World Risk Sharing Summit 2025

Alan has joined Howden at the beginning of 2024 as Executive Director, Balance Sheet Advisory & Structuring where his role will include arranging securitisation transactions (with a particular focus on SRTs) and advising clients on other credit risk management solutions.

Prior to Howden, Alan worked across a number of roles at Bank of Ireland for 20 years, most recently as Head of Balance Sheet Management & Execution responsible for securitisation, debt capital markets, liquidity portfolio management, IRRBB and NPE portfolio disposals.  In this role he established their successful SRT programme which now counts multiple transactions across a wide variety of asset classes.

Alok is the Head Portfolio Manager at SPF IM.
Previously, he was a Managing Director at CSAM and a member of the Portfolio Management Team for the Securitized Products Fund from 2012 to 2018. Prior to that, Alok served as Head of European Securitized Products at CSIB in London. In that role, he oversaw all secondary trading of European assets (including RMBS, CMBS, CLOs, ABS, etc.) and led the Asset Finance team across financing and banking operations.

From 2003 to 2009, Alok traded a variety of assets—including aircraft, manufactured housing, and subprime—as he progressed to a senior trader position on the ABS Credit Desk. He originally joined CSIB in 2001 as an analyst in Asset Finance, focusing on structuring.

Alok graduated from Columbia University with a BS in Engineering and Applied Science in 2001

Bryan Niggli is the Structured Credit Lead at AXIS for the Credit Risk Solutions team, where he spearheads the company's structured credit initiatives, focusing on Significant Risk Transfer and other portfolio Credit Risk Transfer business in specialty markets. 

Bryan began his career in the mid 1990s in corporate bond investing at UBS and then CS Asset Management in Zurich and New York.  In 2002, he moved to Swiss Re, first working in credit underwriting and then assisting successive chief underwriting officers in strategic planning.  Bryan returned to Credit Suisse in 2021 to work on capital management. Bryan is a CFA charter holder and obtained an MBA from Columbia University.

Helen is the Senior Manager of the Structured Finance team within the Supervisory Risk Specialist Directorate at the UK Prudential Regulation Authority (PRA). Her main responsibilities include reviewing UK Significant Risk Transfer (SRT) transactions and contributing to UK securitisation policy development. Before joining in the PRA, Helen worked with Société Generale, Mizuho Bank and Lloyds Bank in various roles within the area of SRT and general securitisations. 

Chris Leonard’s practice focusses on a broad range of derivatives and structured finance products, including cash and synthetic securitisations, repackaging transactions, credit-linked, equity-linked and fund-linked securities, credit default swaps, total return swaps and margin loans.

Chris has spent time on secondment to BNP Paribas in London and Credit Suisse in Hong Kong, where he supported the structured credit products teams.

Dimitri is a Senior Vice President on RenaissanceRe’s Credit underwriting team, focusing on Structured Credit. He joined the Company is 2025 and is based in Zurich. 

Prior to joining RenaissanceRe, Dimitri was an Executive Director at UBS, where he led efforts to establish the bank’s Significant Risk Transfer (SRT) programme in Switzerland. Before that, he was a Director in the Credit Solutions Structuring team at Credit Suisse in Zurich, where he oversaw SRT structuring and was responsible for credit risk-sharing strategies and balance sheet optimization transactions. During his tenure at Credit Suisse, he also held senior roles in risk management, covering structured derivatives trading and asset-backed financing.

Dimitri holds a dual Master’s degree in Communication Systems and Financial Engineering from the École Polytechnique Fédérale de Lausanne (EPFL).

Edmund “Ed” Parker covers all aspects of derivatives at the highest levels. He has been nominated as Global Derivatives Lawyer of the Year, a reflection of his technical excellence in this field.

He is a trusted thought leader for both clients and the profession, writing extensively on derivatives matters. Under his stewardship, the team was declared Global Law Firm of the Year – Overall at the GlobalCapital Derivatives Awards. The practice was previously declared European Law Firm of the Year – Transaction; and Americas Law Firm of the Year – Overall. The practice was also commended in the “Complexity and Scale” category of the FT Innovative Lawyers Report: Europe.

