The 20 Rising Stars of Hedge Funds 2008

leader in terms of investment performance and generating risk-adjusted, alpha-based returns. Venetos said he became interested in finance while clerking on the floor of the Chicago Board Options Exchange and hearing Citadel CEO Kenneth Griffin speak. From 1999 to 2002, he was a v.p. of alternative strategies at Merrill Lynch Investment Management. He credited Savoldelli, who was his supervisor at Merrill Lynch, with being his best boss and for inspiring him, calling him a pioneer in the fund-of-funds business. From 2002 to 2003,Venetos was a v.p. at Deutsche Bank Asset Management in the absolute return strategy group. He then moved to Thomas H. Lee Partners and was a director in the fund-of-funds group until 2005. Later that year, he returned to Deutsche Bank as deputy head of fund-of-funds. Venetos sees a strong future for the hedge fund industry, as well as the fund-of-funds business. “The industry is in a growth phase,” he said. the firm, he serves as portfolio manager and risk manager for its funds. From 2003 until November 2006, Westergaard was a managing director and portfolio manager in global healthcare at Amaranth Group. In that role, he initiated Amaranth’s healthcare portfolio, hired a team of seven investment professionals and managed more than $1 billion. The discrete healthcare portfolio had a stable capital base and its own exposure and risk management parameters within the Amaranth International Limited, Amaranth Partners, Amaranth Capital Partners, Amaranth Global Equities and Amaranth Global Equities Limited funds. Westergaard said his biggest challenge was keeping his team together in the wake of the sudden demise of Amaranth and launching Tokum Capital. He credited the success of his new launch, despite tough market 17. JON VENETOS Venetos is the visionary behind Citadel Alternative Asset Management, the division of Citadel Investment Group that he was brought in to launch in 2007. As president and chief investment officer, he is in charge of a team of about 30 professionals overseeing approximately $2 billion in assets. In less than 12 months, his division has deployed all of its capital in launching four fund-ofhedge funds, incubating a series of internal managers and seeding several hedge funds, all while maintaining a focus on generating risk-adjusted returns in a time of market volatility. Venetos’ plan for a fund-of-funds business at Citadel was to develop a platform to deploy capital in funds and seeding strategies across all aspects of alternative investing, starting with hedge funds and branching out to private equity and real estate. “We’re in the early stages,” he said, noting that real estate will be next area followed by private equity. “One should think of Citadel as being a provider of funds-of-funds.” His goal for the next decade is for Citadel Alternative Asset Management to emerge as a market MAY 2008 18. EMILE WESTERGAARD Chief Executive Officer Tokum Capital Management, New York Age: 42 Education: University of Chicago (B.A. in Music) Mentors: Jeff Casdin, Former Chief Executive Officer, Cooper Hill Healthcare; Fred Stein, Former Partner, Neuberger Berman; John Westergaard, Former Analyst, Equity Research Associates; Rick Wise, Managing Director, Bear Stearns Last year, Westergaard founded Tokum Capital Management, a global healthcare fund with more than $100 million in assets under management. In addition to being chief executive officer of 18 . EMILE WESTERGAARD HEDGE FUND RISING STARS 31

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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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