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1、/6TalkingBusinessTalkingBusiness/7RichardRobbtalksabouthisbusinessRésumé–ahedgefundthatinvestsinstructured1981BAEconomics:DukeUniversitycreditandwindenergy–teaching1985PhDEconomics:ManonthespotUniversityofChicagoatColumbiaUniversityandhisviewson1985–1992:TheChicagoCorporationcrisespastandp
2、resent–bondsalesandtrading1992–2001:TheDai-IchiKangoBank–headofglobalderivativesandsecuritiesbusinesses(NY,London,HongKong)2001–present:professorofprofessionalpracticeininternationalfinance,ColumbiaUniversity’sSchoolofInternational&PublicAffairs2002–present:ceo,Christofferson,Robb&CompanyQW
3、hatdoesChristofferson,Robb&Company(CRC)do?AOurcorebusinessisinvestinginasset-backedsecuritiesandprivatestructuredcredittransactionsthathelpEuropeanbankstransferriskandimprovetheirbalancesheetsortheirreturnonregulatorycapital.Workingwithasinglebuyer,termscanbefine-tunedtomeettheissuer’sneeds
4、.Wearenottradersorarbitrageursbut,rather,buy-and-holdinvestors.Underneathitallareold-fashionedassets:smallandmediumenterpriseloans,primeresidentialmortgages,commercialleasesorotherloansonabank’sbalancesheet.QHowdidyoustartupafundlikethat?AWewerenotafancystart-up.InOctober2002,JohanChristof
5、fersonandIlaunchedwith$11mundermanagement.InNewYork,wesub-letanofficeandpartofahallwayacrossfromBloomingdale’s.InLondon,wehadamewshousenearEarlsCourt.OurIThead,OlegGokhman,financedthecomputersonhispersonalcreditcard.Assoonaswelaunched,weregisteredwiththeUSSEC,whichrequires$25mundermanagement
6、within90days.Wedidn’tthinkthatwouldbeaproblem,butitturnedoutthatitwas…Wevisitedabout100investorsinEuropeandtheUStoexplaintheopportunitiesinEuropeanstructuredcredit.ManyweresurprisedtolearnthatEuropehadastructuredcreditmarketatall.Atbest,investorswouldsay:“Youwillbeasaferinvestmentat$50mtha
7、n$11m.Youwillbemorediversifiedandhavebetteraccesstofinancing.IwilltakePhoto:StephenSullivanyoufrom$50mto$70m.”themarkitmagazine–Summer08Summer08–themarkitmagazine/8TalkingBusinessSothereweretwostableequilibria:agoodoneandwaytowardsinsulatingusfromend-of-cyclepro
