EXECUTIVE COMMITTEE: COMPLIANCE AND ADVISORY BOARD
David Kang, MBA, Chairman and CEO:
Mr. Kang is Chairman and CEO and is a member of the Executive Committee, leading and driving the strategic vision of the firm globally. He leads business development with the President and leads strategic initiatives with the Senior Advisors. He is Managing Partner of RSMD Investco LLC, the primary shareholder of Ducenta Squared Asset Management and is the CEO and President of the RIA R Squared Inc., an affiliate of RSMD Investco LLC. Mr. Kang has 20+ years experience in the financial markets, investments, and commercial real estate, having managed over $3 billion of assets. Prior to founding RSMD Investco LLC, Mr. Kang ran his family business while creating and managing his family office. Mr. Kang began his career in private wealth at Morgan Stanley Dean Witter. Mr. Kang received his Bachelor of Science degree in Pre-Med at University of California, Irvine and his executive Master of Business Administration degree from University of California, Irvine. He is currently an Advisory Board Member at Merage School of Business i) Center for Real Estate and ii) the Center for Investment and Wealth located at the University of California, Irvine. Mr. Kang has published in the Journal of Medicine and Genetics v.12, No. 4.
Brian Kim, CFA, President:
Mr. Kim serves as President and is a member of the Executive Committee as well as a voting member of the investment Policy and Strategy Committee. Mr. Kim is responsible for managing the Firm, collaborating with senior investment professionals on investment strategy and helping drive the strategic vision. Mr. Kim leads business development with the CEO and works closely with Senior Advisors on diversity initiatives. Mr. Kim is a partner at RSMD Investco LLc, the primary shareholder of Ducenta Squared Asset Management, responsible for strategic vision Mr. Kim has over 28 years of fixed income experience with expertise in interest rates and foreign exchange derivatives, structured credit, liability management and debt restructuring. Prior to joining RSMD, he worked at Grwylock Capital Management where he was responsible for Investments in Greece and non-performing loans. Prior to Greylock, Mr. Kim was a senior advisor to the Minister of Finance in Greece in 2015. Previously, Mr. Kim was a Managing Director at Lehman Brothers International Europe in London where he helped build the derivative and debt capital markets group. Prior to Lehman, he held various postions in derivatives origination, emerging markets debt capital markets and liability management at HSBC (London), JPMorgan (New York) and Bear Stearns (New York). Mr. Kim received earned a Bachelor of Arts in History from Williams College and is a CFA charterholder.
Jason Rall, Chief Compliance Officer
Mr. Rall joined Bradford & Marzec, now part of Ducenta Squared. As Chief Compliance Officer Mr. Rall is responsible for all aspects of the compliance program for the firm. With more than 25 years of investment industry experience, he brings a significant background in functional areas of data management, systems administration, investment operations and regulatory/internal compliance. Prior to, Mr. Rall was affiliated with Farmers Insurance, Scudder Kemper Investments and Capital Group. He holds a Bachelor of Science in Business Administration from the University of California, Riverside and the IACCP designation, having successfully completed the Investment Advisor Certified Compliance professional Program.
Jeffrey Brothers, CFA, MBA, Chief Investment Officer:
Mr. Brothers serves as Chief Investment Officer, leading the investment team and overseeing the investment process. Mr. Brothers is also a member of the investment Policy and Strategy Committee and the Executive Committee of the Firm. Mr. Brothers joined Bradford Marzec, now part of Ducenta Squared Asset Management, in 1994 and has 36 years of investment industry experience. Mr. Brothers leads and is a voting member of the investment Policy and Strategy Committee, where the top-down and sector allocations are determined. He works closely with the portfolio managers and oversees that top-down analysis is also articulated through the bottom-up part of the investment process. Prior to becoming Chief Investment Officer, Mr. Brothers was a Senior Portfolio Manager and Head of Securitized products where he developed and performed research and implemented investment strategies for the mortgage-backed, asset-backed, commercial mortgage-backed, U.S. agency and treasury inflation-protected securities sectors of the market. During his tenure with Bradford & Marzec, he also managed the domestic trading desk, analyzed structured products and developed quantitative tools. Prior to joining Bradford & Marzec, Mr. Brothers worked for Wilshire Associates as a member of the institutional fixed income services group where he focused on portfolio and security analyses including performance attribution, benchmark risk comparisons, scenario analysis and risk management. Mr. Brothers began his career at Merrill Lynch Capital Markets in the institutional fixed income sales department, specializing in marketing mortgage-backed, U.S. government and money market securities to institutional asset managers. Mr. Brothers earned a Bachelor of Arts degree with an emphasis in investments from the University of Southern California. He is a CFA charterholder and a member of the Los Angeles Society of Financial Analysts.
