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Viral V. Acharya, Professor of Finance,
NYU Stern School of Business
Viral V. Acharya is Professor of Finance at New York University Stern
School of Business, Research Associate of the National Bureau of Economic
Research (NBER) in Corporate Finance, Research Affiliate of the Center
for Economic Policy Research (CEPR) in Financial Economics, Research Associate
of the European Corporate Governance Institute (ECGI), and an Academic
Advisor to the Federal Reserve Banks of Cleveland, New York and Philadelphia.
He completed his Ph.D. in Finance from Stern School of Business and Bachelor
of Technology in Computer Science and Engineering from Indian Institute
of Technology, Mumbai. His research interests are in the regulation of
banks and financial institutions, corporate finance, credit risk and valuation
of corporate debt, and asset pricing with a focus on the effects of liquidity
risk. He has published articles in the Journal of Finance, Journal of
Financial Economics, Review of Financial Studies, Journal of Business,
Rand Journal of Economics, Journal of Financial Intermediation, Journal
of Money, Credit and Banking, and Financial Analysts Journal. He is the
recipient of Best Paper Award in Corporate Finance - Journal of Financial
Economics, 2000, Best Paper Award in Equity Trading - Western Finance
Association Meetings, 2003, Outstanding Referee Award for the Review of
Financial Studies, 2003, the inaugural Lawrence G. Goldberg Prize for
the Best Ph.D. in Financial Intermediation, Best Paper Award in Capital
Markets and Asset Pricing - Journal of Financial Economics, 2005 (First
Prize) and 2007 (Second Prize), the inaugural Rising Star in Finance (one
of four) Award, 2008, European Corporate Governance Institute's Best Paper
on Corporate Governance, 2008, and III Jaime Fernandez de Araoz Award
in Corporate Finance, 2009. He was appointed as a Senior Houblon-Normal
Research Fellow at the Bank of England for Summer 2008 to conduct research
on efficiency of the inter-bank lending markets. He has co-edited the
book "Restoring Financial Stability: How to Repair a Failed System", with
Matthew Richardson, John Wiley and Sons, March 2009.
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John Baer, Director, Moody's Analytics
John Baer is a Product Manager at Moody's Analytics, responsible for the
RiskAnalyst platform and shared software applications. RiskAnalyst is
a single obligor dual risk rating solution used by thousands of credit
analysts, underwriters and risk managers in over 850 institutions around
the world. Shared applications include workflow and reporting tools that
enable clients to more efficiently use and extract value from the software
solutions. John joined Moody's in 2004 after working nine years with Ernst
& Young. There John advised clients regarding accounting standard application
and performed merger and acquisition due diligence on behalf of corporate
and private equity clients, working with lenders to understand the risk
of contemplated transactions. John is a graduate of the University of
Notre Dame and holds a certificate of Certified Public Accountant.
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Alexandros V. Benos, Senior Manager,
National Bank of Greece SA
Dr. Benos is Senior Manager, Risk Architecture and Analytics at the Group
Risk Management Division of the National Bank of Greece SA where he is
currently Deputy Head of the "Basle II" Program. He joined the Bank in
2000, when he first helped to set up the Value-at-Risk estimation framework
and then worked on the development of an obligor rating system for medium
and large corporates. He previously held academic positions in the US,
France, Switzerland and Greece, and he continues to serve as a Visiting
Professor positions at the Ecole des Hautes Etudes Commerciales in Paris
and as an Adjunct Professor at the ALBA Graduate Business School in Athens.
Dr. Benos has a BA and a MA degree in Economics from Cambridge University
and a PhD in Finance from the Graduate Business School of Stanford University.
His academic research focuses on hybrid credit risk models, market microstructure
and international financial markets. His articles have been published
at the Financial Analysts Journal, the Journal of Financial
Markets, the Multinational Finance Journal, the European
Financial Management, the Review of Quantitative Finance and Accounting
and other international refereed journals. He is also a frequent speaker
in Risk Management conferences all over the world.
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Christophe Burckbuchler, Director,
Moody's Analytics
Christophe Burckbuchler is a Product Manager at Moody's Analytics and
is responsible for our insurance software solutions including Solvency2.
Christophe joined Moody's Analytics via Fermat almost 5 years ago where
he occupied several positions in the Research & Development team across
the Fermat product suite. Prior to joining Fermat, he spent 5 years at
the Caisse Nationale de Prevoyance, a major French insurance company.
As a manager in the IT department, Christophe was responsible for teams
in charge of financial risks. Christophe holds a degree in engineering
from ESPCI with a major in Physics and is currently finishing his MBA
from GGSB.
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Paul D. Butler, CFA, FRM, Executive Vice
President, RBS Citizens, N.A.
Paul D. Butler, CFA, FRM is the Executive Vice President and Head of Group
Credit Transactions for RBS Citizens, N.A. a $150 Bn financial institution
located in the New England, Mid Atlantic and Midwest region of the U.S.
Mr. Butler has more than 20 years of banking experience most recently
overseeing the Bank's Credit Approval Framework, its appraisal, environmental
and flood risk program, its commercial field exam groups, its wholesale
credit training and its internal Credit Project Management Office. Mr.
Butler has responsibility for the implementation of all of its MKMV products
and is involved with all facets of the organization's credit risk management
structure including its wholesale credit modeling framework and its design
and ongoing implementation of an end-to-end workflow origination platform.
Mr. Butler holds a B.A. from the College of the Holy Cross, an MBA from
Clark University and an MSF from Clark University.
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Pierre-Etienne CHABANEL, Senior
Director Fermat Product Manager, Moody's Analytics
Pierre-Etienne CHABANEL is a Product Manager with Moody's Analytics working
in Paris office and has been with the firm for six years. He is responsible
for developing and supporting products : Fermat CAD for Basel II compliance,
Fermat GEM for exposure and limit monitoring, Fermat RAPM for risk adjusted
performance measurement and Fermat SA providing stress testing and forecasting
capacities to the overall product suite.
