RJA's path was forged in the 1970s by its founder, Steve Ross, whose discoveries formed the basis for the last several decades of academic research and remain widely used by practitioners today. A vast body of literature was inspired by Steve’s 1976 paper on the Arbitrage Pricing Theory, which was the most influential alternative to the canonical Capital Asset Pricing Model, and remains the bedrock for the nearly $1 trillion invested in factor-based strategies today. As the co-developer of the binomial option pricing model, risk-neutral pricing theory, and the Cox-Ingersoll-Ross term structure model (among others), Steve's contributions to the field form the foundation of RJA's work and impact all derivative managers worldwide.

Most recently, Steve's 2015 Recovery Theorem provided the field with a model to solve one of its oldest problems, namely determining the future real-world probability distribution of an asset’s returns. Over the last several decades, co-founders Rick Antle and Andrew Jeffrey complemented Steve's work, publishing widely in leading academic journals on topics ranging from accounting rules and performance evaluation to numerical execution of complex financial models, while consulting for Fortune 100 companies and teaching at the Yale School of Management.


As frequently consulted experts in complementary realms of derivative valuation and financial reporting, the co-founders' independent work led naturally to their first joint venture in 2003, Compensation Valuation Inc., which helps some of the world's biggest companies to value their employee stock option portfolios and solve many of the modeling and accounting challenges associated with managing long-dated, illiquid securities and complex compensation structures.

One of the fundamental insights behind Steve's work is that a properly-designed option overlay can simultaneously improve a portfolio's long-run efficiency, reduce downside risk, and allow asset owners to maintain more market exposure than asset-allocation-based risk management approaches, all without touching the underlying assets or violating market efficiency assumptions. In 2009, RJA was established to bring the most academically rigorous and practically sound solutions to asset owners' biggest problems with the conviction that low-cost, bespoke, option-based strategies are often the best way to manage risk and achieve a desired risk/return profile. While RJA grew its assets under protection and proprietary volatility model, it named its next principal, Nick Leeper, who co-managed its first alpha strategy, played an integral role in developing its enhanced put writing fund, and added considerable expertise to its trading capabilities and execution.


As its team grew, repertoire of research and implemented strategies expanded, and both new and existing clients entrusted RJA with more of their assets, RJA's commitment to solving the industry's biggest problems with low-cost, customized, option-based strategies never changed.

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