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Dave Tyson is a Managing Director at CMRA, a risk management firm providing consulting and litigation support services to major US and international financial services companies and institutional investors. Dave's expertise covers insurance portfolio and asset liability management, design and management of investment organizations, registered investment advisor oversight, and risk management. His areas of expertise include detailed experience in all fixed income asset classes, derivatives, alternative investments, and equities. He also has significant background dealing with corporate strategy issues for insurance companies and asset management firms and has been heavily involved in pension fund management issues.
From 1985 to 2004, Dave worked at Travelers and Citigroup, rising to become Chief Investment Officer of Citigroup's proprietary insurance companies and head of Travelers' registered investment advisor. He started out at Travelers leading a quantitative group charged with building risk management, performance measurement, and other analytic tools as well as managing derivatives and heading the new product committee for Travelers' general account investment team. Dave was responsible for Travelers' first hedge fund investment in 1985 and he started and managed Travelers convertible portfolio from 1986 until he left in 2004. He also took on general account and third party portfolio management responsibilities and became head of the insurance portfolio management group in 1992. From 1994, he was responsible for the investment area's due diligence, planning, and implementation of mergers, acquisitions, and divestitures. Also in 1994, he added the responsibility of President of TAMIC, Travelers' registered investment advisor, and in 1997 became responsible for all fixed income investments for the insurance portfolios. In 2000, Dave became Chief Investment Officer (CIO) for fixed income investments and in 2002 became sole CIO and was responsible for over $100B in assets under management. This included responsibility for Citigroup's international insurance companies. Dave got to work with most of the Travelers Group and Citigroup companies and served on a variety of governance committees including the Global Asset Liability Committee and the Citigroup Pension Benefits Committee. He has also had extensive experience dealing with the rating agencies since the late 1980s.
Prior to joining Travelers, Dave worked at Equitable Investment Management Company (now part of Alliance-Bernstein) working on portfolio analytic/risk management systems, equity valuation and asset allocation tools, new product research, and equity security analysis.
After leaving Citigroup in late 2004, Dave set up RiversEdge Portfolio Advisors to provide investment and risk management consulting to insurance companies. In 2007, he also established RiversEdge Convertible Portfolio Advisors which manages convertible security portfolios. From 2005 until early 2009, he was a partner of Copeland Funds Management, a long-short equity hedge fund manager, and was one of the managing partners of City Light Capital from 2005 to 2008.
Dave is a Director and Chairman of the Risk Management Committee of Cypress-Sharpridge Investments and is a member of the advisory board of City Light Capital.
Dave received his undergraduate degree In Finance/Political Science in 1979 from the Wharton School of the University of Pennsylvania. He received his MBA in 1982 and his Ph.D. in Economics in 1991 from the Stern School of Business of New York University. His Ph.D. dissertation analyzed ex post term premiums in the US Treasury yield curve. Dave has been a Chartered Financial Analyst charter-holder since 1984.