Frank Iacono
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Frank Iacono is a Managing Director at CMRA and a Partner at Riverside Risk Advisors. He has over fifteen years of experience with derivatives and structured products as a consultant, structurer, trader and manager, beginning as an associate with CMRA in 1994. During his time on both the sell-side and buy-side he compiled a proven track record of creative problem solving, disciplined innovation, effective risk management and consistent revenue generation.
During 2009, Frank became part of a special advisory team to the new management team of a distressed European bank, assisting with several elements of the bank’s restructuring plan. Separately, he has acted as a consulting expert in a number of disputes involving a broad range of topics, including assessment of liability and damages under ISDA provisions, valuation of CDS and structured credit products and underwriting and securitization of sub-prime RMBS.
In 2006 Frank joined Morgan Stanley as a Managing Director and CEO of Cournot Financial Products LLC (or "CFP"), a AAA rated Credit Derivatives Product Company sponsored by Morgan Stanley. CFP was a highly-successful seller of protection on senior tranches of synthetic CDOs, seen by many as "best in class." In November 2008 Morgan Stanley sold Cournot and Frank was critical throughout the sale process by achieving affirmation of credit ratings and a highly profitable close during the height of the financial crisis.
From 2001 to 2006, Frank worked with Lehman Brothers as the senior executive responsible for the corporate structured credit business in New York. His team had a consistent track record of developing and executing innovative, high-margin products that distinguished Lehman from its competitors, with revenues consistently ranking in the top tier of Wall Street firms. In addition to his day-to-day responsibilities, Frank also worked with the investment banking team as an expert in the structured credit business and with the management of the fixed income division evaluating potential strategic investment opportunities.
From 1998 to 2001, Frank worked with Chase as a Vice President in the Credit Derivatives Group. His work included restructuring the first managed synthetic CLOs, procuring financing for the credit derivatives business through an innovative CP conduit and executing credit derivative transactions which enabled the Bank to transfer loan-portfolio risk to insurers and capital-market investors. In 2000, LANCE, a loan-risk-transfer program structured by Frank, won "Derivatives Deal of the Year" from Institutional Investor.
From 1994 to 1998, Frank worked at CMRA, where he built many of the firm's proprietary valuation and risk-measurement models. High-profile assignments include valuation and risk assessment of Orange County's structured note portfolio (1994) and assistance in the SEC's investigation of Bankers Trust's derivatives practices (1995-96). From 1991 to 1992, Frank worked with the Federal Reserve Bank of New York in capital market research.
Frank holds a BS in Applied Math (summa cum laude) from Yale University a JD (cum laude) from Harvard Law School. Frank is a licensed attorney in the State of New York.
He is also a Trustee of the Bronx Charter School for Excellence.
