Experience

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  Twelve Capital AG & Twelve Capital (UK) Ltd

  • Zurich & London

  • Equity Partner, Credit Risk & Portfolio Management

    • Oct 2012 - Jul 2016
    • Zurich & London

    Head-hunted by this 'Horizon 21' hedge fund spin off to a front line leadership role undertaking credit analysis and contributing to portfolio management and new product development.• Led analysis and credit rating of UK, European and US (Re)insurance debt issuers.• Delivered monthly macro-economic view to Twelve Capital investment leadership.• Deputy manager of a $1.6bn insurance specialised subordinated debt portfolio, invested by pensions schemes, other institutional investors and UHNWIs.• Designed a credit rating framework applied to c.70 (re)insurance companies, including credit and due diligence criteria.• Led identification of target undervalued and 'position building' insurance subordinated bonds.• Key contributor supporting a new private debt fund product, focused on insurance, offering additional funding for insurance capital needs not being met by banks.• Wrote papers published on the Twelve Capital website, one on comparative risk characteristics between insurers and banks, the second on the Twelve Capital Private Debt Strategy.• Speaker at the Monte-Carlo Rendezvous 2013, subject 'Private Debt Credit Frameworks'.• Led presentations on investment strategy and fund performance and presented at meetings for potential investors including brokers, pension funds and other financial institutions.

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  Swiss Re

  • London

  • VP Financial Risk Management

    • Jun 2007 - Oct 2012
    • London

    Head-hunted to lead credit assessment and rating of (re)insurance companies, primarily in EMEA and Australasia, as well as backing US coverage.• Built a credit model covering $12.6 billion of long-term reinsurance receivables exposures.• Led analysis of credit exposures on structured reinsurance transactions, reinsurance financings and longevity swaps.• Advised on credit approvals, incorporating concentration management and risk correlation.• Built bespoke market value assessment models for PE reinsurance investments.• Designed a credit metrics framework for independent assessment of Lloyd's syndicates.• Built a bond yield model for approximation of credit spreads for US insurance subsidiaries writing variable annuity business.

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  Credit Agricole Corporate & Investment Bank

  • London, United Kingdom

  • Senior Credit Officer, FIG UK & Nordic Region

    • Dec 2004 - Jun 2007
    • London, United Kingdom

    Approached to manage counterparty credit analysis across insurance companies, banks, asset managers and SIVs.• Led a team of 3, making recommendations for risk ratings and credit approvals.• Managed credit approval for derivatives and debt facilities to UK, Ireland and Scandinavia based international insurers.• Built procedures for setting credit parameters used in derivatives master agreements (ISDAs and CSAs), with terms appropriate to counterparty credit strength.

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  J.P. Morgan

  • London, United Kingdom

  • Financial Insitutions Credit Analyst

    • Oct 2000 - Nov 2004
    • London, United Kingdom

    Appointed post Chase merger to improve credit rating and approval levels.• Delivered a 24 hour, independent ratings capability, offering prompt and effective responses to changes in counterparty credit strength in life, non-life (re)insurers.• Full responsibility for recommendation of ISDA Master Agreement and CSA terms appropriate to credit strength of counterparties.• Delivered credit analyses and set risk ratings for Basel II and potential future frameworks.• Delivered analytics across products, recommending approval of credit lines to facilitate transactions.

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  Lehman Brothers

  • London

  • Credit Officer (contract)

    • Nov 1999 - Sep 2000
    • London

    Led credit management of a high yield and US Real Estate portfolio within a European banking subsidiary, ensuring US loans complied with stricter EU banking regulations.• Drove loan transactions from 10 to 24, worth c.$800m, with selection criteria such as credit risk assessment, due-diligence and regulatory compliance and ensuring portfolio balance.

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  Societe Generale Corporate and Investment Banking - SGCIB

  • London

  • NBFI Credti Analyst (contract)

    • Oct 1998 - Oct 1999
    • London

    Appointed due to key requirement for setting of appropriate terms in ISDA Master Agreements, facilitating credit approvals and delivering detailed credit reviews• Initiated liquidity facilities to major SIV borrowers, plus approvals for credit facilities to insurers, reinsurers and hedge funds. Also provided approval papers for one-off derivatives trades.• Led special 'one-off' analysis on the post integration Aviva/NU/CU/GA entity, rationalising and making recommendations to support approval of credit lines.

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  CIBC World Markets

  • Toronto

  • Senior Manager - Trading Credit Risk Management

    • Apr 1997 - Sep 1998
    • Toronto

    Hired to negotiate derivatives master agreements in Canada and the U.S., combining risk management and negotiations, maintaining relationships whilst optimising risk.• Negotiated ISDA master agreements with corporate and institutional counterparties across the U.S. and Canada, underpinning large transactions, managing a portfolio of c.120 names.• Closed multiple 'big ticket' agreements, with focus on commodities trading lines.

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  Bankers Trust

  • London

  • Corporate Credit Analyst

    • Sep 1995 - Mar 1997
    • London

    Contracted to assess credit profiles of corporate clients to gain approvals.• Delivered derivatives credit lines including aviation fuel and other hedging facilities, with average approvals c.£50m.• Supported the identification of c.20 potential targets, with product specifications, 'pitch books' and associated EBITDA and cash flow modelling for indicative pricing.• Member of an investment focused transaction team, executing c.£2bn in syndicated loans.

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  Union Bank of Switzerland

  • London

  • Corporate Planning Officer / Corporate Finance Officer / Internal Management Consultant

    • Jan 1989 - Mar 1995
    • London

    Roles ranging from corporate planning to public sector debt restructuring advisory, ultimately responsible for driving business efficiencies as an internal consultant.

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  Irving Trust Company

  • London

  • Corporate Credit Analyst

    • Oct 1986 - Dec 1988
    • London

    Provided corporate credit analyses for approval of facilities to accommodate lending, foreign exchange and derivatives facilities.