A 20-year veteran of the convertibles market who began his Wall Street career in 1985, Bill has written two books covering the topic. The most recent, Beating the Indexes: Investing in Convertible Bonds to Improve Performance and Reduce Risk, was published in 2012 by Financial Times Press. Bill blogs on convertibles and related subjects for Forbes.com and has been regularly quoted in leading financial media, including Bloomberg, CNBC and Fox Business.
Bill’s convertible experience spans a wide range of duties.
In convertible arbitrage, Bill managed hedge funds at Clinton Group and FrontPoint Partners, where he was a partner. Bill also ran a proprietary convertible-arbitrage book at Goldman Sachs. On the long-only side, Bill served as a portfolio manager at Wellesley Investment Advisors.
On the sell side, Bill was a managing director and convertible strategist at BTIG LLC. He previously made markets in convertibles, options and structured products at Credit Suisse First Boston and PaineWebber.
Bill has also published regularly throughout his career, including his two books (his first, The Undoing of Cowardice, came out in 2009). As head of U.S. convertibles research at Lehman Brothers, Bill developed one of the first benchmarks for convertible-arbitrage performance and became known as an industry thought leader. At PaineWebber, where he worked in equity-derivatives research before he made markets, Bill wrote a white paper comparing options with basketball. The piece, which makes the rounds on Wall Street annually during March Madness, has been published in major financial websites and derivatives textbooks. Bill is currently working on his third book, provisionally titled Latin, Greek and Money: What You Need to Know. Before graduate school Bill started his Wall Street career as a corporate-finance analyst with Dillon Read.
MBA (with distinction) in finance, The Wharton School, University of Pennsylvania
BA in economics, Phi Beta Kappa, summa cum laude, Yale University
George is responsible for Hillside's business strategy along with developing analysis and research related to private equity and real estate investments and China markets.
George has over 20+ years of experience spanning equity sales & trading, private equity, management consulting, and corporate management.
He was previously the managing principal of the US office for Pacific Partnership Advisors, an international financial consulting firm with offices in Beijing and New York that advised clients on cross border activities between US and China. He completed several assignments working with Chinese companies on their US listing strategies and activities. He also worked with several Chinese companies on their acquisition of various US assets.
Prior to Pacific Partnership, George was a partner at Epic Partners LLC in New York, where he focused on growth capital and buyout investments in the education & business services sectors.
While at Lehman Brothers, George assisted in managing the global equity sales and trading operations where he worked closely with research, equity capital, finance & technology.
George began his career as an associate at Price Waterhouse Management Consulting and as an economics research analyst at Putnam, Hayes & Bartlett.
MPPM in finance & strategy, Yale School of Management
AB in economics, University of Chicago
Jeffrey Alton, CFA
Principal, Director of Equity Research
Jeffrey Alton is responsible for Equity Research at Hillside Advisors. Jeffrey brings over 30 years of experience in investment research and management, structured finance and commercial banking.
At Hillside Advisors, Jeffrey’s primary role is to evaluate the equity aspects of securities across the convertible bond universe. Prior to joining Hillside Advisors, Jeffrey was a Director at Energistics LLC where he oversaw research in the energy industry, including renewable energy. Jeffrey also has experience managing assets for a family investment office where he conducted investment research over a broad range of industries as part of his responsibility to maximize investor return.
Jeffrey was a Vice President and Portfolio Manager at the Ohio Company which was later bought by Fifth Third Bank. Jeffrey sat on the investment committee responsible for managing over $2 billion in assets for clients. In this role, he developed investment ideas, undertook company research and structured investment portfolios. His responsibilities included setting investment policy for fixed income investments for private accounts and managing the firm’s money market mutual fund with total assets over $300 million. His fixed income responsibilities included frequent purchases of insurance and financial services company debt and money market instruments.
