OUR SENIOR TEAM
MICHAEL A. ROSEN
MANAGING PARTNER & CHIEF INVESTMENT OFFICER
Michael has 30 years of experience as an institutional portfolio manager, investment strategist, and chief investment officer.
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 the former 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 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 Master 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, and a former trustee (and current Investment Committee Member) of her alma mater, Carleton College.
HOWARD D. PERLOW, CFA
Howard is a Managing Partner of Angeles Investment Advisors. He co-founded the firm with Leslie and Michael in 2001. Howard is responsible for delivering investment advice to Angeles’ most sophisticated clients including Endowments, Foundations and Private Pension Funds. In addition, he co-manages the firm on a day-to-day basis.
He maintains expertise in all facets of the investment process from investment policy development and asset allocation to risk management and manager selection. Howard sits on the investment committee at the firm and has been active researching managers for 28 years across both alternative and public asset classes.
Howard has worked in the investment industry since 1986. Prior to the formation of Angeles, he was a founding partner and Chief Operating Officer of Asset Strategy Consulting. At ASC, he managed the firm's growth to 50 employees and developed most of the firm's proprietary performance measurement and analytics software. His career in the investment business began at Wilshire Associates. 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.
DAVID R. BRIEF, CFA
SENIOR MANAGING DIRECTOR
David Brief is a leading expert in non-profit management with over 25 years of investment experience. David established the Jewish Federation of Metropolitan Chicago Investment Office in 2002. Under his leadership as Chief Investment Officer, the endowment portfolio evolved from a $350 million internal investment program into a $1.1 billion pool that invested assets belonging to several dozen other non-profits. David has also been a leader in educating non profits on the merits of outsourced investment management.
Earlier in his career, David spent eleven years as an investment consultant for three Chicago-based firms: Ibbotson Associates (now part of Morningstar Inc.), Ennis Knupp + Associates (now part of Aon Hewitt Investment Consulting, Inc.), and Capital Resource Advisors (now part of Segal Marco Advisors). Born and raised in New Jersey, David earned a BA degree in Economics from Cornell University, an MBA degree with honors from the University of Chicago, and is a CFA® Charterholder.
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. She is a member of the investment committee and also leads mission related investing. Prior to joining Angeles, Anna worked with the founders of Angeles at Asset Strategy Consulting. 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. She is a member of the investment committee, overseeing real assets and private markets investments and portfolio construction. She also works with many types and sizes of institutional investment funds to develop and implement investment strategies and leads strategic asset allocation work, investment structure reviews and policy development.
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.
BRANDON PEVNICK, CFA, CPA
Brandon works with foundations, endowments and other institutional portfolios on implementing investment portfolio structure and policy development. Brandon also leads investment research in Israel and investments impacting the Jewish community. Prior to Angeles Brandon was a Senior Investment Analyst with the Investment Office of Jewish Federation of Metropolitan Chicago. In that capacity, Brandon sourced new investment ideas while also supplying analytical, operational, and administrative expertise in support of the portfolio management process.
Prior to joining the Federation’s Investment Office in 2013, Brandon spent three years as a Portfolio Management Associate for Morgan Stanley’s Private Wealth Management division where he participated in the management of ultra-high net worth individuals, families, foundations, and endowments. He began his career at Pricewaterhouse Coopers auditing financial services companies. Brandon earned a BS degree in Accountancy and Master of Accounting Science degree from the University of Illinois Urbana-Champaign. He is a CFA® charterholder and a Certified Public Accountant (CPA). Brandon lives in Chicago with his wife, Emily.
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 in 2012 and is a partner and investment officer of the firm. Aaron is responsible for manager research within public equity and fixed income, and is a portfolio manager of the Angeles Global Equity Opportunities Fund and Angeles Diversified Income Fund. He also works with institutional clients to develop and implement portfolio strategies.
Prior to business school, Aaron was an equity research analyst at Fisher Investments, covering the Energy and Technology sectors. He is a published author of the firm’s first investment book, an investment guide to the energy sector. Aaron received his M.B.A. from the Haas School of Business at UC Berkeley. 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.
DIRECTOR, PRIVATE MARKETS & PARTNER
Derrick directs private capital manager research and selection and works with institutional investors to develop and implement portfolio allocation strategies.
Prior to Angeles, Derrick was a Vice President at Victory Park Capital (“VPC”), an investment firm which focuses on private equity, special situations and alternative credit investments. At VPC, he was primarily responsible for origination, fundamental analysis, transaction execution and management of direct private debt and equity investments into small cap and lower middle market companies. Derrick also actively worked on value creation initiatives and strategic alternatives for VPC’s investments. Previously, Derrick was an investment professional at KKR & Co. L.P. and General Atlantic. Mr. Cruz started his career at Goldman Sachs in its Investment Banking division.
Derrick graduated with honors from Columbia University, where he received a degree in Neuroscience and Psychology. He co-founded PVC Foundation, which builds homes and schools in underprivileged communities in the Philippines and supports United Way, Management Leadership for Tomorrow and Summer Search in the U.S.
ASSOCIATE DIRECTOR, PRIVATE MARKETS & PARTNER
William joined Angeles Investment Advisors in 2014 and is a partner of the firm. He is responsible for conducting research in private capital and real asset strategies. Previously, William conducted manager research in public equity and fixed income, working with the Angeles Investment Committee to monitor and add to the firm’s approved list of investment manager products.
Prior to Angeles, William worked seven years in wealth management roles that assisted independent financial professionals with building client relationships by offering a broad range of investment solutions. William received his M.B.A. from the Marshall School of Business at the University of Southern California, and graduated with dual bachelor’s degrees in Economics and Political Science from the University of California, San Diego. William is a Chartered Financial Analyst® Charterholder as well as a member of the CFA Institute and the CFA Society of Los Angeles.
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.
SENIOR ASSOCIATE, OPERATIONS & 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 to lead client development and marketing. She also conducted research in venture capital and served a foundation. Prior to joining Angeles, Tatijana worked as a consultant to an emerging hedge fund and an emerging quantitative fund, developing institutionalized reporting, marketing and operations materials and processes. Directly after business school she worked in Investment Banking 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 serves as a board member to ONEgeneration, a unique non-profit enriching the lives of seniors and children through intergenerational programming. She was previously a member of the Milken Institute Young Leaders Circle.