We created Bond School in response to the fallout from the financial crisis and to answer the questions we heard repeatedly from the institutional investors and financial fiduciaries our founding team has served for more than 25 years. Our seventeen foundational courses equip our students with more than knowledge and technical skills. We help build confidence to ask smart questions, the first step in learning to navigate increasingly complex fixed income markets.
Fixed Income Academy’s Founder and now Advisory Board Chair, Susan Munson, led the way to build a team of experts and seasoned practitioners who share a common belief: Education is the key to leveling the playing field between buyers and sellers in the fixed income investment community. We are on a mission to deliver confidence and encourage open conversation. We know staying current and committing resources to continuing education and training is critical today; at the same time, we know resources are tight and training budgets are often the first to go. Our cost efficient, online training program maximizes limited resources by allowing you to access world-class intelligence; thus dramatically increasing your return on precious time and investment dollars.
The Team behind Fixed Income Academy is a carefully curated group of financial veterans committed to providing students the simple answers to the complex questions they will face in the fixed income investment field. We are standing by to address any questions, comments, or concerns you may have to ensure you get the best education possible from your time with us.
Ms. Munson, has served as the CEO of the Fixed Income Academy (FIA), for the past seven years. FIA is an educational platform for experienced and aspiring financial professionals to learn the fundamentals and hone their investment management skills. As the Founder of FIA, her vision of an online learning platform that delivers certification courses for public entities and financial institutions has become a success and is the standard for fixed income investment professionals. She will continue to be an instructor through the Academy and remains active as Advisory Board Chair. Prior to FIA, she served as Managing Director at Main Street Capital Advisors from 2008 to 2012 where she led the expansion of the company’s service offerings to include portfolio consulting. She began her career in broker operations at Shearson Lehman Hutton before joining Merrill Lynch’s Institutional Advisory Division in 1993 where she led a successful institutional investment team working with 50 client portfolios. Ms. Munson has earned and maintains her Certified Financial Planner (CFP®) designation, is a Certified Fixed Income Practitioner (CFIP), has completed the CFA Institute Investment Foundations™ Program and holds the Financial Industry Regulatory Authority (FINRA) Series 65. She previously held Series 7, 9, 10, 24, and 63 while with FINRA registered firms. She regularly holds workshops and is asked to speak to share her knowledge and expertise with professionals and investors. Ms. Munson is also active in several professional organizations and sits on the Education Committees for the Government Investment Officers Association and the California Municipal Treasurers Association.
David creates the systems and oversees project management to ensure student and team success. Heis responsible for administration of the Learning Management System, from building courses to providing the support needed to help students successfully complete their programs and achieve their learning objectives. David is also responsible for collaborating with front and back end developers to ensure seamless delivery of FIA products and services. His experience prior to FIA in the both corporate and academic environments gives him deep insight into students’ needs. With this breadth and depth in education technology, he is able to provide unsurpassed support to those he serves. David holds a B.S. degree in Accounting from Purdue University and a M.S in Information Technology from DePaul University. He is also a Project Management Professional (PMP) as certified by the Project Management Institute, and Adjunct Professor for Ivy Tech Community College.
As Operations and Compliance Manager, Tracy is responsible for designing and implementing the systems needed to support all aspects of FIA operations. She works closely with internal and external stakeholders to ensure efficiency while maintaining quality at all levels. Collaborating with instructors and course designers, she ensures that all FIA educational programs meet rigorous NASBA standards to advance the goal of offering the highest quality continuing education. Ms. Sanchez is also responsible for coordinating with FIA’s education partners to develop and deliver CPE certified conference presentations. Drawing on her background in education, she is able to create a rewarding and beneficial experience for Bond School students and Academy members. Tracy received her B.A. in Child and Adolescent Development from California State University, Fullerton, where she continued on to earn her California Teaching Credential.
As Economist of Fixed Income Academy, David Horner guides the economic research and provides weekly economic and market commentary relevant to Fixed Income Market Professionals and Investors.
David Horner is an independent economist and financial strategist, and directs a small private hedge fund. He provides macro-economic advice and trading strategies to high net worth individuals and institutional clients. He has more than 30 years of experience on Wall Street and in government.
In 2002, David left Merrill Lynch as a First Vice President and Senior Economist where he advised the firm's trading desk and institutional clients on probable economic developments, interpreted key economic data and related economic factors to potential interest rate and spread moves. He wrote market and economics sections of the group's Credit Market Memo, contributed to the weekly Fixed Income Strategy publication, issued "analysis briefs" on Bloomberg. He appeared frequently as a guest host and analyst on CNBC, CNN, CBC, CTV, Bloomberg, TV Tokyo and other business programs.
