Company Profile
Merk Mutual Funds is a leader in the currency asset class and a pioneer in providing uncorrelated returns and portfolio diversification through transparent no-load currency mutual funds that do not typically employ leverage.
Merk launched its first fund, the Merk Hard Currency Fund, in May of 2005. Since inception, the Merk Mutual Funds assets have grown to $562 million (as of 12/31/2009), including growth of over 35% in 2008, a very challenging year for the industry.
Thought Leader |
Product Leader |
Exceptional Team |
Merk provides original insights, commentaries and analysis on currencies and the global economy. Merk is an industry leader in research and is a primary source of information for investment professionals and the media.
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| Merk is The Authority on Currencies™. With three no-load currency mutual funds that typically don't employ leverage, Merk is considered a leader in the space.
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At Merk, we have put together an exceptional team that leverages the intellect, ingenuity, analytical rigor and tenacity of all its members.
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Axel Merk
President & CIO
"At Merk independent thinkers and critical analysis integrate to develop unique insights and focused action."
Axel Merk is the President and Chief Investment Officer of Merk Investments, manager of the Merk Mutual Funds.
Founder of the firm bearing his name, Merk is an expert on macro trends, hard money, international investing and on building sustainable wealth. An authority on currencies, he is a pioneer in the use of strategic currency investing to seek diversification. Axel Merk is a sought after speaker and author on topics ranging from the economy, gold and currencies to sustainable wealth and personal finance, as well as a regular guest and contributor to the business media around the world.
Merk’s insight and expertise have allowed him to foresee major economic developments: As early as 2003, he identified the building of the credit bubble; in 2005, he positioned his clients to move out of real estate and the faltering U.S. dollar by investing in hard currencies and gold; in early 2007 he wisely cautioned that volatility would surge, causing a painful credit contraction affecting all asset classes. Read the latest Merk Insights providing the Merk perspective on currencies, global imbalances, the trade deficit, the socio-economic impact of the U.S. administration’s policies and effects on your wealth.
Axel Merk’s 2009 book “Sustainable Wealth” is about understanding how the greater economic universe works, how that may affect your finances, and how to manage those finances to seek financial stability. Click here for more information.
Axel Merk holds a B.A. in Economics (magna cum laude) and a M.Sc. in Computer Science from Brown University.
While best known for his macroeconomic insights, Merk has an extensive quantitative background. While attending Brown, Merk adapted his research in applied mathematics and machine learning to the financial markets. A paper based on Merk's Master of Science Thesis was published by Elsevier Science Publishers in 1992. After completing his masters, Merk conducted post graduate research in finance at Imperial College in London. During the course of his academic work, Merk consistently disagreed with academic research in finance that ignored boundary conditions. Merk, a computer scientist at heart, argued that it was the boundary conditions, the bugs, that crash programs.
Axel Merk founded Merk Investments in Switzerland in 1994 by pooling the investments he had been managing for his friends starting in college. In 2001 he relocated the business to California, and Merk Investments became a SEC registered investment advisory firm. In 2005 Merk Investments launched its first mutual fund, the Merk Hard Currency Fund.
Having extensively studied quantitative modeling early in his career, and realizing the pitfalls of over analyzing - historic - quantitative data, Merk became an expert on qualitative research and macroeconomic trends. Merk's investment philosophy can be best described as an integration of quantitative and qualitative analysis based on the knowledge and experience gained from decades of primary research and direct investment experience
He is married to Hanna Tikkanen-Merk and they live in the San Francisco Bay Area with their four children. He is a marathon runner and a private pilot.
To send Axel Merk a message, please click here.
Kieran Osborne, CFA
Co-portfolio Manager
"Think outside the box, always question popular opinion, never follow the herd; these are the core tenets of the Merk research and investment process."
Kieran Osborne is co-portfolio manager of the Merk Absolute Return Currency Fund. He is an expert on macro trends and currencies and has significant international market experience. His in-depth quantitative financial modeling experience is an integral component in the strategy generation and implementation of the Funds. Through his research capacity, he provides the portfolio management group with valuable macroeconomic perspectives.