Prior to joining Fifth Third Bank, Jeffrey worked at the Bank of Tokyo, Ltd. in Tokyo and New York. His experience included institutional marketing and investment analysis for the Bank’s mutual funds. He also assisted Japanese companies establish operations in the United States through direct investment, joint venture and acquisition. Jeffrey also assisted in the financial and debt structure for the new entities including commercial loan facilities, municipal bonds and leases.
Jeffrey is a Chartered Financial Analyst and a member of the New York Society of Securities Analysts.
BBA in marketing, University of Notre Dame
Kathy Hay Stine
Principal, Director of Business Development
Kathy Hay Stine is responsible for client coverage at Hillside Advisors. Kathy has extensive background in the financial markets, including several years as a fixed-income derivatives sales specialist at JP Morgan. Kathy’s clients included government agencies, asset managers and insurance companies. Prior to her role in derivatives, Kathy worked as a Mortgage Sales specialist for JP Morgan. Before moving into institutional sales, Kathy worked at Lehman Brothers in the asset finance sector, as well as in fixed-income trading, focusing on multi-family and commercial mortgage bonds. Kathy began her career as a credit analyst, first in the commercial lending arena and later in the investment division at PNC Financial.
Since 2010, Kathy has worked in fundraising for community-based not-for-profits. Beginning in 2012, Kathy joined Interfaith Hospitality Network in Essex County, NJ, which serves homeless families, where she is a member of the Board of Trustees, most recently serving as the President. She has served as a Wharton Ambassador and currently serves as a member of the Leadership Council of Franklin & Marshall College.
MBA in finance, The Wharton School, University of Pennsylvania
BA in economics from Franklin & Marshall College
Director of Credit Research
Kathy is responsible for credit research at Hillside. She brings 19 years of convertible bond research experience to the firm. Kathy was most recently the Director of Convertible Bond Research at Daiwa Capital Markets and KBC Financial Products. She was responsible for writing credit research on the new issue and secondary markets as well as supporting the convertible bond trading desk. She has also held convertible bond research positions at D. E. Shaw & Co and Cresvale International. Prior to working in the convertible bond market she held positions at IBM as a systems analyst and accountant.
Kathy resides in White Plains, NY with her husband, Robert, and their four children. In her spare time she is active in Girl Scouts serving as a Junior Troop Leader and a Troop Leader Coordinator as well as organizing events within the White Plains Girl Scout community.
M.B.A. in finance and international business, New York University
B.S. in accounting, minor in computer science, Purdue University
Roman Terekhin, CFA
Senior Research Analyst
Roman focuses on convertibles, credit and special situation research in both US and international markets. He often contributes to Hybrid Vigor by writing idea pieces on individual convertibles and sectors, as well as spearheading the European HARP project. Roman is a key participant in Hillside’s litigation consulting business. Recently, he successfully completed a major international project that resulted in a speedy and favorable resolution for the client.
Roman has been involved in the convertibles market since 1995 working at various hedge funds. Most recently, he was a Senior Analyst at Odyssey Investment Management, a global credit and special situation hedge fund. There, he identified investment opportunities across the entire capital structure, as well as analyzed and structured debt exchanges and event-driven investments.
Previously, Roman was Director of Research at Alexandra Investment Management, a $2 billion multi-strategy hedge fund. While at Alexandra, Roman conducted convertibles, credit and special situations research for multiple portfolios. He also developed a number of front office decision support and portfolio management tools.
Roman is a Chartered Financial Analyst and a member of the New York Society of Securities Analysts.
MBA, Banking and Finance, Hofstra University
BS, Electrical Engineering, Moscow State University of Food Production
Senior Research Analyst
Mr. Curt Peters is a senior analyst at Hillside Advisors responsible for developing strategic insights on the HOCS and HARP Indexes. Previously Mr. Peters was responsible for business development at Aristeia Capital in terms of investment strategies, business strategy, and macro research. Before that, Mr. Peters was a portfolio manager at the $9 Billion asset manager Northwater Capital. Mr. Peters has a background of 17 years of experience from all sides of the asset management business including trading, portfolio management, asset allocation, and pension management.
