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Managing Director Fixed Income

Sparta, NJ
April 16, 2024

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Jake Kaercher 973-***-**** Sparta, NJ SUMMARY

Seasoned financial executive with 26 years of experience, including prior roles as Managing Director in CMBS trading and product development. Expert in establishing profitable trading desks, expanding trading capabilities, and developing innovative financial products. Seeking Managing Director position to leverage extensive background in agency CMBS, structured products, and capital markets. WORK EXPERIENCE


Head of Agency CMBS Trading Jun 2021 - Nov 2023

• Established a successful Agency CMBS trading operation, resulting in profitable relationships with international counterparties.

• Facilitated approval for forward settlement product trades by providing essential education to the Tokyo-based global risk office.

• Expanded trading capabilities by securing Fannie Mae Agency Lender counterparty status and achieving selling group status for Freddie Mac Multifamily syndications, while managing a secondary trading book with a market value limit of $750 million.


Managing Director- Head of ACMBS Trading Nov 2019 - Jun 2021

• Enhanced trading desk profitability by tripling returns through strategic expansion into Agency CMBS products.

• Secured selling group status on new issue syndicate deals, partnering with prominent government-backed entities for multifamily securities transactions.

• Fostered collaborative growth by educating the Public Finance Group on Low-Income Housing Tax Credit structures, facilitating the development of a multifamily tax-exempt origination business. STIFEL NICOLAUS & COMPANY, INC. New York, NY

Managing Director- Head of CMBS Trading Sep 2011 - Jun 2019

• Managed a profitable Commercial Mortgage-Backed Securities (CMBS) trading desk, optimizing alignment with the salesforce's middle-market client base through an Agency CMBS focus.

• Fostered robust new-issue market relationships, enhancing collaboration with Fannie Mae and Freddie Mac's Capital Markets and Affordable Housing divisions.

• Pioneered innovative Tax-Exempt Low-Income Multifamily Space securities (M-TEMS & TEL-PC), successfully marketing and selling over $2 billion in exclusive arrangements.

• Secured the position of leading co-manager for Freddie Mac's Small Balance Multifamily FRESB deals, expanding the client base by over 120 new accounts and participating in 42 FRESB and 3 Tax Exempt FRETE transactions. BTIG, LLC. New York, NY

Managing Director Structured Products Trading Jul 2009 - Sep 2011

• Pioneered the integration of structured products into the corporate sales strategy, successfully facilitating the transition of hedge funds into distressed CMBS credits through comprehensive education and strategic trade execution.

• Developed and executed a capital raising initiative for a sustainable manufacturing project, culminating in the successful structuring and raising of $100 million in equity for a Medium Density Fiberboard plant utilizing agricultural waste.


Director CMBS Trading – Global Markets & Investment Banking 2001 - 2009

• Directed the trading of GNMA and FHA multifamily mortgages, including loan acquisition, REMIC structuring, and risk management, culminating in the issuance of securities valued at over $1 billion.

• Innovated a REMIC structure incorporating construction loans, enhancing balance sheet efficiency and elevating deal profitability by 60%, while coordinating with legal teams to ensure accurate risk representation.

• Formulated a strategic plan for the acquisition of defaulted HUD multifamily loans and actively engaged in MHLS auctions to secure assets.

• Managed the CMBS secondary trading portfolio, specializing in mezzanine, interest-only, and non-investment grade securities, and led the syndication process for pricing and hedging of CMBS securitizations, including conducting investor presentations during national roadshows. PRUDENTIAL SECURITIES New York, NY

Vice President CMBS Trading – Taxable Fixed Income Group 1997 - 2000

• Executed trades for secondary commercial mortgage-backed securities (CMBS), including securitizations of small business and franchise loans, as well as agency multifamily securities such as FNMA DUS, GNMA Projects, and FNMA Aces.

• Formulated and executed hedging strategies for CMBS conduit origination programs, resulting in a substantial increase in CMBS issuance and the realization of significant profits from secondary trading activities. EDUCATION


BA, Liberal Arts



Fixed Income Structured Finance • Trading • Commercial Real Estate Mortgage Backed Products • Agency CMBS • Fnma Dus • FNA ACEs • Freddie-Ks • Fresb • GNMA Project Loans • SBA Deals and Pools • Tax Exempt M-Tems • Non-Agency CMBS • Franchise Loan ABS • CRE Whole Loans • Mezzanine • B-Notes • Real Estate Underwriting • Credit Analysis • Analytical Skills • Structuring • Entrepreneurship LICENSES


• Series 7, 24, 63

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