Pierre-Etienne has a significant risk management background especially
on credit risk and he is a regulatory expert on Basel II.
Pierre-Etienne completed his electronic engineering degree in Supelec
(France), has a Master of Sciences in computer sciences from GeorgiaTech
(USA) and a bachelor degree in economics for Paris University (France).
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Jun Chen, Senior Director, Moody's KMV
Jun Chen joined Moody's KMV in 2008 as a Senior Director and is currently
leading the research efforts in expanding credit risk analytics to commercial
real estate. Dr. Chen has many years of experience in the real estate
finance industry. Previously, he was a Co-Director of Debt Research at
CBRE Torto Wheaton Research, and before that, Director of Research and
Analytics at Property & Portfolio Research. Dr. Chen was instrumental
at these places in delivering cutting-edge market research and risk analytics
consulting to a variety of prominent commercial real estate market participants.
His other professional experience includes working as a Senior Analyst
at IndyMac Bank and Cornerstone Research. Dr. Chen also taught at Shanghai
Jiaotong University before coming to the U.S.. Dr. Chen obtained his Ph.D.
with specialty in real estate finance and urban economics from the University
of Southern California. His Master's and Bachelor's degrees are both from
Tongji University.
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Curt Covington, Senior Vice President,
Ag and Rural Banking Division - Bank of the West
Curt Covington is a Senior Vice President and Credit Risk Manager for
the Ag and Rural Banking Division - Bank of the West in Fresno, California.
Curt has 29 years of agricultural banking experience and is responsible
for managing the risk of a $3.5 billion agriculture/agribusiness loan
portfolio. Curt was born and raised in the farming community of Selma,
California. His family farmed grapes and walnuts. He earned his undergraduate
degree in finance from the University of Southern California and his Masters
in Agribusiness from Santa Clara University. Since 1984, Curt has served
as an adjunct faculty member in the Department of Agricultural Economics
at California State University, Fresno, teaching managerial accounting
and finance classes. Prior to coming to Bank of the West, Curt spent a
good part of his early banking career in the Farm Credit system followed
by a period as a credit administrator with Rabobank. He is also member
of Agricultural Lenders Society of California and co-chairs its education
and training program -The Agricultural Lending Institute
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Douglas Dwyer, Managing Director, Single
Obligor Research Group
Douglas Dwyer, Managing Director, heads the Single Obligor Research Group
at Moody's Analytics. This group focuses on measuring the credit risk
for corporations and financial institutions worldwide. The group's models
are used by banks, asset managers, insurance companies, accounting firms
and corporations to measure risk for a wide variety of purposes. The group
utilizes different methodologies to measure the risk of different types
of firms depending on the information available. For public firms, the
group utilizes option pricing theory to combine equity market information
with financial statement information in order to determine the probability
of default. The group uses financial statements and regulatory filings
to measure the risk of private firms and private banks.
Recent research includes deriving a physical default probability from
CDS spreads, updating our LGD model and extending our coverage to include
private insurance firms and large corporations without listed equity.
Prior to working at Moody's KMV, Dr. Dwyer was a Principal at William
M. Mercer, Inc., in their Human Capital Strategy practice. Dr. Dwyer earned
a Ph.D. in Economics at Columbia University, and a B.A. in economics from
Oberlin College. He has published articles in peer reviewed academic journals.
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Wallace Enman, Vice President - Senior Accounting
Analyst, Moody's Investors Service
Wally is a member of Moody's Accounting Specialist group. He provides
technical accounting support to the Life Insurance, Property and Casualty
& Reinsurance, and Financial Guarantor teams.
Prior to joining Moody's in 2007, Wally was a Senior Manager in Ernst
& Young, LLP's Transaction Advisory Services group, where he consulted
and performed due diligence on mergers and acquisitions involving insurance
companies. Wally had also worked for the General Reinsurance Corporation,
in financial reporting and investment accounting.
Wally holds a BS degree in Accounting from Fairfield University and an
MBA from NYU's Stern School of Business, is a Certified Public Accountant
(CPA) and a Chartered Property Casualty Underwriter (CPCU).
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Lori M. Evangel, SVP, Enterprise Risk
Officer, Metlife, Inc.
In November 2008, Lori M. Evangel assumed responsibility for all Enterprise
Risk Management. ERM is responsible for enterprise-wide risk identification,
quantification, assessment and management including independent assessment
using both best in breed quantitative and fundamental analytics. ERM is
also responsible for the firm's economic capital models, credit and market
risk limits, and appropriate risk governance and policies.
Prior to that, Lori was the Credit Risk Officer of MetLife, Inc., responsible
for credit risk identification, quantification, assessment and management.
She joined MetLife in May, 2007.
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Michael Fadil, Senior Vice President, Head
of Risk Analytics, SunTrust
Michael joined SunTrust in May 2006 and is currently the Head of Risk
Analytics, overseeing Wholesale Transaction Modeling, Economic Capital
and Portfolio Modeling, Allowance for Loan and Lease Losses, Commercial
Portfolio Loss Forecasting and Model Validation. He has more than 20 years
experience in the financial service industry including 13 years at Fleet
Financial Group, in addition to working in the credit risk consulting,
pension consulting, and asset management industries. Michael graduated
from Dartmouth College and received his MBA in Finance from The Stern
School of Business at NYU.
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Tom G. Geurts, Ph.D., Director of Academic
Affairs, New York University Schack Institute of Real Estate
Tom Geurts is currently Director of Academic Affairs of the New York University
Schack Institute of Real Estate, where he is also a Clinical Associate
Professor teaching Risk and Portfolio Management and Corporate Finance.
