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.

RJA currently:

  • Functions as a full-service shop, closely managing all aspects of strategy design, execution, implementation (including ISDA setup and negotiation), collateral management, and daily monitoring, with customized performance and risk reporting

  • Advises and manages assets for university endowments, faith-based organizations, and public funds,

  • Has implemented strategies covering the MSCI ACWI, SPX, EFA, EEM, and SX5E, with capabilities to work in additional markets and currencies

  • Manages the PutWrite Select Fund, an enhanced systematic SPX put writing strategy

  • Manages enhanced put writing strategies on the MSCI ACWI

  • Manages an active beta-0 return-seeking portfolio, driven by its proprietary volatility forecast

  • Manages a synthetic low-cost, liquid PE replication strategy

  • Maintains a growing library of proprietary software, capable of handling some of the most pressing implementation issues and complex modeling challenges including options portfolio design and optimization, volatility forecasting, robust estimation of market exposure in the presence of collinearity, and derivative risk management among others

RJA is an investment advisor registered with the SEC. Our regulatory filings can be found on the SEC website by using the following links:  
Form ADV 2A   |   Form ADV