The 20 Rising Stars of Fixed Income 2008

Radwanski is responsible for all capital raising and debt issuance at the government-sponsored enterprise, as well as all liquidity and cash management considerations. In his eight years at the company, he is credited with changing its liquidity management from an overdraft system dependent on the Federal Reserve Bank to a pre-funded system that works closely with various custodial banks - a shift that took two years to implement. More recently, Radwanski has been grappling with changes in credit issues around the mortgage market, which has had a major impact on Freddie Mac’s capital position.“We have to be a lot more flexible on how to manage our cash system,” he said, adding that it’s unlikely that these challenges are going to go away anytime soon. For him, this means more internal communication with clients and a more stringent application process. 14 . ROB PORTER formance is measured solely against results,” he said. He relies on his boss and mentor, Willie Potgieter, to keep a cool head in volatile markets and make the right long-term decisions for the bank, which has an impressive track record of 20% compound growth per year. Another institution that impresses Porter is Goldman Sachs. “Goldman has the unique ability to steer clear of crises while continuing to deliver superior returns to shareholders,” he said. Porter has worked in trading since 1994, when he joined Fergusson Brothers as a bond trader after completing his bachelor’s degree at the University of Natal in the South African province now called KwaZulu-Natal. From Fergusson, the South African native moved to Merrill Lynch as a bond trader in 1997, Transatlantic Capital Markets as a director and co-founder in 1999 and Coronation Capital as joint head of fixed income in 2000. Going forward, Porter expects the fixedincome markets to become more chalMAY 2008 15 . JOHN RADWANSKI lenging, as trading becomes increasingly electronic and the complexity of products intensifies. “The fixed-income and interest rate derivative markets will continue to evolve at a rapid pace,” he added. 15. JOHN RADWANSKI Vice President of Debt Funding and Assistant Treasurer Freddie Mac, McLean, VA Age: 41 Education: Rutgers University (B.S. in Mathematics and Finance); The Anderson School at University of California Los Angeles (M.B.A.) Mentor: Jerome Lienhard, Senior Vice President and Treasurer, SunTrust Banks As vice president of debt funding and assistant treasurer for Freddie Mac, Radwanski began his career at Prudential Insurance as an actuary before taking a similar position at Toyota in 1993. It was there he first began working for his mentor, Jerome Lienhard, whom he credits with piquing his interested in the debt markets. When Lienhard moved to Toyota Motor Credit in 1995, Radwanski followed him a couple of months later.As treasury risk manager, he helped develop Toyota Motor Credit’s risk management system. In 1999, he completed a short stint at Fannie Mae as a derivatives trader before joining his current employer in 2000 as a senior trader. With respect to the fixed-income industry, Radwanski believes credit will continue to contract in the near term before innovation returns in three to five years in the form of new debt instruments. In addition, he foresees tighter controls and more oversight, particularly for hedge funds and over-the-counter derivatives. “Hopefully, it will not be too onerous,” he added. As for himself, Radwanski hopes to follow in his mentor’s footsteps and move up to the treasurer level. “There are still things I can be doing at Freddie Mac to continue to develop my career,but I hope to be working as a treasurer for a fairly large company in the future,” he said. FIXED INCOME RISING STARS 21

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