The Armilla Team

Stability, experience, and a determination to exceed the needs of our clients are crucial to our success; these qualities are exemplified by our Executive Team.

Kristoffer Houlihan, CQF, is founder and Managing Partner of Armilla. Before founding Armilla, Mr. Houlihan was previously Managing Director and Chief Risk Officer for Bank of New York Mellon’s hedge fund platform.

Prior to BNY Mellon, Mr. Houlihan was a Director in Risk Management for Pacific Alternative Asset Management Company (PAAMCO), a $10 Billion Fund of Hedge Funds. While at PAAMCO, Mr. Houlihan led the team responsible for defensive risk management. Prior to PAAMCO, Mr. Houlihan was a Vice President at JPMorgan in a variety of positions within quantitative risk for hedge funds based in London, Tokyo and New York.

He has extensive knowledge of quantitative risk and finance with regard to major hedge fund strategies and how risk management impacts the portfolio management process. This includes methods such value-at-risk, stress testing, behavioral analytics and crash forecasting.

He is a guest lecturer at the University of Southern California (USC) on the topics of Financial Engineering and Risk. Mr. Houlihan was awarded a BSc (Hons) in Geographical Sciences from the University of Bristol (UK) and industry accredited Certificate in Quantitative Finance (CQF). He is a member of the Pacific Council on Foreign Policy and a member of the Fitch Group’s steering committee on quantitative finance.

Jaeson Dubrovay is a Senior Advisor to Armilla Partners.
Mr. Dubrovay has 23 years of experience managing money, building Funds of Hedge Funds and consulting with leading institutional investors in connection with their hedge fund portfolios. Most recently, Mr. Dubrovay was a partner and Managing Director for BNY Mellon affiliate, HedgeMark Advisors LLC, a startup offering a managed account platform with integrated risk analytics, where he worked with clients and their consultants to make optimal use of the HedgeMark platform.

Previously he was a partner and co-head of Americas advisory for Aksia, LLC, one of the largest hedge fund specialty consulting firms.  Prior to that, he was the Senior Strategist, Hedge Funds at NEPC LLC, one of the industry’s leading general investment consulting firms.

Mr. Dubrovay began his career as an auditor at Arthur Andersen & Co. In 2008, Mr. Dubrovay was named the Hedge Fund Consultant of the Year by Institutional Investor and recognized for his contributions to the Investors Committee of the President’s Working Group on Financial Markets, on Hedge Fund Best Practices.

In 2009, Mr. Dubrovay was named Consultant of the Year by Foundation & Endowment Money Management. Mr. Dubrovay is a Certified Public Accountant (CPA) and a Chartered Alternative Investment Analyst (CAIA) charter holder. He earned an M.B.A. in finance with honors from Santa Clara University and a B.A. in accounting from the University of Washington.

Pascal Stalder is a Consultant at Armilla Partners. He brings over 24 years of experience in both broad and in-depth aspects of private and institutional investment and risk management garnered from senior positions in Europe, the Middle East and the United States.

Most recently he was Deputy Chief Investment Officer for Risk at a mid-sized multi-billion dollar state public pension fund where he developed multi-asset class analysis and reporting tools for the investment management team and board of trustees. Prior to that he was the Director of Portfolio Risk Management at Genworth Financial Asset Management with active risk management strategy and operational duties for over $5 billion in private client discretionary portfolios, work which led to exceptional results during the 2008 financial crisis.

He spent over 18 years in Europe and the Middle East in senior management roles at such institutions as Credit Suisse, the National Bank of Kuwait and HSBC Private Bank covering fixed income, equity, private equity and hedge fund research, investment portfolio & risk management, team leadership and investment systems development. Mr. Stalder earned his Bachelor of Arts in Economics from the University of Chicago and his MBA from the Tuck School at Dartmouth College.

Dr. Nils Bierkamp is a Senior Consultant. He is a specialist in quantitative investment strategies and operational portfolio management. He has many years of professional experience in the area of global asset allocation. He also draws upon wide experience in the conception and organization of operational processes and has been in leading positions in these areas of responsibility.

Prior to his engagement in the U.S., Nils served as head of trading and execution and head of portfolio management operations for Vescore Deutschland GmbH in Germany, a multi-billion euro quantitative asset manager.

Dr. Bierkamp earned his business degree at the Friedrich-Alexander University in Erlangen, Germany, with main focus on investment banking and quantitative econometrics. After graduation he wrote his dissertation at the chair of statistics and econometrics, where he has conducted empirical research on portfolio optimization under various risk measures and distributions of the hyperbolic type.

In 2006 he published the book “Simulative Portfolio Optimization under Distributions of Hyperbolic Type – Methods and Emperical Investigation”.