ING Investment Management Americas Management Committee

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Christine Hurtsellers, CFA
Chief Investment Officer
Fixed Income and Proprietary Investments
Global Rates
Chris Diaz, CFA
Tanweer Akram, Ph.D.
Ernie Tang
Andrew Higley, CFA
Esther Yang, CFA, FSA
Kevin Moose
Credit
Matt Toms, CFA
Global High Yield
Dan Doyle, CFA
Randall Parrish, CFA
Robert Stiles, CFA
A. Banu Elizondo
Scott Frost, CFA
Jeff Nicholson
Rick Cumberledge, CFA
U.S. Credit
Mike Hyman
Kurt Kringelis, CFA, CPA,
J.D.
Travis King, CFA
Anil Katarya, CFA
Todd Schomberg, CFA
Matt Brill, CFA
Spencer Phua, CFA
Corinne Krincek, CFA
J.D. Rieber, CFA
Rob Turner
Cliff Andrus
Structured Finance
Mortgage Derivatives
Peter Guan, Ph.D.
Ken Haim, CFA
Paul Chen, CFA
Yingli Zhu, C.F.A., Ph.D.
Ed Groote, CFA
Tracy McCullough, CFA
Virna Allen
Tao Tang
Residential MortgageBacked Securities
Jeff Dutra, CFA
Justin McWhorter, CFA, CPA
Non-Agency MortgageBacked Securities
Dave Goodson
Tim McCrady, CFA
Jake Lowery
Anthony Routh
Commercial MortgageBacked Securities
Colin Dugas, CFA
John Edwards
Portfolio Specialists and
Client Portfolio Managers
Sean Banai, CFA
Albert "Bud" Hancock III
Bob Kase, CFA
Robert Kinsey
Gil Mathis
Lloyd Flood
Tom Voglewede
Catherine Reimer
Mousumi Chinara
Robert Thomson
Russ Faulkner
Rawis Morrow
Emerging Markets
Gorky Urquieta
Victor Rodriguez, CFA
Marcelo Assalin, CFA
Ken Hessel, CFA
Money Market
David Yealy
Todd Bates, CFA
Aprille Johnson
Managed Accounts
Rick Kilbride
Karen Cronk
Jeff Boundy
Toby Tolino
Luis Olguin, CFA
Elizabeth Allina
Quantitative Research
and Portfolio Analytics
Michael A. Mata
Brian Timberlake, CFA,
Ph.D.
Stephen Pounds
Raj Makhija
Risk Management
Suresh Krishnamoorthy
Rao Casturi
Peter-Paul Hoogbruin
Gang Ma, CFA, FSA
Jun Ma, CFA
Tian Mu
Asher Proschansky
Brad Taylor, CFA, FSA
Michelle Wei
Jason Blake
Abhishek Sinha
Data Integrity
Jon Julian
Vince Baria, CFA
Paul Buren
Barbara Forssell
Louis Sarasohn
Christine Hurtsellers, CFA
Chief Investment Officer, Fixed Income and
Proprietary Investments
Years of investment experience: 22
Christine Hurtsellers is Chief Investment Officer, Fixed Income and Proprietary
Investments for ING Investment Management, a position she accepted in January 2009.
She joined the firm in 2005 and was a principal member of the senior management team
that engineered the integration of the proprietary and public fixed income management
teams at ING IM in 2008, and she has considerable experience directing portfolio and
sector strategy across fixed income asset classes. In an earlier assignment as Head of
Structured Finance, her mortgage-backed securities team was responsible for the highly
successful track record of ING's proprietary mortgage derivatives portfolios from 20052008. Before joining ING IM, she had extensive mortgage portfolio management
experience, most notably at the Federal Home Loan Mortgage Corporation ("Freddie Mac"),
where she managed ARM, MBS, CMO and mortgage derivatives portfolios. Previously she
had been a portfolio manager at Alliance Capital Management and Banc One. Christine
received her undergraduate degree from Indiana University, and holds the Chartered
Financial Analyst designation.
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Tanweer Akram, Ph.D.
Senior Economist, Global Rates
Years of investment experience: 9
Tanweer Akram is vice president and economist in the Global Rates department of ING
Investment Management. He conducts research on macroeconomic developments in the U.S.
and other major advanced economies. Prior to joining ING in September 2006, he worked for
Moody’s Economy.com where he was a senior economist responsible for analysis of global
macroeconomic developments and foreign direct investment and trade issues. In addition, he
covered the international steel industry and the Alaska, Hawaii, and U.S. Virgin Islands
economies. He had earlier also worked for the Investment Climate Department of the World
Bank, A.T. Kearney’s Global Business Policy Council, and the Asia Department of the
International Monetary Fund. He was a Visiting Research Fellow at the Centre for Policy
Dialogue in Bangladesh and has taught at Barnard College and Columbia University in the
United States.
His research papers and reviews have been published in various peer-review journals, including
Applied Economics, Applied Economics Letters, Bangladesh Development Studies, Global
Journal of Economics and Finance, Journal of Asian Business, Journal of Bangladesh Studies,
Journal of Emerging Markets, Journal of Third World Studies, Kyklos, Savings and
Development, and Third World Quarterly.
Tanweer received his B.A. in economics from Grinnell College, Iowa, his Masters’ degree in
economics from the London School of Economics in the U.K., and his Ph.D. in economics from
Columbia University in New York.
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Virna Allen, CPA
Senior Financial Analyst, Structured Finance
Years of industry experience: 14
Virna Allen is a senior financial analyst with the MBS and ABS team. Prior to joining ING
Investment Management in 2001, she was a business analyst with SunTrust Robinson
Humphries. She began her career with SunTrust Banks, Inc. Virna received her B.B.A. in
accounting from Georgia State University.
