William R. Hough MASTER OF SCIENCE IN FINANCE PROGRAM 2015 – 2016 Annual Report PROGRAM July 1, ‘15 – June 30, ‘16 Letter from the Director MSF Program Alumni and Friends, SUPPORT

I hope that you are doing well. On behalf of $50,000 + current and future MSF students – thank you ɅɅ Scott J. (BSBA ‘01) and Kara N. (BS ‘02) Friedman for your support of the program. $25,000 – $49,999 ɅɅ M. Ann O’Brien (BSBA ‘78) The Class of 2016 is joining the alumni ranks as analysts in top firms. MSF Program $10,000 – $24,999 ɅɅ Robert J. (MBA ‘95) and Deana M. Cousin students continue to thrive. Recognizing that ɅɅ Steven B. (BSBA ‘03, MSF ‘04) and Kimberly B. DeRose any endeavor is most vulnerable after a long ɅɅ Michael D. (BSBA ‘94) and Jill A. Smith period of success, much of our efforts this $5,000 – $9,999 Ʌ Sean D. (BSBA ‘91, MBA ‘98) and Amy H. (BSR ‘93) Casterline past year were spent on that painful exercise Ʌ ɅɅ Saul D. Goodman (BSBA ‘89) and Nathalie Rubens of looking for and finding blind spots. ɅɅ Thomas A. (BSBA ‘80) and Zandra P. Horkan ɅɅ Steven M. (BSBA ‘88, MBA ‘99) and Natalie E. Raney There are gaps in our graduates’ skill set. ɅɅ Bradford W. (BSBA ‘89) and Laura B. (BSBA ‘89) Smithy Members of the MSF Class of 2006 with former professor, ɅɅ Charles W. (BSAC ‘81) and Sylvia Uhrig Student focus on a narrow range of career Jason Karceski, PhD (2nd from left), while reuniting in Gainesville in September: Andrew Okoto, Sumeet Patel, opportunities gets in the way of a thoughtful $2,000 – $4,999 Donnie Sattar, and Nick Jansen (joined by his wife, Katie). examination of fit. ɅɅ Daniel L. (BABA ‘03) and Lindsay Beiley ɅɅ Ian P. Dawley (BSAC ‘11, MSF ‘12) ɅɅ Desi A. DiPierro (BSAC ‘10, MSF ‘11) $1 – $499 We will roll out programs to address these ɅɅ Richard B. (BSBA ‘81) and Terry J. England ɅɅ Anonymous (MSF ‘12) ɅɅ Thomas H. Ganey, Jr. (BSBA ‘11, MSF ‘13) blind spots during the coming academic year ɅɅ Nicholas A. Alter (BSBA ‘13, MSF ‘14) ɅɅ Ernest (MSF ‘05) Libershteyn and Natalie (BSBA ‘04, MSF ‘05) Liberstein ɅɅ Davis M. Blank (MSF ‘12) ɅɅ Meng Liu (BSAC ‘11, MSF ‘12) and feature them in the next annual report. ɅɅ Alan Chao (MSF ‘04) ɅɅ Krishna K. Memani (MA ‘82, MBA ‘84) ɅɅ Sonia M. Chen (BSBA ‘13, MSF ‘14) Until then ɅɅ Alejandro Piekarewicz (BSBA ‘07, MSF ‘08) ɅɅ Jeremy M. Dale (BSBA ‘06, MSF ‘07) ɅɅ Charles P. Yadon (MSF ‘13) ɅɅ Christos Diamantopulos (BSBA ‘13, MSF ‘14) ɅɅ Peter A. Zdebski (BSBA ‘09, MSF ‘10) Regards and thank you for your support. ɅɅ Robert B. Drach (MSF ‘06) ɅɅ Brett Gasaway (MSF ‘13) $500 – $1,999 ɅɅ Bobby Griffin (MSF ‘13) SFM Class of 2006 Group Gift ɅɅ Nicholas M. Jansen (BSBA ‘05, MSF ‘06) ɅɅ Jason B. (BSISE ‘05, MSF ‘08) and Katherine Lazarus ɅɅ W. Bryan (BSBA ‘03, MSF ‘04) and Erin G. Adams ɅɅ Michelle R. Losey (BSBA ‘07, MSF ‘08) ɅɅ Andrew Amend (BSBA ‘12, MSF ‘13) ɅɅ Stephen C. McCall (BSBA ‘11, MSF ‘12) ɅɅ Michael J. (MSF ‘07) and Lauren (BSBA ‘09) Andreas ɅɅ Andrew M. O’Neil (MSF ‘12) ɅɅ Randy (BSBA ‘82) and Sheryl E. Appleyard ɅɅ Michael A. Pascual (BSBA ‘13, MSF ‘14) ɅɅ Dominic F. Aquilina (BSBA ‘07, MSF ‘08) ɅɅ Newton P. Porter ɅɅ Mark P. Basford (BSBA ‘08, MSF ‘09) ɅɅ Clark D. Reynolds (BSBA ‘11, MSF ‘13) ɅɅ Casey B. Brown (BSBA ‘11, MSF ‘12) ɅɅ Jocelyn F. Richardson (BSBA ‘11, MSF ‘12) ɅɅ Brennan A. Bubp (BSA ‘04, MBA ‘10, MSF ‘12) ɅɅ Jesse I. Rosenblum (BSBA ‘07, MSF ‘08) ɅɅ Luis A. Carranza (BA ‘09, BS ‘09, MSF ‘11) and Lidia C. Lopez ɅɅ Alan Salinas (MSF ‘13) ɅɅ James T. (MSF ‘12) and Whitney Cook ɅɅ Daniel S. (MSF ‘06) and Laura G. Sanborn ɅɅ Philip C. Coover (BSBA ‘11, MSF ‘12) ɅɅ Danyal A. Sattar (BSBA ‘04, MSF ‘06) ɅɅ Kyle J. Deasy (BSBA ‘11, MSF ‘12) ɅɅ Adam M. (BSBA ‘03, MSF ‘04) and Emily D. (BSBA ‘03) Schiff ɅɅ Theodore R. Egers (BSBA ‘13, MSF ‘14) ɅɅ Andrew S. (BSBA ‘10, MSF ‘11) and Melissa M. (BSBA ‘11) Winner ɅɅ Eric A. Evans, Jr. (BSBA ‘12, MSF ‘13) ɅɅ Brittany A. Wood (BSBA ‘14, MSF ‘15) ɅɅ Francisco J. Fornell (MSF ‘11) ɅɅ Bilal Yehia (MSF ‘13) ɅɅ Christopher (MSF ‘11) and Elizabeth C. Grizzard ɅɅ Mark A. Zebuoni (MSF ‘13) ɅɅ Chris Hamm (BSBA ‘09, MSF ‘10) ɅɅ Michael L. Hessney (BSBA ‘13, MSF ‘14) ɅɅ Todd (BA ‘99, MSM ‘01, MSF ‘03) and Erin S. (BAE ‘00, MED ‘01) Huber ɅɅ Bhavik R. Khatri (BSBA ‘11, MSF ‘12) Endowments ɅɅ Kwan Hong Kim (BSAC ‘13, MSF ‘14) ɅɅ William R. Hough MS Finance Program Endowment ɅɅ Adam Kogler (MSF ’11) ɅɅ James G. Richardson Lectureship ɅɅ Ryan A. Lane (BSBA ‘11, MSF ‘12) ɅɅ Betty W. Penter Memorial Scholarship ɅɅ William A. Light (BSBA ‘10 and MSF ‘11) ɅɅ BB&T Professorship in Free Enterprise Endowment ɅɅ Joseph D. Mark (BSBA ‘12, MSF ‘13) and Andrea A. Vargas-Mark (BSME ‘13) ɅɅ Troy & Julianne Davis Financial Markets Education Endowment ɅɅ Jeffrey S. Masse (BSBA ‘13, MSF ‘14) ɅɅ Scott & Kara Friedman Financial Education Endowment ɅɅ Kevin A. Mesmer (BSBA ‘10, MSF ‘11) ɅɅ M. Ann O’Brien Finance Professional Development Endowment ɅɅ James G. Moorman (MBA ‘95) ɅɅ Jared M. North (BSBA ‘08, MSF ‘09) and Shannon Street Gift Matching ɅɅ Christopher A. Noth (MSF ‘07) ɅɅ AT&T ɅɅ MasterCard ɅɅ Sumeet R. Patel (BSBA ‘05, MSF ‘06) ɅɅ of America ɅɅ New York Life Foundation ɅɅ Michael H. (BSBA ‘06, MSF ‘07) and Sarah M. (MSF ‘07) Peerson Foundation ɅɅ Northwestern Mutual ɅɅ Philip M. Reagan (MSF ‘08) ɅɅ Barclays Capital Foundation ɅɅ Sean M. (BSBA ‘07, MSF ‘08) and Samantha L. (BSAGE ‘09, MS ‘14) Riley ɅɅ BlackRock, Inc. ɅɅ OppenheimerFunds, Inc. ɅɅ Mark J. Ruskin (BSAC ‘12, MSF ‘13) ɅɅ Bloomberg L.P. ɅɅ Raytheon Co. ɅɅ Amandou M. Sarr (MSF ‘13) ɅɅ BlueMountain Capital ɅɅ RBC Foundation Management LLC ɅɅ Courtnei A. Smith (BA ‘13, MSF ‘14) ɅɅ Starwood ɅɅ Delta Capital Management ɅɅ Azer M. Songnaba (BSBA ‘08, MSF ‘09) ɅɅ SunTrust Foundation ɅɅ Group ɅɅ Brenden M. Vickers (BSBA ‘10, MSF ‘11) ɅɅ UBS ɅɅ LNR Property LLC ɅɅ Bradley S. (BSBA ‘03, MSF ‘04) and Ashley S. (BSADV ‘04) Widensky ɅɅ Foundation ɅɅ Haiyan Wu (MSF ‘07) and Zhiwen Tang ɅɅ Mark Zebouni (MSF ‘13)

