About Us

Non-Traditional

Investment Specialists

Since inception in 2006, we have researched and analyzed non-traditional investments that include liquid alternatives, hedge funds, and private equity.

  • Identifying unique opportunities in structurally inefficient parts of the market across the alternatives landscape, regardless of asset class, strategy, geography, or investment structure.
  • Discovering non-traditional ways of adding value to existing asset allocation models as we believe that a one-size-fits-all structure does not work today.

We leverage our extensive knowledge of the marketplace, experience in various economic cycles, access to quality undiscovered managers and expertise in evaluating managers and investment opportunities to provide family offices, high net worth individuals, and institutions with thoughtful and dynamic customized solutions to achieve their investment goals.

How We View

the Alternative Investment Landscape.
  • Less Liquid
  • Less Transparency
  • More Complex Strategies
  • More Liquid
  • Greater Transparency
  • More Simplistic Strategies
Private Equity
Hedge Fund
Liquid Alternatives

Our views on the alternative investment landscape are based on liquidity, transparency, and complexity. We examine these factors before making the most appropriate investment choices for our clients.

Firm

Philosophy.

We are focused purely on hedge fund research and investing, with both pooled and uniquely tailored offerings. Our dedicated focus on hedge funds and liquid alternatives provides us with the highest level of insight and differentiation by applying our rigorous approach to sourcing, analyzing, monitoring and interacting with both investment and operations personnel at a given firm. We utilize both established funds as well as continuously sourcing "non-brand name" managers that have not yet been identified by the broader investment community. BCM’s clients all share the desire for a differentiated approach to hedge fund investing.

We utilize both established funds as well as continuously sourcing “non-brand name” managers that have not yet been identified by the broader investment community.

We stand by the following investment and management philosophies.

We remain committed to providing the highest standard of work, service and understanding of client needs.

Right Sized Funds

Assets under management of any given fund and strategy is highly relevant to the selection process. While BCM does not maintain strict parameters on fund size, we favor funds that manage an appropriate amount of capital for their strategy so that they can invest in size or time-restrictive opportunities where larger funds would find their capital sizing precludes them from investing. Research has repeatedly shown that managers can generate better risk adjusted returns with a smaller capital base.

Operational Integrity

When assessing a fund or firm, operational integrity will always supersede performance. We meticulously analyze the operations and organizational structure for all hedge funds we invest with prior to committing capital. We do not utilize a “check the box” approach to operational due diligence, as we believe that for each given fund’s strategy and asset size, there are operational best practices that must be followed to mitigate business risk for a hedge fund investment. BCM also employs proprietary measures designed to identify potential operational failures that are often overlooked and are the result of our years of industry experience.

Challenge The Status Quo

Many industry participants have taken a passive approach to hedge fund investing. BCM believes that hedge funds require an active approach to identify the right manager over time. Extensive and on-going diligence on both existing and potential hedge fund investments allows us to maximize potential returns for our client base. We do not accept the status quo for industry fees, liquidity terms, or transparency. We've learned from experience that there is a negative correlation with a fund's assets under management and its returns. By challenging the industry on these and other metrics, we successfully add value for our clients.

Our Team

Brad R. Balter, CFA

Managing Partner

Brad has experience in the financial services industry beginning in 1992. He is Managing Partner, CEO, and Founder of both Balter Capital Management and Balter Liquid Alternatives. At Balter Liquid Alternatives, Brad is responsible for managing the firm’s mutual fund product and setting the strategic direction of the mutual fund company. At Balter Capital Management, Brad is the Portfolio Manager of the BCM Discovery Fund, BCM Credit Opportunities Fund, and the Balter ’40 Act Capital Alternatives Fund. Prior to forming Balter Capital Management in 2006, Brad was a Managing Director, Institutional Investor Group at Citigroup Global Markets where he held primary responsibility for multi-strategy hedge fund relationships from 2002 to 2005. From 1992 to 2001, Brad was with PaineWebber Inc. (and subsequently UBS) where he was a leading member of the firm’s middle market hedge fund coverage program with primary responsibility for early stage hedge fund relationships.

