Emcor Principals

Our principals have decades of active participation in global financial markets, and thoroughly understand economic and geopolitical issues, the relationship between equity markets, fixed-income instruments, currencies and commodities, and how these may impact the outcome of an investment strategy. Our asset allocation decisions combine a global macro view to determine optimal sector weighting and in-depth, bottom-up manager research to optimize results on a risk-adjusted basis. This process is continually reviewed to incorporate new input at the fundamental level as well as the manager/fund level.

Our experience forms the basis of the qualitative analytical process utilized in evaluating investment managers, as well as building and managing fund portfolios specifically targeted to the risk/reward expectations of our clients.

Like many of our clients, we are entrepreneurs. We are independent from other financial institutions. We strive to design and manage flexible, innovative, and creative solutions that meet the present and future needs of our clients.

PAOLO CUGNASCA
Mr. Cugnasca worked for over 11 years in the Treasury group of Citibank in Milan and New York. His responsibilities included foreign exchange trading, asset and liability management strategies for a multi-billion dollar portfolio, and managing the currency exposure resulting from Citibank’s worldwide capital investments. Mr. Cugnasca founded Emcor in 1979 and is one of the firm’s Managing Directors. 

At Emcor, Mr. Cugnasca’s responsibilities include the development of asset allocation strategies for the firm’s clients. He directs the development of investment products for institutional clients, and marketing the firm’s products and services to institutional and private clients. Mr. Cugnasca actively participates in the evaluation, selection, and monitoring processes of the managers to be considered for an allocation in the firm’s investment products. He is a Director of Emcor Securities, and serves on the board of directors of a number of investment companies whose shares are listed on the Irish Stock Exchange in Dublin.

VALENTINA CUGNASCA
Ms. Cugnasca started her professional career in advertising, working at Hal Riney & Partners in San Francisco. In early 1998, she joined Meisenbach Capital Management, a long/short U.S. equity manager, eventually becoming its Chief Operating Officer. Ms. Cugnasca joined Emcor in May 2003 and is one of the Managing Directors of the firm.

Ms. Cugnasca is Emcor’s Chief Operating Officer and its Chief Compliance Officer. Together with the other principals, she contributes to the development of asset allocation strategies for the firm’s clients, the evaluation and due diligence process of hedge fund managers, and the development and marketing of the firm’s investment products. Ms. Cugnasca holds an undergraduate degree from Georgetown University where she graduated cum laude. She is a Director of Emcor Securities, serves on Georgetown University's International Board of Advisors and on the Board of Visitors of Antioch New England Graduate School.

ROBERT WOODARD
Before joining Emcor in March 2007, Mr. Woodard was a Senior Vice President for Metropolitan West Asset Management and a Managing Director for West Gate Advisors, a non-traditional, fixed income hedge fund platform. Prior to that, he spent nearly ten years as Chief Investment Officer for the Kansas Public Employees Retirement System. Mr. Woodard’s background also includes over ten years as a fixed-income portfolio manager for an insurance holding company, as well as experience as a senior consultant to high net-worth and institutional clients.

At Emcor, Mr. Woodard is primarily responsible for the analysis of traditional and hedge fund managers, and is instrumental in the development of asset allocation models and strategies. In addition, he works with clients in the development and delivery of new concepts and solutions within both the traditional and alternative fund arenas.

Mr. Woodard is a Director of Emcor Securities. He holds an undergraduate degree in Business (Finance) from Kansas State University, as well as the Chartered Financial Analyst, Chartered Life Underwriter, and Chartered Financial Consultant designations.

Emcor’s Advisory Board

Emcor avails itself of the expertise of outside advisors, who have over the years become an integral part of the firm’s management team. These advisors take an active role in the development of strategies related to the firm’s long-term objectives, and provide invaluable insights as to developments in world financial markets, from a local perspective. Their relationship with our principals often spans their entire business career, and we are privileged to have ongoing access to their professional expertise and friendship.

