AVM, L.P. (“AVM”) is pleased to announce some of the leadership initiatives that are underway at the firm.  Effective September 1, 2017, CEO Bill McCauley, who led AVM with great distinction since 2001, has decided to step down from that position.  He will serve as Head of AVM Solutions, a division of AVM that provides repo financing services and other related services.  Taking on the role of CEO is Garth Friesen, former Co-CIO of AVM and its registered investment advisor affiliate, III Capital Management (“III”).  Garth’s vast trading and business building experience at the firm since 1998 has spanned all areas of our trading expertise, including rates trading, launching our credit trading business in 2004, and launching our convex strategies trading business in 2007. Additionally, Scott Wyler, AVM’s General Counsel since 1999, celebrated his 20th year with the firm by becoming its President.  In this new senior management role, Mr. Wyler will work closely with Mr. Friesen to help lead AVM and III forward.  Cliff Viner, Co-Founder, and Lester Coyle will continue to manage the rates and credit trading desks as Co-CIOs while Deep Kumar will continue to manage options and convexity trading.  AVM’s outstanding Associate General Counsel, Karen Hansen has been promoted to General Counsel.

In announcing these changes, Mr. McCauley said: “After 16 years as CEO, I felt that it is time for a younger team to lead our organization. With this new lineup, the company will be well positioned to continue its steady growth and manage the complexities of its diversified mix of strategies. AVM/III has always had a strong succession plan, and these moves are part of our plan to continue on well into the future.”

In accepting this designation as CEO, Mr. Friesen said: “In addition to continuing our multi-decade tradition of delivering uncorrelated alpha in fixed income, credit and asymmetric strategies, I look forward to helping develop and implement new strategies and business lines that can leverage our greatest edge: our people and their superior understanding of these markets and the instruments we trade within them.” Incoming President Wyler added: “I look forward to helping Garth lead the firm and maintain our traditions of cutting edge investment strategies, following Bill’s example of always seeking and promoting best practices in all areas -- including all operational/non-trading functions, where I will focus -- and continuously standing for high character and ethics in everything that we do.”