Creditflux CLO Investor Summit
Convene One Liberty Plaza
Stephen Anderberg is a managing director and sector lead in Structured Finance at S&P Global Ratings. Before becoming a sector lead, he was responsible for teams rating different types of structured finance transactions. These include collateralized loan obligations (CLOs),commercial mortgage-backed securities (CMBS), and esoteric asset-backed securities (ABS) backed by a diverse array of assets including aircraft,container, and rail car leases; small business and timeshare loans; and others including tobacco settlement funds, intellectual property rights and renewable energy leases/loans.Steve has held various leadership positions within S&P Global Ratings,building teams responsible for surveilling transactions, implementing processes and systems used to monitor transaction performance and participating in the development of the criteria used to rate CLOs. Steve joined S&P Global Ratings in August of 1999 after working for the City of New York's Office of Management and Budget (OMB) in the Finance,Legal and Revenue division, forecasting revenues and generating budget projections for various agencies of the city.Steve holds a bachelor’s degree in Political Studies from Adelphi University and a master of business administration degree from Baruch College of the City University of New York, where he graduated with honors (Beta Gamma Sigma).
Mr. Andrews is a Managing Director and Head of Capital Markets, and a Senior Portfolio Manager on CIFC’s Structured Credit Investment business. Mr. Andrews has 17 years of experience in investment banking and structured finance. Prior to joining CIFC, Mr. Andrews was Head of CLO Origination and Structuring for RBS Securities Inc.’s U.S. CLO business. Prior to running the CLO business, Mr. Andrews was a Director in the Asset Backed Finance Group where he was responsible for originating, financing, structuring and distributing new issue securitizations backed primarily by leveraged loans, credit cards and consumer loan receivables. Prior to joining RBS Securities Inc., via Greenwich Capital Markets, Inc., Mr. Andrews was an Associate at Banc One Capital Markets, Inc. where he focused on originating, structuring and distributing securitizations backed by credit cards, consumer loans, auto loans, student loans, rental cars and equipment loans. Mr. Andrews holds a Bachelor of Business Administration in Finance with a minor in Economics from Southern Methodist University. Mr. Andrews is a CFA charterholder.
Shiloh Bates is a Managing Director at Flat Rock Global. Prior to joining Flat Rock Global in 2018, Mr. Bates was a Managing Director at Benefit Street Partners, where he worked on corporate acquisitions. Prior to joining Benefit Street Partners in 2016, Mr. Bates was the Head of Structured Products at BDCA Adviser, where he was responsible for investments in collateralized loan obligations (“CLOs”) and publicly traded business development companies (“BDCs”) as well as structuring the firm's credit facilities. He has worked at several CLO managers including Canaras Capital Management, Four Corners Capital Management and ING Capital Advisors. Mr. Bates began his career as an investment banker at First Union Securities.
Mr. Bates has invested over $1BN in CLO securities and has been a frequent panelist at CLO industry conferences.
Mr. Bates received a Master of Statistics from Columbia University, a Master of Financial Mathematics from the University of Chicago, a Master of Public Policy from Harvard University, John F. Kennedy School of Government and a Bachelor of Science from Virginia Tech. He also served in the U.S. Army Reserves Special Operations Command as a specialist for six years.
Kevin Bliss is a Senior Analyst at NEPC, LLC where he is a lead researcher covering credit hedge funds and a member of the firm’s Credit Beta Group. He is responsible for generating top-down macro views for the firm and for conducting comprehensive due diligence on existing and prospective alternative credit managers across corporate credit, structured credit, relative value credit, as well as opportunistic credit mandates across the US and Europe. Prior to joining NEPC’s hedge fund team, Kevin was an analyst on NEPC’s Endowments and Foundations client team where he was responsible for ongoing portfolio analysis, liquidity studies, and monitoring exposure across client portfolios. Kevin received his Bachelor of Commerce from Saint Mary’s University in Halifax, Canada.
Chandrajit brings in over 20-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. He was responsible for originating and structuring several innovative transactions ranging from leveraged loan CLOs to Private Equity backed and Hedge Fund backed securitisation products.
Chandrajit was formerly a bond trader managing a trading book for corporate credit and sovereign debt. He is a graduate in Electronics Engineering from the Indian Institute of Technology (IIT) and holds a Masters in Finance (with Distinction) in Financial Engineering from London Business School (LBS).
