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ABOUT US

About Us

Angeles was founded in 2001 to manage multi-asset portfolios for institutional clients.

Angeles is a global multi-asset investment firm, building customized portfolios for institutional investors. Working as a seamless extension of our clients, our investment office offers world class proprietary research and portfolio implementation along with full back office support. Independence and employee ownership fully align our interests with those of our clients. Rigorous risk controls at all levels of the firm utilizing state of the art technology and active portfolio management safeguard capital.

OUR SENIOR TEAM

VIEW ALL CONSULTANTS View All
Investment Officers
  • MANAGING PARTNER & CHIEF INVESTMENT OFFICER
  • MANAGING PARTNER
  • MANAGING PARTNER
  • SENIOR MANAGING DIRECTOR
  • SENIOR MANAGING DIRECTOR
  • MANAGING DIRECTOR & PARTNER
  • MANAGING DIRECTOR & PARTNER
  • INVESTMENT OFFICER
MANAGING PARTNER & CHIEF INVESTMENT OFFICER

MICHAEL A. ROSEN

MANAGING PARTNER & CHIEF INVESTMENT OFFICER

Michael has 30 years of experience as an institutional portfolio manager, investment strategist, and chief investment officer.

From 1997 to 2001, he was a partner at Asset Strategy Consulting and its successor. From 1993 to 1997, Michael was the director of investments for Blue Cross of California/WellPoint, Inc. 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.

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 is the former Chairman of the Los Angeles Chamber Orchestra.

MANAGING PARTNER

LESLIE B. KAUTZ, CFA

MANAGING PARTNER

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 Master in Public Affairs from Princeton University’s Woodrow Wilson School of Public and International Affairs. She is a Chartered Financial Analyst® Charterholder and a member of the CFA Society of Los Angeles. Leslie is a trustee of The California Endowment and a family foundation, and a former trustee (and current Investment Committee Member) of her alma mater, Carleton College.

MANAGING PARTNER

HOWARD D. PERLOW, CFA

MANAGING PARTNER

Howard is a Managing Partner of Angeles Investment Advisors. He co-founded the firm with Leslie and Michael in 2001. Howard is responsible for delivering investment advice to Angeles’ most sophisticated clients including Endowments, Foundations and Private Pension Funds. In addition, he co-manages the firm on a day-to-day basis.

He maintains expertise in all facets of the investment process from investment policy development and asset allocation to risk management and manager selection. Howard sits on the investment committee at the firm and has been active researching managers for 28 years across both alternative and public asset classes.

Howard has worked in the investment industry since 1986. Prior to the formation of Angeles, he was a founding partner and Chief Operating Officer of Asset Strategy Consulting. At ASC, he managed the firm's growth to 50 employees and developed most of the firm's proprietary performance measurement and analytics software. His career in the investment business began at Wilshire Associates. Howard received his BA in Economics from the University of California, Irvine. He is a Chartered Financial Analyst® Charterholder (since 1996) and is a member of the CFA Society of Los Angeles.

SENIOR MANAGING DIRECTOR

DAVID R. BRIEF, CFA

SENIOR MANAGING DIRECTOR

David Brief is a leading expert in non-profit management with over 25 years of investment experience. David established the Jewish Federation of Metropolitan Chicago Investment Office in 2002. Under his leadership as Chief Investment Officer, the endowment portfolio evolved from a $350 million internal investment program into a $1.1 billion pool that invested assets belonging to several dozen other non-profits. David has also been a leader in educating non profits on the merits of outsourced investment management.

Earlier in his career, David spent eleven years as an investment consultant for three Chicago-based firms: Ibbotson Associates (now part of Morningstar Inc.), Ennis Knupp + Associates (now part of Aon Hewitt Investment Consulting, Inc.), and Capital Resource Advisors (now part of Segal Marco Advisors). Born and raised in New Jersey, David earned a BA degree in Economics from Cornell University, an MBA degree with honors from the University of Chicago, and is a CFA® Charterholder.

SENIOR MANAGING DIRECTOR

ALAN R. ADELMAN

SENIOR MANAGING DIRECTOR

Alan Adelman is the senior managing director at Angeles Investment Advisors where he focuses on providing institutional-quality chief investment officer and fiduciary advice to retirement plans, financial institutions, charitable entities and family offices.

