The Team
Cem Karsan is the founder of Kai and Co-CIO of Kai Wealth and Kai Asset Management, where he leads the development of the firm's investment strategies and oversees portfolio design and risk management. With over 25 years of experience, he has built multiple institutional derivatives businesses. During the Great Financial Crisis, Cem ran one of the world's largest proprietary market-making firms by volume, which at its peak accounted for about 13% of daily S&P 500 options volume. After selling that firm, Cem founded Kai Volatility Advisors, where he developed and ran institutional volatility and alternatives strategies. That work became the foundation for Kai Asset Management, which brings the same investment philosophy to private and institutional clients.
Cem leads Kai Asset Management from Chicago, IL. He holds a bachelor's degree from Rice University with a triple major in Mathematical Economic Analysis, Policy Studies, and English, and an MBA from Northwestern University's Kellogg School of Management with an emphasis in Analytical Finance and Management & Strategy.
Noel Smith is the co-CIO and Head of Portfolio Management at Kai Asset Management/Kai Convex. Noel is also the Head of Options Trading at Tanius Technology. Noel previously served as Managing Partner and Chief Investment Officer of Convex Asset Management. As a member of the CME, CBOT, and CBOE, Noel has over 25 years of experience trading volatility, market-making, and managing risk. Noel is a frequent public speaker and guest on financial media. He collaborates with faculty and students at Columbia University, has authored white papers, and speaks at many industry conferences. Noel was CIO and Portfolio Manager at two Chicago-based proprietary derivatives trading firms. He was the seed investor who financed the launch of GETCO LLC (KCG/Virtu), a global high-frequency trading firm that grew to account for 20%+ of U.S. trading volume. As a founding member of Third Millennium Trading in 1996, Noel led the firm to become one of the largest U.S. equity options market makers, backing over 65 traders at the CBOE, CME, and CBOT.
Noel attended the University of Illinois at Urbana-Champaign, where he received a degree in Biochemistry and performed research at the Beckman Institute in Neuroscience. As a student, Noel played on the University of Illinois men's ice hockey team. Noel is a proud veteran of the U.S. Army, where he was a specialist in microwave and satellite communication systems.
Scott Maidel is the Head of Institutional Solutions at Kai Asset Management and a Portfolio Manager for the Kai Convex solutions. Scott previously served as a Partner, Portfolio Manager, and Head of Hedge Funds Business at QVR, a quantitative derivatives and volatility trading firm offering solutions in hedged equity, multi-strategy absolute return, and derivative overlays. He was also previously Senior Portfolio Manager, Equity Derivatives at Russell Investments, where he was the lead PM on a '40 Act call-overwriting mutual fund and subject matter expert for the firm in options and volatility, publishing numerous papers and conducting extensive consulting and large-scale overlay implementation for institutional clients. Scott previously served as Associate Director, Global Trading and Trade Research at First Quadrant and as Director of Institutional Solutions at Gladius Capital Management. Scott has over 20 years of trading and portfolio management experience with global derivatives.
Scott holds a B.Sc. in Investments and Financial Markets from the University of Southern California, an MBA from Pepperdine University, and is a Harvard Business School alumnus of the Program for Leadership Development (PLD). Scott is a CFA charter holder and Financial Risk Manager (FRM) certified.
Mike Harrigan is Chief Operating Officer of Kai Asset Management, where he leads enterprise strategy, operational leadership, and execution across the organization. He oversees the firm's operating infrastructure, drives cross-functional initiatives and partners with senior leadership to translate strategic priorities into scalable capabilities. Mike also plays a key role in advancing institutional partnerships, business development, and new product initiatives that support the firm's continued growth.
Mike was previously Lead Manager of Alternatives at RBC Global Asset Management, where he managed the development and strategic positioning of investment solutions across private credit, hedge funds and real assets. Before RBC, he spent nearly a decade as a Vice President in Prime Services at Société Générale, leading business strategy, product development, and institutional client initiatives. Mike began his career as a Senior Product Specialist at the PEAK6 Hedge Fund Achievement Asset Management, supporting product development, capital raising, and investor relations.
Mike's experience across hedge funds, asset management, and capital markets provides a strong foundation for translating investment expertise into scalable solutions for clients and institutional partners. Mike holds a BBA in Finance from Illinois Wesleyan University and an MBA from Loyola University Chicago.
Patrick Duffy is Director of Marketing and Revenue Operations across Kai Asset Management, Kai Wealth, and Kai Media. He leads the development of AI-enabled and agentic marketing systems that connect research, content, digital communications, and internal operating processes. His work focuses on building practical, well-governed infrastructure that helps the firm communicate its investment perspective clearly and consistently.
Across the Kai organization, Patrick oversees marketing operations, digital strategy, brand and website development, CRM and audience systems, media production and distribution, and investor communications. His 14-plus-year marketing career includes the past five years building the marketing and communications foundation across the Kai companies.
Patrick also produces Kai Media's U Got Options – From the Cboe Floor, a podcast hosted by Cem and filmed on the Cboe trading floor. The series has generated more than 2.7 million views, and Kai Media's YouTube channel has grown to roughly 40,000 subscribers.
Before joining Kai, Patrick was a Creative Director and Partner at Beam Imagination, where he led creative strategy, video production, and campaign work for clients including Delta Air Lines and the Atlanta Braves. He earned a degree in Economics, with a minor in Sociology, from Georgia State University.
George Arvanitis serves as Chief of Staff at Kai Asset Management, supporting investor relations, client engagement, business development, and strategic initiatives across the firm.
Drawing on a background in financial planning and alternative investments, George works closely with Kai's leadership and investment team to strengthen client relationships and translate complex portfolio objectives into clear, actionable next steps. He is focused on delivering a thoughtful, responsive client experience while helping advance the firm's advisory and institutional capabilities. George graduated from the University of Iowa with a Bachelor of Business Administration in Finance.
Sean Smith is the Head of Operations at Kai Asset Management. He leads client onboarding, portfolio implementation, and ongoing account management across the firm. With a background in wealth management, investor relations, and portfolio management, Sean works closely with Kai's advisory and investment teams, custodians, fund administrators, and strategic partners to create scalable processes. He oversees the operational infrastructure supporting client portfolios, including account transitions, alternative investment implementation, cash and position reconciliation, and internal controls, while focusing on delivering a seamless client experience and advancing the firm's advisory and institutional capabilities. Sean earned his degree in Finance from the University of Illinois Chicago.
Matthew Dale serves as Junior Quant Trader at Kai Asset Management, developing and executing the firm's trading strategies across equity and derivative markets. He works closely with others in Kai's trading team to ensure the robustness and scalability of Kai's strategies while prudently monitoring risks throughout the portfolio. With a background in mid-frequency statistical arbitrage, Matthew has experience researching and backtesting systematic and discretionary strategies across asset classes. Matthew was formerly a Trader at Gelbert Group, where he traded mid-frequency statistical arbitrage strategies, a Teaching Assistant at Duke University, and a Trading Bootcamp Intern at PEAK 6.
Matthew holds a B.S.E. in Electrical and Computer Engineering from Duke University, with minors in Mathematics and Finance.
Zayd Gonzalez is an Analyst at Kai Asset Management, where he supports investment allocation and reporting, and the firm's business development and marketing initiatives. His work focuses on interpreting investment data and strategy performance for use in portfolio management, reporting, and client communications. He earned an A.B. in Economics and Global Studies from the University of Chicago, where his undergraduate research examined the breakdown of financial risk-management mechanisms during the 2008 Global Financial Crisis.