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Our People AQR Principal Biographies Clifford S. Asness, Ph.D. Managing and Founding Principal Cliff is the Managing and Founding principal at AQR. Prior to co-founding AQR Capital Management, Cliff was at Goldman, Sachs & Co. where he was a Managing Director and Director of Quantitative Research for the Asset Management Division. He left when Goldman was still a partnership and a completely charitable institution. Cliff has authored articles on many financial topics including multiple publications in the Journal of Portfolio Management and the Financial Analysts Journal. He has received the best paper award from the Journal of Portfolio Management twice (2001, 2003). From the Financial Analysts Journal he has twice received the Graham and Dodd Award for the year’s best paper (2003, 2011), a Graham and Dodd Excellence Award (2000), the award for the best perspectives piece (2004) and the Graham & Dodd Readers' Choice Award (2005). In addition, the CFA Institute has awarded Cliff the James R. Vertin Award which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. He is on the editorial board of the Journal of Portfolio Management, the governing board of the Courant Institute of Mathematical Finance at NYU, the Board of Directors of the Q-Group and the Board of the International Rescue Committee. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years (so he still feels guilty when trying to beat the market). David G. Kabiller, CFA Founding Principal As Founding Principal and Head of Client Strategies at AQR, David Kabiller is responsible for managing new and existing client relationships, as well as overseeing new product and strategic initiatives. Prior to co-founding AQR Capital Management, David worked at Goldman, Sachs & Co. At Goldman Sachs, he was a Vice President in the Pension Services Group where he established and maintained relationships with the chief investment officers of many of the largest pension and endowment funds in North America and assisted them in accessing the resources of the firm appropriate to developing and implementing global investment and capital markets strategies. Before joining the Pension Services Group, he was in the Institutional Fixed Income Division and in the Private Client Services Department. While at Goldman, David was involved with the structuring and development of products and investment strategies unique to ESOP investors. He was the creator of Goldman’s Pension & Endowment Forum in which he co-authored research topics on derivatives, enhanced indexation, securities lending, insurance-linked securities and hedge funds. He co-authored “Hedge Funds Demystified: Are They Appropriate Investments for Institutional Investors?” David is a member of the Board of Trustees at Northwestern University, and has been a periodic lecturer at the Kellogg Graduate School of Management. He is a member of the Kellogg Alumni Advisory Board, as well as a member of the Board of Trustees for the Terra Foundation. He holds a BA in Economics and an MBA from Northwestern University. While at Northwestern, David received an athletic scholarship for tennis and was voted to the all academic “Big Ten” team. John M. Liew, Ph.D. Founding Principal John Liew is a co-founder of AQR Capital Management and heads the Global Asset Allocation team. Prior to co-founding AQR, John worked at Goldman, Sachs & Co. as a portfolio manager in the Asset Management Division where he developed and managed quantitative strategies to trade stock index futures, bond futures and currencies globally. At Goldman, these strategies were used to manage proprietary capital, a hedge fund, institutional separate accounts and retail mutual funds. Prior to joining Goldman, John worked at Trout Trading Company where he developed and implemented global quantitative market-neutral stock selection strategies. John has published articles on the topics of global asset allocation and stock selection in the Journal of Portfolio Management and the Financial Analysts Journal. John is a member of the Board of Trustees of the University of Chicago where he received a Ph.D. in Finance in 1995 and an MBA in 1994 from the Booth School of Business and graduated Phi Beta Kappa with a BA in economics in 1989.   Gregor Andrade, Ph.D Principal Gregor joined AQR Capital Management in May 2003 and he is a member of the Client Strategies team. Prior to joining AQR, Gregor was a finance professor at Harvard Business School. He taught Corporate Financial Management, an advanced Corporate Finance and Valuation course in the MBA program, as well as in various Executive Education programs. While at Harvard, Gregor's research focused on corporate restructuring events, particularly mergers and acquisitions and financial distress. His paper "How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions That Became Distressed" won the 1998 Smith Breeden Prize for best paper in the Journal of Finance. Gregor has a BS in Economics from MIT and a Ph.D. in Finance from the University of Chicago's Graduate School of Business. Before entering graduate school, he was a Mergers and Acquisitions analyst at the investment banking firm of Wasserstein Perella. Jacques A. Friedman Principal Jacques joined AQR Capital Management at its inception in 1998 and is Head of Global Stock Selection. Prior