Team | Lapis Advisers

Our Team

Kjerstin Hatch

Founder and a Managing Principal

Basia Terrell

Managing Principal

Joe Landen

Managing Director

Cody Noll

Managing Director

Christopher Conley

Managing Director

Ray AuYeung

Senior Investment Analyst

Jackson Rueter

Senior Investment Analyst

Frank Chavez

Chief Financial Officer and Chief Compliance Officer

Fred Rice

Financial Controller

Kathy Araneta-Delfin

Operations and Compliance

Kjerstin Hatch

Mrs. Hatch is the Founder and a Managing Principal of Lapis Advisers and has focused her career in special situation securities. She has served as a portfolio manager and acquisitions specialist in alternative investments for over twenty five years, managing over a thousand investments in municipal bonds, illiquid real estate and over 150 distressed and bankrupt companies totaling well in excess of $1 billion. Over her long career she has a proven track record of underwriting and managing special situation and distressed investments often through creative win-win solutions. Mrs. Hatch earned a Bachelor of Arts degree in the Political Economy of Industrialized Societies from the University of California, Berkeley and is a member of the National Federation of Municipal Analysts, 100 Women in Hedge Funds, the American Bankruptcy Institute and is a frequent speaker and media contributor on the topic of specialized securities.

Basia Terrell

Mrs. Terrell is responsible for sourcing and managing special situation investments both through secondary purchases, as well as, primary underwriting with emphasis on healthcare, hospitality and senior living assets. During the past nine years with Lapis, Mrs. Terrell negotiated, restructured and/or managed over 40 municipal bond work-out situations. Prior to joining Lapis, she has built an extensive experience with analyzing and investing in distressed situations, mezzanine loans and equity securities. Mrs. Terrell was part of a small team that built a $3 billion credit portfolio at Och Ziff Capital Management in London, served as Vice President of the Proprietary Investing Desk of Merrill Lynch, and worked in the Restructuring Group at Houlihan Lokey in Toronto and London. Mrs. Terrell graduated with an honors degree in Finance from the University of British Columbia, Canada and holds the Chartered Financial Analyst® designation.

Joe Landen

Mr. Landen is a Managing Director with Lapis Advisers. He is responsible for underwriting and managing distressed senior and junior debt, mezzanine loans, and municipal securities. Mr. Landen’s previous experience includes providing a variety of financial advisory services to debtors and creditors as a Director with FTI Consulting, underwriting and managing distressed debt investments as a Portfolio Director with Madison Capital Management, and performing business valuations with Willamette Management Associates. Mr. Landen earned a Bachelor of Business Administration with an Accounting Concentration degree from Roanoke College and a Masters of Science in Accounting degree from the University of Virginia. Mr. Landen holds the Chartered Financial Analyst® designation.

Cody Noll

Cody Noll is a Managing Director with Lapis Advisers. Mr. Noll is primarily responsible for the sourcing, underwriting, and execution of direct lending and municipal security origination investment opportunities, as well as other special situation investments. Prior to joining Lapis, Mr. Noll was a Director at Fundamental Advisors, a New York based municipal-focused alternative investment manager. While at Fundamental, Mr. Noll served as a senior member of the investment team responsible for the sourcing, underwriting, execution, and ongoing asset management of municipal-related investments across numerous sectors. Mr. Noll has also previously held senior alternative investment management roles at SBZ Select Investments and Madison Capital Management. Mr. Noll earned a Bachelor of Science degree in Finance & Accounting from the University of Colorado at Denver.

Christopher Conley

Christopher Conley is a Managing Director with Lapis Advisers, bringing over 35 years of experience in the municipal finance market to source, underwrite and execute direct lending, distressed and structured investments. Mr. Conley’s career in finance includes 13 years of investment banking experience serving health care institutions, after which he developed structured products in the high yield municipal market, leading the team that created Non Profit Preferred Funding I, a $400 million structured municipal fund. He co-founded Muni Funding Company of America, which raised $170 million of private equity to invest in structured municipal funds. Mr. Conley has a Bachelor of Arts from the University of Notre Dame and a Master of Health Administration from Duke University.

Ray AuYeung

Ray AuYeung is a Senior Investment Analyst with Lapis Advisers. Mr. AuYeung is responsible for sourcing, underwriting, and managing distressed debt, origination investments, and specialized securities. Prior to joining Lapis, Mr. AuYeung was a Senior Consultant at FTI Consulting focused on debtor / creditor side restructuring, interim management, and M&A due diligence with companies ranging from those in a high-growth environment to those experiencing significant distress. Prior to FTI, Mr. AuYeung was an Analyst at J2 Partners, a lower middle market private equity firm. Mr. AuYeung earned a Bachelor of Science degree in Applied Mathematics, a Bachelor of Science degree in Finance, and a Master of Science degree in Accounting from the University of Colorado, Boulder.

Jackson Rueter

Jackson Rueter is a Senior Investment Analyst with Lapis Advisers. He is responsible for sourcing, underwriting, and managing distressed debt, origination, and special situations investments with an emphasis in healthcare. Before joining Lapis, Mr. Rueter worked at FTI Consulting as a Senior Consultant focused on debtor and creditor-side restructuring, interim management, due diligence, and performance improvement services across a variety of industries. Prior to FTI, Mr. Rueter had experience working in both investment banking and private equity. Mr. Rueter earned a Bachelor of Science degree in Finance and Accounting from the University of Colorado Boulder, graduating with Honors and High Distinction.

Frank Chavez

Mr. Chavez is Chief Financial Officer and Chief Compliance Officer of Lapis Advisers. As Chief Financial Officer, Mr. Chavez is responsible for all financial operations, treasury functions and investor reporting. As Chief Compliance Officer, Mr. Chavez is responsible for ensuring Lapis Advisers complies with all external regulatory requirements and internal policies. Prior to joining Lapis, Mr. Chavez spent seven years at GIC (formerly known as Government of Singapore Investment Corporation), a sovereign wealth fund established by the government of Singapore, where he served as Vice-President and Regional Portfolio Controller responsible for overseeing financial operations, treasury, financial control and reporting functions. Prior to GIC, Mr. Chavez served in a number of accounting and finance roles at Conifer Securities, Colony Capital and Great West Capital Management. Mr. Chavez earned a Bachelor of Arts degree with a concentration in Accounting from The College of Santa Fe and a Masters of Business Administration with a concentration in Finance from the University of Denver.

Fred Rice

Mr. Rice is the Financial Controller with Lapis Advisers. He is responsible for coordinating with our outside administrator in the review of all periodic financials for the Lapis funds, along with providing support to the CFO on compliance and investor request responses, distribution calculations, and fund cash management. Prior to joining Lapis, Mr. Rice had various financial roles, including 18 years in charge of Planning and Analysis for Aztar Corporation, a hospitality company focused on resort hotels and casinos. Fred graduated from the University of Arizona with a Bachelor of Science degree in Finance and Business Administration.

Kathy Araneta-Delfin

Mrs. Araneta-Delfin handles operations and compliance for Lapis Advisers. She has over ten years of experience in compliance and operations in the financial services industry. Mrs. Araneta-Delfin previously worked for Citigroup and B. Riley & Co. Kathy graduated from the University of California at Berkeley.