Quantitative Team

Michael P. Byrum,
CFA

Mike, who has been with SGI|Security Global Investors since 1993, was part of the original Rydex|SGI investment team and was the inaugural manager of many of the Rydex|SGI products, including the Rydex|SGI sector strategy lineup. Today, he continues to play an instrumental role in product development and investment strategy at Rydex|SGI and oversees the trading, research and portfolio-management activities of the firm's quantitative strategies team, which focuses on target beta, alternative, opportunistic and asset allocation strategies. Mike is the chairman of the Investment Strategy Committee and the Risk Management Committee. He is also a member of the firm's Credit Review Committee. Prior to joining SGI, Mike served in a brokerage capacity with Money Management Associates, the registered investment advisor to Rushmore Funds Inc. Mike earned his bachelor's degree in finance from the Miami University of Ohio. He has earned the right to use the Chartered Financial Analyst^® (CFA) designation and is a member of the CFA Institute and the CFA Society of Washington. Mike has been quoted extensively in the business press and has made numerous appearances on CNBC. He was the senior contributor to the NASDAQ-100 Investor's Guide 2001-2002 and NASDAQ-100 Investor's Guide 2002-2003.

Heiko Ebens,
Ph.D.

As director of research, Heiko Ebens leads the team's research efforts with a focus on developing investment strategies in the areas of alternative investments and asset allocation. Heiko has joined SGI with more than 10 years of experience in leading research teams, developing and distributing investment strategies. Most recently, he served as global head of research at Capstone Holdings Group, where he was responsible for the firm's research framework and client solutions. He was also managing director and head of global equity derivatives research at Merrill Lynch, where he built the firm's research-driven structured product platform, with products ranging from alternative investments to broad-based asset allocation solutions. He also spent two years as an analyst with Morgan Stanley. While at Merril Lynch, Heiko and his team were consistently recognized for their structured product and flow research in the Pan-European Thompson-Extel Poll and Institutional Investor Sell-Side Surveys in the Americas and Pacific Rim. His hedge fund replication work is highlighted in the Merrill Lynch 2007 European Structured Funds House of the Year award. His academic work is recognized for advances in forecasting risk and asset allocation and is published in the Journal of Financial Econometrics and the Journal of Alternative Investments. Heiko holds a Ph.D. in economics from Johns Hopkins University. He holds FINRA series 7, 24 and 63 licenses.

Matthew Wu,
Ph.D., CFA

Matthew joined SGI in July 2001. His work has covered a wide research area, from stock selection to hedge fund replication. Currently, he is focused on researching strategic and tactical asset allocation strategies as well as managing the asset allocation strategy: the SGI All-Asset Strategies and SGI Alternative Strategies Allocation Strategy. Before joining SGI, Matthew was vice president and senior quantitative analyst at Putnam Investments. He was also an economic assistant at the U.S. Consulate General in Shanghai. Matthew holds a bachelor's degree and a master's degree in management science from Fudan University in Shanghai and a Ph.D. in economics from Boston University and has also earned the right to use the Chartered Financial Analyst^® designation. He has presented research about market liquidity and predictability at national academic conferences and has also been quoted in The Chicago Tribune, Dow Jones Newswire, The Newark (N.J.) Star Ledger, USA Today, the Dallas Morning News, Financial Planning, Institutional Investor, On Wall Street and Risk magazine.

Mike Dellapa,
CFA, CAIA

Mike joined SGI in 2000. Mike oversees the development and execution of investment strategies for new and existing alternative investment products, including Rydex|SGI Multi-Hedge Strategies and U.S. Long Short Momentum Strategies. Prior to his current position, Mike has been director of research and research analyst. He is a member of the firm's Investment Leadership Team and Investment Strategy Committee. Before joining SGI, Mike worked as an equity research analyst at Invista Capital Management, where he researched new investment opportunities for the firm. Previously, he was owner/consultant of Dellapa Consulting Inc., as well as a senior consultant with Andersen Consulting. Mike has a bachelor's degree in mechanical engineering from the University of Maryland, an MBA from the University of Chicago and has earned the right to use the Chartered Financial Analyst^® and Chartered Alternative Investment Analyst (CAIA) designations.

