2021 Global Liquid Alternatives Landscape

Erol Alitovski is a senior manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers liquid alternative and multi-asset strategies.

Before joining Morningstar in 2019, Alitovski spent more than nine years working for a Chicago-based investment consultant, where he was responsible for hedge fund and multi-asset fund due diligence in order to facilitate manager selection for institutional investment programs. In addition to manager research responsibilities, he assisted with the construction of client hedge fund portfolios.

Alitovski holds a bachelor's degree in economics from Northwestern University. He also holds the Certified Alternative Investment Analyst designation.

Francesco Paganelli is a manager research analyst for Morningstar Italy SRL, a wholly owned subsidiary of Morningstar, Inc. He is based in Milan and is primarily responsible for the coverage of multi-asset & alternatives funds.

Before joining Morningstar in 2012, where he previously held the role of product analyst for retail solutions, Paganelli worked in the capital markets department of LBBW Bank in Stuttgart, in the middle office of UniCredit in Milan, and as a market analyst for STX Services in Amsterdam.

Paganelli holds a bachelor’s degree in business economics from LUISS University in Rome and a master’s degree in economics and management of international institutions from Bocconi University in Milan. He studied for a semester as an exchange student at HEC Montréal in Canada and at Niigata-Ken International University of Japan.