Paul Zemsky, CFA
Head of Asset Allocation and Multi-Manager Investments
Years of investment experience: 25
Paul is the Head of Asset Allocation and Multi-Manager Investments with responsibility for
traditional and alternative investment solutions. Under his leadership, traditional funds are
supported by asset allocation, manager research, and multi-manager capabilities. Within
alternatives, fund-of-funds and private equity report to Paul. His team has capabilities in
derivatives/financial engineering, risk management, portable alpha, asset allocation, liability
modeling and pension accounting, and multi-manager portfolio structuring. Paul joined ING
Investment Management in 2005 as Head of Derivative Strategies. In this role, he oversaw
derivative strategies for credit, interest rate, and equity products, and supported the
organization on a number of key areas, including product development and risk
management for both proprietary and third-party businesses. Paul spent 18 years at
JPMorgan Investment Management, where he held a number of key positions, including
Head of Investments for over $300 Billion of Fixed Income assets. He was one of the first on
Wall Street to identify the potential for portable alpha strategies and liability targeted
portfolios. Prior to his role at ING, he co-founded CaliberOne Private Funds Management, a
macro hedge fund. He holds a dual degree in finance and electrical engineering from the
Management and Technology Program at the University of Pennsylvania and holds the
Chartered Financial Analyst designation.
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Seth D. Finkelstein, CFA
Portfolio Manager and Head of Portfolio Specialists
Years of investment experience: 15
Seth Finkelstein is Senior Portfolio Specialist responsible for Multi-Asset Strategies including
traditional asset allocation, retirement income products, portable alpha strategies, and
customized asset/liability solutions that address clients’ plan-level investment objectives. Seth
also serves as a Portfolio Manager for the Group’s portable alpha strategies. Additionally, Seth
has oversight responsibility for the broader team of Portfolio Specialists across asset classes,
and is involved extensively in new product development in the institutional and retail product
arenas. Seth joined ING Investment Management in 2005 as Senior Portfolio Specialist,
responsible for a variety of Fundamental Equity strategies, including 130/30, Research Analyst
Portfolio, and sector-specific portfolios. Seth experience spans a variety of traditional and
alternative asset classes, and has worked with a broad spectrum of retail and institutional client
segments. Prior to joining ING, Seth was with Seneca Capital Management where he served as a
portfolio advisor on the firm’s growth equity and domestic fixed income strategies. Earlier in his
career, Seth was a lead product manager for JPMorgan Investment Management’s retirement
business. He graduated summa cum laude with a B.B.A. in finance from Baruch College and
holds the Chartered Financial Analyst designation.
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Pierre Couture, A.S.A., E.A., M.A.A.A.
Senior Actuary, Multi-Asset Strategies & Solutions Group
Years of investment experience: 20
Pierre Couture joined ING in March 2007 as a senior actuary in the Multi-Asset Strategies &
Solutions group. He is responsible for developing customized investment solutions using
traditional investment products, alternative investments, portable alpha strategies, and long
duration strategies to address sponsors’ investment objectives. Prior to joining ING, Pierre was
with Mercer Investment Consulting and consulted to U.S. (public, Taft-Hartley and corporate)
and multinational clients seeking integrated financial risk management advice for their pension
plans. He specialized in asset/liability modeling, strategic asset allocation, funding, and
accounting policy analysis. Before joining Mercer’s New York office in 1994, Pierre worked in the
Mercer’s Montreal office for over four years. Pierre holds a BSc in actuarial sciences from
Universite Laval in Quebec City. He is an Associate of the Society of Actuaries, an Enrolled
Actuary under ERISA, and a Member of the American Academy of Actuaries.
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Stephane Arvanitis, MMF, CAIA
Head of Derivative Strategies,
Senior Portfolio Manager
Years of investment experience: 12
Stephane Arvanitis is a Senior Vice President and head of ING’s Derivative Strategies group. The
team is responsible for derivatives portfolio management & trading, managing closed-end funds,
open-end funds and volatility arbitrage strategies. In addition, the team is also responsible for
developing innovative strategies to hedge complex capital market exposures and develop
financial engineering solutions to meet the needs of various retail and institutional clients. The
team also gets involved in various product development initiatives and supports various multiasset strategies.
Stephane joined ING Investment Management (ING IM) in July 2006 and was most recently
Head of Volatility Arbitrage & Alpha strategies within ING’s proprietary investments group. In
this capacity he managed a volatility arbitrage portfolio using complex derivatives and managed
a $500M multi strategy hedge fund.
