People

Cem Karsan

Cem Karsan

Formal First Name
Cem
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Cem Karsan is the Founder and Senior Managing Partner of Kai Volatility Advisors, formerly known as Aegea Capital, a recognized leader in volatility investing. He is responsible for firm-wide management, as well as being Head of Research and Risk Management. He also advances his legacy in research, thought leadership in the volatility space, risk management, and portfolio innovation for the firm. Karsan is an experienced volatility trader and derivatives expert. Prior to launching Kai, he spent two decades building industry-leading derivatives businesses. He is a trader skilled at projecting market changes, managing portfolios based on the first- and second-order Greeks, known as Charm and Vanna. Previously, Karsan worked under renowned Wall Street investor John Mulheren at Bear Wagner Specialists, where he helped expand the firm’s fledgling derivatives arbitrage business into a competitive force within the industry.

Professional Experience


Academic History

KAI VOLATILITY ADVISORS

  • Under his leadership, Kai specializes in volatility strategies, which are designed to profit from fluctuations in the level of volatility in the market.

  • The firm created a non-correlated and scalable investment vehicle that takes advantage of the structural mispricing inherent in option indices worldwide.

  • The firm employs strict risk management frameworks to mitigate potential losses and protect capital, and provides tailored investment solutions aligned with each client's risk tolerance and investment goals.


CAREER HIGHLIGHTS


MEDIA & APPEARANCES