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2014 AQR Insight Award Committee

BIOGRAPHIES

Gregor M. Andrade, Ph.D.
Clifford S. Asness, Ph.D.
Andrea Frazzini, Ph.D.
Jacques A. Friedman
Marco Hanig, Ph.D.
Brian K. Hurst
Antti Ilmanen, Ph.D.
Ronen Israel
David G. Kabiller, CFA
Michael Katz, Ph.D.
John M. Liew, Ph.D.
Michael A. Mendelson
Mark L. Mitchell, Ph.D.
Tobias J. Moskowitz, Ph.D.
Lars N. Nielsen
Yao Hua Ooi
Lasse H. Pedersen, Ph.D.
Todd C. Pulvino, Ph.D.
Andrew J. Sterge, Ph.D.



Gregor M. Andrade, Ph.D., AQR Principal


Gregor is a senior member of AQR’s Client Strategies team, overseeing client relations in the western half of the United States as well as all of Asia and the Middle East. He has been at AQR since 2003, a time of rapid growth in assets under management at the firm. Prior to AQR, Gregor was an assistant professor of finance at Harvard Business School after having worked as a mergers and acquisitions analyst at Wasserstein Perella. He has been published in academic journals and won a Smith Breeden Prize for an article in the Journal of Finance. Gregor earned a B.S. in economics from the Massachusetts Institute of Technology and a Ph.D. in finance from the University of Chicago’s Graduate School of Business.

 


Clifford S. Asness, Ph.D., AQR Managing and Founding Principal


Cliff is a cofounder, Managing Principal and Chief Investment Officer at AQR Capital Management. He is an active researcher and has authored articles on many financial topics, including multiple publications in the Journal of Portfolio Management and the Financial Analysts Journal. He has received the best paper award from the Journal of Portfolio Management twice. From the Financial Analysts Journal he has twice received the Graham and Dodd Award for the year’s best paper, a Graham and Dodd Excellence Award, the award for the best perspectives piece and the Graham & Dodd Readers’ Choice Award. In 2006, CFA Institute presented Cliff with the James R. Vertin Award, which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. He is on the editorial board of the Journal of Portfolio Management, the governing board of the Courant Institute of Mathematical Finance at NYU, the Board of Directors of the Q-Group and the Board of the International Rescue Committee. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years (so he still feels guilty when trying to beat the market).



Andrea Frazzini, Ph.D., AQR Principal


Andrea is a senior member of AQR’s Global Stock Selection team, focusing on research and portfolio management of the Firm’s Long/Short and Long-Only equity strategies. He has published in top academic journals and won several awards for his research, the Smith Breeden award, the Fama-DFA award, the BGI best paper award and the PanAgora Crowell Memorial Prize. Prior to AQR, Andrea was an associate professor of finance at the University of Chicago’s Graduate School of Business and a Research Associate at the National Bureau of Economic Research. He also served as a consultant for DKR Capital Partners and JPMorgan Securities. He earned a B.S. in economics from the University of Rome III, an M.S. in economics from the London School of Economics and a Ph.D. in economics from Yale University.



Jacques A. Friedman, AQR Principal


Jacques is the head of AQR’s Global Stock Selection team and is involved in all aspects of research, portfolio management and strategy development for the firm’s equity products and strategies. Prior to AQR, he developed quantitative stock-selection strategies for the Asset Management division of Goldman, Sachs & Co. Jacques earned a B.S. in applied mathematics from Brown University and an M.S. in applied mathematics from the University of Washington. Before joining Goldman, he was pursuing a Ph.D. in applied mathematics at Washington, where his research interests ranged from mathematical physics to quantitative methods for sports handicapping.



Marco Hanig, Ph.D., AQR Principal and President of AQR Funds

 

Marco is President of AQR Funds, leading the firm’s entry into the mutual funds business. In this role, he is responsible for oversight of AQR’s mutual funds and executing the firm’s distribution strategy. Prior to joining AQR, Marco was a principal with William Blair & Company, where he served as President of the William Blair Funds and Chief Operating Officer of the Investment Management Department. Before that, he worked at First Chicago Corporation as Managing Director, Mutual Funds. He began his career as a management consultant with Bain & Company. Marco earned a B.A. in mathematics from the University of Chicago, graduating cum laude, and a Ph.D. in economics from the Massachusetts Institute of Technology.