Prior to joining Merrill Lynch, David worked in various government capacities, as Chief Economist and Research Director for the Commodity Futures Trading Commission; as head of the economic group for the Food and Nutrition Service; and, following his return from the Peace Corps, as an assistant to the director of Head Start for the Office of Economic Opportunity. He also taught at Wayne State University, served as a senior economist and consultant to Mathematica, Inc. in Princeton, NJ as well as to the Canadian Government, specifically on tax issues related to work incentives. David earned his Ph.D. in economic theory and econometrics at the University of Wisconsin and his B.A. in Mathematics at the University of Akron.
Arjun Kondamani is a seasoned executive with 15 years of experience who has added value across various corporate credit sectors in roles ranging from bulge bracket trader, research, portfolio management, electronic trading, and risk management. Experience with a wide variety of clients across domestic fixed income, Emerging markets and Europe has allowed Arj to develop insight into macro forces and how they are impacting global markets.
In addition to his industry experience, Arj has also taught part-time at NYU.
Arj holds the CFA charter and has also a Masters in Business and a Masters in Electrical Engineering, both from the University of Southern California.
As Director of Development, Leslie is committed to helping practitioners elevate their knowledge and investment skills. Leslie joins Fixed Income Academy with substantial experience as a public funds investment manager. As part of the community, she not only understands first-hand the importance of education, she is among the first to have obtained her Certified Fixed Income Practitioner (CFIP) designation and has been an advocate ever since. For 35 years, Leslie worked for the Orange County Treasurer-Tax Collector’s Office in Investments, Cash Management, Treasury and Tax Collections. As a Portfolio Manager, she managed the County and School Districts’ $3.5 billion liquidity pools and assisted in managing a $6 billion short duration pool. In addition, Leslie was the liaison between the School Districts and Treasurer during the debt issuance process. In prior positions, she also worked as the Assistant Cash Manager, managing the County’s banking relationships and banking services for all county agencies. As an Investment Compliance Specialist for the Treasury Division, she monitored daily compliance for the County’s money market investment pools and performed analysis and reports for the Treasury Oversight Committee and Board of Supervisors. Leslie’s rounded, in-depth experience adds significant depth to the Fixed Income Academy team and allows her to live out her commitment to help others put their learning into practice.
Susan is the Founder and Advisory Board Chair of the Fixed Income Academy, a platform where experienced and aspiring financial professionals come together to learn about the bond market and hone investment management skills. She leads the FIA Advisory Board responsible for driving the direction of FIA by supporting the management team in increasing the adoption of educational programs and certifications for the benefit of the communities we serve.Susan serves as a Managing Director and as a Senior Portfolio Advisor with Government Portfolio Advisors, LLC. GPA is a Registered Investment Advisory firm that provides non-discretionary, discretionary and consulting advisory services. She began her financial career 28 years ago in broker operations at Shearson Lehman Hutton before transitioning to fixed income sales and account management, primarily with Merrill Lynch’s Institutional Advisory Division. In 2008, Susan left her position in sales to work as a consultant and focus her efforts on investor education.Susan is active in the community, frequently teaching workshops and speaking at national and regional conferences. She belongs to multiple professional organizations and serves on the education committees for the Government Investment Officer Association (GIOA) and the California Municipal Treasurers Association (CMTA). Susan has earned and maintains her Certified Financial Planner (CFP®) designation, is a Certified Fixed Income Practitioner (CFIP), and held series 7, 9, 10, 24, 63, and 65 licenses when working for FINRA registered firms. She is currently registered as an Investment Advisor Representative. She has also completed the CFA Institute Investment Foundations® Program.
Victoria has more than 20 years experience in finance and treasury management in the public and private sectors. Victoria is currently the Director of Finance/City Treasurer at the City of Seal Beach in Southern California.
Her shared commitment to bring relevant information and education to the Municipal Investment Community led to her to join the Fixed Income Academy Advisory Board as well as participate as a course instructor.
She is currently a member of and Past-President for the California Municipal Treasurers Association and holds the designation of Certified California Municipal Treasurer (CCMT). She maintains memberships in the California State Municipal Finance Officers, the Government Finance Officers Association, the Association of California Water Agencies, the California Special Districts Association, and Women Leading Government.
Victoria is a graduate of the Leadership Tomorrow class of 2005, recently completed the California Special District Leadership Academy and has achieved her certificate of Recognition in Special District Governance. She has also achieved the Special District Administrator Designation. Her academic credentials include a B.A. in Finance from California State University Fullerton and an Executive MBA.