Dr. Emilio T. Gonzalez PhD, Chairman of Advisory Board
Senior Advisor to Executive Committee
Dr. Gonzalez serves as Chairman of Ducenta's Advisory Board and Senior Advisor to DSAM's ExCo on all local, state, national and international matters as it pertains to developing diversity initiatives. Prior to DSAM, Dr. Gonzalez served as City Manager of the City of Miami, where he led the City's 4400 employees and was responsible for its $1.7 B operating and capital budgets. During his leadership, Miami experienced upgraded municipality credit ratings, $3 Billion in additional infrastructure investment, and settled long-standing municipal union contract issues. Dr. Gonzalez brings consistent leadership and experience stemming from serving as Director and CEO of Miami International Airport (MIA), Undersecretary of US Citizenship and Immigration Service with the department of Homeland Security and Director for Western hemisphere Affairs at the National Security Council at the White House and is a Retired Army Intelligence Officer. He holds a Ph.D. in International Relations from the University of Miami, a Master's degree in National Security and Strategic Studies from the United Sates Navel War College, a Master's degree from Tulane University in Latin American Studies and a Bachelor's degree in International Studies from the University of South Florida. Dr. Gonzalez is active in his home state of Florida where he served on University of South Florida's Advisory Council and Florida's City National Bank Board of Directors. Dr. Gonzalez is a member of the Council on Foreign Relations.
Mark Sun, Senior Portfolio Strategist, ABS
Mr. Sun serves as Senior Portfolio Strategist, focusing on Asset Backed Securities (ABS). His responsibilities include evaluating the broader trends in the ABS market within the existing and projected macroeconomic backdrops, conducting data and statistical analysis of the financial market performance, and working with the investment team on providing top-down ABS strategy. Mr. Sun has over 26 years of fixed income experience. Prior to Ducenta, Mr. Sun was a Vice President at Santander Consumer USA Inc. for seven years, managing a team of five bankers, and overseeing $15 billion+ of syndicated and bilateral warehouse and private term credit facilities backed by retail/auto loan/lease portfolio with 12+ banking and financial institutions. Prior to Santander, Mr. Sun held various positions including Managing Director at Brean Capital LLC and Gleacher & Company Securities focusing on both structured and capital raising solutions and growth stage and midcap specialty finance companies and Executive Director at J.P. Morgan Securities Inc. where he was head of ABCP/Term Securitization Asia (ex Japan). Mr. Sun began his career at Fitch Ratings where he was responsible for rating new ABS issuance. Mr. Sun holds a Bachelor of Arts degree in in Economics with a Minor in Mathematics and from the University of Rochester, New York and a Master of International Affairs with a specialization in International Business from Columbia University, School of International Affairs.
John Heitkemper, CFA, MBA, Head of Credit
Mr. Heitkemper serves as Head of Credit and is a Senior Portfolio Manager - Head of High Yield and Leverage Loans and is a voting member of the Investment Policy & Strategy Committee. He is responsible for the investment strategy and process for investment grade and below investment grade credit, working closely with the portfolio managers on the credit investment team. He is the lead portfolio manager for high yield and bank loan portfolios, ClOs and opportunistic core plus portfolios. Mr. Heitkemper joined Bradford & Marzec, now part of Ducenta Squared Asset Management, initially in 2004 and again in 2011. Mr. Heitkemper has more than 20 years of investment industry experience. Prior to joining Bradford & Marzec, he held investment grade and high yield fixed income research positions with Macquarie Group/Four Corners, Franklin Templeton Investments and Hotchkis & Wiley. He began his career as a research assistant in the international Finance division within the Board of degree in economics from Pomona College and a Master of Business Administration with concentrations in finance and economics from the University of Chicago Booth School of Business where he graduated with honors and was nominated to Beta Gamma Sigma. He is a CFA charterholder.
