90+ years of combined experience
New Age Alpha is an investment management firm based in Rye, New York. We offer diverse investment products based on our proprietary h-factor, The h-factor is the probability that a company may fail to deliver the revenue growth indicated by its stock price. The H-Factor, previously known as the Expectation Risk Factor or ERF a probability score used to identify losers. A loser is a company that cannot deliver the revenue growth indicated by its stock price. The h-factor is calculated by combining actuarial science with data and technology.
We apply our disciplined and systematic investment approach across all equity styles, capitalizations, regions, and fixed income.
Our firm is owned by its partners and a European pension fund.
Co-Founder Chief Executive Officer
https://www.linkedin.com/in/armen-arus-15619820/
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Armen Arus is Co-Founder and CEO of New Age Alpha. He leads the firm's corporate strategy, operational execution, and product delivery ensuring the integration of actuarial discipline across every aspect of the business. #He also serves on the Board of Directors and as an Interested Trustee to the New Age Alpha Trust. #Together with Julian Koski, Armen co-developed the h-factor™ methodology, which applies actuarial science to systematically avoid overpriced stocks. Prior to establishing New Age Alpha, Armen and Julian co-founded Transparent Value, which was successfully sold to Guggenheim Partners in 2009. #Together, Armen and Julian co-developed New Age Alpha's proprietary h-factor™ methodology: a process that applies actuarial science to identify overpriced stocks and reduce behavioral risk in portfolio construction. #Prior to founding New Age Alpha, the pair co-founded Transparent Value, where they created the h-factor framework. This firm was acquired by Guggenheim Partners in 2009. #While at Guggenheim Partners, Armen led the development of a 250-person offshore research and technology unit, and played a key role in launching and managing products across asset classes and vehicles. #Armen began his career in CMBS at Lehman Brothers and later joined the Acquisition Finance group at JPMorgan Chase. He holds degrees in Finance and Information Systems from the NYU Stern School of Business.
Co-Founder Chief Investment Officer
https://www.linkedin.com/in/juliankoski/
https://twitter.com/juliankoski
Julian Koski is Co-Founder and Chief Investment Officer of New Age Alpha. He leads the firm's investment strategy, product innovation, and distribution platform. #As the public face of the company, Julian also directs advisor engagement and represents the firm across media and industry events. #Julian co-developed the h-factor™ methodology, which applies actuarial science to remove overpriced stocks and systematically avoid behavioral risk. He oversees the design and evolution of all New Age Alpha products, including mutual funds, SMAs, indexes, and advisor tools. #Julian has spent his career building and leading investment firms across asset management, investment banking, and private equity. His first business was acquired by Ernst & Young when he was 29. #Since then, he has launched and managed firms across healthcare, financial services, media, and entertainment, always with a focus on innovation, risk management, and investor alignment. #Before founding New Age Alpha, Julian and Armen co-founded Transparent Value, where they built the investment framework that would later become the h-factor. #The firm was acquired by Guggenheim Partners in 2009. #At Transparent Value, Julian led product marketing and distribution across broker-dealer, wirehouse, and institutional channels, helping to scale adoption of the strategy across diverse investor groups. #Outside of finance, Julian is pioneering a new approach to impact tourism. He invests in and develops conservation-focused hospitality ventures that support local communities while appealing to ultra-high-net-worth travelers. He is the founder and operator of Kubili House, a luxury safari lodge in South Africa's Greater Kruger National Park.
Konstantin Tourevski, CFA
Managing Partner Investments
https://www.linkedin.com/in/konstantin-tourevski-8b736/
Konstantin Tourevski is a Managing Partner and Deputy CIO with over 20 years of portfolio management experience across multiple asset classes and investment strategies. He joined the firm in 2019 and leads portfolio management, research, and trading. #Previously, Konstantin spent 16 years at Loews Corporation, where he advanced from research associate to senior portfolio manager. He developed the firm's credit derivatives and synthetic fixed-income capabilities, managed high-yield bond portfolios, and helped oversee billions in assets under management. #Earlier in his career, he worked in fixed-income research at JP Morgan Investment Management, covering technology, telecom, media, gaming, and leisure industries. #Konstantin has served on fund advisory boards, creditor committees, and a public company board of directors, and has guest lectured at Columbia Business School. He is a CFA charterholder and earned a BA in Economics from New York University, summa cum laude, and an MBA from Columbia Business School.
Gennadiy Khayutin
Managing Partner
Gennadiy Gertsberg leads New Age Alpha's direct indexing initiatives, bringing over 16 years of collaboration with co-founders Armen Arus and Julian Koski. He was a founding member of the management team at Transparent Value, where he played a central role in the firm's growth and successful acquisition. #Prior to New Age Alpha, Gennadiy served as CEO of AWSM Bank. Earlier in his career, he held roles at Goldman Sachs, in the not-for-profit healthcare and higher education sectors, and in fixed income e-commerce, building a broad foundation across finance and technology. #In addition to his leadership roles, Gennadiy is an active angel investor focused on cybersecurity, immersive remote presence, and fintech ventures. #He holds a degree from New York University, graduating magna cum laude, and maintains a strong interest in the transformative impact of technology.
