Mr. Alparslan is responsible for financial modeling, research and development of new/existing products as well as performance and attribution analysis. Prior to joining Gramercy as a full-time employee, he interned at Gramercy and completed doctoral level economics coursework at Ohio State University.

Masters in Economics at Ohio State University
Masters in Quantitative Finance at Rutgers Business School (Beta Gamma Sigma)
BS in Electrical Engineering at Bilkent University, Ankara, Turkey

Prior to joining Gramercy in February 2003, Ms. Balsamo was a manager at SS&C Technologies, a hedge fund administrator and technology service provider for the past 4 years. She managed five investment accountants and oversaw portfolio accounting for over 40 hedge funds and managed all information distributions, while acting as the primary liaison for all client queries. Prior to SS&C, Diane was an Account Manager for Marcoin Business Services, a financial consulting firm specializing in all aspects of tax and accounting.

AAS in Business Administration-Accounting at Berkeley College

Prior to joining Gramercy in October of 2007, Mr. Beshlian was employed by Jennison Associates for twelve years where he was most recently Vice President of Client Development responsible for strengthening their client service efforts with consultants and institutional clients. Prior to that, he held positions in Jennison’s marketing and communications and operations departments. From 1994 to 1995, he worked at Pershing and from 1992-1994 he worked at First Chicago Trust Company of New York.

MBA at Fordham University
BS in Accounting at Villanova University
Registered representative of FINRA (series 7 and 63)

Ms. Bonaventura is Robert Koenigsberger’s dedicated Executive Assistant. Prior to joining Gramercy in May 2010, she was the executive assistant and personal assistant to the founder of Shumway Capital Partners for 6 years, where she managed all aspects of his internal and external communications, vendor management, employee administration, and company events. Prior to Shumway, Ms. Bonaventura spent 4 years at Lancome, L’Oreal USA as a manager in sales administration, supervising accounts and overseeing the implementation of new product launches, and supporting efforts with financial plans, advertising needs coordination and sales force/accounts liaison. She initiated her career at BMG Entertainment, where she was a financial analyst for 2 years, handling financial forecasting, budgeting, sales studies, competitive analyses and expense analysis/reporting.

BBA in Marketing at James Madison University

Mr. Cerritelli has over 25 years investment experience in emerging markets debt securities. Previously, he was Director of Research at ICAP/Exotix in New York 2005-2006. He was a Managing Director for Andean Region Research at Bear Stearns 2000-2005. He was a Research Director at the Provident Group 1999-2000; a Fixed-income analyst at Fintech Advisors, 1997-1998; and a Sovereign Analyst an Alliance Capital, 1995-1996. He was the Economist for Latin America at Barings Brothers, 1994-1995; and emerging markets debt specialist at CR-P Associates, 1990-1993; Jose was also a sovereign debt analyst at Bank of America, 1984-1989.

PhD (ABD) in Economics at MIT
BA in Economics at Universidad Catolica del Peru
Registered representative of FINRA (series 7, 16, 63, and 87)

Mr. Conroy assists in administering the network, maintaining the company’s websites, and developing internal applications. Prior to joining Gramercy, Mr. Conroy worked at Stop & Shop as a Senior Information Analyst, where he developed and administered multiple distributed applications, back end interfaces with General Ledger and Accounts Payable, designed stand alone financial reporting applications, and maintained various other systems.

BS in Computer Science at University of Massachusetts at Amherst

Before joining Gramercy, Mr. Cummings was a Managing Director at Lyster Watson & Company, a $2 billion hedge fund of funds in New York. Prior to that Mr. Cummings was at Pacific Investment Management Company (PIMCO) for 8 years where he was directly responsible for new business development in the large corporate, government, endowment and foundation sectors in the U.S. and Canada. He also led the marketing effort for PIMCO’s EM Debt mandates.