Emily Williams Knight, Ed.D. was recently named Chief Executive Officer of the Texas Restaurant Association (TRA), an organization representing the state's $66 billion restaurant industry with more than 48,000 locations and 1.3 million jobs across the state. Prior to that, Dr. Knight held senior leadership roles at Laureate Education and serving as President of Kendall College, a leader in hospitality and culinary arts education. During her time as Kendall’s president, Dr. Knight expanded access to culinary education throughout the Midwest, Latin America and the Middle East. She worked closely with the Illinois legislature to advance the industry and partnered with the Mayor of Chicago, Choose Chicago, and the Illinois Restaurant Association to drive Chicago visitors to a record 50 million per year. Dr. Knight also worked previously with Pearson Education for ten years. She began her work with Pearson as a sales representative, moved into various management positions, and ultimately served as vice president of marketing and sales strategies for Pearson Teacher Education and Development. As Vice President of Sales and Marketing she led strategic market planning and analysis for a two hundred million dollar business, and was responsible for the creation of marketing and sales strategies in a new combined division that encompassed higher education and K-12 teacher professional development. First introduced to Fixed Income Academy during her tenure at New England College of Business and Finance, she immediately saw the need for the expertise and education Fixed Income Academy offers and joined the board because of her firm commitment to advancing financial education and literacy.
Bonny Schumacher is a retired First Vice President in the Institutional Generalist Sales Group at Morgan Stanley Smith Barney, Inc. She was with Morgan Stanley (formerly Dean Witter) for 21 years covering a variety of institutional clients, including municipalities, money managers, banks, and insurance companies (portfolios of $60 million to $1 billion). Prior to joining Morgan Stanley, she worked for Chase Manhattan Bank, First Boston Corp in New York and Kenney & Branisel in San Francisco, in New York, Chicago, and San Francisco. Ms. Schumacher received an A.A. Degree from Joliet College and attended University of Chicago at LaSalle. Ms. Schumacher holds the Series 7 and 63 licenses.
Nicole has been with the Thurston County Treasurer for 18 years, where she has served the public in a variety of positions. In her current role as Investment & Banking Officer, she is responsible for providing banking services and managing banking relationships for over 50 departments and agencies of the County while also managing the investment portfolio for the County which averages around $700mm. Continuing education is a high priority for Nicole and is shown by her commitment to local and national associations. She is a member of the Washington Finance Officers Association, Government Finance Officers Association, and Government Investment Officers Association. Nicole is also a member of the Washington Public Treasurer’s Association where she has served the association as a Board member, Education Committee Chair, Investment Policy Certification Chair, and is now serving as President-Elect.
Kirk Ludwig has been involved in the investment business for more than 20 years. Since 2004, he has been Director of Institutional Investment Management at SJS Investment Services in Sylvania, Ohio, where he serves as lead portfolio manager and advisor for the firm’s institutional and public entity clients. Kirk also brings his specialization in fixed income to the firm’s Investment Committee, on which he serves. In the early 1990s, Kirk began his career in institutional fixed income sales at Kidder, Peabody & Co., working with public entities and serving middle markets in the Midwest region. After seven years in institutional sales, Kirk moved into the role of Portfolio Manager for the Institutional Asset Management division at Sky Trust, N.A. Specializing in fixed-income strategies, he created their short-duration portfolio program to serve the public fund sector. Kirk is on the Board of Trustees for Toledo Area Regional Transit Authority, as well as a board member for Camp Courageous & The Arc of NW Ohio, Inc. He holds the Certified Fixed Income Practitioner (CFIP) designation, and studied Business Administration at the University of Toledo, and completed his Bachelor of Science requirements with the University of Phoenix.
Diane Holbert is serving her second term as Douglas County Treasurer. Diane holds a Bachelor’s Degree in Economics from the University of Colorado at Denver. Team leadership was the focus of her twenty-four year career in the real estate finance industry. As the Douglas County Treasurer, Diane serves as the Investment Officer of all county funds and is responsible for the collection and distribution of property taxes. Diane is a past President current Legislative co-chair of the Colorado County Treasurer’s Association (CCTA), serves on the City of Aurora Investment Advisory Committee, serves on State Treasurer’s Stapleton Investment advisory committee and is Vice-Chair of C-Safe, Local Government Investment Pool and is an active member of the Colorado Investment roundtable.
Gregory Paden is the Founder and CEO of Accelerate, LLC, a business consultancy working with small to medium sized business management teams to improve efficiencies and results. Prior to that, Greg served as the Nevada County Assistant Treasurer-Tax Collector since March 2012. He has worked for the County of Nevada for 6 years starting in the Public Works Department. Greg holds a Certified California Municipal Treasury (CCMT) designation from the California Municipal Treasurers Association and a Certified Fixed Income Practitioner (CFIP) designation from Fixed Income Academy. Greg earned a Bachelor of Science degree in Accounting at San Francisco State University and is currently enrolled in the Master of Public Administration program at University of San Francisco.
