Graham Capital Realigns Investment Leadership as Calderini Becomes Portfolio Manager
Jens Foehrenbach takes over as Chief Investment Officer, maintaining his role as President amid the transition.
January 27, 2026
Leadership Transition at Graham Capital Signals Strategic Realignment
Graham Capital Management has realigned its leadership team, moving Pablo Calderini into a new role and shifting investment oversight to Jens Foehrenbach. The change, effective January 20, 2026, transitions Calderini out of his position as Vice Chairman and Co-Chief Investment Officer. He now serves as a portfolio manager under a new employment agreement that reflects this updated focus.
With Calderini stepping away from executive leadership, Foehrenbach assumes the full Chief Investment Officer title. He remains President of Graham Capital and continues under his current employment terms, which include base compensation, annual bonus eligibility, and standard benefits. His agreement also outlines restrictions tied to confidentiality, non-solicitation, and non-competition—terms common for Graham’s senior team.
Neither executive has a direct employment relationship with Graham Alternative Investment Fund I LLC, the investment vehicle impacted by this shift. Both remain employees of the fund’s manager, Graham Capital Management.
This transition sharpens the firm’s leadership structure and reflects how Graham Capital continues to evolve its investment strategy. As Calderini moves into a more concentrated portfolio management role, Foehrenbach’s expanded remit consolidates leadership across the investment platform. It's a move that positions the team for tighter execution and clearer accountability as they navigate dynamic market conditions.
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