Our Team



Randy Migdal

Head of NTA Trading

Randy Migdal is the Head of NTA Trading, which includes Gresham’s Tangible Asset Program® (TAP®). Mr. Migdal began working for Gresham in 1995. From 2003-2006, he was on a secondment with Lehman Brothers' Investment Management Division. Mr. Migdal received a B.A. from Hofstra University.

Susan Wager

Co-Head of NTA Trading

Susan Wager is the Co-Head of NTA Trading. She has worked for Gresham since March 2005. She has also worked as an options market maker on the NYMEX / COMEX exchanges, trading copper, platinum, aluminum, and gold. Her extensive option experience includes analysis and strategy implementation as well as the management of option portfolio risks. Her non-exchange experience includes spot, future, forward and investor product metals trading. Ms. Wager’s other experiences include the development and support of hedge fund internal and external risk management, alert, and trading systems.

Enhanced Commodity Strategies

Benjamin Maat

Head of TSM Trading

Benjamin Maat is the Head of TSM Trading. Previously, Mr. Maat was Senior Portfolio Manager at Blenheim Capital Management B.V., in the Netherlands, working in the global macro team and focusing on commodities. Prior to that, he was Head of the Liquid Commodity Fund at APG, managing $14 billion in liquid commodity exposure as well as three portfolio managers. Mr. Maat holds a Master of Science degree in Business Administration/Finance & Investing from Erasmus University Rotterdam, the Netherlands. He is also a CFA and CAIA charterholder.

Alfred Zappulla

Head of MTA Trading

Alfred Zappulla is the Head of MTA Trading. Previously, Mr. Zappulla was a Managing Director at Jefferies Financial Products, where he was responsible for the profitable trading and risk management of the firm’s commodity index business, which at its peak represented over $10 billion of notional exposure. Mr. Zappulla’s 20+ years of experience in the commodity markets includes working with producers and refiners in the energy industry to structure hedging strategies and provide the liquidity to execute sizable hedging transactions. Mr. Zappulla has also held positions at UBS, Fimat and ABN AMRO. He began his career in the WTI Crude Oil pit on the floor of the NYMEX. Mr. Zappulla holds a B.A. in Economics from Tufts University.

Marta Ryvak

Senior MTA Trader

Marta graduated from The University of Chicago with a B.A. in Economics. During her undergraduate studies, she worked within Goldman Sachs’s Securities and Asset Management Divisions, and Merrill Lynch’s Asset Management Division. In 2010, she joined the Global Futures trading desk at Goldman Sachs & Co. in New York, with a focus on commodities. Marta joined Gresham’s trading team in May 2012 and focuses on Gresham's Mid-Term Active (MTA) strategies. Marta utilizes a largely fundamental approach to identifying alpha opportunities across the commodity futures curves, analyzing seasonal trends, supply/demand balance sheets, and maintaining relationships with producers to stay abreast of physical market developments.

Managed Futures

J. Scott Kerson

Head of Systematic Strategies

Scott Kerson is responsible for strategy research across Gresham’s quantitative trading business. Prior to joining Gresham, Scott was a partner at AHL Partners, LP, where he was Head of Commodities and a member of the AHL Research Advisory Board. Previously, Scott held a variety of commodity research and trading positions, including Commodities Model Owner in Barclays Global Investors systematic macro group, discretionary trader and quant at Ospraie and Amaranth, and Managing Director at Deutsche Bank and Merrill Lynch. Scott holds a BA in Economics with Highest Honours from the University of California at Santa Cruz and departed ‘AbD’ with a MA in Financial Economics from Duke University.

Thomas Babbedge, Ph.D.

Chief Scientist & Deputy Head of Systematic Strategies

Thomas Babbedge is Chief Scientist & Deputy Head of Systematic Strategies at Gresham Investment Management LLC. Thomas is responsible for developing the underlying methods and codebase for the firm’s systematic managed futures strategies, as well as on-going research into new trading systems, portfolio construction and risk management. Prior to joining Gresham, Thomas was a Senior Researcher at Winton Capital Ltd (2007-2016). During his time there he was, amongst other roles, Head of Investment Analytics and personal researcher for both David Harding (Founder) and Prof. David Hand (Chief Scientific Advisor). Previously, Thomas was a post-doctoral researcher in the Astrophysics group at Imperial College London (2004-2007), working on galaxy evolution, modelling and observations. Thomas holds a Ph.D. in Extragalactic Astrophysics from Imperial College London (2001-2004) and a Masters in Physics with Astronomy from Bristol University (1997-2001).

