Guided by experience
As you seek to optimize your allocation to alternative investments, you’ll benefit from the specialized, hands-on experience of our leadership team and senior advisors.
Leadership
![Ted Brombach](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/ted_brombach.jpg)
Ted Brombach
Co-CEO
Ted Brombach is Co-CEO of XA Investments and a founding partner of XMS
Capital Partners. Ted has over 30 years of investment banking experience working with global
corporate clients in Chicago, New York and London. Prior to founding XMS Capital Partners,
Ted was the former Co-Head of Midwest Investment Banking at Morgan Stanley. While in New
York, Ted worked in the firm's M&A Group, its Restructuring Group, and was a founding
member of the Financial Sponsors Group.
Ted has been involved in a number of landmark transactions. At XMS, he led a transaction
nominated as the middle-market healthcare deal of the year for Third Wave Technologies.
While at Morgan Stanley, he worked on the global IPO of Wellcome plc in London (the largest
global share offering in the world at the time) and the breakup of Sears, Roebuck and Co.
into Sears, Allstate, Dean Witter and Coldwell Banker. He also led the first contested
takeover battle on mainland China on behalf of Anheuser-Busch (cited as the Asian M&A
Deal of the Year) and the U.S. Equity Deal of the Year in 2005 on behalf of General Mills.
Ted has been cited as one of the top industrial bankers in the country. He is on the
board of directors of RiverWood Bank and is a former member of the board of directors of the
Lyric Opera of Chicago. He graduated magna cum laude from the University of Notre Dame and
received his MBA from the Kellogg Graduate School of Management at Northwestern University.
![John](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/john_spence.jpg)
John "Yogi" Spence
Co-CEO
John "Yogi" Spence is Co-CEO of XA Investments and a
founding partner of XMS Capital Partners. Yogi co-founded XMS in 2006 with his long-time
friend and colleague, Ted Brombach. Before founding the firm, Yogi spent 17 years at Morgan
Stanley where he rose to Managing Director. Yogi also had a brief stint at ABN AMRO before
being recruited to run the Midwestern investment banking operations of Dresdner Kleinwort
Wasserstein, based in Chicago. Yogi and Ted formed XMS with the goal of creating a different
kind of investment banking boutique - one that harkened back to what investment banking used
to be in the days of John Weinberg of Goldman Sachs and Richard Fisher of Morgan Stanley.
They wanted to create a place where relationships are more important than transactional
velocity and where advice is rendered to clients over a long period of time and across all
of their critical strategic and financing issues. From the outset, it was determined that
XMS would remain independent and offer unbiased advice free from the internal conflicts so
common within the larger investment banks. From its humble beginnings, XMS has grown into an
organization filled with talented and driven investment bankers that work collaboratively to
achieve client objectives. Yogi maintains responsibility for many of XMS's longest-standing
relationships and is actively involved in new business development, both in the U.S. and
Europe, ongoing deal execution and firm management.
During his time at Morgan Stanley, he had many roles, including leading the corporate
finance execution practice in the Midwest from 1997-2002. This involved executing tens of
billions of dollars of equity offerings, converts and high yield financings for companies as
diverse as Embraer, Celestica, Sears, Allstate, Timken, Amway, Eaton, Teletech and the
Chicago Mercantile Exchange.
Yogi graduated magna cum laude from the University of Notre Dame with a BA in Economics
and earned his MBA at The Anderson Graduate School of Management at the University of
California - Los Angeles.
![Kimberly Ann Flynn](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/kimberly_flynn_headshot_cropped2.jpg)
Kimberly Ann Flynn
President
Kimberly Ann Flynn is a President at XA
Investments. She is a partner in the firm and responsible for all product and business
development activities. Kim is responsible for the firm's proprietary fund platform and
consulting practice. Kim has developed an expertise in closed-end fund product development
and is a frequent contributor to media and industry events on topics including interval
funds, alternative investments and London-listed investment companies. Kim has earned the
CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also
Series 7, 63 and 24 licensed.
Previously, Kim was Senior Vice President and Head of Product Development for Nuveen
Investments' Global Structured Products Group. In her 11 years at Nuveen, she helped develop
over 40 closed-end funds, raising approximately $13 billion in capital. In her leadership
role at Nuveen, Kim was responsible for asset-raising activities through the development of
new, traditional and alternative investment funds, including CEFs, ETFs, UITs and commodity
pools.
