Partner and Chief Executive Officer
Rick Grove joined Rutter Associates in 2007 as a Partner and Chief Executive Officer. Mr. Grove has spent over 30 years working in the financial markets, as both an investment banker and a lawyer. From 1997 to 2001, he was the CEO of the International Swaps and Derivatives Association (ISDA). Following ISDA and before joining Rutter Associates, Mr. Grove was a Managing Director at Bank of America, co-managing the Global Commodity Derivatives Group. Prior to joining ISDA, he worked as a marketer in the fixed income and derivatives businesses at Paribas Capital Markets and headed the Financing Desk and the Fixed Income Syndicate Desk in New York. Mr. Grove originally joined Paribas as General Counsel of Paribas Corporation after practicing corporate law with Cravath, Swaine & Moore in New York and London. Mr. Grove is currently senior advisor to the American Bar Association’s Task Force on Financial Engineering for Economic Development and is a member of the panel of experts of PRIME Finance in The Hague. He has served on the CFTC’s Global Markets Advisory Council and has testified about the derivatives markets before the U.S. Senate and House of Representatives. Mr. Grove authored “Valuations in the context of derivatives litigation” in the April 2011 issue of the Oxford University Capital Markets Law Journal and has contributed the chapter “Overview of Derivative Financial Products” to a book entitled “International Financial Disputes – Arbitration and Mediation” which was published by Oxford University Press in March 2015. Mr. Grove has lectured on the financial markets at Princeton University, New York University, the Practising Law Institute in New York and the Bank of China International Institute of Finance in Beijing. Under the auspices of PRIME Finance, Mr. Grove has taught classes on derivatives for the members of the Supreme Court of the Republic of Singapore and the members of the Supreme Court of the State of Delaware. Mr. Grove received his J.D. from Harvard Law School and his A.B. from Princeton University.
Partner and Head of Analytics
Bob Selvaggio joined Rutter Associates as a Partner and Head of Analytics in 2010. Prior to joining Rutter Associates, Dr. Selvaggio was Senior Vice President and Head of Risk Analysis in Fidelity Investment’s Institutional Products Group. At Fidelity he oversaw Capital Markets risk, potential counterparty exposure, CVA and risk adjusted performance measurement. For eleven years prior to joining Fidelity, Dr. Selvaggio was Managing Director and Head of Capital Planning and Risk Analysis of Ambac Financial Group, Inc. responsible for portfolio credit and market risk analysis, economic and rating agency capital attribution and allocation, and risk-adjusted performance measurement. Prior to joining Ambac, Dr. Selvaggio served as a financial economist at Thomson McKinnon Securities, and then held a number of positions at The Chase Manhattan Bank including Senior Asset/Liability Analyst, Head of Fixed Income and Mortgage Research, and Managing Director of Treasury Analytics. A graduate of the University of Pennsylvania, Dr. Selvaggio holds a Ph.D. in Economics from Brown University where he was a University Fellow. Dr. Selvaggio is a member of the American Economic Association and National Association of Business Economists, and is a BAI Certified Risk Professional in Credit and Treasury/ALM.
Charles Smithson is the Founding Partner of Rutter Associates. Dr. Smithson has a diverse experience set, with positions in academe and in government, as well as in the practitioner community. Dr. Smithson taught economics at Texas A&M University and served with the U.S. Federal Trade Commission and the U.S. Consumer Products Safety Commission before moving to the private sector where, most recently, he was the Managing Director of the CIBC School of Financial Products. Prior to CIBC, he worked at the Chase Manhattan Bank, as the developer of Chase’s education program for derivatives and as the Managing Director for Risk Management Research and Education and at Continental Bank, where he was the Managing Director for Risk Management Research. The author of numerous articles in professional and academic journals, Dr. Smithson is best known as the originator of the “Building Block Approach” to Financial Products and as the “Class Notes” columnist in Risk Magazine. He is the author of five books, including Managing Financial Risk and Credit Portfolio Management. Dr. Smithson received his Ph.D. in economics from Tulane University.
Chia-Ling Hsu is a Principal of Rutter Associates. She joined Rutter Associates in 2006. Ms. Hsu received her M.S. in Operations Research concentrating in Financial Engineering at Columbia University in 2005. Her master’s independent project at Columbia University was to apply and implement the Brace-Gatarek-Musiela model, known as the lognormal forward-LIBOR model, to price inflation-linked derivatives. Ms. Hsu obtained both a B.B.A. and M.B.A. in Finance from National Taiwan University. At Rutter Associates, Ms. Hsu has provided independent valuation for risk management, trading, litigation and accounting purposes. These projects have involved various derivatives, including plain vanilla and complex credit, interest rate, equity and FX derivatives. She has also performed substantial modeling and valuation of cash and synthetic structured credit products, such as CLO, CDO of Corporate, RMBS, and ABS. In addition, Ms. Hsu has been involved in projects validating clients’ internal credit rating models and analyzing clients’ trading strategies. She has also worked on projects relating to U.S. bank regulators’ CCAR (Comprehensive Capital Analysis and Review) and financial market benchmarks including LIBOR and ISDAFIX. She has developed a VaR demonstration model and provided scenario analysis of sample portfolios for regulator review. Ms. Hsu has been a speaker at the International Association of Credit Portfolio Managers (IACPM) Education Seminar in New York, Washington, Madrid, London, and Philadelphia, demonstrating the value of credit portfolio management using a simulation exercise. She has also been a lecturer teaching risk management for a large U.S. bank and one of the largest Chinese banks. She is a CFA Charterholder and a Certified FRM holder.
Fei Sun is a Principal of Rutter Associates. He joined Rutter Associates in 2010. Mr. Sun received his Master of Engineering in Electrical and Computer Engineering from Cornell University. He also received his B.S. and M.S. in Electrical Engineering from Tianjin University. At Rutter Associates, Mr. Sun has been involved in analyzing the risk of both fixed income products and derivatives. He has designed and developed VaR systems, back-test systems and stress-test systems on multi-asset portfolios. He has also developed shortfall risk models across various asset types for endowment funds. Besides risk analytics, he has worked on pricing exotic and structured derivatives, modeling XVAs, hedging cost and model adjustments in derivatives disputes. Additionally, Mr. Sun has helped state regulators examine investment portfolio and investment functions of insurance companies. He is a CFA Charterholder and a Certified FRM holder.
Chief Operating Officer
Nancy Kovacik is an attorney and the Chief Operating Officer of Rutter Associates. Before joining Rutter Associates in 2012, she practiced law at a small Long Island-based law firm for five years and most recently was the director of a franchise of an international fitness company. She obtained a BA summa cum laude from The State University of New York at Albany and a JD cum laude from Boston University School of Law.
Feiteng Li joined Rutter Associates as an Associate in 2014. Mr. Li received his M.S. in Mathematics in Finance from Courant Institute of Mathematical Sciences, New York University, and a B.A.Sc. in Engineering Science from University of Toronto. At Rutter Associates, Mr. Li has constructed valuation models and performed valuation on credit default swap portfolios, structured equities, and FX and credit products in Excel environment via VBA and Bloomberg API.