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Multi-Strategy Alternative Income Fund


Portfolio Manager

JAANewBranding (1)


(Managing Partner, Chief Investment Officer, and Senior Portfolio Manager)

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 publicly-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 Easterly Global Real Estate Fund. Mr. Duffy has more than 30 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.



(Portfolio Manager)

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.


(Portfolio Manager)

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.



(Founder and CEO)

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.


(Managing Director and Portfolio Manager)

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.



(Managing Director)

Mr. Naro is the Managing Director of Lazard Asset Management. Previously he was the 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.


(Director, Portfolio Management )

Mr. Mistretta is the Director, Portfolio Management at Lazard Asset Management. He previously served 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.


(Portfolio Manager)

Mr. Cannon is a Portfolio Manager at Lazard Asset Management. Prior to Lazard, Mr. Cannon was a Portfolio Manager at Coherence Capital, and 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.