Mr. Marc Velez Young is a California Certified Public Accountant Candidate with a Master's degree in Accounting and Financial Management. He holds designation as a Certified Fixed Income Practitioner, California Tax Education Counsel (CTEC) Registered Tax Preparer, and is a prior member of the Government Finance Officer's Association. Mr. Young previously served as the Accounting and Financial Division Chief/Treasury Manager for the County of Fresno Auditor-Controller/Treasurer-Tax Collector and is now President and Chief Consultant for Industry Standard, Inc, providing accounting and advisory services to businesses and non-profit organizations across the country. Mr. Young was a 2012 recipient of the SGI-USA Liberty Award for his “dedication to peace, liberty and the happiness of humanity” and the 2015 recipient of the National Rising Star Award from the DeVry University Alumni Association. Mr. Young sits on the executive board and board of directors for the United Way of Fresno and Madera Counties, is Treasurer of the board for Fresno Barrios Unidos, chairs the Accounting Committee for FBU, and contributes industry-specific articles and tutorials to a variety of publications.
In 2017 Brian took on a new position as CFO/AGM Financial Services with the Turlock Irrigation District. Prior to that Brian had served as CFO for the Merced Irrigation District since March 2011. His responsibilities included planning and directing all of MID's financial activities, including budgeting, payroll and billing, performing critical analysis on both internal and external events, providing recommendations to the general manager and board of directors, developing and improving cost controls and maintaining good credit standing for the District. Mr. Stubbert has more than 15 years of financial experience in accounting and budgeting, working with auditors and with boards of directors. Most of his financial expertise was developed during his tenure within the San Joaquin Valley and its diverse agriculture industry. Mr. Stubbert is a graduate of California State University, Stanislaus, a member of the American Institute of Certified Public Accountants, and most recently served at Patterson Vegetable Co. (PVC) as its vice president of Accounting and Administration, as well as controller. PVC had about 500 employees and generated roughly $80 million in annual revenues. Among his responsibilities were oversight of operational financing, accounting, contracts and audits. He has also served as controller and accounting manager at Harris Moran Seed Co. in Modesto, and accounting manager at Diamond Foods in Stockton. Additional experience includes serving as an accountant at the Stanislaus County Department of Mental Health, an audit manager at Juarez and Co. CPAs in Modesto and as an auditor at Grant Thornton LLP in Stockton. Mr. Stubbert is chairman for the Finance Committee for United Way of Stanislaus County and has also served as chairman of The Patterson Vegetable Co. and Teamsters Local 948 Health and Welfare Benefit Trust. Mr. Stubbert resides in Modesto with his wife and three children. He enjoys coaching his sons in baseball and is an avid Oakland Raider and San Francisco Giants fan.
Mike is a Deputy Treasurer and the Portfolio Manager for the Indiana State Treasurer’s office. He has been employed by the Indiana State Treasurer’s office since 1990. One of his first roles with the Treasurer’s office was that of Chief Accountant. He held that position until assuming the role of the Portfolio Manager in 1999. As the Portfolio Manager, he is responsible for the in-house investment management of the State’s General Fund and over 65 other funds, which has averaged in excess of $4 billion annually during his tenure. He also works closely with the Treasurer’s financial advisors in the selection and oversight of outside investment managers for a few of the outside managed Funds/Trusts. He has served as a Deputy Treasurer since 1992. As Deputy Treasurer, he assists in the administration of the Treasurer’s office and serves as a designee/appointee for the Treasurer, who serves, by virtue of the office, on various Boards and Commissions, including the State Police Pension Advisory Board, Indiana Finance Authority, and the Indiana Deferred Compensation Committee. Prior to joining the State Treasurer’s office, he started his employment with the state in 1986 working as a Field Examiner for the Indiana State Board of Accounts. Mike graduated with a Bachelor of Science in Business, majoring in accounting, from Indiana University. He became a Certified Public Accountant in 1996.
Chris Moore, CFIP is the Director of Cash and Investments for Ball State University. Chris has an MBA in Finance from Ball State University, is a CPA , and received a B.S. in Accounting and Finance with a minor in Industrial/Organizational Psychology from Indiana University-Purdue University Indianapolis. Prior to working at the university, Chris worked in a variety of other industries including consumer electronics, media, trucking, manufacturing, and the funeral service industry. The diversity of responsibilities and desire to improve processes have led to career achievements that have saved companies significant money and other resources. Beyond the academic and career focus Chris also is dedicated to his loving wife and two children. Chris credits his wife for pushing and supporting him throughout his career and his kids for teaching him how to be a coach, a tutor, and most importantly, a father.
