Aditya (Adi) Behari

· Launched and managed a market neutral, long-short strategy comprising ~ 300 HY and IG corporate bonds selected from a universe of ~1000 credits for 13 years.

· Delivered consistent, positive returns on a gross notional base ~ $1.5– $4 bn and a net notional base of ~ -$100mm– $300 mm bn over this time, with positive annual returns in 11 years (cumulative ~$340 mm- ex-capital costs) and negative annual returns in 2 years (~ -$28 mm in 2018 and in 2022). Positive returns were weighted towards more volatile, high dispersion years.

· Combined market information around company fundamentals (e.g. earnings and other economic announcements), individual security price changes and the cross-sectional dispersion of security returns with the output derived from the quantitative model to assess adverse-risk selection biases and evaluate optimal risk constraints; and generated model-consistent yet cost effective and robust desk portfolios.

· Collaborated with the research team to constantly evaluate strategy risk and implementation shortfall. Provided specific inputs to improve upon the alpha and the risk models.

· Developed a proprietary framework to identify market regimes based on momentum and reversal states, that was used both for factor-timing and to optimally vary portfolio risk exposures.

· Researched firm-specific financial statement variables in conjunction with price momentum to identify tail risk of a corporate credit that may not be completely captured by the model-estimated risk.

· Partnered with in-house credit traders to achieve efficient trade execution.

· Built a fundamental understanding of the cyclical sectors including Energy, Basic Materials and Consumer by engaging with street analysts, and monitored risk and alpha-signal changes to help manage hedge-fund and benchmark-relative long-only credit portfolios.

· Assisted in the building of the CDS Long-Short (2004), CDO (2004) and Equity Long-Short (2007) strategies; created checklists for analysts to assess integrity of data, robustness of signals and out-of-model risks.

· Developed two innovative alpha-signals for the quantitative models: one based on good growth and bad growth of a firm and the other based on a firm’s cash flow momentum.

• · Led a 5-member team to set up the FX sales and trading desks; built critical market share in inter-bank market and a corporate client franchise. Built INR interest rate swaps and cross-currency swaps desks.

• · Actively made markets in the INR forwards inter-bank market to lead the desk as one of the top market-makers.

• · Managed relationships with large corporate clients and advised on FX and derivatives products. Significantly increased revenue base by building more customized solutions for clients.