About Intech

Intech is a privately owned, quantitative asset manager dedicated to delivering distinctive alpha for clients worldwide. Since our beginnings in 1987, Intech has offered investors an unconventional, mathematics-based approach to investing, employing Stochastic Portfolio Theory as a framework to capture diversified sources of alpha.

100% Client Alignment Intech is owned by current and former employees, fostering a steadfast dedication to our clients' interests without external pressures or biases.
Distinctive Alpha Source Intech’s unconventional approach seeks uncorrelated alpha for clients by harnessing stock price volatility – an enduring alpha source available in all markets.
Precision Cut Solutions Intech’s approach is conducive to bespoke solutions that we hone for benchmarks, geographies, risk budgets, or sustainability goals, ensuring alignment with client objectives.

Our Professionals

Intech empowers professionals and fosters their peak performance. We've nurtured a culture that puts teamwork at the forefront, continually honing our ideas, and diligently transforming them into tangible realities. Together, we collaborate and learn, crafting innovative solutions that seek to unveil promising market opportunities for our clients.

Jose Marques, PhD

Chief Executive Officer and Executive Director

Jose Marques, PhD

Jose Marques, PhD, was named Intech’s chief executive officer in April 2022. He is responsible for managing Intech’s overall operations, including its strategy, organizational structure, and board communications. He also serves as an executive director on Intech’s Board of Directors. Dr. Marques is a 30-year industry veteran on both the buy- and sell-sides. He has extensive experience providing and managing strategic direction for companies on a global basis. An engaged, hands-on manager, Dr. Marques offers a high level of business acumen with a relentless focus on client needs.

Previously, Dr. Marques served as CEO at Entrypoint Capital, a quantitative investment management business firm focused on global equity market neutral strategies. Before founding Entrypoint Capital, Dr. Marques was the Head of Trading at Bridgewater Associates, where he managed all operational aspects of the trading business, including counterparty management, risk management, cost management, associated technology, and development of liquidity inputs into Bridgewater’s investment process. Before joining Bridgewater, Dr. Marques was Managing Director and held the roles of Global Head of Equity Electronic Trading and Global Head of Execution Product Development at Deutsche Bank. Dr. Marques was responsible for all aspects of the electronic trading business, which spanned the Americas, Europe, and Asia and included over 640 employees involved in sales and marketing, trading and coverage, product development, operations, and technology. He also served roles in trading and statistical arbitrage at Credit Suisse, Hull Trading (Goldman Sachs), and Morgan Stanley.

Dr. Marques’ academic background includes a PhD in Physics from the University of California, and as a member of the research faculty at Northwestern University. In addition, Dr. Marques has published papers in peer-reviewed journals and had significant funding for his research activities from the U.S. Department of Energy, conducted principally at the Fermi National Accelerator Laboratory.

Adrian Banner, PhD

Co-Chief Investment Officer and Executive Director

Adrian Banner, PhD

Dr. Banner is the firm’s co-chief investment officer. He has served in a CIO capacity, holding both CIO and Co-CIO positions, since 2009. He also served as the firm’s chief executive officer from November 2012 to March 2022.

Since joining Intech, Dr. Banner has been an integral part of the firm’s research team. Having held various roles on the team, Dr. Banner has extensive knowledge of the firm’s trading systems, optimization programs, and research initiatives, both on an operational and theoretical basis.

Dr. Banner has lectured on the stability of market capitalization and low-volatility equity portfolios at a number of academic and professional conferences and has authored several scholarly papers on Stochastic Portfolio Theory. His book, The Calculus Lifesaver, has been praised for being “one of the clearest mathematics texts” and “an indispensable volume for any student seeking to master calculus.”

Ryan Stever, PhD

Executive Vice President, Co-Chief Investment Officer

Ryan Stever, PhD

Dr. Stever works alongside Intech’s Co-CIO, Dr. Adrian Banner, in implementing Intech’s investment process and researching future enhancements. He is responsible for ensuring Intech draws on leading-edge quantitative and analytical resources to capitalize on evolving capital markets, including overseeing Intech’s research technology platform.

Before being named co-chief investment officer in February 2024, Dr. Stever served as deputy chief investment officer of Intech beginning in September 2022. Prior to that, Dr. Stever held positions at BlackRock, serving as the managing director, head of quantitative strategies at Aperio; Citadel, serving as senior researcher, director of equity investment research; and Acadian Asset Management, serving as senior vice president, portfolio manager, and co-director of global equity research. Prior to these positions, Dr. Stever served as a financial economist at the Bank for International Settlements. He began his career as a research associate at the Federal Reserve Bank of San Francisco. Dr. Stever has also acted as a consultant on multiple agreements.