Alan is a 30-year veteran of the investment management and trust industry with over 25 years in senior leadership roles for global financial leaders including chief investment officer for First Interstate Bank of California, First Union Bank and Wells Fargo Offshore Trust Company. Separately Alan served as chief investment strategist for Wells Fargo’s Private Client Groupand was an Executive Vice President of Wells Fargo Bank.

Alan joined Angeles from investment boutique Cinque Partners LLC, a registered investment advisor specializing in hedged equity strategies, where he was a Co-Founder, Managing Partner and Chief Investment Officer. Cinque managed pooled investment vehicles and separate accounts for sophisticated institutional investors.

Alan is dedicated to community service leadership. He is on the board of directors for Heart of Los Angeles (Chairman Audit Committee), on the board of visitors for the UCLA David Geffen Medical School and former board member of Jewish Vocational Services of Los Angeles.

MANAGING DIRECTOR & PARTNER

ANNA L. MCGIBBONS, CFA

MANAGING DIRECTOR & PARTNER

Anna joined Angeles Investment Advisors at its founding in 2001, and is a partner of the firm. Anna works with foundations, endowments and pension plans on formulating and implementing strategic asset allocation, investment portfolio structure, and policy development. She is a member of the investment committee and also leads mission related investing. Prior to joining Angeles, Anna worked with the founders of Angeles at Asset Strategy Consulting. Anna joined Asset Strategy Consulting in 1999, as a performance measurement analyst and in 2000, moved to the manager research team to engage in the analysis and due diligence process involved in hiring and terminating money managers.

Anna received a B.A. in Business/Economics with Honors from the University of California, Santa Barbara. She is a Chartered Financial Analyst ® Charterholder (since 2002) and is a member of the CFA Society of Los Angeles.

MANAGING DIRECTOR & PARTNER

SHANA BARGHOUTI

MANAGING DIRECTOR & PARTNER

Shana joined Angeles Investment Advisors in 2005 from Wilshire Associates and is a partner of the firm. She is a member of the investment committee, overseeing real assets and private markets investments and portfolio construction. She also works with many types and sizes of institutional investment funds to develop and implement investment strategies and leads strategic asset allocation work, investment structure reviews and policy development.

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 a National Honor Scholar and captain of the varsity women’s lacrosse team.

INVESTMENT OFFICER

BRANDON PEVNICK, CFA, CPA

INVESTMENT OFFICER

Brandon works with foundations, endowments and other institutional portfolios on implementing investment portfolio structure and policy development. Brandon also leads investment research in Israel and investments impacting the Jewish community. Prior to Angeles Brandon was a Senior Investment Analyst with the Investment Office of Jewish Federation of Metropolitan Chicago. In that capacity, Brandon sourced new investment ideas while also supplying analytical, operational, and administrative expertise in support of the portfolio management process.

Prior to joining the Federation’s Investment Office in 2013, Brandon spent three years as a Portfolio Management Associate for Morgan Stanley’s Private Wealth Management division where he participated in the management of ultra-high net worth individuals, families, foundations, and endowments. He began his career at Pricewaterhouse Coopers auditing financial services companies. Brandon earned a BS degree in Accountancy and Master of Accounting Science degree from the University of Illinois Urbana-Champaign. He is a CFA® charterholder and a Certified Public Accountant (CPA). Brandon lives in Chicago with his wife, Emily.

  • DIRECTOR, HEDGE FUNDS & PARTNER
  • DIRECTOR, PUBLIC MARKETS & PARTNER
  • DIRECTOR, PRIVATE MARKETS
DIRECTOR, HEDGE FUNDS & PARTNER

MICHAEL J. BURLON

DIRECTOR, HEDGE FUNDS & PARTNER

Michael joined Angeles Investment Advisors in 2010 and is a partner of the firm. Michael leads hedge fund research at Angeles. Michael also works closely with the Angeles Absolute Return Fund, the firm’s fund of hedge funds vehicle.

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.

DIRECTOR, PUBLIC MARKETS & PARTNER

AARON M. AZELTON, CFA

DIRECTOR, PUBLIC MARKETS & PARTNER

Aaron joined Angeles Investment Advisors in 2012 and is a partner and investment officer of the firm. Aaron is responsible for manager research within public equity and fixed income, and is a portfolio manager of the Angeles Global Equity Opportunities Fund and Angeles Diversified Income Fund. He also works with institutional clients to develop and implement portfolio strategies.

