B&B Partners and Consultants
Terri Duhon, Managing Partner
Terri Duhon is a market professional with 14 years of experience in financial markets. She graduated from MIT in Maths in 1994 and immediately joined JPMorgan as an interest rate derivatives trader in NY. In 1998, she moved to Credit Derivatives and Structured Products at JPMorgan and was instrumental in developing the credit derivative market as well as building the BISTRO business: a cutting edge securitization technique pioneered by JPMorgan. In 1999 she originated and priced one of the first CDOs of ABS/MBS and pioneered the first synthetic ABS/MBS documentation. Later she moved to London and helped to build the European Structured Finance Business with a focus on managed synthetic transactions and single tranche trades which lead to an explosion in structured credit derivative business globally. In that role she was also the global risk manager for the SPV counterparty credit risk book for all derivatives at JPMorgan in securitizations. In 2002, she joined ABN AMRO for 2 years to help build a global structured credit business which pioneered the CDS index products as well as credit CPPI structures. Terri left in May 2004 to found B&B Structured Finance Ltd. In the last four years, she has lead expert witness teams for securitization litigation in both NY and London, assisted fund managers preparing marketing materials and rating agency due diligence for new securitization deals as well as managed over 600 days of training globally for financial institutions in derivatives and structured products.
Anu Munshi, Partner
Anu Munshi has 11 years experience working in financial markets starting with 8 years in structured credit at JPMorgan in the US, Asia and Europe. She started her career in New York structuring emerging market derivative products, following which she focused on credit derivatives within emerging markets. She then moved to Singapore as product manager for credit derivatives, CDOs and ABS for JPMorgan in Asia. She developed a market for these products, educating clients and distributing structured credit to Asian investors where there had been little knowledge or activity before. Anu moved to London in 2003 to set up the SPV notes business for JPMorgan in Europe, structuring and marketing credit-linked, asset-backed and hybrid notes. She was instrumental in developing the new generation of credit derivative products at JPMorgan including CMCDS and options on CDS and synthetic tranches of CDOs. Anu joined B&B in summer 2005 and has since undertaken several derivatives and securitization consultancy projects as well as numerous training assignments in Europe, North America and Asia. Anu graduated with a BA in Economics and Mathematics from Franklin & Marshall College, Pennsylvania.
Betsy Mettler, Partner
Betsy has 11 years of financial markets experience starting in investment banking at JPMorgan, with 7 years focused on developing the Credit Derivative market. In 1999, after two years in an equities and fixed income syndicate coordination role, Betsy joined JPMorgan’s innovative structured credit products team to manage the execution of their repackaging and structured securitization products. In 2001, Betsy continued the growth of participants in the credit derivative market by working on the development and distribution of new products including the credit derivative indices. She moved to London in 2004 to lead JPMorgan’s European Credit Derivatives Marketing effort and was instrumental in the establishment of a traded tranhed index market. In 2005 and 2006, Betsy sold credit and derivatives products to UK Hedge Funds. Betsy joined B&B in spring 2006 and has since undertaken several derivatives and securitization consultancy projects as well as numerous training assignments in Europe and North America. Betsy received a Bachelors of Arts degree in Economics from the University of Virginia.
B&B Consultants
Colin Smith
Colin spent twenty five years in the financial markets, latterly as the Senior Risk Officer responsible for the development and implementation of the first Citigroup level key risk indicators and scenario planning processes. Colin moved to New York in 2002 to be the initial Chief Risk Officer for Citigroup Global Investments (CGI), subsequently renamed Citigroup Alternative Investments (CAI), one of the four primary divisions of Citigroup after several years in London as Head of Risk Analysis and Reporting for its Global Corporate and Investment Bank activity. As Chief Risk Officer for CGI/CAI, he was responsible for all of independent risk oversight of the Firms proprietary insurance, pension and alternative investments activity, with over $100bln of assets under management. Colin initially joined Citibank in 1994 to head up its European structured equity derivative trading arm and made the move into Citibank’s Risk Management division in 1996. Prior to this, he had ten years trading in various debt and equity markets with an emphasis on complex derivative products and proprietary trading at Mitsubishi Finance including time as the first overseas employee to be based in its Tokyo Head Office. Before Mitsubishi, he had experience as a salesman in the Eurobond market and as a research analyst for Wedd Durlacher, the largest stock jobber on the floor of the London Stock Exchange. Colin graduated with a BA in economics from Stirling University. He left Citigroup in the summer of 2006 and recently returned to the UK after a year and a half traveling with his wife. He joined B&B Structured Finance Ltd as a consultant in Spring 2008
Megan Rutt
Megan Rutt has spent 10 years in investment banking at JPMorgan and Deutsche Bank. She began her career in the Leveraged Finance Group at JPMorgan, assisting companies structure, market, and sell high yield bonds. Many of her top clients were large private equity firms using the bonds as part of LBO financing. In 2001, Megan was selected to train new analysts and associates. She was integral in developing the curriculum and delivering the training to over 500 new investment banking hires. In 2002, Megan joined the Credit Derivatives trading desk as one of the industry’s first desk analysts. She was responsible for credit analysis and desk positioning across all industries and up and down the capital structure. She joined Deutsche Bank in 2004 as the primary decision makerfor the CDS desk's proprietary trading book (loans, bonds, CDS, equity) and to assist in the transition from publishing analysts to the desk analyst model, whichhasnow become the industry standard. Megan joined B & B in summer 2008. Megan graduated with Honors from Lafayette College and received a BA in Business and Economics and Minored in International Politics.
