About FIASI

Quotes from People who worked with Jack:

“Jack was a great guy. In his day, he was a legend in the fixed income markets. For many years (the others might know exactly how many) he was the top ranked fixed income strategist in the II investor survey. I’m pretty sure his domination was only ended by Lehman’s demise. He as also a key contributor to the Lehman Research organization’s collective top II ranking (again, for many years). Not least of all, he played a major role in building Lehman’s index shop into a powerhouse and in maintaining its position. To this day, it dominates the space in the guise of the Bloomberg Indices.

Jack was innovative and influential in so many ways, all of which underpinned his induction into the HoF – as did his interest in, and support of, FIASI over the years.

Away from his many professional accomplishments, Jack was an outstanding individual on a personal level. He was a loyal friend and work colleague. He always acted with integrity, even in the face of difficult circumstances. He struggled with health issues for at least a decade, but never complained and maintained his sense of humor. I will miss him greatly.”

David Munves, Past President of FIASI

________________

"When I was running Hall of Fame and nominated Jack, it was one of the few times that no further discussion was necessary. Jack’s in-depth knowledge of the intersection of global capital markets was unparalleled. I learned lots from him.

And always enjoyed our informal competition of number of countries and continents we each experienced."

Diane Vazza, Past President of FIASI and current board member

_________________

"Jack put a of energy into FIASI and contributed greatly to the field. But above all he was a congenial colleague and lots of fun to be around. A great model for those he mentored in the business."

Marty Fridson, Fellow Hall of Fame Award Winner

__________________

"I am truly saddened by this. Jack had my highest regard as a professional. I credit him and his team with advancing fixed income research and portfolio management into the modern era. I know his insights helped me be a better analyst and portfolio manager. His contributions to FIASI were immeasurable, we wouldn't be where we are without him. On top of that, he was just a great guy. He treated me with respect while I was beginning my career and this giant of a figure just invited me along for the ride. He certainly belongs on the Mount Rushmore of fixed income. My condolences to his family, friends and the colleagues who worked closely with him, including Mark and Dave."

Ralph DeCesare, Past President of FIASI and current board member

___________________

"Jack was more than a great analyst and leader in the market. If I was to cast a vote on the “GOAT” in fixed income research, Jack is an easy decision for me as the one. I first met Jack when I was on the buyside (4 decades ago) when he would come over from Kidder Peabody to present on credits. He was doing sell side research the way it was supposed to be done, so he set the bar high. When I ended up at Lehman working with him, Jack kept raising the bar. There are so many stories and laughs from the past with Jack right down to his showing up at a client outing with a radar gun to measure serve speed. Jack of course was analyzing serves with data. He was one of a kind, and it was the good kind. He will be remembered and missed."

Glenn Reynolds, Fellow Hall of Fame Award Winner

___________________

"In the early 90’s when I first started in Fixed Income I was invited to listen to the great Jack Malvey when he came into our office. After he presented, I went up and introduced myself, I told him I was new and found his insight extremely helpful. A few days later our sales coverage called and said Jack had asked him to reach out and have me in to answer any questions I might have. I was a bit surprised; I was a clueless new person. When we met, I remembered distinctly Jack said something to like “I know they don’t teach bond math in college, so figured if you had any questions that you might be embarrassed to ask at your own firm, I would be happy to walk you through it”. It was truly one of the most gracious things anyone did in my career and set a great example. As my career progressed, I earned my spot at the table, and had many interactions with him at the conferences the research team at Lehman would host. His presence and insight were always the driver of these meetings, although his delivery was always with great humility. He encouraged debate, and loved sharing his insight, but learning from others as well. A true sign of a superior intellect. Then as my career shifted, although I continued to read his research, I fell out of touch with Jack in the early 2000’s. Then some years back I found myself having to travel to London on “Masters” Sunday. I was sitting in the Biz class lounge waiting for my flight to leave, watching the tournament, and drinking a beer. Behind me I heard someone seemingly fighting with a pile of papers making a bit of a fuss, so I turned to see what was going on, and there was Jack, stack of research in hand, digging for something in the pile. I went over and said hi. We had a great ~30 min chat. That was the first time I learned of his love for baseball, something I did not know we shared. He talked about his wife and kids, with great pride and affection. Asked about my family, with genuine interest. That is when I got to know a bit about the man. Not surprisingly, he was the same thoughtful, self-deprecating person that was on stage presenting, but this time he was sharing his life at a table in a lounge. I will forever be grateful for his early gesture of offering to teach me, taking up his valuable time. I am so happy for that chance encounter because it gave me an opportunity to remind and thank him for it. True to character he dismissed it saying, “it was nothing”. Here is to the man that gave so much insight, thinking “it was nothing”, when the reality is his imprint will forever be present in the Fixed Income markets through his work, and carried by all those who were lucky enough to know him, which is obviously far from nothing. He was truly one of a kind setting a standard of excellence which was fueled by passion, and delivered with grace, humor, and most of all humility."

