The NorCap team is comprised of experienced professionals with expertise in investment funds trading, operations, compliance, and marketing. NorCap also retains an experienced bench of third-party providers, including an independent fund administrator for more than $260 billion in assets, two compliance firms and business administrator advising nearly $2 trillion in assets, two top 100 international law firms, a national U.S. certified public accounting firm, and a well-recognized offshore fund administrator.
Bolton Walters
Chairman of the Board of Managers | Chief Executive Officer | Member of the Investment Committee
Mr. Walters serves as the Chairman of the Board of Managers, Chief Executive Officer, and Member of the Investment Committee at NorCap Investment Management, L.P. Mr. Walters is also a Founder and the Senior Managing Member of BAG Securities, L.L.C. (and Capital Park Securities, L.L.C.). Previously, he served as a political appointee and Senior Advisor for Commercial and Business Affairs at the U.S. State Department and worked for a Commissioner at the U.S. Commodity Futures Trading Commission (“CFTC”). Mr. Walters is a member of the State Bar of Texas, a cum laude business graduate of Texas A&M University, and earned a J.D. and M.B.A. degree from Baylor University.
Terrence Brown
Chief Investment Officer | Chairman of the Investment Committee
Mr. Brown serves as the Chief Investment Officer and Chairman of the Investment Committee overseeing all options strategies at NorCap Investment Management, L.P. Mr. Brown began his career trading options in the 1980s for Smith Barney, Inc. Prior to NorCap, for 20 years, he was an independent S&P 500 Index (“SPX”) options trader at the Chicago Board of Exchange (“CBOE”). Mr. Brown also served on the CBOE OEX Pit Committee and was a CBOE Floor Official. Previously, he was the General Partner of TBR Trading, LLC, after having been an independent SPX options market maker at the firm earlier in his career. Prior to TBR, he was the General Partner and Risk Manager for CBM Trading, a Chicago (U.S.A.) CBOE market-making firm trading SPX options. Prior to CBM, he was a Managing Partner at Panos Trading, where he was a market maker in the S&P 500 Index Options Pit. Additionally, he oversaw new market makers and overall trading for the firm. Mr. Brown studied Management and Economics at Western Illinois University.
Kenneth Tananbaum
Board of Managers | Portfolio Manager
Mr. Tananbaum serves as a Member of the Board of Managers and Portfolio Manager at NorCap Investment Management. L.P. Mr. Tananbaum began his career in 1990 as an equity options market maker on the floor of the American Stock Exchange in New York for O’Connor & Associates. Prior to NorCap, he was a Senior Vice President of Convertible Securities at Palisade Capital Management, LLC. Prior to Palisade, he was Founder and Chief Investment Officer for Tugar Capital Management, L.P. At Tugar, he originated, researched, modeled, implemented, and monitored individual investment ideas and overall themes in convertible securities, equities, options, and straight debt (investment-grade and high-yield). Prior to Tugar, he was the Co-Founder and Chief Investment Officer of Arbitex Asset Management Inc. and Vice President at HBK Investments, where he traded Asian convertible bonds and Nikkei options. Mr. Tananbaum earned a B.A. in Economics and Political Science from Yale University. Mr. Tananbaum holds an NFA Series 3 license.
David Harap
Chief Risk Officer | Member of the Investment Committee
Mr. Harap serves as the Chief Risk Officer and Member of the Investment Committee overseeing all options strategies at NorCap Investment Management, L.P. Mr. Harap began his career at the Chicago Board Options Exchange (“CBOE”) in the SPX Options Pit as a market maker for Panos Trading. Mr. Harap became a Portfolio Manager and Derivatives Trader at Sparrow Trading in 2014, where he oversaw real-time portfolio risk management, analysis, and rebalancing. Additionally, he worked at the Chicago Mercantile Exchange (“CME”) in the Soybean Options Pit. In 2016, he joined Celera Capital Management as a Commodities Portfolio Manager, where he electronically traded Chicago Board of Trade (“CBOT”) agricultural products, giving him extensive knowledge in the agricultural space while managing several relative value portfolios. Prior to joining NorCap, he was a Senior Derivatives Trader and SPX market maker at Belvedere Trading, LLC, in Chicago, Illinois. Mr. Harap earned a B.B.A. in Finance from the University of Miami. Mr. Harap holds NFA Series 3, FINRA SIE, and FINRA Series 57 licenses.
