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Ernest L. Jaffarian

CEO & Co-CIO

Mr. Jaffarian is the Founder, Chief Executive Officer and Co-CIO of Efficient Capital Management, LLC (Efficient). In 1986 he joined Chicago Research & Trading Group (CRT) as a member of the proprietary trading group on the floor of the Chicago Board Options Exchange (CBOE) and rose to position of Senior Vice President for OTC Treasury Options. Immediately prior to founding Efficient, Mr. Jaffarian was responsible for the managed futures department of Hull Equity Management, LLC and for the allocation of Hull Trading Company, LLC's proprietary capital among trading advisors. He graduated from the University of Oregon in 1974 with a B.A. in History. Mr. Jaffarian holds a Series 3 license, is a Chartered Alternative Investment Analyst Designee (CAIA) Charter Holder, and is a veteran of over 30 years within the alternative investment industry in the areas of trading, portfolio construction, and risk management.

Ernest L. Jaffarian
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Donna M. Allen

Chief Compliance Officer

Mrs. Allen is the Chief Compliance Officer of Efficient Capital Management, LLC. Before joining Efficient in 2005, she was the Director of Compliance and Investor Relations for Norshield Investment Partners (USA). While there, Mrs. Allen was responsible for building out the Chicago Office to a staff of 10 employees and aided in the creation of a Cayman Islands hedge fund of funds platform structure. She also held the position of Director at Guggenheim Partners where she helped launch the first Alternative Hedge Fund of Funds product for the firm. Mrs. Allen has years of industry experience working with a precious metals and Numismatics Firm, Commodity Trading Advisory Firms and Futures Commission Merchants. She obtained a Bachelor of Arts Degree from DePaul University. Mrs. Allen holds a Series 3 license and has more than 30 years of industry experience.

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Donna M. Allen
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Scott Levin

Chief Financial Officer

Mr. Levin is the Chief Financial Officer for Efficient Capital Management, LLC. Prior to joining Efficient in 2021, he spent more than 20 years in the Asset Management industry in various back-office roles with Mesirow Advanced Strategies, HFR Asset Management, and most recently Northern Trust Hedge Fund Services. He began his career in public accounting with Arthur Andersen/Deloitte providing tax services to a variety of Alternative Investment Managers. Mr. Levin graduated from the University of Illinois in 2000 with a B.S. in Accountancy and is a CPA.

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Scott Levin
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Milt Buckingham

General Counsel

Mr. Buckingham is the General Counsel of Efficient Capital Management, LLC. He is a licensed lawyer with 25+ years of industry experience. Before joining Efficient in 2018, he was the General Counsel and Chief Compliance Officer at two investment management firms, Acrospire Investment Management (2016-2017) and Rotella Capital Management (2011-2016), both in Chicago. Before his in-house roles, Mr. Buckingham was a partner at Winston & Strawn LLP (2005-2011) and a partner and associate at Katten Muchin Rosenman LLP (1998-2005), in their Chicago offices. Mr. Buckingham started his investment management career in 1997 as a staff attorney at Sidley & Austin LLP. Prior to Sidley, from 1992-1997, Mr. Buckingham was a practicing litigator in various capacities. He received a Bachelor of Arts degree, with honors, from the University of Arizona in 1989, and his Juris Doctor degree from the University of Illinois College of Law in 1992.

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Milt Buckingham
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Michael R. Marcey

Managing Director, Strategic Development

Mr. Marcey is the Managing Director of Strategic Development for Efficient Capital Management, LLC. He is involved in coordination of staff and global business development specialists, and helps shape strategic priorities as a member of the Leadership Team. Mr. Marcey graduated from Carnegie-Mellon University in 1973 with a B.A. in Social Relations. He earned an M.Div. from Covenant Theological Seminary in 1977, and an S.T.M. from Concordia Seminary in 1983. Mr. Marcey joined Efficient in 2004, holds a Series 3 license, and has 27 years of experience in not-for-profit leadership development and strategic planning.

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Michael R. Marcey
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Dr. Marat Molyboga

Chief Risk Officer & Director of Research

Dr. Molyboga is the Chief Risk Officer and Director of Research at Efficient and helps shape strategic priorities as a member of the Leadership Team. He began his career at Efficient in 2001 as a Research Analyst. From 2002, he consulted for Petra Intraday Trading Systems as the Senior Researcher and served as its president from 2004. He left Petra in 2006 and joined the Research Department at Efficient as a Senior Research Analyst. His expertise is in hedge fund performance evaluation and portfolio construction, specializing in practical applications of rigorous academic research. Dr. Molyboga's work has been widely published in academic journals. He co-authored the book “Your Essential Guide to Quantitative Hedge Fund Investing.” He is also an Adjunct Professor at the Illinois Institute of Technology Stuart School of Business, where he teaches empirical finance techniques to Ph.D. students. Dr. Molyboga is a Financial Risk Manager designee (FRM), a Chartered Financial Analyst (CFA), a Chartered Due Diligence Analyst (CDDA), and holds a Series 3 license. He graduated with high honors from Moscow State University with a Masters in Financial Mathematics. He also graduated with honors from the University of Chicago's Booth School of Business with an MBA in Finance, Economics, and Strategic Management. He earned a PhD in Finance from EDHEC Business School.