Prior to forming SMRA Dr. Ray Stone was the Director of Global Fixed Income and Economic Research at Merrill Lynch. During his tenure at Merrill, Ray also served as the firm's Chief Financial Economist. Ray's first entry into the private sector was as an economist with the Fidelity Bank in Philadelphia. Ray started his career in the International Research Department at the Federal Reserve Bank of New York. There he was involved in the analysis of international capital and trade flows and the preparation of materials used for briefings prior to FOMC meetings. Ray Stone has served as the President of the Money Marketeers of NYU, the forecasting chair of the Downtown Economist Club, and as a former President of the Princeton Financial Markets Society. In the spring of 2006 Ray was named a "Fellow" of the Money Marketeers of NYU. Ray has been actively involved in economic education and was recognized in 2004 for his contributions on this front as an inductee into the Federal Reserve Bank of New York's "Fed Challenge Hall of Fame". He is currently a Part-time Lecturer at Rutgers University, where he teaches Money & Banking. Ray has testified before Congress on the conduct of monetary policy, and has served as an advisor to the U.S. Department of Commerce on improving economic statistics. He holds a Ph.D. in Economics from Rutgers University and a BS from New York University.
Mr. Taylor, Kit, served as Executive Director of the MSRB Municipal Securities Rulemaking Board from 1978 to 2007 where he pioneered yield disclosure on customer confirmations, implemented automated clearance and settlement of trades, outlined and began implementation of an integrated digital system for the collection and dissemination of issuer disclosures in the primary and secondary markets (currently called the "EMMA" system), adopted rules effectively banning political contributions by municipal finance, and developed real-time trade reporting. Prior to the MSRB, Kit held positions as Director, Office of New York Finance, US Treasury Department and served as Economist at the Federal Reserve Board. He earned his Ph.D. from Princeton University in Economics, M.A. from Princeton University in Economics, Concentrations: econometrics, mathematical economics, centrally planned economies, B.A. Swarthmore College in Economics and Mathematics, CFA, Chartered Financial Analyst Designation.
George Richardson is Head of Capital Markets at the World Bank. He joined the Capital Markets group of the World Bank Treasury in August 2006. He is now its Head of Capital Markets. Prior to joining, he headed Goldman Sachs' Sovereign, Supranational, and Agency Debt Origination group based in London. Mr. Richardson holds an MBA from Boston University, degrees in Finance from London Business School, and Aeronautical Engineering from the Ohio State University. Prior to his banking career, he was a commissioned officer in the United States Navy and flew reconnaissance aircraft.
Rick oversees the day-to-day investment program at FTN Main Street. Prior to FTN Main Street, Rick managed Clark County, Nevada's portfolio from 1998 to 2004. Rick was also the Investment Officer for the City of Las Vegas from 1989 to 1998. He has over 19 years experience in cash and investment management. Rick has a BS in Finance from Brigham Young University and a MBA from the University of Utah. He is also the Founder of the Government Investment Officers' Association, which has over 100 Government Investment Officers as members. Rick holds the Certified Cash Manager (CCM) designation; has passed the NASD 7 Series exam; and holds the NASD 65 license. Rick is recognized as an expert in the public investment field and is a frequent speaker at governmental educational conferences.
Victoria has more than 20 years experience in finance and treasury management in the public and private sectors. Victoria is currently the Director of Finance/City Treasurer at the City of Seal Beach in Southern California. Her shared commitment to bring relevant information and education to the Municipal Investment Community led to her to join the Fixed Income Academy Advisory Board as well as participate as a course instructor. She is currently a member of and Past-President for the California Municipal Treasurers Association and holds the designation of Certified California Municipal Treasurer (CCMT). She maintains memberships in the California State Municipal Finance Officers, the Government Finance Officers Association, the Association of California Water Agencies, the California Special Districts Association, and Women Leading Government. Victoria is a graduate of the Leadership Tomorrow class of 2005, recently completed the California Special District Leadership Academy and has achieved her certificate of Recognition in Special District Governance. She has also achieved the Special District Administrator Designation. Her academic credentials include a B.A. in Finance from California State University Fullerton and an Executive MBA.