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Elizabeth Allina
Portfolio Specialist
Years of industry experience: 7
Elizabeth Allina is a Portfolio Specialist supporting ING’s Fixed Income Managed Accounts
strategies. Elizabeth joined ING in 2007 as an Institutional Sales Specialist where she
cultivated new business relationships with current and prospective corporate institutional
clients. Prior to joining ING Investment Management, Elizabeth worked as an institutional
equity market maker for a subsidiary of RBC Dain Rauscher. She also worked for GE Capital
in the Corporate Finance (FMP) Financial Management Program. Elizabeth received her B.S.
in Finance, International Business and Entrepreneurship from Indiana University’s Kelley
School of Business. Elizabeth is Six Sigma Certified and holds the series 7, 63, and, 55
licenses.
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Cliff Andrus
Assistant Portfolio Manager, U.S. Credit
Years of investment experience: 6
Cliff Andrus is an Assistant Portfolio Manager, focusing on the management of structured
credit products across multiple client mandates. His responsibilities include portfolio
construction, security selection, relative value, and credit monitoring. Prior to joining ING
Investment Management in 2006, he was a pension actuary with Watson Wyatt Worldwide
in Chicago. Cliff received a Bachelor’s Degree in engineering from the University of Illinois
at Urbana-Champaign and a Master’s Degree in Quantitative & Computational Finance from
the Georgia Institute of Technology. Cliff is a Chartered Financial Analyst Level III
candidate.
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Marcelo Assalin, CFA
Portfolio Manager, Emerging Markets
Years of investment experience: 15
Marcelo is a Portfolio Manager on the ING IM Global Emerging Markets Debt Team. Prior to
joining the EMD Team, he was the Chief Investment Officer of SulAmerica Investimentos,
ING’s asset management joint venture operation in Brazil, where he worked for 13 years.
Marcelo started his career as a Credit Analyst at BankBoston in Sao Paulo in 1993, covering
Brazilian companies. Marcelo holds a Bachelors Degree in Business Administration and
Accounting from Universidade de Sao Paulo and holds the Chartered Financial Analyst
designation.
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Sean Banai, CFA
Client Portfolio Manager
Years of investment experience: 10
Sean Banai is a Client Portfolio Manager for ING Investment Management. He is
responsible for overseeing the implementation of the overall portfolio construction of the
fixed income stable value strategy. Prior to his current role, Sean was head of Quantitative
Research for Proprietary Fixed Income. Prior to joining ING Investment Management in
1999, he was a partner in Private Sector. Sean received a B.A. in actuarial science from
Georgia State University and holds the Chartered Financial Analyst designation.
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R. Vincent Baria, CFA
Manager, Risk Management
Years of investment experience: 12
Vince Baria is Head of Proprietary Performance and Attribution for ING Investment
Management. He is responsible for performance measurement and attribution for
Proprietary Fixed Income investments as well as external risk reporting. Prior to joining
ING Investment Management in 2001, he held roles within quantitative credit risk
management, capital markets, and large corporate lending for Wachovia Bank. Vince
received both his B.E. in mechanical engineering and mathematics and M.B.A. in finance
from Vanderbilt University. Vince holds the Chartered Financial Analyst designation.
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Todd Bates, CFA
Portfolio Manager, Money Market
Years of investment experience: 12
Todd Bates is a Portfolio Manager for ING Investment Management. He is part of the Money
Market team responsible for all of the ING Money Market Funds and several cash
management accounts. Prior to joining ING Investment Management, he was associate
director for taxable money market research at Evergreen Institutional Asset Management.
He has also held analyst positions with Mariner Post-Acute Network, Inc. and ABN AMRO
Bank. Todd received his B.A. in political science from Duke University. He holds the
Chartered Financial Analyst designation.
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Jason Blake
Analyst, Risk Management
Years of investment experience: 2
Jason Blake is an analyst focusing on risk systems integration and fixed income risk analytics.
Prior to his current position Jason worked with the mortgage backed securities/collateralized
mortgage obligations team. Jason received his M.B.A. from the Georgia Institute of Technology.
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Jeff Boundy
Portfolio Manager
Years of investment experience: 25
Jeff Boundy is Portfolio Manager, with a focus on municipal bonds. He brings to his role
more than 25 years of experience in equity and fixed income trading and operations. Since
joining ING Investment Management in 1996, he has held a variety of trading and
operational responsibilities. Previously, he was with Morgan Stanley Asset Management. He
received a B.B.A. from Baruch College.
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Matt Brill, CFA
Portfolio Manager, U.S. Credit
Years of investment experience: 7
Matt Brill is a Portfolio Manager for the Beta Investment Grade and Structured Credit
Portfolio. He joined ING Investment Management in 2005 as an Analyst for the CMBS
portfolio. Prior to joining ING he was a portfolio associate for Wells Real Estate Funds. Matt
graduated magna cum laude from Washington and Lee University with a B.A. in economics.
He holds the Chartered Financial Analyst designation.
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Rao Casturi
Assistant Vice President, Risk Management
Years of investment experience: 7
Rao Casturi is an Assistant Vice President in Risk Management for ING Investment
Management. He is responsible for corporate credit reporting and consolidation for the
internal risk reporting. Prior to joining ING Investment Management in September of 2006,
he was with the GE Asset Management where he worked on portfolio management and
structured products reporting as a fixed income application architect. Rao received his M.S.
in computer science from the Tula State University, Tula, Russia and B.E in Electronics and
Communications from Andhra University, AP, India.
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Paul Chen, CFA
Portfolio Manager, Structured Finance
Years of investment experience: 5
Paul Chen is a portfolio manager for mortgage derivatives. Prior to joining ING Investment
Management in 2007, Paul was an analyst (specializing in mortgages) for Prudential
Financial. Paul received a B.S. in Computer Science from the New Jersey Institute of
Technology, and an M.B.A. with distinction from NYU’s Stern School of Business. He holds
the Chartered Financial Analyst designation.
