Our People

Byron WhiteByron White, CFA, CPA,
University of Texas, 1989

Byron's career in financial services began with Prudential Securities on the sell-side serving institutional clients, primarily insurers. The confluence of client needs, an accounting background and evolution of workstation-based business software led Byron to develop a number of systems for the benefit of clients requiring a more lucid representation of business risk as a function of portfolio performance. Key to this 'eureka moment' was the discovery that conventional portfolio and performance metrics were at best two-dimensional and did not afford the transparency necessary to provide predictive analysis.

While 'trial and error' and 'what-if' analysis has existed since the introduction of the wheel, predictive analysis attempts to use history and current information to make decisions that will perform well in the future. His work with business modeling and accounting put him in the right place at the right time with the advent of the internet.

In 1997, Byron and brother, Larry went about developing the first versions of a system that could produce a single, unique and highly granular portfolio structure with the dual-objective of exploiting the efficient frontier while creating income and developing surplus in an asset liability management framework. PALM was born and was licensed by a major domestic insurer in 2000. It is this technology and added-value that drives "Success by Design" for AQS today.

Larry WhiteLarry White,
BS-Mechanical Engineering
Rice University, 1980

Larry's career began in earnest in Project Planning and Development with Conoco, Inc. several years ahead of the advent of the personal computer. His involvement evaluating capital outlays provided timeless background in business modeling. Another field, Operations Research, employed specifically for the optimization of pipeline loading is the science behind AQS PALM.

His career in fixed income began in 1986 on the sell-side serving institutional clients including insurance companies. At the time, capital markets had not yet realized the full capabilities of the then nascent personal computer technology so Larry spent his early career developing reporting and tracking systems for client portfolios. At the same time, actuarial science was developing similar capabilities for client liabilities so it was to be expected that the outputs of these systems would provide for early efforts in asset-liability management (ALM).

In 1997 Larry and Byron began to develop the earliest versions of PALM. With guidance from the University of Texas department of computational finance, linear-program based business modeling in the form of dynamic asset liability management was born. In 2000, PALM was licensed by a major domestic insurer. Ultimately however, the brothers knew the value of proprietary information systems and portfolio design was best delivered by fixed income portfolio management and AQS Asset Management was born in 2003.

Stephen GonzalezStephen Gonzalez, CFA, CPA
BA, Rice University, 2010

Stephen began his career as an RIA with a major domestic insurer serving the needs of institutions and high net worth clients. His experience in portfolio management, sales and institutional advisory gives Stephen a perspective unique to the AQS team and for the benefit of our insurance clients. Working with PALM's linear programing and portfolio optimization applications, Stephen is able to more profitably manage client portfolios according to both total return and cash flow matching mandates.

In 2014 Stephen also led AQS' entry into portfolio accounting, developing the digital architecture now used for statutory and GAAP accounting for clients. Through the resulting integration of portfolio, accounting and market data, AQS now has the ability to prospectively measure the operational and financial statement impact of trades for client portfolios.

A CFA Charterholder, Stephen is also a Certified Public Accountant (CPA) candidate in the state of Texas. An Eagle Scout, he remains active in the BSA community as a member of several chapters of Entrepreneurial Eagles throughout the state of Texas.

Ty SorrelTy Sorrel
BBA, Finance
Texas A&M University, 1999

Ty's career began in 1999 as a floor trader at the Chicago Mercantile Exchange where he traded interest rate futures. As a trader, he gained a theoretical and empirical understanding of forward rates and the relative values between contracts. Experienced in both expanding and contracting monetary policy environments,

Ty brings to AQS the value of a seasoned interest rate trader experienced in real world capital flows, quantitative valuation and risk mitigation. Ty's career has included all aspects of fixed income operations including the mid and back-office as well as the trading desk and relationship management. This insight into fixed income portfolio management and trading is the extra value AQS brings to portfolio management for insurers.

Ty is an outdoorsman. He has completed several marathons and summited Mount Kilimanjaro. He is also a 2017 Level III candidate in the Chartered Financial Analyst (CFA) program.

Edward GilbertEdward Gilbert,
BBA, Finance
St. Edward's University, 2016

Edward began his career in finance as a high school intern at the University of Texas Investment Management Company (UTIMCO) in Austin, Texas. At UTIMCO, he successfully designed and deployed an elegant solution to a previously manual task, saving thousands of hours in back office operations.

Armed with this experience and a broad understanding of computer science and software, Edward developed his understanding of finance at St. Edward's University in Austin and began as an intern with AQS where he was immediately able to contribute these talents to AQS' quantitative approach to insurance portfolio management.

After graduating from St. Edward's with a BBA in Finance in 2016, Edward began as an associate with AQS in January, 2017. He continues to add technological innovation to the AQS repertoire, enabling a more accurate and efficient approach to portfolio management.

Edward enjoys working on his cars and motorcycles. He is currently rebuilding and Mazda Miata - installing a V8 where once rested a straight 4 and a 1988 Mercedes station wagon. He wants to get 1000 horsepower out of a stock V8 using a turbocharger.