Dr. Stever earned an MS and PhD in Finance from the University of California, Berkeley, and undergraduate degrees in economics and mathematics from Vassar College.

John F. Brown

Executive Vice President, Head of Global Client Development

John F. Brown

Mr. Brown oversees all aspects of the client experience including business development and strategy, client and consultant relations, marketing, and product management.

Prior to joining Intech, Mr. Brown spent six years at Hartford Investment Management Company, where he served as the managing director of the Business and Consultant Development, Client Management, Marketing, and Product Development organizations. In that role, he was responsible for managing the institutional and retail business lines and developing growth strategies in new and existing markets. He was also a member of the executive committee. Before that, he was with Fortis Investments as executive vice president and head of business development and client relations in North America. Mr. Brown also was director of sales at Panagora Asset Management. For 11 years, he was with Fidelity Investments in San Francisco and Boston where he held various positions in management and business development in their defined contribution, defined benefit, and retail businesses. He began his career at Aetna after completing their group benefits training program and was sent to San Francisco where, after two years, he was promoted to Assistant Regional Pension Director.

Lance Campbell, CFA

Executive Vice President and Chief Financial Officer

Lance Campbell, CFA

Mr. Campbell is responsible for the accounting, financial reporting, investment account and composite performance areas and related financial functions.

Mr. Campbell was previously with Trust Company of America and its affiliates where he held senior finance roles. He spent four years prior to that in positions with an Intech former affiliate, Berger Financial Group, in investment accounting and finance roles and two years with PricewaterhouseCoopers providing assurance services.

Mr. Campbell earned the right to use the Chartered Financial Analyst designation.

Paul Cassell

Senior Vice President, Chief Technology Officer

Paul Cassell

Mr. Cassell is responsible for all aspects of technology: network/telephony infrastructure and design; application development and support; systems engineering and administration; end-user services; and information security.

Prior to joining Intech, Mr. Cassell held senior IT leadership positions at NYSE-Euronext, including chief information officer and chief operations officer. He also started his career as head equity trader for IBM Retirement Funds, giving him a unique perspective into our business and clients.

Mr. Cassell received his Bachelor of Science in Business Administration and Management from Sacred Heart University. He holds certifications as an Agile Scrum Master and is also Scrum Master Certified. Mr. Cassell has also been a technology leader for nine M&A transactions as well as two successful IPOs with Archipelago LLC and the New York Stock Exchange.

Martha Franco, PHR

Senior Vice President, Human Resources

Martha Franco, PHR

Ms. Franco is responsible for providing overall human resources leadership to the organization.

Prior to joining Intech, Ms. Franco worked at the Health Care District of Palm Beach County as Human Resources Manager where she was responsible for leading the HR department in all aspects of human resources, including: responsibility for all organizational recruitment, management of FMLA and other organizational leaves of absence, employee relations, performance management, benefits, and compensation.

Ms. Franco holds a Professional Human Resources (PHR) certification.

Investment, Trading, and Research

Adrian Banner, PhD

Co-Chief Investment Officer and Executive Director

Adrian Banner, PhD

Dr. Banner is the firm’s co-chief investment officer. He has served in a CIO capacity, holding both CIO and Co-CIO positions, since 2009. He also served as the firm’s chief executive officer from November 2012 to March 2022. 

Since joining Intech, Dr. Banner has been an integral part of the firm’s research team. Having held various roles on the team, Dr. Banner has extensive knowledge of the firm’s trading systems, optimization programs, and research initiatives, both on an operational and theoretical basis. 

Dr. Banner has lectured on the stability of market capitalization and low-volatility equity portfolios at a number of academic and professional conferences and has authored several scholarly papers on Stochastic Portfolio Theory. His book, The Calculus Lifesaver, has been praised for being “one of the clearest mathematics texts” and “an indispensable volume for any student seeking to master calculus.”

Ryan Stever, PhD

Executive Vice President, Co-Chief Investment Officer

Ryan Stever, PhD

Dr. Stever works alongside Intech’s Co-CIO, Dr. Adrian Banner, in implementing Intech’s investment process and researching future enhancements. He is responsible for ensuring Intech draws on leading-edge quantitative and analytical resources to capitalize on evolving capital markets, including overseeing Intech’s research technology platform.