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Dr. Marat Molyboga
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Chad Martinson

Co-CIO; Managing Director, Investments

Mr. Martinson is the Co-Chief Investment Officer and the Managing Director of Investments at Efficient. In this role, he manages the firm’s investment process, serves as the Portfolio Manager, and helps shape strategic priorities as a member of the Leadership Team. Mr. Martinson joined Efficient in 2002 after nearly a decade in the technology industry, serving as the firm’s Chief Technology Officer. After leading the development process to build out Efficient’s proprietary managed futures platform, he joined the investment team in 2005 and has served as the Portfolio Manager since the end of 2007. Mr. Martinson graduated from Taylor University in 1994 with a BA in Chemistry/Pre-med. He holds a Series 3 license and is a Chartered Alternative Investment Analyst (CAIA) Charter Holder.

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Bruce C. Aulie

Director of Manager Search

Mr. Aulie is Director of Manager Search, a member of the Investment Team at Efficient Capital Management, LLC. He began his career in alternative investments in 1980 at the Chicago Board of Trade with Agra Trading on the trading floor. He also managed the firm's margin requirements and supervised the back office reconciliation for the trading operation. In 1981 he joined Chicago Research and Trading as a junior partner and for six years managed the repo desk as part of their futures and cash bond trading operation. Prior to joining Efficient in 2006, he was the director of a not-for-profit in Spain where he provided leadership for 19 years. Mr. Aulie graduated from Gordon College in 1979 with a B.A. in Physics, and completed a Master of Divinity degree at Columbia International University in 1986. He holds a Series 3 license, and has more than 15 years of industry experience.

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Bruce C. Aulie
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Andrew J. Brumbach

Senior Portfolio Analyst

Mr. Brumbach is an Investment Analyst and a member of the Investment Team. He was the Senior Strategist and Head Trader at Efficient Capital Overlay, LLC. Prior to that he was a Principal of Global Exchange at Bank of America, trading options on Japanese Government Bonds (JGBs) on the Tokyo Stock Exchange from 1992-2000. Mr. Brumbach graduated from Baylor University in 1991 with a B.A. in Studio Art. He holds a Series 3 license and has more than 15 years of industry experience.

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Andrew J. Brumbach
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Lorent Meksi

Managing Director, Portfolio Strategy

Mr. Meksi is the Managing Director, Portfolio Strategy at Efficient Capital Management. He is a member of the Investment team and helps shape strategic priorities as a member of the Leadership Team. He initially joined Efficient in 2006 and prior to that, he was an options trader for Efficient Capital Overlay, LLC. Mr. Meksi graduated from North Central College in 2003 with a BA in Computer Science and International Business. He received his MBA degree from the University of Chicago Booth School of Business in 2012. Mr. Meksi has been in the financial industry since 2003. Mr. Meksi currently holds a Series 3 license.

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Lorent Meksi
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Joel D. Handy

Director of Business Development

Mr. Handy is the Director of Business Development at Efficient. His focus is on North American institutional sales and marketing, helping to manage relationships with consultants, pensions, endowments, foundations and family offices in the USA and Canada. He has written a number of white papers and articles, is a CAIA charter holder, has a Series 3, and has been in the industry since 2008.

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Joel D. Handy
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Curt Bradshaw

Managing Director

Mr. Bradshaw is a Managing Director and is responsible for the strategic direction and day-to-day operation of Efficient. In addition, Mr. Bradshaw is a member of the Investment Team and co-chair of the Leadership Team. Prior to joining Efficient, Mr. Bradshaw served as a Senior Vice President at Nuveen Investments from November 2011 through May 2016. He also previously held senior product strategy and development roles at Invesco and Morgan Stanley from January 2001 through November 2011. In those roles, he was responsible for managing all phases of the product life cycle for products spanning multiple structures, geographies and brands. He began his career in 1994 at the Chicago Board of Trade where he last served as Manager of Market Surveillance and was responsible for detecting and preventing manipulations of the Exchange’s agricultural and equity products. He earned a bachelor’s degree in agricultural economics from the University of Illinois in 1994 and graduated first in his class with an MBA in finance and strategic management from the University of Chicago Booth School of Business in 2001. Mr. Bradshaw also previously served as Board Member and Finance and Audit Chair of the Illinois State Board of Education. In addition, he served as President of Illinois’ third largest school district. Mr. Bradshaw currently holds a Series 3 license.

