Customized Services

RJA provides a quantitative approach to establishing portfolios of equity options for institutional clients.


RJA's customized services include designing and establishing portfolios of equity index options with the aim of:

  1. Altering the risk-return profile of a client's existing investments and exposures (Overlay);
  2. Generating a positive return while being uncorrelated with market movements (Alpha); or
  3. Replicating the market risk exposure of some specific asset class, such as Private Equity (Return Replication)

Overlay Business

In the Overlay business, we establish overlay portfolios of derivatives that alter the risk-return profile of existing investments and exposures. In tailoring our recommendations to each client's specific preferences and needs, we take into consideration existing positions, risk tolerances, capital constraints, policy considerations and other client-specific factors as may be appropiate.

The Overlay business was developed to meet a range of client needs stemming from portfolios of equity securities held as investments by corporations, defined benefit plans or endowments.

Alpha Business

The Alpha business was designed to supplement a client's existing investment portfolio by providing a source of expected returns. A portfolio of S&P 500 Index Options is constructed that aims at achieving positive returns across all market conditions.

Return Replication Business

The Return Replication business was designed to provide a liquid alternative to investments in alternative asset classes, such as private equity. Please see our white paper on this topic under the research tab on this site.