Ativo Capital

Meet Our People


The financial and research professionals at Ativo  all share an unwavering commitment to serving every client with a high degree of integrity and a single-minded dedication to excellence. Our professionals are highly educated, have deep industry experience and many are leaders in their respective fields.

Staff

Principals

Ricardo Bekin


Founder, Chief Executive Officer & Chief Investment Officer

Ricardo Bekin


Founder, Chief Executive Officer & Chief Investment Officer

Ricardo has over 25 years of financial and investment management experience. He led Callard, Madden & Associates through the creation of their asset management firm, which ultimately became Ativo Capital Management, LLC. He oversees all investment management activities at Ativo. Ricardo is responsible for establishing processes and procedures for stock valuation, financial modeling, and portfolio construction. Prior to founding Ativo, Ricardo held positions for financial institutions in Brazil and the United States, including Credit Lyonnais, Dorchester Capital and our predecessor firm, Callard, Madden & Associates. He serves on the Boards of Directors of New America Alliance, Inc. and NewbergerHillel Center at the University of Chicago and holds a bachelor’s degree in Business from the FundacaoGetulioVargas in Brazil and an MBA in Finance from the University of Chicago.

Ram G. Gandikota


Senior Portfolio Manager & Director of Research

Ram G. Gandikota


Senior Portfolio Manager & Director of Research

Ram is a senior portfolio manager at Ativo. He joined the firm in 2005. Ram is also our director of research, working to continuously enhance the firm’s proprietary alpha model. Ram is involved in quantitative modeling, factor research, and overseeing our risk management framework. He holds a master’s degree in Financial Markets from the Illinois Institute of Technology (IIT) and a bachelor’s degree in Computer Science & Engineering from JNTU, India. Ram is on the Board of Advisors of the investment club at IIT’s Stuart School of Business and co-chairs the school’s alumni organization.

Michael S. Brooks


Director of Marketing & Investor Relations

Michael S. Brooks


Director of Marketing & Investor Relations

Michael is responsible for all institutional business development and client relations for the firm. Prior to joining Ativo in September 2005, he was Assistant Vice President at Bank of Ireland Asset Management and responsible for institutional client service. From 2000 to 2003 he was a Portfolio Analyst at Concord Asset Management and responsible for AIMR Performance and Presentation Standards compliance. From 1990 to 2000 he worked at Northern Trust and held a number of positions within their Large Corporate and Institutional Services division. He is Vice President of the Chicago chapter of the National Association of Securities Professionals (NASP) and he holds a bachelor’s degree in Finance from Loyola University and an MBA and a master’s in Finance from St. Xavier University – Chicago.

Adan Galvan, CFA®, FRM®


Senior Portfolio Manager & Head Trader

Adan Galvan, CFA®, FRM®


Senior Portfolio Manager & Head Trader

Adan is a senior portfolio manager at Ativo. He joined the firm in 2006.  In addition, Adan is our head trader and, as such, has responsibility for all trading activity for the firm. Adan is a member of the CFA Society of Chicago’s Social Advisory Group. He has an undergraduate degree in Psychology from Rice University and an MBA in Finance from Loyola University.  Adan is a CFA® charter holder and Certified FRM®.

Kiat Tang


Director of Information Technology

Kiat Tang


Director of Information Technology

Kiat joined Ativo in 2005. He develops and maintains Ativo’s business applications based on the securities research methodologies developed by the investment team. He is also responsible for company-wide computer maintenance. Kiat holdsa bachelor’s degreein Computer Engineering from Illinois Institute of Technology. After graduation, he  joined a process automation company as a software developer. He worked with pharmaceutical industry clients to design control system software used for the automation of their production plants. In 2018, Kiat received his MCSA on SQL Server.

