Why Clients Choose CMRA
For over 30 years, we have offered almost 500 clients unique perspectives based on years of hands-on experience in the evolution of derivatives, risk management, hedge funds, risk governance, structured securities and other complex financial instruments and capital markets issues. CMRA’s global practice has serviced clients on six continents. We have worked closely with many of the world’s leading law firms on a wide range of challenging assignments and have advised a full array of buy-side and sell-side financial institutions in addition to non-financial corporations, governments, and industry groups.
The synergy between our advisory and litigation practices helps us provide advisory clients with insight about what can and does go wrong and provide litigation clients with insight about prevailing industry standards.
Banks & Broker Dealers
CMRA has consulted to many banks and brokers/dealers around the world on both proactive projects and investigation/litigation support matters. Projects have ranged from risk management, to governance, to valuation, to litigation support, to strategy.
Selected Assignments
- Benchmarked the practices of many investment banks, commercial banks, and derivatives companies and conducted comprehensive reviews and risk diagnostics for a large cross-section of firms
- Vetted many complex pricing models
- Advised on all aspects of both OTC and exchange traded derivatives (swaps, options and hybrids)
- Testified as experts in a diverse set of matters
Insurance Companies
CMRA has assisted many insurance companies on issues ranging from corporate strategy planning and analysis, to risk budgeting, to investment operational support, to both internal and regulatory investigations. Other services include: risk attitude and appetite statements, asset liability advisory, new product risk assessment, and variable annuity hedging.
Selected Assignments
- Provided expert analysis and testimony in matters ranging from valuation, to suitability, to market practice, to risk governance
- Advised several insurance companies re: risk appetite statements and provided customized educational programs for Boards and trustees on all aspects of risk management and risk governance
- Provided advice regarding disputes, valuations, unwinds, EOD's and other issues BEFORE litigation commences
Asset Managers
CMRA has advised many mutual fund complexes and traditional asset managers on issues spanning the gamut from best practices, risk management and risk governance, and due diligence to portfolio construction, regulators investigations, stress testing, valuation, and quantitative modeling.
Selected Assignments
- Reviewed risk management, risk governance and vetted many complex pricing models for asset managers
- Advised Mutual Fund Directors Forum on "Risk Principles for Fund Directors" and advised the Buy-Side Risk Managers in the creation of "Risk Practices for Asset Managers", published February 2008
- Advised money market fund concerning "breaking the buck" as a result of investments in mortgage backed "kitchen sinks" in 1994 among other litigations
Hedge Funds
CMRA has advised hedge funds on issues ranging from best practices and risk branding to stress testing, valuation, and litigation. CMRA has represented several multi-billion dollar high profile hedge funds in disputes re margin calls, valuation, and events of default. CMRA has performed due diligence and taught risk due diligence best practice to many hedge funds and institutional investors. Ms. Rahl was on the Board of 100 Women in Hedge Funds for its first three years and chaired its Philanthropy Committee.
Selected Assignments
- Represented Institutional Investors in dispute with Allianz Structured Alpha
- Represented hedge funds in many ISDA Loss disputes
- Advised on the unwinding of an emerging market hedge fund (HRO) with over 100 derivative positions including valuation and market practice issues
- Provided valuation and market practice expert report and testimony in litigation related to Askin/Granite funds meltdown
- Provided consulting services on ISDA Auctions and auction squeezes and market manipulation issues
- Conducted a Fund of Funds Best Practice review for The Alternative Investment Management Association (AIMA) and helped draft AIMA's due diligence questionnaires
Law Firms, Legal Departments, REgulators
For over 30 years, CMRA has been called upon by many of the world’s leading law firms, legal departments, and regulatory bodies to provide expert services in investigations, litigation, and pre-litigation disputes. We have prepared expert reports and/or testified in numerous high profile litigation matters involving complex financial instruments and have also participated in several high profile investigations.
Selected Assignments
- Consulting experts in $3Bn+ pension dispute with Allianz Structured Alpha
- Analyzed and testified in many ISDA loss calculations including 18 Lehman-related disputes, multiple TRS on leveraged loans disputes as well as other asset classes
- Advised trustee on the unwinding of an emerging market hedge fund (HRO) with over 100 derivative positions including valuation and market practice issues
- Analyzed the circumstances surrounding Orange County’s margin calls (pre-bankruptcy) and blew the whistle
- Represented an SPV in $300MM litigation re: impact of standstill in Canadian ABCP market disruption
- Hired by the Federal Reserve, SEC, CFTC, and NYS Banking Commission to conduct a comprehensive review of the derivatives business of Bankers Trust post Proctor & Gamble/Gibson Greetings
Institutional Investors
CMRA has worked with many plan sponsors, endowments and foundations on a wide range of issues from risk budgeting to creation of investment policies to manager selection to due diligence. Ms. Rahl was a trustee of the $10B MIT Endowment and a member of the Advisory Board of the $120B NYS Common Retirement Fund.
Selected Assignments
- Represented Institutional Investors in Allianz Structured Alpha Litigation
- Advised Institutional Investors on all aspects of Risk Budgeting
- Provided an expert analysis and report in a corporate pension dispute
- Analyzed a complex CLO and provided an expert report in a dealer/investor dispute
- Advised on practitions interpretation of ISDA agreements