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The Watermark Group

Serving Sophisticated Investors Since 1988

Watermark is a registered investment adviser

specializing in market-neutral fixed income strategies

We have maintained consistent trading strategies and philosophies while managing funds for institutional and high net worth clients since our inception in 1988.

Our quantitative approach identifies relative pricing discrepancies in the global interest-rate swap, futures, and sovereign debt markets.




Watermark seeks to exploit relative pricing discrepancies in the interest rate swap, futures, and sovereign debt markets. We have a global scope, shifting focus among the major markets in North America, Europe, and Asia as investment opportunities arise.


Our investment philosophy is based on the belief that relative prices of similar financial instruments converge over the long term and that opportunities arise from short term distortions caused by a variety of reasons, including investor liquidity preferences, market segmentation, and regulatory constraints.


We believe that our experience and discipline in evaluating opportunities and applying our investment philosophy has been fundamental to the returns our investments have achieved since our inception in 1988.



The five Principals have a long history of working together and are responsible for overseeing all investments, risk, and operational policies.

Andy Okun

Andy Okun is a founder of Watermark and serves as Co-Chief Investment Officer. Mr.  Okun worked at Salomon Brothers Inc. from 1983 until 1988. He earned a B.S. in Economics summa cum laude from the University of Pennsylvania's Wharton School in 1981

Dougin Walker

Dougin Walker joined Watermark in 1989. He became a principal of Watermark in 1995 and serves as the Chief Risk Officer. Mr. Walker has held various roles at Watermark, including analyst, trader, systems developer, and chief compliance officer. He earned an A.B. and A.M. in Mathematics from Washington University in 1987, where he placed 15th overall in the 1984 Putnam mathematics competition and was a member of the team that won the national championship that year

Bill Nicolls

Bill Nicolls joined Watermark in 1992. He became a principal of Watermark in 2000 and serves as the Chief Operating Officer. Mr. Nicolls previously worked as a trader for Watermark. He earned a B.S.E. in Chemical Engineering magna cum laude from Princeton University in 1992

John Niforatos

John Niforatos joined Watermark in 1999. He became a principal of Watermark in 2007 and serves as Co-Chief Investment Officer. Mr. Niforatos previously worked as a trader for Watermark. He earned a B.S.E. in Mechanical Engineering from M.I.T. in 1997

David Rowntree

David Rowntree joined Watermark in 2002. He became a principal of Watermark in 2015 and is responsible for modeling and valuation. Prior to Watermark, he worked as a post-doc at M.I.T. and as a consultant at McKinsey. He earned an A.B. in Physics magna cum laude  from Princeton University in 1988 and a Ph.D. in Nuclear Physics from M.I.T. in 1995




Watermark was established in 1988 by two former members of the Salomon Brothers fixed income arbitrage group to take advantage of relative value opportunities in the global fixed income markets. More than 30 years later our investment philosophy and core trading strategies have remained the same, though our methods and models have been improved and refined.

While our investment strategies are quantitatively based, we recognize that it is our relationships that have shaped our culture and determined our long term success. When dealing with investors, trading counterparties, and employees, we strive to treat each with integrity and respect.

This approach has fostered a culture of joint effort and shared objectives among our employees. We have a stable and experienced team, with an average tenure of over ten years. Our principal place of business is Princeton, NJ.




Call: 609.683.8200

Fax: 609.683.9483


47 Hulfish Street, Suite 201

Princeton, NJ 08542

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