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Karen Cronk
Senior Portfolio Manager
Years of investment experience: 24
Karen Cronk is a Senior Portfolio Manager responsible for day to day management of the
trading room and implementing trading strategies. Additionally, she manages the fixed
income group’s analytics and modeling. Karen joined ING Investment Management in
February of 1995. Prior to joining ING, Karen was a senior portfolio manager at Bankers
Trust with responsibility for managing short-term portfolios and focusing on the cash
needs, goals and guidelines of individual accounts. These accounts included pension plans,
corporate treasuries, endowments and public funds. While at Bankers Trust, Karen was a
leader in the design and development of a customized client reporting system. Previously,
she was the operations manager of a short-term management group at Chemical Bank.
Karen is a graduate of Villanova University with a B.A. in economics, and has an M.B.A. in
finance from New York University.
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Richard Cumberledge, CFA
Senior Credit Analyst, Global High Yield
Years of investment experience: 16
Rick Cumberledge is a Senior Credit Analyst in ING Investment Management. Prior to
joining ING, Rick spent nearly 6 years working at Federated Investors as a senior high yield
credit analyst. Previous experience includes positions with American Capital Strategies,
Bank of America and Allied Capital. Rick has a MSc. in finance from The George Washington
University and a B.A. in Business Administration from Westminster College. He holds the
Chartered Financial Analyst designation.
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Chris Diaz, CFA
Senior Portfolio Manager, Global Rates
Years of investment experience: 11
Chris Diaz heads the Global Rates group for ING Investment Management. He is primarily
responsible for the global sovereign debt and derivative component of ING Investment
Management’s institutional, mutual fund and proprietary portfolios. Prior to joining ING
Investment Management in 2000, Chris was a fixed income portfolio analyst for SunTrust
Equitable Securities Corporation. He received a B.S. in finance from the University of South
Carolina and an M.B.A. from Emory University. He holds the Chartered Financial Analyst
designation.
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Daniel Doyle, CFA
Senior Portfolio Manager and Head of Global
High Yield
Years of investment experience: 25
Daniel Doyle is Vice President, Senior Portfolio Manager and Head of Global High Yield at
ING Investment Management. He began his career as a commercial bank examiner with
Federal Reserve Bank of Chicago. Prior to joining ING he was Director of US Credit,
Portfolio Manager, High Yield at Henderson Global Investors, and Senior Vice President,
Portfolio Manager, High Yield at Scudder. Daniel received a Bachelor of Science in finance
and economics from Northern Illinois University, and an M.B.A. from the University of
Chicago. Daniel holds the Chartered Financial Analyst designation.
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Colin Dugas, CFA
Assistant Portfolio Manager, Commercial
Mortgage-backed Securities
Years of investment experience: 7
Colin Dugas is an assistant portfolio manager on the commercial mortgage-backed
securities team focusing on portfolio management and security selection, as well as credit
monitoring and analysis. He received his B.S. in management from the Georgia Institute of
Technology. He also holds the Chartered Financial Analyst designation.
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Jeff Dutra, CFA
Senior Portfolio Manager
Structured Finance
Years of investment experience: 7
Jeff Dutra is Senior Portfolio Manager for ING Investment Management, primarily
responsible for the mortgage-backed securities/collateralized mortgage obligation
portfolios. Prior to this he ran the operations and accounting groups at ING responsible for
financial derivatives and mortgage derivatives. Jeff received a B.A. in Mathematics from the
University of South Florida, a M.B.A. from the University of Tampa and holds the Chartered
Financial Analyst designation.
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John Edwards
Assistant Portfolio Manager, Commercial Mortgage-backed Securities
Years of investment experience: 11
John Edwards is an assistant portfolio manager on the commercial mortgage-backed
securities team focusing on portfolio management and security selection, as well as credit
monitoring and analysis. Prior to joining the CMBS team, John worked in ING’s real estate
whole loan group in numerous positions including production, risk management, problem
loan restructure, and real estate equities management. He holds a B.S. in Finance and Real
Estate from Florida State University and an M.B.A. from Georgia State University.
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A. Banu Asik Elizondo
Senior Credit Analyst, Global High Yield
Years of investment experience: 6
A. Banu Asik Elizondo is a Senior Credit Analyst for ING Investment Management covering
the telecommunications, cable/satellite and media sectors for high yield portfolios. Banu
began her career as a sell side analyst for the Fixed Income Research team at Wachovia
Securities, where she covered TMT sectors across the entire credit spectrum for four years.
Banu received a Bachelor of Science in Economics from Duke University in 2003, and is a
Level 2 candidate in the CFA Program.
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Scott A. Frost, CFA
Senior Credit Analyst, Global High Yield
Years of investment experience: 15
Scott Frost is a Senior Credit Analyst for ING Investment Management. He is a member of
the high yield fixed income research team, covering the gaming, lodging, entertainment,
building, health care, and finance sectors. Prior to joining ING Investment Management, he
was a sell side high yield analyst at PNC Capital Markets. Scott received a B.S. in business
administration from Bowling Green State University with honors and M.S.I.A. from
Carnegie Mellon University. He holds the Chartered Financial Analyst designation.
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Dave Goodson
Portfolio Manager, Structured Finance
Years of investment experience: 13
Dave Goodson is the Portfolio Manager for ING’s non-agency mortgage and ABS investment
portfolios. Prior to joining ING Investment Management, he was a principal at an independent
investment bank focused on asset-back commercial paper transactions. Dave also worked as a
vice president in Wachovia Securities’ asset backed finance group marketing and executing
securitizations for the bank’s corporate clients. He received his B.A. in management from the
Georgia Institute of Technology.
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Ed Groote, CFA
Structured Finance
Years of investment experience: 11;
Years of industry experience: 16
Ed Groote joined the Structured Finance Department in January 2004. Prior to joining the
Interest Sensitive Asset Department Ed worked with various departments on Portfolio
Management, Asset Valuation, Analytics, Accounting and Information Technology issues. Ed
received a B.A. in economics from the University of Northern Iowa and holds the Chartered
Financial Analyst designation.
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Peter Guan, Ph.D.