Comer is the Chief Operating Officer and has nearly thirty years of experience in the structured credit markets.
Prior to AGL, from 2007 to 2019, Comer served as Global Head of the CLO Primary business at Bank of America Merrill Lynch where she led a team in New York and London to originate, structure, market and syndicate CLOs and other securitized credit products. The team distributed the products to a diverse range of institutional investors in the U.S., Asia and Europe.
Prior to joining Bank of America Merrill Lynch in 2007, Comer spent 14 years at Citigroup in a wide range of roles, including Global Structured Products, Global Structured Bonds and Public Finance. Comer started her career in Tokyo with three years as an analyst in the International Project Finance Group at Sanwa Bank, the predecessor firm of Mitsubishi UFJ.
Comer has a BA in Economics from Cornell University and a MBA from the Amos Tuck School at Dartmouth College. She was recently a Board Member of the Loan Syndications and Trading Association and the President’s Council of Cornell Women.
Shawn Cooper is a portfolio manager and responsible for Orchard’s cash structured credit investments. Previously, he was a portfolio manager at Brevan Howard where he was responsible for CLO/ABS trading within the flagship multi-strategy master fund. Prior to joining Brevan Howard, Shawn was the Global Head of European Structured Credit Trading at Deutsche Bank where he worked from 2006 to 2014. He began his career as a software engineer.
Shawn received an MBA in Finance from Columbia Business School and graduated cum laude with a BS in Computer Science from Cornell University. He is based in London.
Tom Davidson is assistant editor for Creditflux, the leading global leading information source for credit funds and CLOs. He focuses on event content and special features. After joining Creditflux in 2005 he moved to New York in 2012 to setup the Creditflux US office. He graduated from Cambridge University with an MSci in Natural Sciences.
Mr. Desai joined Sound Point in 2019 and is currently Head of Structured Products Investing and a Portfolio Manager for the Harbor Strategy. Additionally, Mr. Desai serves on the firm's Management Committee and is a member on most risk, investment and valuation committees at the firm. Prior to joining Sound Point, Mr. Desai was a Partner at Ares Management, where he was the Head of Global Structured Products & European Liquid Loans and served as a Portfolio Manager for over $6 billion of structured credit funds and CLOs. Prior to his six years at Ares, Mr. Desai was Co-Founder and Managing Partner of Indicus Advisors, a structured credit and leveraged finance asset manager, which was started in 2006 and sold to Ares in 2011. Prior to Indicus Advisors, Mr. Desai was Head of Structured Credit origination and structuring business at J.P. Morgan in London and Goldman Sachs in London and New York. Having started his career in 1996, Mr. Desai has been one of the earliest participants in the CDO markets, with significant origination, structuring and investment expertise.
Mr. Desai earned a B.S., M.S., and M.Eng in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology.
Hiram is Global Head of Structured Credit and Senior Portfolio Manager for all of Alcentra’s structured credit investment funds. He oversees approximately $5 billion of investments in structured products, with a particular focus on CLO investments, across Alcentra’s funds.
Hiram joined Alcentra in 2008 and founded the structured investment business, launching the first opportunistic fund during the credit crisis in 2009. Previously, Hiram was an Executive Director at Morgan Stanley and head of the CLO structuring and origination business in London. During his 8 years at Morgan Stanley, Hiram structured and originated various credit arbitrage vehicles including CLOs and Opportunity Funds. Prior to 1999, Hiram was an Analyst at Prudential Securities in the Asset Backed Securities Group.
Hiram graduated cum laude from Bowdoin College with a dual major in Philosophy and Neuroscience.
Mr. Huntington joined Redding Ridge as Head of Capital Markets and Banking and a Managing Director. Prior to Redding Ridge, Mr. Huntington joined Apollo’s Corporate Structured Credit Group in 2014. Mr. Huntington was also a Director in the CLO Structuring & Origination Group at Bank of America Merrill Lynch. He has structured over $45 Billion of CLOs, CLO Refinancings and CLO repackaging across over 75 transactions. Amongst his many innovations in structured finance is the CLO “Reset” (the amendment and extension refinancing of a CLO). Mr. Huntington graduated from The University of Virginia with a B.S. in Chemical Engineering and received his M.B.A from The College of William & Mary, where he graduated Beta Gamma Sigma.
