Gramercy is comprised of 60 professionals based in the U.S., Asia, Europe and Latin America. Our Portfolio Managers, who average 30 years of emerging markets investment experience, come together as an Investment Committee to share bottom-up research and top-down perspectives. They are supported by a team of 17 credit analysts who average 15 years of experience. Our global footprint includes local offices and deep local relationships built upon nearly three decades of distressed EM activity. Investment professionals are backed by a team of 31 individuals dedicated to running a transparent business platform complemented by world-class independent institutional service providers.

Investment Research

SOVEREIGN

Sarah Glendon
Senior Vice President, Head of Sovereign Research

Ms. Glendon has 10 years of industry experience. She oversees Gramercy’s sovereign research effort, including a team of experienced sovereign credit analysts. Her primary region of coverage is Latin America. She and her team are responsible for monitoring and evaluating global emerging markets sovereigns, as well as identifying and interpreting global market influences, trends, and movements. The sovereign research team is responsible for making key market calls supported by unique proprietary research. Ms. Glendon participates in the weekly Corporate/Distressed Credit Meetings and is a member of the Investment Committee.

Prior to joining Gramercy, Ms. Glendon was a Senior Analyst and Vice President in Moody’s Sovereign Risk Group. As a lead analyst on the Latin American Sovereign Team, she published research related to the credit quality of eight sovereigns, initiated and served as a voting member on rating committees for sovereigns in her portfolio and travelled regularly to the countries within her scope of geographic coverage, often meeting with government officials and private sector representatives. Before Moody’s, Ms. Glendon was at AIG as a Sovereign Analyst in both the Asset Management and Corporate R&D Groups. Ms. Glendon was the sole sovereign analyst in Asset Management for a portfolio of high grade corporate and sovereign bonds, writing weekly reports on Euro Area market movers, providing trading recommendations to PMs and traders and was a voting member on the Credit Risk and Sovereign Rating Review Committees.

Ms. Glendon received a BA in International Studies from Middlebury College where she graduated cum laude. Additionally, she received her MA in International Economics, with a Latin American Studies concentration, from the School of Advanced International Studies (SAIS) at Johns Hopkins University.

Petar Atanasov
Vice President, Sovereign Analyst

Mr. Atanasov has eight years of industry experience. He is a member of Gramercy’s sovereign research team. His primary regions of coverage are Central and Eastern Europe. As a member of the sovereign research team, he is responsible for making key market calls supported by unique proprietary research. Mr. Atanasov participates in the weekly Corporate/Distressed Credit Meetings and is a member of the Investment Committee.

Prior to joining Gramercy, Mr. Atanasov was an Associate Analyst in the Sovereign Risk Group at Moody’s Investors Service. In that role, he authored research on developments impacting sovereign credit quality, oversaw data collection for Moody’s semi-annual Country Statistics Handbook, and participated in sovereign rating committees. Mr. Atanasov was also responsible for communicating sovereign risk group views in investor briefings and discussions with policymakers. Prior to Moody’s, Mr. Atanasov was an Emerging Markets Macroeconomic Analyst at Roubini Global Economics and an Associate at Ernst and Young LLP.

Mr. Atanasov received a dual MA in International Finance and Economics from Columbia University and Public Policy from National University of Singapore. He received a dual BA in Business, Organizations, and Society and International Politics from Franklin and Marshall College, where he graduated magna cum laude. 

Kathryn Exum
Vice President, Sovereign Analyst

Ms. Exum has seven years of industry experience. She is a member of Gramercy’s sovereign research team. Her primary regions of coverage are the Middle East, Africa, and Asia. As a member of the sovereign research team, she is responsible for making key market calls supported by unique proprietary research. Ms. Exum participates in the weekly Corporate/Distressed Credit Meetings and is a member of the Investment Committee.

Prior to joining Gramercy, Ms. Exum was an Associate in Country Risk Management at J.P. Morgan. She was responsible for evaluating sovereign risks and internal credit ratings through macroeconomic and political analysis on a portfolio of countries. Ms. Exum also conducted robust in-country due diligence for annual internal sovereign ratings assessment. Additionally, she wrote, presented and distributed analytical research reports at a high frequency on economic and political events in the context of the potential impact on internal risk ratings, exposure, and limits. 