Before being named deputy chief investment officer of Intech in September 2022, Dr. Stever held positions at BlackRock, serving as the managing director, head of quantitative strategies at Aperio; Citadel, serving as senior researcher, director of equity investment research; and Acadian Asset Management, serving as senior vice president, portfolio manager, and co-director of global equity research. Prior to these positions, Dr. Stever served as a financial economist at the Bank for International Settlements. He began his career as a research associate at the Federal Reserve Bank of San Francisco. Dr. Stever has also acted as a consultant on multiple agreements.

Dr. Stever earned an MS and PhD in Finance from the University of California, Berkeley, and undergraduate degrees in economics and mathematics from Vassar College.

Jian Tang, PhD

Senior Vice President, Portfolio Manager

Jian Tang, PhD

Dr. Tang assists in the implementation and improvement of the Intech investment process.

Before joining Intech, Dr. Tang was a vice president at Goldman Sachs Asset Management in New York City. During his time at Goldman Sachs, Dr. Tang designed and maintained quantitative frameworks for portfolio construction, asset allocation and alpha generation across a variety of products. Prior to that, he was a quantitative research associate at JP Morgan Chase, where he led stochastic modeling assignments for interest-rate derivatives, including bond futures and options.

Dr. Tang received his PhD in Experimental Particle Physics from the University of Chicago where he also worked as a research associate and a teaching assistant in the department of physics. Dr. Tang has earned his Series 7 and Series 63 licenses, and has had several academic publications in a variety of mathematical-finance and physics journals.

Katherine Hardenbergh

Senior Vice President, Director of Research

Katherine Hardenbergh

Ms. Hardenbergh is responsible for collaborating with the Intech investment team to identify innovative alpha signals that can be leveraged across various markets and strategies. Prior to joining Intech, Ms. Hardenbergh contributed her expertise at Bank of America Merrill Lynch, where she held the position of Vice President, Execution Consulting, Equities Electronic Trading. Her most recent experience was with Acadian Asset Management, where she served as Vice President and Portfolio Manager, focusing on Responsible Investing strategies. Ms. Hardenbergh received her Master of Science in Mathematics in Finance from New York University as well as dual bachelor’s degrees from Lehigh University in Information & Systems Engineering and Integrated Business & Engineering with a specialization in Finance.

Paul Duchnowski, ScD

Director, Data Science

Paul Duchnowski, ScD

Dr. Duchnowski is responsible for leveraging data-driven insights to optimize investment strategies, enhance portfolio performance, and drive operational efficiency. He also develops advanced models, algorithms, and tools that extract actionable insights from complex financial data.  

Prior to joining Intech, Dr. Duchnowski contributed his expertise at both Balyasny Asset Management L.P. and GMO, LLC as a Quantitative Analyst, with a special focus on signals from unstructured data and NLP. His most recent experience was with Acadian Asset Management, where he served in multiple capacities, including Investment Research Analyst, Portfolio Manager, and Researcher, developing and managing quant strategies in the Equity Alternatives Group. 

Dr. Duchnowski received a Doctor of Science in Electrical Engineering, a Master of Science in Electrical Engineering, and a Bachelor of Science in Electrical Engineering from the Massachusetts Institute of Technology. He also earned a MicroMasters Certificate in Finance from MITx. He has authored several scientific papers and holds 3 patents. 

Michael Salita

Vice President, Quantitative Trader

Michael Salita

Mr. Salita is responsible for implementing the portfolio rebalance process, as well as performing quantitative analysis on trade execution and market trends. In addition, he is a vital component in programming and implementing proprietary trading system enhancements.

In addition to his majors in Mathematics and Applied Mathematics, Mr. Salita also received minors in Religion and Visual Arts. Mr. Salita was the recipient of the merit-based Venable Scholarship at Hampden-Sydney College for his outstanding academic record.

Mitchell Campbell

Senior Quantitative Trader

Mitchell Campbell

Mitchell Campbell is a Senior Quantitative Trader responsible for implementing the portfolio rebalance process, as well as performing quantitative analysis on trade execution and market trends. Prior to joining Intech, Mr. Campbell worked as a Graduate Intern for Dell Technologies and was a Risk Analytics Advisory Associate for KPMG US LLP.

Mr. Campbell graduated from the University of Virginia with a Masters of Computer Science and BS degrees in Applied Mathematics and Finance from The College of William & Mary.