He earned a bachelor's degree in Civil Engineering from the Higher Technical
College in Zwolle. After that he transferred to the University of Amsterdam
to receive a master's degree in Economics (1991) and Political Science
(1992). To finish his education, Professor Geurts came to the United States
to pursue his doctoral degree in the field of Business Administration,
with an emphasis in Real Estate Finance, at Pennsylvania State University.
There he was awarded the Philip H. Sieg Fellowship.
Dr. Geurts taught real estate and finance for three years at the California
State University in San Bernardino. During the academic year 1999-2000
he took a leave of absence and worked in New York City as Director of
Research for the second largest real estate company in New York City.
While in Southern California he also co-developed and taught in the International
Finance Program for the Extended Education Department of the University
of California in Riverside. From 2000 until 2006 he was employed by Marist
College to teach Corporate Finance and Investment Analysis, both at the
undergraduate and graduate level. In addition to his teaching responsibilities
at NYU, he teaches each year one seminar for the Masters of Real Estate
program at the University of Amsterdam and two for the Technical University
of Berlin. He has given guest lectures at a number of other universities,
including four overseas. He is partner of Cadence Capital Group, a boutique
real estate capital advisory and investment management firm.
The main research interests of Dr. Geurts are Risk and Portfolio Management
for (International) Real Estate and Finance. Most notably is his research
on how institutional limitations affect investor behavior. He has published
twenty one academic articles in peer-reviewed journals like the Quarterly
Review of Economics and Finance, the Journal of Real Estate Portfolio
Management, the Multinational Business Review, Journal of
Real Estate Research, and the Journal of Real Estate Finance and
Economics and a book on Public-Private Partnerships. He has presented
at a large number of academic conferences, both national and international
and his research has been supported by a number of grants.
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Ozge Gokbayrak, Assistant Director, Moody's
Analytics
Ozge Gokbayrak joined Moody's KMV in September 2007, and she works in
the single obligor research group for Moody's KMV. She is currently in
charge of research and management of the public EDF model. During her
tenure in the firm, she contributed to the releases of the RiskCalc Insurance
model and was involved in the research activities for RiskCalc US Banking
model. Prior to joining the firm, Ozge obtained a Ph.D. in Finance from
Carnegie Mellon University.
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Jon D. Greenlee, Associate Director, Board
of Governors of the Federal Reserve System
Division of Banking Supervision and Regulation
Jon D. Greenlee is currently the Associate Director for Risk Management
in the Division of Banking Supervision and Regulation at the Board of
Governors. In this capacity, he oversees the strategic direction and work
of the Board's credit, market and liquidity, operational, and compliance
risk sections. His responsibilities include the identification and analysis
of current and emerging risks in his capacity as Chair of the Division's
Risk Committee, and for ensuring the Federal Reserve has appropriate supervisory
guidance and policies in place. In addition, he has responsibility for
coordinating supervisory activities related to key risks and risk management
issues across the organizations supervised by the Federal Reserve System.
Mr. Greenlee has over twenty-two years of experience as a regulator and
most recently was the Deputy Associate Director for the Board of Governors
Large Banking Organization section. He joined the Board in 2001 as the
manager of the Regional Banking Organization and was appointed to the
official staff in 2003. Prior to joining the Board of Governors, he was
an examiner at the Federal Reserve Bank of San Francisco for 12 years.
He also worked for the Office of the Comptroller of the Currency and the
Indiana Department of Financial Institutions prior to joining the San
Francisco Reserve Bank. Mr. Greenlee has a BS degree in Finance from Indiana
State University.
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Anuj Gupta, Director, Moody's Analytics
Anuj Gupta is a Product Manager with Moody's KMV in San Francisco, and
has been with the firm for three years. He is responsible for developing
and supporting products to evaluate single-obligor credit risk, which
include RiskCalc, Loss Calc, and Commercial Mortgage Metrics.
Anuj has a significant risk management background that includes hands-on
experience in structuring and managing commodity risk, especially in the
Energy sector.
Anuj completed his Bachelors in Engineering from IIT in India, and his
MBA from Harvard Business School.
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David T. Hamilton, Senior Director,
Capital Markets Research Group
David T. Hamilton is Senior Director in the Capital Markets Research Group
at Moody's Analytics in New York. Mr. Hamilton oversees a research team
that focuses on applied research in the areas of market price-derived
ratings, credit risk modeling, and risk management. In his nearly 12 years
at Moody's Mr. Hamilton's research has included corporate credit risk,
sovereign and municipal credit risk, structured finance, the performance
of distressed debt and recovery in default. Mr. Hamilton was the primary
author of Moody's annual corporate default study for seven years, and
has published articles concerning various aspects of credit ratings and
default risk in professional journals, books, and magazines.
Mr. Hamilton has lectured on credit ratings and credit risk at Columbia
Business School, the Stern School of business at New York University,
the City College of New York, The International Center for Financial Asset
Management and Engineering (FAME) in Lausanne, Switzerland, and was an
instructor at the New York Institute of Finance. Mr. Hamilton is on the
editorial board of the Journal of Credit Risk.
Prior to joining Moody's in 1997, Mr. Hamilton worked in the Regional
Economics group at the Federal Reserve Bank of Philadelphia. Mr. Hamilton
has also worked in Moody's Risk Management Services division, and was
formerly Director of Corporate Default Research in Moody's Credit Policy
group.
Mr. Hamilton holds a B.A. in economics and classical studies from Texas
A&M University and a Ph.D. in financial economics from the City University
of New York.
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Richard Hamilton, Director,
PNC Financial Services
In January 2009, Rick assumed responsibility for PNC Financial Services,
Inc. Economic Capital and ICAAP Analytics function. He is also providing
leadership to the firm’s Basel II project focusing on Pillar 2 implementation.