MBA in Finance at Harvard Business School.
AB in Economics at the University of Western Ontario (Honors)
Registered representative of FINRA (series 3, 6, 7 and 63)

Prior to joining Gramercy in September 2006, Mr. De Natale was the Manager for the US Daily Fund Accounting Group for S.A.C. Capital Advisors, LLC, a multistrat hedge fund based in Stamford, CT where he was accountable for the proper and accurate reconciliation of the firm’s books and records. Previously, he worked as an operations analyst at S.A.C. Capital responsible for trade correction, corporate actions, margin and reconciliation for Fixed Income, US Equity and CDS products. From 2001 to 2003, Brandon was the Operations Manager for Hammond Inc., a private equity fund specializing in US Equities.

BA Geography at University of Delaware

Prior to joining Gramercy in August 2008, Mr. Dunn was a Fixed Income Analyst and Treasury Manager with Luminent Mortgage Capital where he was responsible for the daily operations functions, primarily including trade processing and cash flow management. Previously, he was employed at JP Morgan and SEI Investments where he held positions on their settlements team and hedge fund accounting groups, respectively.

BA in Liberal Arts, with a focus in Economics at Harvard University.

Ms. Fennelly will concentrate her efforts towards increasing capacity and ensure more effective communications with the pension plan consultant community, direct institutional investors and other Gramercy clients as well as the RFP process, consultant database management and timely/accurate reporting, and the creation of opportunity, comprehensive and interesting client analytics. Prior to joining Gramercy in March 2008, Ms. Fennelly was employed by Iridian Asset Management for eight years where she was most recently Vice President of Client Service. From 1998-1999 she was a Marketing Associate at Fleming Asset Management, from 1996-1998 she was a Marketing Research Analyst at Templeton Direct Advisors and from 1993-1996 she was a Marketing Associate at Thorsell, Parker Partners.

BA in English at Manhattanville College (Honors)

Prior to joining Gramercy in April of 2007, Ms. Finnegan worked at Amaranth Advisors LLC where she assisted primarily the Facilities, Investor Relations and Security departments and served in a variety of administrative roles. Ms. Finnegan was also a Therapeutic Recreational Instructor and Aide at South East Consortium for Special Services Inc. where she worked with adults and children with various disabilities and special needs in Westchester County.

She is completing her BA in Speech Communications at Iona College this coming semester.

Prior to joining Gramercy in December 2009, Mr. Ge was an Analyst at Barclays Capital and Lehman Brothers in the Mergers and Acquisitions Group, focusing on Media/Telecom within the Investment Banking Division. Prior to that, he was a Summer Analyst in the Equity Research Group at Lehman Brothers, covering household and personal care products. Mr. Ge also interned at Morgan Stanley in the Equity Research Group, covering Latin American banks and homebuilders.

BS in Finance and Accounting at NYU Stern, Cum Laude
Chartered Financial Analyst Level II candidate
Registered representative of FINRA (7 and 63)

Prior to joining Gramercy in September 2007, Mr. Gomez was an Associate in Credit Suisse's Latin American Corporate Credit Research group, covering high grade, high yield, and distressed debt securities. From 2005 – 2006, he worked with Credit Suisse's Latin American team, based in Mexico City, as an Equity Analyst responsible for covering telecom and media companies. From 2002-2005, Mr. Gomez worked as a Junior Associate in the IFC / World Bank's Global Telecommunications group. Mr. Gomez is a Mexican citizen and is fluent in Spanish, Portuguese and French.

MPP at the University of Chicago
BA in Economics at ITESM (Monterrey Institute of Technology for Higher Studies)
Chartered Financial Analyst
Registered representative of FINRA (7 and 63)

Mr. Grills has over 16 years of investment experience. He was a portfolio manager and co-head of the Emerging Markets Debt Team at JP Morgan Asset Management (JPMAM). Along with Co-Head Gunter Heiland, he was responsible for over $8.5 billion in emerging markets debt investments focusing on sovereign debt denominated in both US dollar and local currency investments. Mr. Grills oversaw all investment functions for EMD within JPMAM globally and focused on the risk management and portfolio construction across EMD strategies. He was a senior member of the JP Morgan Fixed Income Macro team, comprising 13 sector specialists, responsible for broad market relative valuation and setting Core Fixed asset allocation strategy. He was with JP Morgan for 16 years, starting in 1993, spending two years with the Structured Derivatives Group before moving to the Fixed Income Group. In Fixed Income, he served as an analyst in the Quantitative Research Group focusing on portfolio construction and risk analysis. He then transitioned to a portfolio manager role for the Global Extend Markets (GEM) and ultimately the management of EMD.

