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CEO of Illinois Firm Dies

Mar 20, 2013
Jing Chen

The founding chairman of Illinois-based investment firm EMC Capital Management died earlier this month during a business trip to China.

Bloomberg reported that Elizabeth Cheval, 56, passed away on March 9 at Beijing United Family Hospital, three days after suffering a brain aneurysm.

EMC managing director John Krautsack, who has worked with Cheval for the last 18 years, confirmed to eVestment Wednesday that he will take over as chairman of the firm.

Cheval is most notable for being one of 20 apprentices who were chosen to be part of a 1980’s experiment by veteran commodities traders Richard Dennis and William Eckhardt. The goal was the experiment was to determine whether successful trading can be taught.

Each apprentice was given $1 million to trade for Dennis’ firm, C&D Commodities, after training was completed.

Chevel is survived by her mother Ann Mack, and siblings Michael Mack, Joan Mack, Susan Mack and Joe Mack.

EMC manages about $100 million in assets, which includes certain hedge fund strategies.

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