Board Members

The governing body of the PCS initiative is the Board of the PCS Association, a Belgian not-for-profit association with its seat in Brussels. It is the PCS Association’s Board that sets the strategic direction of the initiative and appoints the management teams of the PCS operating companies.

The Board is made up of nine directors drawn from senior individuals representing the various sectors which are stakeholders in the PCS initiative: the public sector, the issuing community, the investor community and service sector groups.

Although they may work for specific institutions, each member of the Board has agreed to serve in his or her individual capacity and, when on the PCS Association’s Board, does not represent the institution to which they belong. They have all committed to preserving the independence of the PCS initiative.



Francesco Papadia, former Director General for Market Operations at the European Central Bank

Francesco Papadia was, between 1998 and 2012, Director General for Market Operations at the European Central Bank.

Before that he was Deputy Head of the Foreign Department and Head of the International Section of the Research Department of Banca d’Italia He also worked as Economic Advisor at the European Commission. Mr. Papadia has a degree in Law from the University of Rome and attended postgraduate courses in Economics and Business at the Istituto Adriano Olivetti in Ancona and at the London Business School. Mr. Papadia has written extensively in the field of Monetary Policy and International Economics.

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Richard Bartlett

Richard Bartlett was with RBS from 1999 until 2016. When he left he was responsible for Financing and client relationships for the Investment Banking Division of RBS and served on the Executive of that Division.

A civil engineer by background, Richard joined RBS in 1999 to take responsibility for the structured bond business. The business completing a number of notable transactions spanning most aspects of infrastructure, utility and public/private partnerships. At different times Richard was responsible for the lending, securitisation and bond businesses within RBS.  He was also chair of the Bank’s Global Capital & Underwriting Committees, chair of the EMEA Credit Markets Management Committee, chair of the Emerging Markets Management Committee for the CEEMEA region and Chair the Board of Directors of RBS ZAO, the Bank’s subsidiary in Russia.

Richard received an MA in Engineering from Cambridge University.

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Baroness Sharon Bowles

Baroness Sharon Bowles is a member of the British House of Lords as well as a Non-Executive Director of the London Stock Exchange Group and a Member of the Systemic Risk Council.

From 2005 to 2014 she was a Member of the European Parliament and from 2009 to 2014, the Chair of the Economic and Monetary Affairs Committee of the European Parliament (“ECON”). ECON is the committee in charge of, amongst other things, all financial services regulation. She was also a substitute member of the Legal Affairs Committee and the US Delegation as well as a member of the ASEAN Delegation.

Prior to being a Member of the European Parliament, Sharon Bowles was a Chartered Patent Agent and a European Patent Attorney.

She has a BSc in Chemical Physics with Mathematics from Reading University and has conducted doctoral studies on semiconductor fabrication at the University of Oxford.

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Alessandro Brusadelli, Head of Group Finance, Unicredit

Alessandro is Head of Group Finance, reporting to Group CFO Mirko Bianchi.

Alessandro Brusadelli has more than 20 years of experience in banking. He started his career at JP Morgan where he worked for 6 years in Milan, London and New York. In 2002 he joined UniCredit with responsibility for Group Market Risk and ALM supporting the acquisition process of CEE banks. He then held various positions in CIB Planning and Group Finance within the CFO Area: Head of Group ALM & Financial Planning, Head of Group Credit Treasury and currently Head of Strategic Funding & Balance Sheet Management. He is also Vice Chairman of the Board of Directors of UniCredit International Bank (Luxembourg) S.A..

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Gregor Gruber

Gregor Gruber is CEO of the IKAV/ecoprime Group, which invests in renewable energy and energy efficiency projects. Previously, he was Partner with Oaktree Capital Management, where he was responsible for European Strategic Credit, building a CLO and a private debt business. Prior to 2013, Gregor was a member of the Allianz Group’s Investment Management Board, where he was in charge of the interface with asset managers and building up a $10 billion portfolio of alternative investments. Until 2007, he served as a member of the Management Committee of BNP Paribas Germany and served as Head of its Financial Institutions Group. Previous capital markets experience included over ten years with Morgan Stanley and Goldman Sachs working on securitisations and leading the hybrid capital effort. He started his professional career in 1986 at the Boston Consulting Group, whom he recently rejoined as a Senior Advisor. Gregor is fluent in German and French, earned an A.B. degree from Harvard University and an M.B.A. in Finance and Operations from Stanford Business School.


Anneli Peshkoff, former Director of Treasury at the European Investment Bank

Anneli Peshkof retired from the position of the Director of Treasury at the European Investment Bank. Anneli has worked in financial markets for 33 years, covering vast areas of short and long end debt markets, derivatives, FX and more recently carbon allowance markets. She began her career with Citibank in the US but soon moved back to Europe, working in various positions in Citibank treasury, including derivative and capital market functions in London, Milan, Amsterdam and Helsinki including client and trading responsibilities, as well as managerial roles in investment and origination. In 1996 she became responsible for the market risk management of Citibank in Europe based in London. Also that year she was appointed as the Head of Market Practice task force for the euro for ISDA, a position she held for three years.

Anneli was the Treasurer at the EIB for nearly 15 years, where she was responsible for Liquidity and Portfolio Management, ALM, Financial Engineering, including carbon trading and quoting of rates for EIB loans in 14 currencies.

Anneli served on the board of European Securitization Forum from 2003 till 2008. Subsequently EIB has been an observer of the PCS initiative.