Vic Adams
Victor Adams has worked in the derivatives market for over 20 years, with senior roles and experience in systems development, trading, sales and FAS 133/IAS 39 accounting standards. In 1988, he moved to Toronto-Dominion Bank in New York to establish their interest rate options trading desk. Vic developed and implemented the bank’s first derivatives pricing system as well as the risk management and accounting policies the trading desk deployed. After joining Chemical Bank in their corporate marketing group specializing in shipping, he was recruited in 1993 to build Wachovia Bank’s derivative products distribution and was instrumental in creating new markets and product applications such as municipal structures (defeasance, escrow, DSR), exotic fixed income, and cross-currency fixed income derivatives. In 1998, he joined Bank of America where he headed derivative sales to the Healthcare Industry structuring and tailoring solutions such as cross-currency debt-linked structures, asset securitization hedging and liability management. He consults for public companies and private borrowers in the implementation of hedging programs. Vic speaks frequently at industry conferences and private seminars about the use of derivatives in taxable and tax-exempt financings. Vic holds a BA from the University of Chicago and an MBA from Northwestern University’s Kellogg Graduate School of Management
Martha Gelnaw
Martha is an executive coach, consultant and trainer in the area of face-to-face communications. She has spent 25+ years in corporate line management, working for companies such as Sony, Bristol-Myers Squibb and KPMG. Martha has also served as consultant, coach and trainer for Rogen International, a consultancy firm specializing in high stakes business communications. In addition to her corporate experience, Martha has worked with noted voice (speaking) and speech instructors and Master teachers from world-renowned Acting programs. As a result of this extensive experience, Martha maintains that an individual builds his or her credibility as a leader through a positive physical and vocal presence. She also believes that an executive forms a favorable impression by building a powerful connection with people and by delivering a strong and consistent message. Each of these abilities improves an individual’s capacity to meet business objectives. Martha’s practice focuses on developing the strengths of senior management in large investment banks, private equity, professional services firms, pharmaceutical companies, media and technology firms, portfolio companies and start-ups. She is also well known for her work in coaching conference speakers. Among her many clients are JPMorgan, Citigroup, Merrill Lynch, Banc of America, UBS, Deutsche Bank, Barclays Capital, KPMG, Dow Jones/WSJ, AIG, GIG, The Hay Group, Nielsen Media, Roche and Novartis.
Martyn Turner
Martyn Turner spent nineteen years in investment banking before moving into consulting and training in 2005. During that time he worked for a number of international investment banks, starting as a bond analyst (Merrill Lynch), through risk management, risk advisory (Paribas) into structuring and sales (Bankers Trust), and has covered interest rates, foreign exchange and commodities. The common theme during his career has been the extensive use of financial models as a way of exploring ideas and solving problems. His first Excel model to be deployed within a bank was a small value-at-risk system in 1989, since when the scale and complexity has grown with the power of Excel, and includes a multi-currency asset swap system, derivative optimization model and various value-at-risk systems. In addition he has also designed and built models for clients (corporates, supranationals and Central Banks) including cheap/dear analysis and cashflow-at-risk models. Over the years Martyn has run numerous training seminars (both in-house and for clients), has been a regular speaker at international conferences, and contributed various articles for publication in the financial and commodity press. In addition to consulting and training, Martyn is an Executive Director of Global Energy Horizons. He received both his BSc in Mathematics and his MSc in Statistics from London University.
Richard Gommo
Richard Gommo is a veteran of the derivatives markets, now in his third decade of designing and constructing structured products and hedges for corporate and institutional customers. He has worked in London, Chicago, Frankfurt and Johannesburg for a range of international AAA banks. His experience includes Assistant Treasurer and Head of Product Development, Financial Engineering and Risk Control at Barclays Corporate Bank. He previously held positions as Head of Financial Engineering for Bayerische Landesbank London, and Director of Structured Products at Standard Bank, Johannesburg. Prior to this he worked at Mitsubishi Finance International PLC and Continental Bank. He is also the founder of an international derivatives consultancy and asset management business. He has lectured extensively in Europe, North America, Africa and the Middle East on capital markets. Richard graduated from Peterhouse, Cambridge in 1985 with a degree in Geological Sciences, working initially in seismic exploration for gold in South Africa. As the father of young triplets he has a particular interest in risk management.