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Curt Bradshaw
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Lee Kinder

director of information technology

Mr. Kinder is the Director of Information Technology at Efficient Capital Management, LLC. Prior to joining Efficient in 2003, Mr. Kinder worked for over 10 years as an Internet Practice Lead consultant for Software Architects, Inc. which was acquired by Sogeti USA LLC. Mr. Kinder has 25+ years of experience in IT and software development. Mr. Kinder graduated from Illinois State University in 1992 with a B.S. in Computer Science. Mr. Kinder holds a series 3 license and has 15+ years of futures industry experience.

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Cindy Nickell

Business Development Internal Sales

Mrs. Nickell joined Efficient Capital in 2016. As Efficient’s Business Development Internal Sales, Mrs. Nickell utilizes her 20+ years of project management and marketing experience to enhance the customer experience through client communications and onboarding, digital marketing projects that deliver educational and thought-leadership materials to the market, and Salesforce administration. She obtained a BA in Marketing from Texas Tech University and holds a Series 3 license.

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Marty Aiken
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Joe McGinnis

Regional Director, Wealth Management

Mr. McGinnis is Regional Director, Wealth Management at Efficient Capital Management® LLC. His focus is on helping to grow the North American wealth management space. He started his career in the financial industry working on the trading floor at the Chicago Board of Trade in 1981. He advanced through various positions, including becoming a Retail Commodity Broker at Collins Commodities in 1985. There, he worked with a varied group of clients, both hedgers and speculators, and from bankers to farmers. In 1992, Joe began his journey into the sales and marketing of Managed Futures funds. Prior to joining Efficient in 2023, he has represented top industry firms including Baltimore based Campbell & Company, Chicago based Dearborn Capital Management, and most recently, London based Aspect Capital. Joe educates Financial Advisors and their clients on the diversification and non-correlation benefits of Managed Futures when added to their investment portfolios. He holds a Series 3 and brings 40+ years of industry knowledge and experience.

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Marty Aiken
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Patrick Cronan

Director, Business Development

Mr. Cronan is Director, Business Development at Efficient Capital Management® LLC. His focus is on North American institutional and wealth management sales and marketing, building, and managing relationships with financial advisors, pensions, endowments, and foundations. He has experience in sales, client services, marketing, and product development. Prior to joining Efficient in 2023, Mr. Cronan was the Key Accounts Relationship Manager for AARP at Kemper Funds, Head of Financial Institutions Team for Mesirow Advanced Strategies, and most recently, Senior Investment Director for LGIMA. He graduated from University of Iowa Tippie College of Business in 1992 with a BBA in Finance and from Northwestern University Kellogg School of Management in 2003 with an MBA. Mr. Cronan holds a Series 3 license and has 29 years of experience in the financial industry.

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About Efficient

Efficient Capital Management was founded in 1999 by leading futures industry professionals from some of the world's most successful trading firms with the common goal of establishing an innovative multi-manager CTA portfolio investment firm.

Our experienced team of professionals is dedicated to serving our clients in achieving their desired exposure to Managed Futures.

Locate Us


Contact Us

info@efficient.com

Efficient Capital Management

4355 Weaver Parkway
Warrenville, IL 60555
United States of America

Direct: +1 630 657 6800
Fax: +1 630 657 6686

Information on this website is intended for use only by persons and entities that are "Qualified Eligible Persons" as defined in the Commodity Futures Trading Commision Regulation 4.7. Past results are not necessarily indicative of future results. Futures and options trading is extremely speculative and highly risky and is not suitable for all investors. There can be no assurance that an account or fund will earn any profits at all or will be able to avoid incurring substantial losses, including the entire loss of the investment.

This website is for informational purposes only and is not an offer to sell; a salutation of an offer to buy or a recommendation to buy any security. An investment is offered only on the basis of the appropriate Private Placement Memorandum and other offering documentation and in accordance with all applicable laws. This website does not describe all the various risks associated with investing in managed futures or foreign currency exchange, a list of which is in our fund offering documents and our completed due diligence questionnaires. We can provide these documents, or the list, to you upon request.

Pursuant to an exemption from the Commodities Futures Trading Commission in connection with accounts of qualified eligible persons, this document is not required to be, and has not been, filed with the commission. The Commodities Futures Trading Commission does not pass upon the merits of participating in a trading program or upon the adequacy or accuracy of commodity futures trading advisor disclosure. Consequently, the Commodities Futures Trading Commission has not reviewed or approved this trading program or any of the information on this website. Nothing contained in this website constitutes investment, legal or tax advice.

The Efficient logo, Efficient Capital® and Efficient Capital Management® are registered trademarks of Efficient Capital Management, LLC.