FIASI Officers:
President:
JESSICA G. BROUGHTON, Managing Director, is a financial services relationship manager with deep credit background, experienced in developing diverse growth strategies for clients against an ever evolving macro and regulatory landscape. She is currently a Managing Director in Financial Institutions Coverage (“FIC”) at BNP Paribas where she is responsible for managing some of the largest institutional clients, predominately within the bank sector. In her role, she provides banking industry expertise, develops and manages the C-Suite and strategic relationships of her client set, and delivers customized solutions in partnership with CIB product stakeholders (Sales & Trading, Debt Capital Markets, Leverage Finance, Corporate Finance, Clearing and Custody). Prior to joining FIC, Jessica was a credit analyst for close to 10 years, most recently at BNP Paribas focused on Latin American financial institutions and Sovereigns. Prior to BNPP, Jessica spent almost two years at RBS covering North American financial institutions (primarily banks and broker dealers). She started her career in finance at Bear Stearns as a credit analyst. Jessica graduated with honors from the University of Pennsylvania with a BA in Economics and Hispanic Studies. She currently resides in Manhattan with her husband and two young sons.
Vice-President:
ERIN LYONS is a seasoned professional with 25 years of experience in the credit markets, serves as Co-Head of CreditSights, where she drives the firm’s strategy leveraging her extensive background from notable firms such as Citigroup, JPMorgan, Deutsche Bank, and Brigadier Capital Management. Erin joined CreditSights a decade ago, initially covering the technology sector, and has since held roles including Investment Grade Credit Strategist and Global Head of Business Strategy. She has previously served as a fundamental analyst, strategist, and portfolio manager on both the buy-side and sell-side. Originally from Iowa, Erin earned her Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania. In addition to FIASI, she is a mentor for Girls Who Invest and American Corporate Partners, and guest lectures on fixed income markets at Boston College, Columbia University, and Cornell University. Erin is also a dedicated mother of three.
Treasurer:
ALINA GOLANT, CFA, is a senior fixed income strategist and is a specialist in high yield credit. Alina brings with her over twenty years of experience following and analyzing the high yield market. Alina specializes in the energy, utilities, energy transition, basics, and other industries and is well versed in bringing investment banking deals to market.
Currently, Alina works as a Senior Credit Analyst/Desk Strategist at SMBC. In her role, Alina provides trade ideas and recommendations to the high yield trading desk and clients and is helping build SMBC’s high yield effort in the U.S. Prior to her role at SMBC, Alina led high yield research for the UBS Chief Investment Office and worked in sell-side research at BNP Paribas, Barclays, and Scotiabank.
Alina is a CFA Charterholder since 2009 and is a member of the CFA Institute, New York Society of Security Analysts, and Fixed Income Analysts Society (FIASI). Alina is a board member and chairs FIASI’s membership committee and holds the Series 7 and 63 securities licenses. Alina graduated magna cum laude from New York University’s Stern School of Business, majoring in finance and honors economics and was the winner of the Jules B. Backman prize in economics. Outside of work, Alina is an avid skier and enjoys hiking, boating, traveling, and spending time outdoors with her family.
Secretary:
STEPHEN M. LIBERATORE, CFA, Senior Managing Director, Head of ESG/Impact, Global Fixed Income for Nuveen’s fixed income strategies that incorporate Environmental, Social and Governance (ESG) criteria and Impact investments. He is also a member of the Investment Committee.
Monica earned a BA in economics from Delhi University and an MBA with majors in finance and international business from Fordham University. She is a CFA® Charterholder and a member of the CFA Institute and CFA Society New York. Monica serves on the boards of The Fixed Income Analyst Society, Inc. and Streetwise Partners, a NY based non-profit organization focused on workforce development and on the advisory board of Luminary, a global networking platform empowering woman on their professional journey. She also serves as a Scout for Hearstlab that invests in early- stage, women-led startups.