BS in Mathematics and Economics from Duke University
CFA charterholder

Mr. Harris administers the network, maintains the company’s web sites, and develops internal applications. Prior to joining Gramercy, Mr. Harris worked at LiveTechnology, Inc. He developed company intranets, extranets, and other web sites for many leading companies, such as Coca-Cola, Omnicom, and Shell/Texaco. He also created web sites and web applications at UGO.com. Mr. Harris worked at Internet Security Systems, Inc. (ISS) where he deployed ISS security products across large corporations’ networks. He started his career at American Management Systems, Inc. as a programmer and database administrator.

BS in Computer Science at Binghamton University

Prior to joining Gramercy in January, 2008, Mr. Harvey was most recently a Senior Vice President with WorldBridge Partners, a national executive search firm. During his 18 years there he directed the investment management practice, providing human resource solutions and consulting services to a wide variety of clients in the hedge fund, institutional investment management, and private wealth disciplines. Prior to WorldBridge, Mr. Harvey held a position with Goldman Sachs in the Controller’s Department managing currency reporting. Warren began his career with Chemical Bank completing the management training program and focusing on retail branch management.

BBA in Accounting at Hofstra University

Mr. Heiland has over 20 years of investment experience. He was a portfolio manager and co-head of the Emerging Markets Debt Team at JP Morgan Asset Management (JPMAM). Along with Co-Head Jeff Grills, he was responsible for over $8.5 billion in emerging markets debt investments focusing on sovereign debt denominated in both US dollar and local currency investments. Mr. Heiland oversaw all investment functions for EMD within JPMAM globally while principally focusing on trading and implementation across all EMD strategies. He was a senior member of the JP Morgan Fixed Income Macro team, comprising 13 sector specialists, responsible for broad market relative valuation and setting Core Fixed asset allocation strategy. He was with JPMAM for 12 years, having initially joined as a municipal bond trader in 1997. In 1999, Mr. Heiland moved to the Short Term desk, taking over daily trading responsibilities of the Treasury Fund, Tax Exempt Money Market Fund, Tax Aware Enhanced Income Fund and various other corporate accounts run off the trading desk. Before joining JP Morgan, he spent 8 years at Salomon Brothers, starting in systems, graduating from the Sales and Trading program and then joining the Government Desk.

BS in Computer Science from Rensselaer Polytechnic Institute

Mr. Herzberg has over 11 years of investment and research experience. He is a senior research analyst responsible for Emerging Market corporate investment recommendations for the Gramercy funds and is on the Investment Committee. He has served on several creditor committees involved in the restructuring of various companies in Latin America and Eastern Europe. Prior to joining Gramercy in October 2002, Mr. Herzberg worked at Bear Stearns and Co., Inc. as a Research Associate in its Global High Yield department, specializing in Latin American corporate research. From 1997-1998, he was a junior analyst at Caspian Securities where he covered Latin American bank equities. From 1996-1997, he worked at GTE Service Corporation as an Associate in its International Development training program.

BA in Economics and Political Science at Middlebury College
Registered representative of FINRA (7 and 63)

Prior to joining Gramercy in February 2007, Mr. Joannou was a Capital Project Director for the National Railroad Passenger Corporation, located in NY, NY where he managed over $800MM worth of infrastructure projects. As Project Director, he was responsible for creating and tracking multiple budgets, organizing cross-functional working groups, analyzing project risk, and awarding contracts after design review. Mr. Joannou’s management style increased efficiency and productivity and resulted in higher operating capacity.

