London bios
Pricing, Trading & Risk Management Seminar London, 29th November 2011
Speaker Biographies
Tamara Box, Berwin Leighton Paisner
Tamara Box is the Head of International Structured Finance and a member of the Banking and Capital Markets Group. Tamara has more than 18 years' experience in the fields of structured finance and securitisation transactions, derivatives, debt capital markets and debt restructurings. She has advised all participants, including arrangers, originators, servicers and trustees, in connection with the securitisation of a wide variety of assets in numerous jurisdictions. Tamara has been involved in a number of cutting edge securitisation transactions, including the representation of the arrangers of the first Shariah compliant RMBS out of Saudi Arabia, the first cross-border securitisation in South Africa, the first Turkish workers' remittances securitisation and the first onshore securitisation of lease receivables in Turkey and the representation of the originator in the first CMBS out of Dubai. More recently, Tamara has been actively involved in the restructuring of transactions affected by the recent credit crisis and in particular by the Lehman bankruptcies (where she is working on restructuring more than 40 Lehman affected ABS and CMBS transactions). She is a recognised expert in the area of securitisation, having been regularly named a leading practitioner by each of the International Financial Law Review�s Guide to the World�s Leading Structured Finance and Securitisation Lawyers, The Legal 500's Legal Experts, Chambers� UK Guide and The International Who�s Who of Business Lawyers. Tamara is a graduate of London School of Economics and Political Science (B.Sc. Monetary Economics) and Georgetown University Law Center (J.D., cum laude). She is dual qualified in England and New York and has significant experience in Rule 144A/Regulation S debt offerings.
Richard Hopkin, AFME
Richard Hopkin is a Managing Director in the securitisation division. He joined AFME in June 2010 after a 20 year career in European securitisation during which he held leadership positions at J.P. Morgan, Deutsche Bank and Soci�t� G�n�rale. He has originated, structured and distributed financings backed by a wide variety of asset classes including mortgages, credit cards, auto, consumer and SME loans, from across Europe, Australia and the US. Born and brought up in Wales, Richard read law at Cambridge University and before embarking on his banking career he qualified as a solicitor with leading international law firm Clifford Chance.
Zeshan Ashiq, Shooters Hill Capital
Zeshan is the Founding Partner of Shooters Hill Capital, a Structured Finance and securitization advisory regulated by the UK FSA. Since inception (October 2008), the firm has advised its clients (which include Banks, Private Equity Firms, Insurance companies, Fund managers, Government agencies and Institutional investors) on a multitude of engagements (providing independent valuation, risk management and restructuring advice) covering several $ billion of structured finance portfolios. He has over ten years of experience in underwriting, structuring, managing, re-structuring and risk managing European Structured Finance Assets (Asset Backed Securities, Collateralised Loan Obligations, etc). Prior to his current assignment, Zeshan worked with a leading Global Insurer (Financial Security Assurance) where he was jointly responsible for European CDOs. During his 4 year tenor at FSA, he underwrote and structured credit-derivative transactions and collateralized debt obligations for FSA's insured portfolio. While at FSA, Zeshan also oversaw sourcing and execution of arbitrage and regulatory capital-driven transactions utilizing funded and synthetic risk-transfer structures backed by investment-grade, and high-yield corporate risk. Zeshan previously spent four years with Wall Street Analytics (now part of Moody�s Analytics). During that time he was involved in setting-up their CDO structuring/analytical platform and building their CDO deal library. Zeshan holds an MBA from Hult International Business School and an M.Eng in Mechatronics from 'Universite Libre de Bruxelles'
Sean Dawson, Deutsche Bank
Sean is a Director in the European Mortgage Trading team at Deutsche Bank in London. He has over 11 years of structuring, investing & trading experience in European structured finance securities and whole loans. Prior to working at Deutsche Bank, Sean worked at Citadel where he provided investment & risk management advice to clients including central banks, commercial banks, hedge funds and private equity. Prior to Citadel, Sean was the European Residential Mortgage Trader at Lehman Brothers where he structured over 40 transactions across Europe both on an agency and a principal basis. Sean is a qualified accountant and has a BSc from the University of Warwick
Angus Duncan, Cadwalader, Wickersham & Taft
Angus Duncan is a member of the Capital Markets Department and the Managing Partner of the London office of Cadwalader. Over recent years, Angus� practice has focused on structured finance transactions with a particular focus on CDOs, repackagings, derivative securities and on insurance-linked securities. Within the insurance sector he has worked on catastrophe bonds, sidecars and reinsurance and longevity products. His CDO practice has covered cash and synthetic transactions and assets such as leveraged loans, commercial real estate assets, investment grade corporate debt, ABS, CDOs of CDOs and hedge fund interests. He has also worked on securitisations of a range of other assets, straight debt and equity and equity-linked transactions.