Prior to business school, Aaron was an equity research analyst at Fisher Investments, covering the Energy and Technology sectors. He is a published author of the firm’s first investment book, an investment guide to the energy sector. Aaron received his M.B.A. from the Haas School of Business at UC Berkeley. He graduated Phi Beta Kappa from UC Berkeley, majoring in Economics. Aaron is a Chartered Financial Analyst® Charterholder as well as a member of the CFA Institute and the CFA Society of Los Angeles.

DIRECTOR, PRIVATE MARKETS

DERRICK CRUZ

DIRECTOR, PRIVATE MARKETS

Derrick directs private capital manager research and selection and works with institutional investors to develop and implement portfolio allocation strategies.

Prior to Angeles, Derrick was a Vice President at Victory Park Capital (“VPC”), an investment firm which focuses on private equity, special situations and alternative credit investments. At VPC, he was primarily responsible for origination, fundamental analysis, transaction execution and management of direct private debt and equity investments into small cap and lower middle market companies. Derrick also actively worked on value creation initiatives and strategic alternatives for VPC’s investments. Previously, Derrick was an investment professional at KKR & Co. L.P. and General Atlantic. Mr. Cruz started his career at Goldman Sachs in its Investment Banking division.

Derrick graduated with honors from Columbia University, where he received a degree in Neuroscience and Psychology. He co-founded PVC Foundation, which builds homes and schools in underprivileged communities in the Philippines and supports United Way, Management Leadership for Tomorrow and Summer Search in the U.S.

  • CHIEF COMPLIANCE OFFICER & PARTNER
  • SENIOR ASSOCIATE, OPERATIONS & PARTNER
CHIEF COMPLIANCE OFFICER & PARTNER

STEPHEN T. SMETANA

CHIEF COMPLIANCE OFFICER & PARTNER

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.

Steve received his B.B.A. in Accounting from the University of Notre Dame, graduating with honors, and is registered as a certified public accountant, (CPA, inactive) with the state of California. Steve is also a member of the investment advisory committee to the city of El Segundo, where he has lived since 2003.

SENIOR ASSOCIATE, OPERATIONS & PARTNER

GINA CADEI

SENIOR ASSOCIATE, OPERATIONS & PARTNER

Gina executes trades for discretionary portfolios and monitors these portfolios for compliance with asset allocation and other guidelines. She prepares and maintains all necessary trade documentation, and assists with the setup of new accounts. Gina also coordinates with the Chief Compliance Officer on SEC compliance issues and helps carry out compliance testing procedures, as well as preparing Angeles’ performance composites in accordance with GIPS standards. Prior to joining Angeles, Gina worked as a personal banker at Bank of America.

Gina received a B.A. in Business Administration, cum laude, from the University of San Diego. She spent many semesters on the dean’s list and was a recipient of the President’s scholarship. During her time there, Gina spent a semester studying and living in Madrid, Spain. In her spare time, she enjoys a variety of activities such as traveling, reading, and running.

  • DIRECTOR, BUSINESS DEVELOPMENT
DIRECTOR, BUSINESS DEVELOPMENT

TATIJANA JANKO

DIRECTOR, BUSINESS DEVELOPMENT

Tatijana joined Angeles Investment Advisors in 2014 to lead client development and marketing. She also conducted research in venture capital and served a foundation. Prior to joining Angeles, Tatijana worked as a consultant to an emerging hedge fund and an emerging quantitative fund, developing institutionalized reporting, marketing and operations materials and processes. Directly after business school she worked in Investment Banking at William Blair & Company where she gained experience in equity, debt and M&A transactions as well as strategic management initiatives. Prior to business school she worked in commercial real estate with JLL in Chicago.

Tatijana earned her M.B.A. from The University of Chicago, Booth School of Business with concentrations in Finance, Accounting, and Entrepreneurship. She earned her Bachelor of Science degree, graduating with high honors, and a Master of Architecture degree from University of Illinois in Champaign-Urbana. She serves as a board member to ONEgeneration, a unique non-profit enriching the lives of seniors and children through intergenerational programming. She was previously a member of the Milken Institute Young Leaders Circle.

