 J. BURLON
DIRECTOR, HEDGE FUNDS & PARTNER
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
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 M. AZELTON, CFA
DIRECTOR, PUBLIC MARKETS & PARTNER
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 YUN LEE
DIRECTOR, PRIVATE CAPITAL & PARTNER
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
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.
STEPHEN T. SMETANA
CHIEF COMPLIANCE OFFICER & PARTNER
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.
ASSOCIATE, OPERATION & PARTNER
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.
DIRECTOR, BUSINESS DEVELOPMENT
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.