Portfolio Management Team


Richard E. Bornhoft, A Founder and Chief Investment Officer, Equinox Fund Management, LLC

Mr. Bornhoft has over 30 years of experience in the alternative investment industry. In 2003, he co-founded Equinox Fund Management. Mr. Bornhoft is the CIO of The Frontier Fund, a family of public managed futures funds, sponsored by Equinox and he is the co-portfolio manager of the firm’s mutual funds. He specializes in the creation, evaluation, and risk monitoring of managed futures investment portfolios for institutional and individual investors. Mr. Bornhoft began his career as a systematic CTA, and subsequently directed hedging strategies for mortgage and agricultural companies and banks. A pioneer in the managed futures industry, Mr. Bornhoft co-founded one of the first multi-manager futures funds in 1983, and his own investment advisory firm in 1985. Over the course of his career, Mr. Bornhoft has directed the research, design and on-going management of multiple-CTA managed futures portfolios for approximately 20 pension plans, corporations, and banking institutions throughout the world. He has served on numerous arbitration boards and committees of regulatory and industry organizations. He is a frequent speaker at international conferences and symposiums on alternative investments. Mr. Bornhoft earned his B.S. in Agricultural Business from Colorado State University. He holds securities licenses Series 7, 24, 63 and CFTC/NFA Series 3.


Brian Bell, Director of Research, Equinox Fund Management, LLC

Mr. Bell has been active in futures for over 20 years. He is a co-portfolio manager of  Equinox Fund Management’s mutual funds. As Director of Research, he leads the research department, including all quantitative analysis, advisor due diligence, and daily monitoring and risk management of current accounts. Before joining Equinox Fund Management, he was a senior software engineer at CQG Inc, from 1987 to 2000, and the founder of Custom Trading Solutions, a company that developed and marketed technical indicators to customers throughout the world. In those roles, he developed and tested thousands of technical trading systems, provided consulting services on the design and evaluation of technical indicators and trading systems to many private and professional traders, and developed and led training seminars on designing and evaluating mechanical trading systems for several leading Wall Street firms. Mr. Bell earned both his MS in Electrical Engineering and his BS in Engineering Physics from the University of Colorado. He holds a CFTC/NFA Series 3 registration. He has also written for both Technical Analysis of Stocks & Commodities and Working Money magazines.


Ajay Dravid, Managing Director of Portfolio Management, Equinox Fund Management, LLC

As a co-portfolio manager of Equinox Fund Management’s mutual funds, Dr. Dravid is involved in day-to-day portfolio and risk management, as well as in developing and structuring new products.  Prior to joining Equinox, he was a consultant and a member of the Executive Committee of The Frontier Fund. Dr. Dravid has more than 30 years of experience in industry, academia, and financial services. From 2004 to 2006, he was President of Saranac Capital Management, a separate entity spun out from Citigroup to manage more than $3 billion in hedge fund assets. From 1996 to 2004, he was a Director and then a Managing Director at Salomon Brothers and Citigroup, where he helped to build and manage the hedge fund business and platforms. He was a co-portfolio manager for the Multi-Strategy Arbitrage funds, a quantitative analyst for the Equity Long-Short funds, and the head of the Risk Committee. He was also involved in the structuring and marketing of funds and in client service.  From 1993 to 1996, Dr. Dravid was a Vice President in the Asset Allocation Research Group of Salomon Brothers.  Prior to this, he was an Assistant Professor of Finance at the Wharton School.  He has published numerous papers in leading academic and practitioner journals including Journal of Finance, Journal of Financial Economics, and Journal of Derivatives. Dr. Dravid received a BSc in Physics from the University of Poona (India), an MA in Physics from SUNY at Stony Brook, an MBA in Finance and Marketing from the University of Rochester, and a PhD in Finance from the Graduate School of Business at Stanford University.  He holds a CFTC/NFA Series 3 registration.


Rufus Rankin, Director of Portfolio Management, Equinox Fund Management, LLC

Mr. Rankin works on the conception, development and implementation of new products and distribution strategies for investment products managed by Equinox Fund Management, a role that requires daily contact with and evaluation of CTAs, and other alternative investment managers. He is a co-portfolio manager of the firm’s mutual funds. Prior to his current role, he performed sales for The Frontier Fund, held roles at SEI, and Morgan Stanley, and previously owned and operated a translation firm. Mr. Rankin holds a BA in Philosophy and a Masters in International Studies from North Carolina State University, and is currently ABD in the process of pursuing a Doctorate of Business Administration (Concentration: Finance) from Grenoble École de Management in France.