Kim received her MBA degree from Harvard University, where she was a William J. Carey
scholar and President of the HBS Volunteers. Before attending Harvard Business School, Kim
spent three years working in Morgan Stanley's Investment Banking Division (1999-2002) in
their Chicago office. She earned her BBA in Finance and Business Economics, summa cum laude,
from the University of Notre Dame in 1999 where she was a valedictorian candidate, Rhodes
Scholar finalist and the first recipient of the Paul F. Conway Award, given to a senior in
the Department of Finance who embodies Notre Dame's tradition of excellence and who enriches
the ideals of the university.
Kim was recently selected to serve on the Notre Dame Wall Street leadership committee.
She also serves on the board of the Women in ETFs Chicago chapter as Head of the Mentorship
Committee and on the advisory board of Youth Guidance's Becoming A Man program. She is an
active member of the University Club of Chicago and the Harvard Club of New York City, where
she conducts regular business. Kim and her family - husband, Leo; son, Teddy; and daughter,
Rose - live in Lincoln Park.
![Benjamin D. McCulloch](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/ben_mcculloch_headshot_cropped2.jpg)
Benjamin D. McCulloch
Managing Director, General Counsel
Benjamin D. McCulloch is General Counsel and Managing
Director at XA Investments. Prior to joining XA Investments, Ben was an attorney in the
investment management practice group at Drinker Biddle & Reath LLP, where he counseled
clients regarding issues related to the federal securities laws applicable to U.S.
registered funds, their investment advisers, their boards of directors/trustees and service
providers.
Prior to Drinker Biddle, Ben was an in-house lawyer at First Trust Advisers, where he
counseled the new product development, operational and trading, fund accounting and
compliance departments on investment advisory and investment company matters. He also served
as the chief compliance officer of the complex's Canadian affiliate mutual funds.
Ben received his law degree from the University of Miami. He received his MBA from
Dominican University, and he earned his BS in Marketing from the University of Phoenix while
serving active duty in the US Navy. Prior to attending law school, Ben worked in the
financial services industry as a financial advisor and later as a fixed income securities
trader.
![Kevin Davis](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/kevin_davis.png)
Kevin Davis
Managing Director, Head of Sales & Distribution
Kevin Davis is a Managing Director and Head of Sales & Distribution at XA
Investments. He is responsible for all aspects of fund sales and distribution and leads the
XA Investments team efforts for the RIA, Broker Dealer and Family Office channels. He has
more than 25 years of experience in financial services focusing on the RIA, MFO and SFO
marketplace in areas including investment management, custody, trading, and technology.
Prior to joining XA Investments, Kevin was a Senior Vice President, Client Strategist for
BNY Mellon. There he led a team of specialists assisting family offices and the advisors
that support them to identify, analyze and execute investment management mandates, wealth
planning, philanthropic initiatives, and special financing engagements. Prior to joining BNY
Mellon, he was Vice President, Business Development at Fidelity Family Office Services.
Kevin also served as a Divisional Director, Head of RIA and Bank Trust Division for Salient
Partners. He led a national team of sales professionals distributing real asset, alternative
income, and uncorrelated return strategies within mutual fund, SMA, private fund and hedge
fund formats to the SFO, MFO and RIA marketplace.
Kevin possesses a broad knowledge of investment products including traditional and
alternative investment strategies. Throughout his career, Kevin has worked with various 1940
Act fund structures including closed-end funds, private funds, unit investment trusts
(UITs), and managed futures investments.
Kevin earned a Bachelor of Arts degree from Trinity University and holds various industry
specific certifications including the CFP® designation. He also holds FINRA Series 7 and 63
licenses. Kevin resides with his wife and two children in Houston, TX.
Team
![Lisa Woo](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/lisa_woo_headshot_cropped2.jpg)
Lisa Woo
Finance and Operations
Lisa Woo works in the Finance and Operations group at XA
Investments and is responsible for overseeing the day-to-day financial operations of XA
Investments and its' funds. She has 20 years of experience in GAAP accounting for financial
institutions.
Previously, Lisa was an Accounting Manager at Madison Dearborn Partners (MDP), a large
private equity firm in Chicago. She was responsible for the everyday accounting for various
funds as well as creating GAAP basis financials in addition to having oversight over staff
accountants. She was also responsible for external reporting to investors and internal
reporting to managing partners.
Prior to MDP, Lisa worked in the big 5 public accounting firms auditing various
financial services organizations with a concentration in investment management. Clients
included firms from one of the 3 largest US banks, several private equity/venture capital
firms, broker dealers and a variety of benefit plans. She graduated from the University of
Illinois-Chicago with a BS in Chemistry and earned a MS in Accountancy from DePaul
University.