Ms. Exum received a BA in Economics, with a double minor in Public Policy and Psychology, from Hobart and William Smith Colleges where she graduated magna cum laude.

Corporate Credit

Matthew Christ
Managing Director, Head of Corporate Research

Mr. Christ has 13 years of investment and research experience. He assists with generating and monitoring corporate credit investments within the distressed and performing strategies.  Additionally, Mr. Christ is a member of the weekly Corporate/Distressed Credit Meeting and the Investment Committee.

Prior to enrolling at Columbia Business School, Mr. Christ worked at BlackRock for six years, from 2008-2011 as a Portfolio Manager within the Financial Institutions Group focusing on credit investments on behalf of insurance and reinsurance clients.  Mr. Christ also researched and sourced investment ideas to generate fixed income alpha within varying client risk profiles and investment objectives.  While at BlackRock, he also served in a client relationship/business development role before joining the Portfolio Management Group.

Mr. Christ received a MBA from Columbia Business School with Dean’s Honors and a BA in English and French from Middlebury College where he graduated Cum Laude.  Mr. Christ graduated from Columbia Business School’s Value Investing Program. 

Jarod Seah
Senior Vice President, Head of Asian Investments

Mr. Seah has 12 years of research experience. He is responsible for researching and recommending investment opportunities with a primary focus of emerging markets corporate bonds. Mr. Seah is a member of the Investment Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Prior to joining Gramercy, Mr. Seah worked as a Senior Analyst at Visium Asset Management. At Visium, he was responsible for formulating long and short trade ideas, creating extensive models, conducting due diligence and managing position-specific hedging. He also tracked and followed broad trends in multiple sub-sectors combined with extensive bottom-up fundamental work for existing and new positions. Before working at Visium, Mr. Seah was employed by UBS Investment Bank, serving as an analyst in the Financial Institution Group. He developed comprehensive financial models focused on analyzing profitability and debt capacity of target companies and the effects of multiple operational scenarios and capital structures on cash flows and returns. Mr. Seah also served for 2 years in the Singapore Armed Forces as a Logistics Department Head in the Medical Center.

Mr. Seah received a Masters in Financial Engineering from Columbia University. Additionally, he received a BS in Mechanical Engineering from Cornell University where he graduated magna cum laude.

Brian Nunes, CFA
Senior Vice President, Research Analyst

Mr. Nunes has 17 years of investment and research experience. He is responsible for providing general research and analysis to Gramercy’s Portfolio Managers. Mr. Nunes performs new and ongoing investment due diligence related to client investment vehicles with a particular focus on opportunities in sub-Saharan Africa. He monitors and provides timely analysis and updates on the financial situation, operational performance and key developments for those assets for which he is the designated Asset Manager. Mr. Nunes provides ad-hoc analysis and/or investment reviews as required by the Trading, Research or Marketing groups. He participates in the weekly Corporate/Distressed Credit Meeting and Investment Committee meetings.

Prior to joining Gramercy in April 2008, Mr. Nunes spent seven years with PricewaterhouseCoopers. At PWC he held various positions in both the U.S. and South Africa, the most recent being Manager in the Financial Due Diligence Practice where he focused on merger and acquisition transactions.

Mr. Nunes received a Bachelor of Commerce Accounting Sciences and a Certificate in Theory of Accounting at the University of Pretoria, South Africa where he graduated with honors. Additionally, Mr. Nunes is a CFA Charterholder and a Chartered Accountant in South Africa.

Adam Kemal
Senior Vice President, Research Analyst

Mr. Kemal has seven years of research experience. He is responsible for researching and recommending investment opportunities with a primary focus on emerging markets corporate bonds. Mr. Kemal is a member of the Investment Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Mr. Kemal was previously employed at Chevron, where he assessed macroeconomic, regulatory and political developments affecting corporate risk profiles related to oil and gas plays in Eastern Europe. Additionally, he monitored and evaluated energy industry trends and commodity prices and their respective impact on Chevron. Previously, Mr. Kemal also worked at the U.S. Department of State, working with U.S diplomats on NATO security issues and interfacing with multiple US Government agencies. He also worked at the German Parliament.