Frank is Portfolio Manager for the Cheyne risk transfer strategy, focusing on transaction origination, assessment and portfolio construction activities. Prior to joining Cheyne, Frank served as Managing Director and head of Capital and Structured Funding Solutions at Barclays International which he joined in 2006.

Notably, under his leadership, Barclays established the Colonnade SRT programme, which became an industry-leading issuance platform. Frank advised numerous banks on SRT solutions, served as board member of the AFME Securitisation Group and represented the industry on all SRT matters with regulatory bodies such as the PRA, EBA and Fed.

Frank holds a Master Degree from Ecole Centrale, with a year of specialisation in both Applied Mathematics for Finance and Entrepreneurship, and a postgraduate degree from La Sorbonne University in Financial and Economical Mathematics.

Georgi Stoev is heading the team that structures and invests in central and northern European securitisation transactions. Apart from being responsible for EIF investments in funded and synthetic structures, his team is also advising the European Investment Bank for investments in securitization exposures in CEE, the Nordics, etc.
Georgi has been with the European Investment Fund since 2009 and over the last 12 months together with his team, he has been responsible for over EUR 2.6 billion of new in SME securitizations the majority of which have been executed in a synthetic manner. Georgi is an alumnus of the London Business School and holds an MBA from the Chinese University of Hong Kong.

Consultant

Jo is a consultant in A&O Shearman’s London regulatory practice with 20 years’ experience with the firm. Jo advises on a wide range of banking regulatory matters, with a particular focus on securitisation regulation and bank prudential regulation (structuring to optimise, and providing and advice and opinions in respect of, institutions’ capital, liquidity, leverage and large exposures positions – CRR, Basel, PRA and ECB requirements). She has advised clients on a large number of traditional and synthetic securitisation / significant risk transfer deals. She engages with regulators in support of clients, and with trade associations, including regularly holding the pen on industry consultation responses.” 

Kaelyn is a Partner and Portfolio Manager for ArrowMark Partners. A core member of the ArrowMark team since the firm’s inception, Kaelyn leads ArrowMark’s fixed income efforts in securitized products and has spearheaded the regulatory capital relief strategy since 2010. Kaelyn was also the lead analyst for the firm’s participation in the Term Asset-Backed Securities Loan Facility (“TALF”) program. Prior to joining ArrowMark Partners in 2008, she was an analyst at Janus Capital Group where her areas of focus included residential and commercial mortgage-backed securities, asset-backed securities, and interest rates (2004-2008). Previously, Kaelyn worked at Great-West Life where she was Assistant Portfolio Manager of $5.5 billion in separate account, general account and total return assets with a focus on high quality fixed income securities (1998-2004). Kaelyn graduated from Illinois State University with a bachelor’s degree in Economics and earned an MBA from Indiana University.

Kaikobad Kakalia is the CIO of Chorus Capital. Chorus Capital is a specialist asset manager investing in performing loan portfolios through risk sharing transactions with financial institutions operating in Europe. Kaikobad joined Chorus Capital at the beginning of 2014, from the Royal Bank of Scotland Plc where most recently he worked as a Managing Director in the Financial Institutions Group. Prior to that, from 2006 to 2012, Kaikobad managed the Treasury Structured Solutions team which originated, structured and executed more than 24 risk transfer transactions on behalf of ABN AMRO and RBS. Kaikobad has over 25 years of financial markets experience, having worked in London, New York and Hong Kong, in a variety of areas including sales, structured finance, CPM, Treasury and most recently Financial Institutions. He was one of the founding members of ABN AMRO’s Portfolio Management Group in 2001, and RBS’ Investment Bank Treasury in 2008.