MBA in Management at Centenary College
BBA in Banking and Finance at Hofstra University

Mr. Krehbiel has 18 years investment and research experience in Europe and the Americas. He serves as European Regional Head for Gramercy’s global investment activities, responsible for Europe, the Middle East and Africa. He is based in London and is on the Investment Committee. Prior to joining Gramercy in April 2010, he was the sole credit research analyst for the global emerging markets portfolio of BlueCrest Capital Management in London, from 2006 to 2009. Prior to BlueCrest, Mr. Krehbiel was a sell-side researcher at JP Morgan, serving as team leader in London for CEEMEA corporate bonds, from 2003, and covering Latin American corporate bonds in New York from 1997. Both in London and New York, these teams were ranked #1 or #2 by Institutional Investor magazine. In 1996-1997, Mr. Krehbiel was a credit researcher at SBC Warburg in New York. He began his financial career in 1990 with Manufacturers Hanover Bank in Santiago Chile, and transferred to New York with successor Chemical Bank in 1991, joining Chemical’s Emerging Markets research group at its inception in 2002.

Mr. Krehbiel received a BA in English at Williams College, completed the full-time credit training program at Chemical Bank, and is a holder of the CFA designation.

Dr. Markowitz is the 1990 Nobel Laureate in Economic Sciences. He conducted pioneering work in Modern Portfolio Theory (MPT), studying the impacts of asset risk, correlation and diversification on expected investment portfolio returns. A Markowitz Efficient Portfolio is one where no added diversification can lower the portfolio’s risk for a given return expected (alternatively, no additional expected return can be gained without increasing the risk of the portfolio). The Markowitz Efficient Frontier is the set of all portfolios that will give you the highest expected return for each given level of risk. MPT proposes how rational investors will use diversification to optimize their portfolios, and how an asset should be priced given its risk relative to the market as a whole.

Dr. Markowitz has held many distinguished positions in industry, including

• Director of Research, Daiwa Securities Trust Company
• Research Staff Member, T.J. Watson Research Lab, IBM
• President, Arbitrage Management Company
• Technical Director, CACI
• Research Associate, RAND Corporation

Dr. Markowitz has taught at Baruch College of the City University of New York since 1982, as the Speiser Distinguished Professor of Finance and Economics. In addition, Dr. Markowitz has published many works related to portfolio construction and optimization, including Portfolio Selection: Efficient Diversification of Investments and Mean-Variance Analysis in Portfolio Choice and Capital Markets.

Ph.D. University of Chicago

Mr. Nunes is responsible for providing general research and analysis for the Funds and special situations. Prior to joining Gramercy in April 2008, Mr. Nunes spent 7 years with PricewaterhouseCoopers and held various positions in both the US and South Africa, with the most recent being Manager in the Financial Due Diligence Practice where he focused on merger and acquisition transactions.

Bachelor of Commerce (Honors) Accounting Sciences and a Certificate in Theory of Accounting at University of Pretoria, South Africa
Chartered Financial Analyst
Chartered Accountant, South Africa

Prior to joining Gramercy in September 2007, Mr. Palumbo was a fund accountant for Och-Ziff Capital Management Group where he was responsible for the analysis of overall cash exposure, margin and reconciliation and daily P&L of a $400 million fund. From 2005 to 2007, he worked as a fund accountant at GlobeOp Financial Services a hedge fund administrator.

MBA at New York Institute of Technology
BS in Finance at New York Institute of Technology

Prior to joining Gramercy in October 2002, Ms. Parisi worked at FrontPoint Partners, Danone Waters of North America, Xerox Engineering Systems and Oxford Health Plans. She is highly skilled in all relevant technologies and has functional skills in many areas including project and event management, presentation development, marketing support, funds administration, operations and benefits administration.