Gaëlle Philippe-Viriot

Gaëlle Philippe-Viriot works for BNP Paribas, previously working at AXA Investment Managers as a senior ABS manager and was head of ABS until 2016. She previously worked for two years at Natexis Banque Populaires as a senior structurer of ABS/MBS transactions. Prior to that, she was vice president senior analyst at Moody’s Investors Services where she spent six years in the Structured Finance Department.

She graduated from French business school ESSEC in 1992.


Michaela Ulrici, Chair of the Board, NautaDutilh

Michaela Ulrici chairs the Board of NautaDutilh as of June 2010. NautaDutilh is the international law firm for Netherlands, Belgian and Luxembourg law, with over 400 lawyers, notaries and tax advisers in offices in Amsterdam, Brussels, London, Luxembourg, Rotterdam and New York. NautaDutilh is recommended by the leading international legal directories, such as the European Legal 500 and Chambers’ Global.

Besides this Michaela is co-head of NautaDutilh’s Dutch Securitisation and Covered Bonds team. Michaela Ulrici was involved in the first public securitisation transaction and acting as a drafting counsel in many transactions since that time.


Ian Bell

Chief Executive, PCS UK and PCS EU

Born in France, Ian Bell qualified as a British lawyer at Clifford Chance where he became a partner in 1996. He joined Standard & Poor’s as European General Counsel in 1999, becoming Head of Structured Finance for Europe, Africa and Middle East in 2005 where he ran the S&P securitisation business until 2010.

Ian studied at the London School of Economics, University of London (1981-1984), the University of Strasbourg and Yale Law School wheTel: +44 (0) 20 3866 5001

Tel: +33 (1) 75 85 01 23

E: ian.bell@pcsmarket.orgre he gained an LLM.


Mark Lewis

Head of Operations and Head of Analytics – PCS UK

Head of Operations and Head of Analytics – PCS EU

Tel:  +44 (0) 20 3866 5002
Tel:  +33 (1) 75 85 01 73


Mark Lewis has been a participant in the domestic and international financial markets since 1983 and more particularly, the securitisation markets since 1989 including roles as Head of European Securitisation at UBS and Global Head of Structured capital markets at Unicredit. Mark was Chairman of the securitisation division of AFME in 2011.

Mark studied at Downing College, University of Cambridge (1980-1983) where he gained an MA (Cantab).


Tris Lateward

Chief HR Officer and Director of Operations – PCS UK

Chief HR Officer and Director of Operations – PCS EU

Tel:  +44 (0) 20 3866 5003


Tris has long standing experience in office management and worked at AFME in the securitisation division.

Rob Koning

Rob Koning

Issuer Liaison

Tel:  +31 6 1422 9842
+31 20 80 89 981


Rob Koning has been working for 40 years in the banking industry. Since 1994 he has been actively involved in securitisation, both in Europe and the US. As a Managing Director in Structured Finance at ABN AMRO Bank, Rob has been responsible for the Dutch market as well as the global ABCP business line of the bank.

After 2008, he has worked as an independent consultant, i.a. on several securitisation related projects at Rabobank International, and since

2012 Rob is the Director of the Dutch Securitisation Association.
Rob has a Masters Degree in macro-economics of the Free University in Amsterdam.


Max Bronzwaer

Investor Liaison

Tel:  + 31 6 55 15 13 73
Tel:  + 31 43 80 80 013


Max Bronzwaer is Advisor to the CEO & Management Board of Obvion, a 100% subsidiary of Rabobank Group.

From April 2002 until August 2018, Max was Treasurer and Member of the Management Board of Obvion and among other things responsible for Obvion’s RMBS programme STORM, one of Europe’s leading RMBS programmes with more than 40 transactions and total issuance of over EUR 55 billion since December 2003.

Max holds an MBA in Business Economics at Erasmus University Rotterdam, The Netherlands and studied marketing in the USA at Michigan State University.

Rob Koning

Fazel Ahmed


Tel:  +44 (0)20 3866 5004


Fazel Ahmed has been a participant in the domestic, European and international securitisation markets since 1989 including roles as Head of Asia Pacific  Securitisation at UBS and Co Global Head of Securitisation at CIBC World Markets.

Fazel studied at University of Manchester (1979-1982, 1983-1984 ) and Manchester Business School (1984-1986) where he gained an MSc and an MBA.

Martina Spaeth

Martina Spaeth

Tel: + 33 1 75 85 01 40
Tel: + 33 6 26 63 23 40


Martina Spaeth has been active in the securitisation market since 1997, with roles at UBS and Fitch and senior management positions as Head of Structured Capital Markets for Unicredit Germany and Austria and Team Head-Structured Product for FMS-WM.


Daniele Vella


Tel: +33 1 75 85 01 23
Tel: +33 6 15 37 86 95


Daniele Vella is a lawyer, admitted to the higher courts of Italy and EU. Since the beginning of his career he focused on business law and from 2002 he specialised on securitisation and finance transactions, working for major law firms (i.e. Clifford Chance, Allen & Overy and Hogan Lovells) and investments banks (i.e. Barclays Bank and RBS).

Daniele studied at the LUISS University in Rome (1990-1996), at the University of Strasbourg (1992-1993) and at the Queen Mary, University of London, where he gained an LL.M in Banking and Finance Law (2002).

Further information

    • PCS Articles of Association (English) more >
    • PCS Articles of Association (French) more >