Scott Klipper

Head Trader

Scott Klipper is the Head Trader for accounts employing Gresham’s GreshamQuant (GQ) strategy. Prior to GQ’s launch in 2017, Mr. Klipper was the Head of Accounting Operations at Gresham, responsible for Gresham’s database, portfolio accounting software, investor accounting software and performance reporting. Mr. Klipper joined Gresham in February 2013 and prior to that he worked at J.P. Morgan Hedge Fund Services. Scott graduated from Northeastern University with a B.S. in Finance and Entrepreneurship.

Xiong Lin, Ph.D.

Quantitative Researcher

Xiong Lin is a Quantitative Researcher for accounts employing GreshamQuant and formerly for the Term Structure Monetization (TSM) and Mid-Term Active (MTA) strategies. Xiong received his Ph.D. in Mathematics and M.S. in Science of Finance from the University of Illinois Urbana-Champaign, where his research focused on numerical pricing of exotic options under Levy processes models and stochastic volatility jump models.

Michael P. Magers

Portfolio Manager, Gresham Systematic Strategy Retail Fund

Michael P. Magers is the Portfolio Manager for the Systematic Strategy retail product sub-advised by Gresham on Nuveen's funds platform. He serves as a senior leader, reporting directly to Gresham’s President and CIO, Jon Spencer. Mike has a demonstrated track record of success in both asset-raising and alpha generation, as well as experience spanning quantitative and discretionary commodity trading strategies. Prior to joining Gresham, Mr. Magers was a portfolio manager at noted quantitative investment shop, Barclays Global Investors (now BlackRock), where he was responsible for all aspects of an active long-only commodities portfolio. He also helped develop exchange-traded products benchmarked to various commodity indices and individual commodities. Before BGI, Mr. Magers worked at ED&F Man, at the time the world’s largest coffee, sugar and cocoa merchant, as a commodities trader and analyst responsible for U.S. futures as well as Latin American and African physical cocoa markets. Mr. Magers holds an M.B.A. in Finance from the Thunderbird School of Global Management, an M.A. from the University of Texas, and a B.A. from Trinity University in San Antonio, Texas. He is fluent in Spanish and speaks conversational Portuguese, Italian, and French.

Ivan Fok

Research Technologist

Ivan Fok is a Research Technologist with the Gresham Quant [GQ] team, based in our Singapore office, and reporting to Scott Kerson. He has primary responsibility for the maintenance and evolution of the entire GQ technology stack. Prior to joining Gresham, Ivan worked as a quant developer at Arabesque Partners, a quantitative asset manager focused on the application of machine learning and big data to corporate performance and sustainability. Ivan's work included software development for performance analysis, reporting, and the firm's long/short equity strategies which combined smart beta with ESG signals to improve risk-adjusted returns. Ivan graduated from UC Berkeley with BSc in Chemical Engineering and was part of the national engineering honors society; he later completed his graduate work at Imperial College London with an MSc in Finance.

Risk Premia

Bojan Miljkovic

Head of Research

Bojan Miljkovic is Gresham's Head of Research and is an original member of the firm.  He directs the research and development of the firm’s commodity and multi-asset long only, long-biased, and risk premia oriented strategies. He is also responsible for the overall fundamental and risk-premia research efforts of the firm.  Bojan has over 20 years of experience in building and managing successful commodity and multi-asset products.  He is a member of the firm's Investment Risk Management Committee.  He holds a B.A. in Finance and Investment from Baruch College in 1998 with honors.

Prabhu Ramachandran

Senior Quantitative Analyst

Prabhu Ramachandran is a Senior Quantitative Analyst at Gresham. He is responsible for research and quantitative analysis of asset allocation strategies. Prior to joining Gresham, he was a member of the equities option trading group at UBS AG since 2005. He is a CFA charterholder and received his M.S. in Financial Mathematics from the University of Chicago in 2010.

Learn about our strategies



For additional information on how to invest in one of our strategies, please contact Gresham at +1 212-984-1430, or email us at investorrelations@greshamllc.com

Gresham Investment Management LLC

257 Park Avenue South, 7th floor

New York, NY 10010