About FRGM

Research That Informs Investment Decisions

Our research combines technical analysis, macro fundamentals and geopolitical developments to identify high-conviction opportunities and evolving portfolio risks across global markets.

The Minds Behind FR Global Macro

Leadership

Jugakalpa Das

Founder & Principal

Global Macro · Fixed Income

Das leads FR Global Macro's investment process, drawing on more than 18 years of experience across fixed income, energy, and cross-asset markets. He previously spent nearly a decade at Bank of America Merrill Lynch as a fixed income options trader, focusing on U.S. interest rate options trading and gamma market-making, before managing a fixed income portfolio at DRW. His investment approach integrates discretionary macro judgment with technical and quantitative research to deliver disciplined portfolio positioning, risk management, and high-conviction macro insights.

18+: Years cross-asset
~$250M: Systematic FI book
~10 years: BofA rates & options

Featured inFinancial News London

Global macro
Fixed income
Gamma / volatility trading
Energy & commodities
Systematic hedging
Technical analysis (Elliott Wave)
B.Sc. Mathematics & Chemistry — St. Xavier's College, Kolkata

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Abhirup (Abby) Aich

Chief Operating Officer & Co-Founder

Geopolitics · Oil · Policy

Abby is FR Global Macro's geopolitical strategist, bringing over 25 years of experience in defense, international affairs, and energy markets. As former Deputy Director of the International Cooperation Branch for the Government of India, he advised on defense cooperation and international strategic engagement. Abby provides institutional investors with actionable analysis on geopolitical developments, commodities, and global macro trends. He holds a Master's degree in Defence and Strategic Studies.

Geopolitics & national security
Defense cooperation & strategy
Oil & energy
Policy & trade
Crisis & risk management
Operations & administration

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Katie Wei

Chief Strategy Officer

Cross-Asset · Portfolio Construction

Katie Wei brings nearly two decades of institutional investment experience in systematic investing, global macro, cross-asset portfolio construction, and risk management. She spent a decade at AQR Capital Management, most recently as an Executive Director, co-managing institutional portfolios across equities, fixed income, currencies, commodities, and credit. Earlier, she developed quantitative frameworks within the Alternative Investments Group at Bank of America Merrill Lynch and began her career at Deutsche Bank in equity derivatives structuring and market risk management. She holds an M.S. in Financial Mathematics from Stanford University and a B.S. in Mathematics and Statistics from the University of Toronto.

Multi-asset / macro investing
Portfolio construction
Derivatives structuring
Risk management
M.S. Financial Mathematics — Stanford University
B.S. Mathematics & Statistics — University of Toronto

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Eric Tishler

Chief Technology Officer

Agent Orchestration · Risk & Analytics

Eric leads the technology strategy, systems, and infrastructure supporting FR Global Macro’s research, trading, risk management, and operations. Since joining, he has built the firm’s core technology platform from the ground up, spanning market-data and trading connectivity, proprietary risk and analytics systems, real-time monitoring, decision-support tools, and production infrastructure. He works closely with traders to turn investment and operational needs into reliable production systems and has established the firm’s AI-assisted development environment and practices. He holds a B.S. in Computer Science from Duke University.

Agent orchestration / LLM workflows
Risk & analytics engineering
Research automation
Data infrastructure
B.S. Computer Science — Duke University

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The Team

Yaman Sanghavi, PhD

Quantitative Researcher

Quantitative modeling · Machine learning

Yaman is a quantitative researcher at FR Global Macro, specializing in systematic modeling, scientific computing, and quantitative research. Prior to joining FRGM, he consulted on quantitative strategy research at WorldQuant. His published research spans theoretical physics and physics-informed machine learning. Yaman holds a Ph.D. in Physics from Stony Brook University and both an M.S. and B.S. in Physics from the Indian Institute of Technology (IIT) Kanpur.