Ryan Harder,
CFA

Ryan joined SGI in 2004 as an assistant portfolio manager. He was promoted to portfolio manager in 2005. In his current role of senior portfolio manager, he leads the team of portfolio managers and analysts responsible for managing the firm's leveraged and inverse strategies, as well as managing various alternative strategies. He sits on SGI's Credit Review Committee and is a member of the Investment Leadership Team. Before joining SGI, Ryan served as an equity research analyst and assistant portfolio manager handling international equities at WestLB Asset Management. Ryan started his career in risk management with CIBC World Markets in 1998. He earned a bachelor's degree in economics from Brock University and master's in international securities, investment and banking from the ICMA Centre at the University of Reading, UK. Ryan is a member of the Dallas Society of Financial Analysts and has earned the right to use the Chartered Financial Analyst^® designation.

Anne Ruff

Anne joined SGI in 1996 as the portfolio manager for the firm's U.S. government money market strategy. She currently also manages the inverse government long bond strategy, the government long bond strategy and their variable trust strategy counterparts. Anne established the securities lending program at SGI and is responsible for daily cash investment. As chair of the Credit Review Committee, she oversees counterparty credit analysis. She is also a member of the Washington Association of Money Managers. Prior to joining SGI, Anne served as assistant vice president and portfolio manager of a $2.5 billion fixed-income portfolio for the United Services Life Insurance Co. Her areas of expertise include money market instruments, U.S. Treasury and agency bonds, corporate bonds, collateralized mortgage obligations and mortgage-backed and asset-backed securities. Anne has nearly 30 years of experience in the financial services industry. She holds a bachelor's degree in economics and French from Marygrove College in Michigan. Anne frequently speaks to the financial press on the bond markets and fixed-income funds. She has been quoted in SmartMoney, Forbes, Investment Advisor and Bloomberg News.

Larry Shank,
CFA, CAIA

Larry first joined SGI in 2001. As portfolio manager, Larry is responsible for researching, developing and managing multi-hedge and long/short momentum strategies. Prior to his current position, he was a research analyst responsible for performing quantitative research on multiple asset classes. Larry graduated summa cum laude with a bachelor's degree in finance from the Massachusetts College of Liberal Arts, and holds a master's degree in business administration from the Tepper School of Business, Carnegie Mellon University. He has earned the right to use the Chartered Financial Analyst (CFA)^® and Chartered Alternative Investment Analyst (CAIA) designations. He is a member of the CFA Society of Washington.

James R. King,
CFA

Jim rejoined SGI in 2011 as a portfolio manager responsible for managing ETFs after having worked as a consultant for three years. He was with the firm from 1996 to 2008, in roles ranging from shareholder services representative to portfolio manager to director of portfolio management. Jim holds a bachelor's degree in finance from the University of Maryland. He has also earned the right to use the Chartered Financial Analyst^® designation. Jim has been quoted in publications such as The Wall Street Journal, Reuters and BusinessWeek. He has also been a speaker at industry events, discussing ETFs, stock baskets and trader-friendly mutual funds.

Richard P. Toole

Rich has more than 15 years of experience trading securities in the financial markets, including nine years with SGI. As the senior equity trader on the SGI desk, he oversees all equity trading activity and equity index replication. Prior to this role, Rich was an equity trader with Rydex Global Advisors. He is a member of the firm's Investment Leadership Team. Prior to joining the firm, Rich was a member of a wealth management team with the Private Banking and Investment Group at Merrill Lynch, where he was responsible for developing asset allocation and tactical investment strategies. Rich began his career with Credit Suisse in its foreign exchange derivatives group in New York. Rich holds a bachelor's degree in finance from the University of Delaware and holds FINRA series 7 and 55 licenses.

Thomas M. Matteini

Tom has more than 12 years of experience trading securities and derivatives in the financial markets. He joined SGI in 2003 as a derivatives trader and was promoted in July 2007 to senior derivatives trader. In this role, Tom is responsible for helping to manage the execution for more than 70 of the firm's strategies, including its alternative, index and hedge fund product lines. Tom has extensive experience in trading stocks, futures, options, swaps, ETFs and structured notes. He works closely with portfolio managers to manage risk, minimize market impact and generate alpha for the firm's index, commodity, currency and fixed-income strategies. Prior to joining the SGI team, Tom spent five years at TJM Institutional Services in Chicago in charge of day-to-day operations of the off-the-floor futures desk before becoming a trader specializing in interest-rate futures and fixed-income securities. During his tenure at TJM, Tom helped manage and execute trades for several multimillion dollar hedge funds. He began his career as an editor with Forbes Custom Publishing. Tom has a bachelor's degree in psychology from Loyola College. He currently holds series 7 and 55 licenses.