Mr. Kemal received a Masters in Foreign Service with a concentration in International Commerce and Business from Georgetown University. Additionally, he received a BA History with a minor in Government from Georgetown University where he graduated summa cum laude.

Serge Lioutyi
Vice President, Research Analyst

Mr. Lioutyi has ten years of investment, research and trading experience. He is responsible for researching and recommending investment opportunities with a primary focus on emerging markets distressed and performing corporate credits in CEEMEA for Gramercy's global investment activities in London. Additionally, Mr. Lioutyi also serves on the Investment Committee at Gramercy.

Prior to joining Gramercy in 2016, Mr. Lioutyi served as Head of CEEMEA Investments and Portfolio Manager at CarVal Investors in London. At CarVal, Mr. Lioutyi was responsible for analysis, diligence, and investments for CEEMEA focused portfolio and built upon a local network to source information and assets across CIS, Central Europe, Africa, and Middle East. Prior to CarVal, Mr. Lioutyi spent two years at Deutsche Bank as CEEMEA High Yield/Distressed Principal trader in London. At Deutsche Bank, Mr. Lioutyi created a new desk focused on proprietary investment in high yield and distressed assets. Additionally, he performed credit analysis on potential investments, served on several credit committees and structured various asset solutions. Before Deutsche Bank, Mr. Lioutyi was a CEEMEA Distressed Trader at Citi in London. At Citi, Mr. Lioutyi was responsible for establishing Citi's CEEMEA Distressed business inclusive of trading, managing clients' assets and providing analytics. He started with Citi as an emerging markets Credit Analyst. Prior to Citi, Mr. Lioutyi spent three years as and emerging markets Corporate Credit Analyst at Barclays Capital.

Mr. Lioutyi received a Bachelor's of Science with Honors in Physics from the University Imperial College of Science, Technology and Medicine in London.

Andrew Klugman, CPA, CFA
Vice President, Research Analyst

Mr. Klugman joined Gramercy in January 2013. He is responsible for researching and recommending investment opportunities with a primary focus on emerging markets corporate bonds. Mr. Klugman is a member of the Investment Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Prior to joining Gramercy in January 2013, Mr. Klugman was employed by PricewaterhouseCoopers where he was an Experienced Associate and counted Gramercy amongst his clients. Mr. Klugman's other audit clients included large asset managers and private equity firms. His duties as an Experienced Associate included various attestation work encompassing capital allocation, investment valuation and profit and loss testing as well as risk assessment analytics. Also, he was chosen to lead and coach first year associates on an audit engagement.

Mr. Klugman received a BS in Accounting and Finance at Lehigh University. Additionally, he is a Certified Public Accountant in the State of New York.

Matthew Berland
Associate, Research Analyst

Mr. Berland joined Gramercy in July 2017. At Gramercy, he is responsible for researching and recommending investment opportunities with a primary focus in emerging markets corporate bonds. Mr. Berland participates in the weekly Corporate/Distressed Credit Meeting.

Mr. Berland also interned at Gramercy while studying for his degree. His internship responsibilities included assisting Investor Relations, reconciling defaulted bonds, and reporting to senior management.

Mr. Berland received a BS from Lehigh University with a major in Finance and concentration in Financial Analysis.

Roberto Colliard
Gramercy Representative, Mexico

Mr. Colliard has 41 years of industry experience. He is currently Chairman of the Board of Pendulum Associates and one of Gramercy’s representatives in Mexico. Mr. Colliard is based in Mexico City.

Prior to joining Pendulum in March 2005, Colliard was a principal of Colliard y Olivieri, which was involved in large M&A transactions and the initial public offering on the Mexican stock exchange of Qualitas, the largest automotive insurance group in Mexico. From 1998 to 2002, Mr. Colliard worked for Grupo Sidek/Situr as the Managing Director in charge of co-investments, with a mandate to negotiate resolutions with the minority shareholders of the main tourist developments and facilitate the sale/liquidation of the group’s real estate portfolio. Prior to that, Colliard was the general coordinator of corporate assets for FOBAPROA and the VVA agencies of the Mexican government, responsible for financial restructurings and loan portfolio sales (handling a total of $3.5 billion in restructurings). From 1992 to 1996 Mr. Colliard was Assistant Representative of Chartered West LB/West Merchant Bank overseeing a lending portfolio of $750 million with Mexican industrial companies and banks. He began his career in a variety of positions in Mexican brokerage firms.

