Market Committee

To assist them in the governance of the PCS initiative, the PCS Association Board constituted a committee of experts: the Market Committee. The Market Committee is composed of 12 members selected in the following manner:

• four from the investor community
• four from the issuer/arranger community
• two legal experts
• one service provider expert
• one accountancy expert.

This selection procedure is designed to create a balanced committee bringing all the diverse perspectives to the recommendations it makes. Members are selected from individuals with considerable expertise in the asset-backed market. Their role is to advise the Board of the PCS Association on the eligibility criteria for the PCS Label and on relevant developments in the European and global asset-backed markets. They also form an appeal body for applicants whose request for a label has been declined by the PCS Secretariat.

Arranger / Issuer Members (4)
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Max Bronzwaer, Executive Director & Treasurer of Obvion Mortgages

Max Bronzwaer is Executive Director and Treasurer of Obvion Mortgages, a 100% subsidiary of Rabobank Group. His responsibilities include funding, the management of interest and liquidity risk and pricing, regarding Obvion’s mortgage portfolio of more than EUR 31 billion. Max is among other things responsible for Obvion’s RMBS programme STORM, one of Europe’s leading RMBS programmes with total issuance of over EUR 42 billion since December 2003. Max studied marketing in the USA at Michigan State University and holds an MBA in Business Economics from Erasmus University Rotterdam, The Netherlands. Following his studies, he has worked in the marketing department of the Dutch Postal Services, as a Senior Economist in the wholesale mortgage investment department of ABP Mortgages, as a Portfolio Manager Corporate Loans and Structured Finance at ABP Investments and as the Head of Finance of ABP Insurance Group. He joined Obvion at its inception in April 2002.


Ignacio Echevarria, Managing Director, Head of Capital Base and Securitisation, BBVA

Ignacio Echevarria joined BBVA in 2004. He is responsible for the Group’s capital management and the European securitisation program. Ignacio is not only involved in the strategic planning of the capital base, but also in the execution of transactions, including equity, hybrids and securitisations. BBVA has been especially active in the ABS market during these last years, being one of the main European issuers with an over 60bn overall issuance amount including RMBS, consumer loans, leases and SMEs. Before joining BBVA Ignacio worked for TdA, a Spanish management company, being involved in different transactions during 6 years. He holds a degree on Economics by the Universidad Carlos III de Madrid and a degree by Bolsa de Madrid.

Box for blank photo Steve Gandy (2)

Steve Gandy, Head of DCM Solutions for Santander Global Banking and Markets

Chair, PCS Market Committee Steve is Managing Director, Head of DCM Solutions for Santander Global Banking and Markets. He has 24 years experience in the securitisation industry, having completed transactions in Europe, United States, Latin America and Asia. He also serves on the Board of Directors of the European DataWarehouse. He also served a rotation as Member Chairman of the Securitisation forum of AFME where he participated in the development of the PCS initiative. Prior to joining Santander in 2006, he was a Managing Director at Bank of America for 10 years, 2 years as Head of International Securitisation based in Chicago, and 8 years as European Group Head for Securitisation at Bank of America in London. Prior to moving to London, Steve had held a number of management positions in his 35 years of banking experience, with postings in the US, Mexico, Hong Kong and Paris. Steve holds a Bachelors of Arts degree in Linguistics from the University of Texas, and an MBA from Thunderbird, the American Graduate School of International Management, where he graduated summa cum laude and won the Barton Kyle Young Award, the graduate school’s highest award.

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Fabrice Susini, Head of EMEA/APAC Securitisation, BNP Paribas, Member of the Securitisation Board Executive Committee, AFME

Fabrice Susini is Head of EMEA/APAC Securitisation at BNP Paribas. Based in London since 2000, Fabrice manages a team of professionals based in London, Paris, Brussels, Milan, Hong-Kong and Tokyo who are involved in structuring, evaluating, and managing ABCP Vehicles, ABS and structured securities. Fabrice joined BNP Paribas in 1997 and since then has originated, led and structured major securitisation transactions with a wide range of assets (trade receivables, inventories, loans …) for corporate and financial institutions. Before joining BNP Paribas, Fabrice was in charge of securitisation development at Bayerische Landesbank Girozentrale Paris Branch. Before 1993, he worked at Société Générale, where he audited various activities and entities of the bank. Fabrice has an MBA from the London Business School, a Masters Degree in Finance from the University of Dauphine Paris IX and a Degree in law from the University Nanterre Paris X. He is a graduate of the Institut d’Etude Politique de Paris (IEP).

