Corporate finance and strategy executive. Experience across broad range of capital raising alternatives. Smart and creative but also pragmatic. Able to conceptualize new initiatives and build capabilities. Merrill, BofA, Booz experience before moving to corporate at the FHLBC. UofC MBA. |
PROFESSIONAL EXPERIENCE
BID Fund Management 2009-present
Founder. Structure and manage a vehicle for community banks to diversify risk and/or raise capital on their distressed assets. Provide turn-key legal documentation. Participants provide debt and equity financing.
Federal Home Loan Bank of Chicago 2000-2008
Vice President, Planning and Research. Performed various roles of increasing responsibility. Started in the mortgage business then moved into corporate strategy and product management.
Product Manager responsible for new product structures and overall profitability of the correspondent loan portfolio. Managed growth from $23 to $35 billion.
Introduced new capital rules to enable members to provide liquidity.
Expanded collateral availability and credit decision transparency.
Shifted pricing strategy to provide members with flexibility without lowering FHLBC margins.
Chief strategist for the FHLBC. Built quantitative models and developed strategies to mitigate risk.
Led strategic planning process which determined the business mix between advances, mortgages and MBS; ensured that annual operating budgets were consistent with long term plans.
Evaluated potential mergers with other FHLBs.
Developed capital plan alternatives including both preferred and common stock. Assessed contingency plans to meet capital redemptions.
Structured and executed reinsurance transaction which lowered risk based capital.
Modeled loan loss reserves, derivative amortization, risk-based capital adequacy, et al to set appropriate policy.
Maintained ongoing dialogue with key constituents including regulators and credit rating agencies.
Strategist for the mortgage business. Managed relationships with national accounts and insurance companies. Designed new product structures and gained rating agency approval; credit losses were less than model predictions despite adverse market conditions. Managed growth from $15 to $100 billion.
Structured deals to influence behavior by allocating risk among FHLBs, originators and investors.
Built analytics: modified FHLB pricing strategy and formula; reverse engineered Fannie Mae and Freddie Mac pricing algorithms; developed in-house credit risk model and calibrated it to the rating agencies et al.
Evaluated secondary marketing strategies used by national accounts to establish a FHLB advantage.
Negotiated and executed alliances with the American Bankers Association and Ginnie Mae.
Bank of America Securities 1990-2000
Managing Director, Corporate Finance Group. Led cross-functional group of professionals (typically relationship managers and product specialists) providing financial advice to corporate clients. Solutions emphasized feasibility considering current market conditions. Engagements culminated in presentations to the CFO, CEO or board of the client. Completed hundreds of engagements; representative assignments included:
Refinancing high yield debt of an industrial company with new convertible preferred, bank facilities and bonds.
Evaluating the financial implications of potential acquisitions for a large distributor; executed merger of equals.
Pioneering use of Monte Carlo simulations to identify optimal capital structure and debt covenants.
Evaluating all-in cost differentials between unsecured debt, secured debt and various types of securitizations.
Negotiating amendments to financial covenants and evaluating financial alternatives to avoid a breach.
Determining all sources of financing as well as the impact of a modest leveraged recapitalization including an assessment of using a special dividend, tender offer or share repurchase to effect the transaction.
Evaluating the sensitivity of capital structure choices as business mix shifts from manufacturing to finance.
Authored three articles for the Journal of Applied Corporate Finance about state of the art financial strategies.
Merrill Lynch 1987-1990
Associate, Investment Banking Division. Corporate finance generalist serving large industrial clients. Executed:
Common Stock (including IPOs)
LYONs (zero coupon convertible debt)
Convertible Preferred Stock and Convertible Debt
ESOP Notes
Fixed Rate Preferred Stock
Public and Private Debt
Analyzed mergers, acquisitions, LBOs, recapitalizations, spin-offs, divestitures and refinancings.
Booz, Allen & Hamilton 1984-1987
Analyst, Strategy Practice. Analyzed strategic and operational issues for clients. Assignments included:
Formulated a large S&Ls strategy to pursue retail banking.
Analyzed organizational charts and expense data for staff functions of most major food companies in the US.
Designed the links between sales and production planning for a synthetic fiber manufacturer.
Developed the growth strategy for a leading high fructose corn syrup maker as the beverage market matured.
Evaluated a food distributor in the UK; determined which of four businesses to divest or retain.
EDUCATION
University of Chicago, Graduate School of Business 1988
MBA, Finance/Marketing. Deans List. Beta Gamma Sigma.
Carleton College 1984
BA, Magna Cum Laude, Economics with Distinction. Deans List. Phi Beta Kappa. Completed in 3 years. |
