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Our Team

TAP Based Strategies

 

Randy Migdal

Co-head of Gresham Commodities

Randy Migdal is Co-head of Gresham Commodities, a position he has held since June 2006. Randy is the portfolio manager for accounts employing Gresham’s Tangible Asset Program® (TAP), focusing on trade execution and portfolio management. Randy began working for Gresham in 1995. From 2003 to 2006, Randy was on a secondment with Lehman Brothers Investment Management Division. His responsibilities included managing both Gresham’s TAP portfolio as well as the Risk Dispersing Portfolio (RDP), a long-only commodity futures asset allocation portfolio consisting of treasury bonds/notes, foreign stocks, domestic stocks, precious metals, tangible commodities, and foreign currencies. Randy obtained a B.A from Hofstra University.

 

John Clarke

Head Trader

John Clarke is a Head Trader at Gresham, supporting execution across actively managed commodity strategies including TAP. Prior to joining Gresham in January 2011, John worked in the Quantitative Strategies Group at Primus Asset Management, a structured credit asset manager, where he focused on portfolio optimization and model development. He obtained his Master of Science Degree in Financial Mathematics from New York University and a Bachelor of Science degree in Mathematics and Economics from Tulane University.

Enhanced Index Strategies

 

Benjamin Maat, MSc, CFA, CAIA

Co-head of Gresham Commodities

Benjamin Maat is Co-head of Gresham Commodities and joined Gresham in 2015. Benjamin is a seasoned expert in the industry, with excellent track records in actively trading commodities. Previously, Benjamin was Senior Portfolio Manager at Blenheim Capital Management B.V., in the Netherlands, working in the global macro team and focusing on commodities. Prior to that, he was Head of the Liquid Commodity Fund at APG where he started in 2005, managing liquid exposure as well as three portfolio managers. Benjamin holds a Master of Science degree in Business Administration/Finance & Investing from Erasmus University Rotterdam, the Netherlands. He is also a CFA and CAIA charter holder and won the IPE Award for “Best use of commodities” in 2012.

 

Adam Roberts, MSc

Head Trader

Adam Roberts is the Head Trader at Gresham Commodities and joined in early 2022. Adam's deep understanding of the agriculture markets from his previous roles strengthen the team where he is responsible for research and trade implementation in TSM and MTA. Adam has more than a decade of experience in commodities with exposure across agriculture, energy, and base metals. Adam joined from Unilever in Switzerland where he was most recently responsible for managing corporate exposure on energy products and previously handled sugar, cocoa, and aluminum portfolios. Adam began his career as a research analyst at the soft commodities specialist J. Ganes Consulting in 2012. He has a Bachelor of Arts in Anthropology from Kenyon College and a Master of Science degree from EM Lyon Business School, France.

GreshamQuant

 

Dr. Thomas Babbedge, PhD, MSci, FRSS, FRAS

Co-Head & Chief Scientist

Dr. Thomas Babbedge is Co-Head & Chief Scientist, GreshamQuant. Thomas is responsible for developing the underlying methods and codebase for the firm’s systematic managed futures strategies, as well as on-going research into new trading systems, portfolio construction and risk management. Prior to joining Gresham in 2016, Thomas was a Senior Researcher at Winton Capital Ltd. During his time there he was, amongst other roles, Head of Investment Analytics and personal researcher for both David Harding (Founder) and Prof. David Hand (Chief Scientific Advisor). Previously, Thomas was a post-doctoral researcher in the Astrophysics group at Imperial College London (2004-2007), working on galaxy evolution, modelling and observations. Thomas holds a Ph.D. in Extragalactic Astrophysics from Imperial College London and a Masters in Physics with Astronomy from Bristol University.

 

Jonty Field, MSc

Co-Head & Chief Operating Officer

Jonty Field is Co-Head & Chief Operating Officer of GreshamQuant and joined the team in July 2022. Previously, Jonty was Global Head of Product & Performance at Quantitative Brokers ("QB") having joined as partner founding QB's EMEA office. Prior to QB Jonty was Head of Trading Analytics for Man-AHL responsible for oversight of execution performance and electronic trading strategy. Jonty holds an MSc in Statistics from the London School of Economics.

