Gramercy is comprised of 58 professionals based in the U.S., Asia, Europe and Latin America. Our Portfolio Managers, who average 29 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 15 credit analysts who average 11 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 30 individuals dedicated to running a transparent business platform complemented by world-class independent institutional service providers.

Investment Research

SOVEREIGN

Petar Atanasov
Senior Vice President, Sovereign Research

Mr. Atanasov has nine years of industry experience. He is a member of Gramercy’s sovereign research team. 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
Senior Vice President, Sovereign Research

Ms. Exum has eight years of industry experience. She is a member of Gramercy’s sovereign research team. 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 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. 

Belinda Hill
Managing Director, Research Analyst

Ms. Hill has 16 years of investment and research experience. She is responsible for researching and recommending investment opportunities with a primary focus on emerging markets corporate bonds. Ms. Hill is a member of the Investment Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Prior to joining Gramercy, Ms. Hill spent three years as an Emerging Markets Analyst at Apollo Global Management. At Apollo, she analyzed sovereign, quasi-sovereign, and corporate issuers across all sectors and was also responsible for sourcing and evaluating new strategic initiatives and private opportunities. Prior to Apollo, Ms. Hill worked at Schroders Investment Management for two years as an Emerging Markets Corporate Credit Analyst. There she conducted fundamental research on investment grade and high yield credit across all sectors. She also provided various portfolio managers with value-add actionable trading recommendations for Latin America based on fundamental and relative value analysis. Ms. Hill also worked at HPP, PepsiCo and Credit Suisse.

Ms. Hill received her BA in Business Administration from Georgetown University where she graduated Cum Laude. Additionally, Ms. Hill is a CFA Charterholder.

Jarod Seah
Senior Vice President, Head of Asian Investments

Mr. Seah has 13 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, CA (SA)
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 11 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
Senior 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.

Lisandro Muller
Vice President, Research Analyst

Mr. Muller has eight years of investment banking and emerging markets credit experience. At Gramercy, Mr. Muller is responsible for researching and recommending investment opportunities across Gramercy’s platform of products. Mr. Muller is a member of the Investment Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Prior to joining Gramercy in 2017, Mr. Muller was an Associate Director of the Emerging Markets Special Situations team at UBS for two years in New York. In this role, he originated and executed deals for UBS’ high-yield private financing group. Previously, Mr. Muller spent three years as an Investment Banking Analyst for UBS in Buenos Aires where he participated in the design, marketing and execution of equity and debt financings, M&A and leveraged buyouts transactions for companies across Argentina, Chile, Colombia and Peru.

Mr. Muller received his MBA from Columbia University and a BA in Economics from Universidad de San Andres in Buenos Aires, Argentina.

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.

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. As co-portfolio manager of the Capital Solutions strategy, Mr. Ferraro is responsible for recommending, sourcing and managing capital solutions transactions and direct lending opportunities across the platform. He is a member of the Capital Solutions Investment Committee and reports directly to Robert Koenigsberger, CIO.

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 an 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 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 investment buy side experience focused on emerging markets direct lending and private equity transactions. He has executed over 25 deals 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.

Tomás Serantes
Managing Director, Capital Solutions Structurer

Mr. Serantes has 15 years of Latin American focused structured credit and investment banking experience. At Gramercy, Mr. Serantes is Managing Director, Capital Solutions Structurer and focuses on the sourcing, execution, and monitoring of capital solutions and direct lending transactions in Latin American region.

Prior to joining Gramercy in 2017, Mr. Serantes served as Director of the Latin America Structured Credit/Special Situations Trading desk at Deutsche Bank. In this role, Mr. Serantes was a credit trader responsible for the origination and execution of structured financings in the region. During his six years at Deutsche Bank, Mr. Serantes executed over 20 private transactions for a $4+ billion aggregate financing amount. Prior to Deutsche Bank, Mr. Serantes spent three years as Associate on the Investment Banking team at Lazard, where he participated in M&A deals, debt restructurings and capital market transactions in Latin America. Mr. Serantes began his career as Senior Analyst of Strategic Planning at Ternium, where he assisted senior management on pricing strategies, resource allocations, and monitoring of product performance.

Mr. Serantes received his MBA from Columbia Business School and B.S. in Industrial Engineering at Universidad Austral in Argentina.

Gian Marco Maltoni
Managing Director, 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.

Quantitative Research

Artun Alparslan, CFA
Senior Vice President, Quantitative Research

Mr. Alparslan has ten years of investment and research experience. Mr. Alparslan is responsible for quantitative research focusing on security selection, risk management and aiding with portfolio management. Prior to his new role, Mr. Alparslan was a research analyst with the closed-end fund equity strategy at Gramercy from 2009 to 2017. He was responsible for research and modeling/development of new and existing products. In addition, he assisted with portfolio management; produced analysis and reports on strategy performance and attribution; and prepared periodic and ad-hoc reports for clients, prospective clients and management.

Before joining Gramercy full time in August 2009, he was a teaching assistant at Rutgers Business School and prior to that, an intern at Gramercy.

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

PORTFOLIO ANALYST

Denis Cole
Vice President, Deputy Portfolio Manager

Mr. Cole has 13 years of industry experience. At Gramercy, Mr. Cole is responsible for portfolio construction within Gramercy's emerging markets debt strategies reporting to the Co-Heads of the EMD business. Mr. Cole works closely with credit research and traders to analyze and identify bonds that meet portfolio objectives as well as generate investment ideas, security selection opportunities and independent analysis on investment research. He is also responsible for tracking developments in countries, sectors and credits in the portfolios. Mr. Cole participates in the weekly sovereign and corporate credit meetings and is a member of the Investment Committee.

Prior to joining Gramercy, Mr. Cole was employed by Nexar Capital Group where he worked within their volatility hedge fund group. 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, and fixed income investment ideas.

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

Public Equity

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.