Richard Yasenchak, CFA

Senior Managing Director, Head of Client Portfolio Management

Richard Yasenchak, CFA

Mr. Yasenchak is responsible for serving as a proxy for the Portfolio Management Team for sales presentations, client reviews and other campaigns by communicating the firm’s investment process and strategies. Mr. Yasenchak works closely with the Client Relations, Consultant Relations and Business Development Teams, facilitating on-site client meetings, attending off-site client meetings as a representative for the Portfolio Management Team and providing in-depth, sophisticated insights into Intech strategies’ performance attribution and trends.

Prior to joining Intech, Mr. Yasenchak spent almost nine years at Russell Investments where he served as a portfolio manager of $5 billion in U.S. equity defensive funds, quantitative funds, midcap funds, separate accounts, and beta strategies for institutions and individuals. In his various roles at Russell Investments, he was responsible for portfolio analysis, portfolio construction, asset allocation strategy, portfolio risk exposure, risk budgeting, client presentation, manager research, creation of financial models and project management.

Before that, he was director of curriculum and certificate programs at Investment Management Consultants Association in Colorado, where he was responsible for the curriculum of the Certified Investment Management Analyst (CIMA) designation with The Wharton School at the University of Pennsylvania and The Haas School at UC Berkeley; he enhanced the CIMA curriculum by adding new learning objectives and topics of derivatives, risk management and behavioral finance.

Valerie Azuelos

Managing Director, Client Portfolio Manager

Valerie Azuelos

Ms. Azuelos works with the Relationship Management Team, serving as liaison between clients and Portfolio Management.

Prior to joining Intech, Ms. Azuelos spent 10 years at SEI in the Paris, London and Philadelphia offices. She held a position as a Client Investment Specialist, where she served as the liaison between the SEI Investment Management Unit and SEI Business Units and clients and was responsible for research and analysis for SEI business development and client service efforts.

She was also responsible for the production and presentation of investment-related client communication materials, such as quarterly investment reviews. During her tenure at SEI, Ms. Azuelos also served as part of the SEI U.S. Small Cap Equity Manager Research Team and was responsible for manager selection, portfolio construction and ongoing portfolio monitoring.

Board of Directors

Jose Marques, PhD

Chief Executive Officer and Executive Director

Jose Marques, PhD

Jose Marques, PhD, was named Intech’s chief executive officer in April 2022. He is responsible for managing Intech’s overall operations, including its strategy, organizational structure, and board communications. He also serves as an executive director on Intech’s Board of Directors. Dr. Marques is a 30-year industry veteran on both the buy- and sell-sides. He has extensive experience providing and managing strategic direction for companies on a global basis. An engaged, hands-on manager, Dr. Marques offers a high level of business acumen with a relentless focus on client needs.

Previously, Dr. Marques served as CEO at Entrypoint Capital, a quantitative investment management business firm focused on global equity market neutral strategies. Before founding Entrypoint Capital, Dr. Marques was the Head of Trading at Bridgewater Associates, where he managed all operational aspects of the trading business, including counterparty management, risk management, cost management, associated technology, and development of liquidity inputs into Bridgewater’s investment process. Before joining Bridgewater, Dr. Marques was Managing Director and held the roles of Global Head of Equity Electronic Trading and Global Head of Execution Product Development at Deutsche Bank. Dr. Marques was responsible for all aspects of the electronic trading business, which spanned the Americas, Europe, and Asia and included over 640 employees involved in sales and marketing, trading and coverage, product development, operations, and technology. He also served roles in trading and statistical arbitrage at Credit Suisse, Hull Trading (Goldman Sachs), and Morgan Stanley.

Dr. Marques’ academic background includes a PhD in Physics from the University of California, and as a member of the research faculty at Northwestern University. In addition, Dr. Marques has published papers in peer-reviewed journals and had significant funding for his research activities from the U.S. Department of Energy, conducted principally at the Fermi National Accelerator Laboratory.

Adrian Banner, PhD

Co-Chief Investment Officer and Executive Director

Adrian Banner, PhD

Dr. Banner is the firm’s co-chief investment officer. He has served in a CIO capacity, holding both CIO and Co-CIO positions, since 2009. He also served as the firm’s chief executive officer from November 2012 to March 2022. 

Since joining Intech, Dr. Banner has been an integral part of the firm’s research team. Having held various roles on the team, Dr. Banner has extensive knowledge of the firm’s trading systems, optimization programs, and research initiatives, both on an operational and theoretical basis. 

