Principals of of Macrofund
Mr. Andrew S. Nissenbaum is the President and Chief Executive Officer of the Investment Manager and is Head of Investments. Mr. Nissenbaum received a Bachelor of Science degree in Economics with a concentration in Finance, from The Wharton School of the University of Pennsylvania. Mr. Nissenbaum's trading philosophy has been derived from a compilation of experiences at the Wharton School of Finance, the Chicago Mercantile Exchange, the Union Bank of Switzerland, Deutsche Bank Securities, Steinhardt Management and Soros Fund Management. During the summer of 1995, Mr. Nissenbaum leased a seat on the Chicago Mercantile Exchange and traded in the S&P pit. During Mr. Nissenbaum's last year of college, he began working for the Union Bank of Switzerland as a proprietary currency trader. At this time, Stan Druckenmiller of Soros Fund Management offered Mr. Nissenbaum the position as his head macro assistant. Upon his departure from Soros Fund Management, Mr. Nissenbaum was the Investment Advisor and Chairman of the board of Hypothesis Macro Fund LTD, ranked the number one hedge fund in world by Republic National Bank of New York (Geneva) in the first quarter of 1998. Mr. Nissenbaum was recently a Vice President in Proprietary Trading at Bank of America in London.

Mr. Frederico Silva da Costa is the Chief Operating Officer of the Investment Manager and is Head of Emerging Markets. Mr. da Costa serves as a director of GEPEBAR Investment S.A., Sao Paulo, Brazil, a holding company with interests in telecommunications, agribusiness and banking. From 1998 to 1999, Mr. da Costa was a director and partner at Oryx Asset Management. At Oryx Mr. da Costa was responsible for managing the emerging market assets in The Oryx Investment Fund as well the risk management. In 1997, Mr. Da Costa was an Emerging Markets Trader at Opportunity Asset Management, where he managed portfolios of Russian and eastern European securities. Mr. da Costa also worked on the foreign exchange trading desk at Union Bank of Switzerland. Mr. da Costa received a Bachelor of Science in Business Administration from Georgetown University in Washington D.C.

Mr. Patrick J. Cullen serves as Political Risk Analyst. Mr. Cullen will focus on global and regional security issues that may directly affect global markets. Mr. Cullen has a PhD in International Relations from the London School of Economics.

For more information on Andrew Nissenbaum and the Fund, please refer to the Press, What is? and Invest portions of this web site.