Todd Mistina
Chief Strategy Officer
Mr. Mistina serves as the Chief Strategy Officer at NorCap Investment Management, L.P. Previously, Mr. Mistina served as Co-Founder, Chief Executive Officer (“CEO”), and Risk Manager at Alpha Optimization Capital Management (“AOCM”) where he led the firm's business and oversaw a strong risk management framework. Earlier, he was the CEO of ANT Ventures, LLC, where he was pivotal in developing the firm’s options analytics software, Options Pro, which has been widely adopted by option market participants. Additionally, he served as the Director of Options at Cunningham Trading Systems, where he enhanced the software capabilities of Options Pro through in-depth analysis and tools that have become reference standards in the financial industry. Mr. Mistina also founded BruMist Consulting, where he provided key risk, options trade and position structuring, and strategic business consulting services to hundreds of funds, traders, brokers, and clearing firms of all sizes, complexities, and challenges. As Head of Education at Prime International Trading for 15 years, he trained more than 200 financial professionals in all aspects of options trading. Mr. Mistina also concurrently served as a Lead Market Maker at the Chicago Board of Trade (“CBOT”) and Chicago Mercantile Exchange (“CME”), specializing in trading commodity futures. Mr. Mistina previously held a FINRA Series 7 securities license and studied Management at Elmhurst College.
Robert “Bob” Walters
Executive Vice President
Mr. Walters serves as an Executive Vice President at NorCap Investment Management, L.P. Mr. Walters is also the Chairman of The Bank Advisory Group (which he established in 1989) and a Founder of BAG Securities, L.L.C. Previously, he formed and headed the community bank merger and acquisition and bank stock valuation advisory services of Sheshunoff & Company. Mr. Walters has represented hundreds of banks through brokering bank sales and through developing negotiating strategies, formulating pricing and transaction structure alternatives, and determining pro forma financial performance opportunities for bank buyers and bank merger partners. Since 1980, he has participated in well over 3,500 client relationships involving the evaluation of both “control” and “minority” blocks of community bank stocks. Mr. Walters earned a B.B.A. in Accounting from Texas A&M University.
Shane Coker
Executive Vice President
Mr. Coker serves as Executive Vice President at NorCap Investment Management, L.P. Prior to NorCap, he served as the Chief Marketing Officer at Storable, a private equity backed software and technology leader in the Self-Storage Industry. Mr. Coker previously held marketing and sales leadership positions at Facebook (Meta), Walmart, and Kellogg’s. Mr. Coker is also a veteran of the United States Air Force where he served as an Intelligence Officer. Mr. Coker holds a Master of Science Degree in Strategic Intelligence from the Joint Military Intelligence College in Washington, DC, and a B.B.A. in Marketing from the Mays Business School at Texas A&M University. Mr. Coker also serves as Chairman of the Board for the National Fatherhood Initiative.
Savanna Morgan
Investor Client Executive
Mrs. Morgan serves as Investor Client Executive at NorCap Investment Management, L.P. Prior to NorCap, she served as a leader of Global Supply Chain at Space Exploration Technologies (“SpaceX”), where she was responsible for procurement operations for Starship, the world’s largest rocket. During this time, she served as an ambassador for SpaceX to local and international governments and private stakeholders to garner support for the launch business and ensure concise planning and production timelines. Earlier, she led operational business efforts with NASA on the commercial human spaceflight campaign. Mrs. Morgan earned a B.B.A. in Finance from the Mays Business School at Texas A&M University. Mrs. Morgan holds an NFA Series 3 license.