Prior to that, Rick was the Director of Risk Capital Analytics Group
at National City. In that capacity he led the corporation’s credit, market,
interest rate and operational risk modeling functions.
Rick spent seven years in National City’s Asset/Liability group where
he was variously responsible for net interest income forecasting, earning
at risk analysis and DOE modeling. He began his career in National City’s
commercial credit department spent several years in commercial real estate
lending, mergers and acquisitions and funds transfer pricing.
Richard received a bachelor’s degree in economics from the University
of Michigan, an M.B.A. and a Master of Science in management science both
from Case Western Reserve University.
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James Heitmann, Senior Director, Moody's
Analytics
James Heitmann is a Senior Director in the Business Development Group
at Moody's Analytics. Prior to rejoining Moody's in 2006, Mr. Heitmann
was a Senior Vice President and Head of Credit Portfolio Management at
GMAC Financial Services in New York. In this position he was charged with
developing and implementing a best practice credit risk management framework
throughout the organization. With close to twenty years of risk management
experience, Jim has held increasingly responsible positions at Societe
Generale, Donaldson, Lufkin & Jenrette, and between 1992 and 1997, was
a Vice President in the Public Finance Group of Moody's Investor Service.
Jim holds a Bachelor's degree in economics, a Masters of Business Administration
and a Masters of Public Administration from the Pennsylvania State University.
He received his Masters in Urban Planning from New York University. He
has published a wide variety of articles on credit risk management.
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Tony Hughes, Senior Director, Moody's Analytics
Tony Hughes is senior director of Credit Analytics at Moody's Economy.com.
His main responsibility involves managing the company's credit analysis
consulting projects for global lending institutions. An expert applied
econometrician, Dr. Hughes also oversees the development of Moody's CreditCycle
and manages the data and forecasting products CreditForecast.com and CreditForecast.co.uk.
His varied research interests have lately focused on problems associated
with loss forecasting and stress testing credit portfolios.
Now based in the U.S., Dr. Hughes previously headed the Moody's Economy.com
Sydney office, where he was editor of the Asia/Pacific edition of the
Dismal Scientist web site and was the company's lead economist in the
region. He retains a keen interest in emerging markets and in Asian/Pacific
economies.
A former academic, Dr. Hughes held positions at the University of Adelaide,
the University of New South Wales, and Vanderbilt University, and has
published a number of articles in leading statistics and economics journals.
He received his Ph.D. in econometrics from Monash University in Melbourne,
Australia.
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Masaru Kakutani, Associate Director, Moody's
Analytics
Mr. Kakutani joined Moody's Investors Service in 1986 as a Senior Analyst
in the Financial Institutions Group. In 1988, he was promoted to be an
Associate Director, covering the selected regional banks in the US, as
well as large banks in Canada, Europe, and Asia. During this period, he
has witnesses the severe financial stresses of various banking sectors
as one financial system after another experienced building and then bursting
of financial bubbles. During 1990-1993, as an Associate Director of the
Corporate Department, he covered a wide range of industries, including
energy, chemical, pharmaceuticals, forest products, and food.
From 1993-1999, he was the Representative Director of Moody's Japan, as
well as a Managing Director covering banks in Southeast Asia, and lived
through both the prolonged banking problems of Japan and the Asian Currency
Crisis.
Having come back to New York in 2000, his new work focused on the analysis
and reviews of issues experiencing severe credit stresses. This assignment
led him to work closely with the quantitative credit risk specialists.
Subsequently, the work expanded, and he became a founding member of Moody's
Analytics Risk Management Service as a credit analysis methodology specialist.
Prior to Moody's, he was a lending officer at Bank of America. He has
a Bachelor's Degree in economics from Cornell University and an MBA from
Amos Tuck School of Business Administration, Dartmouth College.
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Ozgur B. Kan, Associate Director, Moody's
Analytics
Ozgur Kan is an Associate Director in the Risk Management Services Group
of Moody's Analytics, based in New York City. In his current role, Dr.
Kan leads consulting engagements with clients throughout North America
and South America.
Dr. Kan is widely respected as an authority on Loss Given Default (LGD),
recovery and workout process, and Probability of Default (PD) modeling,
in addition to his work in structured finance, valuation of hard-to-value
securities, financial transactions and corporate mergers and acquisitions.
Prior to joining Moody's, Dr. Kan worked in the valuation and financial
services practices of Law and Economics Consulting Group (LECG) and Marshall
& Stevens. His written works have appeared in the Journal of Banking and
Finance, Financial Management, Journal of International Business Studies
and the 2008 edition of the Handbook of Finance. Dr. Kan also served on
the board of the Stamford CFA Society.
Dr. Kan received a Ph.D. in finance from Old Dominion University. A native
of Turkey, he also received an MBA in finance and a B.Sc. in Electronics
& Telecommunications Engineering from Middle East Technical University.
Professionally, Dr. Kan holds designations as a Chartered Financial Analyst
(CFA) and Financial Risk Manager (FRM).
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Matthew E. Kasindorf, ESQ. , Meister
Seelig & Fein LLP
Mr. Kasindorf is an accomplished transactional lawyer specializing in
sophisticated real estate and investment transactions both in New York
City and throughout the United States. He counsels clients in the formation,
syndication, acquisition, financing, development and sale of commercial
real estate and other investment assets. With degrees in Accounting and
a Master of Laws in Taxation (LL.M.) from New York University, Mr. Kasindorf
has over 25 years of experience in crafting and negotiating complex joint
venture, partnership and limited liability company operating agreements
with particular emphasis on taxation and finance issues.
