The IACPM is a non-profit organization dedicated to advancing the practice of credit portfolio management.
IACPM Weekly SmartBrief
Essential News for Credit Portfolio Management Professionals
New York, NY – The International Association of Credit Portfolio Managers (IACPM) today announced that Allan Yarish of Société Générale, was elected Chairperson of the Association, and Neville Mallard of ANZ, was chosen as Vice Chair. The Association also announced that JP Morgan Chase’s Donald Noe will be Treasurer. Each will serve for one year.
“I’m excited to have been elected chairperson of the IACPM at this critical time,” said Mr. Yarish. “Given all that’s happening in the global credit markets, the risk management function our members perform within their organizations and for the financial markets overall has never been more critical or more closely watched by senior management.”
At the top of the priority list for the IACPM this year is helping its members access the markets for liquidity in the face of completely altered conditions. Investors are far more cautious which means portfolio managers must be much more creative in finding terms and structures that will appeal to the marketplace and allow them to execute their strategies.
The Association is also planning to continue to its focus on valuation. IACPM worked with the Financial Accounting Standards Board, or FASB, to develop a Fair Value Option that incorporated elements essential to credit portfolio managers, and the Association will continue to explore valuation methodologies this year. Member firms are extremely interested in the topic because they need to accurately value their loan portfolios, which are subject to accrual accounting, against their hedges, which are marked-to-market. The difference between the two accounting methodologies can create a high degree of volatility which firms would like to minimize.
“The Association has a full agenda this year as we tackle the critical issues facing risk managers,” commented Som-lok Leung, Executive Director of the IACPM, “I’m pleased to have such experienced leaders in place helping us in our efforts.”
The IACPM’s new leadership reflects the Association’s global composition. Incoming chairperson Allan Yarish, a Canadian, is based in Paris, France, where he is Managing Director & Head, Global Credit Portfolio Management at Societe Generale. Before joining the bank, Mr. Yarish held several different posts at the Royal Bank of Canada. He holds economics degrees from the University of Manitoba and the University of Western Ontario.
Newly elected Vice Chair Neville Mallard is based in Melbourne, Australia, where he is head of Active Credit Portfolio Management at ANZ. Mr. Mallard has over 20 years experience in the financial markets and has held senior positions in the areas of foreign exchange, capital markets, asset and liability management and credit portfolio management. He earned his bachelor’s and master’s degree in Business Administration from Victoria University in Wellington, New Zealand.
Membership at the IACPM has increased significantly in the past couple of years, and the Board expects that to continue in 2008, especially in Asia. A total of 19 new members were added in 2007, increasing to 89 members overall, including two new Asian members, China Trust and Kasikornbank.
Rounding out the new Board, the other directors are Jeffrey R. Bohn, of Shinsei Bank Limited, Victor Bulzacchelli, of Bear Stearns, Masahiro Hosomi, Bank of Tokyo-Mitsubishi UFJ, Mark Hughes, Royal Bank of Canada, Tamar Joulia, ING Bank, Sean Kavanagh, Deutsche Bank AG, Edward Kyritz, Barclays Capital, Som-lok Leung, IACPM, Mark Midkiff, Wachovia, Rene Mouchotte, Calyon, Evan Picoult, Citigroup, Vipin Ramani, Bank of America, and non-voting director Kevin Burke, GE Capital Markets.
About the IACPM -- The IACPM, with 89 member institutions located in 16 countries, is a professional association dedicated to the advancement of credit portfolio management. Founded in 2001, the organization’s programs of meetings, studies, research and collaboration are designed to increase awareness of the value and function of credit portfolio management among financial markets worldwide, and to discuss and resolve issues of common interest to its members.