For over 15 years, Anna has been actively involved in the Capital Markets focusing on Agency/Supra/Sovereign issuer relationships, including Fannie Mae, Freddie Mac, Federal Home Loan Banks and the Farm Credit System. Anna started her career in derivatives marketing at Merrill Lynch in 1997 and moved to the Global Public Sector group in 1999 where she was responsible for origination, structuring and hedging of GSE and Supranational debt, as well as debt liability management, global investor development and capital raising strategies for US Government Agencies. Anna was most recently with Jefferies and Company's Fixed Income Division where, as Managing Director, she utilized her extensive experience earned by working on some of the largest GSE senior debt, subordinated debt and preferred transactions. Anna holds an MBA from the University of Western Ontario in Canada and MA in Economics from Moscow State University. Anna earned her designation as Chartered Financial Analyst in 2000.
Ms. Munson has joined Government Portfolio Advisors (GPA) as a Managing Director and Senior Portfolio Advisor. She will serve as an integral member of the advisory team providing consultative services to various types of public entities including cities, counties, state general funds, water districts, power districts and universities. As a Senior Advisor Susan will be responsible for directly advising clients on all aspects of the fixed income portfolio management process. Ms. Munson comes to GPA with over 25 years of experience working in collaboration with public fund clients to help develop best practice procedures in investment management. She will assist clients with the development of investment strategies and investment policies that are aligned with the financial goals of each entity. Ms. Munson, has served as the CEO of the Fixed Income Academy (FIA), for the past seven years. FIA is an educational platform for experienced and aspiring financial professionals to learn the fundamentals and hone their investment management skills. As the Founder of FIA, her vision of an online learning platform that delivers certification courses for public entities and financial institutions has become a success and is the standard for fixed income investment professionals. She will continue to be an instructor through the Academy and remains active as Advisory Board Chair. Prior to FIA, she served as Managing Director at Main Street Capital Advisors from 2008 to 2012 where she led the expansion of the company’s service offerings to include portfolio consulting. She began her career in broker operations at Shearson Lehman Hutton before joining Merrill Lynch’s Institutional Advisory Division in 1993 where she led a successful institutional investment team working with 50 client portfolios. Ms. Munson has earned and maintains her Certified Financial Planner (CFP®) designation, is a Certified Fixed Income Practitioner (CFIP), has completed the CFA Institute Investment Foundations™ Program and holds the Financial Industry Regulatory Authority (FINRA) Series 65. She previously held Series 7, 9, 10, 24, and 63 while with FINRA registered firms. She regularly holds workshops and is asked to speak to share her knowledge and expertise with professionals and investors. Ms. Munson is also active in several professional organizations and sits on the Education Committees for the Government Investment Officers Association and the California Municipal Treasurers Association.
Betsy C. Shelton is the Director of Research, Senior Portfolio Manager, as well as serving as the firm’s Corporate Secretary. Betsy joined the firm in 1996 with more than twenty years of experience in the municipal bond sector. Ms. Shelton began her fixed income career at Goldman Sachs and later held positions as a municipal bond trader and underwriter at the former Bateman Eichler, Hill Richards, Inc. Prior to joining CFI, she was Vice President of Institutional Sales at First Boston Corporation and Dean Witter Morgan Stanley. Her current responsibilities include the oversight of CFI’s credit assessment and monitoring practices. In this capacity she researches, evaluates, and monitors client assets; performs impact analyses on regulatory, judicial and legislative issues; and maintains CFI’s extensive credit database. Betsy is currently a member of the Municipal Securities Rulemaking Board (MSRB) Investor Advisory Group which provides the MSRB board with additional expertise on municipal market practices, transparency, and investor protection issues. She is a member of the California Society of Municipal Analysts, the National Federation of Municipal Analysts, and UCI Center for Investment and Wealth Management and is a former MSRB arbitrator. Betsy holds a degree in economics from the University of Redlands (1971) a paralegal certificate from UCI (2005), and has completed advanced studies through UCLA, UCI and AIMR.
Michael Bennett is a lead financial officer in the treasury of the World Bank. He has spent over ten years with the World Bank, splitting his time between the World Bank's Paris office and its Washington, DC headquarters. Prior to joining the World Bank, he worked in the structured finance field in Tokyo, Hong Kong and New York. He has published articles in various legal and financial journals on topics including Indonesian bank restructuring, capital markets regulation in Singapore and Taiwan and the regulation of financial derivatives in Asia. He graduated from Columbia University Law School in New York.
