Cliff is a Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. He is an active researcher and has authored articles on a variety of financial topics for many publications, including The Journal of Portfolio Management, Financial Analysts Journal and The Journal of Finance. He has received five Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management, in 2002, 2004, 2005, 2014 and 2015. Financial Analysts Journal has twice awarded him the Graham and Dodd Award for the year’s best paper, as well as a Graham and Dodd Excellence Award, the award for the best perspectives piece, and the Graham and 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 cofounding 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).
David Kabiller is co-founder and the Head of Business Development at AQR, overseeing client relationships, business development and strategic initiatives. In this role, he has helped foster AQR’s tradition of innovation by initiating AQR’s international expansion into Europe and Asia and spearheading its introduction of mutual funds. In addition to these corporate milestones, David is dedicated to investor education and fostering young research talent. To that end, he was instrumental in creating the “AQR University” symposia series for financial advisors and the Master Class program for institutional investors. For the academic community, David helped create the AQR Insight Award for outstanding innovation in applied academic research and was a founding member of the LBS AQR Asset Management Institute.
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 chairman of the Executive Council of the university’s International Institute for Nanotechnology (IIN). He is also a member of the Advisory Council of the AQR Asset Management Institute at London Business School and has served on the Board of Trustees for the Terra Foundation for American Art.
Prior to AQR, David 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 BA in economics and an MBA from Northwestern, where he received an athletic scholarship to play tennis and was named to the Big Ten’s Academic All-Conference team. At Northwestern, David founded the Kabiller Prize and the Kabiller Young Investigator Award for researchers in nanoscience and nanomedicine, and established NU for Life, a program dedicated to the professional development of Northwestern student-athletes. He is a CFA charterholder.
John, a Founder and the head of the Global Asset Allocation team at AQR, oversees 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 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’s Board of Trustees and sits on the university’s investment committee. He earned a B.A. in economics from the University of Chicago, where he was elected a member of Phi Beta Kappa, and went on to earn an M.B.A. and a Ph.D. in finance, also from Chicago.
Michele is co-head of research in AQR’s Global Stock Selection group. She played a key role in launching the firm’s emerging equities strategy in 2008 and is responsible for oversight of emerging-market stock selection. Michele has contributed to the advancement of our investment process in a variety of areas, including alpha signals, portfolio construction and optimization and performance attribution. She developed the proprietary robust optimization technology that AQR uses to build portfolios. Michele graduated magna cum laude from Brown University with a B.Sc. in applied mathematics. She also earned a Ph.D. in operations research from the Massachusetts Institute of Technology, where she was a National Science Foundation Graduate Research Fellow and an MIT Presidential Graduate Fellow. Between Brown and MIT, Michele worked as a quantitative analyst in the proprietary equities department of D.E. Shaw & Co.
Gregor runs AQR’s international team, overseeing client relations in Europe, the Middle East, Asia and Australia. 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 is on the Advisory Council of the AQR Asset Management Institute at London Business School, has been published in academic journals and won an Amundi Smith Breeden Award 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.
Brad is AQR’s Co-Chief Operating Officer, overseeing the firm’s infrastructure functions. Prior to AQR, which he joined at its inception in 1998, Brad worked at Donaldson, Lufkin & Jenrette on public and private debt and equity offerings, asset sales and merger and acquisition transactions for real estate investment trusts and home-building companies. Brad earned a B.A. from Brandeis University, a J.D. from New York Law School, where he was a member of the law review, and an M.B.A. with distinction from New York University’s Stern School of Business. He is a member of the New York State Bar..
Bill leads the distribution team for AQR’s Advisor Solutions Group (ASG) within Business Development, which works with financial advisors across national and regional broker-dealers, bank trust departments and registered investment advisors. Prior to AQR, Bill was a Vice President at Natixis Asset Management where he was responsible for distribution in the Registered Investment Advisor channel. Before that, Bill worked at Wachovia in their private client group. He began his career at Brown Brothers Harriman & Co. Bill earned a B.A. from Denison University and an M.B.A. from Pepperdine University.
Jeff heads AQR’s Australia business, focused on building the firm’s presence in the region. Prior to AQR, Jeff was the research manager for the international equity division at QIC, one of Australia’s largest institutional investment managers, where he was responsible for researching external asset management firms and developing portfolio and risk management infrastructure. While at QIC, Jeff also worked in a secondment role with the quantitative strategies group at Goldman Sachs Asset Management in New York. Jeff earned a B.Sc. (mathematics) and a B.Bus. (banking and finance) from the Queensland University of Technology.