Mr. Kasindorf is the chair of the firm's prolific 9-person Real Estate
department. He has expertise in a broad array of transactions including
single asset and portfolio real estate acquisitions and sales, sophisticated
financing transactions including securitized mortgages, multi-tranche
mezzanine loans and preferred equity transactions, new construction, ground
lease negotiation and development, office, industrial and retail leasing
for both landlords and tenants, workouts and foreclosures, co-op and condominium
development and conversions and zoning matters. Mr. Kasindorf has been
named a "New York Super Lawyer". Over the past 6 years, Mr. Kasindorf
has emerged as one of the most popular Adjunct Associate Professors in
New York University's renowned Graduate Real Estate Institute where he
has earned the prestigious "Award for Teaching Excellence". He is considered
such a dynamic advisor that he is invited to be a regular instructor at
NYU's Summer Real Estate Institute's intensive programs, catering to the
most serious investors from the U.S. and around the world. He has also
lectured on real estate and tax matters at New York University School
of Continuing Education, The New School, Lorman Education Services, the
New York State Society of Certified Public Accountants and the Real Estate
Board of New York. Mr. Kasindorf is the current Green Chairman and former
President of Tam O' Shanter Country Club in Brookville, New York and lives
in Jericho, New York with his wife, Susan and two daughters, Amanda, a
recent University of Miami graduate and Erica, a sophomore at Vanderbilt
University.
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Anna Krayn, Assistant Director, Moody's Analytics
Anna Krayn is an Engagement Manager in the Consulting Services Group of
Moody's Analytics, based in New York City. In her current role, Ms. Krayn
focuses on applying her extensive credit risk experience to work with
a variety of financial services clients, including those in the insurance,
banking, and consumer finance sectors.
Ms. Krayn joined the Consulting Services Group of Moody's Analytics in
2008 following several years in Moody's Investors Service. While on the
ratings side of Moody's Corporation, Ms. Krayn was a member of the New
Instruments Committee and an analyst in the Financial Institutions Group
focused on insurance sector. Ms. Krayn is also co-author of several major
research articles on specialty topics relevant to the insurance industry.
She leverages her insurance sector experience in her work on Solvency
II Task Force within Moody's Analytics, focusing on client solutions with
regard to impending capital guidelines.
Since joining the Consulting Services Group, Ms. Krayn has worked with
C-level executives at several notable banks regarding disposition of their
structured finance assets. Specifically, she advises bank management teams
on valuation of thinly traded securities, including modeling assumptions
and accounting treatment. She has also worked with a number of large financial
institutions on enhancements to their internal risk rating capabilities.
Earlier in her career, Ms. Krayn worked as an investment banker at Bank
of America and also at Titan International, a boutique private equity
firm. A native of Russia, Ms. Krayn received an MBA from Stern School
of Business at New York University (NYU). She also holds a B.S. in finance
from NYU.
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Amnon Levy, Managing Director, Head of Portfolio
Research, Moody's Analytics
Dr. Amnon Levy heads the Portfolio Research Group that is responsible
for research and model development for MKMV's portfolio, CDO, and valuation
models.
Dr. Levy holds a B.A. in Economics from the University of California at
Berkeley and a Ph.D. in Finance from the Kellogg Graduate School of Management,
Northwestern University. Prior to joining MKMV, Dr. Levy was a visiting
assistant professor at the Stern School of Business, New York University,
and the Haas School of Business, University of California at Berkeley.
He has also taught Corporate Finance at the Kellogg School of Management,
Northwestern University and worked at the Board of Governors of the Federal
Reserve System. Dr. Levy has been published in the Journal of Financial
Economics, Journal of Monetary Economics, and Risk. His research interests
include capital structure choices as it relates to macroeconomic conditions,
modeling credit risk, and recovery risk.
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Jack Malvey, Global Capital Markets Consultant
Jack Malvey is a global capital markets consultant and a member of the
New York State Teachers Retirement System Investment Advisory Board. A
former Managing Director and bond strategist at Barclays Capital and Lehman
Brothers, Mr. Malvey is a frequent contributor to the print and broadcast
financial media. Prior to joining Barclays Capital in September 2008,
Mr. Malvey was the Chief Global Fixed-Income Strategist at Lehman Brothers
from 1996 to 2008 and the Corporate Bond Strategist from 1992 to 1996.
Mr. Malvey also directed Lehman Brothers Global Family of Indices and
Quantitative Portfolio Strategy Group from 1996 to 2007 as well as managed
the Lehman Brothers Global Relative Value publication (1996-2009) and
hosted the Lehman weekly Bond Show webcast (2000-2008). Previously, Mr.
Malvey was Director of Corporate Bond Research at Kidder Peabody and an
analyst at Moody's Investor Services.
In addition to holding the Chartered Financial Analyst designation,
Mr. Malvey belongs to the Financial Management Association, the New York
Society of Security Analysts, the Fixed Income Analysts Society, Inc.,
and the Society of Quantitative Analysts. Mr. Malvey is a former President
of the Fixed Income Analysts Society and was inducted into the Fixed Income
Analysts Society's Hall of Fame in November 2003. Mr. Malvey received
an AB in economics from Georgetown University and did graduate work in
economics at the New School for Social Research in New York. From 1992-2008,
Mr. Malvey was a ranked strategist in Institutional Investor's annual
fixed-income research survey, including 16 consecutive first team positions
(five for corporate bond strategy and 11 for general strategy). Mr. Malvey
is also the author of "Global Corporate Bond Portfolio Management," a
required chapter reading for CFA Level III candidates.
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Perry Mehta, Senior Director, Consulting Services
Perry Mehta has over twelve years of risk management experience. He is
a Senior Director with Moody's Analytics Consulting Services where, as
head of the Strategic Initiatives & Research (SIR) group, he helps build
new service offerings to meet client needs in credit risk management.