 Arranger / Issuer Alternate Members (4)
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Luciano Chiarelli, UniCredit

Degree in Economics and specialisation in Finance, Libera Università Internazionale degli Studi Sociali (L.U.I.S.S.) Roma. Actually he works in UniCredit S.p.A. and he has the responsibility of Collateralized Funding (ABS&CB) in Finance department. Until now, he has been involved with different roles (e.g. origination, arrangement and supporting to placement for many deals) aiming at structuring, under law 130/99 (italian securitisation law), the issuance of a wide range of asset backed securities related to different types of asset (NPLs, residential mortgages, leasing, trade receivables, personal loans, compulsory insurance premia, auto loans, social security contributions in arrears, healthcare receivables, high speed railway track access charges receivables, etc.) and covered bond programme originated by Unicredit Group and in the past by banks and financial institutions outside of UniCredit Group, large corporates, Government and Local Authorities.

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Rob Collins, Head of Funding, Capital, External Relations & Nationwide (UK) Ireland

After an early career spanning various retail and commercial banking roles at the original incarnation of the TSB, Rob joined CIBC’s fledgling UK mortgage origination and securitisation business in 1990. Abbey National acquired this business in 1994, and Rob took a senior role delivering the first securitisation of prime UK residential mortgages by a mainstream lender. After a secondment to Abbey’s mortgage product team, he joined their Treasury to initiate Abbey’s residential mortgage-backed securitisation master trust (Holmes) and structured covered bond programmes. Rob joined Morgan Stanley in 2006, becoming CFO of Advantage, their UK non-conforming mortgage business, and subsequently transferring to Morgan Stanley’s European Residential team in London with responsibility for executing securitisation and portfolio sales transactions across Morgan Stanley’s European residential businesses. On electing to leave Morgan Stanley in July 2008, Rob formed Coleva Solutions Limited, providing consultancy services on structured finance strategy, infrastructure, execution and operation to UK mortgage lenders and audit firms. With Nationwide as a core client, Rob was asked to join their Treasury Senior Management team in 2012 with responsibility for wholesale funding strategy and execution in short term, long term, secured and unsecured markets globally. In conjunction with his SMT colleagues, Rob was instrumental in relocating Nationwide Treasury’s front office function to the heart of the City of London and continues to contribute to a much wider transformation agenda aimed at optimising member value and protecting the balance sheet. Rob has recently taken on responsibility for the capital and external relations in Treasury along with Nationwide’s operations (Nationwide UK in Ireland) in Dublin.

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Zoltan Galyo, Head of European Origination, Lloyds Bank

A member of the Global Markets Management Committee, Zoltan is currently Head of European Origination, Securitised Products Group for Lloyds Bank. He has over 15 years of experience in the securitisation industry joining Bank Brussels Lambert / ING in 1996 then moving to HBOS subsequently Lloyds in 2004. Zoltan hold various roles on the ABS issuance side as well as ran the ABS structuring team in the capital markets division. Zoltan holds a degree in Economics from the Solvay Brussels School of Economics & Management and is a CFA charterholder since 2003.


Eric Wragge, Managing Director in J.P. Morgan’s European Securitised Products Group

Eric Wragge has been employed in various structured finance roles since joining the firm in 2000. He has executed structured finance transactions involving a wide variety of institutions and asset types and also assists clients undertaking strategic risk mitigation transactions. Eric graduated from the University of Waterloo with a degree in Economics and Specialisations in International Trade and Econometrics.

 Investor Members (4)
 Neil Calder (2)

Neil Calder, Head of Investments Credit, EBRD

Neil Calder is the Head of Investments-Credit at the European Bank of Reconstruction and Development, a position he has held since 2005. He has been involved in securitisation for 20 years and in that time has been involved in investing in all types of securitisation globally, and structuring and managing transactions for the term and ABCP markets. He joined EBRD in 2005 after having spent five years structuring and then acting as the senior portfolio manager of JP Morgan’s Structured Investment Vehicle, Whitepine. Previous to that he structured and was the portfolio manager of Bank Austria Creditanstalt’s ABS CDO, Mozart Funding, which was one of the earliest to be funded through a commercial paper conduit. Prior to that he managed the high grade balance sheet portfolio of Banque Internationale a Luxembourg, London where he was one of the first European investors in global structured finance bonds. The initial stages of Neil’s career were spent in mid-corporate lending followed by debt restructuring and recovery of large syndicated loans for Hill Samuel Bank. Neil has a M.A (Hons) from the University of Dundee.