![Nicole Matousek](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/nicole_matousek_headshot_cropped2.jpg)
Nicole Matousek
Senior Associate
Nicole Matousek is a Senior Associate at XA Investments.
She is actively involved in both product and business development initiatives. Prior to
joining XAI full time in July 2019, Nicole interned with the firm during the summers of 2017
and 2018. Additionally, she was hired by PNC Bank to complete an ESG-related project in the
spring of 2017.
Nicole received her B.B.A. in Finance with a supplementary major in Applied and
Computational Mathematics and Statistics from the University of Notre Dame. Throughout her
college career, she was a mentor for the Undergraduate Women in Business club. Nicole was
also a key board member for an organization serving the local high school community and
provided educational opportunities designed to expand upon the curriculum.
![Luke Gaskill](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/luke_gaskill.jpg)
Luke Gaskill
Analyst
Luke Gaskill is an Analyst at XA Investments focused on product development
and product management. Prior to joining XAI, Luke was a legal assistant for Bransfield
&
Bransfield, a law firm specializing in estate planning and administration. During his time
at Bransfield & Bransfield, Luke worked on a variety of projects ranging from drafting
letters, court documents, and other forms to preparing tax returns for individuals, estates,
and trusts.
Luke received his B.B.A. in Finance with a supplementary major in Information Systems and
Analytics from Loyola University Chicago. Throughout college, Luke was an active member of
Rambler Investment Fund, a student led investment club that manages a portion of Loyola’s
endowment.
![Samantha Bailey](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/samantha_bailey_headshot_cropped2.jpg)
Samantha Bailey
Research Analyst
Samantha Bailey is a research analyst at XMS Capital Partners and XA Investments, responsible for daily administrative and analytic tasks. Prior to XMS and XAI, she worked as a store manager for a retail boutique in Chicago. Samantha graduated from Eastern Illinois University with a bachelor's degree in family and consumer sciences.
Senior advisors
![David Adler](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/david_adler.jpg)
David Adler
Senior Advisor to XA Investments on Economics
David Adler is a Senior Advisor to XA Investments on
Economics. As an economic analyst and author, he focuses on illiquidity and behavioral
economics. David is the author of the monograph, "The New Economics of Liquidity and
Financial Frictions," published by the CFA Institute Research Foundation. Previously, he
wrote the liquidity and asset-pricing literature review for the CFA Institute Research
Foundation and was co-investigator of a research study of tax-aware practices among
investment professionals. David is also the author of "Snap Judgment" (FT Press), which is
about behavioral economics, and he is the co-editor of the anthology, "Understanding
American Economic Decline" (Cambridge University Press).
David is a producer of the PBS NOVA documentary, "Mind Over Money," which is about
behavioral economics, as well as the documentary "America's Crisis in Healthcare and
Retirement," which was also shown on PBS. He also participated in related educational and
outreach efforts.
He is the moderator of the Bloomberg LiveINSIGHTs conference series and author of
related white papers. David has an MA and BA in Economics from Columbia where he received a
graduate scholarship, graduated summa cum laude and was awarded Phi Beta Kappa in his junior
year as one of the 10 highest-ranked undergraduates and highest-ranked economics major.
David also studied graduate economics at New College, Oxford, on a scholarship sponsored by
Columbia. He attended the Behavioral Economics Summer Institute ("behavioral summer camp")
in Trento, Italy. David lives in New York.
![Robert](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/robert_kuppenheimer.jpg)
Robert "Kuppy" Kuppenheimer
Senior Advisor to XA Investments on CEF Sales and Marketing
Bob "Kuppy" Kuppenheimer is a Senior Advisor to XA
Investments on CEF Sales and Marketing. He is an independent consultant, serving asset
managers who are developing products for distribution into the retail channel. He
established his consulting practice in 2016, following a 40-year career at Nuveen
Investments with various positions in sales and marketing. As Managing Director of
Distribution Development for Nuveen Investments, Bob was responsible for the sales of
closed-end funds nationwide and worked with the syndicate desks of national and regional
firms in that capacity. Bob also worked on special projects for Nuveen in the Managed
Accounts area and was a member of the Management Committee for John Nuveen & Company.
Bob received a BBA in Finance from Nichols College in Dudley, Massachusetts.