Bryan Carroll

___________________ 

From Bloomberg: 

Jack Malvey, Bond Market Expert Who Worked at Lehman, Dies at 72
2024-04-17 - By Liz Capo McCormick

He ran the bond indexes that became market benchmarks
Few ‘had such an impact on this industry’: BlackRock’s Rieder
(Bloomberg) -- John “Jack” Malvey, a respected figure in
the bond market whose decades in the industry included a long
run as Lehman Brothers Holdings Inc.’s chief strategist in fixed
income, has died. He was 72.

He died on April 11 after an extended illness, according to
a death notice on the website of the Hugh M. Moriarty Funeral
Home in Montclair, New Jersey.

Malvey was the chief global fixed-income strategist at
Lehman Brothers and managed the team that ran the firm’s bond
indexes, which became benchmarks that guided bond investors of
all types. Those gauges became the Barclays Capital Bond Indices
and, ultimately, the Bloomberg indexes.

He was at Lehman from 1992 to 2008, when, facing bankruptcy
due to the global financial crisis, the firm sold its investment
banking business to Barclays Plc. He stayed at Barclays for just
a few months.

Mark Howard, a managing director at BNP Paribas who worked
with Malvey at both Lehman and Barclays, said he watched Malvey
bring the Lehman indexes from a “backwater thing in the IT
department” to guideposts for the wider industry.
“I owe a lot of my good fortune in the business to a trail
that Jack blazed,” Howard said in an interview. “He had a
particular vision – not about next week’s trade but about the
development of markets, the business of portfolio management and
the business of fixed income. He used that vision to innovate.”
Among those innovations, Howard said, was a weekly
broadcast on bonds that made Lehman one of the first sell-side
Wall Street firms to record videos sharing their viewpoints,
something that became commonplace.

Malvey’s strategy team at Lehman was ranked first in
Institutional Investor magazine’s annual poll of the best US
bond analysts for 16 consecutive years, according to a 2011 Bank
of New York Mellon announcement on his appointment as chief
global market strategist there. He most recently worked as a
special counselor at the Center for Financial Stability.

‘Intellectual Curiosity’

Malvey “was one of the true architects, innovators and
contributors to the fixed income and broader financial
industry,” Rick Rieder, chief investment officer of global fixed
income for BlackRock Inc., said an an email on Wednesday.
“Few people have had such an impact on this industry; he
created a spirit of intellectual curiosity and was a model for
the pursuit of excellence that is reflective of how we all work
today,” Rieder said.

In a post on LinkedIn, Lale Akoner, portfolio manager at
Newton Investment Management, paid tribute to Malvey as “a
legend,” a “mentor” and “my first boss who took me under his
wing, hired me right after my grad degrees, instilled in me a
passion for markets and investing.”

Malvey was born on Dec. 27, 1951. After graduating from
Georgetown University in 1973, he spent two years in the Air
Force, then studied at the New School for Social Research in New
York.

He began his career at Moody’s, then worked at Kidder
Peabody before landing at Lehman.
He held the Chartered Financial Analyst designation and
belonged to the New York Society of Security Analysts and the
Fixed Income Analysts Society, according to the Center for
Financial Stability.

To contact the reporter on this story:
Liz Capo McCormick in New York at
To contact the editors responsible for this story:
Sydney Maki at
Laurence Arnold

To view this story in Bloomberg click here:
https://blinks.bloomberg.com/news/stories/SC3EFWDWRGG0

If you have anything that you would like to share with others please send us an email:

Officers

President

ERIN LYONS is a 20-year veteran of the credit markets, Erin's experiences as a fundamental analyst, strategist, and portfolio manager have enabled her to be well versed in markets, sectors, and its participants. Currently focused on corporate and client strategy at CreditSights, her time on the sell-side (Citigroup, JPMorgan, Deutsche Bank) and buy-side (Brigadier Capital Management) throughout her career allows her to focus the company's efforts on client needs. Originally from Iowa, Erin holds a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania and is a mom to three.