 


Brian K. Hurst, AQR Principal

 

Brian is a portfolio manager for two of AQR’s macro strategies: managed futures and risk parity. He has more than 15 years of experience managing money for institutional investors in both traditional and alternative investment strategies, and has been at AQR since its founding. Before AQR, Brian was an original member of the quantitative research group in the Asset Management division of Goldman, Sachs & Co. He began his career as a sell-side investment banking analyst at Donaldson, Lufkin & Jenrette. Brian earned a B.S. in economics from the Wharton School of the University of Pennsylvania.

 


Antti Ilmanen, Ph.D., AQR Principal

 

Antti manages AQR’s Portfolio Solutions Group, which advises institutional investors and sovereign wealth funds, and develops the firm’s broad investment ideas. Before AQR, Antti spent seven years as a senior portfolio manager at Brevan Howard, a macro hedge fund, and a decade in a variety of roles at Salomon Brothers/Citigroup. He began his career as a central bank portfolio manager in Finland. Antti earned M.Sc. degrees in economics and law from the University of Helsinki and a Ph.D. in finance from the University of Chicago. Over the years, he has advised many institutional investors, including Norway’s Government Pension Fund Global and the Government of Singapore Investment Corporation. Antti has published extensively in finance and investment journals and has received a Graham and Dodd award and Bernstein Fabozzi/Jacobs Levy awards for his articles. His book Expected Returns (Wiley, 2011) is a broad synthesis of the central issue in investing. Antti recently scored a rare double in winning the best-paper and runner-up award for best articles published in 2012 in The Journal of Portfolio Management (co-authored articles “The Death of Diversification Has Been Greatly Exaggerated” and “The Norway Model”).

 


Ronen Israel, AQR Principal


Ronen’s primary focus is on portfolio management and research. He was instrumental in helping to build AQR’s Global Stock Selection group and its initial algorithmic trading capabilities, and he now also runs the Global Alternative Premia group, which employs various investing styles across asset classes. He has published in the Journal of Financial Economics and elsewhere, and sits on the executive board of the University of Pennsylvania’s Jerome Fisher Program in Management and Technology. He has been a guest speaker at Harvard University, Columbia University and New York University, and is a frequent conference speaker. Prior to AQR, Ronen was a senior analyst at Quantitative Financial Strategies Inc. He earned a B.S. in economics from the Wharton School at Penn, a B.A.S. in biomedical science from Penn’s School of Engineering and Applied Science, and an M.A. in mathematics, specializing in mathematical finance, from Columbia.

 


David G. Kabiller, CFA, AQR Founding Principal


David is a co-founder of AQR and Head of Client Strategies, overseeing client relationships, business development and strategic initiatives. He initiated AQR’s international growth and its introduction of mutual funds and reinsurance as well as the creation of the “AQR University” symposia series and the AQR Insight Award for outstanding innovation in applied academic research. David has co-authored papers on topics including derivatives, enhanced indexation, securities lending, insurance-linked securities, hedge funds and the secret of Warren Buffett’s investing acumen. He is a member of Northwestern University’s Board of Trustees and has been a guest lecturer at the Kellogg Graduate School of Management and Harvard Business School. He also is a member of the Kellogg Alumni Advisory Board and the Board of Trustees for the Terra Foundation for American Art. Prior to AQR, he was a vice president at Goldman, Sachs & Co., where he established and maintained relationships with the chief investment officers of many of the largest pension and endowment funds in North America. He earned a B.A. in economics and an M.B.A. from Northwestern, where he received an athletic scholarship to play tennis and was named to the Big Ten’s Academic All-Conference team.



