The 20 Rising Stars of Fixed Income 2008

While Gaiser is passionate about his work, he believes that regularly having a bit of distance from the investment world allows him to approach his job with a ‘fresh look’ and helps him to generate good ideas. “Knowing your own weaknesses and facing them makes you a better investor over time,” he said. everyday responsibilities, he serves as a member of Cohen and Company’s senior management team, participating in business decisions related to global strategy, asset management, capital markets access, strategic growth, marketing and transaction structuring. Looking forward, Hohns foresees a lot of change coming in the next decade. “It is going to be back to basics for structured finance,” he said. “The market is likely to winnow out the riskier aspects like arbitrage strategies, while preserving those aspects that really add value. At any rate, it is going to be a long time before we see the return of high-yield, high-leverage products.” As for himself, Hohns expects to continue to be at the heart of socially responsible projects that try to achieve the things he has been working toward, such as creating investment vehicles that help fund water infrastructure initiatives and provide micro-finance loans to small businesses in developing markets.“As the world becomes rapidly intertwined, it is up to Wall Street to utilize its tools to deliver benefits to the rest of the world,” he said. 5. ROMAN GAISER In 1995, Gaiser launched his career at Renault Credit International as a credit risk analyst, and it was there that he began focusing on corporate credit and the high-yield market. “On the one hand, bonds are pretty technical – duration, callability, yield curves, etcetera,” he said. “On the other, I like the different stories that come up in the varied world of the high-yield corporate market.” That being said, Gaiser noted that players in the high-yield market need to constantly be on top of their game. “You can never take out all the risk, and you are permanently on the hook,” he added. Following his position at Renault Credit, Gaiser moved to Louis Dreyfus Finance, where he was a bond analyst from 1996 to 1998, and Bankgesellschaft Berlin, where he was a fixed-income analyst from 1998 to 2000. Prior to joining Threadneedle, he was a director of high-yield credit at F&C Asset Management. In the wake of the credit crunch, Gaiser sees a return to simplicity and clarity for the fixed-income markets in the years ahead. “There is a demand among investors to understand the assets they hold and how they are structured,” he said. 16 FIXED INCOME RISING STARS ANDREW HOHNS Managing Director Cohen and Company, Philadelphia Age: 29 Education: The Wharton School of the University of Pennsylvania (B.S. in Economics); University of Pennsylvania (M.L.A.) Mentor: Daniel Cohen, Chairman, Cohen and Company A managing director since joining Cohen and Company in 2001, Hohns is responsible for devising capital markets strategies related to the investment company’s structured credit products. Most recently, he has been turning his attention to projects suitable for the firm’s municipal finance platform, which he launched, as well as structured credit products focused on Europe. Among his more recent accomplishments, Hohns helped to structure and execute the Non-Profit Preferred Funding Trust, the recipient of last year’s ‘CDO of the Year’ award from Total Securitization. That CDO was the first tax-exempt vehicle of its kind to provide long-term fixed capital to small and mid-sized 501(c)(3) organizations. “What drives me is the ability to provide debt capital markets access to nonprofits and smaller corporations while providing institutional investors with exposure to a segment of the market not normally available to them,” Hohns said. In addition to his 6. 6. ANDREW HOHNS MAY 2008

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