Mark is a seasoned Capital Markets Professional and long time supporter of investor education and training. Mark recently retired from his position as Senior Managing Director and Head of Government Agency Trading at Cantor Fitzgerald & Co. where he was responsible for the underwriting and trading of GSE debt. While at Cantor, Mark also ran the Corporate Structured Notes trading area and was asked by the CEO to launch a cryptocurrency trading desk. Prior to joining Cantor Fitzgerald, Mark served as Head of Structured Notes for the Americas at Merrill Lynch. Previously, he worked at Bank of America and Merrill Lynch as a senior trader for Agency debt. He also served as Head of Agency Trading at Chase Securities. Mark is a graduate of Duke University's Fuqua School of Business where he received an MBA with a concentration in Finance, and of the University of Michigan School of Business where he received his Bachelor of Business Administration degree.
Gary is a Senior Vice President and has been at Jefferies since December of 2007 trading Agency REPO. Prior to Jefferies, he traded MBS and agency REPO at Nomura for 7 years. Gary started his career in Fixed Income in 1989 with a financial control background before trading MBS and whole loan REPO at DLJ for 5 years.
Terry McCall is president of Portfolio Services for Government, LLC, providing investment policy analysis and facilitating the selection of investment advisors and managers for local governments, federal agencies, and educational institutions. A former US Bank vice-president, he was also for 12 years Chief Financial Officer for the City of Gresham, Oregon. He is an advisor to the GFOA Treasury and Investment Management Committee. Terry has spoken and taught extensively at national and regional conferences and seminars for GFOA and other organizations on various government financial management topics, including Advanced Public Investing. Terry has also provided pro-bono financial consulting for cities in Java and Sumatra, Indonesia, programs coordinated by the United States Agency for International Development (USAID).
Mark has more than 32 years of experience in the financial markets, most notably fixed income trading. He started his career with Merrill Lynch in money market trading, focused on both domestic and international markets, before broadening his knowledge and experience by moving to the Merrill Lynch Government Securities Division in 1994. There he managed the front end trading effort and worked in conjunction with ML’s syndicate and capital markets desks to deliver a "best in class" front-end trading operation with a global footprint. In 2009, Mark brought his experience and extensive knowledge to Jefferies LLC to develop and build out a front-end trading and sales operation and was instrumental in helping Jefferies dramatically increase their footprint. He recently moved to Amherst Pierpont Securities to apply his unique knowledge and experience towards building a robust front-end trading platform. Mark earned his Bachelor of Arts and Sciences from Rider University and is a current member of the Money Marketeers of New York University, Inc.
Xav Negroni co-heads Amherst Pierpont’s Finance Desk with Forbes Hopper. He also works with the Chief Financial Officer on the firm’s liquidity management. Prior to joining predecessor firm Pierpont Securities in 2009, Xav was a Managing Director and co-head of the Global Finance Desk at Banc of America Securities where he focused on selling financing products to the investment banking client base. Prior to BAS, Mr. Negroni was Global Head of Financing Sales within the investment bank of J.P. Morgan. Xav received his undergraduate degree from Bucknell University and his M.B.A from the Stern School at New York University.
Prior to joining Amherst Pierpont Ryan traded Subprime cash and Credit Default Swaps (CDS) at Merrill Lynch. Before that he was a Residential Mortgage Backed Securities (RMBS) Banker at Credit Suisse and started his career at Goldman Sachs. He received his B.A. from Davidson College where he holds the record for most losses in a season as a starting pitcher.
Heike Reichelt is Head of Investor Relations and New Products at the World Bank. The World Bank borrows around USD 45 billion annually in the international capital markets. Her team’s responsibilities include managing relationships with bond investors and rating agencies, and developing new debt products for investors – such as for climate change mitigation and adaptation through products like World Bank Green Bonds. Her team performs similar functions for the International Finance Facility for Immunisation (IFFIm), for which the World Bank acts as treasury manager. Heike plays a key role in the World Bank’s outreach to the sustainable and impact investing community in Europe and the US. She has also been a part of the World Bank Treasury's Sovereign Investments Partnerships Program for central banks. Heike has 20 years of experience in finance – including the areas of export finance and capital markets. Before joining the World Bank in 2000, she held various positions in the German development agency Kreditanstalt fuer Wiederaufbau (KfW), and worked at European commercial banks.
Annie Tran is a Portfolio Manager, having joined CFI in August 2014 as a Portfolio Analyst. Prior to joining CFI, Annie worked on the Orange County Treasurer’s investment team responsible for over $7 billion of fixed income assets. Her duties included researching and analyzing macro economic and financial data; evaluating fixed income investment structures and credit quality; and monitoring activities and results. After her time with the County, she joined the commercial lending division at US Bank as a Portfolio Analyst, while also working as an Instructor and Research Analyst at Fixed Income Academy. Her current responsibilities include managing tailored municipal portfolios for high net-worth clients and other fixed income portfolios for institutional clients. Annie is a CFA charterholder. She graduated with highest honors from California State University, Fullerton with an MBA in Finance and a BA in Business Economics.
