Cem Karsan

Cem Karsan is the Founder and Senior Managing Partner of Kai Volatility Advisors (formerly Aegea Capital Management), a firm specializing in volatility trading and derivatives strategies.12 He is responsible for firm-wide management, portfolio construction, and serves as the Head of Research and Risk Management.2

Karsan has over two decades of experience in building industry-leading derivatives businesses.2 His career highlights include:

1. Founding Precision Capital Management, a proprietary market-making firm that at its peak during the Great Financial Crisis accounted for approximately 13% of the daily volume of S&P 500 Options.24

2. Working as a volatility trader at RBC Dominion Securities' Derivatives Arbitrage Group from 1999 to 2002.1

3. Working under John Mulheren at Bear Wagner Specialists from 2002 to 2005, helping expand the firm's derivatives arbitrage business.1

4. Founding Kai Volatility Advisors in 2010 after divesting his stake in Precision Capital.24

Karsan's educational background includes:

• A Bachelor's degree from Rice University with a triple major in Mathematical Economic Analysis, Policy Studies, and English.23
• An MBA from Northwestern University's Kellogg School of Management, with an emphasis in Analytical Finance and Management & Strategy.23

Karsan is known for his expertise in volatility trading and macro insights, having been featured in publications such as The Wall Street Journal, CNBC, Fortune, and Bloomberg.5