Senior Portfolio Manager, Structured Finance
Years of investment experience: 10
Peter Guan has been with ING since October 2004 as a senior portfolio manager of Residential
Mortgage products. Before moving to Atlanta, Peter was with Citigroup Alternative Investments
in New York, where he initiated a managed product platform for mortgage-backed investments.
Previously, Peter worked at the Clinton Group, a New York based hedge fund, where he traded
mortgage products. Peter has a Ph.D. in applied math from the University of South Florida, was
a tenured professor at the University of Wisconsin - Eau Claire, and has a masters degree in
computational finance from Carnegie Mellon.
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Ken Haim
Senior Portfolio Manager, Structured Finance
Years of investment experience: 15
Ken Haim recently joined ING as a senior portfolio manager focusing on mortgage derivatives
and other relative value opportunities. Most recently, he was head of Agency CMO Trading at
Countrywide where he was responsible for all aspects of primary and secondary trading. Prior
to that, Ken spent 10 years as a Senior CMO trader at Salomon Brothers/Citigroup. Earlier in
his career, Ken developed Bloomberg’s CMO Analytic tool, currently the industry standard. Ken
has a B.A. in Math from Wesleyan University and an M.B.A. from the Wharton School of
Business.
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Albert E. Hancock III
Head of Stable Value and Senior Portfolio
Specialist
Years of investment experience: 21
Bud Hancock is a Senior Portfolio Specialist and Head of Stable Value for ING Investment
Management. Prior to his current role, Bud was head of product development at Aeltus
Investment Management. Before joining ING Investment Management in 1997, he was head of
fixed income at Banque Indosuez/Credit Agricole. Earlier, he was with Westdeutsche
Landesbank with various capital market responsibilities in New York and Duesselforf. He began
his career in the international division of Manufacturers Hanover Trust. Bud received a B.A. in
economics from the University of Vermont and an M.B.A. from the American Graduate School of
International Management.
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Ken Hessel, CFA
Senior Analyst, Emerging Markets
Years of investment experience: 13
Ken is an analyst on the Emerging Markets Debt team. Prior to joining EMD, he was responsible
for bank, finance and broker credit research for ING’s Proprietary Fixed Income group. Before
joining ING Investment Management in 2004, Ken covered bank and finance companies as a
Research Analyst and Vice President at Trusco Capital Management in Atlanta. Ken started his
career in institutional fixed income as an investment officer at Wachovia Bank in 1996. Ken
holds a B.B.A. in Finance from the University of Georgia and an M.B.A. from Goizueta Business
School of Emory University. He holds the Chartered Financial Analyst designation.
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Andrew H. Higley, CFA
Derivative Portfolio Manager, Global Rates
Years of investment experience: 7
Andrew is a Derivative Portfolio Manager for ING Investment Management. He is primarily
responsible for rate derivatives. Prior to joining ING Investment Management in 2006, he was
with the FHLBank Atlanta where he created, priced, and hedged both plain and structured loans
for banks, and traded stand-alone derivatives. He also marketed the Bank’s intermediation
services and consulted to regional and national banks on asset-liability management problems.
Andrew holds a B.A. from the University of Virginia, an M.A. in finance from Harvard University,
and holds the Chartered Financial Analyst designation.
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Peter-Paul Hoogbruin
Vice President, Market and Credit Risk Analysis,
Risk Management
Years of investment experience: 17
Peter-Paul Hoogbruin is responsible for the credit risk management of Fixed Income and
Proprietary Investments. Prior to joining ING Investment Management in 2007, he was risk
integration manager at ING Group Risk Integration and Analytics in Amsterdam. Earlier in his
career, he was manager of the credit risk measurement department of ING Group Corporate
Credit Risk Management, after working for the portfolio management department of group
credit risk management at Deutsche Bank in Frankfurt. He started his career at the controllers
department of ING Bank International. Peter-Paul received his Master’s Degree in econometrics
and operations research from the Erasmus University Rotterdam, The Netherlands.
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Michael Hyman
Senior Portfolio Manager, U.S. Credit
Years of investment experience: 17
Mike is a Senior Portfolio Manager for ING Investment Management. He is responsible for
managing the investment grade credit and structured portfolios across multiple client
objectives. Prior to joining ING Investment Management in 2001, Mike worked in securitization
and derivative structuring at GE Capital. Previously he managed proprietary fixed income and
derivative portfolio for Société Générale and Yasuda Trust and Bank. Mike earned his Bachelor
of Science in Finance and Economics at the Pennsylvania State University and M.B.A. from New
York University Stern School of Business.
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Aprille Johnson
Portfolio Manager, Money Market
Years of investment experience: 19
Aprille Johnson is a Portfolio Manager with ING Investment Management. Prior to assuming her
current responsibilities, she was head of U.S. equity trading. Before joining ING Investment
Management in 1998, Aprille was with CIBC and Kidder Peabody. She received a B.A. in
chemical engineering technology from Trident College.
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Bob Kase, CFA
Client Portfolio Manager
Years of investment experience: 25
Bob Kase is a client portfolio manager. Prior to this role he was the co-lead portfolio manager
for Proprietary Investments Investment Grade credit. Before joining ING in 2007, he managed
corporate, ABS, and CMBS for SunTrust Bank. He began his career as a senior portfolio
manager at CL Capital Management, followed by a stint as a senior portfolio manager for
American General. Bob received a B.S. from Georgia Tech and an M.B.A. from Georgia State.
He holds the Chartered Financial Analyst designation.
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Anil Katarya, CFA
Senior Portfolio Manager, U.S. Credit
Years of investment experience: 11
Anil Katarya is a Senior Portfolio Manager with ING Investment Management’s investment
grade team. Prior to joining ING Investment Management in 2000, Anil was a financial analyst
for Mirant Inc. He received a B.S. in mechanical engineering from Kurukshetra University, India
and an M.B.A. from Georgia State University. He holds the Chartered Financial Analyst
designation.