Eric T. Pucek, CPA, CFE, IACCP®


Chief Compliance Officer & Chief Operating Officer

Eric T. Pucek, CPA, CFE, IACCP®


Chief Compliance Officer & Chief Operating Officer

Eric has been with Ativo since 2014. He manages our compliance activity and oversees operations. Prior to joining the firm, Eric was Director and Senior Compliance Officer of UBS Global Asset Management. He also served as Securities Compliance Examiner and Staff Accountant for the broker-dealer examination program in the Chicago regional office of the U.S. Securities and Exchange Commission. Eric is an Illinois-registered CPA, a CFE (Certified Fraud Examiner), has completed Level I of the CFA® program, and is an IACCP® (Investment Advisor Certified Compliance Professional). He holds a bachelor’s degree in Accountancy and a master’s degree in Accounting Science from the University of Illinois at Urbana-Champaign.

Kelly O'Malley, CFA®


Relationship Manager & Institutional Sales

Kelly O'Malley, CFA®


Relationship Manager & Institutional Sales

Kelly contributes to Ativo’s client and new business development efforts, focusing on specific regions of the United States. She joined the firm in 2015. Prior to joining our firm, Kelly worked at UBS Global Asset Management (“UBS”), where she covered institutional clients and prospects, within the Asset Allocation Advisory and Outsourced-CIO space. Prior to UBS, Kelly worked on quantitative equities at Chicago Equity Partners. She graduated summa cum laude with a degree in finance and economics from University of Illinois at Chicago. Mrs. O’Malley is a regular member of the CFA Institute, CFA Society of Chicago, Women Investment Professionals, and serves on the Corporate Advisory Board for La Rabida Children’s Hospital.

Shirley Huang, CPA


Director of Finance

Shirley Huang, CPA


Director of Finance

Shirley has been with Ativo since 2014, she oversees all aspects of the firm’s accounting operations, including accounts payable, accounts receivable, payroll, bank reconciliation, budgeting, financial statements, annual audit, and tax returns. She has more than 20 years of accounting and finance experience within the banking, investment, and education industries. Shirley earned a bachelor’s degree in Finance from Xiamen University, China and a master’s degree in Accounting from the University of Illinois at Chicago. She received her CPA designation in 1997.

Patrick Cunningham, CFA®, CAIA®


Operations Manager

Patrick Cunningham, CFA®, CAIA®


Operations Manager

Patrick joined the firm in 2015. He oversees all aspects of operations at Ativo, including account reconciliation, reporting and performance measurement. He has over 20 years of Investment Operations experience, having worked with Keeley Asset Management, Gardner Lewis Asset Management, Advent Software, Morgan Stanley, Bankers Trust and The Vanguard Group. Patrick holds a bachelor’s degree in Finance from the University of Dayton and a master’s degree from Eastern University. He is a Chartered Financial Analyst (CFA) and a Chartered Alternative Investment Analyst (CAIA).

Investments

Ricardo Bekin


Principal

Founder, Chief Executive Officer & Chief Investment Officer

Ricardo Bekin


Principal

Founder, Chief Executive Officer & Chief Investment Officer

Ricardo has over 25 years of financial and investment management experience. He led Callard, Madden & Associates through the creation of their asset management firm, which ultimately became Ativo Capital Management, LLC. He oversees all investment management activities at Ativo. Ricardo is responsible for establishing processes and procedures for stock valuation, financial modeling, and portfolio construction. Prior to founding Ativo, Ricardo held positions for financial institutions in Brazil and the United States, including Credit Lyonnais, Dorchester Capital and our predecessor firm, Callard, Madden & Associates. He serves on the Boards of Directors of New America Alliance, Inc. and NewbergerHillel Center at the University of Chicago and holds a bachelor’s degree in Business from the FundacaoGetulioVargas in Brazil and an MBA in Finance from the University of Chicago.