Members-at-large:
MONICA AGGARWAL, CFA, is Team Head of Retail and Consumer in Fitch’s U.S. Corporate Ratings group. She is responsible for the sector team covering retail, consumer products, packaged foods, beverages, and restaurants. Prior to joining Fitch in September 2007, Monica spent almost ten years in equity research at Morgan Stanley, Merrill Lynch and Chapdelaine Institutional Equities covering various retail segments.
Monica earned a BA in economics from Delhi University and an MBA with majors in finance and international business from Fordham University. She is a CFA® Charterholder and a member of the CFA Institute and CFA Society New York. Monica serves on the boards of The Fixed Income Analyst Society, Inc. and Streetwise Partners, a NY based non-profit organization focused on workforce development and on the advisory board of Luminary, a global networking platform empowering woman on their professional journey. She also serves as a Scout for Hearstlab that invests in early- stage, women-led startups.
ALEXIS BANCROFT, CFA, is Managing Director and Head of Portfolio Management at ORIX Corporation USA with 21 years of experience in underwriting, assessment, and mitigation of credit risk in public and private markets spanning industry sectors. In her current role, Ms. Bancroft manages a multi-strategy team focusing on active credit risk management while improving the quality and processes around portfolio management for ORIX’s Private Credit, Real Estate and Private Equity portfolio. While her expertise is rooted in lending, Ms. Bancroft has experience in a range of asset types across the capital stack, including mezzanine & unitranche corporate credit, real estate, private equity, and structured credit, as well with various investment strategies. Prior to her position at ORIX, she spent 19 years at Barclays Investment Bank most recently as a Portfolio Manager for the Bank’s relationship loans. Also, while at Barclays, she served as a Credit Officer analyzing the risk profile of loans and derivatives within the energy sector. Ms. Bancroft graduated cum laude from Colby College with a B.A. in Economics and International Studies. Ms. Bancroft is a CFA® Charterholder and is a member of the CFA Institute and CFA Society of New York.
JOYCE CHANG is the Chair of Global Research for J.P. Morgan’s Commercial and Investment Bank, with 36 years of experience in Global Research. Her expertise spans Macro, Cross-Asset, Fixed Income, Emerging Markets, Geopolitical, and Strategic Research. She has held numerous leadership positions in research since joining JPMorgan in 1999, including Global Head of Research, Global Head of Fixed Income Research and Global Head of Emerging Markets Research. Joyce began her career as an Emerging Markets Strategist in 1989 and held top rankings in Institutional Investor surveys for Emerging Markets Research, earning 25 #1 individual rankings, and was inducted into the Fixed Income Analyst Society Hall of Fame in 2014. Before joining J.P. Morgan Chase in 1999, she was a Managing Director at Merrill Lynch and Salomon Brothers.
Joyce is the Executive Sponsor for J.P. Morgan Chase’s AsPIRE network for employees of Asian heritage and serves on the Executive Committee for the Commercial and Investment Bank’s Women’s Leadership Forum. She serves on the Board of Directors for the German Marshall Fund, Fixed Income Analyst Society, Asian American Business Development Center, and Trickle Up. Additionally, she serves on numerous Board of Visitors and External Advisory Councils for major universities, including Columbia, Princeton, Georgetown, and UC Berkeley. Joyce is a member of the Council on Foreign Relations, Inter-American Dialogue, Economic Club of New York and Committee of 100. She has been included in Barron’s 100 Most Influential Women in Finance and in American Banker’s Top 25 Most Powerful Women in Finance. Joyce holds an M.P.A. from Princeton and a B.A. from Columbia, where she received the John Jay Award for professional achievement.
WINIFRED CISAR, is the Global Head Strategy for CreditSights. With more than 10 years of experience in institutional research across the investment grade and leveraged finance markets, Winnie has emerged as one of the leading voices in corporate credit strategy on Wall Street. She is a frequent guest on CNBC, Bloomberg TV, BNN and Yahoo Finance. Winnie provides actionable strategies to institutional investors across the U.S., Europe and Asia, working with fundamental analysts to provide a holistic view of the corporate credit markets.