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Richard C. Kilbride
Head of Fixed Income for Managed Accounts
Years of investment experience: 29
Rick Kilbride joined ING Investment Management’s predecessor firm Furman Selz in 2001 as
head of fixed income. Upon integration into ING Investment Management he assumed
responsibility for the investment grade managed account business. Previously, he spent 12
years at Merrill Lynch, most recently leading an investment team managing leveraged loans
and high-yield bonds. He also was the London-based managing director of Merrill’s global
institutional separate account fixed income portfolio management business. Before that, he was
responsible for Merrill's initial efforts to build a U.S. institutional fixed income separate account
presence, served as chief investment strategist of its captive insurance company, and was the
asset-liability manager of Merrill Lynch Bank and Trust. He served on the board of directors of
that bank for five years. Previously, he was a vice president in Paine Webber's institutional
fixed income sales and trading business and began his career as an analyst on General Motors’
New York treasury staff. Rick holds a B.A. from Colorado College (where he has also taught)
and an M.B.A. from the Amos Tuck School at Dartmouth College. He is a member of the CFA
Institute and the New York Society of Security Analysts.
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Travis King, CFA
Portfolio Manager, U.S. Credit
Years of investment experience: 9
Travis King is a Portfolio Manager for ING Investment Management and is responsible for the
investment-grade component of separately managed institutional accounts, mutual funds, and
several proprietary portfolios. Travis has nine years of investment experience. Prior to joining
ING Investment Management in 2005, he was a senior fixed income analyst with Reams Asset
Management. Travis received his B.B.A. from James Madison University and M.B.A. from
Memorial University. He also holds the Chartered Financial Analyst designation.
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Robert Kinsey
Senior Portfolio Specialist, Fixed Income
Years of investment experience: 29
Rob Kinsey is Senior Portfolio Specialist for ING Investment Management’s fixed income
strategies. Prior to joining ING Investment Management in 2003, he was a senior fixed income
portfolio manager with ING Funds. Before joining ING Funds in 1999, Rob managed total return
fixed income portfolios for Federated Investors, Harris Investment Management, and First City
in Houston. He began his career as an account executive at Smith Barney, Harris Upham & Co.
He received a B.A. from Stanford and an M.B.A. from UCLA.
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Corinne Krincek, CFA
Credit Analyst, U.S. Credit
Years of investment experience: 13
Corinne Krincek is a Credit Analyst for ING Investment Management. She follows the telecom,
media, and technology sectors. Prior to joining ING Investment Management in 2006, she held
various positions at Moody’s Investors Service, covering the telecommunication sector and
conducting market research for syndicated loan ratings. Her experience also includes three
years at Mizuho in the Syndication Department supporting trading activity and coordinating
credit derivative transactions. Corinne began her career as an economist at Bureau of Economic
Analysis in the U.S. Department of Commerce. Corinne received a B.S. in economics from the
University of Pennsylvania and a Masters of International Business from the University of South
Carolina. She holds the Chartered Financial Analyst designation.
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Kurt Kringelis, CFA, CPA, J.D.
Senior Portfolio Manager, U.S. Credit
Years of investment experience: 14
Kurt Kringelis is a Senior Portfolio Manager with ING Investment Management’s Credit team.
His experience involves investment grade and high yield securities. Prior to joining ING
Investment Management, Kurt was an Associate Portfolio Manager with the high yield group at
Equitable Investment Services. He received his B.S. degree in finance, M.B.A., and Juris Doctor
from the University of Illinois. Kurt is a Certified Public Accountant and holds the Chartered
Financial Analyst designation.
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Suresh Krishamoorthy
Chief Risk Officer, Risk Management
Years of investment experience: 21
Suresh is the Chief Risk Officer for Fixed Income at ING Investment Management, responsible
for risk management of the fixed income assets of the ING insurance companies and Third
Party Accounts in the U.S. as well as the assets under management in Latin America and
Canada. Suresh has industry experience, spanning information technology, financial markets,
and risk management. Prior to ING, Suresh was the Head of Fixed Income Risk at GE Asset
Management where he was responsible for insurance and pension assets. Previously he was the
Senior Risk Manager for a credit card portfolio at GE Capital. Before joining GE, he was a senior
consultant in the risk strategy practice at KPMG in New York. Suresh has a Bachelors Degree in
engineering from the Indian Institute of Technology, Madras, India, and an M.B.A. from the
Stern School of Business, New York University.
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Jake Lowery
Analyst, Structured Finance
Years of investment experience: 4
Jake Lowery is an analyst on the structured credit team for ING Investment Management. Jake
is responsible for analysis of non-mortgage ABS structures and collateral, including credit cards
and auto loans. In addition, he assists in analysis of non-agency MBS. Prior to this role, Jake
served ING IM as an analyst on the investment grade credit team from 2006 to 2008, after first
joining the firm as an intern in the summers of 2004 and 2005. He graduated from Vanderbilt
University with honors in economics, and has passed all three exams in the Chartered Financial
Analyst program.
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Gang Ma, Ph.D., CFA, FSA
Vice President, Risk Management
Years of investment experience: 9
Gang Ma is a Vice President for Market and Credit Risk Analysis. He is responsible for market
and credit risk analysis for fixed income and proprietary investments. Prior to joining ING
Investment Management in 2004, he was a director of risk management with AEGON
Institutional Markets. Gang began his career with Principal Financial Group as an actuarial
assistant. He received a B.S. in mathematics from Jilin University in China, and both a Ph.D. in
mathematics and an M.S. in statistics from Cornell University. Gang is a Fellow of the Society of
Actuaries and holds the Chartered Financial Analyst designation.
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Jun Ma, CFA
Senior Associate, Risk Management
Years of investment experience: 12
Jun Ma is a Senior Associate for ING Investment Management. He is responsible for FixedIncome portfolio Market Risk and Credit Risk analysis. Jun Ma began his career with China
Harbor Engineering Co. where he was a futures floor trader at Beijing Commodity Exchange. He
received his B.A. from Fudan University (Shanghai, China) and an M.B.A. from Emory
University. Jun Ma holds the Chartered Financial analyst designation.