to joining AQR Capital Management, Jacques worked at Goldman, Sachs & Co. as an Associate in the Asset Management Division's Quantitative Equity Group. There, he was a member of the portfolio management team, developing and researching quantitative stock selection strategies used to manage over $10 billion in institutional separate accounts and retail mutual funds. Prior to joining Goldman, Jacques was in the Ph.D. program in Applied Mathematics at the University of Washington, where his research interests ranged from mathematical physics to quantitative methods for sports handicapping. He received an MS in Applied Mathematics from the University of Washington and a BS in Applied Mathematics from Brown University. John B. Howard Principal John is our Chief Financial Officer and Chief Operating Officer. He joined AQR in August 2007, and left the firm for about a year to serve as Chief Financial Officer of AllianceBernstein, rejoining AQR in February 2011. Prior to AQR, John was Chief Financial Officer at Knight Capital Group. From 1998 to 2003, he held various senior financial positions at Knight, including Group Controller and CFO of Knight Equity Markets International Ltd. based in London. John was a Senior Manager in Securities Industry Practice at Price Waterhouse LLP from 1991 to 1998. He is a CPA and received his B.S in Accounting from Lehigh University in 1991. Brian K. Hurst Principal Brian Hurst has been with AQR Capital Management since its inception in 1998.  He has over 15 years of experience managing money for institutional investors in both traditional and alternative investment strategies.  He is currently the head of the Global Trading Strategies group.  He was a founding member of the Global Asset Allocation team, which focuses on macro strategies.  Prior to AQR, Brian worked at Goldman, Sachs & Co. in the Asset Management Division's Quantitative Research Group. As one of the original members of this group, he was responsible for building the core infrastructure and developing the quantitatively based models that were used to manage over $7 billion in assets.  Brian received his BS in Economics from the Wharton School of the University of Pennsylvania. Ronen Israel Principal Ronen joined AQR Capital Management in 1999. Prior to joining AQR, Ronen was a Senior Analyst at Quantitative Financial Strategies, Inc., a quantitative investment management firm, specializing in currencies and global macro strategies, with $2.5 billion under management. Before that, he worked as a management consultant, specializing in building out financial systems for financial services firms. Ronen received an MA in Mathematics, specializing in mathematical finance, from Columbia University, a BS in Economics from The Wharton School at the University of Pennsylvania and a BAS in Biomedical Science from the School of Engineering and Applied Science at the University of Pennsylvania. Oktay Kurbanov Principal Oktay joined AQR Capital Management at its inception in 1998. Prior to joining AQR Capital Management, Oktay worked at Goldman, Sachs & Co. as an Analyst in the Asset Management Division’s Quantitative Research Group. At Goldman Sachs, he was one of the assistant portfolio managers for asset allocation accounts managed versus various benchmarks, including global strategic partners mandates. In addition, Oktay co-developed the financial modeling code used to research and implement quantitative trading strategies. Oktay received a BS in Physics and Mathematics from the University of Michigan and an MBA degree with concentration in finance and statistics from the Stern School of Business at New York University. Stephen Mellas Principal Steve joined AQR in March 2005 as the Head of Operations. Prior to joining AQR, Steve worked for Goldman Sachs. He joined Goldman in 1997 as a Managing Director in the Investment Management Division with responsibility for Asset Management Operations worldwide. Prior to joining Goldman Sachs, Steve had been with Morgan Stanley from 1985 to 1997 where he managed fixed income trading operations. Steve was a founding member of the Asset Manager's Forum and acted as Chairperson of the Operations Steering Committee from 2002 to 2004. In addition to his responsibilities at AQR, Steve is a faculty member of NYU’s Stern School of Business where he teaches an advanced topics course in management communication. Steve graduated with a B.A. from Villanova University and holds an M.B.A. from Pace University. Michael Mendelson Principal Michael joined AQR Capital Management in 2005. Prior to joining AQR, Michael worked at Goldman Sachs where he was Managing Director and Head of Quantitative Trading. Prior to founding that effort, he was Head of US Program Trading. At Goldman Sachs, Michael served on the Equities Division Risk Committee and was co-chair of the Systems Risk Taskforce. He began his career at Goldman serving pension funds and endowments in the Fixed Income Division and the Pension Services Group. Michael received an S.M. in Chemical Engineering from MIT along with an S.B. in Chemical Engineering, and S.B. in Mathematics, and an S.B. in Management. He also has an MBA from the University of California at Los Angeles. Lars N. Nielsen Principal Lars joined AQR Capital Management in 2000. Prior to joining AQR, Lars was a visiting graduate student in the