At the heart of our operation is a multidisciplinary team with expertise in economics, equity and bond markets, financial mathematics, information technology and compliance, with an average of over 20 years of experience in capital market.


President & CIO

Marc Amirault

Marc founded Crystalline Management in 1998, after 14 years at the Caisse de dépôt et placement du Québec (CDPQ), the largest institutional investor in Canada with then over CAD$ 120 billion in assets, where he occupied increasingly senior investment management positions covering more than half of the Canadian equity market sectors. In 1994, Marc initiated the creation of the first Convertibles and M&A arbitrage portfolio within CDPQ which he managed until he left to found the firm. Crystalline Management Inc. started its operations on July 1st 1998 with the inception of the Amethyst Arbitrage Fund, for which he is Principal Manager. He was awarded a Master’s degree in finance in 1984 from Laval University (Québec City) and earned the CFA Charter in 1986. Marc has in-depth knowledge and experience of arbitrage fund intricacies and mechanisms, as well as opportunities and risks associated with Canadian markets.


Chairman of the Board

Claude Perron

Claude (McGill MBA) was appointed to the Board of Directors in 2004 after a career spanning several senior positions in the capital markets including at Midland Walwyn (later Merrill Lynch) as Senior Vice President, Marleau Lemire Securities (later Dundee Securities) and several large Canadian organizations, including CN Express as President, Dominion Textiles as VP and the Faculty of Economics and Administrative Sciences University of Quebec at Montreal as Dean.  He is a prominent figure in the investment management community in Quebec, and is actively involved in Crystalline’s business development and strategic initiatives.


Portfolio Manager

Bradley P. Semmelhaack, CFA, ICD.D

Bradley has been with the Firm since June 2004 and a partner since 2006. Prior to joining Crystalline, he worked for three investment dealer firms from 1994, where he specialized during the last few years on serving the needs of the hedge fund arbitrage industry in Canada. Bradley graduated from McGill University in Commerce in 1992, and earned both the CFA Charter and Fellow from the Canadian Securities Institute in 1998. His expertise in convertible securities and knowledge of the players in the Canadian market bring breadth to the firm’s niche investment platform. Bradley acts as co-Portfolio Manager of the Amethyst Arbitrage Fund.


Managing Director

Bryan Nunnelley

Bryan joined the firm in November 2011.  Prior to joining Crystalline he was Director and COO at a Canadian hedge fund, and before that was VP – Strategic & Corporate Development, at a life-sciences company. Bryan has over 12 years of experience in the financial industry and leverages a background in alternative asset management, investment banking, mergers and acquisitions, new business start-ups and corporate development. Bryan oversees the firm’s operations and also acts as Chief Compliance Officer. He holds a Master’s degree in International Affairs from the Norman Paterson School of International Affairs in Ottawa, and graduated with a B.A. in Sociology and Business & Commerce, from Dalhousie University.


Portfolio Manager

Mathieu Lachance

Mathieu joined Crystalline’s team in July 2012.  After he begun his career as fixed income and currency derivatives arbitrage trader at the Quebec Ministry of Finance as well at PSP Investments, he was recruited in 2009 by Natcan as Vice President Fixed Income, responsible for various mandates including international (G7) instruments, structured (mortgage-backed) products, and numerous credit instruments. Mathieu obtained his CFA and DMS designations, and completed his MSc in 2005 in Finance from the University of Sherbrooke, where he has been a lecturer in the Department of Finance since 2006.  His considerable know-how is an important asset to Crystalline; Mathieu manages the fixed income.


Portfolio Manager

Papy Bakayoko

Papy joined the company in 2007. He holds a bachelor degree in econometrics from the Université des Sciences et Technologie de Lille, a DESS – International Financial Analysis from Ecole Supérieure des Affaires de Lille, as well as a Master in Science – Financial Engineering, from HEC Montreal.  His expertise in financial and econometric mathematics is put to work in the identification, analysis and validation of investment opportunities for the Amethyst Arbitrage Fund.  Holder of the CFA title since 2011, his expertise covers convertible securities & merger/acquisition arbitrage, as well as other equity quant strategies.  Before joining the firm, Papy worked as credit analyst for the Banque of France.


Portfolio Manager – Sigma Alpha Division

André Marsan Sigma-Alpha Division

André has been involved in the Canadian financial sector for over 40 years. At the beginning of his career, he worked as an economist and financial analyst, specializing in the oil and bank sectors. Later, he managed large stock and bond portfolios at Bolton Tremblay and at TAL where he occupied the position of Vice President and Director.  In 1984, in association with Montreal Trust, he founded Montrusco Associates with a small group of investment professionals. Under his direction, Montrusco became one of the leading portfolio management firms in Quebec. André manages the Global-Macro strategy.