Greg Balls is a Portfolio Manager and Analyst at FTN Financial Main Street Advisors, and has worked in the industry since 2008. He assists with implementing investment strategy and with publishing economic and market updates. Before joining the firm, Greg was a portfolio manager for the State of Florida, where he managed the Short Duration portfolio and assisted with managing the Liquidity portfolio. He also managed portfolios for municipalities, corporations, trusts, and high net-worth individuals at Cantango Capital Advisors, a subsidiary of Zions Bancorp. Prior to his employment at Cantango, Greg worked in the Capital Markets Department at Zions Bank, where he specialized in buying and selling fixed-income securities for institutional clients. Greg received a dual bachelor's degree in Finance and Economics from Utah State University. Greg is a member of the CFA Society of Nevada and holds the designation of Chartered Financial Analyst. He holds the FINRA Series 65 license.
Mark Wickard is a Managing Director - Investments at Oppenheimer & Co. Inc. in the East Lansing, MI office. Mark brings over 30 years of experience and joined the Firm from Cantor Fitzgerald, where he was the head of the Credit Union Asset Strategy Group. Mark works with credit unions all over the country and is helping make a difference through his "education first" approach. With Education as the core foundation of everything he does - his clients become forward thinkers, informed buyers and sellers, and they better comprehend the nuances of investment strategies employed - and therefore are able to keep their Boards more informed, educated and prepared for regulatory overview and audits. Mark has a Bachelor of Arts from Michigan State University and earned his J.D. from the Thomas Cooley Law School.
Mr. Kutch joined Keesler Federal CU in March 2017 as SVP/Chief Financial Officer. Daniel spent the previous four years as the Chief Financial Officer for Clearview Federal Credit Union. DJ has actively managed Clearview’s sizeable investment portfolio for much of the past decade. Operating in a highly regulated financial institution industry, Mr. Kutch values the knowledge and acumen obtained while navigating a portfolio through some unprecedented economic cycles. DJ is responsible for financial statement preparation, board reporting, treasury management, strategic planning, and overall safety and soundness for the institution. Prior to joining Clearview, Mr. Kutch earned his CPA designation at Parente Randolph, LLC, (Now Baker Tilly, LLP). While at the firm, DJ focused his efforts on assurance and advisory services in a variety of industries. Mr. Kutch’s areas of expertise were financial institutions, health and welfare, not-for-profit, and governments. DJ joined Keesler Federal CU in March 2017. DJ earned his Bachelor of Science in Business Administration with a Concentration in Accounting from Duquesne University in Pittsburgh, PA. He is a member of both the American Institute and Pennsylvania Institute of Certified Public Accountants.
Jason is a former United States Marine who joined Mischler Financial Group, the nations oldest Service Disabled Veteran’s broker/dealer, in September 2014.Jason brings with him overa decade of dedicated service to institutionalpublic fundinvestors. His background provides for a unique blend of information technology, trading and fixed incomeportfolio management knowledge.He is currently a Director in the Debt Capital Markets group and the creator of the MaxQ Qloud Analytics platform. Jason is also the head of Agency Syndicate for Mischler Financial Group and works directly with swap counterparties and agency representatives to increase New Issue access to clients and increase volume for GSE diversity access programs.Jason specializes in addressing the philosophical, political and analytical complexities of public fund portfolio management by providing a framework and strategy built from the ground up. He holds the Chartered Financial Analyst® designation from the CFA Institute and is an active member of the CFA society of Orange County.
Marcia leverages decades of investment experience and an advanced academic background in her role as senior research analyst and investment committee member for Warren Street Wealth Advisors. Marcia is also a full-time faculty at California State University, Fullerton where she manages the Titan Capital Management student investment program. Marcia began her investment career in 1984 with PIMCO, an institutional asset management firm based in Newport Beach, where she filled many roles from performance analyst to senior vice president and account manager. In 2008, Marcia transitioned to Director of the Allianz GI Academy, the professional development arm of PIMCO’s parent company Allianz Global Investors. She managed the AllianzGI Academy until 2011, when she retired to become a full-time faculty at California State University, Fullerton. From 2016 to 2018, Marcia also served as Chief Learning Officer and Course Designer for the Fixed Income Academy (FIA), an online professional development platform for public fund and institutional investors. Her work with FIA provided a unique opportunity to share best practices from academia and industry while ensuring her investment knowledge remained current with the ever-changing financial marketplace. Marcia earned the Chartered Financial Analyst designation in 1999, and in 2001 was awarded a masters degree in business administration from the Anderson School of Management at UCLA.