Michael Katz, Ph.D., AQR Principal


Michael is a researcher and portfolio manager heading AQR’s macro and fixed-income team as well as AQR’s inflation-related strategies. Prior to AQR, he was a teaching fellow and research assistant at Harvard University, a teaching and research assistant at Tel Aviv University, and a consultant for Trigger Ltd. (now Trigger-Foresight Ltd.). He also served as an intelligence officer in the Israeli Defense Forces, achieving the rank of Major. His research on how long-term investors can use short-term information has been published in Financial Analysts Journal. Michael earned a B.A. in economics and Middle East history, with honors, at Tel Aviv University, and a Ph.D. and an A.M. in economics from Harvard University.



John M. Liew, Ph.D., AQR Founding Principal


John, a co-founder of AQR, heads the Global Asset Allocation team, overseeing the research, portfolio management and trading associated with that strategy. Prior to AQR, he worked at Goldman, Sachs & Co. as a portfolio manager in the Asset Management Division where he developed and managed quantitative trading strategies. He began his career at Trout Trading, developing quantitative market-neutral stock-selection strategies. John has published articles in the Journal of Portfolio Management and the Financial Analysts Journal, and has received the Bernstein Fabozzi/Jacobs Levy award and the Graham and Dodd award for his articles. John is a member of the University of Chicago Board of Trustees and sits on the university’s investment committee. He earned a B.A. in economics, an M.B.A. and a Ph.D. in finance from Chicago.

 

 

Michael A. Mendelson, AQR Principal


Michael is portfolio manager of AQR’s risk parity strategies and a member of both the firm’s strategic planning and risk committees. Prior to AQR, Michael was a Managing Director at Goldman Sachs & Co., where he founded the quantitative trading group. He is a member of the Managed Funds Association’s board of directors and chairman of its Trading and Markets Committee. Michael earned an S.B. in mathematics, an S.B. in management, an S.B. in chemical engineering and an S.M. in chemical engineering, all from the Massachusetts Institute of Technology, and an M.B.A. from the University of California at Los Angeles.

 


Mark L. Mitchell, Ph.D., CNH Partners Co-Founding Principal

 

Mark is a co-founder and principal at CNH Partners, the arbitrage affiliate of AQR that trades merger arbitrage, convertible arbitrage and other strategies related to corporate events. Prior to CNH, he was a finance professor at Harvard University and the University of Chicago. In the late 1980s, he worked in the Office of the Chief Economist at the Securities and Exchange Commission, where he wrote several research papers on mergers and acquisitions. Mark publishes frequently and has won four paper-of-the-year awards from research journals: a Smith-Breeden Prize, a Merton Miller Prize, a Graham and Dodd Scroll and a Roger Murray Prize. Mark also received five teaching awards at the University of Chicago. He joined the board of directors at TD-Ameritrade in 1996 and currently chairs the risk committee. Mark earned a B.B.A. in economics from the University of Louisiana at Monroe, an M.A. in economics from Clemson University and a Ph.D. in applied economics.

 


Tobias J. Moskowitz, Ph.D., Fama Family Professor of Finance at the University of Chicago Booth School of Business, NBER Research Associate and consultant to AQR

 

Professor Moskowitz has taught finance and investments as a faculty member at the University of Chicago since 1998. He also serves as a research associate for the National Bureau of Economic Research, is an associate editor at the Journal of Finance, and is a former editor of the Review of Financial Studies. His work has been cited in the Wall Street Journal, the New York Times, Financial Times, US News and World Report, Money magazine, and a 2005 speech by former Federal Reserve Chairman Alan Greenspan. Professor Moskowitz was recognized by the American Finance Association with its 2007 Fischer Black Prize, which honors the top finance scholar in the world under the age of 40. The award cited his "ingenious and careful use of newly available data to address fundamental questions in finance." His work studies asset pricing, portfolio choice, risk sharing, market efficiency, real estate markets and finance, and momentum investing. He wrote his dissertation on momentum and has written and published several papers on the topic. He has presented his research at many universities, practitioner groups, and government institutions around the world and has received numerous prizes and awards for his research, including the Smith-Breeden and Brattle Prizes for the best papers published in the Journal of Finance, and the Barclay Global Investor's Michael Brennan Award twice for the best paper published in the Review of Financial Studies. Professor Moskowitz spent the 2007-2008 academic year on leave at AQR Capital Management, LLC with which he has an ongoing consulting relationship. He earned a bachelor's degree in industrial management and industrial engineering (with distinction) in 1993 from Purdue University, a master's degree in management from Purdue University in 1994, and a PhD in finance from the University of California at Los Angeles in 1998.

