Institutional-grade model discipline for small firms and emerging managers.
Kathryn Wilkens
Founder, Pearl Quest
Kathryn Wilkens is the founder of Pearl Quest, an independent forecasting and risk architecture advisory practice serving small firms and emerging managers. She provides structured review of predictive frameworks, helping professionals strengthen model integrity, improve regime sensitivity, and reduce hidden fragility in forecasting systems.
With more than 25 years of experience spanning finance, data science, and education, Kathryn translates advanced quantitative methods into disciplined, decision-ready frameworks. Her expertise includes model architecture design, generalized additive models, mutual information–based feature selection, validation discipline, and machine learning pipelines—always with an emphasis on transparency and structural coherence.
She teaches in the Master of Financial Analysis program at Rutgers Business School, where she helps graduate students bridge financial theory with modern quantitative implementation.
Previously, Kathryn served as Curriculum Director at CAIA and as an advisor to the Financial Data Professional (FDP) program, contributing to global education standards in alternative investments and financial technology. She has authored peer-reviewed articles and more than 40 published research summaries connecting academic findings with practitioner insight.
Her current work centers on independent forecasting review—bringing institutional-grade rigor and interpretability to smaller teams and emerging managers.
Outside of finance, Kathryn serves on the Board of Directors and as the Treasurer for the Coalition to End Homelessness in South Florida, applying systems thinking and analytical discipline to community problem-solving.
Media & Publications
Books & Study Guides
- Wilkens, K. Alternative Investments: Expanding Frontiers, (January 2026) on Leanpub book link)
- Kazemi. H, S. Das, and K. Wilkens, Financial Data Professional Study Guide, 2020-2024.
- Wilkens, K., S. McCary, and U. Garay. CAIA Exam Review Study Guide, Level II, Volumes 1 & 2, Wiley, 2019
- Wilkens, K. and S. McCary, CAIA Exam Review Study Guide, Level I, Volumes 1 & 2, Wiley, 2018
- Wilkens‐Christopher, K., Editor. CAIA Level II: Advanced Core Topics in Alternative Investments. John Wiley & Sons, 2009.
- Wilkens‐Christopher, K., Preface for CAIA Level I: An Introduction to Core Topics in Alternative Investments by Mark Anson. John Wiley & Sons, 2009.
- Wilkens‐Christopher, K. CAIA Level II: Integrated Topics and Applications, 2010‐2011. Institutional Investor, 2009.
- Wilkens‐Christopher, K. CAIA Level II: Current and Integrated Topics, 2009‐2010. Institutional Investor, 2009.
- Wilkens, K. CAIA Level II: Integrated Topic Readings (2008‐2009, 2007‐2008, 2006‐2007). Institutional Investor, NY.
- Wilkens, K., Lacey, N., Gupta, B., and J. McCreanor. CAIA Level II: Advanced Topic Readings, 2005‐2006. Institutional Investor, NY, 2005.
- CAIA Level I Study Guide and CAIA Level II Study Guide (2003-2009). CAIA Association, Amherst, MA.
- KalmNotes Study Guides and KalmPrep Software (2003-2006). KalmAI, Inc.
Book Chapters
- Wilkens, K. “Ethics, Sound Practices and Valuation Guidelines.” The Euromoney Hedge Funds & Alternative Investments Handbook. London, UK, 2008.
- Gupta, B. and Wilkens, K. “An Evaluation of the Commodity Exposure in Commodity Trading Advisors.” In Intelligent Commodity Investing: New Strategies and Practical Insights for Informed Decision Making. Edited by Hilary Till and Joseph Eagleeye, Risk Books, 2007.
- Chambers, D. and Wilkens, K. “Absolute Performance and Correlation Persistence of Hedge Funds Returns: An Analysis Using the CISDM Database.” In Hedge Funds and Managed Futures – The Handbook for the Institutional Investor. Edited by Greg N. Gregoriou and Dieter Kaiser, Risk Books, 2006.
- Wilkens, K. “Hedge Fund Indices: Are They Cost‐Effective Alternatives to Fund of Funds?” In Fund of Hedge Funds: Performance, Assessment, Diversification and Statistical Properties. Edited by Greg N. Gregoriou, Elsevier Press, 2006.
