Founding Partner, Chief Executive Officer & Co-Chief Investment Officer
Brian founded Pine River Capital Management in 2002, believing that a new institution could thrive if it embraces strong core values and a drive to constantly improve.
As Chief Executive Officer and Co-Chief Investment Officer, Brian is responsible for management of the business and oversight of the funds and investments. He is the Chairman of Pine River’s Executive Committee and Operating Committee, and serves on the firm’s Compliance, Risk Management, Terms, and Human Capital Committees. Brian is also the Chairman of Two Harbors Investment Corp. Prior to Pine River’s inception, Brian began his career at EBF & Associates in 1988 as a trader, becoming head of the convertible arbitrage group in 1994, and was named a Partner in 1997. His responsibilities included portfolio management, marketing, product development, and trading information systems development. He received an MBA with a concentration in Finance and a specialization in Statistics from the University of Chicago in 1988 and a BS in Accounting with a minor in Mathematics summa cum laude from Millikin University in 1986.
Outside of Pine River, Brian serves on the board of the Northside Achievement Zone, a group working to permanently close the achievement gap and end generational poverty in North Minneapolis.
Partner & President of Pine River
Aaron’s discipline, integrity and enduring relationships are key components of the firm’s excellent reputation among its peers and clients.
As President of Pine River, Aaron plays an active role in guiding the firm’s business activities, including product development, counterparty relationships, human resources, and financial and expense management. He is Co-Portfolio Manager for the Pine River Fund, where he oversees asset allocation for the broad array of asset classes that make up the firm’s flagship multi-strategy fund. Aaron serves on Pine River’s Executive Committee and Hiring Committee. Prior to joining Pine River in 2002, Aaron traded US convertibles, debt and equities using a variety of arbitrage strategies and performed credit analysis for EBF & Associates from 1998 to 2002. Aaron received a BA in Economics from the University of Chicago in 1998. He was admitted to the partnership in 2006.
Partner & Portfolio Manager
Nikhil exemplifies the drive and competitive excellence that have gone into building the firm’s global presence.
Nikhil manages the London office and is a Portfolio Manager focusing on Asian and European Debt and Equities strategies. Prior to joining Pine River in 2002, Nikhil traded Japanese convertible bonds, credit derivatives and options for EBF & Associates beginning in 1998. Nikhil received a BA in Economics from the University of Chicago in 1998. He was admitted to the partnership in 2006.
Partner & CEO of Two Harbors
When he helped create Two Harbors, Tom combined Pine River’s deep-seated values with the entrepreneurial drive to create a bold new institution.
Tom is President and Chief Executive Officer of Two Harbors. He is on the board of the Pine River Foundation and on the Charitable Initiatives Committee. Tom also serves on the board of Silver Bay Realty Trust Corp. Prior to joining Pine River, Tom was head of the Value Investment Group at EBF & Associates in Minnetonka, MN. He joined EBF in 1989 and was named a Partner in 1997. From 1999 to 2006, Tom was the portfolio manager of Merced Partners, LP and Tamarack International Limited, which engaged in a variety of distressed, credit and value strategies. Tom began his career at Cargill where he was a founding member of their Financial Markets Department. He received a BBA from the University of Iowa with a major in Finance in 1981. Tom was admitted to the partnership in 2006.
Partner & Portfolio Manager
Jiayi is a highly skilled and experienced trader of U.S. mortgage-backed securities, applying intensive modeling and analysis to unlock value in this multi-trillion dollar market.
Jiayi is Co-Portfolio Manager for the Pine River Fixed Income Fund. Prior to joining Pine River in 2008, Jiayi was an Analyst for Goldman Sachs Asset Management in Beijing as part of the Fixed Income Group. While at Goldman, Jiayi was part of a quantitative team that designed and implemented a mortgage model, currency factor model and an equity risk model. During the summer of 2006, Jiayi was an intern with Goldman Sachs Fixed Income Group in New York. Jiayi received a BA in Mathematics from Tsinghua University in Beijing in 2005 and an MA in Statistics from Columbia University in 2006. He was admitted to the partnership in 2011.
Partner, General Counsel & Co-Chief Operating Officer
Tim ensures that all of Pine River’s activities are carried out with the highest levels of integrity, transparency and regulatory compliance.
Tim is General Counsel and Co-Chief Operating Officer. He is a member of Pine River’s Compliance Committee and also serves on the Executive, Operating, Valuation and Terms Committees. Prior to joining Pine River in 2007, Tim served as Vice President and General Counsel of NRG Energy, Inc. from 2004 until 2006. He served as Deputy General Counsel of NRG Energy from 2000 to 2004 and Assistant General Counsel from 1996 to 2000. Prior to joining NRG, Tim was an associate at Sheppard Mullin in Los Angeles and San Diego, California. He received a BA in History from Princeton University in 1981 and a JD from the University of Minnesota Law School in 1986. Tim was admitted to the partnership in 2010.
Outside of Pine River, Tim is a member of the Global Council of the Alternative Investment Management Association (AIMA), and serves on the board of trustees of St. Paul Academy and Summit School, an independent K-12 in St. Paul, Minnesota.
Partner & Portfolio Manager
Colin’s experience on both the buy-side and the sell-side has given him the skills and knowledge to identify relative value opportunities throughout the markets.
