Mack Frankfurter started his career in the financial services industry in 1989 with Bank of America. In 1991 he joined The Echelon Group, Inc. as vice president in charge of operations of Echelon’s $250 million managed futures business. As an Associated Person, he was involved with the startup, accounting, client services, compliance, backoffice and marketing of multiple joint venture commodity trading advisors (CTAs) including Dreiss Research Corporation, Jackson Grain Management, and Range Wise. Mr. Frankfurter was also involved in activities related to the establishment of other Echelon-related ventures including Dignity Partners, Inc., a viatical settlement business. Dignity Partners institutionalized the viatical settlement industry by successfully completing a private placement of $50 million in securitized notes (voted 1995 Private Deal of the Year by Investment Dealers Digest), and a subsequent initial public offering in 1996. In January 1999 he left Echelon and consulted for investment bank FleetBoston Robertson Stephens before joining Capco in 2000 as a senior consultant. While with Capco he worked on a variety of long-term projects for Scudder Kemper/Thomas Weisel, Commerzbank and Bank of Montreal. Mr. Frankfurter was hired by UBS Financial Services, Inc. in 2004, and in 2005 left to rejoin NextStep Strategies, LLC, a consultancy company he established in 2002. In July 2005 he co-founded Cervino Capital Management LLC, a commodity trading advisor and registered investment adviser where he serves as managing director, chief of operations. In September 2007, Mr. Frankfurter also became associated with Managed Account Research, Inc. as chief investment strategist where he performs research on the commodity futures markets and managed futures investing.