Vice-President

JESSICA G. BROUGHTON, is a seasoned financial services relationship manager with deep credit background, experienced in developing diverse growth strategies for clients against an ever evolving macro and regulatory landscape.  She is currently a Director in Financial Institutions Coverage (“FIC”) at BNP Paribas, covering large, money center banks, their captive asset management arms, and midsize regional and foreign bank operations.   Prior to joining FIC, Jessica was a credit analyst at BNP Paribas focused on Latin American financial institutions and Sovereigns.

Prior to BNPP, Jessica spent almost two years at RBS covering North American financial institutions (primarily banks and broker dealers).  She started her career in finance at Bear Stearns as a credit analyst.  Jessica graduated with honors from the University of Pennsylvania with a BA in Economics and Hispanic Studies. She currently resides in Manhattan with her husband and two young sons. 

Treasurer

PAWEL MOSAKOWSKI is an accomplished fixed income PM, trader and an expert risk manager. He spent 20 years in the institutional fixed income business currently leading Summit Place Advisers, LLC an advisory practice helping insurance companies and asset managers with investment process and risk management solutions. Prior to that Pawel was managing a multi-billion dollar corporate credit portfolio as a senior leader of Deutsche Bank’s Credit Portfolio Strategies Group. An expert in fixed income, derivatives and complex risk, Pawel led a proprietary platform managing portfolio of corporate loans, bonds, derivatives and structured products. He developed comprehensive investment and risk management process and delivered industry leading results during the credit crisis and beyond. Under his leadership DB CPSG was awarded Risk Magazine’s Credit Portfolio Manager of the Year distinction three times. Prior to this Pawel was at Dresdner Kleinwort Wasserstein where he traded Corporate Credit, Emerging Markets and built Credit Derivatives business in North America. Pawel earned his MBA in Finance from New York University’s Stern School of Business and previously studied Mechanical Engineering at the Warsaw University of Technology.

Secretary

MONICA AGGARWAL, CFA, is Team Head of Retail and Consumer in Fitch’s U.S. Corporate Ratings group. She is responsible for the sector team covering retail, consumer products, packaged foods, restaurants, and beverages.

Prior to joining Fitch in September 2007, Monica spent almost ten years in equity research at Morgan Stanley, Merrill Lynch and Chapdelaine Institutional Equities covering various retail segments.

Monica earned a BA in economics from Delhi University and an MBA with majors in finance and international business from Fordham University. She is a CFA® charterholder and a member of the CFA Institute and CFA Society New York. Monica serves on the board of Streetwise Partners, a NY based non-profit organization focused on workforce development and on the advisory board of Luminary, a global networking platform empowering women on their professional journey. She also serves as a Scout for Hearstlab that invests in early- stage, women-led startups.

Members-at-large

JOYCE CHANG is Chair of Global Research for J.P. Morgan’s Corporate and Investment Bank. She has spent more than 30 years working in Global Research, with expertise in Macro, Fixed Income, Cross-Asset, Emerging Markets, Geopolitical, Strategic and Thematic Research. Joyce was most recently Global Head of Research, a role she held for more than five years (2014-2019). She was previously Global Head of Fixed Income Research and began her career as an Emerging Markets Strategist. From 1997 through 2012, Joyce held top rankings in Institutional Investor surveys for Emerging Markets research, earning 25 #1 individual rankings. In 2014, she was inducted into the Fixed Income Analyst Society Hall of Fame. In 2022, J.P. Morgan was named the top Global Research Team, #1 Global Equity Research Team, and the #1 Global Fixed Income Research team by Institutional Investor.

Joyce was a Managing Director at Merrill Lynch and Salomon Brothers prior to joining J.P. Morgan Chase in 1999. She is the Executive Sponsor for J.P. Morgan Chase’s network for employees of Asian heritage (AsPIRE) and on the Executive Committee of the Corporate and Investment Bank’s Women on The Move network. She serves on the Board of Directors of the German Marshall Fund, Trickle Up and the Fixed Income Analyst Society as well as the advisory boards for the Bretton Woods Committee, Center of Financial Stability and the Ray Dalio Health Justice Center at New York Presbyterian. She is also a member of the Council on Foreign Relations and Inter-American Dialogue. She has been named as one of the Top 25 Most Powerful Women in Finance by American Banker and included in Barron’s 100 Most Influential Women in Finance lists in past years.

Joyce holds an M.P.A. from Princeton and serves on its External Advisory Council for the Center for Public Policy, and has a B.A. from Columbia from where she was awarded the John Jay award for professional achievement and serves on its Board of Visitors and the Board of Directors for the Asian Columbia Alumni Association. She is also a member of Georgetown’s Global Business Advisory Board.

