David Schiffman
Lead Portfolio Manager at Aquila Group of Funds | Aquila Distributors LLC- Claim this Profile
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Bio
Steven Hill
I worked with David during my time at Foresters Investment Management ("FIMCO"). He led the strategic overhaul of two large insurance portfolios. David is an expert in his field, a great collaborator, and a consummate professional. I frequently turned to him for advice on fixed income strategy and markets. His deep financial market experience contributed to the success the entire firm. He would be a great asset to any organization, as he would add immediate value.
Michael O’Keefe
I’ve known of Dave’s successes over the years and finally had the opportunity work with him while he was the Director of Insurance Investing at Foresters. He spearheaded a disciplined strategic overhaul of two large insurance portfolios with over 15 different segments and investment strategies that led to consistent outperformance of their benchmarks. Dave was a key contributing member of the Credit, Interest Rate and Investment Product committees where his broad and deep financial market experience contributed not only to the successes of the Fixed Income group but to that of the entire firm. As his trader, I found his keen sense of value- given risk - made for a very sensible execution of his strategy.
Steven Hill
I worked with David during my time at Foresters Investment Management ("FIMCO"). He led the strategic overhaul of two large insurance portfolios. David is an expert in his field, a great collaborator, and a consummate professional. I frequently turned to him for advice on fixed income strategy and markets. His deep financial market experience contributed to the success the entire firm. He would be a great asset to any organization, as he would add immediate value.
Michael O’Keefe
I’ve known of Dave’s successes over the years and finally had the opportunity work with him while he was the Director of Insurance Investing at Foresters. He spearheaded a disciplined strategic overhaul of two large insurance portfolios with over 15 different segments and investment strategies that led to consistent outperformance of their benchmarks. Dave was a key contributing member of the Credit, Interest Rate and Investment Product committees where his broad and deep financial market experience contributed not only to the successes of the Fixed Income group but to that of the entire firm. As his trader, I found his keen sense of value- given risk - made for a very sensible execution of his strategy.
Steven Hill
I worked with David during my time at Foresters Investment Management ("FIMCO"). He led the strategic overhaul of two large insurance portfolios. David is an expert in his field, a great collaborator, and a consummate professional. I frequently turned to him for advice on fixed income strategy and markets. His deep financial market experience contributed to the success the entire firm. He would be a great asset to any organization, as he would add immediate value.
Michael O’Keefe
I’ve known of Dave’s successes over the years and finally had the opportunity work with him while he was the Director of Insurance Investing at Foresters. He spearheaded a disciplined strategic overhaul of two large insurance portfolios with over 15 different segments and investment strategies that led to consistent outperformance of their benchmarks. Dave was a key contributing member of the Credit, Interest Rate and Investment Product committees where his broad and deep financial market experience contributed not only to the successes of the Fixed Income group but to that of the entire firm. As his trader, I found his keen sense of value- given risk - made for a very sensible execution of his strategy.
Steven Hill
I worked with David during my time at Foresters Investment Management ("FIMCO"). He led the strategic overhaul of two large insurance portfolios. David is an expert in his field, a great collaborator, and a consummate professional. I frequently turned to him for advice on fixed income strategy and markets. His deep financial market experience contributed to the success the entire firm. He would be a great asset to any organization, as he would add immediate value.
Michael O’Keefe
I’ve known of Dave’s successes over the years and finally had the opportunity work with him while he was the Director of Insurance Investing at Foresters. He spearheaded a disciplined strategic overhaul of two large insurance portfolios with over 15 different segments and investment strategies that led to consistent outperformance of their benchmarks. Dave was a key contributing member of the Credit, Interest Rate and Investment Product committees where his broad and deep financial market experience contributed not only to the successes of the Fixed Income group but to that of the entire firm. As his trader, I found his keen sense of value- given risk - made for a very sensible execution of his strategy.
Credentials
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Series 63
Financial Industry Regulatory Authority (FINRA) -
Series 65
Financial Industry Regulatory Authority (FINRA) -
Series 7
Financial Industry Regulatory Authority (FINRA)
Experience
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Aquila Group of Funds | Aquila Distributors LLC
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United States
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Financial Services
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1 - 100 Employee
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Lead Portfolio Manager
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Sep 2021 - Present
* Lead Portfolio Manager of Aquila High Income Fund * Research Analyst for Aquila Opportunity Growth Fund * Lead Portfolio Manager of Aquila High Income Fund * Research Analyst for Aquila Opportunity Growth Fund
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The Terra Fund
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United States
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Financial Services
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1 - 100 Employee
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Chief Investment Officer & Senior Fixed Income Portfolio Manager
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2020 - 2021
The Terra Social Impact Fund provides socially–conscious investors a groundbreaking opportunity to invest in sustainable development. Responsible for the management, research, and trading of a broad-based ESG ETF, which invests in multi-sector, fixed income securities based upon a novel selectively passive index methodology. The Terra Social Impact Fund provides socially–conscious investors a groundbreaking opportunity to invest in sustainable development. Responsible for the management, research, and trading of a broad-based ESG ETF, which invests in multi-sector, fixed income securities based upon a novel selectively passive index methodology.
