Michael J. Burlon
Hedge Fund Research Associate

Michael joined Angeles Investment Advisors in 2010 as a Hedge Fund Research Associate. Michael began his career at Lehman Brothers Inc. in 2002, where he worked in risk management conducting due diligence on the firm’s Hedge Fund counterparties. Michael went on to become a Vice President in Bear Stearns’ Structured Funds group where he was responsible for due diligence on the group’s hedge fund investments. Most recently, Michael was a Due Diligence Analyst for Commerzbank’s Alternative Investment Strategies group, where he conducted research and sourced new hedge fund managers for the firm’s $1.5 billion hedge fund of funds.

Michael received a BA in Economics from New York University, where he was on the swim team.

Jon Erdtsieck
Research Associate

Jon conducts investment research and works with Angeles consultants in developing investment recommendations for our clients' portfolios. He also participates in manager research, investigating new investment manager candidates as well as incumbent managers, which includes reviews of risk-adjusted performance, investment philosophy and process, and the investment team. Prior to joining Angeles in January 2009, Jon worked as the Credit Manager at Summit Plastering, Inc.

Jon received his B.A. in Environmental Studies with a Business concentration, magna cum laude, from the University of Southern California. Jon is a member of the Los Angeles Junior Chamber of Commerce (LAJCC), serving on the Finance Committee and volunteering his time for their Ready to Learn program, where he works with elementary school children to help foster an interest in reading and improve their language skills. He also devotes his time playing rugby for the Santa Monica Rugby Club. Jon is a level III CFA candidate.

Leslie B. Kautz, CFA
Principal

Leslie was a founder of Angeles Investment Advisors in 2001 and of Asset Strategy Consulting in 1991. Leslie works directly with clients to develop and implement strategic investment policy, and provide practical perspective on all aspects of an institutional investment program.  This includes developing asset allocation policy and structure, selecting managers, providing trustee education, and monitoring investment results. As a founder of the firm, Leslie plays a role in overseeing the business of Angeles Investment Advisors. 

Prior to joining the investment industry, Leslie spent eight years working as a policy analyst in the legislative and executive branches in Washington, D.C.  Leslie received her B.A. from Carleton College, and her Masters in Public Affairs from Princeton University’s Woodrow Wilson School of Public and International Affairs.  She is a Chartered Financial Analyst and a member of the CFA Society of Los Angeles. Leslie is a trustee of a family foundation and of her alma mater, Carleton College, as well as a board member of the Spondylitis Association of America.

Anna L. McGibbons, CFA
Consultant

Anna is a Consultant at Angeles and an owner of the firm.  Anna is the consultant on several client relationships and conducts manager research across asset classes, with a focus on hedge funds. Anna also participates in capital markets research at the firm.

Anna joined Angeles Investment Advisors at its founding in 2001, having started her career at Asset Strategy Consulting in 1999. After working in the performance analytics group for approximately one-year, Anna moved to the manager research team to engage in the analysis and due diligence process involved in hiring and terminating money managers. In her current position, Anna is responsible for investment research, performance analysis, and delivery of investment recommendations for our clients’ portfolios.

Anna received a BA in Business/Economics at the University of California, Santa Barbara.  She is a Chartered Financial Analyst (since 2002) and is a member of the Los Angeles Society of Financial Analysts.

Shana Mulkerin
Consultant

Shana Mulkerin joined Angeles Investment Advisors in 2005 from Wilshire Associates. At Wilshire Associates, Shana worked with many types and sizes of institutional investment funds, including large high-profile public pension funds, corporate plans, endowments and foundations to develop and implement investment strategies. Her focus was on investment manager searches/due diligence, investment structure reviews, policy development, strategic asset allocation and educational presentations. She was also responsible for developing Wilshire’s private real estate research effort and served on the manager research committee that evaluated international and emerging market managers.

Shana is an honors graduate of the Anderson School at UCLA, where she earned an M.B.A. with concentrations in Finance and Emerging Market Economics. She received her Bachelor’s degree in Philosophy from Harvard University, where she was captain of the varsity women’s lacrosse team. She currently serves on the Finance Committee of the Young Literati of the Los Angeles Library Foundation.

