Our Team

Water Island Capital’s investment professionals hail from a variety of backgrounds. We believe that this diversity contributes to a culture of openness, innovation, and independent thinking. By closely collaborating across disciplines, our team formulates a holistic understanding of global corporate events across multiple asset classes and geographies. Through this approach, we provide our clients with consistent, absolute return solutions.

JOHN ORRICO, CFA »
President & Chief Investment Officer

John formed Water Island Capital, the advisor to the Arbitrage Funds, in 2000 and serves as Chief Investment Officer of the firm and President of the funds, leading the investment team. Prior to forming Water Island Capital, John directed arbitrage/special situations/distressed hedge fund portfolios at Lindemann Capital, which he joined in 1999, in conjunction with starting the organizational process for the Arbitrage Fund. Prior to joining Lindemann Capital, John joined Gruss & Co in 1994, focusing on merger arbitrage and special situations, and became Senior Arbitrage Analyst in 1996. John has worked in the securities industry since joining Morgan Stanley in 1982, beginning in corporate finance, with additional experience in institutional equity trading, equity research analysis and portfolio management. John received a BA in Finance and International Management from Georgetown University in 1982 and achieved the CFA designation in 1988.

TODD MUNN »
Portfolio Manager

Todd joined Water Island Capital in 2003 and currently serves as Portfolio Manager on the merger arbitrage strategy. He has been a Portfolio Manager for the Arbitrage Fund since January 2005 and a Portfolio Manager for the Arbitrage Event-Driven Fund since October 2010. Prior to being promoted to Portfolio Manager, Todd worked as a Senior Analyst and Trader on the merger arbitrage and equity special situations teams at the firm. Todd has worked in the securities industry since 1993. Prior to joining Water Island Capital, Todd was a Senior Arbitrage Trader for Lipper & Company and a Senior Operations Analyst at Bear Stearns & Company. Todd received an MBA in Finance from Fordham Graduate School of Business and a BA in Business Management from Gettysburg College.

ROGER FOLTYNOWICZ, CAIA »
Portfolio Manager

Roger joined Water Island Capital in 2003 and currently serves as Portfolio Manager on the merger arbitrage strategy. He has been a Portfolio Manager for the Arbitrage Fund since January 2005 and a Portfolio Manager for the Arbitrage Event-Driven Fund since October 2010. Prior to being promoted to Portfolio Manager, Roger worked as a Senior Analyst and Trader on the merger arbitrage and equity special situations teams at the firm. Prior to joining Water Island Capital, Roger worked for Jacobs Engineering as Project Accountant and also played professional baseball for the Cincinnati Reds organization. Roger holds a Master of Science degree in Investment Management from Pace Graduate School of Business and a BA in Finance from Presbyterian College. He achieved the CAIA designation in 2011 and he is currently a CFA level III candidate.

MATTHEW OSOWIECKI »
Portfolio Manager

Matt joined Water Island Capital in 2007 and currently serves as Portfolio Manager on the merger arbitrage strategy. He has been a Portfolio Manager for the Arbitrage Fund since June 2016 and leads the firm's EMEA research team. Prior to being promoted to portfolio manager, Matt worked as a Senior Research Analyst on the merger arbitrage team at the firm. Prior to joining the firm, Matt worked in the Investment Product Division of The Hartford and as a project manager in commercial development. Matt holds a BS in Finance from the University of Connecticut.

ROBERT RYON »
Portfolio Manager

Rob joined Water Island Capital in 2014 and currently serves as a Portfolio Manager on the credit opportunities strategy. He has been a portfolio manager for the Arbitrage Credit Opportunities Fund and the Arbitrage Event-Driven Fund since June 2016. Prior to being promoted to portfolio manager, Rob worked as a Trader, Research Analyst, and Portfolio Risk Strategist on the credit team at the firm. Prior to joining Water Island Capital, Rob was a Portfolio Manager and Trader at Southpaw Asset Management where he managed and traded convertible and capital structure investments. Rob started his professional career at CIBC World Markets in 1994, and later worked for Alpine Associates, Ramius Capital Group, and Keefe, Bruyette, and Woods. Rob received an MBA from Lehigh University and a BS in Finance from The Pennsylvania State University.

GREGG LOPRETE »
Portfolio Manager

Gregg joined Water Island Capital in 2009 and currently serves as a Portfolio Manager on the credit opportunities strategy. He has been a Portfolio Manager for the Arbitrage Credit Opportunities Fund since October 2012 and a portfolio manager for the Arbitrage Event-Driven Fund since October 2010. Prior to joining Water Island Capital, Gregg worked at Keefe, Bruyette & Woods as a Convertible and Preferred Trader where he evaluated, implemented and managed convertible and capital structure investments. Prior to joining Keefe, Gregg was a Director in the Convertible Arbitrage Group at Ramius Capital Group. At Ramius Gregg served as co-manager and trader for the firm's US Convertible Arbitrage Portfolio. Earlier in his career, Gregg held various senior positions focused on convertible securities investments and merger arbitrage trading. Gregg received an MBA in Finance from New York University and a BA in English Literature with a minor in Economics from the University of Delaware.

EDWARD “TED” CHEN »
Portfolio Manager

Ted joined Water Island Capital in 2013 and serves as a Portfolio Manager on the equity special situations strategy. He has been a Portfolio Manager for the Arbitrage Event-Driven Fund since September 2013 and a Portfolio Manager for the Arbitrage Tactical Equity Fund since December 2014. Prior to joining the firm, Ted was a Managing Director and Senior Event-Driven Strategist for Jefferies and an Event-Driven Analyst for Citigroup Global Markets. Ted started his career in finance at Citigroup as an Associate in the firm's Communications Investment Banking Group. Ted received an MBA with a concentration in Finance from MIT Sloan School of Management and a BSE in Computer Science from the University of Pennsylvania.

CURTIS WATKINS, CFA »
Portfolio Manager

Curtis joined Water Island Capital in 2010 and currently serves as a Portfolio Manager for the equity special situations strategy. He has been a Portfolio Manager for the Arbitrage Tactical Equity Fund since September 2015. Prior to being promoted to portfolio manager, Curtis worked as a Research Analyst on the equity special situations team at the firm. Prior to joining the firm, Curtis spent four years with the Economic and Valuation Services Group at KPMG. There he performed valuation services for multi-national clients relating to mergers and acquisitions, fairness opinions and corporate restructuring. Curtis holds a BS in Economics with a concentration in Finance from John Carroll University. He achieved the CFA designation in 2011.