Jonathan Yip, CFA, MBA, Senior Credit Portfolio Manager
Mr. Yip serves as Senior Portfolio Manager – Head of Investment Grade Credit and is the lead portfolio manager for investment grade credit portfolios. He works closely with the Head of Credit in the development of the investment strategy for investment grade credits, drawing upon his 25 years of experience as a portfolio manager and analyst. Prior to joining Ducenta, Mr. Yip was Head of Global Investment Grade Credit and Senior Portfolio Manager at Allianz Global Investors, where he was the lead investment grade Portfolio Manager managing over $30bn of assets. His focus included global investment grade credit, financials and securitized exposures which included high yield and emerging market exposure as well as macro-overlays. Mr. Yip joined Allianz Global following the acquisition of Rogge Global where he was a Senior Partner and Head of Global Investment Grade Credit, managing as much as $60bn billion of assets invested globally and serving as a key member on the asset allocation committee. Prior to joining Rogge in 2011, Mr. Yip spent 14 years at Pacific Investment Management Company (PIMCO), where he started his career and held various roles including Portfolio Manager across Investment Grade, High Yield and Emerging Markets as well as a Credit Research Analyst (covering over $100 billion of investment grade and high yield credit exposure across various industry groups). Mr. Yip holds a Bachelor of Science degree in Finance, Business Administration from San Diego State University, where he also earned a Certificate of Financial Planning and was a scholarship Division I tennis athlete, and a Master of Business Administration from the University of Chicago, with concentrations in Analytical Finance and Economics. He is a CFA® charterholder.
Mike Sanchez, MBA, Senior Portfolio Manager
Mr. Sanchez serves as Head of Securitized Products and is a Senior Portfolio Manager. He leads the structured products team and is responsible for the investment strategies within that sector including agency MBS, non-agency RMBS, CMBS, ABS and CLO debt. Mr. Sanchez joined Bradford & Marzec in 2013, now a part of Ducenta Squared Asset Management, as a structured products portfolio manager. Mr. Sanchez has more than 30 years of fixed-income markets. Prior to joining Bradford & Marzec, Mr. Sanchez held portfolio manager positions at Hotchkis & Wiley, Provident Investment Counsel, and Arco Investments. Mr. Sanchez also held structured product trading positions at Countrywide Securities and Castleoak Securities. Mr. Sanchez holds a Bachelor of Science degree in Applied Chemistry from Harvey Mudd College and a Master of Business Administration with a concentration in finance from the University of Chicago Booth School of Business.
Christian A. Bleszinski, CFA, MBA, Senior Portfolio Manager
Mr. Bleszinski is a Senior Portfolio Manager. He is responsible for interest rates and is a member of committees responsible for non-US Dollar denominated assets and Emerging Markets debt. He also is responsible for providing to the portfolio management team quantitative portfolio analysis, including portfolio characteristics, risk control measurement, portfolio duration and attribution analysis. Mr. Bleszinski joined Bradford & Marzec, now part of Ducenta Squared Asset Management, in 2003. During his tenure with Bradford & Marzec, he has also served as part of the structured products team, analyzing and trading asset-backed securities as well as the risk management team, developing risk tools used by the Firm as a whole. Additionally, he worked closely with the information technology team in developing several tools used in trading and portfolio management. Mr. Bleszinski has more than 25 years of investment industry experience including prior affiliation with Capital Group Companies, Western Asset Management Company (WAMCO) and Los Angeles County Employees Retirement Association. At WAMCO, Mr. Bleszinski was part of the analytics group, responsible for portfolio analytics and risk management. Mr. Bleszinski holds a Bachelor of Arts degree in economics from California State University, Fullerton and a Master of Business Administration degree from California State Polytechnic University, Pomona. He is a CFA® charterholder.