BA in Spanish at Manhattanville College

Prior to joining Gramercy in May of 2007, Mr. Smith was an Audit Supervisor at Rothstein, Kass & Co, P.C. under their investment partnership practice. He was responsible for managing engagement teams including supervising, training, and coaching staff associates in the standards and guidelines applicable to the completion of audit engagements. In addition, he prepared K-1’s, 1065’s and tax estimates for numerous clients. While at Rothstein, Kass & Co, P.C., Mr. Smith also had the opportunity to prepare and present tax seminars to lower level staff.

BS in Accounting at Binghamton University
Member of American Institute of Certified Public Accountants
Member of the New York State Society of CPA’s (NYSSCPA)

Mr. Taylor has nearly 10 years of legal experience with a focus on alternative investment products and significant tax and securities laws expertise specific to the investment management business. Prior to joining Gramercy in 2010, he was with Morgan Stanley Smith Barney where he focused on the sale and distribution of various alternative products including private equity, real estate and hedge funds. From 2005 – 2009 he was with Cadwalader, Wickersham & Taft LLP as an Associate in their Financial Services Department where he represented investment banks and hedge funds in connection with the negotiation of various credit and equity derivatives transactions, interest rate and currency swaps, prime brokerage agreements, ISDA master agreements, repurchase agreements, secured financings, futures contracts and the creation of various structured products such as credit linked notes, collateralized loan obligations, hedge fund linked notes, index linked notes and equity linked options. During his time at Cadwalader, he also represented asset managers in connection with the formation of investment funds and advised clients with respect to securities laws, bankruptcy, tax, UCC and ERISA issues, as well as the proper accounting treatment of various financing transactions and financial products. From 2002 – 2005 Mr. Taylor was an Associate in the Tax Department at Debevoise & Plimpton, LLP where he represented investors and asset managers with respect to legal, tax and business matters surrounding private equity and hedge fund formation, leveraged buyouts, venture capital investments, fund of fund investments and cross-border equity investments.

JD at Columbia University School of Law (Harlan Fiske Stone Scholar)
BA in Sociology with a Minor in Business at SUNY Albany

Attended the Tax LLM program at New York University School of Law
Member of the New York Bar

Dr. Tessitore is the Portfolio Manager for the Global Optimization Strategy. Prior to joining Gramercy in July 2005, he was a fund manager at City of London (2000 – 2005), Associate Director of Research at Daiwa Securities Trust (1996 – 2000), and Graduate Faculty Member in Finance at Rutgers GSM (1989 – 1996). Dr. Tessitore has given numerous international conference presentations on theory and practice of portfolio selection. His publications on closed-end funds have appeared in journals such as Financial Analysts Journal, Journal of Investing and Global Finance Journal.

PhD in Finance at Baruch College and Graduate Center, City University of New York
MBA in Finance at Hofstra University
BS in Physics at Stony Brook, State University of New York

Dr. Vinson has been with the Global Optimization Strategy team since inception and is responsible for programming and database management. Dr. Vinson developed the interface for the optimization program as well as the logic and coding of the simulator used by the team. Prior to Gramercy, he was Assistant Fund Manager at City of London (2000 – 2005) and an Associate at Daiwa Securities Trust Company (1994 – 2000).

Ph.D. in Physics at Rutgers University
BA in Physics at Rice University

Prior to joining Gramercy in mid-1998, Mr. Young was the Controller/CFO for Tivoli Partners, L.P., a startup hedge fund, from 1997-1998. He was responsible for all of the accounting and operational functions of the Partnerships, including Net Asset Value calculations and the issuance of performance reports for the Fund. He was also responsible for instituting and maintaining compliance with a system of internal controls. From 1996-1997, Mr. Young was Assistant Controller at Refco Capital Markets where he supervised the daily P&L calculations for several groups including the Emerging Markets Group. Prior to Refco, he consulted at Seneca Capital, L.P. where he served as Controller and Fund Administrator for their domestic and offshore funds. From 1992-1996 he served as a manager at Golub, Kessler & Company, CPAs where he specialized in performing audits of investment partnerships.

BS in Public Accounting at Rutgers University
Certified Public Accountant