Jay C. Warner, CFA

Chief Investment Officer

Since beginning his career in 1999, Jay has had extensive experience in both mutual fund and hedge fund investing. Jay is a founding partner of Balter Capital Management, and serves as the firm’s Chief Investment Officer. For Balter Liquid Alternatives, he is responsible for managing the firm’s mutual fund product and also serves as the firm’s Chief Investment Officer. Prior to co-founding the firm, he previously served as a Financial Analyst for Citigroup Global Markets, with responsibility for idea generation and facilitation of access to research related resources for hedge fund clients of the bank. From 2000 to 2004, Jay was an Investment Analyst and member of the Investment Committee at The Segalas Group, a New Canaan, CT-based hedge fund. Prior to his work at The Segalas Group, Jay was a Private Placement Analyst at Citigroup’s Traveler Insurance Unit, where he focused on a broad number of sectors as it pertained to credit investments for Traveler’s portfolios.

Jay enjoys spending time with his wife, son and daughter who graciously accommodate his love/hate relationship with Ironman triathlons.  Jay enjoys watching both the athletic and academic endeavors of his children, while savoring the consumption of fine IPAs in his downtime. Jay graduated from the University of Massachusetts, Amherst with a B.A. in Finance and is a Chartered Financial Analyst.

Benjamin R. Deschaine, CAIA

Partner & Portfolio Manager

Ben began his investment career in 1998 and has experience in both mutual fund and hedge fund investing. Ben joined Balter Capital Management in 2012 and serves as a Partner and Senior Analyst. At Balter Liquid Alternatives, Ben is responsible for managing the firm’s mutual fund products and is a portfolio manager of each BLA Fund. Ben has experience working for hedge fund allocators as well as directly within a hedge fund, which provides him a differentiated perspective of seeing hedge funds from both sides of the business. Previously, Ben was a Managing Director at Sabretooth Capital Management, LLC, a global multi-strategy hedge fund affiliated with Tiger Management. Prior to Ben’s time at Sabretooth he spent 10 years at Federal Street Advisors, a Boston based wealth management firm, leading their alternative investment research. At Federal Street, Ben was the portfolio manager for Federal Street’s Saltbox Partners, LP, an internal long/short equity hedge fund of funds. When not working, he enjoys spending time with his wife and three boys.  He is an accomplished youth soccer coach spending most weekends on the soccer field helping develop youth players.  He is a graduate of Bentley University with a B.S. and M.S. in Finance. Ben has earned the Chartered Alternative Investment Analyst designation.

Celicia C. Zhao

Partner, Senior Research Analyst

Celicia is a Partner and Senior Analyst at Balter Capital Management. She is primarily charged with identifying and sourcing ideas, conducting extensive manager research and investment due diligence across the Fund of Funds and Advisory Portfolios. Celicia has extensive experience conducting investment manager research across a wide variety of strategies, geographies, and liquidity structures since 2004. Prior to joining Balter Capital Management in 2009, Celicia was responsible for hedge fund analysis at SCS Financial LLC, a Boston-based private wealth management firm and multi-family office. She was dedicated to hedge fund research at SCS across all strategies and geographies. Before SCS, Celicia served as an analyst at Capital Management Advisors, a Geneva, Switzerland-based hedge fund advisory and fund of funds where she held primary responsibility for research of equity long/short, merger arbitrage, and event driven hedge fund strategies.

Celicia enjoys traveling and is an avid snowboarder. She enjoys spending time with her family, and she and her husband are excited to get their two children on a snowboard so that they can resume chasing snow globally. She is constantly seeking new gastronomic experiences, is not shy about her love of sci-fi, and appreciates finding the silver lining in situations. Celicia is a graduate of Brandeis University, with a B.A. in Economics, and also has a degree from the Brandeis International Business School, with a M.A. in International Economics and Finance. Celicia is fluent in Chinese and Spanish.