Ram G. Gandikota


Principal

Senior Portfolio Manager & Director of Research

Ram G. Gandikota


Principal

Senior Portfolio Manager & Director of Research

Ram is a senior portfolio manager at Ativo. He joined the firm in 2005. Ram is also our director of research, working to continuously enhance the firm’s proprietary alpha model. Ram is involved in quantitative modeling, factor research, and overseeing our risk management framework. He holds a master’s degree in Financial Markets from the Illinois Institute of Technology (IIT) and a bachelor’s degree in Computer Science & Engineering from JNTU, India. Ram is on the Board of Advisors of the investment club at IIT’s Stuart School of Business and co-chairs the school’s alumni organization.

Adan Galvan, CFA®, FRM®


Principal

Senior Portfolio Manager & Head Trader

Adan Galvan, CFA®, FRM®


Principal

Senior Portfolio Manager & Head Trader

Adan is a senior portfolio manager at Ativo. He joined the firm in 2006.  In addition, Adan is our head trader and, as such, has responsibility for all trading activity for the firm. Adan is a member of the CFA Society of Chicago’s Social Advisory Group. He has an undergraduate degree in Psychology from Rice University and an MBA in Finance from Loyola University.  Adan is a CFA® charter holder and Certified FRM®.

Fan Bai, CFA®, CAIA®


Quantitative Analyst

Fan Bai, CFA®, CAIA®


Quantitative Analyst

Fan joined Ativo in 2018. He is responsible for conducting research related to portfolio optimization, risk management and portfolio implementation, as well as providing analytical support to the investment and research team to enhance existing the research framework. Prior to joining Ativo, Fan was a Vice President at MSCI and responsible for assisting institutional asset management clients with portfolio construction and risk management needs. Fan graduated with distinction from University of Toronto with a bachelor’s degree in Commerce as well as a master’s degree in Financial Economics. He is a CFA® charterholder, and a CAIA® charterholder.

Athang K. Mistry


Senior Investment Analyst

Athang K. Mistry


Senior Investment Analyst

Athang supports the investment team by ensuring the accuracy of worldwide company financial data received from multiple data vendors. He is also responsible for creating and updating portfolio attribution reports. Athang holds a bachelor’s degree in Finance and Management, as well as an MBA from Dominican University. He was hired by Ativo as an intern in 2013, while completing his master’s degree, and became a full-time employee after two years.

Jeremy Wojcik


Investment Analyst

Jeremy Wojcik


Investment Analyst

Jeremy is responsible for supporting and producing reports for the investment team. He also manages strategy-specific information within pitchbooks, factsheets and RFPs. Prior to joining Ativo in 2017, he worked as a Google Street View trusted account manager at LCP360. Jeremy holds a bachelor’s degree in Information and Decision Sciences with a concentration in Management Information Systems and a minor in Business Analytics from University of Illinois at Chicago. He also passed Level I of the CFA ®program.

Brian Burda, CFA®


Quantitative Researcher

Brian Burda, CFA®


Quantitative Researcher

Brian joined the firm in 2019. He is responsible for assisting in the development of new systematic factors, exploring the use of additional data sets and providing analytical support to the investment and research team. Prior to joining Ativo, Brian held positions in quantitative research for Charles Schwab and Co., HOLT Value Associates, ABN AMRO Asset Management and BMO/Harris Investment Management. He has an undergraduate degree in Economics as well as an MBA in Finance from the University of Chicago. Brian is a CFA® charterholder and a member of the CFA Institute, the CFA Society of Chicago and the Chicago Quantitative Alliance (CQA).

Marketing

Michael S. Brooks


Principal

Director of Marketing & Investor Relations

Michael S. Brooks


Principal

Director of Marketing & Investor Relations

Michael is responsible for all institutional business development and client relations for the firm. Prior to joining Ativo in September 2005, he was Assistant Vice President at Bank of Ireland Asset Management and responsible for institutional client service. From 2000 to 2003 he was a Portfolio Analyst at Concord Asset Management and responsible for AIMR Performance and Presentation Standards compliance. From 1990 to 2000 he worked at Northern Trust and held a number of positions within their Large Corporate and Institutional Services division. He is Vice President of the Chicago chapter of the National Association of Securities Professionals (NASP) and he holds a bachelor’s degree in Finance from Loyola University and an MBA and a master’s in Finance from St. Xavier University – Chicago.

