Ruggero De Rossi
Curriculum vitae e dichiarazione altri incarichi ex D.lgs. n.33/2013

PROFESSIONAL EXPERIENCE

International Monetary Fund Sep 21 – Date

Monetary and Capital Markets Division

Expert Advisor

Selected for the Division’s roster with specific focus on Debt Management, Restructuring and capital markets development.

U.S. Department of the Treasury Mar 18 – Date

Office of Technical Assistance

International Affairs

Government Debt Advisor

• Resident Government Debt Advisor, advised the Minister of the Economy and Finance of Ecuador on Asset Liability Management, Debt Sustainability and Capital Market Development.

• Designed and helped implement the successful restructuring of the Republic’s External Debt for 17% of GDP and the reprofiling of 20% of Domestic debt.

• Participated to the Investment Board Meetings of Ecuador’s Social Security Administration and advised on ALM, Investment Policy, Investment process, Risk Management methodology and Credit risk analysis.

• Drafted key articles of laws and regulations (Public Finance and Fiscal) that enhances domestic liquidity.

• Designed the new Methodology for the valuation of the country’s securities (Vector de precios).

• Advised the Central Bank on International Reserves management and its Centralized Depository.

• Provided technical assistance to an Asian Finance Ministry on Debt Management regulation.

Federated Hermes Inc. Mar 14 – Aug 16

Head of Emerging Markets Fixed Income

Senior Member of the Asset Allocation and Interest Rate Committees

• Director and Senior Portfolio Manager, International Fixed Income, Head of EM Investments

• Senior Member of the Sector Allocation and Duration Committees affecting about $300bn in assets.

• Managed large parts of multi-sector fixed income and balanced (equity/FI) funds.

• Lead Portfolio Manager for several institutional and mutual funds with three distinct mandates:

-Blended absolute return funds: Sovereign, Corporate credit, Local rates and FX.

-Funds benchmarked to the Lehman Aggregate EM USD Bond Index

-Funds benchmarked to Sovereign (EMBIGD) and Investment Grade Corporates (CEMBIGD)

• Rigorous and quantitative Global Macro investment process on G7 and EMD Risk assets.

• Coordinated EM sovereign and corporate research.

• Spearheaded and built a comprehensive risk management and performance attribution system across asset classes, local and USD risk, spread beta, ratings and stress test.

• Introduced to the firm several new derivative products that have lowered fund’s volatility and TE. Trained traders and analysts. Incorporated such products into the firm’s risk systems.

Tandem Global Partners Sep 07 – Mar 14

Chief Investment Officer

• Founder, Chief Investment Officer and Senior Portfolio Manager responsible for risk taking on about 50 Emerging and Developed Fixed Income Markets.

• Specialized in Emerging Markets Local Currency Rates, Currencies and Sovereign Credit with an extensive, quantitatively advanced Global Macro investment process approach.

• Responsible for portfolio management in relation to three funds: TGEM (EM Macro Hedge Fund), FIUT (Non-Japan Asia Fixed Income and Currency fund), GSI (Long-only EM Fixed Income component of Global Strategic Income Fund, sub-advised by Cutwater Asset Management).

• Advised one of the largest Sovereign Wealth funds in the world on Emerging Markets investments.

• While managing a team of 6 professionals, identified investment-related research projects to coordinate with the Head of EM Research and the other analysts.

• Designed the architecture and realized a comprehensive analytical infrastructure using econometric and financial mathematics modeling in the areas of LM, FX, Sovereign Credit.

• Established partnerships with Mitsubishi Corporation (distribution in Japan), SMBC (distribution), Cutwater Asset Management (sub-advises its EM investments)

Performance

• Ranked # 1 EM Fixed Income Hedge Fund in world through “the great recession” from Sep-08 inception to August 2009 (EurekaHegde)

• Top 10 Global Emerging Markets Hedge Fund during the Eurozone Crisis, for 2011 (BarclayHedge). #2 in August 2011 and Top 10 in July and September 2011.

• Ranked at the Top 10% of All Hedge Funds in 2011 (HFR)

• First three-year’s Annual Net compound return of 9.4% (12% gross)

JP Morgan Chase, NY Apr 04 – Sep 06

Managing Director, Head of Strategic Proprietary Trading

• Main proprietary risk-taker in Emerging Markets for JP Morgan Chase.

• Provided Strategic leadership on EM risk-taking to the 22-people team, constantly sharing and communicating own research and views to the team.

• Researched, Invested and traded long/short in 25 Emerging and developed markets.

• Strategies used both on and off-balance sheet vehicles such as Local and HC Cash bonds, Sovereign Credit Default Swaps and CDS index baskets, interest rate and cross-currency swaps, Local Currency based total return swaps.

OppenheimerFunds, NY Mar 00 – Apr 04

Managing Director, Head of International Fixed Income

• Portfolio Manager and Team Leader of a group of 10 professionals including economists, quantitative analysts and traders, with a top-down, quantitative and rigorous investment approach.

• Oversaw International Fixed Income and foreign-currency denominated assets for about $4bn, allocated to International Bond, Emerging Debt and Strategic Income Funds.