Mr. Colliard received a MBA at University of Texas at Austin and an undergraduate degree in Business Administration from Universidad Anahuac.

Public Equity

Harry Markowitz, PhD
Senior Advisor, Equities

Dr. Markowitz has 62 years of investment experience.  He serves as a Senior Advisor to Gramercy’s long-only equity strategies, which utilize the Global Optimization Strategy, a strategy created by Dr. Markowitz and his team, including Dr. Tony Tessitore, in 1997. As Senior Advisor, Dr. Markowitz participates in the Global Optimization Strategy’s weekly portfolio optimizations.

Dr. Markowitz has applied computer and mathematical techniques to various practical decision making areas.  In finance, first in an article in 1952 and later in a book in 1959, he presented what is now referred to as MPT – “modern portfolio theory.”  This has become a standard topic in college courses and texts on investments and is widely used by institutional investors for asset allocation, risk control and attribution analysis.  In other areas, Dr. Markowitz developed “sparse matrix” techniques for solving very large mathematical optimization problems.  These techniques are now standard in production software for optimization programs.  Dr. Markowitz also designed and supervised the development of the SIMSCRIPT programming language.  SIMSCRIPT has been widely used for programming computer simulations of systems like factories, transportation systems and communication networks. In 1989, Dr. Markowitz received The John von Neumann Award from the Operations Research Society of America for his work in portfolio theory, sparse matrix techniques and SIMSCRIPT.  In 1990, he shared The Nobel Prize in Economics for his work on portfolio theory.

Dr. Markowitz obtained a Ph.D. from the University of Chicago.

 

Jon Vinson, PhD
Vice President, Programmer and Database Manager

Dr. Vinson is responsible for programming and database management for Gramercy’s long-only equities strategies. Dr. Vinson developed the interface for the equity optimization program as well as the logic and coding of the simulator used by the team.

Prior to joining Gramercy in June 2006, Dr. Vinson was an Assistant Fund Manager at City of London Investment Management. From 1994 to 2000, he was an Associate at Daiwa Securities Trust Company.

Dr. Vinson obtained a Ph.D. in Physics from Rutgers University and a BA in Physics from Rice University.

Artun Alparslan, CFA
Senior Vice President, Research Analyst, Equities

Mr. Alparslan has nine years of investment and research experience. At Gramercy, Mr. Alparslan is responsible for research and modeling/development of new and existing products. Additionally, he produces analyses and reports on performance and attribution of fund returns and prepares periodic and ad-hoc reports for clients, prospect clients and management.

Prior to joining Gramercy in August 2009, Mr. Alparslan was a teaching assistant at Rutgers Business School.

Mr. Alparslan received a MA in Quantitative Finance from Rutgers Business School where he graduated Beta Gamma Sigma and a MA in Economics from Ohio State University. He also obtained a B.Sc. in Electrical Engineering from Bilkent University. Additionally, Mr. Alparslan is a CFA Charterholder.

Capital Solutions

Gustavo A. Ferraro
Partner, Head of Latin American Markets

Mr. Ferraro has 31 years of Latin America focused investment banking and capital markets experience. Mr. Ferraro is responsible for recommending, sourcing and managing private and public investments in debt, equity and equity linked securities in Latin American middle market and large corporates across business sectors. Additionally, as Head of Latin American Markets, Mr. Ferraro is a senior member of the team that oversees the overall sovereign strategy in the region.