Kelly O'Malley, CFA®


Principal

Relationship Manager & Institutional Sales

Kelly O'Malley, CFA®


Principal

Relationship Manager & Institutional Sales

Kelly contributes to Ativo’s client and new business development efforts, focusing on specific regions of the United States. She joined the firm in 2015. Prior to joining our firm, Kelly worked at UBS Global Asset Management (“UBS”), where she covered institutional clients and prospects, within the Asset Allocation Advisory and Outsourced-CIO space. Prior to UBS, Kelly worked on quantitative equities at Chicago Equity Partners. She graduated summa cum laude with a degree in finance and economics from University of Illinois at Chicago. Mrs. O’Malley is a regular member of the CFA Institute, CFA Society of Chicago, Women Investment Professionals, and serves on the Corporate Advisory Board for La Rabida Children’s Hospital.

Maria Saldana


Marketing and Client Service Analyst

Maria Saldana


Marketing and Client Service Analyst

Maria manages the data gathering and population process of multiple global investment and consultant databases, supports the completion of RFPs, and develops competitive analysis reports through software and research. She also collaborates in client service and new business development efforts. Prior to joining Ativo in 2012, she spent four years auditing investment portfolios as Senior Portfolio Accounting Analyst within Northern Trust’s Operations & Technology division. Maria holds a bachelor’s degree in Accounting with a minor in Economics from DePaul University.

Operations & Compliance

Eric T. Pucek, CPA, CFE, IACCP®


Principal

Chief Compliance Officer & Chief Operating Officer

Eric T. Pucek, CPA, CFE, IACCP®


Principal

Chief Compliance Officer & Chief Operating Officer

Eric has been with Ativo since 2014. He manages our compliance activity and oversees operations. Prior to joining the firm, Eric was Director and Senior Compliance Officer of UBS Global Asset Management. He also served as Securities Compliance Examiner and Staff Accountant for the broker-dealer examination program in the Chicago regional office of the U.S. Securities and Exchange Commission. Eric is an Illinois-registered CPA, a CFE (Certified Fraud Examiner), has completed Level I of the CFA® program, and is an IACCP® (Investment Advisor Certified Compliance Professional). He holds a bachelor’s degree in Accountancy and a master’s degree in Accounting Science from the University of Illinois at Urbana-Champaign.

Shirley Huang, CPA


Principal

Director of Finance

Shirley Huang, CPA


Principal

Director of Finance

Shirley has been with Ativo since 2014, she oversees all aspects of the firm’s accounting operations, including accounts payable, accounts receivable, payroll, bank reconciliation, budgeting, financial statements, annual audit, and tax returns. She has more than 20 years of accounting and finance experience within the banking, investment, and education industries. Shirley earned a bachelor’s degree in Finance from Xiamen University, China and a master’s degree in Accounting from the University of Illinois at Chicago. She received her CPA designation in 1997.

Maria A. Rosales


Office Manager

Maria A. Rosales


Office Manager

Maria has been with Ativo since 2013 and oversees the daily office operations of the company. Her responsibilities encompass many areas of the firm including IT support, accounts payable and receivable, client service, organization and filing, and facilities management. She has received her certificate on Microsoft Office Specialist with focus on Microsoft Outlook, as well as completion of certificates in Microsoft SharePoint and Teams. Before joining Ativo, Maria worked in property management as a bookkeeper and in printing as an office manager.

Patrick Cunningham, CFA®, CAIA®


Principal

Operations Manager

Patrick Cunningham, CFA®, CAIA®


Principal

Operations Manager

Patrick joined the firm in 2015. He oversees all aspects of operations at Ativo, including account reconciliation, reporting and performance measurement. He has over 20 years of Investment Operations experience, having worked with Keeley Asset Management, Gardner Lewis Asset Management, Advent Software, Morgan Stanley, Bankers Trust and The Vanguard Group. Patrick holds a bachelor’s degree in Finance from the University of Dayton and a master’s degree from Eastern University. He is a Chartered Financial Analyst (CFA) and a Chartered Alternative Investment Analyst (CAIA).

