Founding partner
Leslie Rahl
Leslie Rahl is the Founder and CEO of Capital Market Risk Advisors (CMRA), the pre-eminent risk management firm providing consulting and litigation support services to major US and international financial services companies and institutional investors. She has advised numerous asset management companies, investment and commercial banks, insurance companies, public pension funds, hedge funds, and other market participants on a wide variety of risk management, governance and compliance-related issues, including developing and implementing risk management, hedging, valuation and compliance policies and procedures, reviewing and advising on appropriate risk governance, benchmarking existing programs against industry best practices, advising clients in complex trading strategies, including options and other derivatives. She has also provided expert services in connection with a number of investigations and litigations involving various securities, commodities and derivatives-related matters. Prior to founding CMRA, Ms. Rahl spent 19 years at Citibank, including nine years as co-head of Citibank's Derivatives Group in North America. She launched its caps and collars business in 1983 as an extension of the proprietary options arbitrage portfolio she ran and was a pioneer in the development of the swaps and derivatives business. Ms. Rahl has an undergraduate degree from MIT ‘71, and an MBA (SM) degree from The Sloan School ‘72.
Specialties: Derivatives, Risk Governance, Risk Management, Valuation of Complex Instruments, Due Diligence, Best Practices
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Education
Sloan School of Management at the Massachusetts Institute of Technology
SM/MBA, 1972
Massachusetts Institute of Technology
S.B. Computer Science, 1971
Activities & Affiliations
International Association of Quantitative Finance, Board of Directors
International Swaps Dealers Association
MIT Investment Management Company
New York State Common Retirement Board
Economic Club of New York
Partner
Peter Niculescu
Peter Niculescu is a Partner at CMRA, a risk management firm providing consulting and litigation support services to major US and international financial services companies and institutional investors. He has advised investment banks, institutional investors, insurance companies and broker-dealers.
Mr. Niculescu specializes in risk management and portfolio strategy, security, loan and derivative valuation, financing, repo, stress testing and matters involving insider trading and market manipulation. His areas of expertise include valuations of difficult to value financial instruments in liquid and illiquid markets.
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Education
Yale University
Ph.D., Economics, 1985
Victoria University of Wellington
B.A., Economics, 1979
Activities & Affiliations
• Economic Club of New York
Certifications
• Chartered Financial Analyst
Managing Director
Richard Horwitz
Richard Horwitz, is President and CEO of Risk Fundamentals LLC, a company that provides innovative risk management and transparency solutions for hedge funds and their investors. He previously was a Managing Director of Risk Management (6 person team) and Investment Due Diligence (14 person team) at Merrill Lynch's Hedge Fund Development and Management Group (HFDMG), which had $26 billion under management.
Prior to Merrill Lynch, Mr. Horwitz served as Director of Risk Management and Portfolio Analytics at Kenmar Global Investment Management, a $3 billion fund of funds.
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Education
Sloan School of Management at the Massachusetts Institute of Technology
SM/MBA, 1976
Massachusetts Institute of Technology
S.B. Electrical Engineering, 1975
Managing Director
Frank Iacono
Frank Iacono has been a Managing Director at CMRA since 2009. He has twenty years of experience with derivatives and structured products as a consultant, structurer, trader and manager, beginning as an associate with CMRA in 1994.
Since 2009 Frank has acted as a consulting expert in litigation matters involving structured securities and derivatives, including SEC investigations related to sub-prime CDOs, disputes concerning ISDA-related claims against and liabilities to the Lehman Brothers estate, and cases involving several billion dollars of total claims arising from the financial market crisis of 2007-2009.
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Bar Admissions
• New York
Education
Harvard Law School
Juris Doctor, 1995
Yale University
B.S., Applied Math, 1991
Managing Director
Dave Tyson
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.
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Certifications
• Chartered Financial Analyst
Education
Stern School of Business, New York University
Ph.D., 1991
MBA, 1982
Wharton School, University of Pennsylvania
B.A., Finance and Political Science, 1979