Senior Management
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Murray Stahl

Chairman, Chief Executive Officer, Chief Investment Officer, Co-Founder

Murray Stahl

Chairman, Chief Executive Officer, Chief Investment Officer, Co-Founder


Murray is Chief Executive Officer, Chairman of the Board of Horizon Kinetics and is a co-founder of the Firm. He has over thirty years of investing experience and is responsible for overseeing the Firm’s proprietary research. Murray serves as the Firm’s Chief Investment Officer, and chairs the Firm’s Investment Committee, which is responsible for portfolio management decisions across the entire Firm. He is also the Co-Portfolio Manager for a number of registered investment companies, private funds, and institutional separate accounts. Additionally, Murray is the Chairman and Chief Executive Officer of FRMO Corp. He is also a member of the Board of Directors of the Minneapolis Grain Exchange, the Bermuda Stock Exchange and Texas Pacific Land Corporation. Prior to co-founding the Firm, Murray spent 16 years at Bankers Trust Company (1978-1994) as a senior portfolio manager and research analyst. As a senior fund manager, he was responsible for investing the Utility Mutual Fund, along with three of the bank’s Common Trust Funds: The Special Opportunity Fund, The Utility Fund, and The Tangible Assets Fund. He was also a member of the Equity Strategy Group and the Investment Strategy Group, which established asset allocation guidelines for the Private Bank. Murray received a Bachelor of Arts in 1976, a Masters of Arts in 1980 from Brooklyn College, and an MBA from Pace University in 1985.

Steven Bregman

President, Co-Founder

Steven Bregman

President, Co-Founder


Steven is the President of Horizon Kinetics and is a co-founder of the Firm. He is a senior member of the Firm’s research team, a member of the Investment Committee and Board, and supervises all research reports produced by the Firm. As one of the largest independent research firms, Horizon Kinetics focuses on structurally inefficient market sectors, including domestic spin-offs, global spin-offs (The Spin-Off Report and (Global Spin-Off Report), distressed debt (Contrarian Fixed Income) and short sale candidates (Devil’s Advocate), among others. Horizon Kinetics has also taken an interest in creating functionally improved indexes, such as the Spin-Off Indexes and the Wealth Indexes (which incorporate the owner-operator return variable). Steve is also the President and CFO of FRMO Corp., a publicly traded company with interests in Horizon Kinetics and is a member of the Board of Directors of Winland Electronics, Inc. He received a BA from Hunter College, and his CFA® Charter in 1989. Steve has authored a variety of papers, notably “Spin-offs Revisited: A Review of a Structural Pricing Anomaly” (1996) and “Equity Strategies and Inflation” (2012).

Peter Doyle

Managing Director, President of Kinetics Mutual Funds, Inc., Co-Founder

Peter Doyle

Managing Director, President of Kinetics Mutual Funds, Inc., Co-Founder


Peter is a Managing Director and co-founder of the Firm. He is a senior member of the research team, and a member of the Investment Committee and the Board. Peter is a Co-Portfolio Manager for several registered investment companies, private funds, and institutional separate accounts. He is also responsible for oversight of the Firm’s marketing and sales activities and is the Vice President of FRMO Corp. Previously, Peter was with Bankers Trust Company (1985-1994) as a Senior Investment Officer, where he also served on the Finance, Utility and REIT Research sub-group teams. Peter received a BS from St. John’s University and an MBA from Fordham University.

Thomas Ewing

Managing Director, Co-Founder

Thomas Ewing

Managing Director, Co-Founder


Tom joined the Firm in 1996 and is a member of both the Board and the Investment Committee. Tom oversees Horizon’s North Carolina office and is instrumental in the creation of new Horizon Kinetics investment strategies. Previously, Tom was a Marketing Director with Smith Barney’s Capital Management Division (1989-1991) and then a Financial Consultant at Wheat First Butcher Singer (1991-1996). Tom received a BA from Washington & Lee University.