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OUR PHILOSOPHY

Angeles builds customized global portfolios designed to generate superior risk-adjusted performances over time across multiple asset classes while adding value through manager selection and strategic positioning.

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ADVANTAGES

  • Innovation

    INNOVATION

    We continuously strive to identify new investment ideas and are not afraid to be early adopters of emerging investment themes and opportunities, based on our rigorous and disciplined research.

  • Independence and Focus

    INDEPENDENCE AND FOCUS

    We are 100% employee-owned. As an independent investment firm, we aim to minimize conflicts in asset and manager selection.

  • Experience

    EXPERIENCE

    We have been building customized investment programs for sophisticated investors for over 20 years, including time spent at our previous firm. As stewards of client portfolios over the course of several market cycles, we bring perspective and judgment to each investment decision.

  • Service

    SERVICE

    Unparalleled commitment to service translates to enduring full service partnerships for our clients. We are proactive, accessible, transparent and results-oriented.

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HISTORY

Big Bang

Earth formed

Cretaceous-Tertiary Extinction

Homo sapiens appear

Fire controlled by humans

Humans cross Beringia to the Americas

Agriculture invented

Heliocentrism proposed by Copernicus

Darwin publishes, On the Origin of Species

Einstein publishes Theory of Special Relativity

Einstein publishes Theory of General Relativity

Dodgers move to Los Angeles

Apollo 11 lands on the moon; Mets win World Series

Nixon dismantles Bretton Woods system

Paul Volker appointed Fed chair; European Exchange Rate Mechanism created

Asset Strategy Consulting formed

ERM blows up

Euro established; Tech bubble

Michael Rosen, Leslie Kautz and Howard Perlow launch Angeles Investment Advisors, LLC in Santa Monica, CA.

Angeles begins offering discretionary "Outsourced CIO" investment services.

Discretionary "Outsourced CIO" assets under management reach $100 million.

Discretionary "Outsourced CIO" assets under management reach $1 billion.

Angeles gains our 50th client.

Angeles actively manages investment programs covering $7 billion in assets including $3 billion in fully discretionary assets.

Angeles Investment Advisors celebrates 100 year anniversary.

Our Senior Team

OUR SENIOR TEAM

INVESTMENT OFFICERS

MICHAEL A. ROSEN

MICHAEL A. ROSEN

MANAGING PARTNER & CHIEF INVESTMENT OFFICER

Michael has 30 years of experience as an institutional portfolio manager, investment strategist, and chief investment officer.

From 1997 to 2001, he was a partner at Asset Strategy Consulting and its successor. From 1993 to 1997, Michael was the director of investments for Blue Cross of California/WellPoint, Inc. 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.

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 is the former Chairman of the Los Angeles Chamber Orchestra.

LESLIE B. KAUTZ, CFA

LESLIE B. KAUTZ, CFA

MANAGING PARTNER

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 Master in Public Affairs from Princeton University’s Woodrow Wilson School of Public and International Affairs. She is a Chartered Financial Analyst® Charterholder and a member of the CFA Society of Los Angeles. Leslie is a trustee of The California Endowment and a family foundation, and a former trustee (and current Investment Committee Member) of her alma mater, Carleton College.

HOWARD D. PERLOW, CFA

HOWARD D. PERLOW, CFA

MANAGING PARTNER

Howard is a Managing Partner of Angeles Investment Advisors. He co-founded the firm with Leslie and Michael in 2001. Howard is responsible for delivering investment advice to Angeles’ most sophisticated clients including Endowments, Foundations and Private Pension Funds. In addition, he co-manages the firm on a day-to-day basis.

He maintains expertise in all facets of the investment process from investment policy development and asset allocation to risk management and manager selection. Howard sits on the investment committee at the firm and has been active researching managers for 28 years across both alternative and public asset classes.

Howard has worked in the investment industry since 1986. Prior to the formation of Angeles, he was a founding partner and Chief Operating Officer of Asset Strategy Consulting. At ASC, he managed the firm's growth to 50 employees and developed most of the firm's proprietary performance measurement and analytics software. His career in the investment business began at Wilshire Associates. Howard received his BA in Economics from the University of California, Irvine. He is a Chartered Financial Analyst® Charterholder (since 1996) and is a member of the CFA Society of Los Angeles.

