Leadership
Warren B. Mosler, Principal and Co-Founder
Warren Mosler co-founded AVM and III. Throughout his career, he has developed numerous
strategies utilizing U.S. government securities, mortgage-backed securities and
financial futures markets. Among many career highlights, he orchestrated the largest-ever
futures delivery in Japan, and originated the "mortgage swap." Mr. Mosler also currently
holds the distinguished position of Senior Associate Fellow with the Cambridge Center
for Economic and Public Policy at Cambridge, UK.
Prior to founding AVM and III, Mr. Mosler established the government securities
department of William Blair & Company to focus on fixed-income arbitrage. He directed
the department from 1978 through 1984. Earlier, he held sales and trading positions
with several firms including Bankers Trust Company, Bache & Company and Savings
Bank of Manchester. Mr. Mosler holds a B.A. in Economics from the University of
Connecticut. He is a Registered General Securities Principal and General Securities
Representative with FINRA, a CFTC-Approved Principal, and an Associate Member of
the NFA. He is an active public speaker, and has published numerous articles. He
continues to contribute his expertise to AVM and III through Valance Co., Inc.
Clifford G. Viner, Principal and Co-Founder
Clifford Viner is a co-founder of AVM and III, which he has managed since its inception
in the early 1980s, with a particular focus on the fixed-income trading team. Prior
to this, Mr. Viner served as a government securities trader and sales representative
for William Blair & Company in Chicago. Earlier in his career, he was a portfolio
manager for six mutual funds, as well as an analyst with Phoenix Mutual Life Insurance.
Mr. Viner holds a B.S. magna cum laude from the University of Pennsylvania and an
M.B.A. from the Wharton School of Finance, University of Pennsylvania. He is a Registered
General Securities Principal, General Securities Options Principal and General Securities
Representative with FINRA, a CFTC-Approved Principal, and an Associate Member of
the NFA.
William P. McCauley, Principal and CEO
William McCauley has extensive experience in the investment banking business, having
fulfilled a long tenure at New York-based investment bank First Boston Corporation
prior to joining AVM/III in 1996. He served as President of First Boston's Mortgage
Banking subsidiary, as well as Head of Global Strategic Planning. As Managing Director,
he established First Boston's mortgage finance business. During the course of his
career, Mr. McCauley was instrumental to the development of many of the mortgage
structures commonly in use today. He holds an engineering degree from the U.S. Naval
Academy, and served as a pilot with the U.S. Navy. He is a Registered General Securities
Principal and General Securities Representative with FINRA, a CFTC-Approved Principal,
and an Associate Member of the NFA.
Michael L. Reger, Principal and Portfolio Manager
Michael Reger has had a distinguished career, serving in various capacities at J.P.
Morgan prior to joining AVM/III. These included Proprietary Trading and Market Making
in U.S. Treasuries in New York, Head of U.S. Treasury Trading in London, Cross-Market
Government Arbitrage Book in London, and Head of Global U.S. Swap Book. He also
held the position of Senior Vice President with Cantor Fitzgerald & Co. in the Investors
Strategy Group. Mr. Reger holds a B.S. in Finance from Lehigh University. As an
undergraduate, he completed an internship at J.P. Morgan in the Gold Bullion Department,
trading cash, COMEX Futures and Options. He is a Registered General Securities Principal
and General Securities Representative with FINRA, a CFTC-Approved Principal, and
an Associate Member of the NFA.
Sanjiv Sharma, Principal and Portfolio Manager
As a Principal of AVM and III, Sanjiv Sharma specializes in options trading and
yield curve arbitrage. Prior to joining AVM and III in 1996, he served for nine
years as a Vice President at Lehman Brothers, where he traded the U.S. and international
bond option portfolio and developed numerous proprietary option and interest rate
term structure models. Mr. Sharma holds an M. Phil. and MSc in Computer Science
from Columbia University, where he was also enrolled in the doctoral program. He
completed his BSc in Electrical Engineering at the West Australian Institute of
Technology. He is a Registered General Securities Principal and General Securities
Representative with FINRA, a CFTC-Approved Principal, and an Associate Member of
the NFA.