John Meditz

Senior Portfolio Manager, Co-Founder

John Meditz

Senior Portfolio Manager, Co-Founder


John is a co-founder of the Firm and manages customized portfolios for a number of Horizon Kinetics’ private clients. Previously, John was a Senior Portfolio Manager at Bankers Trust Company in the Private Banking Division and a Senior Member of the Trusts & Estates Investment Committee. John is also a Board Member/Trustee for several not-for-profit organizations. He received a BA from Fairfield University and an MBA from the Rutgers University Graduate School of Management.

Alun Williams

Chief Operating Officer

Alun Williams

Chief Operating Officer


Alun joined the Firm in 2009 and, after 12 years as the firm’s Director of Trading and Operations, took over the role of Chief Operating Officer in 2021. As Chief Operating Officer, Alun is responsible for overseeing daily operations and administrative functions for Horizon Kinetics. Prior to 2009, Alun was at Goldman Sachs where he was the head of GSAM Operations Salt Lake City. Alun joined Goldman Sachs in 1996 and in his time there held a number of operational and control positions within the equity, private wealth and asset management divisions. Alun received a BSc in Business Administration from Bath University, England.

Paul Abel

Senior Portfolio Manager

Paul Abel

Senior Portfolio Manager


Paul joined the Firm in 1999 and currently serves as Portfolio Manager to The Medical Fund and various other private funds. Paul’s primary duties include research and analysis of developing scientific technologies and innovations in the medical and bio-pharmaceutical industries. Prior to joining Kinetics, Paul was employed by Brookhaven National Laboratories, from 1989 through 1999, where he researched, developed and implemented technical and scientific programs and systems in the areas of nuclear physics, computer programming and industrial design. During that time, Paul also provided freelance writing services for the Academic Science and News Review, reporting and offering insight on a myriad of issues and developments in the fields of science and technology. Paul received a BS in Physics from SUNY Stony Brook and holds a Master’s Degree in Mechanical/Nuclear Engineering from Manhattan College.

Rich Begun

Senior Portfolio Manager

Rich Begun

Senior Portfolio Manager


Rich joined the Firm in 2012 and currently serves as a Senior Portfolio Manager in the Private Client Group managing custom client accounts. Previously, he was a Senior Portfolio Manager and Senior Vice President at Olstein Capital and a Principal and Global Portfolio Manager at Clay Finlay. Rich also held positions as a Director and Portfolio Manager at Orbitex, and as a Vice President and Portfolio Manager at the Bank of New York. In addition to his portfolio management background, he has also served as a senior research analyst, covering financials, energy, industrials and consumer services. Rich holds a BS in Economics from Binghamton University, an MA in Economics from Brooklyn College and an MBA from Baruch College, Zicklin School of Business.

Thérèse Byars

Research Analyst

Thérèse Byars

Research Analyst


Thérèse joined the Firm in 2006 and is responsible for supporting the Firm’s research team, primarily working with the CEO and President. She also serves as Corporate Secretary of FRMO Corp., a publicly traded company.  Prior to joining the Firm, she was a professional violinist and private teacher in New York City. Thérèse attended the Hartt School of Music and received a BS (magna cum laude) in Economics from Columbia University.

Ryan Casey, CFA®

Research Analyst

Ryan Casey, CFA®

Research Analyst


Ryan joined the Firm in 2011 and is responsible for authoring certain of the Firm’s proprietary research reports. He has been involved in writing various research reports since 2008, when he was a senior analyst with Institutional Research Group. Ryan is an experienced equity research analyst, and was previously a senior analyst with Bear Stearns. He received a BS in Electrical Engineering from the University of Michigan, an MBA from New York University and is a CFA® charter holder.

