"Leading Consultants in the Closed-end Fund and ETF Sector"

We are a global leader in closed-end fund research, so please don’t hesitate to contact us today.


  • Born in Philadelphia, Pennsylvania (USA) in 1956

  • Graduated with BS in Accounting (1978) and MS (Honors) (1979) in Finance from the Pennsylvania State University

  • Qualified as a certified public accountant (CPA) with Arthur Young in 1980 before moving to the Financial Services Consulting Group in New York in 1981

  • Joined the Financial Services Consulting Group of Coopers and Lybrand in London in 1984

  • Joined Lehman Brothers (L Messel and Co) in 1985 on the trading and risk arbitrage desk of Closed End Funds, specializing in reconstructions of Split Capital Investment Trusts

  • In 1987 became head of Investment Trust research at BZW. Pioneered London’s first on-line split capital and warrant analysis system

  • Moved with team to SBC Warburg in 1990 as Head of Closed-end Funds research. Engineered the world’s first online real-time global closed end funds analysis system. Started the first weekly investor publication dedicated to split capital research

  • In 1997 became co-head of Closed-end Funds at West LB before founding Fundamental Data in early 1999

  • Founded Fundamental Data Ltd. in early 1998 and was its Research Director until its sale in October 2008 to Morningstar Inc. Remain a consultant to the firm

  • Director of Fund Consultants LLC, an organization that provides independent risk and performance evaluation studies of funds and their managers to a variety of interested parties – boards of directors, investors, regulators, lawyers, accountants, and the courts

Lewis Aaron, Director and Founder

"Global Closed-End Fund And ETF Experts"

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