Angus joined Cadwalader in May 2005, having spent 11 years at Allen & Overy as partner. He worked in Tokyo from 1996-2000, managing the office from 1998-2000. Whilst in Tokyo he was a leading participant in the capital markets and played a key role in the development of the Japanese securitisation markets. He sat on the board of the British Chamber of Commerce in Japan from 1998-2000. In his structured finance practice he has worked on a number of market firsts including the first catastrophe bond transaction incorporating a tri-partite repo structure (Euros II), Europe�s first CRE CDO (Anthracite Euro CRE CDO 2006-1 p.l.c), the first European pro rata CLO (Harbourmaster Pro Rata I) and the first European CLO managed by a hedge fund (Grosvenor Place I).
Latterly, Angus has been involved in advising financial institutions and investors on the restructuring of financial instruments adversely affected by the dislocation in the markets. Angus is a visiting lecturer to the LMA course at King�s College, London where he delivers a paper on insurance-linked securities.
Rob Ford, TwentyFour Asset Management
Before moving into portfolio management, Rob had a highly successful career as a fixed-income trader covering a broad range of instruments over a period of more than 20 years, including corporate bonds, gilts and asset-backed securities. Rob is one of the 7 founding partners of TwentyFour and a member of the four-strong portfolio management team where his primary responsibility is the co-management of the Firm�s Monument and Dynamic Bond Funds as well as a number of bespoke portfolios for institutional clients.
Before founding TwentyFour, Rob was a partner and portfolio manager at Synapse Investment Management. Prior to this, Rob spent over 20 years at Barclays Capital (formerly BZW) in London, where he was latterly a Managing Director and Head of European ABS Trading. Rob has been trading asset-backed securities since their inception in the late 1980s and is one of the market�s leading authorities on the sector. Rob has also managed in other trading areas including establishing and running Barclays Capital�s highly successful LIBOR credit trading unit. As well as trading asset-backed securities, Rob has also traded corporate bonds and gilts. In his very early days he traded LIFFE futures and options.
Galen Moloney, Fitch Ratings
Galen Moloney is a senior director at Fitch Ratings�. He focuses primarily on corporate CDOs.
Galen was previously a director at StormHarbour securities focusing on asset advisory and structured solutions for financial institutions and asset managers. Prior to StormHarbour Galen worked at HVB Credit Advisors in Dublin as a portfolio manager overseeing a structured credit investment fund. Galen earned a BComm in accountancy and marketing from University College Cork and is a qualified management accountant (ACMA).
Saul Greenberg, SCIO Capital
Saul Greenberg is SCIO Capital's CRO and one of its managing partners. Prior to SCIO, Saul was at Deutsche Bank AG London where he headed up the European and Asia-Pacific ABS/CDO securitization risk desk. Prior to Deutsche, Saul was at Moody's in London where he also held senior positions in the CMBS and covered bonds teams of the structured finance group. Saul also held a senior position in each of the international securitization group at Clifford Chance, London and corporate and institutional finance group at Calyon, Johannesburg. Saul holds degrees in arts, law and tax from University of Witwatersrand, Johannesburg.
Stephen Clarke, Moody's Analytics
Stephen manages the Structured Finance Valuations & Consulting group at Moody�s Analytics. His team has worked with small to large institutions on various projects to meet internal, audit and regulatory needs, in the US, Europe, and Asia. Prior to his current role, Stephen managed a team of Financial Engineers at Wall Street Analytics that assisted underwriters, collateral managers, investors, trustees, and insurers of CDOs. He�s worked with over 40 institutions on loss estimation, market pricing, fair value & impairment analysis, managing, and underwriting of US and non-US RMBS, ABS, CMBS and CDO transactions. Stephen holds a bachelors degree in Physics & Mathematics from Dartmouth.