DAVID R. BRIEF, CFA

DAVID R. BRIEF, CFA

SENIOR MANAGING DIRECTOR

David Brief is a leading expert in non-profit management with over 25 years of investment experience. David established the Jewish Federation of Metropolitan Chicago Investment Office in 2002. Under his leadership as Chief Investment Officer, the endowment portfolio evolved from a $350 million internal investment program into a $1.1 billion pool that invested assets belonging to several dozen other non-profits. David has also been a leader in educating non profits on the merits of outsourced investment management.

Earlier in his career, David spent eleven years as an investment consultant for three Chicago-based firms: Ibbotson Associates (now part of Morningstar Inc.), Ennis Knupp + Associates (now part of Aon Hewitt Investment Consulting, Inc.), and Capital Resource Advisors (now part of Segal Marco Advisors). Born and raised in New Jersey, David earned a BA degree in Economics from Cornell University, an MBA degree with honors from the University of Chicago, and is a CFA® Charterholder.

ALAN R. ADELMAN

ALAN R. ADELMAN

SENIOR MANAGING DIRECTOR

Alan Adelman is the senior managing director at Angeles Investment Advisors where he focuses on providing institutional-quality chief investment officer and fiduciary advice to retirement plans, financial institutions, charitable entities and family offices.

Alan is a 30-year veteran of the investment management and trust industry with over 25 years in senior leadership roles for global financial leaders including chief investment officer for First Interstate Bank of California, First Union Bank and Wells Fargo Offshore Trust Company. Separately Alan served as chief investment strategist for Wells Fargo’s Private Client Groupand was an Executive Vice President of Wells Fargo Bank.

Alan joined Angeles from investment boutique Cinque Partners LLC, a registered investment advisor specializing in hedged equity strategies, where he was a Co-Founder, Managing Partner and Chief Investment Officer. Cinque managed pooled investment vehicles and separate accounts for sophisticated institutional investors.

Alan is dedicated to community service leadership. He is on the board of directors for Heart of Los Angeles (Chairman Audit Committee), on the board of visitors for the UCLA David Geffen Medical School and former board member of Jewish Vocational Services of Los Angeles.

ANNA L. MCGIBBONS, CFA

ANNA L. MCGIBBONS, CFA

MANAGING DIRECTOR & PARTNER

Anna joined Angeles Investment Advisors at its founding in 2001, and is a partner of the firm. Anna works with foundations, endowments and pension plans on formulating and implementing strategic asset allocation, investment portfolio structure, and policy development. She is a member of the investment committee and also leads mission related investing. Prior to joining Angeles, Anna worked with the founders of Angeles at Asset Strategy Consulting. Anna joined Asset Strategy Consulting in 1999, as a performance measurement analyst and in 2000, moved to the manager research team to engage in the analysis and due diligence process involved in hiring and terminating money managers.

Anna received a B.A. in Business/Economics with Honors from the University of California, Santa Barbara. She is a Chartered Financial Analyst ® Charterholder (since 2002) and is a member of the CFA Society of Los Angeles.

SHANA BARGHOUTI

SHANA BARGHOUTI

MANAGING DIRECTOR & PARTNER

Shana joined Angeles Investment Advisors in 2005 from Wilshire Associates and is a partner of the firm. She is a member of the investment committee, overseeing real assets and private markets investments and portfolio construction. She also works with many types and sizes of institutional investment funds to develop and implement investment strategies and leads strategic asset allocation work, investment structure reviews and policy development.

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 a National Honor Scholar and captain of the varsity women’s lacrosse team.

BRANDON PEVNICK, CFA, CPA

BRANDON PEVNICK, CFA, CPA

INVESTMENT OFFICER

Brandon works with foundations, endowments and other institutional portfolios on implementing investment portfolio structure and policy development. Brandon also leads investment research in Israel and investments impacting the Jewish community. Prior to Angeles Brandon was a Senior Investment Analyst with the Investment Office of Jewish Federation of Metropolitan Chicago. In that capacity, Brandon sourced new investment ideas while also supplying analytical, operational, and administrative expertise in support of the portfolio management process.