James Davolos

Portfolio Manager, Research Analyst

James Davolos

Portfolio Manager, Research Analyst


James joined the Firm in 2005 and currently serves as Co-Portfolio Manager for the Inflation Beneficiaries ETF (INFL), the Internet Fund as well as several private funds and institutional separate accounts. He began his investment career with the Firm in 2005, as a member of the trading desk and joined the investment team in December 2006. James began his tenure on the investment team as a generalist analyst covering investment and research opportunities for various strategies managed by the Firm. James received a BBA in Finance from Loyola University in Maryland, and an MBA from New York University.

Andrea DeMichele

Client Portfolio Manager

Andrea DeMichele

Client Portfolio Manager


Andrea joined the Firm in 2006, is responsible for supporting the Firm’s senior Portfolio Managers on various investment strategies, and is involved in marketing activities for institutional and retail accounts. Previously, Andrea worked closely with the Firm for over 10 years while serving as a Director of Research and Senior Analyst at Institutional Research Services, Inc. She received a BBA from the University of Miami.

Matthew Houk

Portfolio Manager, Research Analyst

Matthew Houk

Portfolio Manager, Research Analyst


Matt joined the Firm in 2008 and has responsibilities in both Research and Portfolio Management. Matt is involved in the identification, analysis and monitoring of certain investment opportunities for the Firm. He is also a Co-Portfolio Manager for several registered investment companies including the Kinetics Small Cap Opportunities Fund, the Kinetics Multi-Disciplinary Income Fund, and the Kinetics Alternative Income Fund. Matt is also the Co-Chairman and Co-Chief Executive Officer of Winland Holdings Corporation, where he serves as a member of the Audit Committee, Investment Committee, Compensation Committee, and Nominating/Governance Committee. Previously, Matt was with Goldman, Sachs & Co. He received a BA in Economics and Political Science from Yale University.

Utako Kojima, CFA®

Portfolio Analyst

Utako Kojima, CFA®

Portfolio Analyst


Utako joined the Firm in 2010 as a Portfolio Analyst, primarily focusing on the Firm’s Asia Strategy.  Prior to this, Utako was an equity analyst at AS Hirota Capital Management, LLC. Her experience includes consulting in the Valuation Division at Shin-Nihon Ernst & Young Transaction Advisory Services, Tokyo, Japan. Previously, she served in the International Products Client Services and Sales Operations group at Deutsche Securities Limited, Tokyo, Japan, managing post transaction processes and client services.  Utako received a BA in Political Science from Keio University, Tokyo, Japan, and is a CFA® charter holder.

Andrew Parker

Managing Director

Andrew Parker

Managing Director


Andy joined the Firm in 2019 and is responsible for product development, cultivating private client relationships, and assisting in the implementation of the Firm’s investment views. He has worked as an investment professional for over 30 years. Prior to joining the Firm, among other roles, Andy served as Chief Portfolio Strategist at Lazard Wealth Management, Director of Quantitative Strategies at Bessemer Trust Company and as Portfolio Manager/Director–Securitized Products for Credit Suisse Asset Management. Earlier in his career Andy worked for Morgan Stanley, Drexel Burnham Lambert and Salomon Brothers. He currently serves as a Member of the Board of Trustees of his alma mater, Gettysburg College. He is also a Chartered Alternative Investment Analyst (CAIA) and holds the Series 7 and 65 securities licenses.

Eric Sites

Portfolio Manager, Research Analyst

Eric Sites

Portfolio Manager, Research Analyst


Eric joined the Firm in 2004 and is responsible for conducting and authoring research for the Firm. In particular, Eric co-authors the Stahl Report, which identifies opportunities in the large capitalization arena. He is also a Portfolio Manager for several private funds, and serves on the investment team for certain of the registered investment companies managed by the Firm. He is also a member of the Board of Directors of IL&FS Securities Services Limited, the Bermuda Stock Exchange and the Canadian Securities Exchange. He received a BA from Southern Illinois University in 2000 and an MA from Columbia University, Teachers College in 2002.

