Randy Migdal is a Portfolio Manager for the Investment Manager’s Near Term Active division. Mr. Migdal focuses on contract selection strategies for commodity futures positions. He has been the Portfolio Manager for TAP® since June 2006. From January 2003 to June 2006, Mr. Migdal was seconded to the Lehman Brothers Investment Management Division, managing the TAP portfolio. From July 1995 to January 2003, Mr. Migdal was the Supervisor of Proprietary Trading for the Investment Manager’s affiliate, The Falconwood Corporation, where his responsibilities included executing all trading activity for TAP®.

Mr. Kemper is a co-manager on the Inflation Protected Securities product, as well as being responsible for the separately managed, government benchmarked accounts. He is also a member of the U.S. Interest Rates and Governments Sector Team, responsible for trading U.S. Treasury and agency securities. He began his career in the financial industry in 1999 when he joined the firm. He received a B.A. from the University of St. Thomas and an M.B.A. from Augsburg College.

John Clarke is a Vice President at Gresham LLC, supporting Randy Migdal in trading for the Gresham Near Term Active Implementation strategies; handling short-term cash management; and responsible for foreign currency hedging transactions of the Near Term Active Implementation strategies. Prior to joining Gresham LLC in January, 2011, Mr. Clarke worked in the Quantitative Strategies Group at Primus Asset Management, a structured credit asset manager, where he focused on portfolio optimization and model development.