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Investment Leadership

Investment Committee

James S. Vitalie
James S. Vitalie (Partner & Chief Executive Officer) Voting Member

Jim has more than 25 years experience successfully building financial services firms. Formerly the Institutional Group Head of Old Mutual Capital serving on the Executive and Product Development Committees, Jim was responsible for distribution and marketing of mutual funds, separate accounts and registered hedge fund of fund products. Prior to Old Mutual, Jim was the President of Curian Capital, an industry leading managed account platform. At Curian, Jim created the infrastructure of the asset management firm, developed and executed its strategic plan, and served as the Chairman of the Investment Policy Committee. Additionally, Jim was President of Foliofn Institutional, a financial services and technology company. As President of Century Business Services (CBZ) Retirement and Wealth Management Services division Jim created the strategic direction of the company, led the acquisition and integration efforts for the division and established their broker dealer and registered investment advisor. While at CBZ Jim was also responsible for securing the financing and launching of Allbridge Solutions as well as serving as its President and COO. Prior to CBZ Jim was a Partner at The Benefits Group, where he was responsible for the pension and investment services group. Lastly, Jim practiced corporate transactional law at Eckert, Seamans, Cherin & Mellott. Jim also serves as Vice President of Saratoga Advantage Trust, our mutual fund’s trust. He also currently serves on the board for The Joshua School Inc. and serves on the board for Starting from Scratch. Jim holds a B.A. in Political Science (with distinction) from the University of Pittsburgh and a Juris Doctor from Syracuse University College of Law.

Kevin R. Greene
Kevin R. Greene (Managing Partner) Voting Member

Kevin serves as a Managing Partner of James Alpha Management, and is responsible for overseeing the day to day management of the firm. Kevin is the former Chairman & CEO of Capital Resource Holdings, LLC the holding company parent of CRA RogersCasey, one of the leading pension consulting firms in the U.S. Prior to CRA RogersCasey, he founded Bryant Park Capital, a privately held investment bank specializing in private equity financing and mergers and acquisitions for both private and public companies in the U.S. and Europe. Since 1991, Kevin has served as the Chairman and CEO of KR Group, an international consulting and investment banking firm which he founded. His early career included positions as a Senior Consultant with Mc Kinsey & Co, and a Senior Commodities Analyst with E.F.Hutton. Kevin holds a B.A. in Economics (with distinction) from Georgetown University, a Master’s in Public Policy (Kennedy Scholar) from Harvard University, and an MBA in Finance from New York University. Kevin is former Chairman of the Young Presidents’ Organization’s Manhattan chapter, and has served on multiple public and private boards.

Michael J. Montague
Michael J. Montague (Partner & Chief Operating Officer) Voting Member

Michael is responsible for daily operations of James Alpha Management as well as independent risk monitoring for our funds. Most recently Michael worked as a Portfolio Manager for a global macro fund primarily responsible for commodity research and trading. Michael previously served as a Portfolio Manager for Chapin Hill Advisors, Inc., overseeing asset allocation, trading, and investment activity. Prior to Chapin Hill Advisors, Mike served as a Portfolio Manager for the Cayuga MBA Fund LLC, a long/short equity hedge fund. He began his career with Schlumberger where he spent six years working as a Senior Geophysicist in Schlumberger’s Oilfield Services division. Michael holds a B.S. degree in Geophysics from Pennsylvania State University and a MBA degree from Cornell University.

Akos Beleznay, Ph.D.
Akos Beleznay, Ph.D. (Chief Investment Officer, James Alpha Advisors) Funds: Hedged High Income Fund, Total Hedge Fund, Macro Fund, Relative Value Fund, EHS Fund, Event Driven Fund, Family Office Fund

Dr. Beleznay serves as Chief Investment Officer for James Alpha Advisors and is a member of the James Alpha Investment Committee and responsible for manager research and asset allocation amongst the James Alpha suite of managers and funds.