Hugo Chang, CFA, FRM
Senior Managing Director Index Development
https://www.linkedin.com/in/hugo-c-70362b7/
Hugo Chang leads index development at New Age Alpha, overseeing the creation and maintenance of strategies that apply the h-factor™ methodology across fixed income and global equity products. #His work supports the full range of New Age Alpha's offerings, including mutual funds, ETFs, SMAs, and custom solutions. #Before joining New Age Alpha, Hugo held senior index design roles at Invesco Indexing and Guggenheim Partners. He led research and implementation of rules-based strategies across asset classes, and developed a multi-asset index platform for back-testing and live index operations. #Earlier in his career, Hugo was a Senior Research Analyst at S&P Dow Jones Indices, where he focused on custom index research and analytics. #Hugo holds a master's degree in Financial Engineering from the University of California, Berkeley. He is a CFA charterholder and a certified Financial Risk Manager (FRM).
Burak Hurmeydan, Ph.D
Managing Director Head of Quantitative Strategies
Burak Hurmeydan, Ph.D., is a Managing Director and Head of Quantitative Strategies. Before joining New Age Alpha in 2024 he was a Portfolio Manager, and the Head of Quantitative Equity Research at Guggenheim Partners, joining in 2011. #Before Guggenheim, he was a Quantitative Risk/Research Analyst with Citadel Asset Management, joining in 2008. #He earned his B.S. in Economics from Eastern Mediterranean University and an M.S. degree in Economics from Louisiana State University. Dr. Hurmeydan earned a Ph.D. in Economics with a specialization in Financial Econometrics from Louisiana State University.
Carl Isernhinke
Managing Director Investments
https://www.linkedin.com/in/carl-isernhinke-37527423/
Carl Isernhinke is Managing Director of Investments at New Age Alpha, where he focuses on research and investment themes supporting the firm's systematic approach to risk. #He began his career as a derivatives and quantitative analyst for an actuarial consultancy, later co-founding and listing his first asset management company, PSG Escher Multi-Manager, at the age of 26. #Since then, Carl has built and led multiple investment businesses, including establishing the structured products division at ABSA and serving as Chief Investment Officer at Sasfin. #Carl holds a BSc Honours in Actuarial Science and was awarded the Johannesburg Stock Exchange's Spire Innovation Award for creating and listing South Africa's first bond ETF.
Gregory Brushett
Managing Director Business Development
https://www.linkedin.com/in/greg-brushett-01217230/
Gregory Brushett is Managing Director of Business Development at New Age Alpha. He leads internal sales efforts and supports the firm's growth initiatives, working closely with the distribution team to strengthen advisor relationships and expand reach across key channels. #Before joining New Age Alpha, Greg was a financial advisor at Raymond James, focusing on portfolio construction and client development. He also served as an investment consultant at UBS Asset Management, supporting sales across mutual funds, SMAs, and alternatives.
Gerry Hoyme
Managing Director Insurance Partnerships
https://www.linkedin.com/in/gerry-hoyme-189a6513/
Gerry Hoyme is Managing Director of Insurance Partnerships at New Age Alpha, where he focuses on insurance-related distribution and investor relationships. #He previously worked alongside New Age Alpha's founding team at Transparent Value and Guggenheim Partners. Prior to joining the firm, he held roles at McGuinness & Associates, Morgan Stanley, Rothschild Asset Management, and Security Benefit. #Gerry studied History at Santa Clara University and International Public Administration at the University of Southern California. He holds Series 6, 22, and 63 licenses, as well as a Life Insurance license.
Saravanan Sivaguru
Senior Managing Director Technology
Charles Hamparian
Consultant Technology
Keith Kemp
Senior Managing Director Fund Operations
https://www.linkedin.com/in/keithdkemp/
Keith Kemp leads corporate and fund operations for New Age Alpha's full range of investment products, including indexes, SMAs, hedge funds, and ESG strategies. #He oversees operational controls, shareholder servicing, performance reporting, portfolio relationships, and cash management across all fund platforms. #Prior to joining New Age Alpha, Keith served as Managing Director at Guggenheim Partners and Transparent Value, where he worked closely with Armen Arus, Julian Koski, and other members of the founding team. He was also CFO of Guggenheim Specialized Products. #Earlier in his career, Keith was Chief Operating Officer at Macquarie Capital Investment Management, overseeing fund accounting, middle office operations, and FX/cash management across mutual funds, hedge funds, and institutional accounts.
Michael Semack
Senior Managing Director General Counsel and Chief Compliance Officer
https://www.linkedin.com/in/michaelsemack/
Michael Semack serves as General Counsel and Chief Compliance Officer at New Age Alpha. He brings over two decades of experience advising on corporate law, SEC compliance, public offerings, M&A, reorganisations, and cross-border transactions. #Mike has also advised clients in commercial lending, construction finance, licensing, litigation, and appellate matters. #Prior to New Age Alpha, he was General Counsel and CCO at BPV Capital Management, an SEC-registered investment adviser managing over $2 billion in assets. He also practised corporate and securities law at Solomon Blum Heymann LLP. #Mike earned his JD from Brooklyn Law School and his BA from the University of Michigan. He is admitted to practice law in multiple states. A former collegiate hockey player under coach Red Berenson, Mike remains an avid sports fan and passionate supporter of the Michigan Wolverines.
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