Prior to joining the Federation’s Investment Office in 2013, Brandon spent three years as a Portfolio Management Associate for Morgan Stanley’s Private Wealth Management division where he participated in the management of ultra-high net worth individuals, families, foundations, and endowments. He began his career at Pricewaterhouse Coopers auditing financial services companies. Brandon earned a BS degree in Accountancy and Master of Accounting Science degree from the University of Illinois Urbana-Champaign. He is a CFA® charterholder and a Certified Public Accountant (CPA). Brandon lives in Chicago with his wife, Emily.

RESEARCH

MICHAEL J. BURLON

MICHAEL J. BURLON

DIRECTOR, HEDGE FUNDS & PARTNER

Michael joined Angeles Investment Advisors in 2010 and is a partner of the firm. Michael leads hedge fund research at Angeles. Michael also works closely with the Angeles Absolute Return Fund, the firm’s fund of hedge funds vehicle.

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.

AARON M. AZELTON, CFA

AARON M. AZELTON, CFA

DIRECTOR, PUBLIC MARKETS & PARTNER

Aaron joined Angeles Investment Advisors in 2012 and is a partner and investment officer of the firm. Aaron is responsible for manager research within public equity and fixed income, and is a portfolio manager of the Angeles Global Equity Opportunities Fund and Angeles Diversified Income Fund. He also works with institutional clients to develop and implement portfolio strategies.

Prior to business school, Aaron was an equity research analyst at Fisher Investments, covering the Energy and Technology sectors. He is a published author of the firm’s first investment book, an investment guide to the energy sector. Aaron received his M.B.A. from the Haas School of Business at UC Berkeley. He graduated Phi Beta Kappa from UC Berkeley, majoring in Economics. Aaron is a Chartered Financial Analyst® Charterholder as well as a member of the CFA Institute and the CFA Society of Los Angeles.

DERRICK CRUZ

DERRICK CRUZ

DIRECTOR, PRIVATE MARKETS

Derrick directs private capital manager research and selection and works with institutional investors to develop and implement portfolio allocation strategies.

Prior to Angeles, Derrick was a Vice President at Victory Park Capital (“VPC”), an investment firm which focuses on private equity, special situations and alternative credit investments. At VPC, he was primarily responsible for origination, fundamental analysis, transaction execution and management of direct private debt and equity investments into small cap and lower middle market companies. Derrick also actively worked on value creation initiatives and strategic alternatives for VPC’s investments. Previously, Derrick was an investment professional at KKR & Co. L.P. and General Atlantic. Mr. Cruz started his career at Goldman Sachs in its Investment Banking division.

Derrick graduated with honors from Columbia University, where he received a degree in Neuroscience and Psychology. He co-founded PVC Foundation, which builds homes and schools in underprivileged communities in the Philippines and supports United Way, Management Leadership for Tomorrow and Summer Search in the U.S.

OPERATIONS

STEPHEN T. SMETANA

STEPHEN T. SMETANA

CHIEF COMPLIANCE OFFICER & PARTNER

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.

Steve received his B.B.A. in Accounting from the University of Notre Dame, graduating with honors, and is registered as a certified public accountant, (CPA, inactive) with the state of California. Steve is also a member of the investment advisory committee to the city of El Segundo, where he has lived since 2003.

GINA CADEI

GINA CADEI

SENIOR ASSOCIATE, OPERATIONS & PARTNER

Gina executes trades for discretionary portfolios and monitors these portfolios for compliance with asset allocation and other guidelines. She prepares and maintains all necessary trade documentation, and assists with the setup of new accounts. Gina also coordinates with the Chief Compliance Officer on SEC compliance issues and helps carry out compliance testing procedures, as well as preparing Angeles’ performance composites in accordance with GIPS standards. Prior to joining Angeles, Gina worked as a personal banker at Bank of America.

Gina received a B.A. in Business Administration, cum laude, from the University of San Diego. She spent many semesters on the dean’s list and was a recipient of the President’s scholarship. During her time there, Gina spent a semester studying and living in Madrid, Spain. In her spare time, she enjoys a variety of activities such as traveling, reading, and running.

BUSINESS DEVELOPMENT

TATIJANA JANKO

TATIJANA JANKO

DIRECTOR, BUSINESS DEVELOPMENT

Tatijana joined Angeles Investment Advisors in 2014 to lead client development and marketing. She also conducted research in venture capital and served a foundation. Prior to joining Angeles, Tatijana worked as a consultant to an emerging hedge fund and an emerging quantitative fund, developing institutionalized reporting, marketing and operations materials and processes. Directly after business school she worked in Investment Banking at William Blair & Company where she gained experience in equity, debt and M&A transactions as well as strategic management initiatives. Prior to business school she worked in commercial real estate with JLL in Chicago.