Prior to her current role at CreditSights, Winnie was the Head of Credit Strategy and a Managing Director at Wells Fargo. She also spent time in Energy and Power investment banking, high yield Health Care research and high yield trading before joining the Wells Fargo Credit Strategy team to build the leveraged finance strategy product. At Wells Fargo, Winnie served as a Co-Head of WomenGoFar, participated in the Women’s Leadership Program in 2016-2017 and was a Golden Spoke Recipient.
Winnie was selected as one of Charlotte Business Journal’s 40 Under 40 for 2020 and was one of 12 women invited to participate in Bloomberg’s New Voices Program in 2019.
Winnie graduated from Emory College with a B.A. in International Studies and completed her J.D. and M.B.A at the Emory School of Law and Goizueta Business School. Winnie holds FINRA Series 7, 24, 55 and 63 licenses and is a member of the North Carolina and Illinois Bar Associations.
MARK HOWARD, CFA, is a Senior Multi-Asset Specialist at BNP Paribas. His analysis and work with investors cuts across the global markets, with a particular emphasis on Fixed Income. Previously, Mark spent 5 years at Barclays Capital, where he was a Managing Director and held the roles of Co-Head of Global Research and Head of Credit Analysis. Prior to joining Barclays in April 2004, Mr. Howard was at Lehman Brothers for 18 years, where he was a Managing Director and Global Credit Strategist. In that capacity, he was responsible for the firm’s high grade, high yield, emerging market, and credit derivative strategy teams. As an active researcher, Mr. Howard has been recognized as a fixed income ‘All American’ by Institutional Investor magazine 11 times, including first place rankings in 7 of those years. Mr. Howard received his MBA in Finance from New York University and his bachelor’s degree in economics from Colby College. Mark formerly chaired the Board of the University College Friends and Alumni Association, is on the Boards of the Friends of IHES and the Maine Community Foundation. He was president of FIASI in the fiscal years 2011—2012 and 2014—2015.
DAVID KNUTSON, CFA, FRM, CMT, Global Head of Industry Outreach, S&P Global. David joined S&P from Schroders where he most recently worked as the Head of US Fixed Income Product Management after joining the firm as Head of Credit Research. Before moving to New York, he helped establish the US asset management business and led the research initiatives for global financials and emerging markets for Legal and General in Chicago. Prior to that David was responsible for financials research at Mason Street Advisors, the investment adviser to Northwestern Mutual. Previously he worked at UBS in risk management, debt capital markets and liability management (restructuring) and earlier started his career at Bank of America as a credit analyst and later as the research manager for Latin America. He is a Board member of the CFA Society of New York and a Board member of the Fixed Income Analyst Society (FIASI). Before leaving the buy side, David was a founder and Chair of the Credit Roundtable, a member of the Sustainability Accounting Standards Board’s Standards Advisory Group and participated on the advisory councils of several rating agencies. He earned the Chartered Financial Analyst, Financial Risk Manager and Chartered Market Technician designations and was a Rotary Scholar at the Universidad Argentina de la Empresa in Buenos Aires and also attended the University of Glasgow while earning a Master’s in Finance, Economics and Foreign Languages and a Bachelors in International Studies and Political Science with Minors in History and Foreign Languages from Iowa State University of Science and Technology.
PAWEL MOSAKOWSKI is an accomplished fixed income PM, trader and an expert risk manager. He spent over 20 years in the institutional fixed income business currently leading Summit Place Advisers, LLC an advisory practice helping insurance companies and asset managers with investment process and risk management solutions. Prior to that Pawel was managing a multi-billion dollar corporate credit portfolio as a senior leader of Deutsche Bank’s Credit Portfolio Strategies Group. Pawel led a proprietary platform managing portfolio of corporate loans, bonds, derivatives and structured products. He developed comprehensive investment and risk management process and delivered industry leading results during the credit crisis and beyond. Prior to this Pawel was at Dresdner Kleinwort Wasserstein where he traded Corporate Credit, Emerging Markets and built Credit Derivatives business in North America. Pawel earned his MBA in Finance from New York University’s Stern School of Business and previously studied Mechanical Engineering at the Warsaw University of Technology.