Prior to joining Merk Investments, Kieran Osborne worked as an equity analyst for Brook Asset Management, where he worked in both the Australian and New Zealand markets. He has also worked in New York for MCM Associates, a U.S. hedge fund.
Kieran Osborne is a CFA charterholder, holds a Master of Business (Distinction) from the University of Otago, New Zealand, along with a Bachelor of Commerce and a Bachelor of Tourism.
Kieran Osborne lives in the San Francisco Bay area with his wife. He enjoys surfing, tennis, running and Pilates.
To send Kieran Osborne a message, please click here.
Peter Battiste
Senior Analyst
"Merk creates an atmosphere where independent thinkers work towards a common goal of excellence."
Peter Battiste is an Senior Analyst and member of the Merk portfolio management group. He focuses on macroeconomic research, security selection and trade execution. Prior to joining Merk Investments, Battiste gained experience in financial analysis working for Wells Fargo & Co. and Del Monte Foods.
Peter Battiste holds a B.S. in Finance (magna cum laude) and a B.A. in French from Siena College in Loudonville, New York. He studied international finance at CEFAM in Lyon, France and is fluent in French. His thesis work examined spillover between foreign currency and capital markets. He is a Level III candidate in the CFA program.
Peter Battiste’s interests include language, traveling and playing tennis. He lives in the San Francisco Bay Area.
To send Peter Battiste a message, please click here.
Ke Zhang
Financial Analyst Intern
"At Merk, we share a common goal to benefit our clients with our creativity and innovation."
Ke Zhang is an intern at Merk Investments' portfolio management group. He focuses on quantitative analysis and modeling as well as cunducting specific research assignments spanning the currency asset class, academic research and macroeconomics.
Ke is a graduate student at Cornell University majoring in Financial Engineering, with expected graduation in December 2010. Ke received his B.S. in Finance and Mathematics from Wuhan University, China. He subsequently attended Peking University earning an M.A. in Economics and conducted empirical research on Chinese economic issues. Ke is a level II candidate in the CFA program.
In his spare time, Ke enjoys traveling, playing table tennis and poker.
To send Ke Zhang a message, please click here.
William Poole
Senior Economic Adviser
William Poole is Senior Fellow at the Cato Institute, Senior Economic Adviser to Merk Investments and a Distinguished Scholar in Residence at the University of Delaware.
Poole retired as President and CEO of the Federal Reserve Bank of St. Louis in March 2008. In that position, which he held from March 1998, he served on the Federal Reserve’s main monetary policy body, the Federal Open Market Committee. He directed the Bank’s main office in St. Louis and its three branches in Memphis, Little Rock and Louisville.
At Merk, Poole contributes to the economic and monetary policy research and analysis providing valuable insights to the portfolio management team. In addition, Poole continues to be an active and sought after speaker and author.
Before joining the St. Louis Fed, Poole was Herbert H. Goldberger Professor of Economics at Brown University. He served on the Brown faculty from 1974 to 1998 and the faculty of The Johns Hopkins University from 1963 to 1969. Between these two university positions, he was senior economist at the Board of Governors of the Federal Reserve System in Washington. He was a member of the Council of Economic Advisers in the first Reagan administration, from 1982 to 1985.
Poole received his AB degree from Swarthmore College in 1959, and MBA and Ph.D. degrees from the University of Chicago in 1963 and 1966, respectively. Swarthmore honored him with the Doctor of Laws degree in 1989. He was inducted into The Johns Hopkins Society of Scholars in 2005 and presented with the Adam Smith Award by the National Association for Business Economics in 2006. In 2007, the Global Interdependence Center presented him its Frederick Heldring Award.
Poole has engaged in a wide range of professional activities, including publishing numerous papers in professional journals. He has published two books, Money and the Economy: A Monetarist View, in 1978, and Principles of Economics, in 1991. During his 10 years at the St. Louis Fed, he gave over 150 speeches on a variety of topics. In 1980-81, he was a visiting economist at the Reserve Bank of Australia and in 1991, Bank Mees and Hope Visiting Professor of Economics at Erasmus University in Rotterdam. At various times, he served on advisory boards of the Federal Reserve Banks of Boston and New York, and the Congressional Budget Office.
