2007-Present
Major US Investment Bank, New York, NY
Director – Equity Derivatives
The Equity Structured Products team is charged with responsibility for the development of equity-linked structured products for our internal distribution channels. Chief of among these is our retail brokerage. With the sale of several billion USD billion of equity linked structured products in 2007, this channel is one of the largest equity derivative product distribution channels in the U.S. My role is that of product structurer.
2003 - Present
Major European Bank
Senior Vice President – Derivatives & Structured Products, Americas
I joined the Structured Products team with chief responsibility for the marketing of derivative products across this global bank's international Wealth Management franchise. In addition, I am responsible for the building of our third party Latin American distribution channels which is focused on a base of broker dealers, banks, LA private banking departments and boutique investment advisors. I structure, market and provide product education on variety of distributive and customized derivative investment products (i.e. CDO, Hedge Fund, Equity, Interest Rate, Credit and Foreign Exchange derivatives) to our sales force and top tier clients. These are based in NY, Miami, Brazil, Argentina, Chile and Mexico. In my first year, overall Wealth Management revenues grew by 40% to reach approx. USD 30 million in 2003. 2004 saw revenues grow by an additional 30%, to surpass USD 40 million.
3/2002 – 12/2002
JAJ Bernard SA de CV, Mexico City, Mexico
Business / Financial Consultant
I provided financial and new business establishment consulting services to the newly established Argentine venture (i.e. ArMex S.A.) of this privately owned scrap metal exporter. ArMex was formed in Buenos Aires in 2002 to source non-ferrous metals from Argentina for export to Asia and the United States (FY 2002 targeted export revenues: USD 12 million). My consulting role encompassed the establishment of ArMex S.A., the structuring and implementation of pre and post export financing, and the evaluation of new investments in smelting and warehousing facilities.
2000 - 11/2001
LEHMAN BROTHERS INC, New York, NY
Vice President - Structuring & Marketing
Structured Credit Trading (“SCT”)
I was recruited to Lehman's effort to rebuild its credit derivatives based financial products activities. As a senior team member, my mandate was to engineer tailor made solutions for clients and to create and market structured investment products. I marketed these products across Lehman's global, institutional, corporate, dedicated fund, CLO, CBO, and high net worth accounts.
I created structured solutions to tax, balance sheet, capital and regulatory issues associated to client investing, structured financing, debt capital markets, inter-company funding, securitization, divestiture, and merger and acquisitions activities. These solutions generally involved a series of interrelated transactions that capitalize on credit derivative and repackaging technology and/or the opportunistic use of tax treaties (i.e., tax sparing).
Structured investment product activities involved the sourcing of credit exposures across Lehman’s global network, the negotiation of private placements with issuers domiciled in tax treaty jurisdictions, repackaging credit obligations, obtaining shadow ratings for CBO and CLO investors, and the embedding of credit default swaps, and credit and currency options into structured notes. Products included: leveraged notes and swaps; credit and currency derivative embedded notes; principal protected notes; first to default baskets; asset swap packages; and synthetics. Client objectives were diverse and included: yield enhancement; tax advantaged investment; portfolio management; and the monetization of illiquid credit assets.
The products were principally in swap and note form. Notes were issued utilizing proprietary US, and offshore vehicles and trusts. Monetization transactions were in the form of repackagings of vendor receivables, Paris Club debt, future tax co-participation payments, and future hydrocarbon royalties.
Affected by the September 11th crises, my activities were downsized.
1987-2000
BANQUE NATIONALE DE PARIS GROUP - USA
1999 – 2000
BNP Capital Markets, LLC, New York, NY
Vice President & Manager
Latin America Structured Finance & Domestic Securitization
I joined BNP CM after it was established in 1999. My responsibilities covered our LA structured finance business and our domestic securitization activities. The former was concentrated on our 3 derivative programs, LA leveraged finance and LA future flow securitization. The latter focused on domestic asset-backed securities underwriting, Commercial Paper (“CP”) liquidity facilities and our CP conduit. With the development of my activities increasingly constrained by our hostile takeover battle for Societe Generale and Paribas, I resigned and joined Lehman Brothers.
