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 investment portfolios specifically targeted to the risk/reward expectations of our clients.

In addition to these traditional and qualitative inputs, we apply expanded metrics to measure the likely performance and portfolio impact of differentiating strategies under varying (including stressed) conditions. These advanced applications, combined with our experience in asset allocation and risk management, provide our clients a unique and objective assessment of potential investment components and strategies.

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.

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 and the development of new investment products that focus on renewable resources. Ms. Cugnasca holds an undergraduate degree from Georgetown University where she graduated cum laude. She also holds an Executive Certificate in sustainable management from the Presidio Graduate School in San Francisco. Ms. Cugnasca is a Director of Emcor Securities, serves on Georgetown University's International Board.

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.

Mr. Woodard is Emcor's Chief Investment Officer.  He 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 and is a charterholder* of the Chartered Financial Analyst, Chartered Alternative Investment 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.

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 is currently an investment professional with Guggenheim Partners in New York and has more than 30 years of experience in portfolio management, commercial banking, research and investing in equity and debt securities.  Between 2005 and 2007, Mr. Mitchell was a principal at MapleStone Capital Advisors, a credit-oriented hedge fund.  Prior to that, Mr. Mitchell was Managing Director–Portfolio Management at MW Post 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 assists our firm in the development of asset allocation strategies and in the evaluation of investment managers with particular focus on those involved in credit-related strategies.

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.

 
* The Chartered Financial Analyst® and CFA® designations are owned by the CFA Institute. The Chartered Alternative Investment Analyst® and CAIA® designation are owned by the Chartered Alternative Investment Analyst Association. The marks CLU ® and ChFC® are the property of The American College.