The 20 Rising Stars of Hedge Funds 2008

Mix, who was president at Sentinel Management Group, from 1990 to 1991. She has been working in financial services since graduating high school in 1984 and joining Refco, where she worked on new accounts, internal registrations and later in the fund’s managed account area. 13. PETER PLAUT 13 . PETER PLAUT that post and her role as chief operating officer, she is responsible for the overall management of the firm, including directing Horizon’s annual planning process, overseeing budget preparations and managing all operational activities. In addition, she serves as the firm’s chief compliance officer, a post she has had since 2005 when she was named executive v.p. and senior managing partner. A federally registered investment advisor with approximately $3 billion in assets under management, Horizon specializes in managing the cash portion of managed futures funds and hedge funds and the event-generated cash for family offices and institutional investors worldwide. The firm has approximately 100 accounts and its clients include managed fund advisors, hedge funds, highnet-worth clients, corporate treasurers and other institutional investors globally. Horizon has been successful because it found a niche in the industry that was 28 HEDGE FUND RISING STARS Senior Vice President Imperial Capital, New York Age: 40 Education: Rensselaer Polytechnic Institute (B.S. in Management Information Systems, Economics and Computer Science); New York University (coursework toward M.B.A.) Mentors: Jon Bass, Head of U.S. Distribution, UBS; David Goldman, U.S. Portfolio Manager and Strategist, Asteri Capital; David Hendler, Head of Financial Institutions Group, CreditSights not being serviced, Modjeski said, adding that the firm offers hedge funds a customized package of services. Horizon’s aim is to maximize cash balance returns, while handling daily money movements that help its clients achieve optimal capital efficiency, she explained. Adapting to the changing marketplace, however, is always a challenge. “We see the hedge fund community in general becoming less reliant on prime brokerage services,” Modjeski said. The reason for that dwindling reliance is that hedge funds do not want to keep cash in one place, lessons that go back to the 1980s and Drexel Burnham Lambert, she explained. More recently, Bear Stearns’ widely publicized troubles provide another example. Modjeski has been with Horizon since 1991, when she helped founder Diane Mix start the firm. Prior to Horizon, Modjeski was the executive assistant to Last month, Plaut joined Imperial Capital, a full-service investment bank, to handle distressed and high-yield research, private equity and proprietary investing. He moved there from Sanno Point Capital Management, where he led the effort to build a high-yield and distressed fundamental research effort at a capital structure arbitrage-focused hedge fund. “The purpose of the move is to be at a well-established firm with a long-standing track record in distressed small- and mid-cap companies,” Plaut said. “Imperial is well positioned to profit from rising default rates as a result of illiquidity in the capital markets and a U.S. and European economic downturn.” His focus at Imperial Capital is more highly distressed and less high-yield hedge fund research. “My most difficult challenge is getting used to the fact that every day you MAY 2008

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The 20 Rising Stars of Hedge Funds 2008 Contents Looking Great for 2008 A Matter of Supply and Demand Return Performance Highlights Challenging Period 20 Rising Stars of Hedge Funds Mentors' Page

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