OUR PEOPLE
American Capital: Providence Office
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Russell J. Jeffrey joined American Capital in September 2007 and currently heads the RMBS investment team. Mr. Jeffrey is also Chief Investment Officer and Senior Vice President of American Capital Agency Corp. (NASDAQ: AGNC), a portfolio company of American Capital. AGNC is a publicly-traded mortgage REIT, which invests exclusively in agency securities and is managed by an affiliate of American Capital. Mr. Jeffrey is also the majority owner and a managing member of Providence Investment Management, LLC, ("PIM"), an investment adviser that is not affiliated with American Capital, which he co-founded in November 2003. Prior to his work at PIM, Mr. Jeffrey was the co-founder and investment manager of Watch Hill Investment Partners ("Watch Hill"), from December 1993 to December 2002. At Watch Hill, Mr. Jeffrey was responsible for managing the trading activities of private investment funds which employed an agency security investment strategy. Prior to Watch Hill, Mr. Jeffrey was a Managing Director and department head of Mortgage-Backed Securities Trading and Sales for Prudential Securities, Inc. During his tenure at Prudential Securities, Inc., he also served on the firm's Operating Council and Risk Management Committee.
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Raymond R. Yu joined American Capital in September 2007 as a member of its RMBS investment team. Prior to joining American Capital, Mr. Yu served as a Portfolio Manager for Providence Investment Management, LLC, ("PIM"), an investment adviser, from 2005 to 2007. Prior to joining PIM, Mr. Yu served as an Associate Portfolio Manager for Watch Hill Investment Partners ("Watch Hill"), from 1995 to 2004. At Watch Hill, he assisted in running the mortgage derivative portfolio. From 1989 to 1994, Mr. Yu worked at Prudential Securities. During his time at Prudential Securities, he was Head of Collateralized Mortgage Obligation Structuring and a derivative trader. In 2006, Mr. Yu was published in the Handbook of Mortgage-Backed Securities (Sixth Edition), edited by Frank J. Fabozzi (New York: McGraw-Hill Publishing Co., 2006) where he co-authored the chapter on Inverse Floating-Rate Collateralized Mortgage Obligations.
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Edward D. Smith joined American Capital in September 2007 as a member of its RMBS investment team. Prior to joining American Capital, Mr. Smith served as a Portfolio Manager of Providence Investment Management, LLC, an investment adviser, from 2005 to 2007. From 2000 to 2005, Mr. Smith served as an Associate Portfolio Manager for Watch Hill Investment Partners. From 1995 to 1998, Mr. Smith was a Managing Director in the Mortgaged-Backed Securities Sales Group at Merit Capital. Prior to working at Merit Capital, Mr. Smith was a Vice President of Mortgaged-Backed Securities Sales at Nikko Securities. From 1990 to 1993, he served as a Mortgage-Backed Securities derivatives trader at Prudential Securities.
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