Jonathan Carpen


Senior Operations Analyst

Jonathan Carpen


Senior Operations Analyst

Jonathan joined Ativo in 2019. He is responsible for trade operations, portfolio administration, reporting and commission-sharing arrangements. Prior to joining Ativo, Jonathan worked at Milliman in their financial risk management department as an Operations Analyst, where he processed daily client money movements as well as reconciling intraday trades. Prior to Milliman, he worked at Northern Trust Company as a Senior Analyst and was responsible for executing mutual fund trades and trading support. Jonathan graduated from Chicago State University with a bachelor’s degree in Management Information Systems.

Research & Technology

Ram G. Gandikota


Principal

Senior Portfolio Manager & Director of Research

Ram G. Gandikota


Principal

Senior Portfolio Manager & Director of Research

Ram is a senior portfolio manager at Ativo. He joined the firm in 2005. Ram is also our director of research, working to continuously enhance the firm’s proprietary alpha model. Ram is involved in quantitative modeling, factor research, and overseeing our risk management framework. He holds a master’s degree in Financial Markets from the Illinois Institute of Technology (IIT) and a bachelor’s degree in Computer Science & Engineering from JNTU, India. Ram is on the Board of Advisors of the investment club at IIT’s Stuart School of Business and co-chairs the school’s alumni organization.

Kiat Tang


Principal

Director of Information Technology

Kiat Tang


Principal

Director of Information Technology

Kiat joined Ativo in 2005. He develops and maintains Ativo’s business applications based on the securities research methodologies developed by the investment team. He is also responsible for company-wide computer maintenance. Kiat holdsa bachelor’s degreein Computer Engineering from Illinois Institute of Technology. After graduation, he  joined a process automation company as a software developer. He worked with pharmaceutical industry clients to design control system software used for the automation of their production plants. In 2018, Kiat received his MCSA on SQL Server.

Fan Bai, CFA®, CAIA®


Quantitative Analyst

Fan Bai, CFA®, CAIA®


Quantitative Analyst

Fan joined Ativo in 2018. He is responsible for conducting research related to portfolio optimization, risk management and portfolio implementation, as well as providing analytical support to the investment and research team to enhance existing the research framework. Prior to joining Ativo, Fan was a Vice President at MSCI and responsible for assisting institutional asset management clients with portfolio construction and risk management needs. Fan graduated with distinction from University of Toronto with a bachelor’s degree in Commerce as well as a master’s degree in Financial Economics. He is a CFA® charterholder, and a CAIA®.

Brian Burda, CFA®


Quantitative Researcher

Brian Burda, CFA®


Quantitative Researcher

Brian joined the firm in 2019. He is responsible for assisting in the development of new systematic factors, exploring the use of additional data sets and providing analytical support to the investment and research team. Prior to joining Ativo, Brian held positions in quantitative research for Charles Schwab and Co., HOLT Value Associates, ABN AMRO Asset Management and BMO/Harris Investment Management. He has an undergraduate degree in Economics as well as an MBA in Finance from the University of Chicago. Brian is a CFA® charterholder and a member of the CFA Institute, the CFA Society of Chicago and the Chicago Quantitative Alliance (CQA).

