Our Team

Applied Global Macro Research is an independent macroeconomic research provider and was founded in 1989 by Jason Benderly, formerly the Goldman Sachs Co-Director of U.S. Economics. The partners of the firm now include Carsten Valgreen, who was previously the Chief Economist of Copenhagen-based Danske Bank, Niels-Henrik Bjorn, who served as the European Economist at Danske Bank, and Mary Allyn, former Chief Operating Officer of Merrill Lynch Private Banking and Investment Group.

Jason Benderly is partner emeritus of Applied Global Macro Research. He has been involved in economic research and forecasting for over 30 years. Prior to founding his firm, Benderly Economics Inc, Mr. Benderly was Co-Director of U.S. Economic Research at Goldman, Sachs & Co., Partner and Chief Economist at Kidder Peabody, Inc., Senior Vice President and Chief Economist at Prudential Insurance Company of America, and Director of Economic Research at Washington Analysis Corporation. Mr. Benderly has published articles in the American Economic Review and other academic journals on inflation, monetary policy, and the financial markets.

Carsten Valgreen joined Applied Global Macro Research as a partner in February 2008 and is located in Copenhagen, Denmark. Mr. Valgreen was previously Chief Economist of Danske Bank, the second largest financial institution in Scandinavia. Mr. Valgreen has 11 years of experience in economic research and forecasting. His work has focused on the interaction between the global economy and financial markets, and he also managed a quantitative macro hedge fund at Danske Bank. Mr. Valgreen has also been a visiting Scholar at the IMF and a member of the International Conference of Commercial Bank Economists.

Niels-Henrik Bjørn joined Applied Global Macro Research as a partner in March 2008 and is located in Copenhagen, Denmark. He has ten years of experience in analyzing and researching the European economies. Prior to joining AGM, Mr. Bjørn spent six years as a Senior Economist in Danske Bank as an expert Euro Area economics. Mr. Bjørn began his career at Jyske Bank, in global macroeconomic research and went on to specialize in European economics. Mr. Bjørn also has served as a lecturer at two universities and has been a special advisor to the Danish Minister of Economic Affairs.

Mary Allyn joined Applied Global Macro Research as a partner in August 2008. She retired from Merrill Lynch in 2005 as the Chief Operating Officer of the Private Banking and Investment Group. Having spent over 20 years on Wall Street, first with Salomon Brothers Inc and then with Merrill in both investment and business management capacities, Mary has extensive client and business management experience. She is located in Vail, Colorado.


“So far, at least, Applied Global’s relative success is another indictment of the efficient-market hypothesis. If the market did reflect all available information, mere economists could not best it so often.”

Barrons – October 27, 2012

“Economic Beat”

“Unlike most economic forecasters, Benderly Economics is translating its macro views into specific stock and bond related recommendations.  So far the results look promising.”

“Benderly’s Economists are seeking to earn their keep and then some.  In breaking from the pack, they are off to a good start.”

BarronsNovember 29, 2010

“Stock Picks From-Hold the Jokes-Economists”

by Gene Epstein

Emerging Advisors Group

Emerging Advisors Group provides consulting services on emerging economies and markets in China, Asia, Europe, Latin America, Africa and the Middle East. Product offerings include daily thematic research, regular data and chartbook publications as well as bespoke consulting services.

Jonathan Anderson is the former Global Emerging Market Economist at UBS Investment Bank, where he worked for nearly a decade. Jonathan has also worked at Goldman Sachs as well as the International Monetary Fund, where he served as Resident Representative in both China and Russia. He received his MA and PhD candidacy in economics at Harvard University, and speaks fluent Russian and Mandarin Chinese.

Mandy Ong was Economist and Statistician for the Emerging Macro team at UBS, where she maintained a comprehensive database of emerging market statistics and charts. She received her Bachelor in Accountancy from RMIT University and currently undertakes a Master in Economics from Singapore Management University. She is fluent in a number of Chinese dialects.