2 2015 – 2016 Annual Report | warrington.ufl.edu/msf William R. Hough Master of Science in Finance Program | Warrington College of Business | University of Florida 3 ALUMNI FACULTY HIGHLIGHTS RECOGNITION Faculty & Department News

The Finance department had a very productive research publication year with its faculty having multiple Outstanding Young accepted publications in the profession’s most prestigious scholarly journals, including the Journal of Alumni Award Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Money, Credit and Banking, and Journal of Banking and Finance. In April, Khristian Gutierrez (MSF ‘10), was awarded the 2016 Outstanding Young

Alumni Award from the University of Florida. 1 David Brown 6 Jim Parrino Khristian is currently the Chief Business Presented at Nuclear UF Graduate Business Decommissioning Teacher of the Year Award Development Officer of Passport, a mobile Trust Fund payments company designed for parking 7 Jay Ritter 2 Mark Flannery and transit agencies, which he joined as Keynote speaker at Chief Economist at SEC several conferences a Managing Partner in 2011. Passport has around the world 1 2 3 4 including Argentina, 3 Joel Houston partnerships with major cities in North Canada, France, UF MBA Teaching Award Germany, India, Tunisia, America. Their partnership with the Toronto Turkey, Uruguay, US Parking Authority marks the largest 4 Chris James 8 municipal mobile payment deployment in Pembroke Visiting Scholar Mike Ryngaert at Cambridge University Visiting Scholar at North America. Università Cattolica del Sacro Cuore in Milan, Italy 5 Andy Naranjo Inducted as a Homer 5 6 7 8 Hoyt Fellow

Jack D. & Betty L. Lampros Graduate Fellowship Fund Recipients Papers

ɅɅ Indicators of collateral misreporting ɅɅ MSA geographic allocations, property selection, Chris James (with C. Demiroglu) and performance attribution in public and private real estate market returns forthcoming Management Science Andy Naranjo (with D. Ling and B. Scheick) ɅɅ Capital-structure changes around IPOs forthcoming Real Estate Economics Chris James (with D. Evans) ɅɅ Limited attention, marital events, and hedge funds forthcoming Critical Finance Review Sugata Ray (with Y. Lu and M. Teo) ɅɅ Family feud: succession tournaments and Journal of Financial Economics risk-taking in Korean chaebols Jongsub Lee ɅɅ Growth capital-backed IPOs Winner, Outstanding Paper Award, 11th Annual Jay Ritter Mid-Atlantic Research Conference (MARC) Winner, Editor’s Choice Best Paper Award for the best article in The Financial Review, 2015 Scott Barnett, MSF ‘16 Daniel Milstein, MSF ‘16 Alex Montgomery, MSF ‘16 ɅɅ Exodus from sovereign risk: global asset and information Financial Review networks in the pricing of corporate credit risk Andy Naranjo and Jongsub Lee (with S. Sirmans) ɅɅ firms’ reputational concerns Betty W. Penter Winner, 9th Shinhan Bank Best Paper Award, and and the costs of debt financing Memorial Wharton Research Data Services Best Empirical Jay Ritter (with R. Huang, and D. Zhang) Paper Award, Southern Finance Association Journal of Financial and Quantitative Analysis Scholarship forthcoming Journal of Finance ɅɅ Pre-market trading and IPO pricing Recipients ɅɅ Cloud computing spot pricing dynamics: Jay Ritter (with C. Chang, Y. Chiang, and Y. Qian) latency and limits to arbitrage forthcoming Review of Financial Studies Andy Naranjo (with K. Cheng and Z. Li) forthcoming Information Systems Research