Garth Friesen, Principal and Portfolio Manager
Garth Friesen has been integral to the success of AVM and III since joining us in
1998. Prior to this, he worked in London as a trader for Merrill Lynch in the firm's
non-dollar swap business. Previously, he served as a Director at Union Bank of Switzerland,
where he honed his skills as a proprietary trader in the fixed-income derivatives
group. Mr. Friesen holds a B.A. in Economics from the University of Western Ontario
and an MBA from the Ivey School of Business, University of Western Ontario. He is
a Registered General Securities Principal and General Securities Representative
with FINRA, a CFTC-Approved Principal, and an Associate Member of the NFA.
Robert Printz, Principal and Co-Head, Sales and Trading
Robert Printz joined AVM Sales and the III Investor Relations team in 2000 after
making his mark at a number of Wall Street firms. At Barclays Capital, he served
as Managing Director and Head of Generalist Sales. His experience also includes
a role at Merrill Lynch, where he marketed derivatives. At J.P. Morgan Securities,
he served as an MBS specialist. Mr. Printz holds a B.S. in Management from The State
University of New York at Binghamton and an MBA from the Stern School of Business,
New York University. He is a Registered General Securities Principal, a Registered
Options Principal, and General Securities Representative with FINRA, and an Associate
Member of the NFA.
Francis Feeney, Principal and Co-Head, Sales and Marketing
Francis Feeney joined III and AVM in 1998. His experience includes leadership positions
with Sumitomo Bank Capital Markets, where he served as Senior Vice President of
Investor Marketing. He was also Director of Capital Markets at Barclays de Zoete
Wedd Ltd., and earlier, Fixed Income Salesperson, United Kingdom and International
Investors, with L.F. Rothschild Ltd. Mr. Feeney holds a B.A. (Honors First Class)
in Banking,Insurance and Finance from the University of North Wales and a Master's
Degree in Economics from Cambridge University. He is a Registered General Securities
Principal (Series 24) and a Registered General Securities Representative with FINRA
(Series 7 and Series 63).
Jeffrey S. Kidwell, AVM Solutions Director
Jeffrey S. Kidwell joined AVM in 2008, as a Director of AVM Solutions and to spearhead
Direct Repo. Prior to joining AVM, 2004-2007, Jeff was a Managing Director at Cantor
Fitzgerald where he was Co-Head of the Global Repo Desk and built it into a Primary
Dealer. 1982-2004, Jeff worked on the North American Repo Desk at Morgan Stanley,
where 1997-2004, he was an Executive Director and the North American Repo Desk Manager.
Jeff has traded all Repo and Securities Lending products. Jeff has been a frequent
speaker for the GFOA, SIFMA (BMA), Fabozzi, RMA, SIA, and FMS industry-wide conferences.
He graduated with a B.A. from Cornell University in 1982. He is a registered general
securities representative and supervisory principal with FINRA.
David S. Mauroner, CFO
Prior to joining AVM/III in 1994, David Mauroner led a long and successful career
in public accounting and the financial industry. He served as Vice President-Finance
of Consulier Engineering, Inc., a publicly traded holding company. Prior to this,
he was an auditor with the international public accounting firm, BDO Seidman, serving
in the firm's Dallas, TX, Shreveport, LA and Memphis, TN offices. Mr. Mauroner holds
a B.S. from the University of North Carolina. He is a Certified Public Accountant,
and a Registered Financial Operations Principal with FINRA.