Prior to joining ING IM, Stephane headed up the Structured Derivatives Strategies &
Innovations department at ING USFS Wealth Management. He was responsible for
developing and managing sophisticated capital markets hedging & trading programs
for performance guarantees offered in insurance products worldwide. Stephane also
has experience working in consulting, quantitative risk management, product
innovation & insurance. He currently holds a Master in Mathematical Finance
(MMF), a B.Sc, Honors in Actuarial Mathematics, holds the Chartered Alternative
Investment Analysts (CAIA) designation and successfully completed several
professional examinations from both the Society of Actuaries and the Casualty
Actuarial Society.
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Tom Applegate, CFA
Head of Equity Portfolio Specialists and Senior Portfolio Specialist
Years of investment experience: 25
Tom Applegate is a Senior Portfolio Specialist and head of the equity portfolio specialist team. In
that capacity Tom also works closely with the Multi-Asset Solutions group on initiatives including
traditional asset allocation strategies, portable alpha strategies and asset/liability solutions that
address the needs of institutional investors. Tom also supports institutional business and
product development needs.
Prio to joining ING, Tom managed the investment solutions and consulting team for
the Merrill Lynch Retirement Group where he oversaw a staff of plan consultants and
actuaries focusing on risk management strategies for pensions and optimal plan design
structures for 401(k) plans. He also served as an Institutional Investment Consultant
and held roles in sales and marketing of retirement plan record keeping and
investment services during his 18 year tenure with Merrill Lynch. Tom holds a B.A. in
business and accounting from Muhlenberg College and the Chartered Financial
Analyst designation. He is also a member of the New York Society of Security
Analysts.
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Ben Chen, Ph.D., CFA
Head of Quantitative Analysis
Years of industry experience: 12
Ben Chen is head of quantitative analysis for the Investment Solutions group. His responsibilities
include quantitative due diligence, portfolio construction, hedging and risk management for
portable alpha strategies; development of asset allocation products and customized investment
solutions for both retail and institutional investors. Most recently, Ben worked for the Structured
Derivatives Strategies Group at ING Annuities where he designed a sophisticated quantitative
fund analytics framework to evaluate fund managers and constructed multi-asset fund portfolio
for variable annuity business, developed hedging strategies for performance guarantees offered
in variable annuity products. Prior to that, he was a senior quantitative analyst responsible for
risk and portfolio management at Starview Capital Management, a fund of hedge funds.
Previously he worked for Guzman & Company in Miami where he spent five years conducting
market microstructure research for its institutional clients and developing investment strategies
for its proprietary trading desk. Ben holds a B.A. in economics from Xiamen University and a
M.A. in Economics from Peking University, both in China. He earned his Ph.D. in economics from
Syracuse University and holds the Chartered Financial Analyst designation.
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Eugene Lancaric, CFA
Head of Macroeconomic Analysis
Years of investment experience: 29
Eugene Lancaric is head of macroeconomic analysis for the Investment Solutions group. He
joined ING Investment Management in 2001 from Alliance/Bernstein, where he was senior vice
president and chief investment officer of the Regent Investor Services division. He previously
held the position of research analyst at Strategic Economic Divisions, a leading-edge investment
research and software development firm. He has an extensive background in the application of
economic analysis to investment management. Eugene received an M. Phil. in economics from
the City University of New York, and graduated with honors in sociology from McGill University.
He holds the Chartered Financial Analyst designation.
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Elias Belessakos, Ph.D.
Senior Quantitative Analyst
Years of investment experience: 13
Elias Belessakos is a member of the Asset Allocation and Multi-Asset Solutions team. Prior to
joining ING Investment Management, he was a senior portfolio manager and director of
quantitative research for New York Life Investment Management (NYLIM). Prior to NYLIM, Elias
was at Bankers Trust/Deutsche Asset Management and JPMorgan Investment Management.
Elias earned a B.A. in economics and finance from The American College of Greece in Athens
and an M.A. and Ph.D. in economics and from the University of Pennsylvania.
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Heather Hackett, CFA
Portfolio Manager
Years of investment experience: 14
Heather Hackett is the Portfolio Manager for the Multi-Asset Strategies group primarily
responsible for outcome oriented asset allocation products and customized portfolios for
institutional clients. She joined ING Investment Management in 2005 as a Portfolio Specialist
supporting the International Equity and Asset Allocation teams. Prior to joining ING, Heather
was an analyst in the Consulting Group of Smith Barney and she was a registered associate with
Schroder & Co. Heather graduated Magna Cum Laude with a B.S. in business economics from
State University of New York and holds the Chartered Financial Analyst designation.