Dr. Banner has lectured on the stability of market capitalization and low-volatility equity portfolios at a number of academic and professional conferences and has authored several scholarly papers on Stochastic Portfolio Theory. His book, The Calculus Lifesaver, has been praised for being “one of the clearest mathematics texts” and “an indispensable volume for any student seeking to master calculus.”

Churchill Franklin

Executive Chairperson

Churchill Franklin

Churchill Franklin co-founded Acadian Asset Management LLC in 1986. Acadian is a $100 billion in assets under management quantitative institutional asset management firm with offices in Boston, London, Sydney, Singapore and Tokyo. He assumed the role of Chief Executive Officer on January 1, 2013. In December 2017, he became Chairman, stepped down as Chairman in March 2020 and retired.

A graduate of Middlebury College, Churchill is an Emeritus Trustee of Middlebury, having joined the Board of Trustees in 1989. He served as an active board member from 1989 until 2004 as a Charter Trustee, and Chair of the Board from 2000 until 2004. After a mandatory year off, he became an Emeritus Trustee for life. He was and is still a member of the investment committee for the College’s $1.5 billion endowment. In May 2008, he received an Honorary Doctor of Humane Letters degree from Middlebury College.

Churchill also sits on the board of the Boston Advisory Board of the Posse Foundation, sits on the Board for the Whitehead Institute and serves on the investment committee for the Whitehead Institute’s $800 million endowment. In June 2018, he stepped down as the volunteer President of the Board of the Concord Museum in Concord, Massachusetts, having served in that role for 6 years.

Before joining Acadian, Churchill was the Assistant Treasurer of Thermo Electron Corporation (now Thermo Fisher Scientific), a Fortune 500 company, where he managed all aspects of the treasury function. He was previously a commercial loan officer at Bank of Boston (now Bank of America).

Myron Scholes, PhD

Independent Non-Executive Director

Myron Scholes, PhD

Myron Scholes, PhD, is an independent non-executive director. He is currently chief investment strategist at Janus Henderson Investors. In this role, he leads the firm’s evolving asset allocation product development efforts and partners with the investment team, contributing macro insights and quantitative analysis specific to hedging, risk management and disciplined portfolio construction.

Among his many accomplishments, Dr. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, where he teaches courses including “Managing Under Uncertainty” and “The Evolution of Finance.” He is a member of the Econometric Society and in 1990 served as president of the American Finance Association. Dr. Scholes is widely known for his seminal work in options pricing, capital market equilibrium, tax policies and the financial services industry. He is a Nobel Laureate in Economic Sciences and co-originator of the Black-Scholes options pricing model, for which he was awarded the Nobel Prize in 1997. He is a director of Dimensional Fund Advisors mutual funds and several other private companies and has served as an advisor to the Guangdong Provincial Government.

Dr. Scholes holds a PhD from the University of Chicago. He has honorary doctorate degrees from the University of Paris, France; McMaster University, Canada; Louvain University, Belgium; and Wilfred Laurier University, Canada. He has honorary professorships from Nanjing University, Nanjing Audit University and Xiamen University in China. He was awarded the Innovator of the Year Award from the Chicago Mercantile Exchange and the Lifetime Achievement Award from the Derivatives Association. Additionally, he is a member of the American Academy of Arts and Sciences. Dr. Scholes has consulted widely with many financial institutions, corporations and exchanges, and has lectured for many academic groups and other organizations around the world. He has 52 years of financial industry experience.

Larry Leibowitz

Independent Non-Executive Director

Larry Leibowitz

Larry Leibowitz is an independent non-executive director. He is currently managing partner at Entrypoint Capital, board director at Cowen Inc., an independent investment bank, and vice chairman of Xpansiy, a renewable energy exchange. Mr. Leibowitz offers the board over 40 years of capital markets experience, including trading microstructure, regulation, asset management, and quantitative methods.

Most recently, Mr. Leibowitz served as Chief Operating Officer, Head of Global Equities Markets and Director of NYSE Euronext, holding such positions from 2007 to 2013. Before that, Mr. Leibowitz served as Chief Operating Officer of Americas Equities at UBS, Co-head of Schwab Soundview Capital Markets, and CEO of Redibook. Mr. Leibowitz was formerly a founding partner at Bunker Capital and Managing Director and Head of Quantitative Trading and Equities technology at CS First Boston.

Mr. Leibowitz graduated from Princeton University with a degree in Economics.

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