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Raj Makhija
Quantitative Analyst, Quantitative Research and Portfolio Analytics
Years of investment experience: 4
Raj Makhija is an Quantitative Analyst for the fixed income quantitative research team of ING
Investment Management. He is primarily responsible for the development of proprietary
relative value trading tools for corporates and structured credit products. Prior to joining ING
Investment Management, Raj was a market risk analyst for SunTrust Capital Markets Inc. Raj
received a B.Eng. in computer engineering from the University of Bombay, India and a M.S. in
quantitative and computational finance from the Georgia Institute of Technology.
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Michael A. Mata
Head of Fixed Income Quantitative Research
Years of investment experience: 19
Michael Mata is Head of Quantitative Research and Portfolio Analytics for the ING Investment
Management fixed income group, responsible for the design and development of quantitative
models and their application in the portfolio construction process. He joined ING Investment
Management in 2004 from Putnam Investments, where he was the senior risk manager for
fixed income portfolios. His previous experience includes risk management for fixed income
derivative and bond arbitrage trading at Lehman Brothers. He received a B.S. in finance from
Florida International University and an M.B.A. from DePaul University.
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Tim McGrady, CFA
Portfolio Manager, Structured Finance
Years of investment experience: 18
Tim McCrady is a Portfolio Manager for ING Investment Management. Since joining ING
Investment Management in 1998, he has managed collateralized debt obligations, asset-backed
securities, and commercial mortgage-backed securities and has also been involved in Product
Development. Previously, he was a portfolio manager at Banc One Capital Corporation and an
asset-backed securities analyst at Banc One Corporation. Tim received his B.S. in business
administration from The Ohio State University. He holds the Chartered Financial Analyst
designation.
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Tracy McCullough, CFA
Analyst, Structured Finance
Years of industry experience: 15
Tracy McCullough joined ING Investment Management in the 1996 as an analyst in the
Structured Products area. She has experience in financial data analysis and reporting. Prior to
joining ING, Tracy was a financial reporting analyst for MetLife’s Separate Account-Pension
division. Tracy has a B.B.A. in finance from Georgia State University and holds the Chartered
Financial Analyst designation.
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Justin McWhorter, CFA, CPA
Portfolio Manager, Structured Finance
Years of investment experience: 8
Justin McWhorter is a Portfolio Manager for the mortgage-backed securities/collateralized
mortgage obligation portfolios. Justin has eight years of investment experience and manages
the mortgage financing desk. Justin received his Master's in Accountancy from the University of
Georgia, and holds both Chartered Financial Analyst and Certified Public Accountant
designations.
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Kevin Moose
Derivatives Trader, Global Rates
Years of investment experience: 10
Kevin Moose is a derivatives trader for ING Investment Management’s Global Rates group.
Since joining ING in 1999, in addition to trading derivatives and mortgage backed securities, he
has also held actuarial and risk management positions. Kevin received his B.S. in mathematics
from Southern Polytechnic State University.
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Tian Mu
Senior Risk Analyst, Risk Management
Years of investment experience: 3
Tian Mu is a Senior Risk Analyst for interest rate risk management. Prior to joining ING
Investment Management in 2007, his experience included research and development in various
industries. Tian received a B.S. in Physics from Zhejiang University and an M.S. in
Mathematical Risk Management from Georgia State University.
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Jeffrey Nicholson
Senior Credit Analyst, Global High Yield
Years of investment experience: 10
Jeff Nicholson is a Senior Credit Analyst for ING Investment Management’s high yield fixed
income research team covering the metal, paper, energy, mining, packaging and transportation
sectors. Prior to joining ING Investment Management in 2001, he was a high yield analyst at
PNC Capital. Jeff received a B.S. in management from West Virginia Wesleyan College and an
M.B.A. from Pennsylvania State University.
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Luis Olguin, CFA
Portfolio Manager
Years of investment experience: 6
Luis Olguin is a Portfolio Manager with the ING Fixed Income Managed Accounts team. His
primary focus is to contribute to the portfolio construction process through credit research,
relative value analysis and portfolio management of the strategies’ credit exposures. Luis
joined ING Investment Management in 2002 as an analyst in Investment Grade Corporate
Bonds. His background included a variety of credit roles with ING’s Institutional Fixed Income
team in Atlanta covering Investment Grade, High Yield and Synthetic Credit investments for
both the public and private corporate universe. Most recently, he worked for the ING Private
Placements group as an analyst in charge of new deal origination and supervision for the Oil &
Gas, Basic Materials and Industrial sectors. Additionally, he was a Portfolio Manager for the ING
Midstream Energy team where he was responsible for supporting investment origination
capabilities, debt capital markets analysis, macro sector research and portfolio management for
the public equity portfolio. He holds a B.B.A. in Finance and a minor in Economics from Emory
University and holds the Chartered Financial Analyst designation.
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Randall Parrish, CFA
Portfolio Manager, Global High Yield
Years of investment experience: 19
Randall Parrish is a High Yield Portfolio Manager with ING Investment Management. For the
previous five years, Randy served as a high yield analyst focused on the media and
retail/consumer sectors. Prior to joining ING Investment Management in 2001, he was a
corporate banker in leveraged finance with SunTrust Bank and predecessors to Bank of
America. Randy received a B.B.A. in business administration from the University of Georgia. He
holds the Chartered Financial Analyst designation.
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Spencer Phua, CFA
Senior Credit Analyst, U.S. Credit
Years of investment experience: 9
Spencer Phua is a Senior Credit Analyst in ING Investment Management. He started his career
in investment banking with Merrill Lynch's Financial Institutions Group in 2000, covering Asian
banks and asset managers. Prior to joining ING, Spencer also worked in High Grade research at
Lehman Brothers and Prudential Fixed Income, covering US banks, brokers and finance. His
coverage responsibilities at ING include banks, finance companies and brokers. Spencer
received an M.B.A. in finance and accounting from the Kellogg School of Management and an
M.A. in economics from Oxford University in the UK and a Bachelor of Laws from the University
of London in the UK. He holds the Chartered Financial Analyst designation.