Alan Swimmer

Managing Director

Alan Swimmer

Managing Director


Alan joined the Firm in 2018 and is responsible for conducting research for the Firm with a focus on exchange related investment opportunities. Previously, he was a Managing Director at Environmental Financial Products, a Derivatives Exchange Incubator, and immediately prior to that , he was President of Prescient Ridge Management, a Commodity Trading Advisor. Alan has spent over 28 years in various senior roles in institutional futures and options businesses including as Head of North American Sales at JP Morgan, Head Of Futures at Bear Stearns, and Manager of the Chicago Institutional Futures Business for Citibank. He has held Board of Directors positions at RMG Networks and with The Minneapolis Grain Exchange. He is currently the Executive Vice Chair of the Alumni Board of Governors, and a Trustee of, Washington University in St. Louis, where he received a B.A. in Psychology.

Fredrik Tjernstorm, CFA®

Portfolio Analyst

Fredrik Tjernstorm, CFA®

Portfolio Analyst


Fredrik joined the Firm in 1998 and has responsibilities in both portfolio management and research. He is a Co-Portfolio Manager for several private funds and institutional separate accounts, and authors research reports produced by the Firm. Previously, he was the Director of Research for Brokerage Research Services, an independent research provider which he co-founded. Fredrik has a BSc in Electrical Engineering from Växjö University, Sweden, an MBA with a concentration in Finance and an MSc in Information Systems from Hawaii Pacific University. He also attended Harvard University for parts of his graduate work. Fredrik is a CFA® charter holder.

Steven Tuen, CFA®

Portfolio Manager, Research Analyst

Steven Tuen, CFA®

Portfolio Manager, Research Analyst


Steven joined the Firm in 1996 and has responsibilities in both portfolio management and research. He is a Co-Portfolio Manager for the Global Fund and is responsible for conducting and authoring research. Steven’s research responsibilities include coverage of equity and fixed income securities, with particular emphasis on high yield securities. Previously, Steven spent seven years with Bankers Trust Company as a Portfolio Manager in the Private Client Group, serving high net worth individual and trust accounts. He received a Bachelor’s of Business Administration from Baruch College – City University of New York. Steven is a CFA® charter holder and a member of the CFA Institute as well as the New York Society of Security Analysts.

Aya Hirota Weissman, CFA®

Senior Portfolio Manager, Director of Asia Strategy

Aya Hirota Weissman, CFA®

Senior Portfolio Manager, Director of Asia Strategy


Aya joined the firm in 2010, as a Co-Portfolio Manager for the Asia Strategy. With over 30 years of investment experience, Aya was previously a founder and Chief Investment Officer of AS Hirota Capital Management, LLC. Prior to that, her experiences included acting as a portfolio manager specializing in Japanese securities for Kingdon Capital Management, LLC, a New York–based hedge fund; two years as a partner and Portfolio Manager of Feirstein Hirota Japan Partners, a Japanese long/short hedge fund; and 12 years at Salomon Smith Barney Asset Management, as a Managing Director and Senior Portfolio manager in the US value equity group where she was a founding member of the large cap value equity group, with responsibility for approximately $2 billion in assets. She also worked as a securities analyst covering global technology and consumer sectors at Equitable Capital Management. Aya is a non-executive board member of Toshiba Corp. and was previously a non-executive board member of SBI Holdings, Inc. in Japan. Aya received an MBA from the International Institute for Management Development (IMD) in Lausanne, Switzerland and a BA in Liberal Arts from International Christian University in Tokyo, Japan. She also studied at Chung Chi College at the Chinese University of Hong Kong, as a Japanese Ministry of Education Scholar. Aya is a CFA® charterholder. She is a member of the U.S.-Japan Council and serves on its investment committee. She also serves on Japan ICU Foundation’s investment committee.

John Becker

Senior Vice President

John Becker

Senior Vice President


John joined the Firm in 2008 and is responsible for relationships with Horizon Kinetics’ direct client base, focusing on high net worth clients, Registered Investment Advisers, Family Offices and Institutions. Previously, John spent 10 years with Fidelity Investments as a Private Access Representative and, prior to that, 10 years with Citicorp Investment Services as a Registered Representative. He received a BS from Manhattan College.