Gordon Drobny, Portfolio Manager
Mr. Drobny is a Portfolio Manager in the Credit Investment team working with the Senior Portfolio Manager -- Head of High Yield and Leveraged loans on non-investment grade investment strategies. He is also the Portfolio Manager of the Private Wealth strategies which he been involved with since 2014. For non-investment grade strategies, Mr. Drobny performs portfolio and securities analyses and liaises with the broker dealers on new issues and trading. For the Private Wealth Strategies, Mr. Drobny is responsible for implementing Firm's investment strategy within the private wealth channel, including trading and portfolio management. Mr. Drobny joined Bradford & Marzec, now part of Ducenta Squared Asset Management, in 2013 as a trading assistant. Mr. Drobny has more than 10 years of investment experience, including prior affiliation with UBS Private Wealth Management where he interned. Mr. Drobny earned a Bachelor of Science in finance from the University of Southern California in 2013 and is a CFA Level II candidate.
John Wlodek, MBA
Mr. Wlodek serves as co-Head of Research/Senior Research Analyst and is responsible for maintaining the firm’s credit research process and supervising the credit research analyst team. He is also responsible for conducting credit analysis and investment recommendations across various corporate industries and issuers within the leveraged loan, high yield and investment grade markets. Mr. Wlodek joined Bradford & Marzec, now part of Ducenta Squared Asset Management, in 2003. Previously, Mr. Wlodek worked as a senior vice president with Imperial Capital, where he gained significant experience in the research and trading of high yield bonds, bank loans and special situation investments, and the formulation of investment recommendations regarding distressed and bankrupt issuers. He also has experience as an M&A advisor with Barrington Associates, a banker with the Industrial Bank of Japan, and a Certified Public Accountant (CPA) with Deloitte Haskins & Sells and McGladrey, Hendrickson & Pullen. Mr. Wlodek's previous industry sector exposure as an M&A advisor, banker and CPA included aerospace, airlines, business services, consumer products, food and beverage, hospitality and leisure, paper and forest products, real estate, retailing, technology, and telecommunications. Mr. Wlodek earned a Bachelor of Science in accounting from Indiana University and a Masters of Business Administration from University of California, Los Angeles. He is also a CPA.
Andrew Kim, CFA
Mr. Kim is as co-Head of Research/Senior Research Analyst and is responsible for conducting credit analysis and investment recommendations across various corporate industries and issuers within the leveraged loan, high yield and investment grade markets. Mr. Kim joined Bradford & Marzec, now part of Ducenta Squared Asset Management, in 2016. Previously, Mr. Kim was a high yield analyst at First Western Capital Management and a director in the credit strategies group at Levine Leichtman Capital Partners, where he invested in distressed debt, high yield bonds and leveraged loans. Mr. Kim has also worked at Macquarie/Giuliani Capital Advisors, Raymond James/Howe Barnes Hoefer & Arnett, AEGON/Transamerica Investment Management and BNY/Mellon Bank. Mr. Kim holds a Bachelor of Science degree in finance and a Master of Business Administration degree from the University of Southern California. He is a CFA® charterholder.
Andrew Gu, CFA
Mr. Gu is a Senior Research Analyst at Ducenta Squared and is responsible for conducting credit analysis and formulating investment recommendations across the leveraged loan, high yield and investment grade markets. Prior to joining Ducenta Squared in 2021, Mr. Gu was a Portfolio Manager and Senior Credit Analyst at Rimrock Capital Management, a hedge fund based in Southern California. He led the Distressed & Special Situations investing effort for funds managing approximately 4 billion dollars in capital. Prior to that, Mr. Gu was a Senior Analyst at Arrowhawk Capital Partners investing out of their Special Situations Fund. Prior to Arrowhawk, Mr. Gu was a Credit Analyst at Aurelius Capital Management where he specialized in fundamental credit analysis and litigation related investments in distressed situations. Prior to Aurelius Capital, Mr. Gu spent several years researching and making private equity investments at The Carlyle Group. Mr Gu has also worked at Latham & Watkins as Lead Corporate Credit Analyst and at Morgan Stanley in their Mergers & Acquisitions Group. Mr. Gu has a B.A. in Political Science and a B.S. from the Haas School of Business at The University of California, Berkeley.