Kevin Kendra is a managing director in Fitch Ratings’ New York office. He currently manages the US structured credit group responsible for CLOs and other structured credit ratings. The structured credit team is charged with assigning new issue CLO ratings, maintaining the accuracy of existing ratings, providing useful tools to investors and publishing research on transaction characteristics and performance. Prior to this post he served as group credit ffficer for US and Latin America Structured Finance. In this role he maintained and further enhanced the quality of credit analysis within the structured finance and covered bonds teams, particularly with respect to criteria used for rating analysis and raising awareness of developing trends. Previously to that he held various positions within Fitch’s Structured Credit and commercial mortgage-backed securities (CMBS) groups. He managed Fitch’s structured credit team through the most recent financial crisis. Prior to that, he was responsible for CDO surveillance within the structured credit group. He was responsible for rating CMBS transactions in Fitch’s U.S. CMBS group before joining the CDO group in 2002.
Robert Kinderman is a Partner and Head of Credit Strategies, where he is responsible for credit-sensitive investments, including RMBS, CMBS, ABS, CLOs, performing and non-performing loans, and corporate credit strategies. He also oversees strategy development and research for credit-sensitive products.
Mr. Kinderman joined Ellington in 1998, where he began by developing mortgage default models as well as pieces of Ellington’s proprietary portfolio management systems. The liquidity crisis of October 1998 quickly pushed Mr. Kinderman toward portfolio management as he aided in portfolio de-levering. In 2002, he helped form Ellington’s first dedicated MBS/ABS credit fund, which focused on distressed opportunities in Manufactured Housing and 1998/1999 vintage subprime. As portfolio manager for credit-sensitive investments at Ellington, Mr. Kinderman continued to focus on distressed investments in the wake of the 2007/2008 crisis.
Mr. Kinderman earned a B.A. from Yale in 1998 with distinction in Economics and in Mathematics.
Michael Kurinets is Chief Investment Officer and Portfolio Manager of Capra Ibex Advisors. Mike has worked for over 20 years in the fixed-income business with a strong concentration on CLO and ABS CDO products. Prior to retiring from Credit Suisse in 2013, Mike was a Managing Director and Head of the CLO/CDO Trading Desk within the Fixed Income Division.
Mike holds a M.S.E. in Engineering from Columbia University.
Matthias Neugebauer currently manages the Structured Credit Team within Fitch Ratings’ European Structured Finance group. Prior to this, he worked with the European quantitative research team focusing on model and criteria development.
Matthias joined Fitch Ratings in November 2000 as a member of the residential mortgage-backed securities team (RMBS). In that role he was responsible for rating German, Dutch, and UK RMBS transactions and was involved in criteria development especially for cash flow modeling and structural analysis.
Matthias holds a masters degree in finance and economics from Durham University and an engineering degree from Cottbus University. He recently completed a MS in mathematical finance at Oxford University.
Putri Pascualy, CFA, CQF (Irvine) is a Partner and Managing Director. Putri also sits on the Investment Committee and the Credit Committee. As the Senior Credit Strategist, she manages the pipeline of opportunities across the public and private credit spectrum. Putri has also developed and managed custom portfolio solutions for leading institutional investors including top U.S. public and ERISA pension plans. She serves on the firm’s Investment Oversight and Credit Committees. Prior to PAAMCO, Putri was a consultant with Cornerstone Research, building valuation models for high-profile securities class action and intellectual property cases.
She earned her BA and MBA from the University of California, Berkeley.
Putri is a frequent contributor to The Wall Street Journal, Bloomberg, Barron’s and CNBC, and is the author of “Investing in Credit Hedge Funds” (McGraw-Hill).
Richard Reilly has a broad securities practice with an emphasis on structured finance, securitization and investment fund formation in the United States and Europe.
Richard has over twenty years of experience acting as arranger counsel and collateral manager counsel on US and European CLOs. His experience includes structuring CLOs and securitizations to comply with US and European regulatory requirements including those imposed by the Dodd-Frank Act in the United States and the EU Securitisation Regulation in Europe. In addition, he has substantial experience representing asset managers in the formation of private investment funds for the purpose of raising capital to invest in structured credit products, including CLO equity. Richard has also been involved in several sales and acquisitions of CLO and credit fund platforms. In the asset securitization area, Richard has represented issuers, arrangers, credit enhancement providers and servicers in a broad range of asset classes including solar, market-based lending, CMBS, RMBS, credit cards, trade receivables and asset-backed commercial paper.
