Vice President Pricing & Valuation

Heather Reece Tucker, CFA

Adams, TN 815-***-**** *******.**********@*****.***

linkedin.com/in/heatherreecetucker

Investment Manager

Detail-oriented financial professional, leading a global team of 18 professionals, performing daily pricing of over 220,000 securities utilizing pricing vendors as well as fair valuation methodologies. Prior experience included fundamental valuation analysis of illiquid investments utilizing discounted cash flow and contingent claims analysis to establish enterprise value. Previous roles also incorporated credit analysis and rating of bonds and equities for portfolios comprised of higher education, water, sewer, county, transportation, hospitals, not-for-profit municipal bonds, and pharmaceutical and biotechnology equity offerings. Research and review credit, economic trends, and trading strategies to present rating recommendations for comprehensive issuer analysis to determine acceptable yield based on risk, writing and publishing associated press releases. Managed multiple clients. Trained and mentored team members.

Professional Experience

ALLIANCE BERNSTEIN, Nashville, TN October 2022 - Present

Vice President, Pricing & Valuations Manager

●Presented quarterly SEC 2a-5 reporting to the U.S. and Luxembourg fund boards comprising the majority of AB-directed fund holdings.

●Compiled and validated data reflecting total fund risk scores, Topic 820 liquidity levels, pricing source challenges, pricing methodology changes and overrides, and investment instruments by pricing source. Analyzed and explained the quarter over quarter movement in the above values.

●Managed teams in Nashville,, Pune, India and Mumbai, India in the daily pricing of all securities held at AB as well as day over day challenges submitted to pricing vendors for movement in excess of 5%.

●Presented the daily valuation committee meetings for the assignment of fair valued securities and associated minutes for audit tracking.

KROLL, Nashville, TN March 2022 – October 2022

Senior Associate, Portfolio Valuation

●Performed fundamental valuations analysis of batch loans, estimated fair value range of term loans, and participated in investor calls.

●Rolled forward quarterly reporting for over 75 investments, worked with deal team to update document with latest marks based on revenue and EBITDA multiples. Reviewed analysts' work for accuracy before presenting to client.

●Assisted management of analyst team to review and update 89 batch loans on a quarterly basis, concluding investment value at quarter end and explaining change in value based on market movement, fundamental company value and swap rate changes.

●Created new hire document, providing links to training and local office resource sites.

FITCH RATINGS, Chicago, IL Feb 2019 – March 2022

Higher Education & Not-for-Profits Associate Director

Performed forward-looking ratings credit analysis for surveillance and new issue assessment on portfolio of higher education and not-for-profit issuers. Assessed exposure to ESG factors which would have a ratings impact (unstable governance, material exposure to climate risk, labor issues). Utilized forward-looking portfolio tool to adjust expectations for available funds growth and its associated impact on leverage.

-Contributed to Under Criteria Observation list. Performed scenario analysis of entire sector portfolio. Updated issuer records prior to implementation of new criteria.

-Authored comparative analysis of 3 main rating agencies’ criteria and rating methodology for higher education sector.

Interviewed and mentored associate analyst and 2 cohorts of CreditPath (return-to-work program) participants; served as mentor for Women in Public Finance.

Trained the group on utilization of the Analytical File Share system (in lieu of network document sharing) to facilitate cross-group sharing of committee documentation.

Passed Credit 360 exam, demonstrating knowledge and understanding of revenue defensibility, operating risk and financial profiles of multiple sectors across the Tax-Supported and the Revenue-Supported U.S. Public Finance sectors.

Presented an issuer report from outside my sector, utilizing only publicly available information, demonstrating an in-depth understanding of economic and environmental impacts on that issuer.

Expedited editorial process by identifying errors in presentations prior to committee presentation and publication of firm’s conclusions, thereby ensuring legal compliance with 24-hour rule.

Served as lead analyst on multi-notch rating changes reported in The Bond Buyer.

Member (Higher Education) second cohort of CreditPath Program

JOHN NUVEEN & COMPANY, Chicago, IL Jul 1995 – Mar 2000

Assistant Vice President Fixed Income

Conducted fundamental credit analysis of higher education portfolio (>300 issuers), reviewing past and present financials to find economic trends to update or establish internal ratings. Reviewed credit of new bond issues for portfolio, money market and unit investment trust (UIT) managers. Created statement of credit quality to determine investment grade vs. high yield bonds.

Researched and conducted credit reviews and surveillance of water, sewer, transportation, healthcare, and county bonds.

Investigated county bonds for potential determination of taxability and collaborated with legal team to establish firm’s exposure.

Contributed to Munifacts publication, a key input for decision making by municipal bond and UIT traders.

Analyzed pharmaceutical sector and researched biotechnology companies to author monthly sector write-ups and stock updates for pharmaceutical holdings. Assisted portfolio managers in selecting appropriate risk bonds for new portfolios.

Prior role with John Nuveen & Company: Senior Fixed Income Analyst

Prior to MBA at Duke University: The Northern Trust Company – Reporting Analyst with Foundations & Endowments Group

Education & Credentials

DUKE UNIVERSITY, Fuqua School of Business, Durham, NC

Master of Business Administration (MBA) – Finance (Accounting concentration)

DEPAUW UNIVERSITY, Greencastle, IN

Bachelor of Arts (BA) - Economics (Mathematics Minor), Management Fellows Program

Chartered Financial Analyst, 1999- present (Charter number 33467)

Professional Affiliations

CFA Chicago Society, 2018 – Feb. 2022

CFA Nashville Society, Feb. 2022 - present

100 Women in Finance 2020 – Feb. 2022

National Federation of Municipal Analysts 2019 – Feb. 2022

CFA Institute 1999 - present

Community Involvement

Rock the Street Wall Street (STEM Prep Academy, Nashville) Spring & Fall 2023 & Spring 2024

Operation Homefront Backpack Brigade - Fall 2023 & 2024

Shelter Greeter/Cat Care: Purrfect Cat Rescue, Crystal Lake, IL 2019 – 2022

Technical Skills

Microsoft Office (Excel, Word, PowerPoint, Outlook, Teams), Bloomberg, Zoom, WebEx

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