Prior to joining Gramercy in May 2012, Mr. Ferraro served as a Managing Director with Barclays Capital, where he led a Capital Markets team that covered the firm’s largest Latin American corporate and sovereign clients focusing on debt capital markets and liability management. He played a key role in Argentina’s 2010 reverse inquiry debt restructuring, which Gramercy originated, as well as the country’s previous debt restructuring in 2005. From 2000 through 2003, Mr. Ferraro worked in Salomon Smith Barney’s Investment Bank where he was head of TMT (Technology, Media & Telecom) for Latin America. From 1994 through 2000, he was the head of the Debt Capital Markets desk for Latin America for Lehman Brothers in New York and he covered Argentina and Chile for Lehman Brothers Investment Banking as the head of their office in Buenos Aires. From 1987 through 1994, he spent time at Citibank in Sao Paulo, Brazil and in New York where he was responsible for asset trading and for the coverage of Brazilian and Multinational clients and later on became responsible for the debt syndicate desk for Emerging Markets.

Mr. Ferraro received a MBA in Finance from Claremont Graduate School and a degree of Licenciado en Economia from Universidad Catolica Argentina in Buenos Aires.

Bradshaw McKee
Managing Director, Capital Solutions and Distressed Portfolio Manager

Mr. McKee has over 25 years of distressed and structured credit experience in emerging markets. He is part of Gramercy’s Alternatives Portfolio Management team and Capital Solutions effort. Specifically, he is responsible for recommending, sourcing and managing distressed and high yield corporate bonds, capital solutions transactions and direct lending opportunities across the platform. He is a member of the Investment Committee and reports directly to Robert Koenigsberger, CIO.

Prior to joining Gramercy in 2017, Mr. McKee spent 11 years as Managing Director, Global Co-Head of Emerging Markets Structured Credit Trading at Deutsche Bank where he was responsible for over $2 billion of risk across distressed and high yield corporate bonds and loan investments, direct lending, and non-performing loans portfolios. Mr. McKee served as a portfolio manager on the Emerging Markets Corporate Credit Principal Desk in Latin America and CEEMEA where he sourced, purchased, and monetized numerous high-profile emerging markets distressed opportunities and gained an extensive knowledge of high yield and distressed issuers. Additionally, Mr. McKee co-managed a team of over 25 traders and structurers in New York, London, Sao Palo, Dubai, and Moscow. Mr. McKee was also a member of the Deutsche Bank Emerging Markets Executive Committee, Emerging Markets Reputational Committee, and Global Markets Americas Management Committee. From 1993 to 2006 Mr. McKee worked at JPMorgan in New York, Buenos Aires, and Mexico City where he was most recently Vice President of Latin American Distressed Trading and started the bank’s distressed loan trading business for the region.

Mr. McKee received his Executive MBA from Columbia Business School and a Bachelors of Arts in History and Spanish from Middlebury College.

Javier Ledesma-Arocena
Managing Director, Head of Southern Cone

Mr. Ledesma-Arocena has 17 years of private equity experience in emerging markets, with over 25 deals executed across Latin America. At Gramercy, Mr. Ledesma-Arocena is Head of the Southern Cone and is responsible for recommending and sourcing private and public investments in debt, equity and equity linked securities mostly in Argentina and selectively in the rest of South America’s middle market and large corporates across business sectors. Mr. Ledesma-Arocena is based in Buenos Aires.

Prior to joining Gramercy in January 2013, Mr. Ledesma-Arocena was a Principal at Graycliff Partners, the former HSBC private equity arm for the Americas, managing its Spanish Latin American investments. He joined Graycliff’s predecessor firm, HSBC Capital in May 2007 to launch HSBC's Private Equity program in Latin America and invested over $150 million between from 2007 to 2012. At HSBC Capital, he actively managed the Latin American investment portfolio. Mr. Ledesma-Arocena represented HSBC Capital in the Board of Directors for companies in Argentina, Colombia and Mexico, across different sectors. At HSBC Capital, he sourced, led, negotiated and closed private equity investments in Brazil, Argentina, Colombia, Chile and Mexico. Previously, he was a member of HSBC Principal Investments, where he worked on private equity transactions in India, China and Hong Kong. Early in his career, he was an Investment Associate for over 3 years with HSBC Private Equity Latin America, HSBC's former Latin America private equity business with a focus in Argentina, Brazil and Chile.