Dr. Beleznay has been successfully allocating capital to hedge funds for over 15 years. Prior to joining James Alpha, he was the Chief Investment Officer at Riverside, the asset management arm of HFR (Hedge Fund Research, Inc.) managing over $1 billion of fund of hedge fund products. Before Riverside, Dr. Beleznay served as the Chief Investment Officer at Commerce Asset Management and CSG Asset Management with responsibility for managing funds of hedge funds and a hedge fund index replication product. He also served as the Director of Consulting Research for Equitas Capital Advisors, LLC from 2002 to 2010 and the Chief Investment Officer of Equitas Evergreen Fund LP, a fund of hedge funds with $300 million in assets, from 2003 to 2010.

Mr. Beleznay has a PhD degree in Physics from Eotvos Lorand University, Hungary and an MBA from Tulane University.

Sal Naro
Sal Naro (Chief Executive Officer, Chief Investment Officer, Coherence Capital Partners) Funds: Multi-Strategy Alternative Income Fund, Hedged High Income Fund

Mr. Naro is the managing member, Chief Executive Officer, and Chief Investment Officer of Coherence Capital Partners which he founded in January 2012. Prior, Mr. Naro was the Vice Chairman of Jefferson National Financial Corp and CEO of Jefferson National Asset Management. Prior to Jefferson National, Mr. Naro has held several senior management positions most recently as Executive Director at Markit Group, a financial services technology firm. After being a shareholder and board member from inception through UBS and Sailfish, Mr. Naro joined Markit Group as one of their senior executives. Over 2 1/2 years, Mr. Naro led various businesses and, as co-head of the acquisitions committee, oversaw four strategic and accretive acquisitions. Additionally he restructured two other business and drove the sale of some non core assets. Mr. Naro continues as an advisor and shareholder to Markit.

Prior to Markit, Mr. Naro was the Co-CEO and President of Sailfish Capital Partners, LLC, an asset management company he co-founded in 2005. Prior to Sailfish, Mr. Naro worked at UBS Investment Bank where he was a Managing Director and the Global Co-Head of Fixed Income. He was also a member of the Board of Directors of UBS Investment Bank. Prior to joining UBS, he was a Senior Managing Director and Global Head of Credit Trading at Bear Stearns from 1989 to 1998. Mr. Naro served on the global risk committees of both firms. While at UBS and Bear Stearns, Mr. Naro managed an investment team and traded a significant proprietary book. Mr. Naro began his career on Wall Street in 1982 as a fixed income associate for Dreyfus and has been a member of senior management in fixed income for the last 22 years. Mr. Naro is a 1983 graduate of C.W. Post College of Long Island University and currently sits on the Board of Trustees of Long Island University.

Investment Leadership

Andrew J. Duffy, CFA
Andrew J. Duffy, CFA (Ranger Global Real Estate Advisors, LLC) Funds: Global Real Estate Investments Fund, Multi-Strategy Alternative Income Fund

Founded in June 2016, Ranger Global Real Estate Advisors manages public and private global real estate funds for both institutional and retail investors. With a dedicated focus on the publically-traded real estate market, Ranger aims to provide its investors with access to the highest quality, income-producing real estate in the world. Managed by Andrew J. Duffy, CFA, President and Chief Investment Officer, Ranger Global Real Estate Advisors benefits from his more than 20 years of dedicated REIT expertise. Mr. Duffy, amongst other roles, launched and built the public real estate securities platform for TIAA-CREF, eventually managing over $3 billion in assets.

Andrew J. Duffy, CFA serves as the Senior Portfolio Manager of the James Alpha Global Real Estate Investments Fund. Mr. Duffy has more than 20 years of global real estate securities investment experience. Prior to Ranger Global Real Estate Advisors, Mr. Duffy served as the President of Ascent Investment Advisors from February 2009 to May 2016. Previously, he was a Managing Director with Citigroup Principal Strategies, where he managed a long/short portfolio of global real estate securities. From February 2006 until January 2008 he was with Hunter Global Investors, L.P. where he was the Co-Portfolio Manager of the Hunter Global Real Estate Securities Fund. Before that he was a Portfolio Manager at TIAA-CREF for over six years, during which time he was responsible for managing over $3 billion in global real estate equity and debt securities held in pension portfolios, college savings plans, mutual funds and the firm’s proprietary general account. Between 1993 and 1999, Mr. Duffy was a Senior Research Analyst at Eagle Asset Management, where he launched and managed a dedicated real estate securities investment program in which he was responsible for fundamental analysis, security selection and portfolio construction.

