Mr. Kurtas is DFG's founder and directs the firm’s investment process. Prior to founding the firm, he launched the New York-based structured credit portfolio management effort for the Active Credit Portfolio Management Group of HVB, as well as built and managed the bank’s first CDO equity portfolio.

Prior to his role at HVB, Mr. Kurtas was the Head of the Risk and Analytics Team at UNIQA Alternative Investments GmbH (UAI), a structured credit asset management firm based in Vienna. He was a member of the team that managed one of the first mezzanine-CLO Squareds issued in 2003, as well as funds of U.S. CLO equities and European ABS assets; he was also responsible for all quantitative analysis of primary and secondary CLO deals. Mr. Kurtas developed the firm’s quantitative and risk management models, reengineering tools, and managed various teams of quantitative and systems personnel. Externally, he was the point person for traders, structurers, rating agencies, asset managers and investors regarding any quantitative aspects of deals and funds. Since 2002, Mr. Kurtas has analyzed hundreds of CDOs focusing on junior and mezzanine tranches in the U.S. and Europe and developed relationships with many leading global credit managers.

Mr. Kurtas holds a B.S. in physics from Bilkent University, Turkey, and has conducted graduate studies and advanced research in finance and economics at various academic institutions in Europe.

Mr. Hilf oversees the Risk Management, Analytics & Technology and Operations groups of DFG, and is a member of the Investment Committee.

Prior to joining DFG, Mr. Hilf was working in the Active Credit Portfolio Management Department of HVB Group in the United States from 2000 to 2007. At HVB, Mr. Hilf was responsible for synthetic CDO investments and CDO model development. He has done extensive modeling on synthetic CDOs, CLOs and CLO Squareds and established tools and methods to find relative value opportunities in the credit derivatives markets. Mr. Hilf’s broad modeling experience includes development of HVB’s default-risk correlation and term structure model, enhancement of HVB’s monitoring systems and data infrastructure. Mr. Hilf also established HVB New York's internal loan transfer pricing model and developed portfolio hedging and ABCP credit risk models as well as improved the bank’s RAROC model, among others.

Mr. Hilf received a Ph.D. and M.S. in Physics from Technical University of Munich, Germany in 2000, and received his B.S. equivalent degree in Business Administration from the University of Hagen, Germany in 1999.

With 24 years of experience as a credit analyst and investor, David Millison has been focused on below investment grade corporate debt since 1987 when he joined market pioneer Michael Milken's High Yield Bond Department at Drexel Burnham Lambert in Beverly Hills, where he was a Senior Vice President and Co-Head of High Yield Research. Most recently, Millison was the CIO and Portfolio Manager for a new credit investment business at private equity firm JLL Partners in 2010. Prior to that he was the CIO and PM at Trimaran Advisors from the firm's 1998 inception through July 2009. At Trimaran he managed seven Trimaran CLOs with $2.5 billion of loans. Mr. Millison received a BS with distinction in Electrical Engineering from Stanford University in 1977, an MBA from Harvard Business School in 1981, and has been a Chartered Financial Analyst since 1988.

Mr. Iwamoto is responsible for business development, marketing and client relations, and is a member of the Investment Committee. Mr. Iwamoto spent nine years at Moody’s KMV in San Francisco, where he worked on starting and growing its business in Asia.

Prior to joining Moody’s KMV in 1998, Mr. Iwamoto worked at international trading companies both in Tokyo from 1991 to 1994 and in Los Angeles from 1996 to 1998.

Mr. Iwamoto received a B.A. in Economics from Aoyamagakuin University in Tokyo in 1991 and an M.B.A. from Pepperdine University in Malibu, California in 1996. Mr. Iwamoto holds the Chartered Financial Analyst designation, is a Certified Financial Risk Manager and a member of the Global Association of Risk Professionals (GARP).

Mr. Cao is responsible for conducting proprietary research on investment strategies, relative value, asset valuation, and risk management among other topics, based on both quantitative and qualitative analysis. Mr. Cao is a member of the Investment Committee, and is actively involved with the company's advisory services and business development process.

Mr. Cao was previously a Structured Credit Trading Strategist in Goldman Sachs' FICC division from 2005 to 2007, where he was responsible for developing models and generating trading strategies across structured credit products, including capital structure arbitrage, long/short correlation and CDS/index basis trading, using stochastic and statistical methods. Prior to joining Goldman Sachs, Mr. Cao was a Financial Engineer at Moody's KMV in the New Product Research group from 2003 to 2005, where he conducted research on correlation and default modeling, developed Merton-based models for the valuation and risk analysis of CDOs and other credit products, and advised key clients on structured credit modeling and risk management.

Mr. Cao received a B.S. in Polymer Physics from the University of Science & Technology of China in 1998, an M.S. in Operations Research from Columbia University in 2001 and was a Ph.D. candidate there from 1999 to 2003.

Ms. Cilka is responsible for asset sourcing, investment analysis and executing the investment mandates. She works closely with the business development group on client relationship efforts.

Ms. Cilka joined DFG in March 2007 from HVB Group, where she worked for 10 years in the controller’s group responsible for credit and market risk reporting of all business units including credit, securities, derivatives and other contingent liabilities. In 2006 she joined HVB’s Active Credit Portfolio Management Group, reporting to Mr. Volkan Kurtas.

