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Our strategies were developed using decades of collective knowledge of the management team’s global volatility landscape expertise and its experience in fundamental valuation analytics. Both co-founders have years of experience employing volatility-based strategies to achieve long-term success for their investors.



Michael J. Heffernan, CFA was recently Co-Founder and Managing Principal of Kappa Asset Management with Dr. Angelo, having built and run the firm since inception in 2012. Mr. Heffernan has over 17 years of experience in investment management and fund operations. Prior to founding Kappa Asset Management, Mr. Heffernan was an Analyst for Whitebox Advisors. Mr. Heffernan joined Whitebox Advisors in 2010 and was responsible for ongoing position analysis and generating trade recommendations for the Asymmetric Fund, with a focus on asymmetric risk-return profiles, implemented with trading strategies that introduce convexity or option like profiles. Prior to joining Whitebox Advisors, Mr. Heffernan was the Head of Trading and Portfolio Manager for Flint Rock Global Investors since its inception in 2008 and a founding member of the firm. During his tenure with Flint Rock Global Investors, Mr. Heffernan was responsible for all start-up aspects concerning legal formation, registration, negotiating prime brokerage, fund administration, audit, firm operations and investment strategy. In 2009, Mr. Heffernan became responsible for the portfolio management and investment strategy, which focused on a long/short sector rotation portfolio, implemented via a multi-variable regression model, constructed and managed using equities and listed options. Mr. Heffernan previously was the Co-Founder and Portfolio Manager of Hart & Heffernan Capital, LP, an equity option fund, which he Co-Founded with and SMU professor during his undergraduate studies. He previously worked with various ventures in the technology and oil and gas industries. Mr. Heffernan graduated from Southern Methodist University (SMU) with a BBA in Finance and a minor in philosophy. He is a Chartered Financial Analyst® (CFA) Charterholder and a Chartered Market Technician® (CMT) Charterholder.

Michael J. Heffernan, CFA

Dr. Angelo possesses a complementary skillset of market experience, advanced computational skills, complex statistical modeling and the modeling of options pricing. He is the author of Determinants of Implied Volatility Movements in Equity Options. He was a professor of finance at Southern Methodist University and the University of Texas at Dallas. Dr. Angelo built a quantitatively oriented hedge fund of funds product for Cogent Partners, served as a portfolio manager for a macro volatility fund for Cogent Partners, and was influential in raising a 200 million GBP timber fund with Cogent Partners. Dr. Angelo graduated Cum Laude from Southern Methodist University with a BBA in Finance. He earned his M.S. and Ph.D. degree from the University of Texas at Arlington.


Christopher G. Angelo Ph.D.



John W. Sauder

  • Founder of Austin Capital Management

  • President of Sauder Family Office

Lee R. Thomas III Ph.D.

  • Retired Managing Director / Head of Global Bonds at PIMCO

  • Founder of Flintrock Global Investors (Family Office)

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