Edward Boll
Edward Boll (EAB Investment Group) Funds: Managed Risk Domestic Equity Fund, Managed Risk Emerging Markets Equity Fund

Mr. Boll has more than 20 years of experience trading derivatives. Prior to forming EAB Investment Group and co-founding J&B Partners, Mr. Boll co-founded DC Trading Partners, LLC in 2005, which developed proprietary trading methods, analytics and market making algorithms. He also spent three years with the Goldman Sachs SLK-Hull Derivatives Group as the portfolio risk manager and 10 years with TFM Investment Group, where he created and managed TFM’s American Stock Exchange options specialist unit and ETF arbitrage group.

Mr. Boll received a B.S. in Finance and Economics from Pennsylvania State University.

William Visconto
William Visconto (EAB Investment Group) Funds: Managed Risk Domestic Equity Fund, Managed Risk Emerging Markets Equity Fund

Prior to joining EAB Investment Group and J&B Partners, Mr. Visconto was head volatility trader at McGowan Investors LLC, where he implemented the firm’s strategy in the volatility arbitrage space and deployed the firm’s capital to maximize returns. Before joining McGowan, Mr. Visconto was co-founder of Volare Capital, a hedge fund that pursued statistical/volatility arbitrage strategies in index and single stock options. Mr. Visconto was the head of portfolio management and trading floor operations for PFTC Advisors and PFTC Trading.

Mr. Visconto received a B.S. in Marketing from the University of Scranton.

James Ryan
James Ryan (EAB Investment Group) Funds: Managed Risk Domestic Equity Fund, Managed Risk Emerging Markets Equity Fund

Mr. Ryan has 25 years of trading experience in equities, futures and derivatives. Prior to joining EAB Investment Group, Mr. Ryan co-founded RB Derivatives LP in 2006, where he developed proprietary algorithms based on quantitative research and automated the execution through proprietary software. Previously, Mr. Ryan co-founded Heard Trading, LLC in 1990, which specialized in volatility arbitrage in index and equity options.

Mr. Ryan received a B.A. in Economics from the University of Richmond.

Sal Naro
Sal Naro (Chief Executive Officer, Chief Investment Officer, Coherence Capital Partners) Funds: Multi-Strategy Alternative Income Fund, Hedged High Income Fund

Mr. Naro is the managing member, Chief Executive Officer, and Chief Investment Officer of Coherence Capital Partners which he founded in January 2012. Prior, Mr. Naro was the Vice Chairman of Jefferson National Financial Corp and CEO of Jefferson National Asset Management. Prior to Jefferson National, Mr. Naro has held several senior management positions most recently as Executive Director at Markit Group, a financial services technology firm. After being a shareholder and board member from inception through UBS and Sailfish, Mr. Naro joined Markit Group as one of their senior executives. Over 2 1/2 years, Mr. Naro led various businesses and, as co-head of the acquisitions committee, oversaw four strategic and accretive acquisitions. Additionally he restructured two other business and drove the sale of some non core assets. Mr. Naro continues as an advisor and shareholder to Markit.

Prior to Markit, Mr. Naro was the Co-CEO and President of Sailfish Capital Partners, LLC, an asset management company he co-founded in 2005. Prior to Sailfish, Mr. Naro worked at UBS Investment Bank where he was a Managing Director and the Global Co-Head of Fixed Income. He was also a member of the Board of Directors of UBS Investment Bank. Prior to joining UBS, he was a Senior Managing Director and Global Head of Credit Trading at Bear Stearns from 1989 to 1998. Mr. Naro served on the global risk committees of both firms. While at UBS and Bear Stearns, Mr. Naro managed an investment team and traded a significant proprietary book. Mr. Naro began his career on Wall Street in 1982 as a fixed income associate for Dreyfus and has been a member of senior management in fixed income for the last 22 years. Mr. Naro is a 1983 graduate of C.W. Post College of Long Island University and currently sits on the Board of Trustees of Long Island University.