Richard Senior
Richard Senior was head of origination securitization at BGB since 1995. He joined BGB after 9 years at Chemical investment bank (now JPMChase). Before joining the securitization group, Richard was responsible for the UK structured Finance Group (SFG), completing property related and other structured transactions, particularly involving the use of derivatives and insurance. Prior to that he worked at ICI and Morgan Grenfell, after graduating from Oxford University. He structured and funded his first securitization transaction (CMBS) in 1989, and has originated structured and distributed a wide variety of asset-backed and tax-based transactions, in Europe from Finland to Spain. He regularly speaks on securitization related topics at international conferences and seminars, and contributes to articles and publications such as the International Securitization Review. Richard specializes in securitization advisory work, and has advised on transactions, including several trade receivables deals, car loan risk management for a large European Bank, refinancing for an international property bank, and advised a sparkasse on a CDO. Richard has also advised on the successful refinancing of a factoring company and a servicer evaluation by a rating agency. He is a qualified accountant (ACMA) and a fluent French and German speaker.
Philip Moss
Philip Moss is a Macro Commodities Specialist and CTA with 24 years of experience. He specializes in all US regulated futures and options on futures markets. His skill sets include, trading, portfolio management, operations ,clearing, pricing, client training and all aspects of the commodity derivatives. He attended Norwich University from 1979-1982 and majored in Business Administration at which point he joined Shearson Lehman on the New York Commodities Exchange specializing in gold, silver and copper floor operations. After several years he became a seat holder and trader on the New York Cotton Exchange where he pit traded the US dollar contract. Upon the cultivation of institutional clients in Sydney, Dubai, London, Mumbai, and China he worked with the top Companies including Prudential Securities, Citigroup Global Markets Inc. all in New York from 1991 to 1997 . As an institutional broker and Senior Vice President he ran and managed an independent trading desk at Refco Inc and MF Global in New York from 1997-2007 specializing all US regulated futures and options. Currently working as a commodities derivatives specialist and commodities consultant he maintains a managed commodities portfolio account with a positive 4 year track record. It is noted that strong points include research development, development of trading strategies and hedging alternatives, consulting to domestic clearing houses on current commodity trends and development of global and domestic sales while working as an institutional broker and trader.
Kelly Bryson Murphy
Kelly spent 10 years in investment banking, with 8 years focused on developing the credit derivatives market. In 1997, after two years in emerging markets structured finance, Kelly joined J.P. Morgan's pioneering credit derivatives team to develop the market for single-name and first-to-default CDS baskets. Kelly worked on the product development of J.P. Morgan's first "BISTRO" synthetic securitisation, and she managed the syndicate of traditional and synthetic CDOs. In 2000, Kelly moved to London as product manager for cash and synthetic securitisations, where she worked with salespeople and investors to develop new buyers of tranched credit risk and created tailored structures for clients. In 2002, Kelly joined Deutsche Bank in San Francisco as a Director in North American Structuring, marketing cash and derivative structured products. Kelly joined B&B in Summer 2006. She graduated with honours in Asian Studies and Government from Dartmouth College.
Fiona Pool
Fiona has over 10 years experience in credit trading. She started her career at Credit Suisse First Boston, one of 3 traders on a multi currency, global credit book of approx $750mm, trading across all sectors, using financial derivatives as re-structuring tools to repackage securities. After 3.5 years experience at CSFB she moved to Goldman Sachs as an Executive Director to set up a credit trading desk. Here she was instrumental in building the Credit Trading desk, managing the risk and trading the book as well as helping to develop client relationships. After 3 years at Goldman Sachs, Fiona left the financial world and jointly established a successful fashion design business, winning the Vidal Sassoon Young Designer of the Year award and being a major fixture on the London Fashion Week schedule, as well as showing in Paris and Milan. After 3 years with 40 stockists worldwide, she secured significant investment into the business, selling out her stake in the company. In 2002 Fiona joined Bank of America as a distressed debt trader. She assumed the role of Head of High Yield sales & trading in 2003. Fiona joined B&B in Summer 2006. She graduated from London University with honours in French and Italian with economics and politics
GREAT TO HAVE A MARKET EXPERT SHARE EXPERIENCE AND TEACH – MAKES [MATERIAL] MORE RELEVANT. [HER] ENTHUSIASM IS INFECTIOUS! THANKS VERY MUCH FOR A GREAT COURSE, IN PARTICULAR THE CASE STUDIES – VERY USEFUL TO PUT INTO PRACTICE WHAT WAS TAUGHT.