Founder, Pearl Quest
Kathryn Wilkens, PhD, CAIA
Research, education, and quantitative insight for a changing financial landscape.
Kathryn Wilkens is the founder of Pearl Quest, an independent financial research, consulting, and education practice. Through Pearl Quest, she brings together more than 25 years of experience in finance, quantitative research, data science, alternative investments, and professional education.
Her work focuses on translating complex financial and quantitative concepts into rigorous, practical frameworks for research, education, and decision-making. Her expertise includes quantitative investment methods, forecasting, model development, alternative investments, performance and risk analysis, and the responsible application of data science and machine learning in finance.
Kathryn also serves as Partner, Deputy Director of Research, and Portfolio Manager at Empiric Institutional, where she contributes to quantitative investment research, model development, and portfolio management. Her work with Empiric complements her broader research and educational activities through Pearl Quest and provides an active practitioner perspective on systematic investment management.
She teaches in the Master of Financial Analysis program at Rutgers Business School, where she helps graduate students connect financial theory, alternative investments, and modern quantitative implementation.
Previously, Kathryn served as Curriculum Director at the Chartered Alternative Investment Analyst (CAIA) Association and later as an advisor to the Financial Data Professional (FDP) program, contributing to professional education in alternative investments, financial data science, and emerging technologies.
Kathryn has authored peer-reviewed research and more than 40 published research summaries designed to connect academic findings with practitioner insight. She has also served for more than a decade on the editorial board of the Journal of Alternative Investments.
Through Pearl Quest, her current work spans financial research, educational initiatives, professional curriculum development, writing and publishing, and select consulting engagements that draw on her experience across investment management, quantitative analysis, and financial education.
Outside of finance, Kathryn serves on the Board of Directors and as Treasurer for the Coalition to End Homelessness in South Florida, applying analytical discipline and organizational experience to community problem-solving.
Media & publications
Books & study guides
- Wilkens, K. Alternative Investments: Expanding Frontiers, (April 2026) on Leanpub
- 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
- 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, available on PodBean.