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Rob Ford, Portfolio Manager and one of the founding partners, TwentyFour Asset Management

Rob Ford’s  main responsibility is managing TwentyFour’s ABS business, including the TwentyFour Senior Secured Bond Fund, the Monument Bond Fund and the TwentyFour Income Fund, alongside a number of institutional mandates. He also is a member of the firm’s Investment Committee. Rob previously spent over 20 years at Barclays Capital (formerly BZW) in London as a fixed income trader covering a broad range of instruments, and where he established and managed the floating rate credit trading unit and was a Managing Director and Head of European ABS Trading. Rob has been trading European ABS since their inception in the late 1980s, and as one of the market’s leading authorities on the sector he is also a pivotal member of a number of high level market initiatives, steering groups and industry organisations.

Menno (3)

Menno van den Elsaker European Head of Structured Credits, APG

Menno van den Elsaker is responsible for European structured finance investments and whole-loan (mortgage) portfolio investments at APG Asset management. In addition, Menno is a member of the European and global credit strategy team, which is responsible for the top-down investment decisions and the allocation in the European and US credit portfolios. Menno joined APG in 2001 and has worked as a Quantitative Analyst Fixed Income (both EU and US) and as a quantitative researcher at the centralized research department (dedicated to fixed income) prior to the current role. Menno is a lecturer at the Vrije Universiteit Amsterdam where he teaches the fixed income sections of the post-graduate CFA program. Menno has a MSc. in financial econometrics from the University in Amsterdam and is a CFA charterholder.

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Hubert Vannier, Amundi

Awaiting biography.

 Common Law Lawyer Member (1)

Kevin Ingram, Partner, Clifford Chance

Kevin has been a Partner at Clifford Chance since 1998 and is London Head of Structured Debt. Since 1992 he has worked almost exclusively in structured finance especially securitisation. Kevin is identified in Legal 500 and Chambers as one of the leading practitioners in securitisation. Kevin is a member of the UK Prudential Regulation Authority (PRA) Securitisation Standing Group. He is on the executive board of directors of AFME/ESF where he is a former vice-chairman and represents AFME/ ESF in discussions with regulators and quasi-governmental advisory bodies on matters of industry importance.

 Civil Law Lawyer Member (1)
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Stefan Krauss, Partner, Hengeler Mueller

Stefan advised on true sale and synthetic securitisations in excess of EUR 300bn over the last 20 years.  He helped establish Germany’s securitsation association TSI and the PROMISE/PROVIDE securitisation programs of KfW as lead counsel. He also advises the Euro Banking Association on its pan-European payment systems EURO1 and STEP2 for which he developed the legal structure. Hengeler Mueller is a leading international law firm with offices in Germany, London, Brussels and Shanghai and a member of the BestFriends network with Slaughter and May, de Brauw, Uria Menéndez, Bredin Prat and BonelliErede.

 Service Provider Member (1)

Alberto Nobili, Head of the International Division structured finance EMEA

Alberto joined FinInt in May 2012. In FinInt he closed several mandates assisting banks in obtaining guarantee products from EU institutions, he led the structuring of various other mandates as well as the development of FinInt services to the securitisation transactions in Italy, Spain and Russia. Before joining FinInt, he was the Head of Guarantee & Securitisation Risk Division at the European Investment Fund (Luxembourg) where he contributed to the development of the risk division, managing 10 resources. Prior to that, Alberto worked for three years at UniCredit Market & Investment Banking (London) as Director in the Structured Finance and Covered Bonds Division in southern Europe. During such period he closed several structured finance transactions with underlying assets loans to SMEs, RMBS as well as covered bond in southern Europe (Italy, Portugal and Greece). Prior to UniCredit, Alberto was Head of Structured Finance Italy at Standard & Poor’s where he rated and chaired rating committees across Europe. Alberto is also experienced in Project Finance (Intesa) and corporate audit. He graduated in Economics at Bocconi University in Milan.

 Accountant Member (1)
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Dan Keeble, Partner, Deloitte UK Financial Services practice

Dan Keeble is a qualified Chartered Accountant and he is the EMEA Securitisation leader for Deloitte.  He has led transactions in all of the major asset classes across many different jurisdictions and has particular experience in analysing the underlying collateral of these transactions. Dan also attends AFME Securitisation division board meetings. Dan has taken a lead role on several recent high profile disputes and restructures, bringing his Securitisation and collateral expertise to those contexts.   Dan has also has advised several central banks, including the European Central Bank, relating to various aspects of Securitisation as well as extensive ‘Troika’ work in three different countries during the ongoing financial crisis.   Finally, Dan co-led Deloitte’s European response to the recent Asset Quality Review as part of the ECB’s Comprehensive Assessment.