QFS Asset Management Names Dr. Jim Xiong as Co-Chief Investment Officer, Appoints New COO and CFO

GREENWICH, Conn., Aug. 17, 2012 /PRNewswire/ -- QFS Asset Management announced today that Dr. Jim Xiong has rejoined the firm as Co-Chief Investment Officer.  Dr. Xiong and Dr. Jim Conklin, QFS's other Co-CIO and Director of Research, will collaborate with the firm's founder Dr. Sanford Grossman in pursuing new research and managing the existing investment programs. Dr. Xiong will also join the QFS Investment Committee. Dr. Xiong was an employee and partner of QFS for almost 14 years until he left in mid-2011 to take a sabbatical from the industry. With his strong expertise in global optimization, multivariate statistics and object-oriented analysis and design, Jim has long contributed significantly to QFS's research and investment process.

Prior to joining QFS in 1997, Dr. Xiong developed financial applications for Salomon Brothers and was a management scientist at General Electric's Center for Research and Development.  Prior to that, he was a team leader at CAE Electronics (in Canada), responsible for developing energy management systems.  Dr. Xiong earned his PhD in Mathematics from Rutgers University and his B.S. from Wuhan University.

Karlheinz Muhr, the CEO of QFS, said: "I am delighted that Jim has decided to return to QFS. During his first 14 years at the firm, Jim played a key role in growing QFS and in contributing to its world-class research process."

QFS also announced the appointment of David L. Zimmerman, the firm's General Counsel, as Chief Operating Officer, and Dan Bender as Chief Financial Officer. The pair will assume the responsibilities of Robert Shustak, who is retiring from the firm at the end of August. Mr. Shustak will remain a director of certain QFS funds, and will serve as a consultant to the firm for a period following his departure.

Mr. Zimmerman is a partner in the firm and has been General Counsel of QFS since February 2006. He began his career at Davis Polk & Wardwell, and was later general counsel of LiveWire Capital, LLC, a private equity investment and management group focused on the technology sector, and Chief Compliance Officer of Chilton Investment Company, a hedge fund manager.  He received his B.A. from Yale University and his J.D. from Columbia Law School.

Mr. Bender joined QFS in May 2012 as the firm's Managing Director of Accounting and Finance.  Prior to joining QFS, Mr. Bender served as the Chief Financial Officer of Ramsey Asset Management, a long/short equity hedge funder manager in the Washington, D.C. area. Before Ramsey, Mr. Bender served as Treasurer and Financial Advisor for Octagon Financial Services, a leading wealth advisory firm catering to professional athletes, artists and entertainers. He began his career in 1998 with the public accounting firm of Badger, Dunham & Aukamp. Mr. Bender holds a B.S. in Accounting from George Mason University and is a licensed Certified Public Accountant in the Commonwealth of Virginia.

Mr. Muhr, the CEO of QFS, said:  "I am excited about these important senior appointments. QFS has a long track record of managing client assets based on a unique and rigorous research and risk management process.   Jim, David and Dan will contribute to the excellence of QFS and help the firm continue to serve its clients as we have for more than 20 years."

QFS ASSET MANAGEMENT, L.P. ("QFS") is a leading asset management firm whose investment programs are based on fundamental economic analysis and employ a rigorous systematic approach and methodology. QFS provides clients with Currency, Global Macro and Fixed Income strategies that generate superior returns that are non-correlated to both major asset classes and other hedge fund strategies; through QFS Solutions it also provides services to help clients manage risk and improve overall portfolio performance. As of 8/1/12, QFS managed $1.9 billion from its offices in Greenwich CT.

www.qfsfunds.com

SOURCE QFS Asset Management