Twenty years pricing risk on trading floors — where the questions the research now asks were being answered every hour of every trading day.
Rates, macro, cross-asset, and market structure — twenty years in the middle of the mechanics that make modern capital markets work. The expansion of leveraged players pricing relative value in the UST basis trade; the plumbing of the financial system and the repo markets that underpin it; the pricing of risk (building proprietary curves and pricers when the platforms couldn't); and the multi-decade expansion of sovereign balance sheets, with the accompanying derivatisation of products and asset classes.
Selected mandates and franchises across the career: launching the Barclays ETF platform in Latin America; work around India's inclusion in emerging-market indices (Rajan); local capital-market deepening in Slovakia; qualified-purchaser and interest-rate-product structuring; tail-risk hedging and risk-premium work for a large central bank; capital-markets education programmes in Indonesia; pricing the Lehman collateral packages during the crisis; opening representative offices for SAFE in London and the SNB in Singapore; benchmark US Treasury coverage; the BNY Mellon transition desk mandate; and PIMCO coverage.
Corporate valuation, origination, balance-sheet analysis and balance-sheet repair. A Singapore fund raising a $100M anchor investment from Asian and European ultra-high-net-worth families; >20 off-market deals originated; four companies acquired with >EUR 20M in equity checks deployed; board seats at two portfolio companies; the first acquisition exited via management buy-out at >40% IRR.
Coverage across the emergence of centralised and decentralised alternatives (CeFi and DeFi), with trade-association work building bridges between innovation and regulation. Focus on payment wallets, rails, and the underlying infrastructure.