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Foresters Financial
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Canada
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Financial Services
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700 & Above Employee
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Director of Insurance Investing
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2017 - 2020
Responsible for the management of all USD fixed income insurance company assets for Foresters Financial, which had almost $34 billion in assets under management. Assets included the General and Surplus Accounts for the Independent Order of Foresters ("IOF") and Foresters Life Insurance and Annuity Company ("FLIAC"). Portfolios were managed to various mandates, including maximizing total return vs. a benchmark, asset liability management or yield/spread optimization. Total return assets out-performed benchmark by 90-100bps since Jan 2017. Led external manager selection and due diligence for equities, private placements, CLO’s and other alternative investments. Chairman of the Foresters Investment Management (FIMCO) Interest Rate Committee, which sets firm-wide rate views. Senior member of the FIMCO ALM Committee, Corporate Credit Committee and Municipal Credit Committee. Member of the Investment Committee for Foresters Advisory Services, LLC, which determines the Strategic and Tactical Asset Allocation of the Foresters Premier Program. Show less
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First Empire
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United States
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Financial Services
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1 - 100 Employee
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Senior Portfolio Manager & Strategist
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2011 - 2017
Specific expertise in credit-sensitive sectors, including investment-grade, cross-over and high yield corporate bonds. Created and implemented Strategic Investment Proposals for Institutional Fixed Income clients such as insurance companies, banks, credit unions and municipalities, as well as balance sheet management (ALM) strategies. Reviewed current market offerings to determine relative value within each fixed income asset class. Recommended specific investment ideas based upon a review of clients’ investment policies, objectives and risk tolerances. Met with Investment Committees, Boards of Directors and Company Executives to formulate effective portfolios. Speaking engagement: Calif St Muni Finance Officers Conf: Effective & Efficient Cash Management for Municipalities Show less
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UBS
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Switzerland
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Financial Services
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700 & Above Employee
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Director & Senior Risk Manager
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2005 - 2011
Used previous knowledge and understanding of investment management to identify risks within client portfolios to ensure adherence to specific policies and objectives. Comprehensive background in legal and regulatory concepts within banking and broker/dealer environments, including retail, high net-worth and institutional client base. In-depth knowledge of anti-money laundering compliance requirements for the business, including all aspects of terrorist financing; providing guidance on KYC and monitoring issues. Well versed in the implementation of required anti-terrorist measures. Vast experience performing investigations of insider trading, securities fraud and market manipulation, with broad based knowledge of products related to both fixed income and equity markets. Show less
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The Pension Boards–United Church of Christ, Inc.
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United States
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Financial Services
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1 - 100 Employee
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Director of Fixed Income Investments
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2000 - 2005
Responsible for all aspects of global fixed income investments for two Bond Funds versus the Lehman Government/Credit Index and a Stable Value Fund versus the Lehman Intermediate Government/Credit Index with combined assets of over $1.5 billion. Global investments included Corporates (Investment Grade & High Yield), Sovereigns, Structured Products, Asset-backed Securities (ABS), Mortgage-backed Securities (MBS), Commercial Mortgage-backed Securities (CMBS), Treasuries (including TIPs) and Agencies. All funds were managed on a total return basis and had been ranked in the top 30% versus their respective peer groups based upon independent performance analysis by Hewitt Associates. Directly managed all global corporate bonds (investment-grade, emerging markets, cross-over, high yield and distressed), structured products, agencies and municipal bonds within each portfolio, totaling over $750 million. Show less
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GRE Insurance Group (acquired by Liberty Mutual)
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Greater New York City Area
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Senior Fixed Income Portfolio Manager
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1996 - 1999
Responsible for U.S. ($750mm) and Canadian Corporate ($850mm) and U.S. Municipal ($175mm) bonds, while supporting management of all fixed income assets. U.S. Corporate bond portfolio outperformed the Lehman Brothers Intermediate Credit Index by an average of 63 basis points annually since inception in 1996. Managed all aspects of Money Market portfolio, including security selection, trade execution, issuer analysis and portfolio cash flow projections. Co-managed North American equity portfolios ($700mm) with Chief Investment Officer, which included monitoring and analyzing specific industry sectors. Performed bond portfolio and credit analysis, executing purchase and sale of assets, with particular emphasis on credit sensitive issues. Show less
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UBS
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Switzerland
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Financial Services
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700 & Above Employee
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Assistant Portfolio Manager
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1993 - 1996
Firm managed multi-billion dollar investment portfolios for insurance companies, including life, P&C and reinsurance companies. Firm managed multi-billion dollar investment portfolios for insurance companies, including life, P&C and reinsurance companies.
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SunAmerica Asset Management
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Greater New York City Area
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High Yield Credit Analyst
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1989 - 1993
• Reviewed financial stability of underlying issuers using various spreadsheet analyses, including cash flow projections, ratio analysis and earnings estimates (EBITDA, interest coverage and debt/equity). • Prepared recommendations for investment to high yield portfolio manager. • Coordinated and executed trades for $300mm high yield mutual fund portfolio. • Reviewed financial stability of underlying issuers using various spreadsheet analyses, including cash flow projections, ratio analysis and earnings estimates (EBITDA, interest coverage and debt/equity). • Prepared recommendations for investment to high yield portfolio manager. • Coordinated and executed trades for $300mm high yield mutual fund portfolio.
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Education
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Binghamton University
BA, Economics -
Binghamton University School of Management
MBA, Finance
Community