Chris Bell

Managing Director, National Sales Manager

Chris Bell

Managing Director, National Sales Manager


Chris joined the Firm in 2001 and currently serves as National Sales Manager, where he is responsible for a national wholesaling team that primarily focuses on the distribution to advisors of the Kinetics Mutual Funds, SMAs and Private Funds. Chris is the FINOP and a Principal of KBD Securities, an affiliate of Horizon Kinetics, LLC. Prior to joining the Firm, Chris was employed by Howard Investment Management as a Director, overseeing institutional and retail sales. From 1998 through 2001, Chris served as an investment advisor with Du Pasquier & Co, Inc., in Paris, France. From 1997 through 1998, he was President of USEXPAT Consulting, a French investment adviser where he had discretionary management responsibility. Chris also held advisor positions with Janney Montgomery Scott and First Albany Corporation. Chris serves as Board President of the Norwalk Symphony Orchestra in Norwalk, CT. Chris received a BA from Old Dominion University in 1984 and is a Certified Financial Planner.

Agustin Krisnawahjuesa, CFA®

Director of Client Service & Business Development

Agustin Krisnawahjuesa, CFA®

Director of Client Service & Business Development


Agustin joined the Firm in 2010 and is responsible for Horizon Kinetics’ institutional client service and business development, as well as cultivating partnerships with likeminded single and multi-family offices. Previously, Agustin was a Vice President at Goldman Sachs Asset Management, concentrating in asset allocation analytics as well as fixed income and GTAA manager selection research efforts. Prior to that, Agustin worked at JPMorgan Asset Management, with roles in asset allocation portfolio construction and implementation, quantitative research and manager selection. Agustin received a B.S. in Economics from The Wharton School of the University of Pennsylvania. Agustin is also a CFA® charter holder.

Andrew Lewis

Vice President

Andrew Lewis

Vice President


Andrew joined the firm in 2021 and is a member of the Firm’s marketing team. He is responsible for relationships with Horizon Kinetics’ direct and indirect client base, working with high net worth clients, Registered Investment Advisors, Family offices and Financial Advisors/Intermediaries. Previously, Andrew spent three years with Brookfield Asset Management as a Director for their Public Securities Group, responsible for the distribution of public and private investments to Financial Advisors and Intermediaries, and spent 8 years at HRC Partners, a third-party marketing firm that represents Horizon Kinetics and other firms to Financial Advisors and Consultants. Andrew’s earlier experience also includes time with PCS Research, a third-party research marketing firm, Mass Mutual and Northwestern Mutual. Andrew received a BS in Finance and Marketing from Grand Valley State University.

Chris McCarthy, CFA®

Managing Director, Head of Institutional Sales

Chris McCarthy, CFA®

Managing Director, Head of Institutional Sales


Chris joined Horizon in 2014 as Head of Institutional Sales. Prior to joining the Firm, Chris spent nearly 11 years at Delaware Investments, most recently as Senior Vice President, Institutional Sales, where he was responsible for the Northeast region. Previously, he served as co-head of Financial Institutional Sales, where he developed Delaware’s sub-advisory, private banking and UCITS fund channels. Chris began his tenure at Delaware as the National Sales Manager for their Defined Contribution (DCIO) business. Prior to Delaware Investments, Chris worked at ExpertPlan, Inc., a web-based retirement platform, as Vice President, Sales and as Director of Business Development at American Skandia (now a unit of Prudential Financial). Chris has a BSBA from the University of Massachusetts, Amherst and an MBA from the University of Notre Dame. He is a member of the Boston Security Analysts Society and the CFA Institute.