Leanne specialises in structured finance and derivatives with a particular focus on repackagings and credit-linked products. She has acted for investors and originators across multiple jurisdictions, advising on a wide range of repackagings and structured notes linked to a variety of asset classes, including loans, commodities and funds, as well as advising on many innovative and bespoke synthetic risk transfer structures.

More recently, Leanne has been focussing on sustainable products, especially carbon, and credit-linked products, particularly synthetic securitisations and risk transfer transactions in all formats. She has a special interest in sustainable finance and its impact on capital relief transactions and securitised products more widely.

Leanne has been engaged in a number of innovative initiatives, including holding the pen on the market documentation for the trading of verified carbon credits (VCC) for the International Swaps and Derivatives Association (ISDA), advising ISDA on sustainability-linked derivatives, establishing market leading carbon-linked SPV note issuance platforms and advising on bespoke carbon structured finance products.

Based in the firm’s London office, Leanne has also been seconded at different times to the firm’s Dubai and Abu Dhabi offices.

Mr. Kruzel is a senior vice president based in the New York office and a member of the capital markets team in PIMCO’s alternatives business management group. He focuses on originating investment opportunities and building relationships with PIMCO’s bank counterparties. Prior to joining PIMCO in 2022, Mr. Kruzel led the Americas bank solutions business at Citi, where he was responsible for the origination and structuring of bank capital transactions in the U.S., Canada, and Latin America. He also held roles in loan portfolio management in New York and franchise governance at Banamex in Mexico City. He has 10 years of investment experience and holds a master’s degree in international relations from American University, where he also earned two undergraduate degrees.

Ms. Whitehouse is a Managing Director and founding member of Newmarket. She is also the Lead Portfolio Manager for IIFC IV, having served in the same capacity for IIFC III. Her primary responsibilities are the origination, structuring, and management of investments. Prior to founding Newmarket, Ms. Whitehouse served as a Director at Mariner Investment Group, where she also led the origination and structuring for multiple credit risk sharing investments. Ms. Whitehouse is a frequent speaker at various industry conferences. Prior to joining Mariner, Ms. Whitehouse served as an Analyst at Cohen & Company and completed the White House Internship Program. In 2019, Private Debt Investor named Ms. Whitehouse one of its “Rising Stars.” Ms. Whitehouse earned her BA in Political Science with Honors from Yale University and her Masters of Liberal Arts with a focus in Sustainable Development from the University of Pennsylvania. Building on her professional experience, her master’s thesis explored capital management practices at multilateral development banks.

Nimesh Verma is Head of Origination for the Credit Risk Sharing (CRS) strategy at Man, focusing on bank relationships. Prior to joining Man Group in 2024, Nimesh worked for 17 years in the Bank Advisory Team at BNP Paribas Corporate and Investment Bank, advising banks on strategic balance sheet management issues, including capital efficiency, Basel regulations, value management, CPM and risk transfer. Nimesh previously worked as a banking industry management consultant at Oliver Wyman.​ Nimesh holds a MEng in Manufacturing Engineering from Cambridge University

Pablo Sinausía joined Bank of Spain after finishing his degree on Business Administration, working as Head of Data Management in the Regulation Department and as Senior Economist in the Research Department. Afterwards, he worked as CEO of several companies dealing with mortgage financing until he re-joined Bank of Spain as Senior Economist in the Regulation Department in 2010, being the Bank of Spain's representative in several working groups at the Basel Committee, the EBA, the European Council and the ECB until 2017. 

In 2017, he joined the EBA as Policy Expert, leading the work on several technical standards and guidelines that implemented the Securitisation Regulation, the CRR and the EU Capital Markets Recovery Package.

Finally, he recently joined the ECB as Securitisation Team Lead in the D.G. Horizontal Line Supervision.

Parya is a member of the Board and Chair of the Audit Committee.

She has over 20 years’ experience advising clients on a wide range of complex and highly structured trades with a particular emphasis on significant risk transfer products, bespoke funding trades and structured credit. She has extensive experience advising on contentious close-outs, redemptions and restructurings including during periods of financial distress, the Covid pandemic and various sovereign crises. 