- Wilkens, K., C. Morales, and L. Roman. “Maximum Drawdown Distributions with Volatility Persistence.” In Hedge Funds: Insights in Performance Measurement, Risk Analysis, and Portfolio Allocation. Edited by Gregoriou, Hubner, Papageorgiou, and Rouah, John Wiley & Sons, Inc. 2005, pp. 245‐5.
- Wilkens, K., K. Makhurjee, and G. Darling. “Commodity Trading Advisor Performance Evaluation with Data Envelopment Analysis.” In Commodity Trading Advisors: Risk, Performance Analysis and Selection. Edited by Gregoriou, Karavas, Rouah, and L’Habitant, John Wiley & Sons, Inc. 2004, pp. 79‐104.
- Wilkens, K. and J. Zhu. “Classifying Hedge Funds Using Data Envelopment Analysis.” In Hedge Funds in a Black Box: A Quantitative Approach. Edited by G. N. Gregoriou, V. N. Karavas, and F. Rouah, Beard Books, 2003, pp. 161‐75.
Peer-Reviewed Journal Articles
- Heck, J. L., Wilkens, K., & Cochran, S. “Effects of Mean Reversion on Alternative Investment Strategies.” Managerial Finance, Vol. 32, No. 1 (2006), pp. 14‐38. Read more.
- Heck, J. L., Wilkens, K., & Cochran, S. “Risk and Return Properties of Portfolios Based on Directional Forecasts.” Managerial Finance, Vol. 31, No. 8 (2005), pp. 58‐76. Read more.
- Wilkens, K. and J. Zhu. “Portfolio Evaluation and Benchmark Selection: A Mathematical Programming Approach.” The Journal of Alternative Investments, Vol. 4, No. 1 (Summer 2001), pp. 9‐20. Read more.
- Wilkens, K. “Evidence on Risk/Return Patterns in Cash and Futures Markets for Systematic Alternative Investment Strategies.” The Journal of Alternative Investments, Vol. 2, No. 1 (Fall 2000), pp. 45‐67. Read more.
- Glazier, J. and Wilkens, K. “Skill and Turnover: Requirements for Investment Performance.” The Journal of Alternative Investments, Vol. 2, No. 1 (Summer 1999), pp. 22‐33. Read more.
Industry Publications & White Papers
- Kazemi, H., and K. Wilkens. A Simple Approach to the Management of Endowments. CAIA Blog (2017) Read More
- Wilkens, K. "Ethics, Sound Practices and Valuation Guidlines," Chapter 9, The Euromoney Hedge Funds & Alternative Investments Handbook, Prtt of Euromoney Institutional Investors, PLC.
- Warsager, R., Ryan Duncan, and K.Wilkens “A Comparison of Two Hedge Fund Strategies: CTA and Global Macro.” The AIMA Journal, June 2004 (Part I) and September 2004 (Part II).
- Wilkens, K., N. Thomas, and M. S. Fofana. “Stability of Technology Stock Prices: Evidence of Rational Expectations or Irrational Sentiment?” Managerial Finance, Vol. 30, No. 12 (June 2003), pp. 33‐54. Read more.
- Bailey, B. A., J. L. Heck, and Wilkens, K. “International Mutual Fund Performance and Political Risk.” Review of Pacific Basin Financial Markets and Policies, Vol. 8, No. 1 (2005), pp. 167‐84. Read more
- Bianco, C., P. Clarke, and Wilkens, K. “Lucent Technologies: Growth Projections, Analyst Recommendations, and Financial Distress. A Case Analysis.” Advances in Financial Education (Fall 2003), pp. 94‐110.
- Wilkens, K. “A Discussion-Based Exercise Emphasizing the Role of Scientific Methods in Finance.” The Journal of Financial Education, Vol. 29 (Summer 2003), pp. 98‐107. Read more.
Practical Applications Reports
Practical Applications Reports are published by Portfolio Management Research of With.Intelligence, the publisher of a family of journals, including the Journal of Financial Data Science, Journal of Portfolio Management, Journal of Alternative Investments, and more. The short reports are designed to bridge the gap between financial theory and practice. They distill technical research down to the central concepts and practical takeaways, allowing institutional investors to quickly implement key research methods and ideas. Kathryn regularly wrote reports for PMR and enjoyed keeping abreast of the latest developments and sharing them in this format. She wrote more than 40 reports between 2021 and 2025.
Media
Kathryn hosts the Podcast Channel "Expanding Frontiers", initially supporting, Alternative Investments: Expanding Frontiers is available here: PodBean link