Metacapital Management was founded in 2001 by Deepak Narula, a former Senior Trader and Mortgage Strategy Head at Lehman Brothers. The Metacapital team has on average more than eighteen years of experience in analyzing prepayment, credit and default risk in the U.S. residential and commercial mortgage markets.
Metacapital’s cohesive team consists of seasoned portfolio managers and professionals with past experience at respected institutions and academic degrees from top schools.
Deepak Narula - Managing Partner
Mr. Narula is the Founder and Managing Partner of Metacapital Management. Mr. Narula has 26 years of experience in mortgage trading and investments, including Agency and Non-Agency MBS, ABS, CMBS, CRE Debt, and other structured credit products. He is Metacapital's Chief Investment Officer and is involved in all aspects of the firm's overall development and investment strategy. Mr. Narula is responsible for ensuring the firm's adherence to its fundamental investment philosophy, communicating with clients regarding investment products and strategies, and providing his experience to major investment decisions. Prior to founding Metacapital in 2001, Mr. Narula was Managing Director and head of mortgage backed securities trading desks at Lehman Brothers. Previously, Mr. Narula worked in Mortgage Research and was Head of the Mortgage Strategy Group at Lehman Brothers until 1995. From 1993 to 1995, Mr. Narula was a ranked analyst on the Institutional Investor All-American research team for his work on mortgage backed securities. Mr. Narula holds a Ph.D. in Management Science from Columbia University and a B.Tech. in Electrical Engineering from the Indian Institute of Technology (IIT) Kanpur. In addition, he has taught courses at Columbia University and Columbia Business School.
Leo LiVolsi - Director of Portfolio Strategy & Head of Business Development
Mr. LiVolsi is the Director of Portfolio Strategy and Head of Business Development at Metacapital Management. He joined Metacapital in 2012 and has over 30 years of experience in the mortgage and structured credit markets. Mr. LiVolsi, in his role as Director of Portfolio Strategy, is a member of Metacapital's Investment Committee in addition to heading the firm's Business Development and Investor Relations efforts. Prior to joining Metacapital, Mr. LiVolsi was a Managing Director and Co-Head of New York Mortgage Backed Securities Sales at Bank of America Merrill Lynch from 2006 through 2012. Previously, Mr. LiVolsi was a Managing Director and Co-Head of New York Mortgage Backed Securities Sales at Salomon Brothers/Citigroup Global Markets from 1991 to 2006. Prior to moving to sales, Mr. LiVolsi was a Vice President and Head of Salomon Brothers Bank and Thrift Asset/Liability Analytical Group from 1983 to 1991. Mr. LiVolsi began his career as an associate at Salomon Brothers in the Bond Portfolio Analysis Group focusing on Mortgage Research from 1982 through 1983. Mr. LiVolsi holds a B.B.A in Finance and Economics from Baruch College.
David Copeman - Chief Financial Officer
David Copeman is the Chief Financial Officer. He joined Metacapital in 2016. From 2005 to 2015, Mr. Copeman was with Reservoir Capital Group, where he acted as the Tax Director and as the Chief Financial Officer for various funds. Prior to Reservoir Capital Group, Mr. Copeman was a Senior Tax Manager and Attorney at General Electric Commercial Finance and a Senior Tax Manager at Arthur Andersen LLP. Mr. Copeman has also been an associate at the accounting firm of Margolin Winer & Evens LLP and a Senior Tax Consultant at Ernst & Young. Mr. Copeman holds a Bachelor of Science degree in Business Administration from the State University of New York at Albany and Juris Doctorate and Masters in Business Administration (Accounting) degrees from Hofstra University.
David Sherman - Head of Operations
Mr. Sherman is the Head of Operations at Metacapital Management. He joined Metacapital in 2010 and is responsible for overseeing the operations and finance departments. Prior to joining Metacapital, Mr. Sherman worked at Nomura Asset Management USA where he was responsible for transitioning the operations from Proxima Alfa Investments (formerly Vega Asset Management USA) to the Nomura platform. While at Nomura he oversaw the operations for two global macro funds. Prior to being part of the transition from Proxima to Nomura in 2008, Mr. Sherman worked in the operations department at Proxima from 2004 to 2008. Mr. Sherman began his career at RBS Greenwich Capital where he worked in the Middle Office department from 2002 to 2004. Mr. Sherman holds a B.S. in Applied Economics and Management from Cornell University, Charles H. Dyson School of Applied Economics and Management, as well as a M.B.A. from New York University, Leonard N. Stern School of Business.
Daniel Caffarelli - Chief Compliance Officer & Legal Counsel
Mr. Caffarelli is the Chief Compliance Officer & Legal Counsel of Metacapital Management. He joined Metacapital in 2014 and has been a practicing attorney since 1999. From 2003 to 2014, he was in-house counsel at Guggenheim Partners, where he was Senior Legal Counsel to the Guggenheim Fund Solutions business and Deputy General Counsel to the Guggenheim Advisors business. Prior to Guggenheim Partners, Mr. Caffarelli was an associate in the Financial Products Group of the New York office of Clifford Chance US LLP, and prior to that, he was an associate in the Structured Finance Department of the New York office of Thacher Proffitt & Wood LLP. Mr. Caffarelli holds a B.A. with Distinction in All Subjects from Cornell University and a J.D. from Boston University School of Law.