She advises on insurance-capital markets cross-over structures including regulatory capital driven transactions and longevity derivatives. Parya has significant experience advising banks and sponsors on the hedging aspects of financings (project, acquisition, real estate and leveraged finance), securitisations and CLOs, including deal contingent hedging, restructuring of large hedging portfolios and the repackaging of inflation-linked cashflows. As part of her credit derivatives practice, she has advised the ISDA EMEA Credit Derivatives Determinations Committee on various matters over the years. Parya also advises on bespoke collateral arrangements with expertise on financial collateral arrangements.

He specializes in synthetic securitization, credit derivatives and OTC hedging products.

Robert has been the lead adviser on a number of the most complex and innovative significant risk transfer deals in the European market, combining cutting-edge regulatory insight with a practical approach to problem-solving. He has also advised leading US asset managers on their entry into the credit risk transfer space.

Robert is a regular speaker at industry conferences and has contributed to a number of responses to regulatory consultations, including for AFME and IACPM.

Ruairi Neville is Head of European Origination, International Mortgage Division, for Arch Insurance (EU) dac, a position he has held since 2022.  He joined Arch in 2016 as Senior Underwriter and, in 2019, assumed the role of Chief Underwriting Officer. Prior to joining Arch, Ruairi held the roles of executive director and board member at the Royal Bank of Scotland Finance (Ireland). He has a bachelor’s degree in Economics and Sociology from the University of Cork and a master’s degree in Finance from Dublin City University.

Sagi Tamir concentrates his practice in the areas of structured finance and derivatives. Sagi is experienced in representing asset managers, initial purchasers, placement agents and issuers in a variety of securitization and other structured finance transactions. He has represented clients in numerous cash and synthetic collateralized bond, loan, fund and debt obligations transactions. Sagi also has extensive experience in workouts of CDO and CLO transactions. In the derivatives area, Sagi is working with credit default swaps and other derivative transactions.

Sagi is an Adjunct Professor of Law at New York University School of Law where he teaches a course titled “The Law of Securitization.”

Terry Lanson is a Managing Director at Seer Capital Management. He is responsible for the management of Seer’s investments in bank regulatory capital relief transactions, as well as other European investments. Seer has been an active investor in reg cap transactions across asset classes and jurisdictions since 2008. Mr Lanson joined Seer shortly after its inception in 2008 from Citigroup in London, where he spent two years. He spent the previous 9 years at Deutsche Bank in New York and London, where he was part of the team responsible for Deutsche’s market-leading balance sheet securitization/reg cap program. He worked on transactions including Haus, Core, Cast, Craft, Gate, and London Wall for Deutsche, as well as the first Start deal for Standard Chartered. He also structured and executed some of the first securitizations in the European markets for auto loans, trade receivables, and Pan-European corporate bonds. Mr Lanson holds an undergraduate degree from Harvard College.

Thea Gausel is a Partner in Clifford Chance’s Derivatives and Structured Products group in London, with particular focus on credit products, including synthetic securitizations, CDS, credit linked loans, financial guarantees, repos and other regulatory risk transfer transactions and structured products. Thea acts for a wide variety of clients in connection with such products and the related regulatory analysis, including banks, asset managers, pension funds and insurers.

Tom is a Senior Underwriter in the Financial Risk Solutions team at Liberty Specialty Markets, which he joined over 8 years ago. Tom specialises in providing structured credit portfolio solutions, including SRTs, to financial institutions and public agencies. Tom has structured and closed multiple transactions for a variety of clients across several different asset classes and jurisdictions. The transactions are often innovative in nature and are put together to meet specific and strategic client needs; the requirements vary but often include capital relief and/or exposure management. Tom graduated with a degree in Economics and Business Management.

Vincent Charles-Gervais started working in structured and alternative credit in 2003. He started his career first as a structurer for AXA IM and then as VP for Lehman Brothers in London.