Ms. Cilka received a Diploma in Physics from the University of Tirana, Albania in 1994, an M.B.A. from Pace University in 2000 and an M.S. in Financial Engineering from Baruch College in 2007.

Mr. Ostrovsky is responsible for credit analysis of leveraged loans, high yield bonds, and other credit-based securities for the Credit Investments team. He joined DFG from Trimaran Advisors where he worked for Mr. Millison as a credit analyst and senior member of the research team since January 2006. Prior to that, Mr. Ostrovsky worked as a credit analyst at Morgan Joseph & Co. and DebtTraders LLC, where he focused on distressed corporate debt and asset-backed securities, and as a senior associate in the Power & Energy group at Moody's Investors Service. He received a B.S. in Finance and International Business from New York University in 2000 and an M.B.A. from Columbia University in 2003, as well as Collegiate and Young Artist diplomas in Music and Piano from the National Guild of Piano Teachers in 2000 and 2004.

Ms. Selarka is responsible for credit analysis of leveraged loans, high yield bonds, and other credit-based securities for the Credit Investments team. Ms. Selarka has over 11 years of experience in corporate credit analysis with a primary focus on leveraged loans at UniCredit Bank AG (formerly known as HVB), where she served with varying levels of responsibility in various divisions of the bank. As a founding member of the Financial Sponsor & Leveraged Finance team in NY, her primary responsibilities included sourcing financing opportunities, performing due diligence and credit analysis, and driving transactions through the bank’s internal approval process. Ms. Selarka was instrumental in building the business to over $1 billion of exposure in several years. Prior to UniCredit, Ms. Selarka performed audit and tax services for over three years with a Chartered Accounting firm in India. Ms. Selarka received her MBA from the Honors Program of Baruch College in 2000, and her undergraduate degree in Commerce from the University of Mumbai in 1996. She has been a Chartered Financial Analyst since 2003 and a Chartered Accountant (India) since 1997.

Mr. Tepedelenlioglu joined DFG in 2007 and is responsible for the risk reporting of DFG’s existing mandates. He is further involved in the risk management of DFG’s structured credit portfolios, as well as the development of proprietary monitoring and analytical systems.

Prior to joining DFG, Mr. Tepedelenlioglu worked as a postdoctoral research assistant in the Astronomy Department at Pennsylvania State University on theoretical and observational aspects of neutron stars.

Mr. Tepedelenlioglu received a B.S. in Physics from Middle East Technical University in 1998 and studied Mathematical Physics in Bilkent University, Turkey until 2000. Mr. Tepedelenlioglu received a Ph.D. in Astrophysics from the University of Wisconsin at Madison in 2006.

Mr. Chung is responsible for software development and delivery of technologies. He brings a broad range of technology exposure in different industries.

Before joining DFG, Mr. Chung was a Senior Developer at White & Case LLP from 2006 to 2008, where he led the software development of enterprise portal systems. Prior to White & Case LLP, Mr. Chung served as an IT Architect for Meritain Health, where he was responsible for enterprise IT strategies and initiatives.

Mr. Chung received a B.A. in Computer Information Systems from SUNY at Buffalo in 2004.

Ms. Kondo is responsible for trade settlements and cash flow reconciliations. She is engaged in various operational aspects of DFG’s risk and fund reporting.

Prior to joining DFG, Ms. Kondo worked as a representative analyst and subsequently as a technical specialist at the Educational Commission for Foreign Medical Graduates (ECFMG) in Philadelphia from 2005 to 2007. Prior to ECFMG, Ms. Kondo worked as a Software Engineer at Siemens AG, in Vienna, Austria, for more than 10 years. Before her role at Siemens AG, Ms. Kondo worked as a physicist in the radiometry department of the Nuclear Physics Institute in Tirana, Albania, for 13 years.

Ms. Kondo received a Diploma in Physics from the University of Tirana, Albania in 1978.

Mr. Arora is working in the Investment Analysis team and is responsible for analyzing investment opportunities and trade execution.

Prior to DFG, Mr. Arora has worked in the field of Information Theory (Signal Processing Department, IIT Madras, India 2006-2007) and Automated Speech Recognition (Pattern Recognition Department, University of Erlangen, Germany 2005-2006).

Mr. Arora received a Masters Degree in Financial Mathematics from New York University in 2009 and a Graduate Degree in Electrical Engineering from Indian Institute of Technology, Madras in 2007.

Ms. Anthony is responsible for business development, marketing and client relations in North America. Ms. Anthony spent four years at the Ontario Municipal Employees Retirement Board (OMERS) in Canada. She started as a money market portfolio manager. She then managed and traded an active bond portfolio as well as co-managed a C$4 billion bond portfolio. Prior to OMERS, she was an institutional derivative specialist at Nesbitt Burns, responsible for developing and managing client relationships. Ms. Anthony received her CFA designation in 1994, an MBA and BBA from York University, Toronto, in 1990 and 1988 respectively.

Mr. Nerguizian joined DFG in 2009. His responsibilities include supporting business development, marketing and client relationship activities. He has conducted several internships in the fields of commercial banking, wealth management, and debt capital markets, both in Dubai (UAE) and in New York, at firms such as Merrill Lynch, BNP Paribas, and Bank of Sharjah.

Mr. Nerguizian received a B.S in Finance from the Carroll School of Management at Boston College in 2009.