Ratio Futures

Management Team

Tom Ducrot

Tom is the founder of Fides + Ratio and Ratio Futures.

With nearly 20 years’ experience in finance and managed futures, Tom is equally enthusiastic about identifying talented traders as he is understanding the needs of alternatives investors.

Tom was in Cap Intro as an Executive Director with Morgan Stanley and at Newedge. Earlier, he was Head of Research and Portfolio Management at Cedar Partners.

Tom has an MS in Finance from ESCP School of Management in Paris and a BS in Management from Dauphine University.

Ian Rayner

Ian is Chief Operating Officer and Director of Research at Fides + Ratio and Ratio Futures.

Ian thrives on mathematical and technical challenges. For over 15 years, he has delved deep into managed futures portfolio construction, and brought engineering precision to operations.

Ian was COO and Director of Research at The Bornhoft Group, an award-winning pioneer in CTA funds.

Ian has an MBA from The Wharton School and an MA and BA in Chemical Engineering from Cambridge University, UK.

Mike Lock

Mike has over 15 years of investment industry experience. He is responsible for running the day-to-day operations as well as overseeing client onboarding and servicing.

He joins us from Coquest where he was Director of Brokerage and oversaw the Trade Services Group for 6 years. Previously, he was with Altegris Clearing Solutions LLC for more than eight years as Manager of the Trade Services Group, in which he helped in the oversight of the daily clearing operations for the managed futures brokerages business that had more than $3 billion of client assets allocated to more than 100 CTAs with funds deposited across multiple FCMs.

Don’t Take Our Word For It!

HFM US Services Awards 2021:

Best Independent Cap Intro Provider shortlisted

HFM US Services Awards 2020:

Best Independent Cap Intro Service shortlisted.

Ratio Indices LLC (dba Ratio Futures) is registered with the U.S. Commodity Futures Trading Commission (CFTC) as an Introducing Broker and is a member of the National Futures Association (NFA). Fides + Ratio LLC (dba Fides + Ratio Asset Management) is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a Commodity Trading Advisor and is a member of the National Futures Association (NFA).

Risk Disclosure

THE RISK OF LOSS IN TRADING FUTURES CONTRACTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION, RISK TOLERANCE, AND INVESTMENT OBJECTIVES. IN CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD CAREFULLY CONSIDER THE SIGNIFICANT RISKS ASSOCIATED WITH SUCH TRADING, INCLUDING THE “PRINCIPAL RISK FACTORS” DESCRIBED IN THE ADVISOR’S DISCLOSURE DOCUMENT. YOU SHOULD CAREFULLY STUDY THE ADVISOR’S DISCLOSURE DOCUMENT, AND COMMODITY TRADING GENERALLY, AND CONSULT WITH INDEPENDENT SOURCES OF INVESTMENT, LEGAL, AND TAX ADVICE, BEFORE MAKING A DECISION TO ENGAGE THE ADVISOR’S SERVICES.