PAUL ISAAC, Managing Director, Chief Investment Officer, Investment Committee member, joined Cadogan in 1999 and participates in the evaluation of managers and the research and assessment of economic and financial market conditions in which hedge funds operate, as well as the evolving structural characteristics of the various sub-sectors of hedge funds. Mr. Isaac also is part of portfolio management decisions, including creating new client portfolios and selecting or eliminating managers from those existing portfolios of which he is an investment committee member. He has 35 years of investment management experience, covering a broad range of opportunistic strategies as well as fixed income and value equity portfolios.

He was previously an analyst for S.C. Fundamental, LLC, a value equity hedge fund. Mr. Isaac also brings a broad range of sell-side experience through 18 years of senior-level management in the securities industry. During that time, he developed and/or managed the municipal, government, mortgage-backed and high-yield bond departments of Mabon, Nugent & Co. and its successor firms. He served as its Chief Economist and Board and Executive Committee Member, and chaired the firm's Commitments and Credit Committees. Mr. Isaac also served a term as the Chairman of the Securities Industry Association Capital Rules Committee. For more than ten years, he has been the Treasurer and Investment Committee Chairman of a public charity.

Mr. Isaac has been and remains an active investor. He graduated from Williams College with Highest Honors in Political Economy and was a Thomas J. Watson Foundation Fellow.