Efficient Management
Ernest L. Jaffarian
Mr. Jaffarian is the Founder, President and Chief Executive Officer of Efficient Capital Management, LLC (Efficient), chairs the Executive Committee, and is a member of the Executive Management Group. In 1986 he joined Chicago Research & Trading Group (CRT) as a member of the proprietary trading group on the floor of the Chicago Board Options Exchange (CBOE) and rose to position of Senior Vice President for OTC Treasury Options. Immediately prior to founding Efficient, Mr. Jaffarian was responsible for the managed futures department of Hull Equity Management, LLC and for the allocation of Hull Trading Company, LLC's proprietary capital among trading advisors. He graduated from the University of Oregon in 1974 with a B.A. in History. Mr. Jaffarian holds a Series 3 license, is a Chartered Alternative Investment Analyst Designee (CAIASM), and is a veteran of over 24 years within the alternative investment industry in the areas of trading, portfolio construction, and risk management.
Donna M. Allen
Mrs. Allen is the Chief Compliance Officer of Efficient Capital Management, LLC, is a member of the Executive Management Group and chairs the Executive Committee. Before joining Efficient in 2005, she was the Director of Compliance and Investor Relations for Norshield Investment Partners (USA). While there, Mrs. Allen was responsible for building out the Chicago Office to a staff of 10 employees and aided in the creation of a Cayman Island hedge fund of funds platform structure. She also held the position of Director at Guggenheim Partners where she along with the firms Managing Director launched the first Alternative Hedge Fund of Funds product for the firm. Mrs. Allen also has years of industry experience working with both a Commodity Trading Advisory Firm and Futures Commission Merchants. She attended New York University, Northwestern University and obtained her American Numismatics license in conjunction with Adelphi University. Mrs. Allen holds a Series 3 license and has more than 29+ years of industry experience.
Bruce C. Aulie
Mr. Aulie is Director of Manager Search and a member of the Investment Team at Efficient Capital Management, LLC. He began his career in alternative investments in 1980 at the Chicago Board of Trade with Agra Trading on the trading floor. He also managed the firm's margin requirements and supervised the back office reconciliation for the trading operation. In 1981 he joined Chicago Research and Trading as a junior partner and for six years managed the repo desk as part of their futures and cash bond trading operation. Prior to joining Efficient in 2006, he was the director of a not-for-profit in Spain where he provided leadership for 19 years. Mr. Aulie graduated from Gordon College in 1979 with a B.A. in Physics, and completed a Master of Divinity degree at Columbia International University in 1986. He holds a Series 3 license, and has more than 10 years of industry experience.
Jeff A. Brown
Mr. Brown is the Director of Due Diligence at Efficient Capital Management, LLC. Prior to joining Efficient, he was an equity research analyst at William Blair & Company LLC and Credit Suisse Group from 2004-2009. Previously, Mr. Brown was a consultant at IPC Group LLC (acquired by CRA International, Inc.) from 2000-2004. He graduated from Indiana University in 2000 with a double B.S. in Finance and Accounting, and received his MBA in 2009 from the University of Chicago's Booth School of Business. Mr. Brown is a CFA charterholder, holds a Series 3 license, has passed the Series 7, 63, and 87 exams, and has 12 years of industry experience.
Ronald L. Davis
Mr. Davis is the Chief Operations Officer for Efficient Capital Management, LLC, and a member of the Executive Committee. Prior to joining Efficient in 2001, he had more than 14 years of experience with Cargill Investor Service, Inc. in the Fund Services group, and was a Futures Administration Manager for Dean Witter Reynolds. Mr. Davis graduated from Illinois Institute of Technology in 1975 with a B.S. in Mathematics, and received his MBA from the same institution in 1977. He passed the CPA exam in 1980 in Illinois, holds a Series 3 license, and has more than 29 years of industry experience.
