Jonathan Blum
Managing Director, Investment Banking

Jonathan Blum has 20 years of client advisory experience on Wall Street and as a consultant. From 2002 to 2006, Mr. Blum was a Partner and Head of the Investment Banking practice at Jesup & Lamont Securities, a New York based boutique banking firm.

Prior to Jesup & Lamont, Mr. Blum was a Managing Director at Prudential Securities Incorporated responsible for the firm’s Real Estate, Energy and Consumer M&A practices. Before joining Prudential Securities, Mr. Blum was a Director of M&A at Salomon Smith Barney and a Managing Director in the M&A practice of Chase Securities, Inc. Mr. Blum graduated summa cum laude with a B.S. in finance from Boston University and received an M.B.A. with distinction from the Harvard Business School. Mr. Blum is a Director of Cornerstone Pharmaceuticals, Inc., an oncology focused Biotech Company based in New Jersey.

Ryan Carpel
Director, Investment Banking

Ryan Carpel has 12 years of business development and analytical experience on Wall Street. From 2005 to 2007, Mr. Carpel was a Senior Research Analyst with Nite Capital Management, a Chicago based hedge fund.  Mr. Carpel focused on finding and analyzing global special situations small cap equities within the following sectors: alternative energy, biotechnology, energy, medical device, and mining.  

Prior to Nite Capital, Mr. Carpel was in sales with UBS and Terra Nova Trading. Mr. Carpel graduated with a B.S. in Business Administration from Millikin University and received an M.B.A. from Loyola University of Chicago.

Ned Borland
Machinery and Electrical Equipment, Aerospace/Defense
Managing Director/ Director of Research

Ned Borland is a Director and Senior Research Analyst at Next Generation Equity Research, LLC. Prior to joining Next Generation Equity Research, Mr. Borland was a Director at Fiduciary Management Associates, where he served as a research analyst for both large and small cap equity portfolios, covering the materials, producer durables, and autos & transportation sectors for four years with the firm. Before becoming a research analyst, Mr. Borland spent five years at his prior firm in marketing/client service and operations capacities.

Mr. Borland earned an undergraduate business degree from the University of Denver and his MBA from Lake Forest Graduate School of Management. Mr. Borland currently holds his 7, 63, 86 & 87 licenses.

Jason McRae
Energy Analyst
Senior Research Analyst

Jason McRae is a Senior Research Analyst at Next Generation Equity Research, LLC, specializing in covering the integrated, independent, refining, oil field services and utility sectors. Prior to joining Next Generation, Mr. McRae was associated with Asset Allocation & Management covering the large and small cap energy space for 6 years. Mr. McRae also has experience in the fixed income and private placement markets.

Mr. McRae earned a B.A. in Economics from Lake Forest College and his MBA from DePaul University. He currently holds the Series 7, 63, 86, and 87 licenses.

Robert Cvengros, CFA
Life Sciences
Director, Senior Research Analyst

Robert Cvengros is a Director and Senior Research Analyst at Next Generation Equity Research, LLC. Prior to joining Next Generation Equity Research, Mr. Cvengros was a Research Analyst at B. Riley Investment Research where he covered small and mid-cap medical device companies. Prior to B. Riley, Robert spent several years with Off the Record Research, developing an outstanding contact database. Robert developed his skill early on in his career as he served as an Orthobiotech Product Specialist at Johnson and Johnson.

Mr. Cvengros earned an undergraduate Bachelor of Science degree from St. Mary’s University in Winona, MN, June of 1989. He currently holds the series 7, 63, 86, & 87 licenses.

Nat Kellogg, CFA
Basic Materials, Electronic Components and Research Analyst

Nat Kellogg is a Research Analyst covering basic materials. Prior to joining Next Generation Equity Research Mr. Kellogg was a Business Analyst for Cutter Associates.  Previously Mr. Kellogg spent four years as a Senior Research Analyst at Brait Specialized Funds US, a small-cap focused hedge fund located in Boston. 

Mr. Kellogg earned a B.A. in History from Middlebury College.  Mr. Kellogg is a CFA charter holder, a member of the CFA Institute, and a member of the Investment Analyst Society
of Chicago.  He also currently holds the series 7, 63, and 87 licenses.