STANISLAS ROUYER is a member of the Credit Practices Group – Fundamental Ratings, at Morningstar DBRS, based in New York. He currently leads the Fundamental Methodology Development Group.
Before joining Morningstar DBRS in 2023, Stanislas worked at Moody’s Investors Service for 30 years in various analytic and management roles. He initially worked as a bank, REIT, non-bank finance and insurance analyst before leading a team of analysts covering global reinsurers and monoline insurers and then heading Moody’s global credit research for corporates and financial institutions. He co-authored leading credit research on climate change and on the risk-transforming effect of securitization.
Stanislas has an MBA in Finance from Fordham University in New York. He holds a certificate in Sustainability and Climate Risk (SCR) from the Global Association of Risk Professionals (GARP).
HENRY SHILLING, Founder and Director of Research, Sustainable Research and Analysis LLC, a NYC-based firm sustainable investing research firm (https://sustainableinvest.com), providing research, sustainable finance consulting, and educational/training services.
Previously with Moody’s Investors in various capacities spanning 25-years, Henry in more recent years initiated and coordinated Moody’s efforts to expand disclosure and add transparency in research, ratings and analysis to the reflection of environmental, social and governance (ESG) risks. He also led the firm’s effort to launch and implement a methodology for assessing green bonds world-wide.
Henry is the author of The International Guide to Securities Market Indices which was published in 1996 by International Publishing Corp., Chicago, Illinois. He is a contributor to Money Market Funds in the EU and the US, published in 2014 by Oxford University Press.
He earned a B.A. in economics from Lehman College, City University of New York in 1971.
ROBERT SLOWKO, CAIA is a Director, Americas at GRESB. Prior to joining GRESB, Robert was a senior member of the MSCI ESG coverage organization spearheading rapid sustainability business growth across the U.S. Earlier, Robert worked as a Business Development Manager for the Hedge Funds group of Thomson Reuters. He was involved in multiple projects including launching an Emerging Markets group and developing the company’s North American Hedge Funds product, marketing and sales strategy. He held a number of positions in the financial industry including international markets trading at Galleon International, senior roles in global funds custody at RBC Dexia Investor Services, foreign exchange trading and economic research.
Robert has been actively involved with FIASI since 2010. He joined FIASI’s Board of Directors in 2014 and served as FIASI’s President from 2017 through 2019. He participated in and was responsible for a number of projects critical to the organization and is currently leading the FIASI’s Marketing Committee.
Robert holds a Master of Science in Economics from Cracow University of Economics and a Master of Business Administration in Finance from Fordham University.
MARIAROSA VERDE is a Senior Vice President and Group Credit Officer for the Americas Corporate Finance team at Moody’s Investors Service. She is responsible for maintaining and promoting high quality ratings and works closely with senior analysts and managers to identify emerging credit risks and initiate timely action.
Prior to joining Moody’s in June 2015, Mariarosa was a Managing Director and Head of Credit Market Research at Fitch Ratings. Her responsibilities included examining rating and credit quality trends, conducting in-depth default and recovery studies, and providing insight on key developments in the bond and loan markets. Earlier in her career, Mariarosa was a high yield analyst at the Chase Manhattan Bank.
Mariarosa has published articles on default risk and other credit topics in professional magazines and books. Mariarosa holds a BS and an MBA in finance and economics from New York University’s Stern School of Business. Mariarosa was elected an NYU scholar. Mariarosa was the president of FIASI in 2007-2008.
