Dr. Henry G. Jarecki
Founder & Chairman

Dr. Henry G. Jarecki, Chairman of Gresham Investment Management LLC, is one of the pioneers of commodity futures investing in the United States. He is a past Governor of the Commodity Exchange, Inc. (COMEX) and has served as a Director of the National Futures Association (NFA), the Chicago Board of Trade (CBOT), the Chicago Mercantile Exchange (CME), and the Futures Industry Association (FIA). He has over 40 years of experience in commodities investing and is a world-renowned entrepreneur and investor who has founded successful enterprises in such diverse industries as metals and commodities trading, biotechnology, and telecommunications.

Dr. Jarecki is known in the precious metals business for his work with Mocatta & Goldsmid, bullion dealers to the Bank of England since the 17th century, and with Mocatta Metals Corporation., a company he founded and later sold to Standard Chartered Bank. In addition, Dr. Jarecki’s career has included senior management positions at international commodity futures trading and brokerage firms, Brody White & Co., Inc. and Brody White (UK) Ltd., until their sale to the FIMAT arm of Société Générale. He was the Chairman of MovieFone, Inc., a nationwide interactive movie directory and movie tickets sale firm until its sale to America Online in 1999.

Dr. Jarecki has been on the faculty of the Yale University School of Medicine, where he remains Professor of Psychiatry and a member of the Advisory Council of the Department of Psychiatry. With Dr. Thomas Detre, he was author of the textbook “Modern Psychiatric Treatment.” In 1998 he started PsychoGenics, a biotechnology firm that has become a leader in preclinical neurobiology and central nervous system (CNS) drug discovery solutions.

Dr. Jarecki has been a principal of The Falconwood Corporation since 1976, and is the Chairman of that company. Dr. Jarecki is a graduate of the University of Heidelberg and a practicing MD.

Jonathan S. Spencer
President

Mr. Spencer, the President of Gresham Investment Management LLC, is responsible for the day-to-day investment and operational activities of Gresham. In addition he has been the Portfolio Manager for Gresham's Tangible Asset Program® since its inception in 1987. Over the past 21 years he has had experience in managing commodity futures, diversified asset allocation portfolios, active investment strategies and venture capital investments.

Mr. Spencer joined The Falconwood Corporation in 1986 after receiving a B.S. degree in Management Information Systems from the State University of New York at Buffalo. He is a member of the Family Office Exchange and the New York Society of Security Analysts. Mr. Spencer authored a chapter on asset allocation in the book, “Wealthy And Wise”, entitled "Balancing Act – The Art of Asset Allocation."

Douglas J. Hepworth, CFA
Director of Research

Mr. Hepworth is the Director of Research for Gresham Investment Management LLC and is responsible for fundamental and quantitative research for the Tangible Asset Program.

Mr. Hepworth first joined Gresham in June 1993 and has worked for Gresham or The Falconwood Corporation for 10 of the past 15 years. His 25 years of Wall Street experience includes running an options market-making operation on the floors of the New York Cotton Exchange and the Coffee, Sugar, and Cocoa Exchange, convertible bond research, option financial analysis, quantitative research, and real estate investments.

Mr. Hepworth received a BA in Economics from Columbia University in 1982 and holds the Chartered Financial Analyst (CFA) designation. A member of the Association for Investment Management and Research and the New York Society of Securities Analysts, Mr. Hepworth has lectured on derivative securities and risk management.

Jonathan D. Berland
Managing Director

Mr. Berland is Managing Director of Gresham Investment Management LLC. Prior to joining Gresham, Mr. Berland was a Vice President at Jefferies Group, Inc., where he advised pension funds, endowments, foreign governments and financial intermediaries on hedge funds and commodity-linked derivatives, and developed strategies seeking to outperform the Goldman Sachs and Dow Jones-AIG commodities indices. Previously Mr. Berland was a Director at American Express Co.

Mr. Berland holds a B.S. in Economics from the Wharton School, University of Pennsylvania.

Alexander Gansch
Managing Director

Mr. Gansch is Managing Director of Sales & Client Services for Gresham Investment Management. He began his career in his native Switzerland in 1987 with Paul Reinhart AG, one of the world’s largest privately held soft commodity merchants, working within the firm’s offices in Europe, the Far East, Central Asia and the US before being named President & Managing Director of the Group’s US headquarters in New York in 1997. He was also Chief Operating Officer of Balmac International, Inc., an affiliate of Balfour Maclaine, a NYSE publicly listed commodity trading firm, before joining Gresham in January 2006.

Mr. Gansch holds a Masters degree in International Trade Law from the University of Hamburg and the School for Foreign Trade in Bremen, Germany.

Dr. Stanley A. Lefkowitz
Chief Financial Officer

Dr. Lefkowitz is the Chief Financial Officer of Gresham Investment Management LLC and is responsible for Finance, Accounting and Administration.

Dr. Lefkowitz has been with The Falconwood Corporation and its predecessors since March 1975 and currently serves as CFO and Executive Vice President. He has 32 years of experience in commodity investing and private wealth management. Dr. Lefkowitz oversaw and managed the world-wide integration of reporting systems for Mocatta Metals Corporation and Brody White & Co. Prior to joining The Falconwood Group, Dr. Lefkowitz spent five years in an administrative capacity at the City University of New York. He has been a consultant to private and governmental organizations throughout the country.

Dr. Lefkowitz received a Ph.D from Princeton University and a BA from Temple University.

John F. Hartmann
Chief Compliance Officer

Mr. Hartmann has served as Chief Compliance Officer of Gresham Investment Management and Director of Internal Audit of The Falconwood Corporation since 1997. He joined The Mocatta Corporation in 1987 as Director of Operations and later worked as a Compliance Officer and Internal Auditor for Brody White & Co., a futures commission merchant in the Falconwood Group of companies. Previously he worked in the foreign exchange and precious metals industry in New York, Toronto and Montreal, and was Regional Vice President of Guardian Trust Company, directing their operations in Quebec..

Mr. Hartmann graduated Summa Cum Laude from St. Lawrence University in Canton, NY with a B.A. in Government and French

Jerald R. White
Chief Information Officer

Mr. White is Chief Information Officer of Gresham Investment Management. From 1969 he served in management positions of Mocatta Metals Corporation and of affiliates of The Falconwood Corporation, and as a director of commodity futures brokerage firm Brody White and Company, leaving in 1980 to pursue entrepreneurial ventures in derivatives trading, consulting and software. He returned to the Falconwood Group in 2005.

Mr. White is an attorney and holds a BA degree from Yale University and an LLB degree from the University of Pennsylvania Law School.