Our clients include financial services firms and corporates. Prior to
SIR, he was an engagement manager with MACS, where he led client engagements
relating to risk ratings, structured finance valuation, and stress testing.
Prior to Moody's, Perry was a Senior Manager with Ernst & Young, where
he participated in, or led, projects on Basel II compliance, economic
capital, credit risk governance, and credit risk ratings. Prior to E&Y,
Perry was a Modeling Specialist, and a Capital Markets Specialist, with
the Federal Reserve, where he reviewed quantitative methodologies and
Basel II compliance at banks.
Perry has a Bachelor's in Electrical Engineering from the Indian Institute
of Technology, Mumbai, and an MBA and PhD in Finance from Temple University,
Philadelphia.
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Robin Mora, Portfolio Manager, Spirit Finance
Mr. Mora began his career at Spirit Finance in the Credit Underwriting
Dept. in September 2004 bringing more than 20 years of credit and risk
management experience to his position. While in his underwriting capacity
Robin was instrumental in designing the processes and implementation of
Spirit’s Unit Level reporting systems, Moody’s Risk Analyst and EDF measurements.
His current primary responsibility at Spirit is property management of
vacant properties through to re-tenant or sale and property inspections
of all Spirit properties to ensure they are being maintained per the lease
agreements. Prior to joining Spirit Robin worked for GE Franchise Finance
in International Business Development and he was an Assistant Vice President
and Senior Investment analyst for Wells Fargo Capital Management. Mr.
Mora earned his Bachelor of Science, Business Administration degree from
California State University, Long Beach and his MBA from the University
of Southern California.
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David Munves, Divisional Managing Director,
Capital Markets Research Group
David Munves is a Divisional Managing Director in Moody's Analytics, and
is in charge of the Capital Markets Research Group. The group manages
and researches applications of the firm's suite of markets-based signals,
principally EDFTM (Expected Default Frequency) metrics for public firms
and the Market Implied Ratings service, as well as the Capital Markets
Economics group. David joined Moody's in December 2004.
Prior to joining Moody's David worked for nine years in Lehman Brothers'
Fixed Income Research Group in London. At Lehman he headed the European
Credit Strategy Group for seven years before taking responsibility for
the European Fixed Income Index Group. He began his sellside career at
Kidder Peabody and PaineWebber.
David also worked for 10 years at Standard & Poor's Ratings Group, where
he held a variety of analytical and managerial positions in New York,
Stockholm, and London. Prior to joining S&P David was a lending officer
with Swiss Bank Corporation in New York.
A Chartered Financial Analyst, David holds a Bachelor of Arts degree from
Kenyon College and a Masters Degree in International and Public Affairs
from Columbia University.
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Eiji Nishimura, Vice President, Mizuho
Corporate Bank
Eiji Nishimura is a Vice President in Credit Risk Management Unit for
Americas Region in Risk Management Division at Mizuho Corporate Bank.
He has 15 year of banking experience.
Mr. Nishimura joined the bank’s Portfolio Management Department in
N.Y. and has been involved in implementation of MKMV as well as other
cutting edge tools in the bank since 1999. Since joining the bank, he
has been in the functional role of Credit Portfolio Management and his
experience at the bank spans from CLO management/operation, various aspects
of CDS products, database design & management, data/MIS infrastructure
design, quantitative models (including MKMV’s), market signal based analysis
and calls for sectors & single names, etc.
Prior to joining Mizuho, Eiji was at Citibank, N.A., Global Transaction
Services in New York, his experience at the bank includes competitive
intelligence and risk management projects for “Windows on Risk” Committee.
Mr. Nishimura holds a B.S. from Bentley University and MBA from Columbia
Business School.
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Mikael Nyberg, Managing Director, Moody's
Analytics
Mikael Nyberg leads Moody's Analytics Advisory Services as a Managing
Director. The Advisory Services group provides consulting, product training
and implementation services for Moody's Analytics portfolio, credit risk
measurement and valuation products. The team lead by Mikael is responsible
for the implementation and introduction of RiskFrontier™, Moody's Analytics'
latest portfolio and CDO technology. His background includes having worked
since 1998 on the global implementation and product management of KMV
EDF™ and Portfolio Manager™ products. In these roles was responsible for
the research and new development of models, software and data products.
He educational background includes B.Sc.(ECON) in Finance and Accounting
from the London School of Economics and a M.B.A. from IESE in Barcelona.
His thought leadership focus provides clients with frameworks and insights
for addressing their most pressing portfolio strategy issues.
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Blair S. Osborn, Senior Vice President,
Comerica
Blair S. Osborn, Senior Vice President, is Manager of Comerica's Portfolio
Risk Analytics Department. He is also a member of the Corporation's Strategic
Credit Committee.
As Manager in charge of the Portfolio Risk Analytics Department, Mr. Osborn
is responsible for portfolio credit risk reporting, credit risk model
management, and associated technology rollout and enhancement initiatives.
Additionally he is responsible for the quarterly calculation of the Allowance
for Loan and Lease Loss and analytic functions associated with risk migration,
capital modeling, forecasting, and stress testing.
Mr. Osborn joined Comerica in 1978. In addition to holding positions as
a credit analyst and commercial lending officer, he has assumed a number
of management roles, including commercial loan group manager, credit administration
officer, manager of commercial workouts, and divisional credit administration
officer. He was named to his current position in May 2003.
Mr. Osborn received his Bachelor of Business Administration degree from
University of Michigan in 1973, and his Masters of Business Administration
from the University of Michigan in 1980.
