The 20 Rising Stars of Hedge Funds 2008

a unique, audit-based approach to investing that emphasizes in-depth, fundamental analysis, a strategy she applies to the management of the Marco Polo Pure China Fund. “When I started out as chief investment officer of Marco Polo Pure Asset Management, I did not have any direct asset management experience and I was faced with managing what was then to me a lot of money,” Tang said. “In addition, when we launched our fund, the Chinese equity markets were in a protracted bear market. It was a tremendous challenge to be learning under these market conditions.” Today, however, Marco Polo has grown from $1.5 million to nearly $200 million in assets under management.“Marco Polo Pure Asset Management is my greatest accomplishment,” Tang said.“It was difficult to get the attention of brokers, service providers, listed companies and investors, and I was investing in a market that most people wanted to avoid. The situation today is such a big contrast.” Prior to Marco Polo, Tang was an audit manager at PricewaterhouseCoopers in Hong Kong and the U.S. from 1998 to 2004.There, she specialized in the banking, capital and investment management markets in Hong Kong, Australia and the U.S. She is a certified practicing accountant in Australia and a certified public accountant in Hong Kong. According to Tang, she got into hedge funds because of a meeting she had while working at PricewaterhouseCoopers. She was at Ford Motor Credit in Detroit for a special project related to asset securitization when she met Aaron Boesky, who was interested in investment opportunities in China. At the time, the Qualified Foreign Institutional Investor program was going to let foreigners purchase Chinese equities for the first time, she noted, adding that Boesky thought she had the skill because of her audit background and urged her to start a fund. In 10 years, Tang plans to still be the chief investment officer of Marco Polo, which she hopes will be considered a market leader in the Asian asset man30 HEDGE FUND RISING STARS agement business.“With the current crisis in the financial markets, I expect that a significant shakeout will result, with a lot of hedge funds disappearing and market leaders growing in size and importance,” she said. “I believe that this is a healthy thing for the industry and will lead to greater maturity and professionalism.” “Rather, they are liberal arts majors like me, went to law school and kind of fell into the business. I did a lot of on-the-job training and independent study once I started getting into the industry.” A member of the New York and District of Columbia bars,Vaughan joined Dechert in 1997 from Sutherland Asbill & Brennan, where he was an associate from 1993 to 1994 and from 1995 to 1997. Between those two stints, he worked with Purroy, Canut, De La Vega in Madrid, utilizing his Spanish as a foreign lawyer. Vaughan began his legal career in 1991 at Coudert Brothers as an associate,citing the firm was the source of his inspiration. “Coudert had a great practice, long before everyone knew what a hedge fund was,” he said. “I found the hedge fund industry to be a quickly evolving one, with a high percentage of brilliant people.” Vaughan often speaks at industry conferences and his roundtable submission to the Securities and Exchange Commission was cited by the federal appeals court in the Goldstein v. SEC decision, which vacated the hedge fund registration rule. He serves as a member of the Managed Fund Association’s Lawyers Advisory Forum Steering Committee and frequently writes about the hedge fund market. He was lead author on the book, Starting a Hedge Fund - A U.S. Perspective. 16. DAVID VAUGHAN Partner Dechert LLP, Washington, D.C. Age: 42 Education: Bowling Green State University (B.A. in Spanish); Georgetown University Law Center (J.D.) Mentors: Joel Adler, Attorney, Carreras, Bersikian, Robertson & Associés; Paul Sedlack, Chief Executive Officer, Graham Capital Management; Stephen Vine, Partner, Akin Gump Strauss Hauer & Feld; Christopher Wells, Partner, Proskauer Rose Vaughan has been a partner in Dechert’s financial services practice since 2000, providing legal services to leading hedge fund firms. In addition to leading hedge funds, his clients include private U.S. funds, retail and private offshore funds and private and offshore variable insurance products. Referring to the industry as dynamic, Vaughan has represented fund managers using a variety of investment strategies, including fixed-income arbitrage, equity long/short, global macro and market neutral. He also has represented fund managers with respect to fund formation and distribution, assisted clients based in Asia in transnational offerings of funds and advised on offering funds and related products in various jurisdictions. “I have found that many lawyers in the business do not have a finance or business background,” Vaughan said. 17. JON VENETOS President and Chief Investment Officer Citadel Alternative Asset Management, New York Age: 32 Education: Boston University (B.S. in Business Administration) Mentors: Fabio Savoldelli, Chief Global Strategist, Optima Fund Management; Jules Schwartz, Professor Emeritus, Boston University 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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