David Matson, IKB Fund Management
David Matson is Managing Director of IKB Fund Management, the investment manager for the Bacchus European Leveraged Loan CLOs. David has worked in leveraged finance for 20 years, in various origination, structuring and investment roles. After management training with Lloyds Bank including Corporate Banking and the Work Out Unit, he joined the NatWest Group in 1990. For seven years, he was responsible for the origination of leveraged banking transactions within the UK mid cap market. In 1997, he joined Mitsubishi Trust as Head of Acquisition Finance and built a portfolio of leveraged loans in the European Loans Market. David was recruited by IKB in 1999 to set up the Acquisition Finance team within the newly established London branch. Over the next six years, David developed the IKB Acquisition Finance team in to one of the leading participants in the European Leverage Loan markets. In 2005, David was appointed to set up IKB Fund Management as a Bank owned CLO Manager. He graduated from Cambridge (BA) in 1985, received a Master�s Degree in Political Economics from the University of Pennsylvania in 1987 and a Financial Studies Diploma from London City University in 1989. ACIB and FSA qualified.
Darren Morton, Raiffeisen Bank International
Darren brings over 12 years experience of the ABS markets, beginning in 1999 as a Portfolio Manager within Dresdner Kleinwort's Structured Credit Investments unit before progressing to Head of Portfolio Management in the same division, and more lately as an ABS Trader at Raiffeisen Bank International. He has experience of analysing and investing in a wide range of securitised products, including CLOs, SMEs, RMBS, Autos and Credit Card ABS. Darren is a graduate of the University of Edinburgh from which he holds a BSc (Hons) in Chemistry, and is a member of the Chartered Institute for Securities and Investment.
Henry Tabe, Sequoia Investment Management Company
Henry Tabe is the Chief Risk Officer of Sequoia Investment Management Company. He is responsible for research and risk management for all of Sequoia's advisory and investment management activities. Prior to Sequoia, Henry was with Moody's Investors Service for over 10 years, most recently as the Managing Director in Europe responsible for Structured Finance Operating Companies. Henry is the author of The Unravelling of Structured Investment Vehicles: How Liquidity Leaked Through SIVs (Lessons in Risk Management and Regulatory Oversight) by Thoth Publishers, 2010.
Chandrajit Chakraborty, Pearl Diver Capital
Chandrajit Chakraborty, CIO, Managing Partner: Chandrajit brings in over 10-years of experience as a Structured Finance banker, structurer and trader, covering stints at Wachovia Securities, Nomura Securities, Deutsche Bank, UBS, Old Mutual, Fitch Ratings and JP Morgan. As a senior banker and structurer he was responsible for originating and structuring several transaction ranging from leveraged loan CLOs to Private Equity backed and Hedge Fund backed Collateralised Debt Obligations and Collateralised Fund Obligations. Chandrajit started his career as a trader, responsible for managing and trading a proprietary book of corporate credits at JP Morgan in Asia. He has a Masters in Finance (with Distinction) in Financial Engineering from London Business School (LBS), MBA from University of Bombay and is a graduate in Electronics Engineering from the Indian Institute of Technology (IIT).
Marco Angheben, Link Financial
Marco Angheben is Project Director at Link Financial. He is leading a team of advisors implementing the European Central Bank ABS Loan-Level Initiative. The initiative includes the creation of specific reporting templates for ABS in Europe as well as the construction of a unique European DataWarehouse (ED). ED will ensure that loan-level data is made available to market participants to increase transparency of ABS transactions. He holds a degree in Economics and Finance at Ca' Foscari University in Venice and is a member of the CFA Institute.
Mark Hale, Prytania Investment Advisors
Prytania Investment Advisors LLP is an independent London-based boutique, providing alternative asset management, investment and risk advisory and analytical services to institutional clients. Mark joined Prytania as CIO at its inception in 2003. He has twelve years of buy-side investment experience in structured finance. Previously at Ansbacher & Co., Mark built and managed a $1bn+ credit portfolio, including ABS and CDO assets, from AAA securities down to CDO equity, utilizing funds from the banks proprietary capital and clients. Mark began his career as a financial analyst and economist at the Bank of England. He was later responsible for economics and Investment strategy at a number of securities houses covering cash and derivative products in debt, equity, foreign exchange and commodity markets.