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Kamal Panda, Senior Vice President, Wholesale
Loan Services, Wells Fargo Bank
Kamal is responsible for data integrity and risk analysis solutions in
Wholesale Banking group of Wells Fargo Bank as it pertains to various
regulations like BASEL II, BSA, AML and REG-W etc. Kamal has spent 10
years in wholesale banking in various areas including finance, customer
strategies, common customer definition, exposure aggregation and credit
risk management. Prior to that Kamal worked in a consulting role for implementation
of Peoplesoft based ERP solutions in large manufacturing and educational
institutions. Kamal has a MBA from University of Michigan and has a total
of 20 years of industry experience.
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Nihil Patel, CFA, Associate Director, Moody's
Analytics
Nihil Patel is an Associate Director in the Portfolio Research group at
Moody's KMV (MKMV). As part of the portfolio research team, he is responsible
for MKMV's Global Correlation Model (GCorr)--MKMV's model for estimating
asset correlations for public firms, middle market firms, retail borrowers,
commercial real estate (CRE), and asset-back securities. Since joining
MKMV in 2006, Nihil has primarily focused on enhancing GCorr to model
U.S. CRE and U.S. Retail assets and an empirical work assessing credit
risk over short horizons. He has also supported Moody's Analytics Advisory
Services by working on correlation and stress testing projects.
Nihil holds a MSE in Operations Research and Financial Engineering from
Princeton University and a BS in Industrial Engineering and Operations
Research from UC Berkeley. Prior to joining MKMV, Nihil worked as an Analyst
for Cornerstone Research, a firm which specializes in litigation consulting.
Nihil is a CFA charterholder.
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Stephen P. Peca, CPA, MRICS, Director,
Senior Credit Consultant, Moody's Analytics
Stephen Peca is a Director, Senior Credit Consultant with Moody's Analytics
in New York. Stephen is an accomplished Commercial Real Estate finance
and credit professional, as well as a CPA. He brings with him more than
30 years of professional experience ranging from banking and finance to
project management and education, the latter through an active role at
the prestigious New York University Shack Institute of Real Estate.
Previously, Stephen was with Fleet Securities, Inc. where he established
a loan sales and trading business for the bank. Stephen spent eleven years
at The Fuji Bank, Limited where he was a corporate global relationship
manager originating and managing a loan and commitment portfolio averaging
over US$1 billion. He gained extensive experience arranging international
and cross border loans, project finance and other financial structures.
He originally joined the bank to help establish the real estate portfolio
for the Chicago Branch. Before joining the Fuji Bank, Limited, Stephen
was Vice President of Accounting, Finance and Administration (CFO) for
The Tucker Companies, Inc., a regional real estate developer and property
manager. He also spent about seven years at Urban Investment & Development
Co., a national real estate developer, manager and investor and the real
estate subsidiary of Aetna Life & Casualty. Starting in treasury and transitioning
to the accounting/finance area and then development management, Stephen
was extensively involved in a number of high profile commercial real estate
projects throughout the U.S. Stephen has a Certificate in Advanced Management
from the University of Chicago and a BBA in Public Accounting from Loyola
University Chicago. He is a Certified Public Accountant, a Chartered Management
Consultancy Surveyor, a licensed real estate salesperson in Illinois and
New Jersey and a Technical Real Estate Instructor, State of New York.
He has received the New York University Award for Outstanding Service
and is a Member of the Royal Institution of Chartered Surveyors. He is
also a member of the American Institute of Certified Public Accountants
and CoreNet Global. Stephen's first book, Real Estate Development and
Investment: A Comprehensive Approach, was published in May 2009.
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Xavier Pernot, Director, Moody's Analytics
Xavier Pernot heads the Balance Sheet product line in the Software Division.
This product line gathers Asset & Liability Management, Liquidity Risk
and IAS 39 compliance platforms. He's been with Fermat for five years,
being prior to Product Management, Head of Software Development for ALM
in the R&D center of Grenoble.
Prior to Fermat, Xavier worked for ten years in the software financial
industry.
Xavier holds a Master Degree in Computer Science Engineering & Applied
Mathematics from ENSIMAG in Grenoble and a MBA from IAE in Paris.
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Shisheng Qu, Ph. D., Director, Moody's KMV
Shisheng Qu joined Moody's KMV in 2004, and has been working on public
firm EDF research and credit spread research. During his tenure in the
firm, he contributed to the research and releases of the financial EDF
model, the Japanese EDF model, the EDF8 model, as well as the CDS Spread
Implied EDF model. He has also involved in other research activities including
credit migration and single obligor valuation.
Prior to joining the firm, he researched empirical asset pricing at the
University of Texas at Austin as a Ph.D. student, focusing on institutional
investors and analyst earnings forecasts. He is originally from China,
where he received his Ph. D. in Engineering Mechanics from Tsinghua University,
and worked in the International Finance Department of China Development
Bank.
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David Rhee, Senior Vice President, KeyBank
David Rhee is Senior Vice President & Manager for Credit Portfolio Analytics
& Reporting at KeyBank. He is responsible for directing all quantitative
analysis of internal and external credit information used for making hedging
and portfolio optimization decisions for the credit portfolio. He is responsible
for overseeing the development of topical models and in analyzing the
impact of proposed hedging transactions on the risk return characteristics
of the credit portfolio.
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Matthieu Royer, Managing Director, Calyon
Matthieu Royer is a Managing Director in charge of portfolio coordination
at CALYON in the Americas. He heads the Credit Product and Management
group, which focuses on three topics: (a) developing new methodologies
and products for valuation and risk assessment of credit sensitive structures
and alternative products, (b) portfolio risk analyses and reporting, (c)
reviewing all significant new transactions and new products as well as
supporting overall strategy in the Americas.
Key efforts of the group include management of selected exposures, as
well as development of credit valuation models and simulation methods
for the pricing and risk management of the loan portfolio and alternative
investments. The group is also responsible in the Americas for RAROC and
BIS 2 modeling, infrastructure, methodologies, parameterization, stress-testing,
as well as all aspects regarding estimation and back-testing of LGD, PD
and EAD.