Andrea is a Principal on AQR’s Global Stock Selection team, focusing on research and portfolio management of the Firm’s Long/Short and Long-Only equity strategies. He is also an Adjunct Professor of Finance at New York University’s Stern School of Business. He has published in top academic journals and won several awards for his research, including the Smith Breeden Award, the Fama-DFA award, the BGI best paper award, several Bernstein Fabozzi/Jacobs Levy Awards, 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 J.P. Morgan Securities and on the board of directors of the Center for Research in Security Prices at the University of Chicago. He earned a B.S. in economics from the University of Roma Tre, an M.S. in economics from the London School of Economics and a Ph.D. in economics from Yale University.
Jacques is a Principal and head of AQR’s Global Stock Selection team. In this role, he is involved in all aspects of research, portfolio management and strategy development for the firm’s equity products and strategies. He is also a member of both the firm’s Strategic Planning and Risk Committees. Prior to joining AQR at its inception in 1998, Jacques was with Goldman, Sachs & Co., where he developed quantitative stock-selection strategies within the asset management division. Before joining Goldman, he was pursuing a Ph.D. in applied mathematics at the University of Washington, where his research interests ranged from mathematical physics to quantitative methods for sports handicapping. Jacques earned a B.S. in applied mathematics from Brown University and an M.S. in applied mathematics from the University of Washington.
Jeremy leads AQR’s North America institutional team within Business Development, working with and advising clients throughout the United States and Canada. Prior to AQR, Jeremy was a vice president of Allstate Financial and a consultant with Mercer Investment Consulting, advising pension plans on asset allocation and investment-manager selection. He earned an A.B. in politics from Princeton University, graduating cum laude, and an M.B.A. with high honors from the University of Chicago’s Graduate School of Business, where he was named a Siebel Scholar as one of the top 25 M.B.A. students annually. He is a CFA charterholder.
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.
John is AQR’s Chief Financial Officer and Co-Chief Operating Officer, overseeing the firm’s infrastructure functions. Earlier in his career, John was Chief Financial Officer of the global asset management firm AllianceBernstein and before that he held various senior financial positions at Knight Capital Group, including group controller and chief financial officer of Knight Equity Markets International Ltd. based in London; he ultimately was CFO of the entire firm. John began his career at Price Waterhouse, rising to become a senior manager in the securities industry practice. He earned a B.S. in accounting from Lehigh University and is a Certified Public Accountant..
Brian is a portfolio manager for two of AQR’s macro strategies — managed futures and risk parity — and is Co-head of Trading. He has more than 20 years of experience managing money for institutional investors in both traditional and alternative investment strategies, and has been at AQR since its founding. He was named Alternatives Fund Manager of the Year by Morningstar in 2013 for his work on managed futures. He has written a number of papers on Risk Parity and Managed Futures, including “Demystifying Managed Futures” in the Journal of Investment Management, and spoken at a host of industry conferences. Before AQR, he 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 at the University of Pennsylvania.
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, the Harry M. Markowitz special distinction award, and multiple Bernstein Fabozzi/Jacobs Levy awards for his articles. His book Expected Returns (Wiley, 2011) is a broad synthesis of the central issues in investing. Antti received the CFA Institute's 2017 Leadership in Global Investment Award.
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 now runs the Global Alternative Premia group, which employs various investing styles across asset classes. He has received an Outstanding Article award as part of the 17th Annual Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management in 2015 and the Special Distinction Award as part of the Harry M. Markowitz Prize for the best paper published in the Journal of Investment Management in 2015. He is on the executive board of the University of Pennsylvania’s Jerome Fisher Program in Management and Technology and is a member of the Advisory Board of The Rodney L. White Center for Financial Research, The Wharton School, University of Pennsylvania. Ronen is also is an adjunct professor of finance at New York University, has been a guest speaker at Harvard, Columbia, the University of Pennsylvania and the University of Chicago, and is a frequent conference speaker. Prior to AQR, he was a senior analyst at Quantitative Financial Strategies Inc. Ronen earned a B.S. in economics from the Wharton School at the University of Pennsylvania, a B.A.S. in biomedical science from the University of Pennsylvania’s School of Engineering and Applied Science, and an M.A. in mathematics, specializing in mathematical finance, from Columbia.
