Bruce H. Lipnick has served as Chief Executive Officer and Chairman of the Board of Directors of Asset Alliance Corporation (“Asset Alliance”) since 1996. He has an extensive background in alternative investments with over 35 years of experience in the investment management and financial services industries, and was a pioneer in utilizing various hedging techniques in portfolio management in the early 1970’s through the 1980’s. Since founding Asset Alliance in 1996, he has established the strategic direction of the company and oversees corporate finance, manager selection and evaluation, product development and investment allocations. He is often quoted in industry publications and has spoken at various hedge fund conferences. Mr. Lipnick serves on the board of all of Asset Alliance’s wholly-owned subsidiaries. These include Asset Alliance International (UK) Limited, which serves as the company’s European headquarters and is based in London and a member of the FSA. Mr. Lipnick also serves as the Chief Investment Officer of Asset Alliance and chairs the Investment Committee which is responsible for making investment and allocation decisions for products advised by Asset Alliance. He is also Portfolio Manager for the BTOP50 Funds. Prior to founding Asset Alliance, Mr. Lipnick served as principal, general partner and senior executive officer for several investment management organizations including Wharton Management Group, Inc., which he founded in 1982. Among other affiliate manager-related activities, Mr. Lipnick serves on the Boards of Directors of Wessex Asset Management Limited, a UK based hedge fund manager and Alternative Investment Partners, the advisor to certain open-end, publicly available, no load mutual funds. Mr. Lipnick is a member of the Advisory Council of the Milken Institute California Center and of the Advisory Board of the Eco Power Conference in Brazil. He is also a member of United States House of Representatives Speaker Nancy Pelosi’s Speaker’s Cabinet, and in 2002 he received Ernst and Young’s Entrepreneur of the Year Award. Mr. Lipnick is a supporter of the New Combinations Fund for the New York City Ballet and a supporter of the School of American Ballet at Lincoln Center. He is also a patron of MOMA and the Metropolitan Museum of Art, a past Dinner Chairman of Petra Nemcova’s Happy Hearts Fund and a board member of Hedge Funds Care. In 2008, Mr. Lipnick received the Lifetime Humanitarian Award for Giving from Hedge Funds Care. Earlier in his career, Mr. Lipnick was President and Founder of the Elms Companies and was Vice President of Ladenburg Thalmann & Co., a merchant investment bank, in addition to founding and serving as President of Pierpont Management, Inc., a family office. Mr. Lipnick received a BA in Finance from Long Island University in 1969. Mr. Lipnick has directly or indirectly owned or operated seats on several major U.S. Securities and Commodities Exchanges.

Mr. Bondi has served as Senior Vice President and Chief Financial Officer of Asset Alliance since 2000 and Executive Vice President and Chief Financial Officer of Asset Alliance since 2007. Mr. Bondi, a member of the executive management team, has over 25 years of experience in the investment management and financial services industries. He oversees the financial, accounting, operations, risk management and compliance departments and is an integral part of the manager evaluation and acquisition process as well as product development. He also serves as Chairman of the Company's Risk Management Oversight Committee and as Asset Alliance’s Chief Compliance Officer. In addition, he serves on the Board of Directors, and is Chief Financial Officer, of Hedge Harbor, Inc., a member of FINRA, and Hedge Harbor Limited, an appointed representative of Asset Alliance International (UK) Limited, and serves as a senior financial executive for other wholly-owned subsidiaries of Asset Alliance. Mr. Bondi is President of the BTOP50 Managed Futures Fund, a closed-end mutual fund advised by the Company and also is a trustee, Treasurer and Chief Financial Officer of the Alpha Hedged Strategies Fund (NASD “ALPHX”) and the Beta Hedged Strategies Fund (NASD “BETAX”), open-end mutual funds advised by Alternative Investment Partners, a company of whose Board he also serves on which, is an affiliate of Asset Alliance. For approximately 18 years prior to joining Asset Alliance in July 2000, Mr. Bondi held various senior financial officer and business positions with Gabelli Asset Management Inc. (renamed GAMCO Investors, Inc.) and served as a director for certain related entities. Prior to joining Gabelli, Mr. Bondi was a Senior Accountant at Spicer & Oppenheim specializing in audits of financial services companies (1980 - 1982). Among Mr. Bondi’s non-profit activities, he serves as a Board Member and Treasurer and member of the executive committee of the Coalition Against Child Abuse and Neglect and through December 2007, he served as a trustee of the Greenwich Roundtable, Inc., an organization focused on educating investors regarding the alternative investment community. He received a BBA from Hofstra University and an MBA from Columbia University Graduate School of Business. Mr. Bondi is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants.

James Parker
Managing Director of Asset Alliance International (UK), Ltd.

James Parker is Managing Director and head of Asset Alliance International (UK), Ltd. which is based in London. He is responsible for the development of the Group's international operations through manager research and acquisitions, securing strategic joint ventures and distribution opportunities, and the development of specialized products. Mr. Parker has over twenty years of financial experience. He began his investment-banking career with Marine Midland Bank NA in 1981, and since 1984 worked in the financial markets of Asia, from both London and Hong Kong. Previous positions included Managing Director of W I Carr Far East, London and Head of Global Equity Sales at HSBC Securities. His most recent position was as Global Head of Marketing for ABN AMRO Asset Management's Alternative Investment Group, where he was also a member of the Alternatives investment committee and the portfolio manager of the ABN AMRO Asia Pacific Multi Strategy Fund, an Asia focused fund of hedge funds. Mr. Parker has a BA degree in Modern Languages and Modern History from Hertford College at Oxford University, UK.

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Elliot Noma, Ph.D
Senior Risk Advisor

As Senior Risk Advisor, Dr. Noma is responsible for the risk oversight of Asset Alliance's various product offerings, including issues of valuation and quantification of trading and position risk for various strategies and hedging opportunities. Dr. Noma is a member of the Company's Investment Committee, Risk Management Oversight Committee and the Index Committee for the CTA Index Fund. He also is a member of the Financial Risk Manager (FRM) examination committee within the Global Association of Risk Professionals (GARP). Prior to joining Asset Alliance, Dr. Noma was Senior Risk Analyst, Fixed Income Products, for Merrill Lynch Investment Managers (2000-2003). Earlier in his career, Dr. Noma was a Director of Corporate Risk Management overseeing derivative and fixed income products within Deutsche Bank, Americas (1995-1999), and developed Fixed Income market strategies at, J.P. Morgan Securities (1993-1995). Dr. Noma spent four years in the Psychology faculty at Rutgers University (1983-1986) and his research has been published in numerous industry journals and scholarly periodicals. Dr. Noma graduated from Dartmouth College in 1972 with a BA in Mathematics. He received M.A's in Mathematics and Psychology in 1979 and a Ph.D in Mathematical Psychology in 1982 from The University of Michigan. In 1990, Dr. Noma received an Advanced Professional Certificate in Finance from New York University.

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Xiao-Hong Jing, Esq.
Legal Advisor

As Legal Advisor, Ms. Jnig oversees the company's legal functions. Prior to joining Asset Alliance, Ms. Jing worked in various departments of Davis Polk & Wardwell, including the investment management group, merger and acquistions department and banking department. She received a BA in English and Economics from Wellesley College and a JD from Yale Law School.