Leadership | Senior Management

Robert E. Kiernan III

Principal and Chief Executive Officer

Robert E. Kiernan III - Image

Before founding APM, Mr. Kiernan spent nearly two decades in the capital markets with Salomon Brothers and Lehman Brothers, during which he was responsible for building, managing, and leading multiple global fixed income and investment banking businesses.  

At Lehman Brothers (1992-2002), he served as Global Head for several businesses including Financial Engineering, Liability Management, Private Placements, and Technology and eCommerce.  He also spent several years in London where he was Head of European Capital Markets and served on both the Investment Banking and Fixed Income Operating Committees, as well as the Capital Commitments Committee.  At Salomon Brothers (1986-1992), where Mr. Kiernan began his capital markets career, he was responsible for the sovereign and GSE Liability Management business.

Prior to joining Salomon Brothers, Mr. Kiernan held several foreign policy positions in the first Reagan administration including appointments at USIA, the National Security Council, and the Department of State.  He was also a member of the US Delegation to the United Nations Human Rights Commission.

Mr. Kiernan currently serves in a number of board positions including Co-Chairman of the Board of Directors of Educate Girls Globally, member of the Advisory Board of the Center on Capitalism and Society at Columbia University, and member of the Research Review Board of the CFA Institute Research Foundation.  He is also a member of the Royal Institute of International Affairs (Chatham House), the International Institute for Strategic Studies (IISS), and the Council on Foreign Relations.

Mr. Kiernan received an AB magna cum laude and an AM with distinction from the four-year AB/AM program at Boston College, and an MBA from the University of Chicago where he was a First National Bank Scholar.  He also has studied as a graduate student at the Fletcher School of Law and Diplomacy and the University of Cambridge, and has been a Senior Fellow at the Kennedy School of Government at Harvard University where he led a seminar and research project on socially responsible investing (SRI).

Adri Guha, CFA

Principal and Chief Investment Officer

Adri Guha, CFA - Image

Mr. Guha has been a Principal of the firm since its inception.  Over the course of his career at APM, he has played a significant role in a wide range of activities across each of the firm’s three principal functional disciplines: operations, research/due diligence, and investments. He has also been responsible for the architecture and continuing development of the firm’s comprehensive, integrated, multi-component analytical programs and portfolio management platform.  As CIO, Mr. Guha is responsible for coordinating and driving the firm’s macroeconomic posture as well as its attendant market calls and investment themes and their respective investment decisions and implementation.  

Prior to joining APM, Mr. Guha worked in the Investment Banking Division of Lehman Brothers, both in London and in New York, where he held assignments in multiple industry verticals performing quantitative, qualitative, and comparative analysis of securities across the full range of the capital structure.

Mr. Guha graduated with distinction from the Birla Institute of Technology and Sciences (BITS) in Pilani, India with a degree in Electrical and Electronics Engineering with an emphasis in mathematics.  He received his MBA from the Indian Institute of Management at Ahmedabad (IIM-A) with a major in finance, and is a CFA charter holder.

For multiple years, Mr. Guha served on the Steering Committee of the Junior Council at the American Museum of Natural History in New York, and currently serves on the Board of Trustees and is Vice Chairman of the Investment Advisory Committee at the Pérez Art Museum in Miami.

Steven G. Delaney

Principal and General Counsel

Steven G. Delaney - Image

Prior to joining Advanced Portfolio Management, Mr. Delaney spent 21 years at Lehman Brothers (1985-2006) where he held a variety of positions in the Fixed Income Division before becoming a Managing Director in 1998. From 1998, Mr. Delaney headed the Global Liability Management Group, which was part of both the Fixed Income and Capital Markets Divisions. The Group was responsible for analyzing, structuring, and executing transactions which focused on the retirement, refinancing, and restructuring of corporate fixed income and hybrid securities across the capital structure.

Mr. Delaney started his capital markets career in 1984 at Merrill Lynch, where he served in the Fixed Income Division and was responsible for debt retirement and refinancing strategies for corporate debt issuers. Prior to transferring into the Fixed Income Division, Mr. Delaney had served as Assistant General Counsel and Vice President in the Litigation Department of Merrill Lynch at corporate headquarters in New York City, where he represented Merrill Lynch in numerous arbitrations, civil trials, and SEC proceedings (1979-1984).

Before joining Merrill Lynch, Mr. Delaney spent three years as a Trial Attorney with the Enforcement Division of the Securities and Exchange Commission (1976-1979) and, prior to that, served four years as a Lieutenant in the US Navy Judge Advocate General’s Corps (1972-1976).

Mr. Delaney received his undergraduate degree (BS Finance) from the Wharton School at the University of Pennsylvania and his law degree (JD) from Villanova University Law School.

Mr. Delaney is a member of the Board of Trustees of the New Hampton School in New Hampton, New Hampshire, serving as Board Vice-Chairman and Chairman of the Finance and Endowment Committees.

Rahul Kakar


Rahul Kakar - Image

Rahul was most recently chairman of East Lifestyle Limited, a British womenswear fashion retailer with over 400 employees. Before that, he was a founding member and co-portfolio manager of HanKar Capital, a NY based relative value fund. Prior to HanKar Capital, Rahul had been a Managing Director at SwissRe (2005-2008) and a founding member of the equities proprietary team. At SwissRe he was responsible for managing a group overseeing billions of dollars of assets in various strategies all with a high degree of derivative content.

Rahul started his career at Lehman Brothers where he worked for multiple years in both the Fixed Income & Equities divisions. He is currently a senior adviser to Foradian, a Bangalore based Edtech company.

Rahul holds a BA in Economics from the University of Chicago.

Stanley Kogelman


Stanley Kogelman - Image

Mr. Kogelman has been active in the financial industry since 1985, during which time he has advised pension funds, endowments, foundations, and ultra-high net worth individuals on a wide range of issues related to asset allocation, manager selection, portfolio construction, and equity valuation.  Prior to APM, he held senior positions at several Wall Street firms including JP Morgan Private Bank, where he was Co-Head and Chief Investment Officer in the Multi-manager Investment Advisory Group, and Goldman Sachs where he was Head of the Private Client Research and Strategy Group.  Mr. Kogelman began his career in finance at Salomon Brothers where he was Director of Quantitative Research at Salomon Brother Asset Management and a member of the Bond Portfolio Analysis Group.

Mr. Kogelman has authored or co-authored more than 70 professional articles on asset allocation, fixed income management, and equity valuation.  Some recent publications include “Bond Ladders and Rolling Yield Convergence,” Financial Analysts Journal, March/April 2015, and “Forward Curve Shifts and Return Convergence,” Journal of Portfolio Management, Fortieth Year Anniversary Issue, September 2014.  He has received the prestigious Graham and Dodd Award twice from the Financial Analysts Journal and has co-authored  several books including Inside the Yield Book (Third Edition, Wiley, 2013),  Return Targets and Shortfall Risks: Studies in Strategic Asset Allocation (Irwin, 1996), and Franchise Value and the Price/Earnings Ratio (Research Foundation of the Institute of Chartered Financial Analysts, 1995).

Prior to working on Wall Street, Mr. Kogelman was an educator and published in scholarly mathematics journals.  He was on the mathematics faculty at New York University’s Courant Institute, City University of New York (Baruch College), State University of New York (College at Purchase), and Delft Technical University (The Netherlands).  He received his BS, MS, and PhD in mathematics from Rensselaer Polytechnic Institute and an MSW from Smith College.