Before joining DLA Piper, Richard was global co-head of a global law firm's securitization practice and the founding member of its London structured finance practice.
Richard received his BS from Georgetown University and his JD from Georgetown University Law Center.
Ms. Roche serves as a Portfolio Manager and Managing Director and is responsible for Securitized Corporate Credit. Ms. Roche joined ZAIS in September of 2004 and since has had significant involvement in the investment analysis of corporate backed CDO tranches, credit derivatives and synthetic securitizations and the management of the funds holding these securities. She also contributed to the development of analytical systems and the group’s quantitative modeling capabilities. Before joining ZAIS, Ms. Roche attended New York University and Trinity College Dublin. She earned a B.S. in Chemistry from NYU and an M.A. in Mathematics of Finance from Columbia University.
Ms. Salas is a Director at DWS Investment Management where she is a structured finance research analyst specializing in US and European collateralized loan obligations. In addition to making investment recommendations on CLOs for the global platform, Ms. Salas also works with the leveraged loan team who manages CLOs to advise on structure, documentation and new issuance. Prior to joining DWS in 2005, she was a Director at FitchRatings responsible for rating Collateralized Debt Obligations and Residential Mortgage Backed Securities. Ms. Salas has BS in Finance from the University of Delaware and is CFA Charterholder. She has 20 years of industry experience.
Milen serves as a Managing Director and Portfolio Manager at AIG Investments. He is head of the CLO Investments Group within the Public Credit Group and responsible for a team of investment professionals that manage a global portfolio of approximately $9.5 billion. Milen has 16 years of experience in the structured credit and leveraged loan markets. Prior to joining AIG in 2010, he was a vice president on the Credit Structuring and CLO banking teams at Deutsche Bank. Prior to that, he was at Ernst & Young LLP as part of the structured products advisory practice. Milen received his B.S. in finance from Ithaca College.
Scott Snell is a portfolio manager for CLO products. He joined the group in 2018 and prior to that was a Managing Director at BlackRock where he was co-head of the US CLO business. As a portfolio manager at BlackRock, he was responsible for asset selection, trading and positioning decisions within certain mutual funds and dedicated CLO separate accounts. Prior to joining BlackRock in 2012, Mr. Snell was a trader and portfolio manager at Oak Hill Advisors where he specialized in structured credit investments. He began his financial career at Lehman Brothers in 2002 as a structured products research analyst.
Mr. Snell received an M.B.A. degree from The University of Michigan and a B.S. degree in chemical engineering from The University of Texas at Austin. He is based in New York.
Eli is a Managing Director of Cliffwater LLC and a member of our hedge fund research team. Prior to joining Cliffwater in 2007, Eli was a Senior Associate at MSCI Barra, where he conducted research in the areas of trading cost, securities analyst skill, real estate risk, firm valuation, and alpha forecasts.
He earned a BA in Astrophysics and Economics with distinction from the University of California, Berkeley and an MBA with highest honors from The Anderson School at the University of California, Los Angeles. Eli holds the Chartered Financial Analyst® designation and is a member of the CFA Society Los Angeles.
A distinguished finance and securitization attorney, author and speaker, Sean M. Solis is a partner in the New York office of Milbank and a member of the firm’s Alternative Investments Practice.
Mr. Solis has counseled US and international asset managers and hedge funds in connection with tens of billions of dollars of transactions across a wide variety of collateralized loan obligation transactions (“CLOs”) as well as other complex structured credit financing arrangements. Moreover, Mr. Solis is an expert in the various regulatory regimes applicable in the securitization space including the US and EU Risk Retention Rules and the Volcker Rule. In addition, Mr. Solis has significant experience with secured and unsecured lending transactions and he has advised asset managers and institutional buyers in connection with strategic investments in private investment firms and on structuring complex transactions in preparation for liquidity events.
Mr. Solis is widely recognized as one of the country’s leading attorneys in the representation of CLO collateral managers and CLO equity investors. Clients describe him as “very intelligent, commercial and always willing to go above and beyond to satisfy client needs and demands.” Mr. Solis is recognized by Chambers USA (2018), where peers note that he is “a young but very seasoned partner in the CLO space,” and clients praise his work ethic and creativity noting that he “works tirelessly for his clients and is consistently at the forefront of new market developments.” Mr. Solis is a frequent speaker at securitization industry conferences and is regularly quoted on industry matters by Creditflux, Reuters, Bloomberg and other leading financial media outlets.