Our Team
Portfolio Management
John Orrico, CFA
Co-Chief Investment Officer
Mr. Orrico founded Water Island Capital, the adviser to The Arbitrage Funds mutual funds and AltShares ETFs, in 2000. He currently serves as Chairman of The Arbitrage Funds and AltShares Trust series trusts and Co-Chief Investment Officer of the firm. Prior to founding Water Island Capital, Mr. Orrico directed arbitrage, special situations, and 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, Mr. Orrico joined Gruss & Co in 1994, focusing on merger arbitrage and special situations, and became Senior Arbitrage Analyst in 1996. Mr. Orrico 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. Mr. Orrico received a BA from Georgetown University.
Matthew Osowiecki
Co-Chief Investment Officer
Mr. Osowiecki joined Water Island Capital 2007 and currently serves as Co-Chief Investment Officer of the firm. Prior to being elevated to Co-CIO in 2024, he served as a Portfolio Manager on the merger arbitrage strategy, and he continues to serve as a named Portfolio Manager on several of the firm’s funds. He has been a Portfolio Manager for the Arbitrage Fund since June 2016 and a Portfolio Manager for the Water Island Event-Driven Fund since September 2023. Prior to being promoted to Portfolio Manager, Mr. Osowiecki worked as a Senior Research Analyst on the merger arbitrage team at the firm. Prior to joining the firm, Mr. Osowiecki worked in the Investment Product Division of The Hartford and as a project manager in commercial real estate development. Mr. Osowiecki received a BS from the University of Connecticut.
Roger Foltynowicz, CFA, CAIA
Lead Portfolio Manager
Mr. Foltynowicz joined Water Island Capital in 2003 and currently serves as a Portfolio Manager with a primary focus on the merger arbitrage strategy and as a leader of the investment team. He has been a Portfolio Manager for the Arbitrage Fund since January 2005 and a Portfolio Manager for the Water Island Event-Driven Fund since October 2010. Prior to being promoted to Portfolio Manager, Mr. Foltynowicz worked as a Senior Research Analyst and Trader on the merger arbitrage and equity special situations teams at the firm. Prior to joining Water Island Capital, Mr. Foltynowicz worked for Jacobs Engineering as Project Accountant and also played professional baseball for the Cincinnati Reds organization. Mr. Foltynowicz received a Master of Science from Pace Graduate School of Business and a BA from Presbyterian College.
Gregg Loprete
Portfolio Manager
Mr. Loprete joined Water Island Capital in 2009 and currently serves as a Portfolio Manager on the special situations strategy, specializing in credit opportunities. He has been a Portfolio Manager for the Water Island Credit Opportunities Fund since October 2012 and a Portfolio Manager for the Water Island Event-Driven Fund since October 2010. Prior to joining Water Island Capital, Mr. Loprete 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, Mr. Loprete was a Director in the Convertible Arbitrage group at Ramius Capital Group, where he served as co-manager and trader for the firm’s US convertible arbitrage portfolio. Earlier in his career, Mr. Loprete held various senior positions focused on convertible securities investments and merger arbitrage trading. Mr. Loprete received an MBA from New York University and a BA from the University of Delaware.