1991-1999
Banque Nationale de Paris, New York, NY
Vice President & Manager – Financial Products
Latin America Investment Banking Group (“LAIBG”)
Attracted by the opportunity to develop a financial products business within this 1-year-old investment banking boutique, I joined the LAIBG team. When I joined, we were a team of 10 professionals operating out of 4 countries. We generated $8 million in revenues from 3 different activities.
The business grew to $45 million in revenues and a $1 billion balance sheet. With a staff of 48 located in 7 countries, we evolved to focus on these 8 activities:
Financial Products (Securities Underwriting, Repackaging and Derivative Investment Products); Securities Trading and Financing; Distribution; Fixed Income and Local Currency Options; Proprietary Positioning; Advisory M&A; Asset Management; and Exotic Foreign Exchange.
I was the member of the management team responsible for our Financial Products businesses, Regulatory Compliance; Fundraising; and BNP Capitales e Inversiones, Venezuela (Founder and Managing Director). With a 1998 budget of $2 million, and a growing revenue contribution of $5+ million, my overall compensation grew fourfold. By capitalizing on our core strengths in proprietary trading, securities financing and options, my activities created product for our developing distribution channels. I repackaged proprietary trading strategies into new investment products, managed our local Venezuelan office, and recruited talent for our distribution and exotic foreign exchange teams.
Financial Product Activities:
Composed initially of client fund raising (# 4 early 90's ranking), and later more focused on repackaging and derivative fixed income products, our mandate favored the bottom line over market share. I structured, executed, and supported the distribution of $2+ billion of BNP transactions, billions more in derivative trades, and over 50 co-manager and syndicate member roles.
Transactions included sole-arranged Eurobonds, Euro Medium Term Note, Euro CP, and Depositary Receipt program transactions for LA issuers such as: Tenenge; Banco Cidade; Deutsch-Südamerickanische Bank; and SANBRA. I also completed tax driven and credit enhanced private placements, respectively, for the Brazilian subsidiaries of Valeo and CellStar. For Dresdner Bank's Brazilian subsidiary, I repackaged $50 million of trade loans.
Combining a proprietary positioning strategy with our securities financing expertise, I negotiated the first Brazilian Brady instrument repackaging. Named the Brazil IDU Leveraged Fund, it set a market standard. The $100 million program for SANBRA Finance Limited I negotiated represents the first Brazilian secured Euro CP program. It remains the market standard Brazilian export securitization structure.
To fuel our growth, I created and launched 3 derivative funding programs. These programs raised $400 million in hedged liquidity for our proprietary trading, tax driven fundraising, and exposure management activities. $150 million was raised in the aftermath of the 1997 Asian crises. For our private banking division, I established a “Linked" CD product offering derivative investments in LA instruments and indices to our high net worth clients.
BNP Capitales e Inversiones
Assuming temporary responsibility for our Venezuelan operations, I established BNP Capitales e Inversiones, a local investment banking vehicle. Over 18 months, I relocated our office, managed the liquidation of a securities financing portfolio, and engaged a local executive search firm. The result was a 50% reduction in overhead expenses, no portfolio losses, and the hiring of a new country manager.
In conjunction with BNP's global management structure reorganization into product lines, the LA Investment Banking Group was dissolved.
1987-1991
Vice President – Mid Atlantic Regional Manager
US Corporate Desk
I positioned BNP for important roles in credit, and structured liquidity transactions: for example, our $1 billion commitment to Eastman Kodak for its Sterling Drug acquisition. I established new credit relationships with Alcoa, Union Pacific, Dresser Rand Company, and The West Company. Promoted to VP in 1988, I developed and managed a $500 million portfolio.
EDUCATION
BS, New York University, 1983
OTHER
Registered General Securities Principal (Series 24)
Registered Securities Representative (Series 7 & 63)
Guest speaker at the Fabozzi “Asset Securitization in LA” 11/99 conference
LANGUAGES
Fluent in Spanish
Working knowledge of Portuguese, French, Hebrew and Dutch. |