Scott Wyler, General Counsel and Chief Compliance Officer
Prior to assuming his current leadership role with AVM/III, where he is a member
of the Management Committee, Scott Wyler gained hands-on experience as a trader
for AVM and its affiliates, focusing on fixed-income and emerging markets. Prior
to joining AVM, he was an associate within the law firm of Bracewell & Patterson
in Dallas, TX. He holds a B.A. magna cum laude from Yale University and a J.D. from
the University of Virginia. He is a member of the Texas Bar and Authorized House
Counsel with the Florida Bar, as well as a Registered Financial and Operations Principal
and a Registered General Securities Principal with FINRA. He is also a CFTC-Approved
Principal, and an Associate Member of the NFA.
John Cieslowski, Co-Head, Credit Trading
John Cieslowski came to AVM/III from Bank One, where he served as Managing Director
in the area of credit derivatives and structured credit trading. Prior to this,
he held the position of Vice President with Goldman Sachs, specializing in credit
derivatives trading. He also focused on this area as a Vice President with Gen Re
FP, and earlier, as a Vice President at J.P. Morgan. Previously, Mr. Cieslowski
served as a Systems Engineer with General Dynamics Space Systems Division. He holds
a B.S. in Engineering Mechanics from The Johns Hopkins University and an MBA in
Analytic Finance and Accounting from The University of Chicago. He is a Supervisory
Principal, Registered General Securities Representative, and Equity Trader Limited
Representative with FINRA.
Lester N. Coyle, Co-Head, Credit Trading
Lester Coyle joined AVM/III in 2005, after serving as Head of Credit Correlation
Trading with Commerzbank North America. Prior to his tenure with Commerzbank, Mr.
Coyle worked as a single name and correlation trader on the credit desk of Bank
One, where he also served as a credit model builder within the investment bank's
quantitative group. Earlier, he was a mathematics professor at Duke University and
Loyola College. Mr. Coyle holds a Ph.D. in Mathematics from the University of Michigan.
He is co-author of the book Lectures in Contemporary Probability, and has
published numerous articles on probability and finance. He is a Registered General
Securities Representative with FINRA.
Patrick D. Doyle, Trader
Patrick Doyle has been with AVM/III since 1998. Prior to joining our trading team
in 2002, he served as Head of Liquidity and Financing for the funds. He previously
held the position of Vice President at Sumitomo Bank Securities Inc., where he managed
international repo and financing for Sumitomo's New York office. From 1990 to 1996,
he worked for Morgan Guaranty Trust and JP Morgan as a trader assistant on the swap
derivatives desk, and also as a trader on the mortgage-backed securities desk. He
is a Registered General Securities Representative with the NASD.
Bob Hart, Risk Manager
Bob Hart came to AVM/III in 2004 from Lehman Brothers in New York, where he worked
in the fixed-income proprietary trading group. His background is concentrated in
fixed-income derivative securities, including pricing, trading, risk management
and product management. In addition, he has designed and built risk management systems
for trading in fixed-income options, U.S. Treasuries, FX options, and proprietary
fixed-income products (swaps, swaptions, Eurodollars, Eurodollar options, futures
and futures options). He holds an MBA from Harvard Business School, and is a Registered
General Securities Representative with the NASD.
Paul Algreen, Chief Technology Officer
Paul Algreen joined AVM/III in 2003, distinguishing himself as a trader for AVM
and its affiliates in the area of fixed-income and credit markets prior to assuming
his current position. Mr. Algreen previously served as Chief Technology Officer
for Octane International, and earlier, as Global Solutions Director for Idiom Technologies.
He holds a BS in Aeronautical and Astronautical Engineering from MIT, and is a General
Securities Representative with the NASD.
Mark Perry, Operations Manager
Prior to joining AVM/III in 2007, Mark Perry had a long career at Goldman Sachs,
serving most recently as a Vice President within the firm's Credit Derivative Operations
group. Prior to this, he held positions in the Mortgage Derivatives Middle Office,
Project Management, Interest Rate Confirmations, and Programming for Commodities
& FX Systems. Mr. Perry holds a BS in Management Information Systems from Florida
State University, and is a General Securities Registered Representative with the
NASD.