Xiaofeng (Frank) Xia, CFA CEO&CIO

As CEO and CIO, Frank oversees all investing-related matters, including research, portfolio management and product management. Prior to founding Pine Grove Capital, Frank was Head of Quantitative Investments at Hong-Shang Asset Management (HSAM), a Shanghai based hedge fund with AUM about $1 billion, where he was in charge of quantitative research and portfolio management.From 2007 to 2017 , Frank was a portfolio manager and analyst at Wellington Management Company in Boston, where he worked in the Quantitative Investment Group for almost 11 years. There he managed or co-managed four portfolios, Emerging Markets Systematic Equity, Global Low Volatility, Country Long/Short Alpha, and Event Driven, with total AUM of $3.3 billion. 

Frank holds the following degrees:

  • Wuhan University (B.S. in Math 1999) 
  • Peking University (M.S. in Applied Math 2002)
  • Emory University (M.S. in Math 2005)
  • Carnegie Mellon University (M.S. in Computational Finance 2006)  


David C. Cushing, CFA Senior Advisor

Mr. Cushing was most recently a Partner at Wellington Management, where he worked from July 2006 to June 2018. While at Wellington, he served in a variety of senior capacities, including Director of Global Equity Trading and Director of Global Trading. Dave was a driving force behind the modernization of Wellington’s trading platform, where he introduced a suite of analytics, trading tools and trading risk controls geared toward increasing trading effectiveness and operational risk management across asset classes.    

Prior to joining Wellington in 2006, Mr. Cushing was a Managing Director at Lehman Brothers, where he was recruited to product manage their algorithmic equity trading and trading analytics business. This platform served as the cornerstone of the functional and economic transformation of Lehman’s equity trading franchise.

From 2000-2004 he was Co-Founder and Managing Principal at Inference Group LLC, a statistical arbitrage hedge fund that deployed fully automated, statistically-driven equity long/short trading strategies. These strategies identified short-term relative valuation anomalies based on sophisticated statistical methods developed using a bespoke R&D platform.    

From 1991-2000, Mr. Cushing was an early employee at Investment Technology Group, Inc. (ITG), where he founded and ran ITG’s research department, which provided quantitatively advanced portfolio management, trade execution, and execution analysis tools to the firm’s clients. Mr. Cushing served on the firm’s management committee and was instrumental in the growth and development of the firm from startup through IPO. He is a named inventor on the industry’s seminal patent for algorithmic trading as well as on several other market structure patents, including the design and operation of opening and closing auctions.