In 2008, he moved to the portfolio management side as senior analyst co-heading Zais Group corporate platform research and in 2014 as an asset backed portfolio manager for ICG Alternative Credit. Since 2018, Vincent is a senior portfolio manager for M&G non-investment grade structured credit funds.

Vincent holds a masters degree from french "grandes écoles" ENS de Cachan and ENSAE, and a postgraduate degree from Paris VI University in Probability applied to Finance.

Frank is Portfolio Manager for the Cheyne risk transfer strategy, focusing on transaction origination, assessment and portfolio construction activities. Prior to joining Cheyne, Frank served as Managing Director and head of Capital and Structured Funding Solutions at Barclays International which he joined in 2006.

Notably, under his leadership, Barclays established the Colonnade SRT programme, which became an industry-leading issuance platform. Frank advised numerous banks on SRT solutions, served as board member of the AFME Securitisation Group and represented the industry on all SRT matters with regulatory bodies such as the PRA, EBA and Fed.

Frank holds a Master Degree from Ecole Centrale, with a year of specialisation in both Applied Mathematics for Finance and Entrepreneurship, and a postgraduate degree from La Sorbonne University in Financial and Economical Mathematics.

Georgi Stoev is heading the team that structures and invests in central and northern European securitisation transactions. Apart from being responsible for EIF investments in funded and synthetic structures, his team is also advising the European Investment Bank for investments in securitization exposures in CEE, the Nordics, etc.
Georgi has been with the European Investment Fund since 2009 and over the last 12 months together with his team, he has been responsible for over EUR 2.6 billion of new in SME securitizations the majority of which have been executed in a synthetic manner. Georgi is an alumnus of the London Business School and holds an MBA from the Chinese University of Hong Kong.

Kaelyn is a Partner and Portfolio Manager for ArrowMark Partners. A core member of the ArrowMark team since the firm’s inception, Kaelyn leads ArrowMark’s fixed income efforts in securitized products and has spearheaded the regulatory capital relief strategy since 2010. Kaelyn was also the lead analyst for the firm’s participation in the Term Asset-Backed Securities Loan Facility (“TALF”) program. Prior to joining ArrowMark Partners in 2008, she was an analyst at Janus Capital Group where her areas of focus included residential and commercial mortgage-backed securities, asset-backed securities, and interest rates (2004-2008). Previously, Kaelyn worked at Great-West Life where she was Assistant Portfolio Manager of $5.5 billion in separate account, general account and total return assets with a focus on high quality fixed income securities (1998-2004). Kaelyn graduated from Illinois State University with a bachelor’s degree in Economics and earned an MBA from Indiana University.

Kaikobad Kakalia is the CIO of Chorus Capital. Chorus Capital is a specialist asset manager investing in performing loan portfolios through risk sharing transactions with financial institutions operating in Europe. Kaikobad joined Chorus Capital at the beginning of 2014, from the Royal Bank of Scotland Plc where most recently he worked as a Managing Director in the Financial Institutions Group. Prior to that, from 2006 to 2012, Kaikobad managed the Treasury Structured Solutions team which originated, structured and executed more than 24 risk transfer transactions on behalf of ABN AMRO and RBS. Kaikobad has over 25 years of financial markets experience, having worked in London, New York and Hong Kong, in a variety of areas including sales, structured finance, CPM, Treasury and most recently Financial Institutions. He was one of the founding members of ABN AMRO’s Portfolio Management Group in 2001, and RBS’ Investment Bank Treasury in 2008.