Zachary Iqbal Latif
Zachary graduated from Cass Business School in 2003 in MSc Banking & International Finance. He was at Dresdner Kleinwort, Nomura International & Toronto Dominion securities in a variety of credit trading roles including both prop & marketing making across different assets; cash & cds. He is a director at TLG Capital where he identifies & trades interesting opportunities in fixed income space.
Steve White, AGFE
Steve is responsible for capital markets. He has worked in the fixed income and structured finance markets for over 20 years both an investor and a banker. Previously Steve was at Cambridge Place Investment Management where he was the European Chief Investment Officer. Prior to CPIM, he spent over 13 years at Morgan Stanley where he was a Managing Director in the Securitisation Group responsible for Capital Markets and MBS/ABS origination. Prior to this he held portfolio management positions at Neuberger & Berman in New York and The Pilgrim Group in Los Angeles.
Dean Atkins, Green Street Capital
Dean Atkins is a Director of Green Street Capital, an independent FSA-regulated advisory firm, which focuses on securitised, structured and real estate assets and related advisory projects. His clients include pension funds, banks, hedge funds and government agencies. Prior to this he held numerous senior trading positions at ABN AMRO, including Global Head of Structured Finance Trading and European Head of ABS Trading and Syndicate, and began his career as a US Mortgage-Backed Securities portfolio manager. He holds an Economics MA from Cambridge University and is Chairman of The Catalyst Club, a fund-raising initiative for genetic research into personalised cancer treatment.
Andrew Bristow, LLoyds Banking Group
Andrew Bristow has 20 years of experience in the financial markets. Andrew spent 15 years at HSBC working in London and New York, and ran the European ABS trading business until he left to join Goldman Sachs International in London where he worked on the European ABS trading desk. Andrew joined Lloyds Banking Group in July 2010 from Threadneedle Asset Management where he was responsible for the ABS and Money Market portfolios. He now runs the European ABS and Covered Bond trading desk for Lloyds Banking Group.
Greg Branch, SCIO Capital
Greg Branch is SCIO Capital's Chief Investment Officer (CIO) and one of its founding partners. Prior to joining SCIO, Greg was at Deutsche Bank AG London where he headed up the European ABS/CDO trading desk. Greg started his career at Deutsche Bank in 2000 as a Director and Head of Analytics for the Structured Products Group in Europe. Greg joined Deutsche from Lehman Brothers in New York where he headed the Commercial Mortgage Analytics group. Greg holds a Masters Degree from Carnegie Mellon University and a degree in Aerospace Engineering from the University Of Notre Dame.
Laila Kollmorgen, Cohen and Company
Laila Kollmorgen is a Managing Director at Cohen & Company. She heads the Structured Products Syndicate and Trading Desk in London. In her 16 year career, Laila founded Kollmorgen Financial Partners, which specialized in securitization advisory services, headed the ABS Secondary Trading desk at BNP Paribas in London, was a portfolio manager at HSH Nordbank in Hamburg, Germany, and held various trading positions at Merrill Lynch in New York within the Mortgage Trading Group. Laila holds an MBA from The Wharton School, an MA in international business from the Joseph H. Lauder Institute at the University of Pennsylvania, and a BA (cum laude) from Wellesley College. She received her CFA charter in 2002.
Guillaume Langellier, Aviva Investors
At Aviva Investors, Guillaume covers sterling and euro-denominated fixed and floating rate bonds in the ABS, Property and Infrastructure sectors and has over 12 years of credit and research experience.
Prior to joining Aviva Investors, Guillaume headed the whole business securitisation team at Fitch Ratings where he was involved in the analysis, surveillance and development of new rating methodology for bonds across a variety of sectors such as pubs, healthcare, commercial property, transportation and infrastructure.
Prior to joining Fitch Ratings, Guillaume worked as a buy-side research analyst at Lazard Asset Management and, before this, completed the Investment Banking graduate programme at UBS Warburg. He started his career as a junior credit analyst at Credit Lyonnais UK. He holds a Masters in Corporate Finance from the EDHEC Business School in France.
