Bella Borg-Brenner specializes in risk assessment, portfolio management and security evaluation, having over 25 years of experience in structured finance and related fixed-income products. Concurrent with her consulting role at PF2, Bella is the director of risk management and a product specialist at New York-based hedge fund Altum Capital, which focuses on making opportunistic investments in distressed structured credit securities. Previously, Bella held roles as Managing Director at Gottex Fund Management and Stillwater Capital. Bella has consulted on a variety of assignments, and has provided opinions on issues of hedge fund due diligence, securities lending, and pricing and suitability concerns in the U.S. and European asset-backed securities arena (including RMBS, CLOs, CDOs, CMBS, SIVs and ABCP). Bella studied as a Ph.D. candidate in mathematics at New York University (NYU) and earned her MBA, magna cum laude, from NYU.
Robbin Conner has more than 20 years of experience with ABS asset classes, including flow asset classes such as credit cards, auto loans and leases, CDOs, small ticket equipment leasing and student loans; a wide variety of esoteric securitizations such as solar leases, time share receivables, servicer advances, peer-to-peer lending, single family rental, and small box single-property CMBS; and most transportation classes (aircraft, rail and container leasing). His background encompasses leadership and analytic roles on the buy side, sell side and with the rating agencies, and he has led teams both domestically and abroad. Most recently Robbin was engaged as an independent contractor for Goldman Sachs, providing legal advice to and assisting in negotiating transaction documents for securitization teams involved in aircraft securitizations, CLOs, consumer ABS and esoteric transactions, including stranded cost securitization, solar and franchise loan ABS. Prior to that he was an MD at Credit Suisse where he ran asset selection and risk assessment for the bank’s $19B ABCP conduit.Previously he was the COO and head of office for a Bermuda fund specializing in synthetic structured risk and prior to that an MD at Moody’s in NY and London. He has extensive experience in the risk measurement of ABS tranches, model development, portfolio management, compliance, and foreign bank capital regulations relating to structured funds.Robbin began his ABS career as an attorney at Skadden, Arps, Slate, Meagher & Flom LLP where he practiced for more than 5 years. Robbin received his J.D. from Northwestern University and a B.A. in economics from Carleton College.
Joseph Heller, CFA, is part of the research team at PF2, where he focuses on mortgages and mortgage-backed securities (MBS), analyzing debt instruments issued by financial institutions, and market micro-structure. Prior to joining PF2 he spent four years at the investment firm Rodman & Renshaw. There, he held positions as an equity trader and as an equity research associate in the financial institutions group where he covered regional and community banks. Joe graduated from the University of Pennsylvania with a BA in Psychology and has a Master’s in Global Finance from The New School. Joe holds the Chartered Financial Analyst® designation.
David Hinman, CFAhas over 25 years of fixed income asset management experience. His expertise includes trading and managing portfolios of credit derivatives, investment grade and high yield corporate bonds, bank loans, emerging market debt, and CLOs. He has also participated in numerous corporate debt restructurings and served on workout creditor committees. In several instances he has been deposed. Most recently, David was head of fixed income at Salient Partners. He joined Salient in 2015 when it acquired SW Asset Management, an asset management firm specializing in emerging market corporate debt that David co-founded and where he served as CIO. In his role at SW, David created and executed the investment process, including trade execution and portfolio structuring and risk management. Prior to co-founding SW Asset Management, David held roles overseeing the credit business at Drake Management where he helped the firm navigate its way through the financial crisis, and before that as head of Ares Management’s capital markets group, where he managed the Ares Total Value Fund. David began his investment management career at PIMCO, where he served for nearly 10 years as a portfolio manager, credit analyst and product manager, creating among other things a closed-end fund group as well as a dedicated bank loan desk. David is a CFA charterholder. He holds a BS (Corporate Finance and Investment Management) from the University of Alabama and an MBA (Finance) from the Wharton School at the University of Pennsylvania.