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Eleonora (Nora) Omarova
Senior Quantitative Analyst
Years of industry experience: 11
Eleonora (Nora) Omarova joined ING Investment Management in July 2007 as a Senior
Quantitative Analyst in the Multi-Asset Strategies and Solutions Group. Prior to joining ING, she
worked as a senior global risk analyst with Citigroup. She developed Citigroup internal sovereign
rating and currency devaluation models, and a methodology for setting limits on options vega
exposure for proprietary trading portfolios. Prior to Citigroup, she worked for Travelers
Investment Group, where she developed a sovereign bond model to predict spread movements
and determine investment strategy for an emerging markets portfolio. Nora holds a M.A. degree
from Columbia School of International Affairs, a M.S. in Finance from Columbia Business School
and is a Ph.D. candidate in Finance at Columbia Business School. She is a recipient of the
National Association for Business Economics Contributed Paper Award for her publication in the
Business Economics journal.
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Rafael Cordero
Quantitative Analyst
Years of investment experience: 12
Rafael Cordero joined ING Investment Management in August 2007 as a Quantitative Analyst.
Most recently, Rafael worked for the Structured Asset and Innovation Group where he provided
quantitative testing of new product proposals including empirical back-tests for innovative
mutual funds. Additionally, he performed the ongoing analysis of the firm’s existing closed-end
fund offerings which included the development of tax management and option attribution
systems and reporting.
Prior to ING, Rafael was a Director at UBS Wealth Management where he led
investment manager due diligence and constructed investment portfolios focused on
quantitative and derivative strategies. Previously he worked for Allston Trading in
Chicago where he developed automated trading programs, implemented statistical risk
measures and spearheaded their spin-off in the real time trading market. He also
worked for five years trading derivative products for proprietary accounts. Early in his
career, Rafael spent five years as a Project Engineer in the Oil industry. Rafael holds
an M.B.A. in Finance and Statistics from New York University (Stern School of
Business) and graduated with Distinction (Beta Gamma Sigma Honor). He holds a
B.S. in Mechanical Engineering from Purdue University.
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Jody Hrazanek
Senior Derivatives Trader
Years of investment experience: 15
Jodi Hrazanek joined ING Investment Management in October 2005. In her current role she is a
derivatives trader with responsibility for ING’s third-party business as well as the firm’s general
account. Prior to joining ING she was a convertible bond trader at Advent Capital Management.
She had previously been a bond and risk arbitrage trader at Merrill Lynch Quantitative Advisors
and Deutsche Bank Asset Management and an analyst at Goldman Sachs. Jody graduated
Summa Cum Laude from Fairfield University with a B.S. in mathematics and a M.S. in statistics
and operations research from New York University.
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Jason Rausch, CFA
Derivatives Trader
Years of investment experience: 6
Jason Rausch joined ING Investment Management in April 2007. He came from Jennison
Associates where he most recently worked as a Portfolio Assistant. In his current role, Jason is
part of the team responsible for trading derivatives for ING’s third-party accounts. He graduated
with a B.S. in Finance from Marist College and a B.B.A. in Accounting from Dowling College.
Jason holds the Chartered Financial Analyst designation and is a member of the New York
Society of Securities Analysts.
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Rachael Camargo
Portfolio Specialist
Years of industry experience: 8
Rachael Camargo is a Portfolio Specialist supporting ING’s fundamental equity and multi-asset
strategies and solutions. Rachael joined ING Investment Management in 2001 as a senior
publisher in marketing. She received a B.F.A. (summa cum laude) from Carnegie Mellon
University and an M.B.A. from New York University’s Stern School of Business.
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William Evans, CFA
Vice President, Head of Mutual Fund Advisory Group
Years of investment experience: 12
Bill Evans joined ING as Senior Fund Analyst in 2002. Prior to joining ING, Bill worked at Fleet
Investment Advisors as a Portfolio Manager for high net worth and institutional clients. He also
held positions with Fleet as an internal auditor. Bill is responsible for the investment due
diligence of ING sub-advised funds, and reports to the Mutual Fund Board on performance
measurement and attribution issues. He is also a key member of the Advisor’s Investment
Committee, responsible for all of ING’s asset allocation products that are distributed through
variable annuity, variable life, defined contribution, rollover payout and retail channels, with
assets totaling approximately $9.5 Billion as of 12/31/06. Bill holds a B.A. magna cum laude
from Providence College. He is a FINRA registered representative, a Registered Investment
Advisor and holds the Chartered Financial Analyst designation.
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