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Experienced Investment Insight


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Nitin N Kumbhani

Vice Chairman, Chief of Growth Equity Strategies

Nitin founded Apex in 1987 and has over 28 years of investment management experience. He served as CIO prior to the firm’s acquisition by Fiera Capital. Prior to launching Apex, he started Source Data Systems, a software company which pioneered ATM software. He sold SDS and started Kumbhani and Co. (now Apex) in 1987. Nitin’s background as a developer of technology working with the financial services industry has served him well as a growth stock portfolio manager. He received his BS in Electrical Engineering and Economics and did graduate studies in Computer Sciences at West Virginia University. .


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Michael Kalbfleisch, CFA, CPA

Senior Vice President, Portfolio Manager

Mike brings 29 years of investment management experience to the equity team. Mike joined Apex in 2000 and was a Principal prior to its acquisition. Previously, he served as Chief Operating Officer for Retirement Capital Advisers; prior to that he was a member of the Investment Committee at Dean Investment Associates. He is also a past Vice President at John Nuveen & Co. From 1986 – 1996 Mike was Chief Financial Officer at Flagship Financial. Mike is an adjunct professor of finance at The University of Dayton. He received his BS in Accounting from the University of Dayton, where he graduated Magna Cum Laude.


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Jan Terbrueggen, CFA

Senior Vice President, Portfolio Manager

Jan joined Apex in 2000 and brings 30 years of investment management experience to the firm. Jan was a Principal at Apex prior to its acquisition. Prior to Apex, Jan was a portfolio manager and sat on the Investment Committee at Dean Investment Associates from 1999 – 2000. Before Dean, he was Vice President, Portfolio Manager and Chief Market Strategist for Flagship Financial from 1992 – 1999. Flagship was purchased by John Nuveen & Co., for whom he managed several top-rated mutual funds. Prior to Flagship Jan was with Todd Investment Advisors from 1989 – 1991 and Union Central Life Insurance from 1985 – 1989. Jan has been quoted on MSNBC, The Wall Street Journal, Barron’s, Kipplinger’s and other financial publications. He graduated Magna Cum Laude and Phi Beta Kappa with a BA in Economics from the University of Cincinnati. He also has an MBA from Xavier University.


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Sunil M. Reddy, CFA

Senior Vice President, Portfolio Manager

Sunil brings more than 25 years of diverse investment management experience to the firm. His background includes stints in portfolio management, equity analysis and in corporate debt underwriting, trading and syndication roles. Sunil was a Principal at Apex prior to its acquisition. He joined Apex in 2008 from Fifth Third where he co-managed the Fifth Third Quality Growth Fund and was the sole manager for the Fifth Third Technology fund. In addition, Sunil was an integral member of the Growth team covering the Technology and Financial sectors. Sunil also has extensive Fixed Income experience having managed a $6 billion fixed income portfolio at Fifth Third. At Keycorp, Sunil was involved in various funding and interest rate risk management strategies for the Funds Management group. Sunil is a Chartered Financial Analyst, has an MBA from Weatherhead School of Management, Case Western Reserve University and an undergraduate degree in Electrical Engineering from The Ohio State University.


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Mark Harrell, CIMA

Senior Vice President, Business Development

Mark has over 29 years of experience in the investment business. Mark was a Principal at Apex prior to its acquisition. Before joining Apex in 2007, he was a Managing Director at Dreman Value Management L.L.C. Mark spent 6 years as a National Sales Manager for ING Investment Management. He began his career at Nuveen Investments in 1987 and held the positions of Regional Director of sales, marketing and client services and National Sales Manager. Mr. Harrell is a Certified Investment Management Analyst (CIMA) and a member of the Investment Management Consultants Association (IMCA). He holds an Alternative Investment Certification through the Wharton School of Business at the University of Pennsylvania as well as his NASD Series 6, 7, 24, 63 and 65 licenses. He has a BS in Business Administration from the University of Dayton.


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Kamal Kumbhani

Senior Vice President, Portfolio Manager

Kamal has more than 23 years of investment management experience. She joined Apex in 1994; her primary emphasis is in the healthcare and biotech sectors. Prior to joining Apex, Kamal was Manager for the Investment Trust of India. She has a BS in Chemistry, Physics and Math from the University of Madras and an MBA from the University of Madras.


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Amit Dugar, CFA

Senior Vice President, Portfolio Manager

Amit joined Apex in 2017 and brings 26 years of diverse investment management experience to the firm. Amit's background includes work in portfolio management and equity analysis, both fundamental and quantitative. Prior to Apex, Amit was a Director at Schwab from 2003 – 2016 and built quantitative products including the Schwab Equity Ratings (SER) and Schwab Equity Ratings International (SERI). Both are used to manage 4 and 5 star mutual funds as well as separately managed accounts. In addition, Amit has written a number of articles that were published in the Charles Schwab Investing Insights newsletters. Prior to Schwab, Amit was at C.S. McKee (1998 – 2002) where he reconstructed the firm’s quantitative process and was the Global Technology Portfolio Manager. He also ran the firm’s small cap mutual fund. Before that, Amit was at Dean Investment Associates (1994 – 1998) where he was an analyst and institutional portfolio manager. Amit started his career at Renaissance Investment Management (1990 – 1994) where he created a number of the firm’s equity products. Amit is a Chartered Financial Analyst, has an MBA from the University of Cincinnati and a BS in Electrical Engineering from the University of Illinois.


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Bhavik Kothari, CFA

Vice President, Portfolio Manager

Bhavik joined Apex in 2017 and has over 16 years of investment management experience. Bhavik worked as a Research Analyst and Sector Leader at Diamond Hill Capital Management Inc. which is a fundamental analysis oriented investment firm. During his tenure at Diamond Hill that spanned over 12 years, he built research coverage in various consumer and technology industries globally and generated several long and short ideas across the market cap spectrum. He also managed a portion of the Diamond Hill Research Opportunities Fund for 7 years. In his role as the sector leader of the Consumer Discretionary team, he was actively involved in various aspects of the business that included building the research team, client marketing and creating new investment products. Bhavik also authored three industry perspectives and an investment letter. Prior to joining Diamond Hill, Bhavik worked for 4 years at two major Indian financial institutions in operations and finance roles. Bhavik is a Chartered Financial Analyst, has an MBA from Ohio State University and an undergraduate degree in Commerce from University of Mumbai. Bhavik is also a Chartered Accountant (Indian equivalent of the CPA degree).


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Kurt Graham

Vice President, Business Development

Kurt has 15 years of experience in the investment business. Prior to joining Apex in 2009, he was a Vice President at Lazard Asset Management LLC and was an Assistant Vice President at Gannett Welsh & Kotler LLC, working with consultants in the Western United States. Kurt began his career at Putnam Investments in 2000, where he worked with mutual funds, separately managed accounts and private equity. He has his NASD Series 7, 63 and 65 licenses along with holding insurance and real estate licenses with the State of Massachusetts. He has a BS in Mathematics and Physics from SUNY College at Cortland.


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James Brown, CFA

Assistant Vice President, Research Analyst

Jim joined Apex in 2005, and has 13 years of investment management experience. In addition to overseeing portfolio operations, Jim coordinates trading, the firm's model-based platforms, and performance review and reporting. He has a BS in Business/Finance from Wright State University, and graduated Summa Cum Laude with an MBA in Operations Management from Wright State University.

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