YOURIY G. KOUDINOV, CFA

**** ********** **, *********, ** 28277

Phone: 704-***-**** E-Mail: abod5v@r.postjobfree.com

SUMMARY 11+ years of investments, portfolio management, capital

markets, and banking experience. Broad knowledge of Fixed

Income products including Investment Grade and High Yield

corporates, Agency and Non-Agency RMBS, Whole Loans, Esoteric

ABS & Insurance Linked notes, CMBS, Consumer ABS, currencies,

swaps, CDOs. Strong expertise in identifying relative value

opportunities across Structured Products and in fundamental

Corporate Credit analysis. Strong expertise in analyzing deal

structures, legal documents, origination, servicing, and loss

mitigation practices across structured products. Extensive

network of contacts in origination, securitization, rating

agencies, and broker-dealer community. 5+ years of trading

experience in RMBS and Corporate Credit.

Working familiarity with VB Script, C++, SQL and other

programming applications. Proficient in design, testing,

understanding biases and exploitable imperfections of various

mortgage and CAT/ILS default and prepay models.

EDUCATION THE WHARTON SCHOOL, UNIVERSITY OF PENNSYLVANIA

MBA, Majors: Finance and Accounting 2001

TECHNICAL UNIVERSITY OF RIGA, Latvia

BS, Major: Computer Science with focus on Applied Mathematics

1993

EXPERIENCE

TEACHERS INSURANCE AND ANNUITIES ASSOCIATION (TIAA-CREF)

Director of Fixed Income Research - Structured Products 02/05 -

12/12 Charlotte, NC

Key accomplishments - Investments:

Co-founded TIAA Credit Opportunity RMBS fund, $1B absolute return vehicle

for proprietary trading and investment in distressed RMBS assets (TGPI RMBS

Fund). Unlevered long only fund generated total return of -3.5% in 2008,

+25% 2009, +15% 2010, +1.0% 2011, +32% 2012. Cumulative return of +92%, and

annualized return +17.8% in 2009-2012. Individual sector P&L returns are

consistent with fund returns.

Co-led development of the TIAA investment strategy in the low interest

rates environment in close collaboration with senior management, portfolio

management, research, risk management, accounting and actuaries. Presented

strategic and tactical recommendations to the senior management including

CIO and COO of TIAA.

New product development: actively participated in idea development and

securing senior management, and Risk Management approval to launch

proprietary $300MM+ Insurance Linked Notes and CLO fund.

Was instrumental in making strategic decision to sell vast majority of the

credit challenged portions in the subprime, MH, and 2nd liens sectors in H2

2006 ahead of the RMBS market meltdown.

In collaboration with TIAA Bank developed and implemented mortgage whole

loans investment strategy, Evaluated all technical and operational aspects

of various mortgage origination platforms, collateral analytics vendors,

risk managers, due diligence providers, servicers and special servicers.

Key accomplishments - Risk Management:

Designed and managed successful development of the proprietary non-agency

RMBS default model to be used for investment, surveillance, and Risk

Management. The model incorporated unique servicer specific modeling

approach to generate monthly forward-looking cash flow projections for $15B

portfolio.

In close collaboration with Risk Management designed and managed

development of Early Warnings framework for structured products to identify

holdings with weakening risk profile due to credit risk, price volatility

risk, potential accounting impairment, and increase in risk based capital

allocation.

Identified investment opportunity in Esoteric ABS, actively participated in

idea development and securing senior management, and Risk Management

approval to launch proprietary $300MM+ Insurance Linked Notes (Catastrophe

Bonds) and CLO fund

Key responsibilities:

Senior Analyst and co-head of Structured research: act as a player - coach

overseeing research idea generation and investment process across Agency

and Non Agency RMBS, CMBS, Consumer and Esoteric ABS (ILS/CAT), and CLO(s)

for Insurance, Total Return, and Opportunity Funds portfolios. In-depth

understand investment process for each of the structured asset classes,

evaluate and improve investment, Risk Management and structuring & reverse

engineering activities in each of the RMBS, ABS, Esoteric ABS, CMBS, and

CLO sectors. Work with research analyst and portfolio managers to develop

cross sector relative value investment ideas for $75B+ portfolio of

structured securities.

Research sector focus: develop trade ideas, develop bid and offer levels,

perform rich & cheap analysis across the curve in Non Agency RMBS CMOs

(Prime, Alt-A, Alt-B, Subprime, Option ARMs, 2nd liens), RMBS derivatives

(8 years), and agency (all FN, FH, GN, FNW collateral including re-

performing) CMOs (5 years) for $45B+ portfolio of the numerous internal and

3rd party accounts, including insurance ALM accounts, mutual funds, ABS

CDOs, and $1B actively managed internal credit RMBS opportunity fund.

Present investment ideas to portfolio managers and follow through on trade

execution. Identify arbitrage opportunities using Yield Book, Bond Studio,

e-MBS, LOCUS, and other dealers' proprietary mortgage prepayment & credit

models.

Manage sector $200mm-$5B+ investment sleeves within defined duration and

sector allocation parameters. Perform due diligence on origination and

servicing platforms. Evaluate Whole Loan 1st lien and HELOC packages,

review appraisals, loans and covenants.

Evaluate impact of the various legal, legislative, regulatory, accounting

and risk management initiatives on relative value of the non-agency RMBS

and other structured products.

Other Responsibilities at TIAA-CREF:

Research Analyst - Corporate Credit 09/03 - 02/05 New

York, NY

Investment Analyst - Trader - Junior Portfolio Manager in International

Fixed Income (group's portfolio included "yankee", euro- and sterling

portfolios covering credits based in E.U., Japan, Australia, and

Singapore). Sector coverage included $1B portfolio of 50 Investment Grade

and High Yield public and private credits in Automotive, Transportation,

Airspace & Defense, and Telecommunications sectors. Portfolio included $,

E,, and denominated debt and corresponding dollar swaps.

ACCESS INDUSTRIES

Research Analyst - Corporate Credit and Distressed Debt 07/02 - 08/03

New York, NY

Evaluated investments in corporate credit, distressed debt and equities in

the Emerging Markets Oil and Gas, Telecommunications, Media and Publishing

sectors and in U.S. Energy, Auto Supplier and Technology sectors.

CREDIT SUISSE FIRST BOSTON

Investment Banking - Leveraged Finance 07/01 to

04/02 New York, NY

Focused on Leveraged Finance coverage for Metals & Mining, Transportation

and Homebuilding sectors.

Provide strategic and financial advice to large-cap ($1.0B+) industrial

companies.

MANHATTAN CONSULTING GROUP

Senior Consultant - Financial Services 12/96 to 05/99

New York, NY

Provided strategic technology consulting servicers that included strategy

design; financial analysis; technology development and implementation

services for various trading floor technology platforms. Commenced and

successfully completed numerous projects with total value of $150 million

for CSFB, SBC Warburg, JP Morgan and others.

BANKERS TRUST 6/94 to 12/95 New York, NY

FIDELITY INVESTMENTS 06/93 to 06/94 New York, NY

Business Analyst

Supported trading floor systems with all business technology solutions

ADDITIONAL INFORMATION

U.S. Citizen. Personal interests include soccer, karate and travel.

Contact this candidate