Bill De Leon

Work Experience

Managing Director, PIMCO, Newport Beach, CA July 2007 - July 2018

Global Head, Portfolio Risk Management October 2009 -July 2011

Managed risk for all of PIMCO’s portfolio mandates overseeing a global team of 13 risk managers. Team is responsible for ensuring that each portfolio is consistent with the PIMCO investment themes as set out by the Investment Committee as well as within risk tolerances (set by Risk with input from IC). Processes include top down risk factor assessment, tracking error, stress testing, P&L/drawdown and liquidity management. Built team and processes to be ‘state of practice’ as well as helped navigate multiple crises without incident to clients from process break-down.

Risk team partners with different specialists to present to IC on a regular basis regarding strategies. Strategic reviews include reviews of trades, strategies, alpha, drawdown, concentrations and consistency with firm wide views.

Developed and managed firm wide allocation process with legal for new issues and firm wide liquidation programs. Developed liquidity rationing programs for shared balance sheet needs between accounts and dealers when balance sheet was scarce.

Chaired firm’s Counterparty Risk Committee, which included responsible for counterparty and collateral management as well as negotiating legal documents for all derivative related items at firm. Oversaw output of both the global collateral and fail teams on daily basis. This included the management and optimization of over 16bln of posted collateral and over 10bln of daily margin movements. Led preparation of firm including technology for cleared derivatives starting in 2009 and helped get CME to create MXN and BRL IRS swap markets to reduce transaction costs to clients. PIMCO was a first mover to central clearing well before Dodd-Frank avoiding CSA arbitrage costs for IRS, CDX and single name CDS.

Chaired the firm’s Best-Execution Committee, served as a member of the firm’s Global Risk Committee, Pricing Committee, New Product Risk Committee and helped build out BCP/DR processes, as part of the BCP/DR working group. As chair of the Best Execution Committee led a firm wide program to consolidate and improve ‘big data’ tracking, algorithms for trade analysis.

Served as interim head of analytics (Dec 2009 - Mar 2011). Led the build out of PICASO, the firms automated return attribution model.

Frequent contributor to PIMCO’s website with viewpoints on risk management, markets and regulatory related issues.

Represented PIMCO on multiple outside industry boards and meet with regulators (Fed, CFTC, SEC, IOSCO, BOE) on a regular basis. ISDA: Board, management committee, nomination committee; CME: IRS Risk Committee; Fed: Alternative Reference Rates Committee and chaired its Floating Rate Note Committee. During the financial crisis of 08-09, represented PIMCO at the Federal Reserve Bank of NY regarding derivatives.

Portfolio Manager July 2007 – October 2009

Specialist for US derivatives and helped manage PIMCO’s absolute return strategies (PARS). As derivatives specialists, oversaw all US based rate derivatives and helped develop strategies to implement macro and relative value themes. Executed trades as well as trained junior traders, generating substantial P&L for the firm while on the desk.

Portfolio Manager, Ellington Management Group, Old Greenwich, CT

February 2005 - February 2007

Portfolio Manager with $100mm mandate dedicated to macro and relative value themes. Strategies include options, duration, curve, spreads, mortgage basis, and currency. Option strategies include short and long dated options, skew trades, mortgage options, currency options and curve options.

Trader, Caxton, New York, NY March 2004 – December 2004

Co-managed $600mm mandate dedicated to U.S. fixed income macro and relative value themes. Strategies included duration, curve, spreads, volatility, mortgage basis, relative value gamma, convexity and convergence ratio trades. Option strategies included short and long dated options, skew trades, and relative value vega strategies. Relative value gamma trades consisting of options on swaps, options on Treasury futures, options on Eurodollar futures and mortgage options.

Managing Director, BlackRock, New York, NY March 1998 – March 2004

Senior Portfolio manager, member of the Fixed Income Operating Committee and the Investment Strategy Group. Part of overall development and implementation of derivative and option based strategy across the firm, including mortgage LIBOR mandates, total rate of return accounts and the firm’s hedge fund. Team leader of BlackRock’s hedging clients, including Mortgage Servicing hedging, CMBS hedging, duration and currency overlay.

Worked with mortgage servicing clients to hedge the economic and accounting risk of MSR’s. Clients included Fifth Third Bank, HSBC Bank, G.E. Mortgage and HomeSide lending. Strategies included swaps, options, Treasuries, agencies, futures, mortgages, mortgage options, POs and PO swaps.

Worked with duration and currency overlay portfolios to reduce risk and add alpha. Worked with clients to manage assets to targeted benchmarks taking into account their accounting requirements. Clients included NBAM, International Paper and Oriental Financial Group.

Senior Vice President, DLJ, New York, NY March 1997 – January 1998

Proprietary U.S. Government bond trader. Trading strategies revolved around identifying risk-reward trades based upon fundamental and quantitative analysis. Developed proprietary analysis/risk system for scenario analysis of trading strategies.

Director, Merrill Lynch GSI, New York, NY May 1993 – March 1997

Responsible for analytics and risk management systems for the U.S. Government bond desk and trading of a proprietary book. Developed and implemented hedging strategies for STRIPS desk. Worked with OTC option desk and developed various exotic option pricing models and trading systems. Supervised systems group with needs of desk regarding trading system requirements and implementation of proprietary models.

Programmer Analyst, Quantitative Financial Strategies, Inc., Conshohocken, PA

May 1989 – April 1993

Helped develop quantitative research strategies for trading Futures, Forwards and Options using various econometric models. Responsible for developing and coding real-time trading systems for these strategies. Updated and maintained firm’s proprietary Tactical Asset Allocation model.

Education

University of Pennsylvania, Philadelphia, PA September 1985 – May 1989

B.S.E., Computer Science and Engineering, magna cum laude.