Arnim S. Holzer
Arnim S. Holzer (EAB Investment Group) Funds: Managed Risk Domestic Equity Fund, Managed Risk Emerging Markets Equity Fund

Global Macro Strategist, Client Portfolio Manager and Founder of the EAB Correlation Defense Index

Arnim has served as Chief Investment Officer, Strategist, Portfolio Manager, and Client Service and Marketing executive at several firms over the past 30 years. Prior to joining EAB Mr. Holzer founded a tail risk consulting firm, ASH Strategy, LLC, where he developed a novel multi asset hedging approach for institutional, high net worth, and family office investors. For 6 years he managed or served as senior strategist on multi asset funds or strategies at Deutsche Asset management and Scudder. While at Deutsche he was the portfolio manager on approximately $3 billion of assets in domestic and offshore multi-asset funds. He also founded and managed a multi asset offshore hedge fund at Israel Discount Bank of New York. He has over 30 years of global macro and multi asset experience.

Mr. Holzer’s investment philosophy is a unique blend of fundamental, technical and, quantitative disciplines honed over the years of working with many of the top firms and investors in each of these disciplines. His particular macro skill is understanding the relationships of correlation and volatility in the optimization of portfolio construction and return generation. Mr. Holzer received his undergraduate Economics degree from Princeton University and his MBA-Finance from Fordham University. He holds a Series 7 and 65 Registered Representative securities registration.

Jay Menozzi, CFA®
Jay Menozzi, CFA® (Orange Investment Advisors) Funds: Structured Credit Fund

Mr. Menozzi serves as Chief Investment Officer and Portfolio Manager for Orange Investment Advisors. Prior to joining the Orange Investment Advisors, Mr. Menozzi held several positions over 17 years at Semper Capital LP. He joined Semper in 1999 as the Head of Mortgages, and most recently served as the firm’s Chief Investment Officer from 2010 until his departure in 2016, as well as Lead Portfolio Manager of the Semper MBS Total Return Fund from its inception through 2015. Prior to Semper, Mr. Menozzi spent 12 years at Atlantic Portfolio Analytics and Management. His experience included managing mortgage pass-throughs and mortgage derivatives, in long only and leveraged portfolios. Prior to managing portfolios, he spent four years developing analytical and operational systems, including one of the early CMO cash flow models. He began his career as an electrical engineer at Harris Corp. Mr. Menozzi holds a BS in Electrical Engineering from the Massachusetts Institute of Technology and a MBA from the Florida Institute of Technology.

Boris Peresechensky, CFA®
Boris Peresechensky, CFA® (Orange Investment Advisors) Funds: Structured Credit Fund

Mr. Peresechensky serves as Portfolio Manager for Orange Investment Advisors. Prior to joining Orange Investment Advisors, Mr. Peresechensky held several positions at Semper Capital LP, working in research and development, structured credit trading, and most recently as a Senior Portfolio Manager/Trader of structured products. He also worked as a Risk Manager at Bayview Financial Trading Group and a Risk Analyst/Junior Portfolio Manager at HSBC Securities and at Lazard Asset Management. Mr. Peresechensky holds a BA from Columbia University.

Michael Cannon
Michael Cannon (Coherence Capital Partners) Funds: Multi-Strategy Alternative Income Fund, Hedged High Income Fund

Prior to Coherence Capital, Mr. Cannon spent 16 years at UBS Investment Bank, most recently as Managing Director and Co-Head of Investment Grade Credit Trading. Mr. Cannon has extensive experience in trading Distressed, High Yield, and Investment Grade Credit. At UBS, Mr. Cannon worked directly for Coherence CEO, Sal Naro, from 1999 to 2005 in addition to trading alongside Coherence partner, Vincent Mistretta. Additionally, Mr. Cannon worked with fellow Coherence colleagues, Edgar Benavides and Robert Del Grande. Mr. Cannon is a 1993 graduate of the Cooper Union for Advancement of Science and Art where he earned a Bachelor’s of Engineering, Electrical Engineering.