MBA, The Wharton School, University of Pennsylvania
MA in philosophy, University of Manitoba
BS in mathematics, University of Manitoba
Yi Liu joined Hillside Advisors in 2017 as a financial analyst. She covers basic materials, fertilizer, and shipping industries.
Prior to joining Hillside Advisors full time, Ms. Liu was an intern at Hillside during fall of 2016 where she conducted financial analysis for Hillside’s Special Situations equity strategy.
Master of Science in Finance, Johns Hopkins University Carey Business School
B.A. in Economics, East China University of Science and Technology
Director of Business Development
John is responsible for all sales and business development at Hillside. He brings 14 years of convertible product experience to Hillside Advisors.
John was most recently a Director of Convertible Bond Sales at UBS Securities where he was responsible for covering more than 30 accounts with total assets under management of over $100 billion. Prior to UBS, he held various convertibles sales and trading positions at William Blair, Knight-Libertas, and Wells Fargo Securities.
John is an active member of the Connecticut Hedge Fund Association. He also maintains active registrations with FINRA and with the State of Connecticut Department of Insurance.
John has three children and resides in Weston, CT. In his spare time, he is an active member of Weston Field Club and has coached youth baseball and basketball. He has also volunteered with the Hidden Acres Therapeutic Riding Center, which is a non-profit, volunteer-supported organization, dedicated to providing the benefits of therapeutic riding and other equine-assisted activities to children and adults with special needs.
B.A. in Communications, Marist College.
Senior Research Analyst (2015-2016)
George is currently a High Yield Co-Portfolio Manager at Employee Retirement Systems at the State of Texas. He covered the technology sector along with High Yield market for Hillside Advisors.
George was most recently a Director and Credit Strategist in KeyBanc Capital Market’s High Yield & Leveraged Finance Group. He has been focused on high yield bonds, leveraged loans, convertible securities and equities spanning performing, stressed, and distressed situations throughout the majority of his more than 30 year career. He has long focused on the technology, industrials, and materials sectors.
George spent nearly ten years with Invesco Advisers where he served as Portfolio Manager and Senior Analyst in the firm’s Worldwide Fixed Income division’s managing multiple high yield focused vehicles incorporating several different strategies. Previous experience includes positions with Salomon Brothers (Director and Senior Analyst, Corporate Bond Research) and UBS Securities (Executive Director and Senior Analyst, High Yield Research). During his tenure with these latter firms, he was highly ranked in both Institutional Investor and Greenwich Associates surveys. George began his career with the First National Bank of Boston where he completed his credit training.
MBA with a concentration in Finance, Sawyer School of Management at Suffolk University
B.S. in Finance and Economics, Providence College
Dennis Dowden, CFA
Senior Research Analyst (2016-2017)
While at Hillside Advisors, Dennis served as a senior credit analyst focuing on the Energy and industrial sectors. He also led our efforts in high-yield and leveraged-loan research. Dennis has over 35 years of buy-side and sell-side experience as a portfolio manager and credit analyst. Prior to joining Hillside, Dennis was a portfolio manager and senior high-yield bond analyst at Muzinich & Co. for 15 years, where he co-managed the flagship "B/BB" fund that grew from $500 million to $5 billion AUM. He also managed the leveraged-loan portfolios and provided analyst coverage of the industrial, aerospace/ defense, and energy industries.
Dennis also has almost two decades of sell-side research experience at ABN Amro, Prudential, Smith Barney, Merrill Lynch, and Bear Stearns.
Dennis is a Chartered Financial Analyst and resides in Northern New Jersey.
MBA, Rutgers University
BA, St. Peter’s University.
At Hillside, Sue worked across a variety of industries providing market research and financial statements interpretations.
Prior to Hillside, Sue worked at several entities in China as an accounting/finance intern, through which she was exposed to financial analysis and accounting procedures in real estates and commercial banks.
Sue is a member of New York State Society of Certified Public Accountancy.
MBA in Public Accountancy, Fordham University
B.S. in Finance, Zhejiang University of Finance and Economics