JOHN DE LANDE LONG
Mr. de Lande Long spent his career advising entrepreneurial business owners in a range of industries in the U.S. and the U.K., and as a principal in various successful businesses. Between 1978 and 1994, as CEO and Managing Partner of Moore Stephens in New York, he built the firm to 20 principal cities with 1,500 professionals. Through Chartwell Advisors which he founded in 1994, Mr. de Lande Long continues to advise business owners to help them grow their businesses and related personal assets, and is a board member of several companies. Active in many professional and business associations, Mr. de Lande Long was a Director of British American Business, Inc. Mr. de Lande Long was educated at the City of London College and Winchester College. He is a Fellow of the Institute of Chartered Accountants in England and Wales. Mr. de Lande Long serves as Advisor to Emcor. Mr. de Lande Long advises Emcor Securities on the formulation of wealth management strategies for its family offices clients, focusing on business and corporate matters, as well as estate and inter-generational wealth transfer issues.

JACQUES LEVY
Mr. Levy joined Citibank in 1967 after receiving a degree in engineering from the University of Brussels, and held a variety of Treasury positions in Belgium, Brazil and Mexico. In 1978, he joined Acciones y Valores de Mexico and, in 1983, rejoined Citibank as country manager for Belgium. Mr. Levy returned to Mexico in 1990 as Deputy Chairman of Banco Nacional de Mexico, Mexico's largest bank. He is presently the principal of Remate Electronico SA in Mexico City, leader in fixed-income securities' intermediation in Mexico. Mr. Levy is also a professor at the Solvay Business School of the University of Brussels where he teaches financial derivatives. Mr. Levy serves as Advisor to Emcor Securities on the formulation of asset allocation strategies, with particular focus on emerging markets.

PATRICK MITCHELL
Mr. Mitchell has more than 30 years of experience in portfolio management, commercial banking, research and investing in equity and debt securities, in alternative asset management, and experience in managing investment firms. He is presently the Chief Investment Officer for Maple Stone Capital Advisors, a credit oriented hedge fund. Prior to forming Maple Stone, Mr. Mitchell was Managing Director–Portfolio Management at MWPost Advisory Group, LLC a high yield and distressed investment firm. Mr. Mitchell served for 12 years with the California State Teachers' Retirement System, the nation's second-largest pension fund, where he was the Chief Investment Officer. Mr. Mitchell serves as Advisor to Emcor Securities and assists our firm in the development of asset allocation strategies for the firm’s products, and in the evaluation of investment managers with particular focus on those involved in credit-related strategies.

LORRAINE SPURGE
Ms. Spurge has more than 30 years of experience in portfolio management, investment banking, business communications and asset management. At present she is the Chief Executive Officer of Maple Stone Capital Advisors, a credit oriented hedge fund. Previous to Maple Stone, she had been a Managing Director and Portfolio Manager for MWPost Advisory Group, specializing in the management of high yield securities. In addition to credit evaluation and portfolio management, she had responsibilities for business development, client service and marketing.

Ms. Spurge began her career in portfolio management and investment banking at Drexel Burnham Lambert, where she managed the high yield Capital Markets group. While at Drexel, she was responsible for structuring, negotiating, and marketing various transactions, including private placements and public new issues of high yield bonds, common stock and equity-related derivatives. Ms. Spurge was also responsible for helping distressed companies through complex exchange offers, covenant waivers and financial restructuring. Between 1989 and 2000, Ms. Spurge founded and managed two business communication and education companies. She has authored numerous business and finance books and has been featured as an investment expert on international and local broadcast programs, including CNN, CNBC and CBS.

CARLO VEDANI
Mr. Vedani is the Managing Director of Fiduciaria Orefici S.p.A., a private trust company domiciled in Milan, Italy, with $1 billion in assets under management. Mr. Vedani joined the Orefici group in 1990, assuming his current position at the end of 1993. In his role as Managing Director, Mr. Vedani designs investment strategies and manages assets for the firm's clients, and is responsible for the interface with Bank of Italy and the Italian Securities and Exchange Commission. Mr. Vedani serves on the Board of Directors of a number of investment companies among which Billenium Finance plc, a limited liability company incorporated in Ireland that sponsors a series of open-ended investment funds. Mr. Vedani serves as Advisor to Emcor Securities and provides our firm with investment management expertise and market intelligence on European financial markets. He also assists our principals in the evaluation of investment managers and the development of new investment products.