Ativo Capital

Rigorous Thinking


Financial and economic commentary reflecting Ativo’s world view:

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Patricia Halper

Friday, May 22, 2020

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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…

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Brian Burda, CFA®

Wednesday, November 13, 2019

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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…

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Jonathan Carpen

Wednesday, February 20, 2019

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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.

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Fan Bai, CFA®, CAIA®

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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.

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Fan Bai, CFA®, CAIA®

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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®.

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Jeremy Wojcik

Thursday, September 7, 2017

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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.

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Patrick Cunningham, CFA®, CAIA®

Thursday, March 10, 2016

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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).

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Maria A. Rosales

Thursday, October 8, 2015

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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.

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Maria Saldana

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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.

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Kelly O’Malley, CFA®

Monday, October 5, 2015

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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,…

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