economics department at Cornell University where his research interests were in financial econometrics and statistics. Before that, Lars worked as an Analyst in the Quantitative Research Group at Danske Invest, the largest asset management firm in Denmark. At Danske Invest Lars was responsible for developing the company’s macro based stock selection models. He received a B.Sc. and an M.Sc. in Economics from the University of Copenhagen, Denmark. Lasse Pedersen, Ph.D Principal Lasse is a Principal at AQR Capital Management in the Global Asset Allocation team, which focuses on macro related strategies, research, and portfolio management. He is also the John A. Paulson Professor of Finance and Alternative Investments at the NYU Stern School of Business and a professor at Copenhagen Business School. Lasse serves as a Director of the American Finance Association and on the Economic Advisory Boards of NASDAQ OMX and FTSE, and he has been an academic consultant for the NY Federal Reserve Bank among other places. He earned his Ph.D. in Finance from Stanford University and his B.S. and M.S. degrees in Mathematics-Economics from the University of Copenhagen. Lasse’s research on asset pricing and liquidity risk has won a number of awards, including the Fama/DFA Prize, and his studies of the markets for equities, currencies, commodities, bonds, futures, options, and sovereign CDS have been published in the leading journals. He has served as associate editor for Journal of Finance, Journal of Economic Theory, Quarterly Journal of Economics, and Review of Asset Pricing Studies, and is a research associate at National Bureau of Economic Research (NBER) and Centre for Economic Policy Research (CEPR). Mark Mitchell, Ph.D. Co-Founder and Principal, CNH Partners Prior to co-founding CNH Partners (affiliate of AQR) in 2001, Mark was a finance professor at University of Chicago (1990-1999) and Harvard University (1999-2003). In academia, Mark authored numerous research papers about mergers & acquisitions and investment management. Four of his papers received paper-of-the-year awards: Smith-Breeden Prize from Journal of Finance for “Limited Arbitrage in Equity Markets”; Merton Miller Prize from Journal of Business for “Managerial Decisions and Long-Term Stock Price Performance”; Graham and Dodd Scroll from Financial Analysts Journal for “The Value of Corporate Takeovers”; and Roger Murray Prize from Institute for Quantitative Research in Finance for “Do Bad Bidders Become Good Targets?”. Mark also received five teaching awards at the University of Chicago. He is co-author of the book Mergers, Restructuring and Corporate Governance. Mark is on the board of directors at TD-Ameritrade where he chairs the M&A Committee. He is also a member of the Executive Advisory Board of Clemson University’s College of Business & Behavioral Science. In February 2007, Mark served as an emissary of the U.S. State Department to discuss M&A with policymakers, business leaders, academics and reporters in Japan. During 1996-2005, Mark was a board member of Ameritrade Corporation where he chaired the Special Committee (oversaw the merger with TD Waterhouse in 2005) and the Nominating Committee. He was also a member of the NASDAQ Quality of Markets Committee during 2003-2005, and was a founding member of the NASD Economic Advisory Board during 1996-1998. During 1987-1990, Mark worked in the Office of the Chief Economist at the Securities & Exchange Commission where he authored several research papers on M&A. He also worked on merger regulations and led the development of applying financial economics to assist the SEC’s enforcement efforts in insider trading cases. Mark holds a Ph.D. and M.A. in Economics from Clemson University and B.B.A. in Economics from University of Louisiana at Monroe. Todd Pulvino, Ph.D. Co-Founder and Principal, CNH Partners Todd Pulvino is a co-founder and principal at CNH Partners, the merger arbitrage and convertible arbitrage affiliate of AQR Capital Management. Todd has served on the finance faculties of Northwestern University’s Kellogg School of Management and Harvard Business School.  His research is published in top academic finance journals including The Journal of Finance, the Journal of Financial Economics, and the American Economic Review.  Todd holds Ph.D. and A.M. degrees in Business Economics from Harvard University, an M.S. degree in Mechanical Engineering from the California Institute of Technology, and a B.Sc. degree in Mechanical Engineering from the University of Wisconsin-Madison. Prior to completing his doctoral work at Harvard, Todd worked as a design engineer in the aerospace industry. Cliff Asness and David Kabiller are Registered Representatives of ALPS Distributors, Inc.

AQR Momentum Index, AQR Small Cap Momentum Index, and AQR International Momentum Index are the exclusive property of AQR Capital Management, LLC ("AQR"), which has contracted with Standard & Poor’s Financial Services LLC ("S&P") to maintain and calculate the Indices.  Standard & Poor’s® and S&P® are registered trademarks of S&P. "Calculated by S&P Custom Indices" and its related stylized mark(s) are service marks of S&P and have been licensed for use by AQR. S&P and its affiliates shall have no liability for any errors or omissions in calculating the Index.

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