• Flagship fund managed (OIBAX) since March 2000 reached 5 Stars by Morningstar and ranked #1 over 1, 3 and 5 years for total return according to Lipper and Morningstar, in the United States, Offshore and in Europe.

• Average Annual return was 15-17% per annum over 4 years across the asset classes.

• International Fixed Income Funds outperformed JPM non$-WGBI by an average annualized 350bp and the JPM EMBIGC by 500bp since March 2000.

• Thanks to accurate forward-looking research, avoided Argentina’s external debt default by selling in excess of $300m one year before the default. Invested heavily after 9/11. Avoided the Brazil 2002 collapse and invested thereafter.

• Directed research effort for econometric and financial mathematics modelling.

• Successfully helped resurrecting the growth of OIBAX from $200m to $4bn.

Additional work and advisory experience

Emerging Markets Investors Alliance (EMIA), NY May 16 – Mar 18

Senior Advisor to the CEO. EMIA is a non-for-profit organization.

ING Barings, NY May 98 – Mar 00

Senior Vice President, Head of Global Emerging Markets Debt and Currency Strategy

Citibank N.A., New York May 95 – May-98

Head of Emerging Markets Trading StrategiesVice President, EM Proprietary Trading and Relative Value

Deutsche Bank (FMR. Bankers Trust International), London Apr. 94 – Apr.95 Vice President, Interest Rate Derivatives Trading

Lehman Brothers International, London Nov. 90 – Apr.94

Director, Fixed Income OTC Options Trading (from Aug.'93)Director, International Fixed Income Research (from Nov. '90)ACADEMIC QUALIFICATIONS

Doctorate - Department of Macroeconomics and Econometrics, University of Rome. 1988 - 1989

Research thesis submitted on "Macroeconomic causes and effects of stock market crises".

Researched prevailing theory, constructed an original econometric model to predict the impact

of monetary policy in reducing the negative macro-economic effect of a stock market collapse.

MSc - (Laurea) in Economics and Commerce (Rome) 1982 - 1987

Faculty of Economics and Commerce, Macro-economics major. Full Marks

Diploma Scientifico, Liceo Scientifico "G. Peano", Rome 1977 – 1982

Graduate and undergraduate lecturing

Adjunct Professor, University of Bologna – Cornell Tech Summer 2023

Organization and Lecturing Summer Course for Graduate Finance Students “Global Hedge Fund Investments”

Adjunct Professor, University “Bocconi”, Milan, Dept. of Finance 2010 - 2014

Held seminars on Alternative Investments within “Financial Markets and Institutions” course.

Adjunct Professor, University of Bologna, Dept. of Quantitative Finance 2010 - 2012

Held Spring Semester Course of Alternative Investments with special focus on Global Macro.

Adjunct Professor, University of San Francisco Quito” (USFQ), Ecuador 2019 - 2021

Held Master classes in International Investments as part of the “USFQ/BVQ Diplomado

en Mercado de Valores.

Adjunct Professor, Universidad Espiritu Santo” (UEES), Ecuador 2019 - 2021

Holds Master classes in International Investments as part of the “UEES/BVQ Diplomado

en Mercado de Valores - Técnicas de Inversión Internacionales”

Publications and Articles

“Ecuador Public Debt and Capital Markets Development”, U.S. Treasury, July 2021

“Asset Liability Management operations on Ecuador’s domestic debt” (Spanish), U.S. Treasury, Ministry of Economy and Finance, Republic of Ecuador, March 2021

“Ecuador Debt Sustainability post-restructuring” (Spanish), U.S. Treasury, Ministry of Economy and Finance, Republic of Ecuador, January 2021

“New Methodology for the calculation of the Pricing Vector of Ecuadorian Securities”, U.S. Treasury, Ministry of Economy and Finance, Republic of Ecuador, April 2020

“End of the bottlenecks and peak in inflation?”, Linkedin (*), 20 June 2022

“Explosion in intraday volatility and systemic risk”, Linkedin, 6 February 2022

“Does the Equity Put/Call ratio point to excessive market pessimism?”, Linkedin, 20 January 2022

“Labor market tightness and the Federal Reserve’s dual mandate”, Linkedin, December 2021

“Would Fed Hikes to 4% cause a Debt Sustainability crisis?”, Linkedin, December 2021

“Covid waves, Fed and Inflation”, Linkedin, November 2021

“Fed stimulus, inflation and S&P 500”, Linkedin, November 2021

(*) Average readership: 7,000. https://www.linkedin.com/in/ruggero-de-rossi

LANGUAGES

English (Fluent), Spanish (Fluent), Italian (Mother Tongue).

LICENSES & CERTIFICATIONS

FINRA Series 24 (Principal) and 63 (‘05), Series 7 (’95), SFA Trader (UK, ’93), SFA Gen. Rep. (’91)

Fundamentals of Sports Management, NYU Preston Robert Tisch Institute for Global Sport, School of Professional Studies, 2022

INTERESTS

Windsurfing (Member of the National Team, 1986-89, ranked in the top 10 at 1989 World Championships), Skiing (Raced for 20 years, Italian and US PSIA Ski Instructor), Sailing (Licensed Skipper).