Michael is a Principal and Co-Head of the portfolio implementation and implementation research team. In this role, he oversees the implementation of AQR’s products and models and enhancement of the implementation process. Previously, Michael oversaw macro, fixed income and inflation research. He is also part of the portfolio management teams for multi-strategy hedge funds, macro and long-only equity products. Prior to AQR, Michael 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 has been published in the Financial Analysts Journal and the Review of Financial Studies. Michael earned a B.A. in economics and Middle East history, with honors, from Tel Aviv University, and a Ph.D. and an A.M. in economics from Harvard University.
Hoon is the head of equity portfolio management in AQR’s Global Stock Selection group, responsible for the day-to-day portfolio management decisions for all long/short and long-only equity strategies. He has contributed to advancements in various areas of investment strategy and process, including alpha signal research, portfolio construction, performance attribution and portfolio analytics. He also played a key role in building AQR’s defensive equity strategies. Prior to AQR, he was the head of quantitative equity research at Mellon Capital Management in San Francisco. Hoon earned a B.A. in business administration from Yonsei University in South Korea, and an M.B.A. and a Ph.D. in business/accounting from Carnegie Mellon University. He is a CPA (in Korea) and a CFA charterholder.
Oktay is a Principal and Co-Head of the portfolio implementation and implementation research team. In this role, he oversees the implementation of AQR’s products and models and enhancement of the implementation process. Earlier in his career at AQR, Oktay was involved in the development of research and optimization software, and subsequently worked with various departments to establish and manage the portfolio implementation function. Prior to joining AQR at its inception, Oktay was a quantitative analyst in the asset management division of Goldman, Sachs & Co. He earned a B.S. in physics and mathematics from the University of Michigan and an M.B.A. with concentration in finance and statistics from New York University’s Stern School of Business.
Ari is a portfolio manager for AQR’s commodities and managed futures strategies, leading research efforts in both areas. His research on trend following techniques has been published in the Financial Analysts Journal. Ari earned a B.S. in finance and a B.S.E. and M.S.E. in electrical engineering from the Jerome Fisher Program in Management and Technology at the University of Pennsylvania.
Steve oversees both firm-wide operations and client administration at AQR. Prior to joining the firm, Steve was a managing director at Goldman Sachs & Co., where he was responsible for the Investment Management Division’s asset management operations worldwide. Before that, he managed fixed-income trading operations at Morgan Stanley. Steve was a founding member of the Securities Industry and Financial Markets Association’s Asset Managers Forum and currently teaches management-communications courses at New York University’s Stern School of Business and Stanford University’s Graduate School of Business. Steve earned a B.A. in economics from Villanova University and an M.B.A. from Pace University.
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 has been a member of the Managed Funds Association’s board of directors and Chairman of its Trading and Markets Committee and is currently Chairman of its Government Affairs 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.
Toby contributes to research on asset pricing and investment issues related to domestic and international strategies for AQR’s Global Alternative Premia team. He currently holds the Dean Takahashi Chaired Professorship in Finance at Yale University, is a research associate at the National Bureau of Economic Research, and was formerly the Fama Family Professor of Finance at the University of Chicago Booth School of Business from 1998 to 2016. He has won numerous awards for his academic research, including the 2015 Bernstein Fabozzi/Jacobs Levy Award for the best article in The Journal of Portfolio Management. In 2007, he was awarded the Fischer Black Prize by the American Finance Association, which recognizes the best financial economist under the age of 40, and the Kauffman Prize Medal for Distinguished Research in Entrepreneurship in 2012 by the Kauffman Foundation, which recognizes the largest contribution to entrepreneurial research under the age of 40. His work has been cited in numerous print media, television appearances, and in a 2005 speech by former Federal Reserve Chairman Alan Greenspan. Toby earned a B.S. in industrial management/industrial engineering with honors and an M.S. in finance from Purdue University, as well as a Ph.D. in finance from the University of California at Los Angeles.
