David MacFarlane, Managing Director
David MacFarlane founded Drake Capital in early 2001 to manage global hedge fund portfolios for institutional investors and other sophisticated investors. Mr. MacFarlane has over 20 years of experience managing hedge fund portfolios, and has longstanding relationships with leading hedge fund managers across virtually all hedge fund strategies. From 1993 through 2001, Mr. MacFarlane was President and Managing Director of Kemnay Services USA Inc., a family office of related investment companies and charitable foundations, where he managed hedge fund portfolios well in excess of $1 billion. He has also served on the boards of a variety of well-established hedge funds including those managed by Tiger Management LLC, Marshall Wace, Oechsle Partners, LLC and Adelphi Capital LLP. Prior to Kemnay, Mr. MacFarlane served as Director of J O Hambro Magan, a specialist M&A advisory firm in London. Mr. MacFarlane is currently Chair of the Board of Directors of the University of Virginia Investment Management Company (UVIMCO). He has served as a board member of numerous other non-profit organizations. Mr. MacFarlane holds an M.B.A. with distinction from Harvard Business School and a B.A. with distinction from the University of Virginia. He is a Chartered Financial Analyst.
Ray Gustin, Managing Director
Ray Gustin has over 20 years of senior investment management experience managing hedge fund and private equity portfolios and investments, including 15 years at Drake Capital. Prior to joining Drake Capital in 2003, Mr. Gustin was Managing Director and General Partner at private equity firm Cornerstone Equity Investors, where he invested in growth companies in the technology, communications and business services sectors. Prior to joining Cornerstone in 2000, Mr. Gustin was Managing Director of the US M&A practice of TD Securities, where he advised clients and invested the bank’s proprietary capital in a wide range of private equity investments. Mr. Gustin joined TD Bank in 1989 in the restructuring advisory practice, where he completed restructurings in the retail/consumer, media/communications and cyclicals industries. Mr. Gustin is currently a member of NRDC’s Global Leadership Council, Chair of the Board of Directors of the Indian Harbor Yacht Club Foundation, and a Trustee of the Greenwich Roundtable, where he has been a member of the Education Committee since 2007. Mr. Gustin has co-authored numerous publications on topics of interest to institutional investors, including Best Governance Practices in Delegation and Consultant Selection for Long-Term Funds; Best Governance Practices for Investment Committees; Best Practices in Alternative Investing: Avoiding Mistakes; Best Practices in Alternative Investing: Managing Complexity; Best Practices in Alternative Investments: Due Diligence; and Best Practices in Alternative Investing: Portfolio Construction. Other publications include “Overcoming Challenges in Investment Approach of the Endowment Model” (Pensions & Investments, 2010). Mr. Gustin holds an M.B.A. from the University of Chicago and a B.S. with honors from Pennsylvania State University.
Bill Knight, Principal
Bill Knight joined Drake Capital in 2006 to leverage his public equity investment experience into hedge fund investing. At Drake, Mr. Knight has responsibility for all facets of the investment process across all hedge fund strategies. Prior to joining the firm, Mr. Knight was a senior equity analyst at Elm Ridge Capital, a $1.5 billion long/short equity fund, where he researched and evaluated securities across a broad set of industries in 2004 and 2005. During 2000-2004, Mr. Knight was responsible for the equity research of industrial and capital goods companies at Credit Suisse Asset Management, where he was a Director. Prior to this, Mr. Knight was a sell-side equity analyst at Credit Suisse First Boston and Morgan Stanley covering aerospace and defense stocks. Mr. Knight served as a Lieutenant in the United States Navy in the Navy’s nuclear power program during 1990-1995. He is a Chartered Financial Analyst. Mr. Knight holds an M.B.A. from the University of North Carolina and a B.A. from the University of Virginia.
Jackson Zhu, Senior Analyst
Zaiqing (Jackson) Zhu joined Drake Capital as a senior analyst in 2018 after interning with the firm during 2017. Prior to joining Drake Capital and while working toward his M.B.A. during 2015-2017, Mr. Zhu interned as a research analyst at Bowdoin College’s endowment office, as a research analyst at Credit Suisse and as a strategy consultant at Deloitte Consulting. Mr. Zhu began his career as an analyst at Bloomberg (2010–2015), where he developed financial models and related computer applications for a wide range of financial services clients. Mr. Zhu is a Chartered Financial Analyst. He holds an M.B.A. from Yale University and a B.B.A. in accountancy from City University of Hong Kong.
Cathy Lai, Chief Financial Officer
Cathy Lai is responsible for managing all financial and tax matters for the Funds. Ms. Lai is also responsible for conducting Drake Capital’s operational due diligence of fund managers across all strategies. Prior to joining Drake Capital in 2006, Ms. Lai was a Managing Director and the Controller at FrontPoint Partners LLC. In that role, Ms. Lai oversaw the financial and administrative functions for the FrontPoint hedge funds, the management company and its international subsidiaries. Prior to joining FrontPoint in 2003, she was a Senior Fund Administration Analyst at SAC Capital, where she was responsible for the financial and administrative functions for its hedge funds. Ms. Lai is a Certified Public Accountant and holds an MBA from Bernard Baruch College, an MA from St. John’s University, and a BA from Tamkang University in Taiwan.
KC Chen, Controller
Kuo-Chan (KC) Chen joined Drake Capital in July 2016. Prior to Drake Capital, Mr. Chen was a senior management and fund accountant at Hudson River Trading LLC in New York. Prior to Hudson River, Mr. Chen was a fund operation and accounting supervisor at SS&C Technologies. He received his B.A. in economics from National Taipei University; he subsequently received his M.S. in accounting from the University of Texas at Austin. Mr. Chen is a C.P.A., a Chartered Financial Analyst and a certified Financial Risk Manager.
Kelly Humiston, Office Manager
Kelly Humiston has been Drake Capital’s Office Manager since December 2013. Prior to Drake, Ms. Humiston was an executive assistant at Spencer Stuart in Stamford, CT, from 2010 until 2013; she also worked as the office manager at Perkins Fund Marketing in Southport, CT. Previous to that, she worked at Greenwich Time newspaper, Gartner, META Group, and JHM Financial Group in various administrative and editorial roles. Ms. Humiston holds a bachelor’s degree in political science from Binghamton University and a master’s degree in journalism from Syracuse University. She also is a notary public and Certified Professional Organizer.