Tatijana earned her M.B.A. from The University of Chicago, Booth School of Business with concentrations in Finance, Accounting, and Entrepreneurship. She earned her Bachelor of Science degree, graduating with high honors, and a Master of Architecture degree from University of Illinois in Champaign-Urbana. She serves as a board member to ONEgeneration, a unique non-profit enriching the lives of seniors and children through intergenerational programming. She was previously a member of the Milken Institute Young Leaders Circle.

Our Philosophy

OUR PHILOSOPHY

Our Philosophy

Angeles builds customized global portfolios designed to generate superior risk-adjusted performances over time across multiple asset classes while adding value through what we believe to be exceptional manager selection. We tolerate short-term volatility for long-term growth.

ACTIVE RISK MANAGEMENT

Looking forward, we believe it will be increasingly challenging for institutions to achieve their return targets from traditional market portfolios, which has caused some investors to chase returns and in some cases simply take on additional market risk in the hope of augmenting the modest expected returns on offer. While capital markets are broadly efficient, they are not perfectly efficient. There are many factors besides broad market risk that a significant portion of investors will shy away from, and for which the market will therefore award a risk premium. We believe that by thoughtfully adding these risks, rather than merely adding additional market exposure, investors can create a portfolio with a higher expected return and a better risk/return profile.

CONCENTRATED PORTFOLIOS

Our highest conviction investments are concentrated to have impact in client portfolios, delivering superior risk-adjusted returns over time. Our boutique size provides clients with a structural advantage allowing us to allocate our best ideas across all our client portfolios.

HIGHLY SELECTIVE INVESTMENTS

Independent teams with capacity constrained strategies will outperform large firms is a belief that guides our selection process. A focus on long-term investment success places tremendous weight on operational excellence, a quality in managers we deem non-negotiable. Decades of research experience have shown that manager integrity, transparency, and culture are intangible qualities essential to our investment success.

History

HISTORY

  • 2001

    Michael Rosen, Leslie Kautz and Howard Perlow launch Angeles Investment Advisors, LLC in Santa Monica, CA.

  • 2002

    Angeles begins offering discretionary “Outsourced CIO” investment services.

  • 2003

    Discretionary “Outsourced CIO” assets under management reach $100 million.

  • 2006

    Discretionary “Outsourced CIO” assets under management reach $1 billion.

  • 2007

    Angeles gains our 50th client.

  • TODAY

    Angeles actively manages investment programs covering $7 billion in assets including $3 billion in fully discretionary assets.

ADVANTAGES

  • Innovation

    INNOVATION

    We continuously strive to identify new investment ideas and are not afraid to be early adopters of emerging investment themes and opportunities, based on our rigorous and disciplined research.

  • Independence and Focus

    INDEPENDENCE AND FOCUS

    We are 100% employee-owned. As an independent investment firm, we aim to minimize conflicts in asset and manager selection.

  • Experience

    EXPERIENCE

    We have been building customized investment programs for sophisticated investors for over 20 years, including time spent at our previous firm. As stewards of client portfolios over the course of several market cycles, we bring perspective and judgment to each investment decision.

  • Service

    SERVICE

    Unparalleled commitment to service translates to enduring full service partnerships for our clients. We are proactive, accessible, transparent and results-oriented.

PRI Signatory

PRI SIGNATORY

PRI Signatory

Angeles has long been committed to helping clients integrate environmental, social and governance (ESG) factors in portfolio construction. Angeles is proud to be a signatory to the United Nations-supported Principles for Responsible Investment (PRI).

The PRI is the world’s leading proponent of responsible investment. Signatories to the PRI consist of nearly 1,700 members around the globe, controlling $62 trillion of assets.

As a signatory, Angeles is committed to adopting and implementing the Principles where consistent with our fiduciary duty to our clients. Implementation of these Principles is tailored to the goals, values and investment strategy of each investor. We look forward to continuing to work with our clients interested in integrating the PRI framework in their investment strategies.

Prnciples for Responsible Investment Prnciples for Responsible Investment Prnciples for Responsible Investment