Terence Karnal

Terence Fox-Karnal is a Partner and Head Equity Linked and Credit Trader at Deerfield Management, based in New York, NY. He has been with the firm since 2010 and is a senior member of the Public Structured Finance team, where he provides analytical and structuring services, manages trading operations, and leads strategy around equity-linked and credit instruments.

Karnal’s investment focus centers on public structured finance, with a specialization in equity derivatives and credit trading, particularly within the healthcare sector. Prior to joining Deerfield, he started his career as a volatility trader at BAM Capital LLC and later became a Partner at TORO Trading LLC, where he specialized in equity derivatives trading within healthcare—a theme he continues to emphasize in his current role.

He holds an S.B. (Bachelor of Science) degree in Finance and Economics from the Massachusetts Institute of Technology, reflecting a strong quantitative and analytical background. Karnal is recognized for his contributions to structuring and managing complex financial products that support Deerfield’s investment strategies, particularly in capital markets related to healthcare and structured credit.