Senior Management

Valerie J. Sill, CFA

President and CEO

Valerie J. Sill, CFA, is President and CEO of DuPont Capital Management (DCM) and serves as its Chief Investment Officer.  She is responsible for overseeing the investment of more than $36 billion in assets held by DuPont Company plans and external clients.  DCM manages assets across nine different asset classes using a value-based investment approach that combines valuation and risk control disciplines designed to produce risk-efficient excess returns that satisfy its clients’ investment objectives.

Prior to joining DCM in April 2004, Ms. Sill was Executive Vice President at The Boston Company.  There she chaired the Equity Policy Group and was the Director of Large Cap Value strategies.  She was a dual officer with Dreyfus, also a Mellon company, where she managed the Dreyfus Premier Core Value mutual funds.

In addition to her work at The Boston Company and Dreyfus, Ms. Sill formed and chaired Mellon’s Research Forum to foster collaboration among investment professionals from each of Mellon’s investment management subsidiaries.

Ms. Sill started her career in asset management with State Street Research & Management Company as a Health Care and Utilities analyst and later joined Investment Advisors in Minneapolis as a senior analyst.

Ms. Sill is a member of the Board of Trustees of Longwood Gardens and chairs its Investment Committee.  She chairs the Investment Committee of the Delaware Community Foundation and is a member of its Board of Directors.  Ms. Sill is a Trustee of the Christiana Care Health System and a member of its Investment Committee.  Ms. Sill served a three-year term on the Federal Reserve Bank of Philadelphia’s Economic Advisory Council.

Ms. Sill was awarded a Bachelor of Arts degree, magna cum laude, in Economics and Philosophy from Wellesley College.  She was elected to Phi Beta Kappa and was a Durant Scholar.  She holds an MBA from Harvard University and is a CFA charterholder.


Krzysztof (Kris) A. Kowal, Ph.D., CFA

Managing Director & Chief Investment Officer

Krzysztof (Kris) A. Kowal, Ph.D., CFA is responsible for DCM’s global fixed income portfolios including core, core plus, high yield, international developed and emerging markets, and stable value funds. Since joining DCM in 1996, Mr. Kowal has served as the senior portfolio manager for interest rate strategies, emerging markets debt, and fixed income analytics.

Mr. Kowal is a member of the CFA Society of Philadelphia, and a member of the CFA Institute.

Mr. Kowal holds a Ph.D. in Materials Science and Engineering from the University of Pennsylvania, an M.S. in Physics from Jagiellonian University in Krakow, Poland, and is a CFA charterholder.

Krzysztof (Kris) A. Kowal, Ph.D., CFA

Carmen J. Gigliotti, CFA

Managing Director, Private Markets Group

Mr. Gigliotti joined DCM in 1992. He manages the investment team responsible for partnership selection and portfolio management.

Prior to joining DCM, Mr. Gigliotti was Vice President of First Westinghouse Capital Corporation, where he was responsible for making direct investments in private placements of subordinated debt and equity. Before joining Westinghouse, Mr. Gigliotti was Assistant Vice President of Mergers and Acquisitions at PNC Merchant Banking where he advised bank clients on acquisition and divestiture transactions, and valuations. Prior to joining PNC, Mr. Gigliotti was with Price Waterhouse, where his last assignment was Tax Manager.

Mr. Gigliotti earned his B.S. at Pennsylvania State University, his M.B.A. at the University of Pittsburgh, and is a CFA charterholder.

Carmen J. Gigliotti, CFA, CPA

Rafi U. Zaman, CFA

Managing Director, Global Equities and Senior Portfolio Manager

Rafi U. Zaman, CFA , Managing Director and Senior Portfolio Manager, Global Equity, has oversight for all Global Equity strategies, and manages the DCM Emerging Markets portfolio.  Before joining DCM in 1998, Mr. Zaman was a Portfolio Manager at Martingale Asset Management, Director of Advanced Research at Mellon Equity Associates, and a Manager at BARRA.  While at BARRA, he developed the first U.S. Small Cap equity model.  Mr. Zaman joined the investment industry in 1988.

He holds a B.S. with honors in Mechanical Engineering from the REC Kurukshetra in India and an M.S. in Industrial Engineering from Stanford University.  Mr. Zaman is a member of the CFA Society of Philadelphia, the CFA Institute, and of the Chicago Quantitative Alliance.  He was a CFA curriculum committee member from 2000 – 2002 and was an adjunct faculty member at Babson College from 1997 to 1998.

Rafi U. Zaman

Robin P. Sachs

Chief Operating Officer

ROBIN P. SACHS, Chief Operating Officer, is responsible for DCM’s operational functions including management of information systems, accounting, and performance measurement personnel.  In this capacity, Ms. Sachs directs the research, implementation and operation of leading-edge information systems as well as providing oversight for DCM’s trust and global custody banking relationships, internal accounting, and performance reporting.  Prior to joining DCM in February 2000, Ms. Sachs worked for Price Waterhouse for seven years.  While at Price Waterhouse, Ms. Sachs served as an audit and client service manager in the investment management audit practice where she specialized in audits of mutual funds and benefit plans.

Ms. Sachs is a CPA licensed in the state of Delaware and holds a B.S. in Accounting from the University of Delaware.

Robin P. Sachs

John R. Macedo

Chief Administrative Officer

John R. Macedo, Chief Administrative Officer, and VP & Treasurer, is responsible for DuPont Capital’s business accounting, analysis and planning; Six Sigma; Compliance; and Private Market back office operations. He is a member of the Business and Fiduciary committees. Prior to joining DuPont Capital in June 2001, Mr. Macedo worked for Hercules Incorporated for seventeen years. During his tenure at Hercules, he held a variety of positions in internal auditing, corporate reporting, disbursements and benefits, and business analysis.

Mr. Macedo received his B.A. in accounting from Pace University in New York. He is a Certified Public Accountant (CPA)*, Certified Management Accountant (CMA), and holds the Certified in Financial Management (CFM) designation from the Institute of Management Accountants. He holds a Series 27 License and serves as FinOP of DCM’s broker/dealer subsidiary, DuPont Capital Management Marketing Corporation. *Not currently licensed for public practice.