First Quadrant's leadership team has evolved into a true working partnership. The individual and collective strengths of the team permeate the firm to inspire creative thinking and consistent performance. We are proud of the fact that First Quadrant has one of the most stable businesses in the investment management industry.



JOEL BROUWER is a First Quadrant partner and has been the firm's Chief Financial Officer since 2004. He manages the portfolio accounting department and oversees the firm's financial reporting. Joel has over 20 years of experience in securities accounting, compliance, investment operations and systems, back office processing, financial statements, and portfolio management. Joel joined First Quadrant in 2003. Prior to joining First Quadrant, he was Director of Investment Operations for Farmers Group, Inc. Joel holds a bachelor of science degree in accountancy from Calvin College in Grand Rapids, Michigan. He is a member of the Washington State Society of CPA's and the American Institute of Certified Public Accountants. Back to top


MAX DARNELL has served as First Quadrant's Chief Investment Officer since 2002. Max is responsible for overseeing the firm's investment products, with emphasis on strategic research and development initiatives. Max began his career at First Quadrant in 1991, managing derivatives research throughout the decade. In 2000 he was named Director of Research, overseeing both equities and derivatives products. Max earned a Master's degree in Economics from  the University of California, Los Angeles, in 1991. Back to top


GHENE FAULCON is a senior member of the investment team. His primary contributions have been in the Currency models as well as in both Commodities and Options strategies. Before joining First Quadrant in 2004, Ghene was a quantitative energy analyst on the trading floor at British Petroleum in London, where he built pricing tools for exotic energy derivatives. Ghene received his Bachelor of Science degree in mathematics from California Institute of Technology and subsequently his MBA from London Business School. Back to top


CURT KETTERER joined First Quadrant as Chief Financial Officer and treasurer in 1995, and became the firm's Chief Operating Officer in 1998. He is First Quadrant's partner in charge of operations, finance, and administrative functions. Curt's 30+ years of financial and investment advisory experience include service as Senior Vice President of Finance at Trust Company of the West and, prior to that, as Chief Financial Officer of Security Pacific Investment Group. He also spent nine years with Arthur Andersen LLP. Curt earned an MBA in finance from Loyola University in Los Angeles, and holds a bachelor of science degree in accounting from California State University, Long Beach. Back to top


JEPPE LADEKARL joined First Quadrant as a member of the investment team in November 2009. Before joining First Quadrant Jeppe Ladekarl was the Principal Portfolio Manager for the currency and global tactical asset allocation portfolios managed by the World Bank Pension and Endowments Department. Mr. Ladekarl managed the team that allocates funds to external GTAA and active currency managers. In addition, he was responsible for the internally managed global macro strategy investing and traded in a broad array of FX, fixed income, credit and equity markets. Mr. Ladekarl also worked in the World Bank's Financial Sector Operations and Policy group conducting financial sector policy research and providing advice to emerging market governments on financial sector issues including debt, equity and mortgage market development. Before joining the World Bank Mr. Ladekarl was a Special Advisor at the Danish Central Bank holding various positions in the Monetary Policy and Capital Markets Departments. Mr. Ladekarl has published on various debt management, ALM, mortgage bonds, currency, emerging markets and international portfolio investment topics. He holds a MSc in economics from the University of Copenhagen. Back to top


DORI LEVANONI is a senior member of First Quadrant's investment team. He is involved in all aspects of product development: model building, risk measurement, risk allocation, and portfolio optimization. On joining the investment research team, Dori was initially focused on tactical asset allocation, currency, and global macro strategies. Mr. Levanoni first joined First Quadrant in 1991 as an intern while studying physics at California Institute of Technology. He left the firm in 1995 to work in the anatomy and neurobiology department of Washington University in St. Louis. Returning to First Quadrant in 1996 as head of systems, Mr. Levanoni moved to the investment research team two years later. He subsequently served as manager of currency research and director of the currency product. Back to top


ED PETERS is a senior member of First Quadrant's investment team. He is involved in all aspects of product development: model building, risk measurement, risk allocation, and portfolio optimization. Prior to joining First Quadrant he spent 23 years with PanAgora Asset Management where he was, over time, an equity portfolio manager, Director of Tactical Asset Allocation, Chief Investment Officer of Macro Investments, and Chief Investment Officer. Prior to joining PanAgora, Ed was Investment Technology Manager at Interactive Data Corporation and an equity analyst/trader at Mutual Benefit Life. He has lectured extensively in the classroom as well as in conference settings. The author of numerous articles in investment journals, Ed is also the author of three books: Chaos and Order in the Capital Markets (Wiley, 1991, 1996), Fractal Market Analysis (Wiley, 1994), and Patterns in the Dark (Wiley, 1999). Ed holds an MBA from Rutgers University. Back to top


CHUCK QUON joined First Quadrant in October 2008 as the Director of Human Resources, where he is responsible for all aspects of human resource management. He joined First Quadrant after having been at Countrywide, where he was Managing Director, Total Compensation, Benefits and Rewards, and more recently, Managing Director, Human Resources at Countrywide Capital Markets. Prior to Countrywide, Chuck held a series of progressively responsible positions covering virtually all areas of human resource management at ARCO. Chuck holds a BS degree in business finance from California State University, Los Angeles, Certificate of Completion for the Executive Program from the Anderson School of Management at UCLA, and is a Certified Compensation Professional (CCP). Back to top


JAMES TUFTS joined First Quadrant in 2013 as a Director in Operations and is currently the firm’s Chief Operating Officer. Prior to joining First Quadrant, Jim was responsible for the general management and administration of all departments of Attalus Capital on a daily basis. He was a member of the firm’s management committee which makes strategic firm wide decisions and policies. Prior to joining Attalus, Jim was an executive vice president and head of sales, client service, marketing and Chief Operating Officer at Mellon Capital Management. Prior to joining Mellon Capital, he was president of GT Global Investor Services where he was responsible for North American operations. From 1983 to 1987, Jim held positions at West America Bancorporation and Montgomery Securities. He began his career with Arthur Andersen & Co. in 1980. Jim holds a BS in business administration from the University of California, Berkeley. Back to top


JIA YE is the Chief Investment Strategist at First Quadrant. She leads the investment team to identify and develop strategies that take advantage of alpha and liquidity opportunities across asset classes. Prior to her current role, Jia oversaw the firm’s global market neutral strategies. She received her PhD in finance and business economics and MS in applied mathematics from the University of Southern California. She has published articles in various journals, including research on portfolio construction, equity management and tax-efficient investing. Back to top