Graham Capital Management Announces Leadership Changes
Graham Capital promotes key executives as part of its strategic leadership restructuring.
February 11, 2025

Leadership Shifts Reflect Growth Strategy at Graham Capital
Graham Capital Management, L.P. has announced significant changes to its executive leadership, effective February 7, 2025, aimed at aligning with the firm’s strategic growth initiatives. The changes affect its management team overseeing Graham Alternative Investment Fund I LLC.
Pablo Calderini, who previously served as President and Chief Investment Officer (CIO), has been promoted to Vice Chairman and Co-Chief Investment Officer of the firm. Calderini, who has been with Graham Capital since 2010, will now share responsibilities for supervising the firm's portfolio management, trading, and research activities. Calderini holds degrees in Economics from Universidad Nacional de Rosario and Universidad del Cema in Argentina, bringing decades of financial expertise to his expanded role.
Joining Calderini in a co-leadership capacity is Jens Foehrenbach, who has been appointed as President and Co-Chief Investment Officer. Foehrenbach brings extensive experience from his tenure at the Man Group, where he served as Head of Public Markets. He earned a Master’s degree in Business Economics from the University of Basel and is well-regarded for his strategic insight into discretionary and systematic portfolio management.
Both Calderini and Foehrenbach will oversee Graham’s investment operations and research initiatives in their new roles, collaborating closely to implement the firm's investment strategy. The leadership change is expected to strengthen the company’s competitive positioning and enhance its portfolio management capabilities.
These appointments reflect Graham Capital’s ongoing focus on adapting to market dynamics while maintaining a robust framework for long-term growth. The newly formed leadership team is tasked with driving the firm’s innovation and operational excellence.