 


Lars N. Nielsen, AQR Principal


Lars oversees research in the Global Stock Selection and Global Asset Allocation teams, and is a part of the portfolio management teams for a number of AQR’s multi-strategy hedge funds as well as long-only equity portfolios. Prior to AQR, Lars was a visiting graduate student at Cornell University, where his research interests were finance and econometrics. Before that, he was a quantitative equity analyst at Danske Invest, the largest asset-management firm in Denmark. Lars earned a B.Sc. and an M.Sc. in economics from the University of Copenhagen.



Yao Hua Ooi, AQR Principal

 

Yao Hua is a Principal in the Global Asset Allocation team, focusing on research and portfolio management of macro-related strategies that include commodities, risk parity and managed futures. Prior to AQR, he structured interest rate derivative products at UBS. Yao Hua is an alumnus of the Jerome Fisher Program in Management and Technology at the University of Pennsylvania, where he earned a B.S. in economics from the Wharton School and a B.S. in engineering from the School of Engineering and Applied Science, majoring in finance and computer engineering and graduating summa cum laude in both.

 


Lasse H. Pedersen, Ph.D., AQR Principal


Lasse is a Principal at AQR in the Global Asset Allocation team, leading research on proprietary quantitative forecasting models to identify opportunities in equities, fixed income, currencies and commodities. He is also the John A. Paulson Professor of Finance and Alternative Investments at New York University’s Stern School of Business and a professor at Copenhagen Business School. He has served on the board of the American Finance Association, the Economic Advisory Boards of NASDAQ OMX and FTSE, and the Federal Reserve Bank of New York’s Monetary Policy Panel. Lasse won the 2012 Bernácer Prize for the best European economist under 40. His research has been published in leading journals and cited by central bank governors. Lasse has served on the editorial boards of several journals, including the Journal of Finance, and was a research associate at the National Bureau of Economic Research and the Centre for Economic Policy Research. He earned a B.S. and an M.S. in mathematics-economics from the University of Copenhagen and a Ph.D. in finance from Stanford University.

 

 

Todd C. Pulvino, Ph.D., CNH Partners Co-Founding Principal

 

Todd is a co-founder and principal at CNH Partners, the arbitrage affiliate of AQR that trades merger arbitrage, convertible arbitrage and other strategies related to corporate events. Prior to CNH, Todd was a tenured associate professor of finance at Northwestern University’s Kellogg School of Management, where his research focused on the risks and returns in event arbitrage. Earlier, he was a consultant at two fund-of-fund firms, Collins Associates and Grosvenor Capital Management, and a visiting professor at Harvard Business School. He began his career as an aerospace engineer. He has published in finance journals, winning two Smith-Breeden awards for his research, and teaches at the Kellogg School. Todd earned a B.Sc. in mechanical engineering from the University of Wisconsin-Madison, an M.S. in the same field at the California Institute of Technology, and an A.M. and a Ph.D. in business economics from Harvard University.

 

Andrew J. Sterge, Ph.D., AQR Vice President

 

Andrew is Chairman of the Portfolio Management Committee of AQR Re, helping lead AQR’s expansion into reinsurance, an investment opportunity with little significant correlation to global equities, U.S. fixed income, high-yield credit, commodities or hedge funds. Before joining the firm, Andrew was president of the AJ Sterge Division of Magnetar Capital, where he managed reinsurance investments and quantitative trading strategies while serving as a director of Magnetar’s reinsurance affiliate, Pulsar Re. Prior to that he founded and was Chief Executive of AJ Sterge LP, which Magnetar acquired in 2006. Before that he was Chairman and Chief Executive of the CooperNeff Group, a unit of BNP Paribas. His groundbreaking equity trading strategy remains the centerpiece of BNP Paribas’ proprietary equity trading. Andrew earned a B.S. in mathematics from Wake Forest University and a Ph.D. in mathematics from Cornell University.



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