Prior to his current position, he was a vice president in quantitative
portfolio analytics at Credit Lyonnais where his work focused primarily
on developing analytics and numerical methods for risk management, rating,
LGD, early warning systems, RAROC and Basel II implementation. Matthieu
started his career in banking as a Credit Analyst in 1996.
He is a Steering Committee member of PRMIA New York Chapter since its
founding, and has followed the CFA program and participates in the CFA
Institute Professional Development Program. He holds a Master in International
Political Economics & Development and advanced certificate in Finance
from Fordham University, an advanced certificate in Econometrics from
University of Montreal and McGill University, and is a graduate from HEC
Montreal.
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Jim Sarrail, Senior Director, Moody's Analytics
Mr. Sarrail has an extensive background in credit risk management. As
a Senior Director at Moody's Analytics, he currently assists a wide variety
of financial institutions on the use of quantitative tools for managing
individual credit risk exposure, as well as portfolios of credit-risky
instruments. Prior to joining Moody's Analytics, Mr. Sarrail worked in
the corporate treasury group at McKesson Corporation, where he helped
to manage the firm's short-term and long-term capital needs. Mr. Sarrail
has also held a variety of positions in wholesale lending at the Bank
of America, where he developed RAROC pricing/profitability tools focused
on economic capital allocation and the marginal impact of new business
transactions. He received a Master of International Management degree,
from the American Graduate School of International Management, Thunderbird,
and a BA in Economics from Bucknell University.
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Sanjay Sharma, Chief Risk Officer, RBC Capital
Markets
Sanjay Sharma is the Chief Risk Officer of Global Arbitrage and Trading
at RBC Capital Markets. Previously, he was the Chief Credit Officer of
Natixis Capital Markets for five years. Prior to his tenure at Natixis
he held investment banking and risk management positions at Merrill Lynch,
Goldman Sachs, Moody’s, and Citigroup respectively. At Merrill he headed
the ratings advisory practice for the Americas and also advised the firm’s
clients on issues related to liability management and capital structure.
His principal focus was on conceptualizing and instituting an eclectic
approach for determining optimal capital structure of industrial and financial
firms. At Goldman he advised the firm’s clients on issues related to capital
structure and ratings in several industries including telecommunication,
transportation, finance, aerospace, and technology, as well as sub-sovereign
issuers. At Moody’s he covered commercial, consumer and aircraft finance
companies as an Analyst, and was also involved in rating several structured
finance transactions. Prior to his career in the financial services industry,
he worked as a marine engineer with Asian and European shipping companies
on cargo ships and supertankers, and received the Chief Engineer’s certificate
of competency.
He holds a Ph.D. in Finance and International Business from New York
University and an MBA from the Wharton School of Business. He has undergraduate
degrees in Physics and Marine Engineering from St. Stephen’s College (Delhi
University) and Marine Engineering College respectively. He holds the
CFA charter and is the Founder and Board Member of Green Point Technology
Services – a technology, legal and business process outsourcing firm with
operations in the US, Israel and India, and of Tomorrow’s Genius – a provider
of online education.
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Soner Tunay, Director of Credit Analytics,
State Street Bank
Soner Tunay is the Director of Credit Analytics at State Street Bank in
charge of credit risk modeling for Basel II. Previously he was the Head
of Portfolio Analytics at SunTrust Bank, primarily engaged in developing
Economic Capital methodologies.
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Yashan Wang, Director, Portfolio Research,
Moody's Analytics
Yashan heads the valuation analytics team that conducts research and develops
portfolio valuation and risk models. In addition, he provides advanced
model support for clients of Moody's KMV RISKFRONTIER, PORTFOLIO MANAGER,
and CreditMark.
Yashan earned a B.S. in Electrical Engineering from the University of
Science and Technology of China and a Ph.D. in Management Science from
the Graduate School of Business, Columbia University. Prior to joining
MKMV in 2005, he was a Senior Research Consultant at MSCIBarra. Prior
to that, Yashan was an Assistant Professor of Management Science at the
MIT Sloan School, where he taught classes in probability theory, stochastic
processes, and optimization to Ph.D. and MBA students. Yashan's research
work has been published in Annals of Applied Probability, Operations Research,
Manufacturing & Service Operations Management. His current research interests
include credit risk modeling and Monte Carlo methods in financial engineering.
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Vanessa Wu, Managing Director, Moody's Analytics
Vanessa Wu heads the Portfolio and Valuation product line as well as the
RiskCalc and LossCalc franchise in Product Management.
Vanessa joined Moody's KMV Client Service team in February 1997 after
a few years in litigation and economic consulting. Vanessa assisted global
financial institutions in the implementation of KMV's solutions for risk
assessment and credit portfolio management, including two years in the
KMV London office. Prior to Product Management, Vanessa headed the Global
Client Support and Training team.
Vanessa holds a BS with Honors in Applied Mathematics with an Emphasis
in Business Administration and a Specialization in Computing from the
University of California, Los Angeles
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Jing Zhang, Divisional Managing Director, Head
of Moody's KMV Research
Jing Zhang heads the Moody's KMV Research Group for Moody's Analytics.
Jing joined the former KMV in 1998 in the research team, eventually becoming
a Director in Research and managing day-to-day research operations of
KMV. He made major contributions on single obligor EDF credit measures,
correlation and portfolio research. Since then, Jing has held a number
of senior roles at Moody's Analytics for the Americas, most recently,
Senior Director, Head of the Credit Risk Specialist Group.
Jing obtained his Ph.D. from the Wharton School, University of Pennsylvania
and a Master Degree from Tulane University.
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