OCC announced today that Thomas R. Cardello and Robert R. Litterman were appointed to its Board of Directors, increasing the number of public directors on OCC's Board from 3 to 5.
Mr. Cardello is the owner of Venice Group, LLC, a conventional and alternative energy company with affiliates that develop and manage quantitative investment strategies for commodity, and commodity derivative assets. Previously, he was a managing partner of Sunrise Capital Partners, a pioneering alternative asset management firm. Prior to that, Mr. Cardello served as Managing Director, Global Electronic Equity Derivatives Market Making at Morgan Stanley where he led the Global Electronic Equity Derivatives Market Making business into a position of recognized leadership. He has also served as Executive Director at hedge fund Paloma Partners, responsible for investment strategy analysis and development, fund-wide risk analysis, and management of a foreign exchange fund. In addition, Mr. Cardello was a Principal at Timber Hill Group LLC . Earlier in his career he held positions at Bank of America, Standard Chartered Bank and Goldman Sachs Group, Inc. Mr. Cardello received a B.S. in Mathematics from Cooper Union for the Advancement of Science and Art in 1976, and a M.Phil., Physics in 1979 and Ph.D., Physics in 1983 from Yale University.
Mr. Litterman is Chairman of the Risk Committee at Kepos Capital, a registered investment adviser and globally focused asset management firm. Before this, he built a successful career and developed risk management expertise at Goldman Sachs where most recently, he was Advisory Director and Chairman, Quantitative Investment Strategies for Goldman Sachs Asset Management. Previous positions include Partner and Head, Firm-Wide Risk Department and Vice President and Co-Director, Fixed Income Research Department. In the latter role, he co-headed the Research and Model Development Group with Fischer Black. During his tenure at Goldman, he researched and published a number of groundbreaking papers in asset allocation and risk management, earning the reputation as an industry leader in risk management. Prior to that, Mr. Litterman worked in the research department of the Federal Reserve Bank of Minneapolis and was an Assistant Professor in the Economics Department at Massachusetts Institute of Technology. Mr. Litterman received an A.B. in Human Biology from Stanford University in 1973 and a Ph.D. in Economics from the University of Minnesota-Twin Cities in 1980.
"It is a pleasure to welcome Mr. Cardello and Mr. Litterman to OCC's Board of Directors," said Craig S. Donohue, OCC Executive Chairman. "As public directors, they will broaden the mix of viewpoints represented on our board. Their deep understanding of the derivatives industry and exceptionally strong experience in risk management will benefit OCC as we further our efforts to enhance our resiliency and meet the heightened expectations of our regulators and market participants," he added.