Lisa R. Murray, CFA
Consultant

Lisa joined Angeles Investment Advisors as a Consultant in 2009. Prior to earning her M.B.A, Lisa was an Investment Associate at Putnam Investments in Boston, MA. At Putnam, Lisa researched and recommended energy investment ideas to the Global Natural Resources fund and to an array of value, growth, and blend funds with combined assets under management of $120 billion. She constructed detailed financial models and met extensively with company management teams and other industry sources in formulating investment theses.

Lisa is a graduate of Harvard Business School where she earned an M.B.A. She received her Bachelor’s degree in Political Economy from Princeton University, where she was captain of the varsity women’s ice hockey team and a three time Academic All-American. She is a Chartered Financial Analyst (since 2010) and is a member of the Los Angeles Society of Financial Analysts.

Howard D. Perlow, CFA
Principal

Howard is one of the founding partners of Angeles Investment Advisors in 2001, and of Asset Strategy Consulting in 1991. Howard maintains an expertise in the research of investment managers and working with a variety of clients including Endowments, Foundations, Public and Private Pensions. He has been researching managers for 23 years and has conducted hundreds of manager searches representing billions of dollars.

Howard has worked in the investment consulting industry since 1986. Prior to the formation of Angeles, he was a founding partner and Chief Operating Officer of Asset Strategy Consulting. He developed the firm’s proprietary performance measurement and analytics software, and managed the firm’s growth to 50 employees. His career in the investment business began at Wilshire Associates where he was a member of the consulting team and was in charge of the firm's international and fixed income manager search activities. Howard also spent two years as a performance measurement analyst and designed the performance measurement and manager database systems of Asset Strategy Consulting.

Howard received his BA in Economics from the University of California, Irvine. He is a Chartered Financial Analyst (since 1996) and is a member of the Los Angeles Society of Financial Analysts.

Michael A. Rosen
Principal & Chief Investment Officer

Michael has 25 years experience as an institutional portfolio manager, investment strategist, and investment consultant.  From 1997 to 2001, he was a partner at Asset Strategy Consulting and its successor, Investor Force. From 1993 to 1997, Michael was the director of investments for Blue Cross of California/WellPoint Health Networks with investment assets of over $3 billion.  He managed a substantial portfolio of fixed income and equity assets internally and oversaw all outside investment managers.  Previous to 1993, he spent a total of 8 years as a bond and currency trader, and then as Chief Market Strategist with First Interstate Bank, Ltd. He started his career as a derivatives trader with Barclays Bank plc in New York and in London.

Michael was an Adjunct Professor of Finance at Pepperdine University from 1991-2000 and at Loyola Marymount University.  He earned his Bachelor of Arts, magna cum laude, from Tufts University, and Master of Arts in Law and Diplomacy from The Fletcher School of Law and Diplomacy (Tufts/Harvard).  He currently serves as Chairman of the Los Angeles Chamber Orchestra and a trustee of Kehillat Israel and Village School.

Stephen T. Smetana
Director of Funds Management & Chief Compliance Officer

Steve joined Angeles Investment Advisors in 2008 as the Director of Funds Management and Chief Compliance Officer. Prior to joining Angeles, Steve was CFO at Rosehill Capital Management, a Los Angeles hedge fund complex focused on Japanese securities. He also served as CFO/CCO for Mikles Miller Management, another Los Angeles based hedge fund complex. From 1996 until 2004 he was CFO/CCO of the Windward Capital Management Group. While at Windward, Steve helped to create and manage both an SEC registered investment adviser and an SEC/NASD registered broker/dealer.

Prior to joining Windward, Steve spent seven years in public accounting at Coopers & Lybrand and Ernst & Young specializing in the financial services industry. He received his BBA in Accounting from the University of Notre Dame, graduating with honors in 1989, and is registered as a certified public accountant, inactive (CPA) with the state of California.