Ms. Whitehouse is a Managing Director and founding member of Newmarket. She is also the Lead Portfolio Manager for IIFC IV, having served in the same capacity for IIFC III. Her primary responsibilities are the origination, structuring, and management of investments. Prior to founding Newmarket, Ms. Whitehouse served as a Director at Mariner Investment Group, where she also led the origination and structuring for multiple credit risk sharing investments. Ms. Whitehouse is a frequent speaker at various industry conferences. Prior to joining Mariner, Ms. Whitehouse served as an Analyst at Cohen & Company and completed the White House Internship Program. In 2019, Private Debt Investor named Ms. Whitehouse one of its “Rising Stars.” Ms. Whitehouse earned her BA in Political Science with Honors from Yale University and her Masters of Liberal Arts with a focus in Sustainable Development from the University of Pennsylvania. Building on her professional experience, her master’s thesis explored capital management practices at multilateral development banks.

Parya is a member of the Board and Chair of the Audit Committee.

She has over 20 years’ experience advising clients on a wide range of complex and highly structured trades with a particular emphasis on significant risk transfer products, bespoke funding trades and structured credit. She has extensive experience advising on contentious close-outs, redemptions and restructurings including during periods of financial distress, the Covid pandemic and various sovereign crises. 

She advises on insurance-capital markets cross-over structures including regulatory capital driven transactions and longevity derivatives. Parya has significant experience advising banks and sponsors on the hedging aspects of financings (project, acquisition, real estate and leveraged finance), securitisations and CLOs, including deal contingent hedging, restructuring of large hedging portfolios and the repackaging of inflation-linked cashflows. As part of her credit derivatives practice, she has advised the ISDA EMEA Credit Derivatives Determinations Committee on various matters over the years. Parya also advises on bespoke collateral arrangements with expertise on financial collateral arrangements. 

Pascale joined SG early 2019 and is today in charge of developing regulatory capital optimization & de-risking solutions for FIs. In 2019, she executed two CRT trades for approximately 7 bn€ securitized portfolio.

nPrior to joining SG, she worked 12 years at CACIB, firstly within the Securitization team and then within the CPM team where she was responsible for the structuring and management of regcap and secured funding deals for own account ; she built there a solid track record of synthetic securitizations deals and bespoke risk transfer transactions: 14bn€ securitized portfolio since 2014, covering a wide range of asset classes (incl. corporate assets, trade finance & emerging assets, Project/asset finance, capital calls) under Notes format and bilateral financial guarantee ; with some recent landmark transactions: first Green Capital Notes backed by a $ 3bn of Structured Finance portfolio (2017); synthetic securitization of a 3bn€ corporate assets portfolio with EIB Group within Juncker Plan (2017) ; synthetic securitization of a 2bn$ trade finance & emerging assets portfolio with IFC with reallocation on Social Emerging assets (2018).

Pascale graduated from the Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE, Paris)

Mr. Bradbury focuses on structuring and executing bespoke credit transactions for banks, financial institutions and corporates to address and improve risk, return, regulatory or other performance metrics. This includes secured and unsecured funding and cash and synthetic risk transfer transactions, often with illiquid or unusual assets, using securitization and other techniques.

Mr. Bradbury has worked with financial and non-financial clients in Europe, the U.S., Africa and Asia, structuring cash and synthetic risk transfer transactions for banks across evolving regulatory frameworks in excess of €100 billion. He advises investors in the risk transfer space, including one of the first insurers in the modern risk transfer market. He has also advised on regulatory ratio optimization transactions unrelated to RWAs and risk transfer, including LCR, NSFR, provisioning and NPL ratios and leverage ratio.

Mr. Bradbury has worked on complex credit transactions, including cash securitisations that were the first of their kind; receivables and inventory-backed ABL facilities; platform and non-bank lender warehousing facilities; securitisations involving future flows, DPRs, receivables and NPLs; repo of unrated retained asset backed securities (ABS); contract monetizations; and ECA financing transactions.

Prior to joining A&M, Mr. Bradbury worked with StormHarbour as Head of Structuring and Advisory and was responsible for all credit structuring globally. Prior to that, he worked with Societe Generale in financial institutions advisory and with Barclays Capital in portfolio management structured execution.

Mr. Bradbury earned a master’s degree in physics from Oxford University. A CFA® Charterholder, he frequently serves as a speaker at risk transfer and ABS events.