Mr. Choe is a research analyst and is responsible for conducting fundamental credit analysis and providing investment recommendations across a variety of industries. Mr. Choe has 9 years of investment industry experience. Mr. Choe started his career as an investment banking analyst at BAML. Upon completing his analyst program, he moved to work as a research analyst at Millennium Management and most recently at a start-up investment firm as an industry generalist where he was responsible for identifying investment opportunities in both performing and distressed securities. Mr. Choe holds a Bachelor of Science degree in finance from Babson College.
CLIENT SERVICES AND OPERATIONS
Mark Kavolius CIMA
Mr. Kavolius is a Client Management Portfolio Manager and supports the firm’s relationships with clients, prospects, institutional consultants and financial advisors. Mr. Kavolius joined Bradford & Marzec, now part of Ducenta Squared Asset Management, in 2010. Mr. Kavolius has more than 28 years of industry experience and previously served as Director of Sales and Marketing for Stonebridge Advisors. He also worked in senior sales and marketing positions at Mellon Financial, Dreyfus Investments and Liberty Financial. Mr. Kavolius holds a Bachelor of Science degree in business management from the University of Massachusetts. He has earned the CIMA designation from the Wharton School of Business through IMCA. He is also a member of the editorial board for the IMCA publication “Investments and Wealth Monitor.”
Byung Chun Kim, CFA, CFP, Deputy Operations Manager
Mr. Kim is a Deputy Operations Manager and is responsible for overseeing several key areas of the middle and back office functions for the firm. Those functions include trade communication and settlement, reconciliation, and corporate action monitoring and processing. Prior to joining Ducenta Squared, he worked at Beach Point Capital, a Hedge Fund located in Los Angeles, as a senior analyst where he performed various operational tasks, including performance, cash and collateral management, trade support, and corporate actions analysis. Prior to Beach Point, he was a leader of the corporate actions team at the TCW Group. He also worked as an equity trader at Wedbush Securities, where he investigated arbitrage trading opportunities for the institutional clients in Korea. Mr. Kim holds a Bachelor of Science degree in Finance and Real Estate from Georgia State University. He is a CFA® charterholder and CFP® practitioner.
JinSeop Marcus SHIN, APAC Financial Institutions Group
Head of APAC Investor Relations. Marcus has 10+ years’ experience in the financial services industry, predominantly in Financial institution Coverage where he originated new deals with various Financial Institutions in South Korea, including Banks, Securities Firms, Pensions and Insurance Companies. Mr. Shin was Financial Institution Relationship Manager at Bank of America Seoul Branch, BNP Paribas Seoul Branch, Royal Bank of Scotland Seoul Branch and ABN AMRO Seoul Branch. He successfully executed deals associated with Loan, FX, Derivatives and M&A. Mr. Shin earned his Bachelor’s Degree in International Economics and Business from International Christian university in Tokyo Japan.
Han Bae has 7 years of experience in the financial services industry, predominantly in Financial Institutions Coverage where he participated in new business development and relationship management with various Financial Institutions in South Korea, including Banks, Securities Firms, Pensions and Insurance Companies. During his time at R Squared ML Company, Mr. Bae has assisted in developing new business relationships with Financial Institutions in South Korea and led to execution of new Global Master Securities Lending Agreement (GMSLA) deals with top Securities Firms in South Korea. Prior to R Squared ML Company, Mr. Bae was a Junior Relationship Manager at BNP Paribas Seoul Branch, supporting Senior Relationship Managers in variety of financial services such as FX, Derivatives and M&A. Mr. Bae began his career at Project Financing Department in SK Securities, where he participated in Renewable Energy Financing Projects. Mr. Bae earned his Bachelor’s Degree in Global Economics from Sungkyunkwan University.
Caleigh Clark, Graphic Design, Jr. Client Relations: Women in Investment Development Program
Ms. Clark joined Ducenta Squared Asset Management in 2022 as the assistant to the Executive Committee. Her responsibilities include overall office duties, graphic design projects, coordination of office administration and procedures, Executive Committee planning and follow up, and assisting the Client Relations department. Ms. Clark was on the golf team at the California State University, Los Angeles where she finished her Degree, Bachelor of Arts, with a focus in Graphic Design.