History and Core Values of Runestone Capital

What is Runestone Capital

Runestone Capital was founded in 2014 in London to identify unique investment opportunities with superior risk adjusted performance. With over 28 years’ of investment experience, Founders, Rune Madsen and Rasmus Andersen have worked together since 2008 at Morgan Stanley and Credit Suisse, London. The firm specializes in quantitative and qualitative strategies based on volatility. The firm’s back-tested and proprietary active management models are designed for institutional and private investors seeking alpha-driven returns. The entities for the firm are: Runestone Capital Limited UK, the Runestone Capital Fund and the RuneStone Capital U.S. Fund. Runestone Capital have appointed representative status from BGB Weston, which is authorized and regulated by the FCA in the UK. Runestone Capital Fund and RuneStone Capital U.S. Fund are authorized and regulated by the Malta Financial Service Authority (MFSA).

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Why did we create Runestone Capital

We founded Runestone Capital to freely express our individual investment views without the restrictions of an investment bank. We wanted to be judged on our own merit, not a centralized view. After building a successful wealth management franchise over 15 years, we wanted to create our own firm, to solely express our own views. Due to our conviction in our back-tested, proprietary model, we solely funded the firm with our own capital and we believe that this is the largest opportunity we have ever seen in our investment careers, hence the creation of Runestone Capital.

What is the Runestone Capital Fund

Runestone Capital Fund is an absolute return fund that aims to generate in excess of 20 percent net annualized return over a cycle, regardless of market conditions. The strategy buys or sells US equity index volatility based on statistical probabilities. It has been back tested from January 1st 2006 and been in fund format since 2015.

The strategy is long or short US equity index volatility based on the models and portfolio manager discretion. The strategy is centered on proprietary models, which was built based on our practical, real-life trading experience. The products traded are VIX related products, VIX futures, exchange traded notes, and exchange trade funds that are linked to the VIX future. We have been trading volatility for clients and our own money since 2009. The Funds has monthly investment redemption cycles and are denominated in USD.

 


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Rune Madsen

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Rune Madsen is a co-Founder of Runestone Capital and is the lead Portfolio Manager of the Runestone Capital Fund. He graduated in 1999 from the University of San Francisco with a Bachelor of Science in Business Administration and a Major in Finance (Cum Laude and a 3.85 GPA in Finance).

Rune has over 17 years’ experience at international investment banks. He began his career in 1999 with Salomon Smith Barney (part of Citigroup) in San Francisco, as an college intern and in 2000 as a broker. In 2002, he joined the London office as First Vice President of Investments advising alternative and long-only investment managers, family offices, banks and broker dealers on U.S. equities and derivatives. In 2006, he joined Morgan Stanley in London as Vice President before becoming an Executive Director in 2007, where he advised on European equities, high yield bonds as well as U.S. equities and derivatives. In addition, he advised and developed volatility trading strategies for institutional clients which helped spearhead the sales and trading coverage of family offices. In 2014 he joined Credit Suisse in London as a Director during their takeover of the Morgan Stanley division, where he was the head of the Norwegian and Danish specialist desk.

 


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Rasmus Andersen, CFA

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Rasmus Andersen, CFA is a co-Founder of Runestone Capital and Portfolio Manager of the Runestone Capital Fund. Rasmus graduated in 2006 from the University of Aarhus Denmark with a BSc in Economics and Business Management, finishing top 2% of the class, including a top 1% grade for his dissertation: Estimating Value-at-Risk: A heavy tailed conditional distribution approach. Next to his studies he worked as an academic research assistant from 2004 to 2006 in the field of labour market economics, focusing on large volume database construction and analytics. In 2007 he graduated with an MPhil in Economics from Queens’ College, University of Cambridge with specialist subjects in asset pricing and industrial organization.

