Ativo Capital

Rigorous Thinking


Financial and economic commentary reflecting Ativo’s world view:

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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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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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Shirley Huang, CPA

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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.

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Eric T. Pucek, CPA, CFE, IACCP®

Thursday, June 25, 2015

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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…

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Kiat Tang

Wednesday, December 11, 2013

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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.

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Adan Galvan, CFA®, FRM®

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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®.

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Michael S. Brooks

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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)…

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Ram G. Gandikota

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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.

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Ricardo Bekin

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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…

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