James M. Field
Mr. Field is the Chief Financial Officer of Efficient Capital Management, LLC, and a member of the Executive Committee. Prior to joining Efficient in 2002, he was the top financial officer of some of the financial industry's well known companies including Lind-Waldock, Mitsubishi Baldwin, and Sheridan Investments. Mr. Field passed the CPA exam in 1981 in Illinois and worked in public accounting for several years with Coopers & Lybrand. He graduated from Northern Illinois University in 1980 with a B.S. in Accountancy. Mr. Field has more than 29 years of industry experience.
Michael R. Marcey
Mr. Marcey is the Managing Director of Strategic Development for Efficient Capital Management, LLC, and a member of the Executive Committee. He is involved in coordination of staff and global business development specialists, and in leadership development and mentoring. Mr. Marcey graduated from Carnegie-Mellon University in 1973 with a B.A. in Social Relations. He earned an M.Div. from Covenant Theological Seminary in 1977, and an S.T.M. from Concordia Seminary in 1983. Mr. Marcey joined Efficient in 2004, holds a Series 3 license, and has 27 years of experience in not-for-profit leadership development and strategic planning.
David A. Martin
Mr. Martin is the Director of IT Software Development at Efficient Capital Management, LLC, and a member of the Executive Committee. After 4 years of developing web applications for Big Idea Productions, Inc., he joined Efficient in 2003 as a software engineer, in which capacity he served for nearly 5 years before being promoted to his current position in 2008. Mr. Martin graduated from Wheaton College in 1999 with a B.A. in Bible & Theology and a B.S. in Computer Science, and he is a Microsoft Certified Solutions Developer (MCSD).
Chad R. Martinson
Mr. Martinson is the Director of Investments at Efficient Capital Management, LLC, and a member of the Executive Committee. After eight years of IT consulting for several fortune 500 companies, he joined Efficient in 2002 and served as the Chief Technology Officer for more than 3 years. Mr. Martinson graduated from Taylor University in 1994 with a B.A. in Chemistry/Pre-med. He holds a Series 3 license and is a Chartered Alternative Investment Analyst Designee (CAIASM) with more than 8 years of industry experience.
Marat Molyboga
Mr. Molyboga is the Chief Risk Officer and Director of Research at Efficient Capital Management, LLC, and a member of the Executive Committee. He began his career at Efficient in 2001 as a Research Analyst. From 2002, he consulted for Petra Intraday Trading Systems as the Senior Researcher and served as its president from 2004. He left Petra in 2006 and joined the Research Department at Efficient as a Senior Research Analyst. His expertise is in CTA performance evaluation and portfolio construction. Mr. Molyboga is also an expert in portfolio risk management and serves as the Chief Risk Officer for the firm, while also overseeing the work of the Research Team. Mr. Molyboga is a Financial Risk Manager designee (FRM), a Chartered Financial Analyst (CFA), and holds a Series 3 license. He graduated with high honors from Moscow State University in 2001 with a Masters in Financial Mathematics. He also graduated with honors from the University of Chicago's Booth School of Business in 2013 with an MBA in Finance, Economics and Strategic Management. Mr. Molyboga has been in the industry since 2001.
Barton J. Springer
Mr. Springer is the General Legal Counsel for Efficient Capital Management, LLC, and is also a member of the company's Executive Management Group. For thirty years he was engaged in the private practice of law, during which time he represented futures industry participants, (futures commission merchants, commodity trading advisors, commodity pool operators, introducing brokers and individual traders), in a variety of matters. In addition, for approximately seven years, Mr. Springer was a member of the Chicago Mercantile Exchange where he traded for his own account. Subsequent to his private practice, he served as in-house legal counsel to a registered investment advisor and its hedge funds and also to one of the largest independently owned future commission merchants. Mr. Springer received his undergraduate degree, with honors and distinction, from the University of Illinois and his Juris Doctor degree, with honors, from the Northwestern University College of Law.
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