The London School of Economics and Political Science (LSE)

Indiana University Bloomington

Director at Systima Capital Management

Forum Investment Group

Senior Director, Portfolio Manager

Director, Associate Portfolio Manager

• Served on firmwide Investment Committee and Valuation Committee; firm manages separate accounts and fund vehicles in structured credit, high-yield mortgage strategy and provides advisory services in niche commercial mortgage space, primarily focused on mortgages backed by U.S. affordable multifamily housing
• Led capital markets-related investment activities including trading, structuring, valuations, hedging, and managed relationships with broker dealers and bond underwriters
• Negotiated and closed inaugural Structured Credit Risk (“SCR”) transaction with Freddie Mac, first multifamily credit risk transfer transaction in which Freddie Mac sold first-loss credit risk on mortgages backed by affordable multifamily housing; successfully purchased two additional SCR Notes from Freddie Mac
• Completed three securitizations and retained first-loss “B-Piece” tranches through Freddie Mac’s Tax-Exempt Bond Securitization (“TEBS”) and Q-Series programs where Freddie Mac securitized and guaranteed senior “A” tranches which were sold to institutional investors
• Pitched firm’s complex investment strategy to several institutional investors including family offices and pension funds, and redesigned investment strategy marketing materials
• Negotiated with financing providers involving structures such as total return swaps (“TRS”), repurchase agreements (“repo”), and term A/B trusts to provide leverage on tax-exempt mortgage revenue bonds and mortgage loans
• Advised large non-profit developer on establishing the institution’s first unsecured credit facility and generated analysis and presentation for their Board of Directors to obtain approval 
• Developed deep credit expertise and familiarity with different housing subsidy programs including Section 8 and LIHTC after underwriting over $2bn in affordable multifamily mortgages and conducting several site visits and preparing credit memoranda

Systima Capital Management

Director, Capital Markets & Trading

CMBS Securitization Group

• Helped build and grow non-agency CMBS lending platform at firm with large agency multifamily lending operation
• Interacted with financing and securitization partners regularly in origination and quoting loans, assist in underwriting new loans
• Educated internal stakeholders on differences in structure and process between non-agency and agency CMBS securitization

Greystone

Associate

Commercial Mortgage Backed Securities (CMBS) Trading

• Managed firm’s inventory of and made markets in CMBS, specifically focused on agency-guaranteed CMBS (Freddie Mac K Series, Fannie Mae DUS, Ginnie Mae Project Loans) and legacy senior and investment-grade new issue private label CMBS 
• Regularly traded these books and executed large volumes in hedging transactions in Treasuries, interest rate swaps, agency passthroughs, CMBX, and CDX credit indices
• Collaborated with sales force to develop CMBS trade ideas and relative value analysis and regularly pitched these to clients, including large money managers, hedge funds, insurance companies, regional broker dealers, and banks 
• Built advanced spreadsheets using Bloomberg add-ins and proprietary firm coding to improve risk analytics (i.e. calculating live changes in duration risk, comparing model expected loss assumptions versus underwriters’ expectations), automate daily runs, and improve bid list infrastructure to better store color from lists and more efficiently generate bids and price talk
• Enhanced daily reports by working closely with strategists and programmers to include more detailed breakout of cash versus synthetic risk and more specific depiction of interest rate risk across the curve to more precisely hedge spread and duration risk
• Structured agency CMBS deals on Bloomberg structuring tool and Intex Dealmaker; extensively used Trepp and Intex software
• Streamlined many routine trading desk tasks such as P&L reporting, external marking of CMBS bonds, and sending out inventory

Goldman Sachs

Pension, Endowment, Foundation Solutions

• Developed and marketed derivative strategies across equities, interest rates, commodities, and foreign exchange for pension funds, university endowments, and family foundations
• Regularly pitched ideas with senior salespeople to decision makers at clients including Chief Investment Officers and Portfolio Managers
• Executed several derivative transactions such as interest rate swaption collars, synthetic equity exposure, and equity put spread collars after running historical analyses on these strategies and discussing them with clients
• Built report sent to over 150 clients that tracked pricing of options-based tail-risk hedging strategies in equities, rates, commodities, and foreign exchange and monitored skew, implied volatility, and forward levels

Neil Shah