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Our Team

The Principals have over 50 years of combined investment experience.

Investment Team

Leah Zell, PhD, CFA

Founder & Chief Executive Officer
Leah Joy Zell is a nationally recognized expert in international investing, and a pioneer in the international small-cap category. From 1992 to 2005, she was a co-founding partner and portfolio manager at Wanger Asset Management, a global small-mid cap equity specialist known today as Columbia Wanger Asset Management and owned by Ameriprise. During her tenure there, she was Head of the International Equities Team; Lead Portfolio Manager of the Acorn International Fund; and Portfolio Manager of the Wanger European Smaller Companies Fund. From 1984 to 1992, Ms. Zell was a global equity analyst for Harris Associates. She began her career in investment banking at Lehman Brothers in 1979.

Ms. Zell earned her Bachelor of Arts degree from Harvard College in 1971, graduating Magna Cum Laude and Phi Beta Kappa. In 1979, Ms. Zell received her PhD in Modern Social and Economic History from the Harvard Graduate School of Arts and Sciences, where she won Woodrow Wilson, Fulbright (DAAD), and Krupp Foundation fellowships. Ms. Zell earned her Chartered Financial Analyst (CFA®) designation in 1987.

Ms. Zell is currently on the Executive Committee of the Chicago Council on Global Affairs, where she has served as Treasurer since 2004. She is a member of the New York Council on Foreign Relations, the Global Advisory Council of Harvard University, and the University of Chicago Harris Council. Ms. Zell also serves as a Director of the Horton Trust Company LLC, and a member of the Investment Committee of the Museum of Contemporary Art in Chicago. Previously, she was on the Harvard University Board of Overseers, and the Board of Trustees of the German Marshall Fund of the United States.

Jonathan Moog, CFA, MBA

Chief Investment Officer and Portfolio Manager
Before joining the investment team at Lizard, Mr. Moog served as a Senior Research Analyst / Generalist at Brightpoint Capital from 2006 to 2008. He was an Equity Research Associate at Loomis, Sayles & Co. from 2000 to 2003, where he followed the retail, media, restaurant and industrial sectors. Mr. Moog earned his MBA in Finance, Accounting and Strategy from The University of Chicago, graduating with High Honors in 2005 and his BS in Finance and Computer Science from Providence College, graduating Magna Cum Laude in 1999. Mr. Moog obtained his Chartered Financial Analyst (CFA®) designation in 2002.

David Li

Head of Research
Before joining Lizard in 2008, Mr. Li gained extensive investment experience. From 2003 to 2008 he was a Long/Short Analyst at Porter Orlin LLC (now known as Amici Capital). Prior to Porter Orlin, Mr. Li held various positions in investment banking, fixed income and research at Bear, Stearns & Co., Credit Suisse First Boston and Citigroup. He earned his BA in Mathematics and Physics from Cornell University, graduating Magna Cum Laude in 2000. Mr. Li is fluent in Mandarin Chinese.

Kevin McQuarrie

Senior Analyst
Mr. McQuarrie joined Lizard Investors in 2018.  Most recently, he was a Principal at Discovery Equity Partners, a concentrated, long-only investment partnership focused on U.S. listed small-cap companies.  Prior to Discovery, Mr. McQuarrie held several positions in private equity in which he analyzed investment opportunities across a broad range of industries on a global basis.  He began his career in investment banking at Lazard in London.  Mr. McQuarrie earned his MBA from Northwestern University’s Kellogg School of Management, graduating with Distinction in 2011, and his BS in Economics and Finance from New York University, graduating Cum Laude in 2004.

Michael (Mickey) Ryan

Research Analyst
Mr. Ryan joined Lizard Investors in 2015. Most recently, Mr. Ryan served as an analyst at Manulife Asset Management, covering U.S. Equities and Structured Products. Prior to his time at Manulife, he was a Research Analyst at the private equity firm, Sports Investment Partners in a summer intern program. Mr. Ryan earned his BSBA from Boston University, concentrating in Finance and Accounting with a minor in History, and graduated Cum Laude in 2013.

Tam Phan, CFA

Research Analyst
Mr. Phan joined Lizard Investors in 2017, as a Research Analyst on the investment team. Formerly, he served as a Senior Investment Performance Analyst at the Northern Trust Co. between 2010 and 2015. In that capacity, he audited investment data and conducted manager due diligence on behalf of institutional clients. Mr. Phan interned at Caro-Kann Capital, an event-driven fund based in San Francisco, in the summer of 2016. He holds an M.B.A. from the University Of Chicago Booth School Of Business and a BA in Accounting, Finance and International Business, magna cum laude from Loyola University. Mr. Phan obtained his CFA® designation in 2016 and is a Registered CPA.

Finance & Operations

Ron Chin

Chief Operating Officer
Before joining Lizard in 2017, Mr. Chin was a Vice President at Goldman Sachs and served in various roles within the Prime Brokerage Division from 2000 to 2017.  Most recently he was responsible for Prime Brokerage Sales for the Central US Region.  From 1997 to 2000 he was an Associate at Morgan Stanley and held various positions within their Operations Division.  Mr. Chin earned a Bachelor of Arts Degree in Economics from Syracuse University. 



Ty Trusgnich

Chief Financial Officer, Chief Compliance Officer
Before joining Lizard in 2016, Ty Trusgnich spent almost 10 years at GoldenTree Asset Management in New York City, serving in several accounting positions before being promoted to Assistant Controller in January 2013.   Mr. Trusgnich earned a Bachelor of Arts degree in English from Wabash College.

Business Development & Client Service

Donna Holmes, CPA, JD, LLM

Managing Director, Business Development and Client Service
Before joining Lizard in 2011, Ms. Holmes was the Managing Director of Business Development at Narragansett Asset Management LLC from 2009 to 2011. She was the Managing Director of Business Development and Investor Relations at Tremblant Capital Group from 2002 to 2009 and the General Counsel from 2002 to 2003. Ms. Holmes began her career as an Employee Benefits Attorney in New York City from 1989 to 2000. She earned her LLM in Taxation from NYU Law School in 1990, her JD from Syracuse University School of Law in 1987 and her BS in Accounting from Syracuse University in 1983. Additionally, Ms. Holmes completed the Association of Investment Management Sales Executives (AIMSE) program at the Wharton Institute in 2008.

Service Providers

Fund AdministratorIFS, a State Street Corporation
Prime BrokerageGoldman, Sachs & Co.
24/7 International TradingWilliams Trading LLC / Goldman, Sachs & Co.
Legal CounselNeil Gerber Eisenberg / Maples & Calder
IT/Telecom/Disaster RecoveryInfoHedge Technologies