Alan Packman, UBS
Alan began his trading career at WestLB, trading Asset Swaps and Corporate/Financial bonds. During this time, Alan started and ran the secondary ABS trading business. From here he moved to Dresdner Kleinwort, where he ran the ABS secondary trading business and, working in conjunction with the head of the desk, also worked as a syndicate manager. In 2006 he joined Lloyds TSB to set up and run the Structured Finance proprietary trading business. Following this, Alan worked at Aladdin Capital Management London as Managing Director, responsible for creating and developing all securitised product trading, before leaving in 2010 to joint UBS. At UBS Alan is currently an Executive Director, European Head of CDO Trading, working in the Global CDO trading team.
Michael Balboa, ARAM Global Jeroen Bakker, Cervus Capital Partners
Mike co-founded ARAM Global as a visionary asset management firm set up during the depths of the 2008/2009 credit crisis to help sovereign states, wealth funds, supranational entities, central banks, government institutions and other institutions with stranded credit assets in need of significant restructuring.
He has over 18 years experience in sovereign credit analysis, with a particular emphasis on emerging markets and has been actively involved in a range of sovereign debt restructurings totalling over USD250 billion since 1994, in countries such as Bulgaria, Argentina, Bosnia, Ecuador, Russia, Nigeria and Poland. Prior to establishing ARAM, Mike was Managing Director of Emerging Credit with a substantial emerging credit fund, where he was active as an investor in EM. Mike�s career began at Salomon Brothers in New York (1992 to 1995) as an analyst of emerging market bonds markets after which he co-managed the Strategos Fund, an emerging markets hedge fund founded in 1995. Subsequently, in 1999, Mike joined Greenwich Europe Ltd, where he was responsible for building the emerging markets debt trading desk. From 2003 to 2006, he was actively involved in the management of the top performing Rainbow Advisor�s emerging markets funds as well as the Rainbow Macro Fund, which had a particular specialisation in short selling credit strategies. Mike is a graduate of Hofstra University with a Bachelor�s degree with highest honours in Finance and Economics.
Olivier Renault, Stormharbour
Olivier Renault is Head of Structuring & Advisory at StormHarbour. His team provides advisory services to financial institutions in the field of regulatory capital management and accounting solutions, and looks after credit transaction structuring and restructuring, valuations, and funding transactions. Prior to joining StormHarbour in May 2009, Olivier worked for Citigroup since 2004, initially as head of European Structured Credit Strategy and then in the credit derivatives structuring team, working on regulatory capital, risk transfer and balance sheet optimization transactions both for Citi�s loan book and external clients. He started his career as assistant professor (Lecturer) at the London School of Economics where he taught Derivatives and Risk courses. He then worked for Standard & Poor�s Risk Solutions where he was in charge of portfolio modeling projects and correlation-related research. His job included the development of economic capital models for banks as well as training/advisory for European clients. Olivier has a PhD in quantitative finance from the University of Louvain and a Masters from Warwick University. He is the author of many published articles and a book on credit risk and derivative pricing.
Judith Sciamma, Wye Tree Asset Management
Judith Sciamma joined WyeTree in September 2007 to launch the residential mortgage and residential real estate platform and develop risk analytics. She brings with her a wide variety of experience in asset selection and analysis. Prior to WyeTree, Judith was the head of the ABS team at Solent Capital, which was awarded Best CDO Manager of the Year by Risk Magazine for 2006. At the time of her departure, Solent�s ABS platform had grown to USD 4.75 billion, split over 4 cash CDOs. Prior to Solent, she was a senior ABS analyst and ABS trader for IXIS CIB, creating IXIS�s trading book and sourcing ABS assets for the ramp up of CDOs. Prior to IXIS, Judith was involved with the creation of leveraged funds and acted as a fund manager for ODDO Asset Management, specializing in structured products and securitization. Judith was a founding member of Equigest, an independent asset management start-up venture, and also spent time with Prigerance, a subsidiary of Dexia Banque Privee. Judith holds a degree from ENSAE M� from the department of Statistics, Economics and Mathematics.
Daniel Turner, Chenavari Investment Managers
Daniel joined Chenavari Investment Managers from European Credit Management (ECM) where he worked as a European ABS Investment Analyst. Prior to ECM, Daniel spent 3 years with ING Strategic Trading Platform where he was responsible for modelling, analysing and investing the banks proprietary capital �first loss� and subordinated tranches of European RMBS and balance sheet CLOs. He holds a first class degree in Banking, Finance and Management (BSc.) from Loughborough University and graduated from the ICMA Centre, University of Reading with distinction in International Securities, Investment and Banking (MSc.).