To send William Poole a message, please click here.
Hanna Tikkanen-Merk
EVP Corporate Strategy
"An exceptional company rests on the shoulders of an exceptional team."
Hanna Tikkanen-Merk brings over 15 years of strategy, finance and management expertise to Merk Investments. At Merk, she is responsible for charting and executing the growth of Merk Investments, spanning strategy and planning, new product development, organizational development and recruiting.
Hanna Tikkanen-Merk holds a B.A. in Engineering and Economics from Brown University and an MBA from INSEAD, France.
Prior to joining Merk Investments, Hanna Tikkanen-Merk was a management consultant at Bain & Company and an investment banker at Merrill Lynch managing project teams serving corporate and financial institutions clients in New York, London, Tokyo, Hong Kong, Germany and Scandinavia. Furthermore, she was a Director of Company Sales & Divestitures at Gammer Group International, a boutique M&A advisory company focusing on cross-border mergers and acquisitions.
Hanna Tikkanen-Merk is fluent in four languages and enjoys serving on boards of non-profit educational organizations, promoting multi-lingual education and supporting local and international charitable organizations focused on health and education. She is the President emerita of the German-American International School in Menlo Park. Hanna Tikkanen-Merk is married to Axel Merk; they live in the San Francisco Bay Area with their four children. When not engaged in family activities, she enjoys classical music, karate, literature and flying.
To send Hanna Tikkanen-Merk a message, please click here.
Aaron Leffingwell
Vice President of Sales
"Innovative investment solutions and best-in-class service are characteristics that describe Merk."
Aaron Leffingwell is Vice President of Sales and brings over 14 years of financial services experience to Merk Investments. He is responsible for product distribution and business development of the Merk Mutual Funds through the investment advisor channel.
Mr. Leffingwell holds a B.A. in Political Science from the University of Northern Colorado and an MBA from the University of Denver. He completed executive education coursework at the Harvard Graduate School of Business.
Prior to joining Merk Investments, Mr. Leffingwell was the Vice President & National Manager – RIA Channel at ICON Advisers, and Supervisor, Retirement Plans at OppenheimerFunds. He holds FINRA Series 6, 7, 24, 63, and 65 registrations.
Mr. Leffingwell lives in Denver, CO with his wife and enjoys a wide range of sports activities and traveling.
To send Aaron Leffingwell a message, please click here.
Hannes Mäki-Uuro
Business Development Manager
"At Merk, we strive to show leadership, break old ways of thinking and set new industry standards."
Hannes Mäki-Uuro is Business Development Manager of the Merk Mutual Funds. He manages client analytics and sales support processes and contributes to research and product development with the Portfolio Management Team. He also manages relationships with trading partners and other service providers, and acts as a Project Manager on new product launches.
Hannes Mäki-Uuro holds a Masters of Business and Economics from Uppsala University, Sweden. During his studies, he gained international experience from studying and living in various countries around Europe and the U.S. Hannes Mäki-Uuro is a Level I candidate in the CFA program.
An avid traveler, Hannes Mäki-Uuro also enjoys sailing and golf. He is fluent in four languages.
To send Hannes Mäki-Uuro a message, please click here.
Joe Paone
Online Marketing Manager
"We truly work as a team to reach our goals at Merk. Our environment is one that fosters creativity and innovation."
Joe Paone is the Online Marketing Manager for Merk Investments. He is in charge of charting and executing the online strategy, presence and branding of the company and the promotion of the Merk Mutual Funds via all online and social media. Prior to joining Merk, Joe Paone was the Brand Solutions Manager for a San Francisco based start-up in the online space. He also gained valuable insights into marketing and sales in the financial services industry while working for Fisher Investments as an internal wholesaler.
Joe Paone holds a B.A. in Economics from the University of California, San Diego.
Joe Paone’s other interests include music, reading, tennis, hiking and various other outdoor activities.
To send Joe Paone a message, please click here.
Deborah Goldberg, Esq.
Chief Compliance Officer
"Merk is defined by its dynamic, forward-thinking team."