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Stephen Pounds
Quantitative Analyst, Risk Management and Quantitative
Research
Years of investment experience: 3
Stephen Pounds joined ING Investment Management in 2006 and is a Quantitative Analyst.
Before joining his current team, he worked in Risk Management Canada & Latin America and in
Quantitative Research for Proprietary Investments. Stephen received a B.S. in applied
mathematics and a M.S. in quantitative and computational finance from the Georgia Institute of
Technology.
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Asher Proschansky, J.D., A.S.A
Senior Risk Analyst, Risk Management
Years of investment experience: 27
Asher Proschansky is a senior risk analyst for ING Investment Management. He is responsible
for CDS VAR, Collateral Management, Derivative Use Strategy Controls, Investor Client
Reporting on Credit Derivatives, and Risk System Oversight. Prior to joining ING Investment
Management in 2000, he worked as an actuary, an attorney, a systems analyst, and a senate
intern. He received his B.A. from the University of Rochester, and a Juris Doctor from the
George Washington University National Law Center. Asher is an Associate of the Society of
Actuaries.
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J.D. Rieber, CFA
Senior Credit Analyst, U.S. Credit
Years of investment experience: 8
J.D. Rieber is a Senior Credit Analyst for ING Investment Management. He is a member of the
investment grade fixed income research team, covering the healthcare, basic industrial, capital
goods and consumer cyclical sectors. J.D. joined ING Investment Management in May 2007 as a
senior analyst on the high yield team, covering the consumer and retail sectors. Prior to joining
ING, he held analysts positions with AEGON USA Investment Management and Principal Global
Investors. He received a B.A. in Finance from University of Northern Iowa and an M.B.A. in
Finance from University of Iowa Tippie School of Management. He holds the Chartered Financial
Analyst designation.
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Victor Rodriguez, CFA
Portfolio Manager, Emerging Markets Debt
Years of investment experience: 20
Victor is a Portfolio Manager in ING Investment Management with experience in emerging
markets corporate and investment banking and fixed income investing. He joined ING in 2003
and has managed investments in publicly and privately traded, non-sovereign emerging
markets bonds. Prior to joining ING, Victor was with GMA Partners (a boutique investment
banking firm in Atlanta), the Corporate Finance Private Placements Group of Wachovia
Securities, and Prudential Capital (the private placement arm of The Prudential Insurance
Company). Victor received an A.B. from Cornell University and his M.B.A. from Emory
University where he was a Woodruff Scholar. He holds the Chartered Financial Analyst
designation.
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Anthony Routh
Analyst, Structured Finance
Years of investment experience: 3
Anthony Routh is an Analyst for ING Investment Management. He is a member of the NonAgency MBS trading desk. Prior to joining ING Investment Management in January of 2007, he
completed internships at ING Americas and Smith Barney, Citigroup. Anthony holds a B.B.A. in
Finance from the University of Georgia.
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Todd Schomberg, CFA
Portfolio Manager, U.S. Credit
Years of investment experience: 8
Todd Schomberg is a Portfolio Manager for ING Investment Management's investment grade
team. Prior to joining ING Investment Management, Todd worked as a Senior Fixed Income
Investment Analyst for Wells Capital Management. Todd received a B.S. degree in Finance and
Economics from the University of Wisconsin-La Crosse and an M.B.A. from the University of
Wisconsin-Madison. He holds the Chartered Financial Analyst designation.
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Robert Stiles, CFA
Senior Credit Analyst, Global High Yield
Years of investment experience: 9
Robert Stiles is a Senior Credit Analyst with ING Investment Management and has credit and
investment experience. He is a member of the high yield fixed income research team where his
coverage responsibilities include basic industries and consumer non-cyclicals. Prior to joining
ING Investment Management, Robert worked for FTN Financial as a desk analyst for both their
high yield and investment grade trading desks. Previous experience includes positions with
Principal Global Investors in their private placement group and Pacholder Associates as a high
yield analyst. In addition to his financial experience, Robert was a production engineer for five
years with Cargill, Inc. in Dayton, Ohio. Robert received an M.B.A. with a finance concentration
from Wright State University and a B.S. in chemical engineering from the Ohio State University.
He holds the Chartered Financial Analyst designation.
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Ernie Tang
Senior Derivatives Manager, Global Rates
Years of investment experience: 13
Ernie Tang is a Vice President and Senior Derivatives Manager at ING Investment Management.
He joined the firm in 2001. His current responsibilities include managing the Atlanta derivative
trading desk, trade executions, and research. He manages derivative portfolios for hedging and
replication purposes, including equity options and futures, interest rate swaps, swaptions, caps
and floors, and credit default swaps. Prior to ING, he worked as an asset liability manager for
Lincoln National Corporation and helped manage the derivative portfolio. He was also
responsible for modeling Fixed-Income securities and derivatives. Ernie graduated summa cum
laude from National Taiwan University with a Bachelor of Science degree. He received a Masters
Degree in civil engineering from the University of Delaware. He passed fellowship requirements
for the Society of Actuaries in 1998.
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Tao Tang, CFA
Quantitative Analyst, Structured Finance
Years of investment experience: 6
Tao Tang is a Quantitative Analyst on the MBS & ABS team, providing portfolio analytics,
performance attribution, scenario analysis, and other quantitative support, specializing in
structured products such as ABS and CMBS. He joined ING Investment Management in 2003
with the Analytics Team of the Portfolio Management and Client Relations Group. Tao earned
his Bachelor of Science in International Finance from the RENMIN University of China (Beijing)
and an M.B.A. degree from the University of North Carolina at Chapel Hill. Tao holds the
Chartered Financial Analyst designation.
