The Combination of Regulatory and Capital Markets Expertise from an Event Driven Specialist.

Now Available — Only on the Artivest Open Network

EJF by the Numbers




Core Expertise

Regulatory Driven


3 in US, UK, and Asia


Assets Under Management

as of 6/30/2019

EJF Capital

A First Mover in Regulatory Driven Investing

EJF believes its regulatory & real estate expertise, first mover advantage, and extensive network of financial and strategic partners, positions them well to capitalize on investment opportunities that are brought about by legislative or regulatory changes.

EJF’s rigorous underwriting standards limit the universe of potential investments to those exhibiting attractive risk/return characteristics.

An Alternative View

Event-Driven Specialist

  • History of identifying regulatory catalysts and structural change to investment opportunities
  • Unique combination of regulatory and capital markets expertise informs investment process

Regulatory Experts

  • DC-headquartered team dedicated to evaluating opportunities created by regulatory change
  • Significant experience in real estate and financials

Investor-Focused Solutions

  • EJF is focused on investors needs: income, growth, low volatility
  • Investor-centric philosophy is an additional aspect of firm’s investment approach
EJF Leadership Profile

Emanuel J. Friedman

Chief Executive Officer & Co-Chief Investment Officer

Mr. Friedman co-founded EJF Capital LLC (“EJF”), a global institutional alternative asset management firm that has been at the forefront of regulatory, event-driven investing in financials and real estate. Over the course of his 40+ year career in capital markets and asset management, Mr. Friedman has structured and built numerous innovative investment strategies that have focused on some of the most powerful trends in the financial sector driven by regulatory change. Mr. Friedman has been viewed by some as one of the thought leaders for the Opportunity Zone program, and he has spoken on the topic in many industry forums.

Prior to forming EJF, Mr. Friedman was a founder and the former Co-Chairman and Co-Chief Executive Officer of Friedman, Billings, Ramsey Group, Inc. (“FBR”). At FBR, Mr. Friedman assisted in designing property and mortgage REIT vehicles. Throughout the 1990s, Mr. Friedman was active in building out FBR’s alternative asset management platform. He was instrumental in the creation of hedge, private equity and venture capital funds at FBR, and maintains an extensive network of contacts within the CDO, hedge fund and private equity fund communities.

Mr. Friedman received his BA in Education from the University of North Carolina at Chapel Hill and his JD from Georgetown University.

Asheel Shah

Senior Managing Director, Head of Real Estate Development

Mr. Shah joined EJF in 2018 as the Senior Managing Director, Head of Real Estate Development and has over 20 years of experience in the real estate industry. Prior to joining EJF, Mr. Shah was the President and Chief Investment Officer of the Multifamily division at Kettler Inc. He also served as the Senior Vice President of Real Estate Investments. During his 11 years at Kettler, Mr. Shah oversaw acquisitions, asset management, development, construction, equity capital sourcing and was the primary point of contact for partner relationships. In addition, Mr. Shah determined the strategic direction for the Multifamily division while also acting as chair of the Kettler Investment Committee. Prior to joining Kettler, Mr. Shah worked at Monument Realty, BroadBand Office Inc. and CarrAmerica Realty Corp. Mr. Shah received his BS in Financial Management from St. Joseph’s University in Philadelphia, PA and an MBA in Corporate Finance from the University of North Carolina in Chapel Hill, NC. He is an active member of the Urban Land Institute and serves on its Washington District Council Advisory Board.

Todd Pitsinger

Managing Director, Portfolio Management

Mr. Pitsinger joined EJF at its founding in 2005. Mr. Pitsinger came to EJF from FBR, where he served as co-portfolio manager for a long/short hedge fund. During his more than 10 years with FBR, Mr. Pitsinger also served as an analyst in FBR’s Research Department, where he focused on a variety of sectors within the energy and financial services industry and specialized in the analysis of equity securities offered pursuant to Rule 144A. He received both his BBA in international business and an MBA in finance from George Washington University.


A Partnership driven by regulatory expertise and technology

By leveraging digital advancements made possible through proprietary technology, financial advisors can now invest with EJF on the Artivest Open Network – a platform that delivers simplicity, accessibility and efficiency for a more client-centric alternative investing experience.