Lars is the Chief Risk Officer of AQR. Previously, Lars oversaw research in AQR’s Global Stock Selection and Global Asset Allocation teams, and was part of the portfolio management teams for a number of AQR’s multistrategy hedge funds and long-only equity portfolios. His research has been published in the Review of Financial Studies, the Financial Analysts Journal, the Journal of Portfolio Management and the Journal of Investing. Prior to AQR, he was a quantitative equity analyst at Danske Invest. Lars earned a B.Sc. and an M.Sc. in economics from the University of Copenhagen.
Yao Hua is a Principal on AQR’s Global Asset Allocation team, focusing on research and portfolio management of macro-related strategies that include commodities, risk parity and managed futures. His research has been published in the Journal of Financial Economics and the Journal of Investment Management. He was named the 2013 Alternatives Fund Manager of the Year by Morningstar for his work on managed futures, and shared the 2013 Whitebox Prize for his work on time series momentum. 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 and a B.S. in engineering, graduating summa cum laude in both.
Christopher heads AQR’s business development and client service in Europe. Prior to AQR, he worked as a Business Development Manager and Consultant for the Palladium Group and as an analyst at Goldman Sachs in the Investment Management Division’s Product Management group. Christopher earned a B.A. in political science with a concentration in economics from Amherst College, an M.B.A. from Harvard Business School and an M.P.A. from the Harvard University Kennedy School of Government. He is co-author of several published articles, including “Risk Parity: A Supplement to Traditional Portfolios, Not Their Replacement,” “Inflation in 2010 and Beyond (Parts I and II),” “Eurozone Inflation Update: Will ECB Actions Match its Rhetoric?,” “QE2: Not Just Another QE1,” “The Convertible Bond Dislocation of 2008” and “The Limits of Convertible Bond Arbitrage.” He is a CFA charterholder.
Neal is AQR’s Chief Technology Officer. Prior to AQR, he was a managing director and Chief Information Officer of UBS’s global wealth management business in Switzerland, and a partner and co-Chief Information Officer at D.E. Shaw & Co. He began his career at Swiss Bank / O'Connor in Chicago. Neal earned a B.Sc. in computer science from Brown University.
Lasse is a Principal on AQR’s Global Asset Allocation team, leading research on proprietary quantitative forecasting models to identify opportunities in equities, fixed income, currencies and commodities. He is also a finance professor at Copenhagen Business School and New York University’s Stern School of Business. 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 as 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.
Scott is a researcher and portfolio manager in AQR’s Global Alternative Premia group, overseeing research in credit and fixed-income markets. He is also involved with the equity research for the firm’s Global Stock Selection group. Prior to AQR, he was a professor at London Business School, where he still teaches M.B.A. and Ph.D. classes. He has held senior positions at BlackRock (Barclays Global Investors), including head of Europe equity research and head of global credit research, where he oversaw research and investment decisions at BGI for both total return and absolute return products across credit and equity markets. He began his career as an assistant professor at the University of Pennsylvania. He is an editor of the Review of Accounting Studies and has published extensively in leading academic and practitioner journals. In 2009 he won the Notable Contribution to Accounting award for his work on earnings quality and accruals. Scott earned a B.Ec. with first-class honors from the University of Sydney and a Ph.D. in business administration from the University of Michigan.
H.J. is AQR’s Chief Compliance Officer, overseeing the firm’s compliance program. Prior to AQR, he was Global Head of Compliance and Counsel at KKR & Co., and before that was Chief Compliance Officer and Senior Counsel at Silver Point Capital LP. Earlier, he was a lawyer at Wilmer Cutler Pickering Hale and Dorr, and Schulte Roth & Zabel, and was a branch chief in the U.S. Securities and Exchange Commission Northeast Regional Office. H.J. earned a B.A. in English at Bucknell University and a J.D. from Brooklyn Law School. He is a member of the New York State Bar.
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 F. 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, and an M.A. in economics and a Ph.D. in applied economics from Clemson University.
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.
Rocky heads the event-driven desk at CNH Partners, the arbitrage affiliate of AQR. His team invests in opportunities created by corporate actions like mergers and other market events. He developed a database of convertible bonds issued since 1984 and maintains CNH’s legacy merger arbitrage data going back to 1963, and he has used those tools to help develop several new strategies. Prior to CNH, Rocky was a research associate at Harvard Business School, where he worked with finance professors Erik Stafford and Lisa Meulbroek. He earned a B.S. in computer science and electrical engineering from the Massachusetts Institute of Technology.