Systematic research
Mathematical & statistical modeling
Machine learning / PINNs
Backtesting & simulation
Ph.D., Physics — Stony Brook University
IIT Kanpur

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Rahul Pai

Execution Trader

Execution · Cross-Asset

Rahul is an execution trader and market analyst at FR Global Macro, contributing to the firm's cross-asset technical research across equities, commodities, and equity indices. He specializes in market structure, technical analysis, and trade execution, applying Elliott Wave Theory and Fibonacci analysis to identify high-probability trading opportunities. Rahul completed the Executive Programme in Algorithmic Trading (EPAT) at QuantInsti and holds a B.Tech. in Artificial Intelligence and Data Science.

Technical analysis
Market structure
Elliott Wave & Fibonacci
Equity & securities research
Price action

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Aastha Jain

Quantitative Strategist

AI Systems · Quant Research

Aastha is a quantitative strategist at FR Global Macro, where she builds AI-powered research and analytics systems that enhance global macro research, portfolio simulation, and risk management. Prior to joining FRGM, she was a machine learning researcher at Columbia University, an NLP Research Intern at Microsoft Research, and a researcher at the Tata Institute of Fundamental Research (TIFR). She holds a B.Tech. from the Indian Institute of Technology (IIT) Delhi and an M.S. in Operations Research from Columbia University.

AI / agentic LLM systems
Quantitative strategy
Machine learning research
Simulation for sizing & risk
Ph.D. researcher — Columbia University
B.Tech — IIT Delhi

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Mohit Bhagat

Technical & Fundamental Analyst

Price Action · Macro fundamentals

Mohit is a technical and fundamental analyst at FR Global Macro, where he synthesizes market structure, technical analysis, and macro fundamentals to develop actionable cross-asset investment insights. His work spans volume analysis, options strategy, quantitative research, and the development of proprietary analytical tools in Python and Pine Script. He is pursuing a B.Tech. in Computer Science.

Technical analysis
Volume analysis
Options position structuring
Pine Script
Python
Strategy research

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Siddhartha Patoliya

Quantitative Developer

Analytics · Data Pipelines

Siddhartha is a quantitative developer at FR Global Macro, where he builds quantitative research systems that analyze how financial markets respond to macroeconomic data releases. His work integrates data engineering, time-series analysis, and visualization to transform macroeconomic data into actionable investment insights. Previously, he interned as an analyst at Deutsche Bank. He holds a B.Tech. in Electrical Engineering from the Indian Institute of Technology (IIT) Roorkee.

Analytics engineering
Data pipelines
Time-series analysis
Macro event studies
Data visualization
B.Tech, Electrical Engineering — IIT Roorkee

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Shuya (Emily) Tan

General Counsel

Legal · Compliance

Emily is General Counsel at FR Global Macro, where she oversees the firm's legal, regulatory, and corporate governance functions. A New York-admitted corporate and securities attorney, she previously served as General Counsel at Hongkun USA, corporate counsel at China Merchants Bank, and an associate at Fried Frank. Her practice spans fund formation, private placements, mergers and acquisitions, and corporate governance. She holds a J.D. and a LL.M. from Northwestern University Pritzker School of Law.

Fund formation
Private placements
M&A
Corporate governance
J.D. & LL.M. — Northwestern University
Master of Law — Peking University

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Thomas Tishler

Summer Business Intern

Business Operations · Product

Thomas is a Summer Business Intern at FR Global Macro, supporting business operations, product development, and research-platform initiatives. He created FRGM’s website from initial concept through launch, shaping its visual direction and information architecture, organizing the firm’s team, product, and research content, and using an iterative, AI-assisted development process to build and test the experience across desktop and mobile. He is an undergraduate at the University of Pennsylvania, studying Philosophy, Politics & Economics with a minor in Statistics & Data Science, and the founder and lead engineer of Tish Studios, where he independently designed and built Loopa, a music-production iOS app.

iOS app development
AI & pair-programming tool expertise
Philosophy, Politics & Economics - University of Pennsylvania
Statistics & data science

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FRGM Capital· The Trading Arm

Engineering Alpha at FRGM Capital

FRGM Capital and FR Global Macro are built on the same investment and research philosophy. FRGM Capital develops its investment views using the same analytical framework, while FR Global Macro research is distributed to subscribers through its standard publication process without preferential or advance access.

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