Deborah Goldberg, Esq. is Merk Investment’s Chief Compliance Officer overseeing compliance with all applicable regulations as well as developing, implementing and managing compliance policies and procedures. Ms. Goldberg has previously worked as an attorney in Bankruptcy Law at the Law Offices of William C. Lewis, and also in Commercial Litigation at the law firm of Glaser, Weil, Fink, Jacobs, Howard & Shapiro, LLP.
Deborah Goldberg holds a B.A. from Brown University (magna cum laude) in Political Science and Russian Studies and a J.D. from the UCLA School of Law. Ms. Goldberg also studied political science at the University of Freiburg in Germany.
In addition to enjoying time with family, she is an avid reader, loves to travel and enjoys volunteering at the German–American International School in Menlo Park, CA. Ms. Goldberg is fluent in German.
To send Deborah Goldberg a message, please click here.
Kimberly Schuster
Director of Finance
"Merk Investments consists of intelligent, enthusiastic, hardworking colleagues actively collaborating in teamplay to achieve the success of the Merk Mutual Funds."
Kimberly Schuster is the Director of Finance, managing all aspects of corporate finance, including liquidity management, financial reporting and accounting for Merk Investments. Additionally, in her capacity as Deputy Chief Compliance Officer, she facilitates corporate compliance with applicable regulations. Kimberly Schuster has worked in the finance field for over twenty-five years. Previously, she has held roles including Chief Financial Officer, Internal Auditor and staff accountant.
Kimberly Schuster holds a B.S. in Accounting from Missouri Western State University.
In addition to her duties at Merk, Kimberly Schuster is also the Controller of the German-American International School in Menlo Park, CA, where she previously served on the Board of Directors as the Treasurer. She is fluent in German.
Her hobbies include knitting, reading and recreational activities with her family.
To send Kimberly Schuster a message, please click here.
Carla Ramos
Finance Operations Manager
"Individual commitment to a group effort - that is what makes our team work, our company work and our society work."
Carla Ramos manages the finance operations for the Merk Mutual Funds. With a decade of industry experience, she oversees trade settlement, fund performance reporting and fund accounting.
Prior to joining Merk Investments, Carla Ramos worked as a Senior Operations Specialist for Greater Bay Trust Company.
Carla Ramos is a committed volunteer, serving local school districts and aiding special needs children. In her free time, she enjoys cooking, bike riding and other outdoor activities.
To send Carla Ramos a message, please click here.
Kristen Johansen
Office Manager
"Dedicated, passionate, incredibly bright, close-knit; this would describe Merk and the people I have the pleasure of working with everyday."
Kristen Johansen oversees workflow at the Merk organization to facilitate a functional, productive, fast-paced environment. Ms. Johansen provides administrative support to the Merk portfolio management team. Prior to joining the Merk team, Kristen Johansen gained over ten years of experience in supporting, planning and executing key administrative, marketing and project management functions at Falcon Research and Academic Systems. Ms. Johansen has also worked at Fidelity Investments in trade processing and project management.
Kristen Johansen studied accounting at Bay State College in Boston, MA.
In her free time, Ms. Johansen enjoys spending time with her family, traveling and gardening. Kristen Johansen is a Notary Public.
To send Kristen Johansen a message, please click here.
Saur Vaishwanar
Financial Analyst Intern
"I am excited to be part of an organization with such integrity and a robust track record."
Saur holds a Masters in Financial Engineering from New York University's Polytechnic Institute. At Merk, he specializes in risk management models and quantitative modeling. Prior to joining Merk, he interned for an investment management firm in New York where he assisted in starting a momentum mutual fund and was involved in macro research and historical case studies.
Before coming to the U.S. to study for his Masters, Saur received his undergraduate degree in Computer Engineering from Mumbai University. He has traveled through more than twenty countries and his interests include behavioral finance, Black-Swans and geo-politics.
To send Saur Vaishwanar a message, please click here.
Fund Operations
Merk Mutual Funds works in close cooperation with the following companies:
Atlantic Fund Administration, LLC
Fund Administration/Fund Accounting |
Foreside Fund Services, LLC
Distributor |
Citi Global Transaction Services
Custody |
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