Rasmus has over 9 years’ experience at international investment banks. In 2007, he joined Morgan Stanley in London as an Analyst in the Nordic Equity Capital Markets, raising capital by equity issuance and advising corporates, governments and private equity firms. In 2008, he moved to the firm’s European Mergers & Acquisitions team as an Analyst advising buy-side and sell-side transactions to corporates and private equity firms. In late 2008, he joined Rune Madsen’s team as an Analyst and later as an Associate, where he conducted financial modelling and idea generation, both through bottom-up analysis and quantitative methods, as well as the trading of volatility instruments. In addition, he expanded the team’s coverage of clients in Scandinavia, focusing on institutions, alternative and long-only investment managers as well as family offices. In 2014, Rasmus joined Credit Suisse in London as Vice President during their takeover of the Morgan Stanley division and focused on the Danish market.


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Greg Sperrazza

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Greg Sperrazza is currently the US Head of Sales and Marketing for Runestone Capital U.S. Fund. Prior to his role at Runestone, Greg was a Vice President at J.P. Morgan where he spent nearly seven years working in the Private Bank advising the world's most sophisticated families on items including investments, trusts and estates and credit. Before J.P. Morgan, Greg spent time at Massey Quick & Co. a New Jersey based independent wealth management and investment consulting firm that advises high net worth families, single family offices, endowments, and foundations.

Greg is currently a candidate for his Masters in Real Estate with a focus on Real Estate Finance at Georgetown University where he maintains a 3.93 GPA. He also received his undergraduate degree from St. Lawrence University in Global Studies where he was a four-year varsity lacrosse player. Greg holds both Series 7 and Series 63 licenses and lives in New York City with his wife Amy and daughter Sophie.


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Phil Phillips

Senior Advisor

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Phil Phillips is a Senior Advisor for Runestone Capital U.S. Fund and works with institutional, endowment, foundation and platform providers in the U.S. Phil and Greg are working closely together to provide the best possible coverage for our U.S. client base. Phil spent the first 20 years of his career as a VP and Municipal Bond underwriter at Merrill, where he ran a trading desk and was a senior national underwriter. In 1995, he joined Sanford C. Bernstein where he was a Partner and an Institutional Client Advisor. He also managed the firm’s Middle Market practice. After the merger with Alliance Capital he became Senior Vice President and Managing Director at AllianceBernstein. In 2012, Phil joined the JPMorgan Asset Management team as an Executive Director and Client Advisor before retiring in 2014. Phil has remained active in finance and has been an early stage investor in several start-ups. He also chairs the investment committee of The Holy Cross Family Ministries and serves on the investment committee of another endowment. In addition, he volunteers at several voluntary organizations and coaches students about financial literacy.
He graduated from the University of North Carolina, where he was elected to the Phi Beta Kappa Honor Society. He also attend London School of Economics.


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Joakim Jerner

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Joakim Jerner is heading up EMEA Sales and Marketing for Runestone Capital Fund. Before joining Runestone Capital in 2017, Joakim spent three years in Management Consulting where he supported Ericsson’s top management globally on strategic, financial and operational projects as an Engagement Manager. In 2011, he joined Morgan Stanley together with Rune Madsen and Rasmus Andersen where he conducted financial modelling and idea generation, both through fundamental and quantitative methods. As part of the team, he also advised and traded for family offices, hedge funds and UHNWIs on cross-asset and volatility ideas. Prior to his graduation, Joakim spent the summer of 2010 as a Summer Analyst at Morgan Stanley in London. Joakim graduated from Stockholm School of Economics in 2011 with a major in Finance.


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Peter Clarke

Senior Advisor and Investor

Peter Clarke qualified as a solicitor in 1985 before moving into banking with Morgan Grenfell and Citibank. He joined Man Group in 1993, working in Corporate Finance and becoming CFO in 1999 and CEO in 2007. At the time of his retirement in 2013, Man was one of the largest hedge fund managers in the world with over $60 billion in assets under management. Currently he is; Chairman of the National Teaching Awards Trust; Non-Executive Director of AXA Investment Management SA and Chairman of their UK Boards; Non-Executive Director of Lombard Odier Investment Management; Chairman of the board of Lancashire Holdings Insurance; Senior Advisor to Runestone Capital, and investor in Runestone Capital Fund.