James (Jimmy) McShane

Vice President

James (Jimmy) McShane

Vice President


Jimmy originally joined the Firm in 2007 through 2009, and rejoined in 2015 as a member of the Firm’s wholesaling team.  He is responsible for the sale of mutual funds, separate accounts and private funds to financial advisors at national, regional, and independent broker dealers. Jimmy has been in the financial services industry since 1991, most recently, from 2009 to 2015, as a Vice President of Sales at Virtus Investment Partners, Inc.  Previous to that, he was a Senior Vice President at AIG SunAmerica and a Vice President with Natixis Global Asset Management.  Jimmy received a BS from Stonehill College in 1991.

Robert Parauda

Managing Director

Robert Parauda

Managing Director


Rob joined the firm in 2016 and is responsible for business development with the Firm’s direct client base and assisting the Firm’s senior portfolio managers with research, portfolio analysis and portfolio implementation. Rob spent 16 years at Bankers Trust and Deutsche Bank, first in the Controllers group and then the majority of his tenure with DB’s fund-of-funds group, then-known as DB Absolute Return Strategies, as a Portfolio Manager and Head of Long/Short Equity where he was responsible for hedge fund investment due diligence and selection. More recently, Rob worked at Lanx Management LLC and QuantX Holdings Ltd. in senior portfolio management and risk management roles. Rob received a BS in Finance and an MBA in Accounting from Fordham University.

Patrick Peterkin

Vice President

Patrick Peterkin

Vice President


Patrick joined the Firm in 2003 and is responsible for relationships with the Firm’s direct client base focusing on high net worth clients. Prior to Horizon, Patrick was a Vice President & Portfolio Manager for high net worth clients at Mellon Private Wealth Management. He started his career as a Portfolio Manager at Bankers Trust in the Private Banking Division. Patrick received a BA in History from Washington & Lee University.

Jim Pitman

Senior Vice President

Jim Pitman

Senior Vice President


Jim joined the Firm in 2007 and is responsible for relationships with the Firm’s direct client base, focusing on high net worth clients, Registered Investment Advisers, Family Offices and Institutions. Previously, Jim spent 3 years with HRC Partners, a third party marketing firm that represents Horizon to Financial Advisors & Consultants. Jim began his career with Advest, Inc. as a Financial Advisor & Assistant Portfolio Manager. He received a BS in Finance from the University of North Carolina at Wilmington.

Marc Schumacher

Vice President

Marc Schumacher

Vice President


Marc originally joined the Firm in 2001 through 2002 and rejoined in 2007 as a member of the Firm’s wholesaling team.  He is responsible for the sale of mutual funds, separate accounts and private funds to financial advisors at national, regional, and independent broker dealers. Previously, Marc worked as a Financial Advisor at Josephthal and Company.  He began his investment career in 1991 working for several brokerage firms prior to Josephthal. Marc studied Communications at Northeastern University.

Bob Uly

Vice President

Bob Uly

Vice President


Bob joined the Firm in 2003 and is a member of the Firm’s wholesaling team with responsibility for relationships with broker dealers and registered investment advisers. Bob began his investment career in 1982. Prior to joining the Firm he worked for Target Investors, Prudential Securities, Smith Barney, National Securities & Research Corp and LGS Energy, a subsidiary of a publicly traded NYSE utility. Bob started his career with Ocean Drilling and Exploration, where he served as an onsite Manager at both domestic and international locations. Bob received a BA and an MBA from Tulane University.

Michael Zurakhinsky

Vice President

Michael Zurakhinsky

Vice President


Michael joined the Firm in 2005. He has held numerous business development roles for the Firm during his tenure. He is currently responsible for the Firm’s websites and developing the Firm’s online presence, particularly within social media. Prior to joining the Firm, Michael was a part of the investment banking technology group at Merrill Lynch and the strategic consulting team at Accenture. Michael received a BS from Manhattan College, and holds an MBA from the Leonard N. Stern School of Business at New York University.

