Experience in Equity Asset Management
State Street Analytics (SSA)
While at State Street Analytics, I developed expertise in interpreting and presenting findings of complex, software-based investment risk models from firms such as BARRA, which helped clients evaluate investment managers, cut costs and improve performance.
I made numerous presentations to client portfolio managers, pension boards and helped to win new business, from firms including Owens-Corning Fiberglas, Ford Life Insurance Company, GE Investment Corporation, New England Electric System (National Grid), Philip Morris, and GTE Corporation on these topics. This experience has given me an insight into managing multiple mutual fund and ETF portfolios from both a strategic and tactical standpoint.
Experience in Bonds, Derivatives, Money Markets
State Street Global Advisors (SSGA)
I was a credit and counterparty risk management executive at the world's largest institutional money manager. Over my 14 years on the leadership team, State Street Global Advisors (SSgA) incurred no losses in principal while I directly controlled the credit risk of the industry's largest short-duration investment business ($550 billion).
My career progressed steadily from a credit analyst evaluating individual securities, frequent issuers and transaction counterparties in almost all corporate and ABS sectors, to global head of a credit analyst team, and then to policy making and relationship management roles.
One of the tasks that broadened my experience dramatically was during the recent credit crisis when I was chosen by the president of SSgA to lead a special task force investigation into $684 million in Active Fixed Income portfolio losses. As an uninvolved expert, I calculated client losses due to out-of-policy investments later used in settlement discussions and formal corporate communications. I also discovered shortcomings in the conditional value at risk methodology, monitoring procedures and operating safeguards that provided lessons learned for use in anticipated reforms.
I gained experience of a quite different nature when I became Chairman of the SSgA's Investment Committee's Sub-committee on Derivatives. I spent time on every aspect of these complex instruments, from the approval process for new derivative types to counterparty diversification requirements.
Accreditation / Education / Affiliations / Publications
CFA, CFA Institute, Charlottesville, VA (1992)
MBA, Financial Markets, Cornell University, Johnson School of Management, Ithaca, NY (1985)
BA, Politics (magna cum laude), Brandeis University, Waltham, MA (1980)
Standard & Poor's Corporation
Member, Corporate & Government Investor Council (2000-2008)
Member, Structured Finance Investor Council (2004-2008)
American Securitization Forum
Executive Vice President (2005-2007)
Member, Management Committee (2002-2007)
Chairman, Market Standards & Practices Committee (2002-2005)
Chairman, Rating Agency Reform Task Force (2007)
The Journal Of Structured Finance
Author, Caveat Emptor: Reality Overwhelms Appearance in ABS Market, October, 2003
Author, SEC Regulation AB: What One Investor Wants for Christmas, October, 2004