Adrian L. Mackay | Portfolio Manager and Fund Advisor


Adrian Mackay is responsible for overall portfolio construction and equity derivatives trading at Freestyle. He also manages Freestyle's advisory activities and oversees all client relationships.  Prior to founding Freestyle as a multi-strategy fund in 2002, Mr. Mackay was an investment banker for over twelve years at ING Barings / Furman Selz, Lehman Brothers and Kidder, Peabody.  As a banker he completed numerous financing and principal investment transactions involving all elements of the capital structure and advised on a range of mergers and acquisitions.  In addition, he has been a director of several private companies.  Mr. Mackay holds a BSc in Electronic Engineering from Southampton University in England and an MBA from Tulane Business School in the United States, where he graduated first in class, and completed the PADE at IESE Business School in Spain. Mr. Mackay competed on the Great Britain National Swim Team from 1986 to 1987. He enjoys skiing and triathlon for which he has been a Team USA member. Mr. Mackay is fluent in Spanish and French.


Robert J. Reynolds | Fund Advisor


Robert Reynolds develops capital introductions outside the United States with a focus on European investment sources. Prior to coming to Freestyle, Mr. Reynolds made capital introductions for the Pengana Global Volatility Fund and led that fund into a key relationship with Deutsche Bank's London office. Before his cap intro work for Pengana, Mr. Reynolds raised capital for start-ups in the Telecommunications and Digital Media space. He also held executive positions in the cable television industry serving as Vice President of Mid-Hudson Cablevision in New York's Hudson Valley from 1980 to 1994. Mr. Reynolds has served on several boards and remains a director of Mid-Hudson Partners. He holds a MS in Philosophy from Rensselaer Polytechnic Institute where he also earned a BS in Cognitive Science. Mr. Reynolds has written several articles and reviews for magazines, and is the author of, On the Value of Human Connectedness to Nature, published in 1994.


Ruth Upton | Portfolio Manager


Ruth Upton focuses on fundamental research of corporate equities and bonds.  She has more than fifteen years of experience in value-driven investing. Her work spans the entire capital structure, from high yield and distressed bonds, to busted convertibles and leveraged equities including value, special situations, turnaround and post-reorganization opportunities. Her previous experience includes five years as an analyst and portfolio manager at Narragansett Asset Management, and over ten years as a high yield research analyst at SG Cowen Securities, SBC Warburg and Dillon, Read, and as an account officer at The Industrial Bank of Japan. Ms. Upton holds a BSE in Electrical Engineering (cum laude) from Duke University and an MBA from the University of Chicago, Graduate School of Business. She is a Chartered Financial Analyst.


Stephanie R. Elbaum | Chief Compliance Officer and Chief Financial Officer


Stephanie Elbaum is responsible for financial and operations management at Freestyle. Prior to joining Freestyle in 2006, Ms. Elbaum was a senior accountant at Jacobson Family Investments and was responsible for all accounting aspects of the family investment office including oversight of the financial books and records of the family’s investment vehicles, outside audits and annual tax return preparation. Prior to joining Jacobson Family Investments, Ms. Elbaum was at PricewaterhouseCoopers from 1999 to 2002 where she was responsible for external fund auditing. Ms. Elbaum holds a BBA in Accounting from Hofstra University and is a Certified Public Accountant.