Gregory Cicero

Co-Manager – Trading and Portfolio Implementation

Gregory Cicero

Co-Manager – Trading and Portfolio Implementation


Greg joined the Firm in 2007 and is a Co-Manager of the Firm’s Trading and Portfolio Implementation team which is responsible for effecting Horizon Kinetics’ portfolio management and investment decisions across client portfolios through trade generation and execution. Prior to 2007, Greg was a Senior Account Specialist at Citigroup and a Portfolio Management Associate for ING Investment Management. Greg received a B.S. in Business Economics from the State University of New York at Oneonta.

Linda Collins

Director of Human Resources

Linda Collins

Director of Human Resources


Linda joined the Firm in 2009 and is responsible for Human Resources activities, including payroll, benefits, talent acquisition, compensation, employee relations, performance management and human resource policies and procedures. Previously, Linda served as a Senior HR Generalist at several large financial service firms including Credit Suisse, Citigroup, Deutsche Bank and Bankers Trust, where she provided human resources support to a variety of groups. Linda received an MBA from Fordham University and a BA in French from Long Island University.

Michael Feeley

Director of Operations and Trading

Michael Feeley

Director of Operations and Trading


Michael joined the Firm in 2005 and became the Director of Trading and Operations in 2021. Michael is responsible for operations and trading functions that support the daily portfolio management activities of the Firm. Prior to that, Michael managed the Firm’s Core Operations team for 12 years and has also served as an Assistant Portfolio Manager for the Firm. Previously, Michael was a Trader for CHL Asset Management and Assistant Trader at Hanover Asset Management, where he started his career. He received an MBA with a concentration in Finance and a BBA in Accounting from Hofstra University.

Aron From

Corporate Controller

Aron From

Corporate Controller


Aron joined the Firm in 2011 as the Firm’s Corporate Controller and is responsible for firm-wide financial reporting.  Previously, he was with Serengeti Asset Management, LP where, as a management company accountant, he was responsible for firm-wide financial reporting.  Prior to Serengeti, Aron served as a Senior Accountant for S.A.C. Capital Advisors, LLC where he was responsible for maintaining the management company books and records as well as the preparation of the firm’s monthly reporting package.   Prior to S.A.C., Aron served as a Staff Accountant for I.D.T. Media as well as for Louis J. Septimus & Co., CPA.  Aron holds a BA in Accounting from Queens College.

Kevin McRae

Director of Technology and Chief Information Security Officer

Kevin McRae

Director of Technology and Chief Information Security Officer


Kevin joined the Firm in 2010 and is responsible for the oversight of technology and information security. Previously, Kevin spent 10 years at Goldman Sachs as a Vice President in the Technology Division supporting the Asset Management (GSAM), Merchant Banking and Investment Banking Divisions. Prior to Goldman, Kevin was a Technology Consultant providing software development services to many Fortune 500 companies. Kevin received an MBA in Finance from New York University and a BS in Computer Science from Hobart College.

Rachel Rock

Co-Manager – Trading and Portfolio Implementation

Rachel Rock

Co-Manager – Trading and Portfolio Implementation


Rachel joined the Firm in 2007 and is a Co-Manager of the Firm’s Trading and Portfolio Implementation team which is responsible for effecting Horizon Kinetics’ portfolio management and investment decisions across client portfolios through trade generation and execution. Previously Rachel held positions with PNC Bank, Sloate Weisman Murray & Co., KR Capital Advisors, Paine Webber and Bank of New York Mellon. Rachel received a BA in International Finance from LaSalle University.

Judy Yellin

Fund Controller

Judy Yellin

Fund Controller


Judy joined the Firm in 2009 as the Firm’s Fund Controller and is responsible for the oversight of all fund accounting and fund administration for the Firm’s private investment funds. Previously, Judy worked for the Bank of New York Mellon where she was a Vice President responsible for various aspects of private fund reporting, including NAV calculations and shareholder reporting within BNYM’s fund administration system. Prior to this, Judy was a Senior Accounting Manager for ADP/OMR, a full service private fund administrator, after starting her career at Deloitte & Touche. Judy is a Certified Public Accountant and holds a BS in Accounting from Brooklyn College.