Jim Fricano

Chief Compliance Officer

Jim Fricano is the Chief Compliance Officer for Balter Capital Management and its subsidiary, Balter Liquid Alternatives. From 2010 to 2015, he was at the Federal Reserve Bank of Boston, most recently as an examiner of State Street Corporation and its asset management division, State Street Global Advisors (SSGA). From 1999 to 2010, he was an Economic Litigation Consultant with Charles River Associates and Analysis Group, where he directed teams to assess risk and compliance practices, and estimate litigation damages for firms providing asset management, investment banking, trading, credit, clearing and settlement services. Prior to graduate school, he was an Actuarial Analyst for Towers Watson. Jim received his B.S.B.A. from Washington University in St. Louis. In addition, he has a JD and MBA from the University of Wisconsin-Madison.

Julie E. Giller

Director of Operations

Ms. Giller joined Balter Capital Management in early 2014. She is responsible for oversight of the daily operations of the Firm, as well as managing external service provider relationships. Prior to joining the firm, Julie was an Investment Operations Associate at Panagora Asset Management where she maintained the cash and share reconciliation, corporate action processing, and monthly reconciliation of complex funds. She interacted daily with portfolio managers, coordinating trade processing, as well as resolving any equity or futures trade settlement issues. Before Panagora, Julie worked as a Fund Accountant at State Street Bank and Trust supporting a private equity client.

Julie is a native of the Pacific Northwest, but now calls Boston home, rooting for all the Boston sports teams. When not watching any of the local professional teams, Julie can be found playing sports herself. She is a skier and avid soccer player, playing in many different intramural coed leagues. She is also a volunteer soccer coach with the non-profit organization, Soccer Without Borders. Julie is a graduate of St. Lawrence University (NY) with a B.S. in Economics-Mathematics Combined and Minors in Spanish and Statistics.

Jack W. Ryerson

Operations Associate

Jack joined the operations team at Balter Capital Management in 2015.  His responsibilities include providing client services to the investors of the Fund of Fund products as well as overall monthly and annual accounting and reporting related to the funds.  Additionally, Jack performs new and ongoing operational reviews of BCM’s investments.  Prior to joining Balter, Jack worked as an Analyst in the Complex Accounting Administration Group at The Bank of New York Mellon.  Before BNY Mellon, Jack worked as a Fund Accountant at State Street Bank and Trust supporting a private equity client.

Originally from Upstate New York, Jack participated in many outdoor activities including fishing, skiing, football and lacrosse. He continued playing lacrosse at The State University of New York at Geneseo where he graduated with a B.A. in Economics.  He then went on to receive an MBA from the University of Massachusetts Amherst.

Cassandra A. Svolis

Director of Marketing

Cassandra joined the Balter Capital Management team in May of 2015 as Office Manager covering various tasks throughout all departments of the company. Cassandra’s marketing background lead her to take on the marketing needs of BCM as Director of Marketing in order to more effectively exude the message of the firm to the public while maintaining valued existing relationships. Prior to BCM, Cassandra was a member of the Administrative team with a New York-based Hedge Fund and previously worked as a Marketing Assistant in creative fields such as Photography and Architecture.

Currently, as a creative outlet Cassandra has her own Boston-based style blog. She also enjoys antiquing and restoring old furniture. Since catching the travel bug two years ago, she has been adventuring the world as a self-proclaimed foodie. Cassandra graduated from Lasell College in Newton, Massachusetts with a B.A. in Marketing.

Mark Cunningham

Junior Operations Associate

Mark Joined the operations team at BCM in March 2017. Prior to joining BCM, Mark worked as a Hedge Fund Accountant at ALPS Alternative Investment Services supporting several boutique hedge funds. Mark is a graduate of Bates College (ME) with a B.A. in Economics and Applied Mathematics Concentrations. While at Bates, he was a relief pitcher on the baseball team for four years and helped jump start a Special Olympics initiative on campus.

Originally from the Greater Boston Area, Mark is a big Boston sports fan who loves traveling to see his teams play all over the country. Outside of work, he enjoys staying active and spending time with his friends and large extended family in the area.