RALPH DECESARE, CFA, CAIA is Managing Director and Head of Credit Research for TD Asset Management. As part of the Toronto-based TD Bank Financial Group, one of the largest banks in North America, TDAM manages over $400 billion in assets under management on behalf of pension, insurance, endowment/foundation and corporate clients, as well as for high-net worth individuals and retail mutual funds. Prior to joining TDAM, Ralph was a director of fixed income research at Merrill Lynch Investment Managers from 1990 to 2006. Responsibilities included leading a team of fixed income analysts that helped manage over $150 billion in fixed income assets. Ralph also has had two separate terms at Standard & Poor’s Corp. as a debt ratings analyst. Ralph earned an MBA in finance from Fordham University, and a B.S. in finance from the University of Arizona. Ralph is a past President and current board member of the Fixed Income Analysts Society, Inc., a 300+ member non-profit professional organization that furthers the education and careers of its members, and is the sponsor of the FIASI Hall of Fame. Ralph is a member of the CFA Society of New York. He is a CFA charterholder and Chartered Alternative Investment Analyst and earned the Certificate in ESG Investing sponsored by the CFA Society.

MARK HOWARD, CFA, is a Senior Multi-Asset Specialist at BNP Paribas. His analysis and work with investors cuts across the global markets, with a particular emphasis on Fixed Income. Previously, Mark spent 5 years at Barclays Capital, where he was a Managing Director and held the roles of Co-Head of Global Research and Head of Credit Analysis. Prior to joining Barclays in April 2004, Mr. Howard was at Lehman Brothers for 18 years, where he was a Managing Director and Global Credit Strategist. In that capacity, he was responsible for the firm’s high grade, high yield, emerging market and credit derivative strategy teams. As an active researcher, Mr. Howard has been recognized as a fixed income ‘All American’ by Institutional Investor magazine 11 times, including first place rankings in 7 of those years. Mr. Howard received his MBA in Finance from New York University and his bachelor’s degree in Economics from Colby College. Mark formerly chaired the Board of the University College Friends and Alumni Association, is on the Boards of the Friends of IHES and the Maine Community Foundation. He was president of FIASI in the fiscal years 2011—2012 and 2014—2015.

GREGG LEMOS-STEIN, CFA is a Managing Director and Chief Analytical Officer for Corporate Ratings at S&P Global Ratings. He is also head of Analytics & Research for the global ratings practices. In these roles, he is responsible for analytical excellence and ratings consistency, the quality and timeliness of credit publications, and the creation and coordination of cross-sector and thematic research.

Gregg joined S&P Global Ratings in 2002 and has had a wide range of analytical and managerial roles in New York and London. Prior to his current position, Gregg was head of Analytics & Research for Corporate Ratings. He was previously Analytical Manager for the EMEA real estate sector and also led a team of analysts covering a diversified group of sectors in Israel. Prior to that, he was analytical manager for the U.S. Telecommunications and Cable ratings team. He was a senior analyst in the U.S. autos and auto suppliers team from 2006 to 2010.

Before joining S&P Global Ratings, Gregg worked for The Dreyfus Corporation and its parent Mellon Financial Corp. Gregg was also a business reporter for The Associated Press for several years.

Gregg holds a Masters of Business Administration from Columbia University in New York and a bachelor of arts from The University of Chicago. He is a Chartered Financial Analyst.

HENRY SHILLING, Founder and Director of Research, Sustainable Research and Analysis LLC, a NYC-based firm sustainable investing research firm (https://sustainableinvest.com), providing research, sustainable finance consulting, and educational/training services.

Previously with Moody’s Investors in various capacities spanning 25-years, Henry in more recent years initiated and coordinated Moody’s efforts to expand disclosure and add transparency in research, ratings and analysis to the reflection of environmental, social and governance (ESG) risks. He also led the firm’s effort to launch and implement a methodology for assessing green bonds world-wide.

Henry is the author of The International Guide to Securities Market Indices which was published in 1996 by International Publishing Corp., Chicago, Illinois. He is a contributor to Money Market Funds in the EU and the US, published in 2014 by Oxford University Press.

He earned a B.A. in economics from Lehman College, City University of New York in 1971.

ROBERT SLOWKO, CAIA is a Director at GRESB. Prior to joining GRESB, Robert was a senior member of the MSCI ESG coverage organization spearheading rapid ESG business growth across the East and West Coast of the U.S. Earlier, Robert worked as a Business Development Manager for the Hedge Funds group of Thomson Reuters. He was involved in multiple projects including launching an Emerging Markets group and developing the company's North American Hedge Funds product, marketing and sales strategy. He held a number of positions in the financial industry including International markets trading at Galleon International, senior roles in global funds custody at RBC Dexia Investor Services, foreign exchange trading and economic research.

