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Prior to re-joining CMRA, Frank was CEO of Cournot Financial Products LLC (or "CFP") - a AAA rated CDPC 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 2007 Frank led the set-up, ratings processes, marketing and portfolio ramp-up of CFP. In 2008 Frank was critical throughout the sale process of CFP, achieving affirmation of ratings and a highly-profitable close in November. Of a total of 10 CDPCs closed and more than 20 projects started by market participants, CFP was the most successful, as measured by generation of premium in relation to portfolio quality and realized returns to its initial investor.

From 2001 to 2006, Frank worked with Lehman Brothers, initially as the trader running the credit correlation book in New York and later as the Managing Director in charge of the 12-person structuring team. Frank played a key role in building out Lehman's structured credit products business globally. His team in New York had a consistent track record of developing and executing on innovative, high-margin products that distinguished Lehman from its competitors. Moreover, the revenues of his New York business consistently ranked in the top tier of Wall Street firms, with synthetic CDO revenues growing more than 250% between 2001 and 2005. In addition to his day-to-day responsibilities, Frank also worked with the banking team covering Lehman's credit DPC clients, providing advice with respect to due diligence, business strategy and asset / liability management.

From 1998 to 2001, Frank worked with Chase as a Vice President in the structured credit products group. His work there included restructuring the first managed synthetic CLOs, procuring financing for the credit derivatives business through an innovative CP conduit, and executing credit derivative transact ions 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 with CMRA, where he built many of the firm's proprietary valuation models. Publicly-disclosed assignments include valuation and risk assessment of Orange County's structured note portfolio (1994), assisting in the SEC's investigation Banker's Trust's derivatives practices (1995-96) and expert witness work in the ACM versus Commissioner tax litigation (1996).

From 1991 to 1992, Frank worked with the Federal Reserve Bank of New York in capital market research. Much of his work related to interest rate and currency derivatives, which, as a rapidly-growing of area of bank activity, was of particular interest to Fed economists, examiners and managers.

Frank holds a BS in Applied Math (Summa Cum Laude) from Yale and a law degree from Harvard (Cum Laude). Frank is a licensed attorney in the State of New York.

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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.