Mr. Ledesma-Arocena holds a Bachelor's Degree in Business Administration from Torcuato Di Tella University, Argentina, where he graduated with Summa Cum Laude Honors and ranked 1st in the 2002 Business Administration Class.

Gian Marco Maltoni
Senior Vice President, Latin American Markets

Mr. Maltoni has 15 years of capital solutions experience in Latin American Markets. At Gramercy, Mr. Maltoni is responsible for sourcing and monitoring capital solutions and direct lending transactions for funds and various managed accounts in Argentina, as well as the entire Latin American region.

Prior to joining Gramercy, Mr. Maltoni spent 10 years at JPMorgan with a primary focus in investment banking and equity capital for Latin America. While at JPMorgan, Mr. Maltoni spent three years as an Executive Director of Investment Banking, where he was responsible for client coverage in the Southern Cone. Mr. Maltoni also spent three years as Vice President in Equity Capital Markets, where he was responsible for originating and executing the entire Latin American Equity Capital Markets platform. Prior to this role, Mr. Maltoni spent four years and an Associate in Mergers and Acquisitions - Latin America, where he was responsible for executing M&A advisory roles as well as capital markets transactions. Prior to joining JPMorgan, Mr. Maltoni was an Associate and Analyst at Integra Investments where he performed valuation analyses, due diligence, strategic analyses, and executed transactions.

Mr. Maltoni received his MBA in Finance and Economics at Columbia Business School and earned his BS in Business Economics, Finance at Universidad Torcuato di Tell in Buenos Aires.

Carlos Anderson
Latin American Advisor

Mr. Anderson has 23 years of experience as an Advisor in Mergers and Acquisitions throughout Latin America. As a Latin American Advisor to Gramercy, he is responsible for providing his views about the region, supporting Gramercy’s credit team as well as assisting Gramercy with specific situations acting as a point person in the region. Mr. Anderson is based in Lima.

Most recently, Mr. Anderson was at Europa Partners and focused on mid-market companies in the Andean Region. Prior to Europa Partners, Anderson was a Senior Vice President at Lehman Brothers in New York and prior to that, a Managing Director of ABN Amro in London where he joined from SBC Warburg. Within the M&A groups of Lehman Brothers, ABN Amro and SBC Warburg he advised a variety of clients with a specialization in the financial institutions sector. He has extensive experience working in a number of Latin American countries, including advising on privatizations and acting for European companies on cross-border transactions in the region. Anderson began his career with The Economist Group in London, originally as a journalist before becoming Senior Latin American Economist.

After studying economics in Lima, Mr. Anderson obtained a M.Sc. in Economics at Birkbeck College, a PhD (ABD) in Economic History at the London School of Economics, and a Diploma in Macroeconomic Policy Management at the Harvard Institute of International Development.

PORTFOLIO ANALYST

Denis Cole
Vice President, Portfolio Analyst

Mr. Cole has 12 years of industry experience. At Gramercy, Mr. Cole works with the Emerging Markets Debt Portfolio Managers where he assists with modeling investment ideas, performing quantitative portfolio analytics and supports the monitoring of portfolio holdings to identify securities that may be sell candidates. Additionally, he works with both the sales and investor relations teams to aid in the preparation of marketing materials including pitch presentations, ad hoc requests, and prospecting.

Prior to joining Gramercy, Mr. Cole was employed by Nexar Capital Group. He worked within Nexar Capital’s volatility hedge fund group, including a volatility arbitrage hedge fund and a variety of short biased hedge funds. There he concentrated on creating portfolio exposure, attribution, and risk analysis reports, drafting month-end client commentaries, and identifying/prospecting potential investors. In addition, he was active in supporting trading activities by executing trades, entering data into trade blotters and creating models to back test delta hedging strategies. Prior to that, Mr. Cole was a convertible arbitrage trader with LaBranche Structured Products, where he had primary responsibility for identifying and executing convertible, equity, options, fixed income and CDS trades. Between LeBranche and Nexar, he created and ran a Lacrosse consultancy business and was a defensive coach for the NYS Championship team from Manhasset.

Mr. Cole received a BA in Political Science at the University of Pennsylvania.