David B. Small is Managing Director and a member of the Investment Committee at Grosvenor Capital Management, L.P. in Chicago. Grosvenor specializes in multi-strategy, multi-manager hedge fund of funds. The firm manages approximately $ 25 billion for global financial institutions such as public and private pension funds, banks, insurance companies, and sovereign wealth funds. The firm invests in approximately 80 hedge fund managers across a variety of strategies including fundamental long/short credit and equities, distressed corporate credit, structured credit and asset based lending, relative value/arbitrage/event driven, and global macro, in both developed and emerging markets.
During his 19 year tenure at the firm, Mr. Small has shared responsibility for setting investment policies and goals; portfolio management including investment decision making, qualitative and quantitative risk management/analytics, top down strategy allocations, bottom-up manager/fund selection; performing all aspects of hedge fund manager investment due diligence including evaluation of investment experience, quality of investment research and analysis, risk preferences and trading savvy of key investment professionals, effectiveness of incentive compensation structure, efficacy of investment decision making and corporate control model, organizational structure/product offerings and potential conflicts of interest, quality and sophistication of risk analytics/management; and structuring leveraged and guaranteed alternative investment products.
Prior to joining Grosvenor, Mr. Small was Founder/CEO/Chief Financial Engineer for David Bruce & Company, a Chicago based software development and consulting firm which specialized in portfolio risk management and trading support systems for exchange traded and over-the-counter derivatives and cash securities.
Mr. Small has spoken at and chaired numerous hedge fund/alternative investments industry conferences on various topics including hedge fund investment and non-investment due diligence, risk management of convex/complex strategies, institutionalization within and development of the hedge fund and alternative investment industry; and the attractiveness/market characteristics of specific investment strategies.
Mr. Small is currently a Trustee of the Columbia Acorn and Wanger Advisors family of mutual funds and serves as a member of the contracts, performance analysis, and securities lending committees. The Columbia Acorn/Wanger funds focus on US and global small and mid-cap equities; total AUM is approximately $ 25 billion.
Mr. Small is also an elected Member of the Township High School District 113 Board of Education, which includes Highland Park High School and Deerfield High School, serving approximately 3700 students and employing approximately 330 faculty.
Mr. Small earned his B.S. in economics at the Wharton School, University of Pennsylvania and his M.B.A. in finance/econometrics at Booth.
2013 - 2014 Course Schedule
||Hedge Fund Investing