Glenn Koach
Glenn Koach (Concise Capital Management) Funds: Hedged High Income Fund

Mr. Koach is the President at Concise Capital Management, LP, sub-advisor to the Portfolio. Glenn has more than 25 years of experience in managing short-term, high yield funds. Mr. Koach co-founded Riverside Capital Advisers in 1984, a boutique institutional investment management firm specializing in short-term, high-yield securities, which grew to over $400 million under management. The Riverside portfolio included, publicly traded seasoned securities for large non-taxable accounts such as, pension plans, endowments, and offshore funds, as well as private placements, tax liens, and structured settlements. He sold his interest in Riverside in 1997. Riverside sold the high yield business in 1999. As a corporate board director, Mr. Koach has guided several companies through difficult financial situations including, turn-arounds, workouts and bankruptcies. This experience gives him far greater insight into the under-pinning of high-yield offerings. In addition, Mr. Koach is an experienced corporate executive holding key positions with both public and private companies, including: CEO of Group Long Distance, Inc. (GLDI) and Vice President of Strategic Planning for Tribune Cable Communications. Mr. Koach holds a Bachelor of Economics with a degree in Accounting from the Wharton School at the University of Pennsylvania.

Tom Krasner
Tom Krasner (Concise Capital Management) Funds: Hedged High Income Fund

Mr. Krasner is a Principal and Portfolio Manager at Concise Capital Management, LP, sub-advisor to the Portfolio. Tom has spent more than 20 years in distressed debt and high yield bonds. He has extensive experience in corporate restructurings, credit analysis, and portfolio management, including substantial hands-on involvement in the workouts of troubled companies. Between 1999 and 2003, Mr. Krasner was Executive Vice President at Harch Capital Management and was responsible for working out and restructuring distressed securities, high yield bonds, and bank loans for a $600 million hedge fund. Between 1996 and 1999, Mr. Krasner was a Principal and Portfolio Manager at Riverside Capital Advisers, where he co-managed the short-term high yield portfolio with Mr. Koach. Between 1985 and 1996 he worked at John Alden Asset Management, a $4 billion life insurance company, where he was responsible for the $250 million private placement portfolio. In 2003 Mr. Krasner was appointed as Trustee by the U.S. Bankruptcy Court to administer the liquidating trust of Premier Operations. Mr. Krasner holds a BA in Economics/English/Mathematical Sciences and a MA in Economics from Rice University and is a Chartered Financial Analyst (CFA). Between 1996 and 1998 he was president of the Miami Society of Financial Analysts. He currently is a Director of Institutional Deposits Corporation and has served on the boards of Birch Telecom, Doe Run Resources, FWT, Nutritek, Sterling Chemicals, and Trism.

Jon Duensing
Jon Duensing (Amundi Pioneer) Funds: Hedged High Income Fund

Jonathan M. Duensing, CFA is a Principal and Senior Portfolio Manager at Amundi Pioneer, Inc, sub-advisor to the Portfolio. Mr. Duensing heads the Corporate Credit Investment Team and is the Senior Portfolio Manager responsible for the firm’s credit related absolute return portfolios. Prior to joining Amundi in 1996, Mr. Duensing was the Credit Officer for a member bank of Old National Bancorp. He became a Chartered Financial Analyst (CFA) charter holder in 1999. Mr. Duensing holds a BA in Finance from the University of Illinois, Urbana-Champaign, graduating with distinction and departmental honors.

Vincent Mistretta
Vincent Mistretta (Coherence Capital Partners) Funds: Multi-Strategy Alternative Income Fund, Hedged High Income Fund

Mr. Mistretta serves as President of Coherence Capital Partners. Prior, Mr. Mistretta was the Senior Portfolio Manager at Jefferson National Asset Management. Prior to Jefferson National, Mr. Mistretta was a founding partner and portfolio manager at L Plus LLC, an asset manager. Prior to L Plus, Mr. Mistretta worked at UBS Investment Bank where he was a Managing Director and Head of GCS (Global Credit Strategies), a multi-strategy proprietary investment business he founded in 2006. Prior to establishing GCS, Mr. Mistretta was the Global COO for Credit Fixed Income from 2004-2005 and Head of U.S. Credit Derivatives Trading from 2003-2004. Mr. Mistretta also served on several management committees and was instrumental in recruiting new talent to UBS. During his time at UBS, Mr. Mistretta was a member of the board of directors of ISDA (International Swaps Dealers Association 2005-2006) and Markit Group (2004-2005). Prior to joining UBS, Mr. Mistretta held senior Trading and Portfolio Management positions at SAC Capital Advisors, HSBC, DLJ and Bear Stearns. Mr. Mistretta is a 1986 graduate of Bucknell University where he earned a Bachelor of Arts in Economics.

