ABOUT

Cem Karsan is the founder and CIO of Kai Volatility Advisors. He is responsible for portfolio construction and firm-wide management and heads research and risk management. 

Cem formed Kai Volatility Advisors after over two decades of experience building industry-leading derivatives businesses. At its peak, during the Great Financial Crisis, Mr. Karsan’s proprietary market-making firm, Precision Capital Management, represented approximately 13% of the daily volume of S&P 500 Options*. In 2010, he divested his stake in Precision Capital to found his investment management firm, now Kai Volatility Advisors.

Cem holds a bachelor's degree from Rice University with a triple major in Mathematical Economic Analysis, Policy Studies & English. He also has an MBA from Northwestern University’s Kellogg School of Management, with an emphasis in Analytical Finance and Management & Strategy.

*Past performance may not be indicative of future results.

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, 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 heads Marketing at Kai, where he merges creative vision with strategic execution to elevate the firm’s presence and connect with investors. His background includes leading content and campaign work for iconic brands like the Atlanta Braves and Delta Air Lines, and he now applies his experience to the complex world of volatility-focused investing.

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.

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.

Good boy.