Bob has served as a longtime member of the board of trustees of Nichols College. Founded
in 1815, Nichols College serves students interested primarily in a comprehensive business
education that is supported by a strong liberal arts curriculum. Bob is an active member of
the Nichols community and engaged in several projects and events he hosts throughout the
year. Bob has established a scholarship program in his name, the Robert B. Kuppenheimer
Scholarship, which is a full scholarship supporting eight worthy students who reside west of
the Mississippi River. In 1998, a residence hall on campus, Kuppenheimer Hall, was dedicated
to him. Kuppenheimer Hall was built in 1970 and completely renovated in 2013.
![William Meyers](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/william_meyers.jpg)
William Meyers
Senior Advisor to XA Investments on CEF Syndication and Product Management
William Meyers serves as a Senior Advisor to XA Investments. He retired from Nuveen in 2020 after spending 28 years in various management and leadership roles. William led Nuveen's Closed-End Fund Business Development Group where he was responsible for the origination and syndication of new closed-end fund IPOs.
William joined Nuveen in 1992 and was involved with the successful launch of more than 100 CEF IPOs as well as the development of many innovative financing structures utilized as leverage by Nuveen funds.
William graduated with a B.S. in Finance from Marquette University and an M.B.A. from the University of Chicago.
![Paul C. Williams](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/paul_williams.jpg)
Paul C. Williams
Senior Advisor to XA Investments on Product Development
Paul Williams is a Senior Advisor to XA Investments on
Product Development. He serves as a consultant, providing independent advice to asset
managers and investment product distributors focused on the individual investor market. Paul
established his advisory practice in 2016 following a distinguished career at Nuveen
Investments, first as a municipal finance investment banker and then as a Managing Director,
Head of New Product Development for closed-end funds. At various intervals during his tenure
at Nuveen, he managed the firm's Public Finance and Municipal Credit Research departments,
and he served on the Management Committee.
Paul played a key role over 25 years, building and diversifying Nuveen's complex of over
90 exchange-listed closed-end funds. Beginning with the Premium Income Municipal Fund, the
industry's first leveraged municipal fund, in 1988, and concluding with launch of the High
Income Target Term Fund in July 2015, he helped Nuveen become the industry leader. His
contributions ranged from new product design and development to enlisting underwriter
participation, wholesaler training, road show presentations, collaborating with in-house
portfolio teams and initiating new joint ventures with unaffiliated asset managers to
diversify Nuveen's product offerings.
Recognized as an innovator, problem solver and thought leader, Paul is credited with
several major product design innovations and first-time offerings in the closed-end fund
market and the municipal market. He has published articles in industry journals and
conducted numerous conference and seminar presentations regarding '40 Act investment product
design and new municipal financing techniques.
Paul received his BA from the University of Pennsylvania Wharton School and, midcareer,
completed the Advanced Management Program at the Harvard Business School. For more than 20
years, he has served Penn, his alma mater, in multiple board and leadership roles.
![Hank Hakewill](http://xainvestments.com/wp-content/themes/twentytwentyone-child/assets/images/HankHakewill.jpg)
Hank Hakewill
Senior Advisor to XA Investments on Marketing
Hank Hakewill has nearly 50 years of business experience, including more
than 35 years of investment management marketing experience. He is currently Managing
Partner of Hakewill & Associates, a marketing consulting firm dedicated to helping
investment firms develop and execute actionable marketing strategies and tactics.
Prior to starting his own firm, Mr. Hakewill was a Managing Director and Chief Marketing
Officer for NexTier Consulting Solutions, a consulting firm devoted to helping investment
firms access the institutional marketplace. Before joining NexTier, he served as the
Director of North America Marketing for Investment Property Databank (IPD), a leading
performance and risk analytics provider for the commercial real estate industry and a
subsidiary of MSCI. Previous to IPD, Mr. Hakewill led marketing and communications for
EnnisKnupp, an institutional investment consulting firm based in Chicago.
Prior to joining EnnisKnupp, Mr. Hakewill had his own consulting firm serving investment
management clients that included William Blair and Lazard Asset Management. Before starting
his own consulting firm, he was the Senior Managing Director, Marketing and Communications
for Ziegler, a Milwaukee based financial services boutique providing investment banking,
retail brokerage and asset management services. Before joining Ziegler, Mr. Hakewill held
senior marketing roles at Allstate, Northern Trust, Stein Roe & Farnham and Leo Burnett
Company.
Education
Mr. Hakewill earned an AB degree in psychology from Dartmouth College and an MBA degree from
the Tuck School of Business at Dartmouth.
Certifications
Mr. Hakewill has held Series 24, 7 and 63 licenses.
Contact Information
Mr. Hakewill can be reached via email (hankhake@yahoo.com) or phone (847-256-5420 or
847-714-6561).