William H. Bales
William H. Bales (Bullseye Asset Management) Funds: Multi-Strategy Alternative Income Fund

Mr. Bales is a Principal and Portfolio Manager for Bullseye Asset Management, sub-advisor to the Fund. Mr. Bales has more than 20 years of professional investment experience. He previously served as the Portfolio Manager at Janus Capital Management where he was responsible for the Janus Venture Fund and separately managed portfolios in the Small Cap Growth discipline. Mr. Bales joined Janus Capital Management in 1991, and became an analyst in 1993. He served as co-manager of the Janus Venture Fund from 1997 and became the sole portfolio manager in 2001. Mr. Bales was selected as one of Barron’s Top 100 Fund Managers in 2001 and 2005, and received multiple awards from Lipper in 2008 for “Best Fund over 5 Years” and “Best Fund over 3 Years.”

Mr. Bales received a Master of Science degree in Marketing and Finance and a Bachelor of Science in Marketing from the University of Colorado. Mr. Bales has been in the investment industry since 1992.

Jakob V. Holm
Jakob V. Holm (Bullseye Asset Management) Multi-Strategy Alternative Income Fund

Mr. Holm is a Principal, Portfolio Manager and Chief Compliance Officer for Bullseye Asset Management, sub-advisor to the Fund. He has more than 16 years of professional investment experience. Prior to Bullseye, he served as the Portfolio Manager at Janus Capital Management where he was responsible for the Janus Adviser Small Company Value Fund, Janus Aspen Small Company Value Fund and separately managed portfolios in the Small Company Value discipline. Prior to joining Janus in 2005, Mr. Holm spent time at Bay Isle Financial and Sand Hill Advisors in California.

Mr. Holm received a Master’s degree from Thunderbird School of Global Management in International Management, focusing on Finance and earned a Bachelor’s degree in Economics from Augustana College, where he graduated Cum Laude. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Colorado.

George Kellner
George Kellner (Multi-Strategy Alternative Income Fund) Multi-Strategy Alternative Income Fund

Mr. Kellner is the founder and CEO of Kellner Capital, sub-advisor to the Fund. He has more than 30 years of hedge fund experience. Prior to Kellner Capital, Mr. Kellner was a Senior Vice President and founded the arbitrage department of Donaldson, Lufkin & Jenrette. Before commencing his arbitrage career, Mr. Kellner was a Vice President and House Counsel of the Madison Fund where he had broad responsibilities as a Financial Analyst and Portfolio Manager.

Mr. Kellner began his professional career as a securities lawyer at the Wall Street law firm of Carter, Ledyard and Milburn and holds a B.A. from Trinity College, a J.D. from Columbia Law School and an M.B.A. from New York University’s Leonard Stern Graduate School of Business. He is a Chartered Financial Analyst and a former Adjunct Assistant Professor of Finance at New York University and serves on the Stern School’s Board of Overseers.

Chris Pultz
Chris Pultz (Kellner Capital) Multi-Strategy Alternative Income Fund

Mr. Pultz is the Managing Director and Portfolio Manager of merger arbitrage for Kellner Capital, sub-advisor to the Fund. Mr. Pultz joined Kellner Capital in 1999 and leads the firm’s merger arbitrage investing activities. In addition, Mr. Pultz is a member of the firm’s management committee where he provides broad input on strategic matters.

Mr. Pultz began his career at Neuberger Berman LLC where he was a government bond trader and also provided allocation recommendations to the firm’s internal investment management teams. Mr. Pultz holds a B.S. in Finance from Fairfield University and an M.B.A from Fordham University Graduate School of Business.