Robert has been actively involved with FIASI since 2010. He joined FIASI’s Board of Directors in 2014 and served as FIASI’s President from 2017 through 2019. He participated in and was responsible for a number of projects critical to the organization and is currently leading the FIASI’s Marketing Committee.

Robert holds a Master’s of Arts in Economics from Cracow University of Economics and a Master’s of Business Administration in Finance from Fordham University.

DIANE VAZZA serves on the Boards of Directors of several financial services, asset management, private equity and healthcare firms.

Diane has broad and deep experience across banking, credit, corporate finance, operational risk, financial regulation, restructuring, sales & trading, and product development. Her career spans leadership roles at S&P Global, Drexel Burnham Lambert, Citibank, Comptroller of the Currency and Chase. Credit named Diane one of the top women globally in credit and fixed income.

She volunteers on Fixed Income Analysts’ Society’s Board of Directors, is a former president, and chaired inaugural Women in Fixed Income conferences in New York City and Boston.

She is a licensed Emergency Medical Technician (EMT) and volunteers in her community.

MARIAROSA VERDE is a Senior Vice President and Group Credit Officer for the Americas Corporate Finance team at Moody’s Investors Service. She is responsible for maintaining and promoting high quality ratings and works closely with senior analysts and managers to identify emerging credit risks and initiate timely action.

Prior to joining Moody’s in June 2015, Mariarosa was a Managing Director and Head of Credit Market Research at Fitch Ratings. Her responsibilities included examining rating and credit quality trends, conducting in-depth default and recovery studies, and providing insight on key developments in the bond and loan markets. Earlier in her career, Mariarosa was a high yield analyst at the Chase Manhattan Bank.

Mariarosa has published articles on default risk and other credit topics in professional magazines and books. Mariarosa holds a BS and an MBA in finance and economics from New York University’s Stern School of Business. Mariarosa was elected an NYU scholar. Mariarosa was the president of FIASI in 2007-2008.

The papers that were awarded the first ever FIASI / Fordham Unversity ESG Paper

Ph.D. Candidates:

The Effect of ESG Disclosure on Corporate Investment Efficiency 

Authors: Elsa Allman and Joonsung Won from Baruch College

Strategic Environmental Disclosure and Financial Materiality: Evidence from U.S. Firms on Nasdaq and the NYSE 

Authors: Mingying Cheng,  Eun-Hee Kim from Fordham University 

Undergraduate awards:

The Impact of ESG Scores on Bond Yields and Bond Characteristics 

Authors: Resham Sansi, Julia de Xavier from Fordham University

Ahead of the election, our experts share their views on what will matter for fixed income markets

When: Tuesday, October 20, 2020

Time: 3:00 pm to 5:30 pm EST

Welcome Remarks

• Monica Aggarwal, CFA Managing Director, Fitch Ratings and Vice President, FIASI Board of Directors

The Macro Outlook: What Else Can 2020 Bring?

This panel discussion will provide an outlook for the US economy, the Fed and rates, and what potholes may be left in the road.

Moderator: 

• Joyce Chang, Chair of Global Research, JP Morgan

Panelists:

• Michelle Meyer, Managing Director, Head of U.S. Economics at BofA Global Research
• Priya Misra, Managing Director, Global Head of Rates Strategy at TD Securities
• Marilyn Watson, Managing Director, Head of Global Fundamental Fixed Income Strategy, BlackRock

Asset Class Specifics: Drivers for the Investment Grade, High Yield, Loan, and Emerging Markets

We'll hear from a collection of portfolio managers on their respective markets.

Moderator:

• Erin Lyons, Co-Head US Investment Grade Research, CreditSights, FIASI Board Member

Panelists:

• Anupam Damani, CFA, Portfolio Manager, Head of International and Emerging Markets Debt Sector Team, Nuveen
• Monica Erickson, CFA, Portfolio Manager, Head of Investment Grade Corporate Credit, DoubleLine
• Samantha Milner, Partner, Portfolio Manager and Head of US Liquid Credit Research, Ares
• Elaine Stokes, Executive Vice President, Portfolio Manager and Co-Head of the Full Discretion, Loomis, Sayles & Company

FIASI will offer the 2020 WiFi event FREE to all! 

Pre-registration is required to obtain the Webinar information. 

To Register