 

Dr. Yoav Git, PhD, MMath, MA

Head of Fixed Income Modelling

Dr. Yoav Git joined the GreshamQuant team in July, 2022, as Head of Fixed Income Modelling. He brings with him over two decades of experience in quantitative finance and systematic strategies, including as Partner and Head of Fixed Income (including Diversified and Evolution funds) at Man/AHL, Head of Fixed Income at Winton Capital, and most recently as a systematic Portfolio Manager at Element Capital. He began his career in investment management as Brevan Howard’s Head of R&D in Israel; prior to moving to the buyside, Yoav worked as a quant in the Risk group at Credit Suisse. Dr Git’s career began at Cambridge University, where he lectured at the Statistical Lab at Cambridge University, after receiving a PhD in stochastic process from Bath and a 1st class degree from Cambridge.

 

Scott Klipper, MSc

Portfolio Manager of Systematic Strategies

Scott Klipper is a portfolio manager for systematic strategies at Gresham focused on the Alternative Commodities Absolute Return (ACAR) strategy. Prior to the launch of the ACAR strategy, Scott was the Head of Accounting Operations at Gresham, responsible for Gresham’s database, portfolio accounting software, investor accounting software and performance reporting. Prior to joining Gresham in February 2013, Scott worked at JP Morgan Hedge Fund Services. Scott holds a B.S. in Finance and Entrepreneurship from Northeastern University and a M.S. in Quantitative Methods and Modeling from Baruch College.

 

Hiroshi Hamazaki, MBA

Head Trader

Hiroshi Hamazaki is the head trader for Gresham’s Systematic Alternative Fixed Income (SAFI) fund and also trades for GreshamQuant’s systematic alternative commodities strategy. Prior to joining Gresham in 2013, Hiroshi was a Portfolio Manager at Nomura Funds Research and Technologies America. Hiroshi holds a Bachelor of Science in Electrical Engineering from the University of Illinois at Urbana-Champaign, and a Master of Business Administration (MBA) in Finance from the NYU Stern School of Business. Before obtaining his MBA, Hiroshi worked as an R&D Engineer in the European aerospace market.

 

Tom Flannaghan

Chief Technology Officer (GreshamQuant)

Tom Flannagan is Chief Technology Officer of GreshamQuant. Before joining Gresham, Tom spent the past 7 years as a Scientist at Cantab Capital Partners and GAM Systematic. He was responsible for key components of the systematic trading platform, dealing with trade list generation, constraints, and processing real-time data. He played a major role in adding interest rate swaps, credit default swaps and OTC commodities and made substantial contributions to the research and back testing infrastructure. Previously, he researched Atmospheric Science at Princeton University, working with climate data and models to investigate the tropical climate. Tom holds a BA in Mathematics, a Certificate of Advanced Study in Mathematics, and was a PhD candidate at the University of Cambridge.

Research

 

Robert Howell

Chief Economist

Rob Howell is Gresham’s Chief Economist. He has significant experience of the global macroeconomic landscape having begun his investment career at Schroder Investment Management in London in 1998. There he occupied trading roles in foreign exchange, interest rates, and emerging market debt before co-developing, and lead managing, the Schroder Alternative Solutions Commodity Fund in 2005, and later the Schroder Commodity LP Fund. Rob was Head of Commodities at Schroders between January 2010 and his departure from the firm in March 2014.

More recently, Rob occupied a Senior Manager position at the Public-School Employees’ Retirement System (‘PSERS’) in Harrisburg, Pennsylvania, where he formulated investment policy for commodities and tactical market strategies. He was also a member of the System’s Asset Allocation Committee.

In his analysis, Rob seeks to underscore the importance of social, political, and financial histories in the formulation of investment decisions and theses in the present day. Through the examination of history, he believes that an understanding of past events and how they have shaped the present is a vital part of thinking about the future.

Rob holds a BA. in History and English, awarded with first-class honors, from the New College of the Humanities in London.

 

Prabhu Ramachandran

Senior Quantitative Analyst

Prabhu Ramachandran is a Senior Quantitative Analyst at Gresham and is responsible for research and quantitative analysis of asset allocation strategies. Prior to joining Gresham, he was a member of the equities option trading group at UBS AG since 2005. Prabhu is a CFA charter holder and received his M.S. in Financial Mathematics from the University of Chicago in 2010. He holds the CFA Institute Certificate in ESG Investing.