ADVISORY BOARD

Patricia Halper


Board of Advisors

Patricia Halper


Board of Advisors

Patricia (Trish) has more than twenty years of experience in the institutional asset management industry.  She brings extensive expertise in quantitative equity investing, alpha and risk modeling, as well as experience interacting with a wide array of institutional investors. Ms. Halper was formerly the Chief Investment Officer of Equities at Chicago Equity Partners where she oversaw all equity products, as well as the equity portfolio management and quantitative research groups. Initially, she was a member of the quantitative research team. Previously, she worked at the institutional futures sales desk at Paine Webber. Ms. Halper was named one of Crain’s Notable Women in Finance in 2019. She holds the Chartered Financial Analyst (CFA) designation, and is a member of the CFA Institute, CFA Society Chicago, the Chicago Quantitative Alliance (CQA), the Economic Club of Chicago, and the Chicago Network. Additionally, she is on the Board of Trustees for La Rabida Children’s Hospital. She previously served on the CFA Society Chicago’s Board of Directors. This year, the nonprofit service provider Easterseals elected her to serve on its National Board of Directors.  She holds a bachelor’s degree in mathematics from Loyola University Chicago and a master’s degree in financial mathematics from the University of Chicago.

Philip Halpern


Board of Advisors

Philip Halpern


Board of Advisors

Philip Halpern has been engaged as Chief Investment Officer (“CIO”) of large institutional portfolios for over twenty years — including for the endowments of The University of Chicago and Caltech, and The Washington State Investment Board and J.C. Penney Co. pension plans. Mr. Halpern is a National Association of Corporate Directors (“NACD”) Fellow, and currently serves on the Board or Advisory Board of DWS RREEF America REIT II (Audit Committee Chairman), Edgeline Capital Partners, and Nations Builders Insurance Services, in addition to Ativo. Previously he also has served as board trustee for Boston Advisors, Duet India Hotels and M Funds (Chairman).

Mr. Halpern has consulted extensively to institutions, including to the governments of Egypt and Kazakhstan, and to families on investment topics. He also has served as an expert witness on fiduciary responsibility. He has written numerous technical articles, including U.S. Investment Funds: Public and Private Response to Cyber Risk, and published one book, Marketing Institutional Money Management Services: Meeting the Needs of Today’s Plan Sponsors and Corporate Treasurers.  Mr. Halpern holds an MBA in Finance from UCLA and a bachelor’s degree in Anthropology from Grinnell College and completed doctoral coursework in Strategic Planning at Northwestern University.  He was awarded the Certified Cybersecurity Leader designation from Carnegie Mellon University.

Professor Robert Z. Aliber


Board of Advisors

Professor Robert Z. Aliber


Board of Advisors

Professor Aliber received his Ph.D. degree from Yale University in 1962 and undergraduate degrees from Williams College and Cambridge University. He joined the faculty of the Graduate School of Business at the University of Chicago in 1965 and retired in 2004 as Professor of International Economics and Finance. Prior to joining the Chicago faculty, Professor Aliber was Senior Economic Advisor, Agency for International Development, Department of State.

Professor Aliber has written extensively about international financial issues, including changes in cross-border capital flows, changes in currency values, and the efficiency of the currency market. His publications include The New International Money Game; The Multinational Paradigm; and Manias, Panics, and Crashes (Fifth Edition, with the previous editions authored by Charles P. Kindleberger). He recently published Your Money and Your Life, a book on personal finance, and is co-editor of a collection of papers and reports about Iceland’s financial crisis.

Kristine L. Ford


Board of Advisors

Kristine L. Ford


Board of Advisors

Ms. Ford has more than 35 years of experience in investment consulting, investment management, and financial services. Ms. Ford has been a frequent speaker at many investment industry conferences and a university guest lecturer.

In 2010, Ms. Ford retired as a principal of Ennis Knupp and Associates, Inc. (Ennis Knupp, currently known as Hewitt EnnisKnupp, Inc., an affiliate of the Aon Company), where she served as a senior consultant managing numerous engagements. She also served as the leader of Ennis Knupp’s Emerging Manager Advisory Council, was a member of the global equity research group, and assisted the private equity, real estate, and asset/liability research groups for the firm.

Ms. Ford received a B.S. degree in psychology from the University of Illinois and an M.B.A. from the Lake Forest Graduate School of Management. She is a Charter Financial Analyst charterholder and a member of the CFA Institute and the CFA Society of Chicago. She has also been Series 7, 63, and 3 licensed.