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Brad Taylor, FSA, CFA
Assistant Vice President, Risk Management
Years of investment experience: 10
Brad Taylor is Assistant Vice President in the Risk Management Fixed Income Risk Analytics
group. Prior to his current position, he most recently spent 5 years as a member of the MBS
asset management team focusing on the Proprietary Investments portfolios. Brad began his
career with ING in 1999 with the Interest Rate Risk Management department where he focused
on asset modeling and ALM projections. From 2001 to 2003, Brad was on assignment at ING
Group’s headquarters in Amsterdam where he worked in the Corporate Insurance Risk
Management department monitoring the insurance risk in ING insurance company portfolios
worldwide. Prior to his career with ING, Brad spent over 13 years with an insurance company in
a variety of actuarial roles, including extensive ALM work and product pricing functions. Brad
received his B.S. in Statistics from the University of Michigan, holds the Chartered Financial
Analyst designation, and is a Fellow in the Society of Actuaries.
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Brian Timberlake, CFA, Ph.D.
Senior Quantitative Analyst, Quantitative
Research and Portfolio Analytics
Years of investment experience: 6
Brian Timberlake is a Senior Quantitative Analyst with ING Investment Management. Brian
received a B.S. in chemical engineering from the University of Maryland, a M.S. in quantitative
and computational finance from the Georgia Institute of Technology and a Ph.D. in chemical
engineering from the Georgia Institute of Technology. He holds the Chartered Financial Analyst
designation.
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Toby Tolino
Portfolio Manager
Years of investment experience: 9
Toby Tolino is a Portfolio Manager in the Fixed Income Managed Account group with trading
and municipal portfolio management responsibilities. Toby joined ING Investment Management
in 2000 and has experience in trading, operations and middle office management. In his prior
role, Toby managed a team of Senior Portfolio Management Assistants (PMAs) supporting more
than ten Portfolio Managers who ran portfolios in all asset classes. He was also responsible for
ING’s outsourcing relationship for the SMA back office operations. Prior to heading Middle
Office, Toby led the NY Fixed Income PMA team and has served in various other operational
roles. Toby currently attends CUNY and holds the Series 7 license.
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Matt Toms, CFA
Head of Credit
Total Years of Experience: 15
Matt Toms joined ING Investment Management as Senior Vice President, Head of Credit. In this role,
Matt directly oversees the investment teams responsible for the corporate bond and high yield
strategies for the General Account and third party clients, as well as ensures coordination of credit
strategies with the global emerging market team. Matt joins us most recently from Calamos
Investments, where he established and grew their Fixed Income business. He also has prior
experience with Northern Trust and Lincoln National. He received a B.B.A. from the University of
Michigan and holds the Chartered Financial Analyst designation.
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Rob Turner
Credit Analyst, U.S. Credit
Years of investment experience: 7
Rob Turner is a Credit Analyst for ING Investment Management. He works with the senior
portfolio managers on the analytics and strategy for the ING insurance portfolios. Rob began
his career as a credit analyst with Freddie Mac, where he analyzed mortgage purchase
agreements. Rob received a B.S. in political science from the University of Arizona.
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Gorky Urquieta
Co-Head of Emerging Markets Debt Global
Years of investment experience: 15
Gorky joined ING Investment Management as a member of the Emerging Markets Debt team in
June 2000. His responsibilities include research, asset allocation and trading. Upon joining
Emerging Market Investors, a hedge fund manager affiliated with ING Furman Selz Asset
Management in 1997, Gorky’s responsibilities included broad emerging market research and
trading activities. His experience there included analysis of sovereign and corporate bonds and
loans, local currency investments and equities. Previously with Dart Container Corporation, he
formed part of a research and trading team active in emerging and developed markets. Gorky
received a masters degree in Finance from the University of Wisconsin in 1993.
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Michelle Wei
Risk Analyst, Risk Management
Years of investment experience: 1
Michelle Wei is a Risk Analyst for Market and Credit Risk Analysis. Prior to joining ING in 2009,
she worked as a quantitative analyst at Stonemont Financial Group, an interest-rate derivative
and commercial real estate consulting company. Michelle completed an internship with
Southern Company, working on commodity price model development. She received a
Bachelor’s degree in Actuary Science from Nankai University in China and a M.S. in Quantitative
and Computational Finance from Georgia Institute of Technology.
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Esther Yang, FSA, CFA
Portfolio Manager, Global Rates
Years of investment experience: 9
Esther Yang joined ING Investment Management in 2006. Her current responsibilities include
derivatives trade executions, researches, and providing services to other groups that need
derivative expertise. During 2004-2006, she worked as a consultant on the liability side. Her
responsibilities included developing economic scenarios for valuing Guarantee Minimum Benefit
in life annuity products, and developing risk management (hedging) strategies. Prior to working
in consulting practice, Esther worked for Allstate Investments where she managed interest rate
derivative portfolio for certain life and P&C products. Esther holds a Bachelor Degree in biology
from Beijing University, and a Masters Degree in actuarial science from the University of
Waterloo. She is a Fellow of the Society of Actuaries and holds the Chartered Financial Analyst
designation.
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David Yealy
Senior Portfolio Manager, Money Market
Years of investment experience: 23
David Yealy is a Senior Portfolio Manager for ING Investment Management. He is responsible
for managing the ING money market mutual funds and cash management accounts. Prior to
joining ING Investment Management in 2004, he was a managing director and fixed income
portfolio manager with Trusco Capital Management where he was responsible for managing
over $9 billion of assets under management. He received a B.A. in economics from Wake Forest
University.
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Yingli Zhu, Ph.D., CFA
Quantitative Analyst, Structured Finance
Years of investment experience: 5
Yingli Zhu joined ING Investment Management in 2004. She received a B.S. in nuclear
engineering from the Xi’an Jiaotong University of China and Ph.D. in nuclear engineering from
the Massachusetts Institute of Technology with a focus on risk analysis and a minor in financial
technology. Yingli holds the Chartered Financial Analyst designation.
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