CutterCast: Derivatives and Collateral Management

David Joyce leads Cutter Associates’ Client Experience, ensuring client satisfaction across all engagement points as the voice of the client within Cutter. A senior technology and operations leader, David brings over 25 years of experience in leading operations, risk, and technology teams to help them devise and implement agile solutions, mitigate risk, increase scale, and build a culture of operational excellence.

Most recently, he served as an independent consultant to asset management, insurance, and fintech firms, providing expertise and guidance in the areas of derivatives, portfolio integration, customer success, project management, regulatory and control environments, and software development and implementation. Prior to consulting, David spent 20 years at American International Group (AIG) in a variety of increasingly senior roles. At AIG, he implemented innovative tactical and strategic solutions for the firm’s global businesses and led over 40 employees in multidisciplinary teams that performed investment and insurance operations, regulatory and control supervision, IT support, and workforce and facilities management.

Tom Phipps has more than 25 years of experience in the investment management industry, with a background in the automation of the investment process, including portfolio management, risk analytics, trading, compliance, performance, operations, investment accounting, data management, and systems integration. He leads Cutter Associates’ Front Office practice, providing deep expertise in front-office vendors and operating models. His consulting experience includes strategic advisory, systems selection, and change management execution engagements for some of the world’s most prominent investment management firms. He also leads the development of Cutter’s Strategy and Search methodologies.

Tom gained his expertise in technology and operations at software vendors and asset management firms, where he held leadership roles in technology management. His prior experience includes Senior Manager at Deloitte Consulting, Chief Technology Officer at PanAgora Asset Management, Chief Technology Officer at Atlas Venture, Vice President of Operations at DSTi North America, and various management roles in technology and professional services at NCS Financial Systems (now SunGard AMS). Tom holds a bachelor’s degree in operations management and management information systems from Florida State University.

Mary Storrs has more than 35 years of experience in the investment management industry. She has been with Cutter Associates for more than 20 years, first as a consultant focusing on front-office projects and then with Cutter Research since its inception. Mary has authored Cutter Research reports on many topics, including trading, portfolio management, transaction cost analysis, investment research management, and market data systems. She led the Research and Benchmarking division for eight years, overseeing all content development and helping members understand their capabilities compared with industry peers and best practices. Since 2019 she has been responsible for spearheading firm-wide management and delivery programs. Mary holds a BS from Boston College and an MBA from Babson College.

Katherine Oliverio is a vice president and manager of the Derivatives Legal team, which is responsible for counterparty onboarding for AB derivatives users globally. Her role includes negotiating documentation regarding over-the-counter derivatives, cleared swaps, futures, listed options, prime brokerage, repurchase agreements, foreign exchange, mortgage-backed securities and securities lending. Katherine also tracks global regulatory developments related to derivatives. She is a member of AB’s Counterparty Risk Committee and Clearing Oversight Committee, and she is a voting member of the ISDA Determinations Committee. Before joining the firm, Katherine worked in the legal department of Barclays, where she was a member of the Prime Brokerage Contract Negotiation Specialist Group. Katherine began her career in the Counterparty Risk Solutions department of S3 Partners. She holds a BBA in finance from Pace University in New York City.

David Stump manages a team in Federated Investors’ Global Trading Operations that is responsible for daily derivative and collateral management operations across the entire Federated complex of funds, supporting ETDs, OTCs, options, FX, TBAs, and Federated’s equity short book. He is also responsible for the implementation of risk controls while adapting to an evolving regulatory landscape. Prior to joining Federated in 2008, Dave spent five years at the Bank of New York Mellon. He earned his B.S. from the University of Pittsburgh.