Brian Macnish is a strategic consultant, consulting on specialist assignments involving complex financial and securities matters. He is also responsible for overseeing the development and operations of PF2’s affiliated business in Australia. Brian has over 30 years of experience in the legal and financial services industry. He is also a managing principal of Craven Capital LLC, an investment advisory and money management firm located in New York City. Brian was formerly a Director at Deutsche Bank Securities and prior thereto, a Managing Director at Wilmington Trust, where he represented high net worth individuals, families and foundations. Brian began his career in financial services in 1997 with Merrill Lynch before joining Atlantic Trust Company as a Senior Vice President in 2003. Brian holds an LLB from the University of Queensland and practiced law in both the US and Australia prior to embarking on his career in private banking and investment management.
Rick Michalek is a consultant to PF2. He has worked in structured finance since graduating from Columbia University with a joint graduate degree in law (honors) and business (JD/MBA) in 1993. Rick began as a structured finance associate in the New York office of the law firm Skadden Arps, after which he consulted for the pre-eminent New Zealand law firm Chapman Tripp. Returning to the U.S. in 1999, Rick worked until December 2007 in Moody's Derivatives Group, where as a Senior Credit Officer his responsibilities included analyzing novel legal risks associated with new products and developing a methodology for rating collateral managers. Since leaving Moody's he has provided legal and financing services primarily through RJM Consulting.
Gene Phillips is a director at PF2. Gene was previously on the buy-side at a hedge fund within Citigroup Alternative Investments. He began his career in the Derivatives group at Moody’s Investors Service. Gene has written extensive research on debt and credit concerns, including pricing and manipulation in the realm of corporate and structured finance securities; litigation and cultural concerns at financial institutions; and whether credit ratings should be afforded First Amendment protections. More recently, he has concentrated on inefficiencies in market mechanisms. His research and commentary has received numerous press citations in publications such as The Financial Times, New York Times, Wall Street Journal and BusinessWeek. Gene holds a BSc degree in mathematics and applied mathematics, and a BSc Hons degree in the Advanced Mathematics of Financial Derivatives, from the University of the Witwatersrand in South Africa.
Joe Pimbley, Ph.D., FRM specializes in complex financial instruments and the review of banking models and procedures for all purposes including valuation and risk management processes. In his consulting engagements with PF2, Joe has performed or overseen event studies, efficiency analyses, measurements of the impact of trades on market dynamics, and issues pertaining to fees, and asset and trade allocation. He is also regularly involved in matters concerning market structure and electronic trading, including trade executions and order matching systems. He has provided expert reports and given testimony for litigation regarding asset-backed securities (RMBS/CDOs and others), credit default swaps (CDS), asset managers and trustees, credit ratings, bond insurance, and municipal debt. Joe previously served as a lead investigator for the Examiner appointed by the Lehman bankruptcy court to resolve numerous issues pertaining to history's largest bankruptcy -- with his colleagues, he discovered Repo 105 and reported the critical importance of pledged collateral mishaps and mischaracterizations to the Lehman failure. Joe has over 25 years of experience in the financial industry, having held positions at Duff & Phelps, ACA Capital, Sumitomo, FGIC, Moody's and Citicorp. Joe earned his Ph.D. in theoretical physics from Rensselaer Polytechnic Institute.
Joe Pimbley, "Bond Insurers", Journal of Applied Finance, 22(1), 36-43, April 2012.
Jonathan Wetreich has spent 20 years in the foreign exchange markets, beginning on the buy side with the Treasury Group at Honeywell International. There he was responsible for managing the foreign exchange risk to this multinational firm, which included trading in spot, forwards and options. At Brown Brothers Harriman, a private bank, his sell side positions included consulting with the senior management of corporations to improve their foreign exchange risk management and execution. Jonathan also spent several years there on the foreign exchange trading desk, working primarily with asset management firms, as well as spending time as an FX strategist. Jonathan also assisted asset management firms in managing their passive hedge programs. Since 2012 Jonathan has been an independent consultant, primarily to corporations on matters of foreign exchange risk management. In addition, he has consulted on FX litigation and to organizations attempting to further their understanding of corporate hedge programs. Jonathan received an MBA from Columbia Business School.