He is Co-Portfolio Manager of the Pine River Fund and Head of Pine River Customized Investment Solutions (PRECISION). Prior to joining Pine River, Colin was a Managing Director at Morgan Stanley from 2003 to 2011, where his latest position was Co-Head of U.S. Liquid Rates Trading after previously serving as Head of MBS Pass-Through Trading. In 2003, Colin was a mortgage portfolio manager at Caxton Associates. From 1992 to 2003, Colin had various roles within Goldman Sachs, most recently in the firm’s Asset Management division as Lead Portfolio Manager for the Goldman Sachs Global Opportunity Fund and Head of the Emerging Markets Debt Portfolio Management Team. Prior to that, he spent eight years in Goldman’s investment bank as market maker in MBS Pass-Through trading and Emerging Markets debt. Colin received an AB cum laude in Economics from Harvard University in 1992. He was admitted to the partnership upon joining the Firm in 2011.
Outside of Pine River, Colin serves on the Board of Good Shepherd Services, a group providing individual, family and school-based services to vulnerable youth in New York City.
Partner & Co-Chief Investment Officer
James applies unflinching intellectual honesty, instinct and analytical rigor to create sustainable value for Pine River’s clients.
James is Co-Chief Investment Officer and Co-Portfolio Manager of the Pine River Fund. He serves on the firm’s Executive, Risk Management, and Human Capital Committees. Prior to joining Pine River in 2012, he spent 18 years at Goldman Sachs Asset Management where he was a Managing Director and Partner. While at Goldman Sachs, he held a variety of roles including Head of Risk and Portfolio Construction, Co-Head of U.S. Fixed Income, and Head of Mortgage Trading. From 1992 to 1994, James served as an Analyst at Travelers Insurance. He began his career as a Research Analyst at the Federal Reserve Bank of Boston. James received an MBA from the University of Chicago in 1992 and a BA from Kenyon College in 1988. He was admitted to the partnership in 2013.
Outside of Pine River, James serves on the board of Scenic Hudson, a New York nature advocacy group.
Partner & CIO of Two Harbors
Bill oversees Two Harbors’ investments with a philosophy built on intellectual strength, uncompromising improvement and institutional discipline.
Bill is Chief Investment officer of Two Harbors and serves on the firm’s Board of Directors. He also serves on Pine River’s Charitable Initiatives Committee. Prior to joining Pine River in 2009, Bill was at Citigroup and its predecessor firm Salomon Brothers for 28 years, where he was named Managing Director in 1997. There, he managed a proprietary trading book of mortgage and asset-backed securities from 2004 to 2009, was part of the Salomon/Citi New York Mortgage Sales Department from 1994 to 2004, and was part of Salomon’s Chicago Financial Institutions Sales Group from 1981 to 1994. He received an MBA in Finance from the University of Chicago Graduate School of Business in 1981 and a BS in Finance and Economics from Miami University in Oxford, Ohio in 1979. He was admitted to the Pine River partnership in 2012.
Partner & Chief Risk Officer
Paul partners with Pine River’s portfolio managers to maintain the crucial balance between pursuing superior risk-adjusted returns and acting as a responsible steward of our clients’ capital.
As Chief Risk Officer, Paul vets every trade, investment strategy and counterparty relationship at Pine River to ensure they fit within our stringent guidelines. He serves as Chairman of Pine River’s Risk Committee and serves on the firm’s Operating Committee. Prior to joining Pine River in 2010, Paul was the Director of Quantitative Research at Stark Investments in Milwaukee beginning in 2006, where he was responsible for all modeling and analytics and was a member of the firm’s Risk Committee. From 1992 to 2005, Paul worked at the financial markets division of Cargill, and its successor Black River Asset Management, where he ultimately was a Managing Director and Portfolio Manager focused on capital structure arbitrage. From 1989 to 1992, Paul served as a Vice President of Fixed Income Research and as an MBS Trader for Lehman Brothers in New York. Paul was an Assistant Professor of Finance at the University of Michigan from 1987 to 1989 and at the University of Minnesota from 1983 to 1987. He received a PhD in Economics from Harvard University in 1983 and a BA in Economics from the University of California, Los Angeles in 1979, where he was a Regents Scholar. Paul has published several articles in academic journals. He was admitted to the partnership in 2013.
Partner, Chief Information Officer & Co-Chief Operating Officer
David manages the systems that give life to the brainpower, creativity and precision that underlie everything that Pine River does. David is Chief Information Officer, Co-Chief Operating Officer, and is a member of the firm’s Operating Committee. Prior to joining Pine River in 2012, David was the Chief Technology Officer of the Enterprise Division at Thomson Reuters beginning in 2010. From 2001 to 2010, David worked at SAC Capital Advisors, L.P. where he ultimately served as a Managing Director and Chief Technology Officer. David was responsible for all aspects of the firm’s technology strategy, including all infrastructure and development functions. From 1996 to 2001, David worked for Barclays Capital in a variety of positions including Head of Technology for the Americas. From 1994 to 1996, David worked for JP Morgan Chase as Associate of Global Technology of Operations, and from 1992 to 1994 David worked for Unilever as a Programmer/Analyst. David received an MS in Information Systems from Pace University in 1994 and a BS in Business Administration and Management Information Systems from Boston University in 1991. He was admitted to the partnership in 2014.