Jay Kesslen

General Counsel, Managing Director

Jay Kesslen

General Counsel, Managing Director


Jay joined the Firm in 1999 and currently serves as General Counsel, Managing Director, and is a member of the Board. He oversees all aspects of the Firm’s legal affairs, advises on all material compliance matters, and is responsible for the Firm’s corporate governance. Jay is the Firm’s Anti-Money Laundering Officer and also serves as a Director for several private funds managed by subsidiaries of the Firm. He is also Vice President and Assistant Secretary for Kinetics Mutual Funds, Inc., a series of U.S. mutual funds managed by Kinetics Asset Management LLC, a subsidiary of the Firm. Jay also serves as the General Counsel of FRMO Corp., a publicly traded company. Jay holds a BA in Economics from the State University of New York at Plattsburgh (cum laude) and a JD from Albany Law School.

Russell Grimaldi

Chief Compliance Officer, Associate General Counsel

Russell Grimaldi

Chief Compliance Officer, Associate General Counsel


Russ joined the Firm in 2005 and currently serves as the Chief Compliance Officer and Associate General Counsel. He oversees the Firm’s compliance program and supports all legal and regulatory functions. Russ has substantial experience with the rules and regulations governing the investment management industry and is a frequent speaker at various industry events. He is also a member of several of the Firm’s operating committees and is the Anti-Money Laundering Compliance Officer for the Firm’s offshore private funds. Russ holds a BA in Legal Studies from Quinnipiac University (cum laude) and a JD from Albany Law School.

Andrew M. Fishman

Associate General Counsel

Andrew M. Fishman

Associate General Counsel


Andrew joined the Firm in 1997 and currently serves as an Associate General Counsel, with over thirty years of experience. He is also the Chief Compliance Officer of Kinetics Mutual Funds, Inc., a series of U.S. mutual funds managed by Kinetics Asset Management LLC. Previously, Andrew worked at Bankers Trust Company after starting his career with a law firm. He holds a BA from the University of Michigan and a JD from Columbia University School of Law.

Allison Westmacott

Senior Compliance Officer, Vice President

Allison Westmacott

Senior Compliance Officer, Vice President


Allison joined the Firm in 2015 and currently serves as the Senior Compliance Officer in the Legal and Compliance Department. She is responsible for a variety of critical compliance functions and provides support to the legal division. Allison is also the Deputy Anti-Money Laundering Reporting Officer for the Firm’s offshore private funds. Previously, Allison worked as a Compliance Associate for a New York-based comprehensive wealth management firm. While there, she was responsible for overseeing day-to-day compliance matters and working with the firm’s registered representatives. Prior to that, she was a Legal Assistant with a law firm in Chicago, IL. Allison holds a BA in Political Science from Indiana University.

Wayne Grant

Compliance Associate

Wayne Grant

Compliance Associate


Wayne joined the Firm in 2003 and currently serves as a Compliance Associate in the Legal and Compliance Department. Among other things, he is responsible for administering many of the Firm’s policies and procedures, with particular expertise in issues related to the Code of Ethics. Prior to joining the Firm, Wayne was a manager in the Commissions Accounting Group of Deutsche Bank Private Banking, where he oversaw commission and workflow processes. Prior to this, Wayne served as a Senior Fund Accountant for more than 10 years in the Collective Investment Funds Department of the Private Bank at Bankers Trust Company, where he supervised the reconciliations of monthly portfolio valuations.

Kathleen Nicastro

Compliance Associate

Kathleen Nicastro

Compliance Associate


Kathleen joined the Firm in 2007, and, since February 2018, has been a Compliance Associate in the Legal and Compliance Department. Previously, she was a Trader in the Firm’s Portfolio Management Implementation Group. Prior to joining the Firm, Kathleen was the Operations Manager for Cramer Rosenthal McGlynn, LLC, an equity investment management firm, where she managed a department of five portfolio accountants who were responsible for all operational aspects of separately managed accounts. Kathleen has over 20 years’ experience in the financial industry.