Based in Chicago, Kai Volatility Advisors is an NFA-registered CTA offering innovative volatility exposure strategies for commodity pools, family offices, RIAs, and high-net-worth investors. We advise 4 specialized funds designed to capitalize on diverse volatility opportunities. Our global macro expertise and proprietary options market analysis enable us to deliver tailored consulting and research solutions to our investors.

Cem Karsan

Chief Investment Officer, Managing Principal

Cem Karsan is the Founder, CIO, and Managing Principal of Kai Volatility Advisors. He is responsible for portfolio construction, and firm-wide management, as well as its Head of Research and Risk Management. Mr. Karsan formed Kai Volatility Advisors after over two decades of experience building industry-leading derivatives businesses. At its peak, during the Great Financial Crises, Mr. Karsan’s proprietary market-making firm, Precision Capital Management, represented approximately 13% of the daily volume of S&P 500 Options. In 2010, Mr. Karsan divested his stake in Precision Capital to found his own investment management firm, now Kai Volatility Advisors. Mr. Karsan holds a Bachelor’s degree from Rice University with a triple major in Mathematical Economic Analysis, Policy Studies & English. He also holds an MBA from Northwestern University’s Kellogg School of Management, with an emphasis in Analytical Finance and Management & Strategy.

Scott Weber

Chief Operating Officer

Scott comes to Kai with an extensive 30-year background in equity and equity index derivatives, blending trading, risk management, and technology. Starting his career in the CME S&P 500 options pit, Scott emerged as an early pioneer of automated market-making in both Europe and the US. He later co-founded and led his own proprietary algorithmic trading company from 2011 to 2019, demonstrating his leadership and innovative approach. Academically, Scott holds a Juris Doctor and an MBA in Finance from the University of Wisconsin, along with a B.A. in History from Lawrence University, reflecting his diverse interests and analytical prowess. His unique blend of experience and education positions him perfectly to drive our operational strategies at Kai.

John Holmes

Head of Business Development

John, our Head of Business Development at Kai Volatility Advisors, brings to his role an extensive background in trading, risk management, and business development, underscoring his global experience across the U.S., Europe, and Asia. His career spans several prestigious Chicago-based firms, including Chicago Research and Trading, Archelon, Gelber, and DRW. John's holds a B.S. in Accounting from the University of Illinois, complemented by an MBA from the University of Chicago’s Booth School of Business.

Patrick Duffy

Head of Marketing

Patrick is the longest-tenured Kai employee and a dynamic professional who majored in Economics and Finance at Georgia State University. After college, he spent 9 years building a visual content marketing agency in Atlanta, where he catered to major clients like Delta Air Lines and the Atlanta Braves. His passion for sports and photography led him to serve as the team visual content creator for the Atlanta Braves for 7 seasons. Patrick's unique skill sets lie at the intersection of creativity and analysis, bringing a rare perspective to the team. He is perfectly equipped to design and implement effective marketing strategies that drive success for Kai.

David Demray

Portfolio Manager

Joining Kai as a Portfolio Manager, David Demray brings an extensive background in equity and index options trading, notably from his pivotal role at Geneva Capital Investments LLC/AlphaGen. Over 11 years, David excelled as a Senior Trader, where his strategic foresight in the SPX options complex significantly bolstered firm profits and operational methodologies. A Bachelor of Science in Learning and Organizational Change from Northwestern University underpins his deep understanding of market dynamics. Beyond the trading floor, David's passions include the culinary arts and part-time professional poker, reflecting his wide-ranging interests and versatility.

Rejnal Tushe

Quantitative Trader

Rejnal Tushe is a quantitative trader with expertise in financial derivatives and risk management. Rejnal studied Mathematical Finance at the University of Toronto and holds a B.Sc.from Rice University. Prior to working at Kai Volatility Advisors, Rejnal made meaningful contributions at various firms, including Goldman Sachs, CBOE Global Markets, and IBM where he honed his skills in cross-asset derivatives, model validation, and portfolio research.

Da Lin

Senior Quantitative Research Analyst

Da is a highly skilled Quantitative Trader and Analyst. Da received his Bachelors in Information Systems Management from Shanghai University of Finance and Economy and a Masters in Mathematical Finance from the Illinois Institute of Technology. He brings a wealth of experience to Kai, having previously worked as a Quantitative Trader at a prop trading desk of a top-tier crypto unicorn, where he gained expertise in trading cryptocurrencies. He also worked as a Quantitative Analyst for Aegea Capital, where he was responsible for developing the firm's system architecture and maintaining its infrastructure. With his strong educational background in information systems and mathematical finance, as well as his experience in trading and analyzing data, Da is well-equipped to make informed decisions and drive success in the field.

Yuan Wei

Quantitative Developer

Yuan, a skilled Developer at Kai since May 2023, is renowned for his expertise in financial technology and system development. At Kai, he excels in designing and developing advanced trading systems using C++ and Python. His previous role at AmberGroup as an Option Developer involved creating a state-of-the-art trading system, highlighting his innovative capabilities. Yuan's experience also includes enhancing search engine technologies and developing quantitative trading software for futures, showcasing his ability to merge technical skills with financial applications. Holding a Bachelor's degree in Mathematics, Yuan's analytical approach is fundamental to his success at Kai, where he plays a crucial role in advancing our technology and financial strategies.


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