Water Island Capital
Event-Driven. Client-Focused.

Our Team

Our Team

 

Portfolio Management

 
 

John Orrico, CFA
Chief Investment Officer

Mr. Orrico founded Water Island Capital, the advisor to The Arbitrage Funds, in 2000. He currently serves as Chairman of The Arbitrage Funds series trust and 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.


 

Ted Chen
Portfolio Manager

Mr. Chen joined Water Island Capital in 2013 and serves as a Portfolio Manager on the special situations strategy. He has been a Portfolio Manager for the Arbitrage Event-Driven Fund since September 2013 and a Portfolio Manager for the Water Island Long/Short Fund since December 2014. Prior to joining the firm, Mr. Chen was a Managing Director and Senior Event-Driven Strategist for Jefferies and an Event-Driven Analyst for Citigroup Global Markets. Mr. Chen started his career in finance at Citigroup as an Associate in the firm’s Communications Investment Banking group. Mr. Chen received an MBA from MIT Sloan School of Management and a BSE from the University of Pennsylvania.


 

Roger Foltynowicz, CFA, CAIA
Portfolio Manager

Mr. Foltynowicz joined Water Island Capital in 2003 and currently serves as a 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, 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 Arbitrage 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.


 

Todd Munn
Portfolio Manager

Mr. Munn joined Water Island Capital in 2003 and currently serves as a 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, Mr. Munn worked as a Senior Research Analyst and Trader on the merger arbitrage and equity special situations teams at the firm. Mr. Munn has worked in the securities industry since 1993. Prior to joining Water Island Capital, Mr. Munn was a Senior Arbitrage Trader for Lipper & Company and a Senior Operations Analyst at Bear Stearns & Company. Mr. Munn received an MBA from Fordham Graduate School of Business and a BA from Gettysburg College.


 

Matthew Osowiecki
Portfolio Manager

Mr. Osowiecki joined Water Island Capital 2007 and currently serves as a 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, 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.


 

Curtis Watkins, CFA
Portfolio Manager

Mr. Watkins joined Water Island Capital in 2010 and currently serves as a Portfolio Manager on the special situations strategy. He has been a Portfolio manager for the Water Island Long/Short Fund since September 2015. Prior to being promoted to Portfolio Manager, Mr. Watkins worked as a Research Analyst on the equity special situations team at the firm. Prior to joining the firm, Mr. Watkins spent four years with the Economic and Valuation Services Group at KPMG, where he performed valuation services for multi-national clients relating to mergers and acquisitions, fairness opinions, and corporate restructuring. Mr. Watkins received a BS from John Carroll University.