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MICHAEL COULTER

CONTACT
908.229.9452

Senior Execution Trader

mikecoulter1@gmail.com

Senior trader with 15+yrs experience covering multiple asset classes. 10+ years with AQR, most recent experience with
Carlyle Group before the entire Toronto office was shut down. Brought in to oversee all of trading within Carlyle Liquid
Markets, previously worked at AQR heading up all of international trading and managing up to 6 traders, covering over
100+ funds/entities. Markets traded include:

EQUITY
Cash
Derivatives
DMA

FIXED INCOME
Cash & Derivatives
Repos
Cash Inflation

FX
Electronic & Voice
Spot & Forwards
G10 & Emerging

FUTURES & SWAPS


Commodities
Interest Rates
CDX swaps

PROFESSIONAL EXPERIENCE
The Carlyle Group, Head Trader Carlyle Liquid Markets, Toronto, CA
November 2015 Feb 2016
Head Trader for $275mm hedge fund unit of Carlyle Liquid Markets, division within Investment Solutions unit of The
Carlyle Group. Responsible for all aspects of trading for two systematic funds, Carlyle Trend Following Fund and Carlyle
Liquid Tactical Fund. Products traded included futures, fx, credit, total return swaps. Additional duties included:

Prepared analysis for futures prime broker (FCM) selection


Evaluated and selected execution management system (EMS) provider
Analyzed optimal times and methods of execution for all products traded
Put in framework for transaction cost analysis (TCA)
Studied and made recommendations for additional markets to trade including currencies, futures and inflation
products
Streamlined execution process to allow for additional fund growth

Carlyle closed Toronto office in February 2016 unrelated to fund performance


AQR Capital Management, Senior Execution Trader / Vice President, Greenwich, CT
July 2004 September 2014
Selected for increased managerial and trading responsibilities as AQR grew from $7B to $100B. Began trading in
European markets; ultimately managed trading team covering all asset classes globally. Worked closely with quantfocused PMs and Research to optimize risk and costs. Established, negotiated, and monitored broker/PB relationships,
rates/CSAs, allocations, and billing. Fostered strong sell-side relationships while tactfully balancing capital commitments.
Presented execution methodology and transaction costs to potential investors during business development meetings.
Initiated and led an effort to improve FX execution through visibility to brokers currency positions. Secured sellside buy-in by explaining the up-side-only potential to 15+ brokers.
Saved ~10mm annually in explicit transaction costsa pitch point used by Business Development and Sales.
Executed a multi-year unwind of interest rate swap book across 6 funds and 15 currencies.
Reduced outstanding notional by >$500B while working with PBs to minimize risk and structure trades efficiently.
Researched frontier market equities and other new markets for PMs. Worked with Legal, Operations, PMs, and
brokers to evaluate feasibility, documentation requirements, risk, and costs.
Enabled the firm to open multiple new funds and increase capacity in existing funds.
Continuously negotiated with brokers/PBs to reduce commission rates.
Lowered commissions in multiple products including futures, swaps, and FX, reducing expense by over $5mm annually.
Handled the most complex transactions, including monthly/quarterly rolls for futures, FX, and repo products.
Consistently realized minimaloften negativetransaction costs, positioning funds for growth.

ING Investment Management, International Equity Trader, New York, NY


May 2000 June 2004
Executed trades for ~$1B in mutual funds and SMAs. Updated PMs on relevant news, market-moving events, and analyst
recommendations. Promoted from Junior Trader to one of INGs primary international traders.
EDUCATION
B.S., Finance, SETON HALL UNIVERSITY, South Orange, NJ. May 2000
Graduated magna cum laude. Inducted into Beta Gamma Sigma national honor society.
Treasurer and founding member of Seton Hall Finance Club.
TECHNICAL SKILLS
Utilize SQL databases and Excel VBA extensively to monitor transaction costs, market liquidity, and position sizing.
OMS & EMS platforms: Charles River | Portware | Bloomberg | BARX | REDI+ | MS Passport | Eze OMS | various
internal proprietary systems