# Watermark

Watermark is a RIA based in Princeton, United States.

## Overview

- **Organization type:** RIA
- **Headquarters:** Princeton, United States
- **Region:** North America
- **Address:** Princeton, NJ, United States
- **Founded:** 1988
- **Assets under management:** Undisclosed
- **Website:** watermarkgroup.com
- **LinkedIn:** https://www.linkedin.com/company/fgm3plan

## Regulatory record

- **CRD number:** 108272
- **SEC file number:** 801-37258
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/108272

## About

Watermark is an SEC-registered investment adviser in Princeton, NJ, registered since 1990. It manages approximately $3.8 billion in regulatory assets. The firm has 22 employees and 8 investment advisers.

## Sectors

- Fixed Income
- Quantitative Strategies

## People

- Andy Okun — Co-Chief Investment Officer, Founder
- Dougin Walker — Chief Risk Officer
- Bill Nicolls — Chief Operating Officer
- John Niforatos — Co-Chief Investment Officer
- David Rowntree — Principal, Modeling and Valuation

## Questions

### Who runs investment decisions at Watermark?

Investment decisions are made collectively by five principals: Andy Okun (Co-CIO and founder), John Niforatos (Co-CIO), Dougin Walker (CRO), Bill Nicolls (COO), and David Rowntree (modeling/valuation). According to the firm's website, they have a long history of working together and oversee all investments and risk.

### What investment strategies does Watermark employ?

Watermark pursues a quantitative, market-neutral relative-value approach in global interest-rate swaps, futures, and sovereign debt. It seeks to profit from convergence of similar instruments' prices while hedging directionality.

### What is Watermark's geographic focus?

The firm operates across North America, Europe, and Asia, shifting among these major markets based on where it sees relative pricing opportunities, per its website.

### Does Watermark participate in direct deals or co-investments?

Watermark trades liquid fixed-income instruments; its website does not mention direct equity investments, venture capital, or private-market co-investments. Its focus is on relative-value fixed-income arbitrage.

### How does Watermark source deal flow?

Because Watermark trades public-market fixed-income instruments, its opportunity set is the observable global swap, futures, and sovereign bond markets. It does not source proprietary private deals.

### What is the background of Watermark's leadership?

Andy Okun, a co-founder, is an ex-Salomon Brothers fixed-income arbitrage trader and Wharton graduate. Doug Walker joined in 1989 and is a top-performing mathematician. John Niforatos has an MIT engineering background. Bill Nicolls studied chemical engineering at Princeton. David Rowntree holds a Ph.D. in Nuclear Physics from MIT and was a McKinsey consultant.

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- [Reali](https://altss.com/profile/reali)
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Last updated: 2026-06-03T20:00:00.000Z

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