Crystal Fund Ltd. and Crystal Fund II Ltd. are managed by Oristan Ltd. which is responsible for their investment activities.

Ran Fridrich – Principal

Chairman of the Investment Committee
Member of the Advisory Committee

Ran Fridrich has overseen Crystal Fund's activities since its creation. A longtime specialist in investing in CDOs, Mr. Fridrich launched a proprietary investment advisory business in 2001 that focuses primarily on fixed-income securities , including credit default swap transactions and CDO investments. While Mr. Fridrich's primary clientele are high-net worth individuals, he is also engaged by a $75 million CDO repackage program on a consultancy basis. As part of his business, Mr. Fridrich tailors structured notes.

Mr. Fridrich previously served as general manager of two Israeli-based companies. He is a graduate of the Senior Executive Program Faculty Management division of Tel Aviv University..

Hemi Raphael – Principal

Member of the Investment Committee
Member of the Advisory Committee

Hemi Raphael has been involved with the investment and trading of Crystal Fund’s underlying assets since its creation. In 1983, Mr. Raphael started a law practice in Tel Aviv specializing in commercial and real estate transactions. He later co-founded Centurion Millenium, an investment and real estate development firm that invests in Equity and fixed-income securities, including income-generating property in Europe, particularly the U.K. As part of this business, Mr. Raphael creates trust arrangements and develops sophisticated financial securities, such as credit default swap agreements.

Mr. Raphael was formerly a practicing attorney in the U.S. and Canada and was admitted to the bar in Israel and California. He received both his B.A. and L.L.V from the Hebrew University in Jerusalem.

Olivier Gozlan - Associate Director

Member of the Investment Committee
Member of the Advisory Committee

Mr. Gozlan joined Crystal Fund’s management team in May, 2006. Prior to this, Mr. Gozlan spent three years at JP Morgan, including two years within the CDO Structuring team. During this tenure, he was responsible for various aspects from origination to execution of new issue CDO transactions, as well as restructuring seasoned transactions. He has been involved in several research projects with a focus on quantitative modeling and analysis.

Mr. Gozlan holds a Master of Engineering in Financial Mathematics and a Post-Graduate degree in Finance.

Dr. Izzy Nelken - Director

Member of the Advisory Committee

Dr. Nelken is president of Super Computer Consulting Inc. in Northbrook, Illinois, which specializes in complex derivatives, structured products, risk management and hedge funds. His firm's clients include several regulatory bodies, major broker-dealers, large and medium sized banks as well as hedge funds.

A lecturer at the prestigious mathematics department of the University of Chicago, Dr. Nelken holds a Ph.D. in Computer Science from Rutgers University and was on the faculty at the University of Toronto. He teaches numerous courses and seminars around the world on a variety of topics.