ɅɅ Credit availability and asset pricing spirals in illiquid markets Andy Naranjo (with D. Ling and B. Scheick) forthcoming Journal of Money, Credit, and Banking

Rob Penter, Spencer Flaniken (MSF ‘16) and David Pinsky (MSF ‘16)

4 2015 – 2016 Annual Report | warrington.ufl.edu/msf William R. Hough Master of Science in Finance Program | Warrington College of Business | University of Florida 5 COMPETITIONS GATOR STUDENT UGA Stock Pitch Challenge INVESTMENT FUND In March, incoming MSF students Austin Goyer and Johnny Ringo competed in the University of Georgia Student Managed Investment Fund Stock Pitch Students participating in the Gator Student Investment Fund (GSIF) manage all facets of a domestic Challenge, reaching the semifinal round. equity portfolio. Students evaluate stocks using fundamental research working in industry sector groups.

“Austin and I worked hard to create unique financial The risk management group sets active position exposures to maintain a tracking error tolerance. models,” Johnny said. “The main takeaway is to be very strategic in how we communicate. We’re looking forward to taking what we have learned and Portfolio Size applying it to competitions in the future.” Alex Montgomery (MSF ‘16), David Pinsky (MSF ‘16) and Scott Barnett (MSF ‘16) $255,000 Harvard Finance Symposium Management Alex Montgomery, David Pinsky and Scott Barnett

were invited as finalists to attend the Harvard Seniors Scott Barnett, David Pinsky and Alex Montgomery, Financial Analysts Clubs’ First Annual Finance STUDENT present to GSIF Board members. Symposium on Nov. 6-8 in Cambridge, Mass. The day- long symposium included a stock pitch competition, with board oversight networking sessions, and investing workshops with RUN Austin Goyer, MSF ‘18 Johnny Ringo, MSF ‘18 Harvard Business School and MIT professors. Student Participation

% % 34 40 60 GSIF board members, David Brown, PhD, Larry Smith student juniors & freshmen & (Chairman and CIO, Third Wave Global), and Mike Smith members seniors sophomores (CIO, Global Endowment Management). Not pictured: William Harrell (Principal, Capco Asset Management) and Michael Ryngaert, PhD. Benchmark S&P 500 Performance Since Inception

excess return versus the benchmark Incoming GSIF leaders: Nick Appelo, Mathew Oberle and 11.5% Casey Irish

CFA Challenge

The UF MSF team participated in an equity research competition sponsored by the CFA Society. Each of the Florida university student team’s research report and presentation were evaluated by a committee of CFA Alex Montgomery (MSF ‘16), Scott Barnett (MSF ‘16), Brian Lanhoue (MSF ‘16) and David Pinsky (MSF ‘16) charter holders.

6 2015 – 2016 Annual Report | warrington.ufl.edu/msf William R. Hough Master of Science in Finance Program | Warrington College of Business | University of Florida 7 MSF CLASS OF 2016 ALUMNI INVOLVEMENT Alumni Hosted Company Visits

In August 2015, rising MSF juniors were invited by alumni to Atlanta, Charlotte and New York City to visit firms and attend the Annual NYC Gator Finance Professionals Alumni Reception.

Thank you to alumni at these firms for hosting!

New York Atlanta Charlotte

Full-Time Placements

Bradley SunTrust Robinson Jefferies, LLC* New York, NY John Langley Atlanta, GA Duff & Phelps, Atlanta, with MSF alumna, Michelle Losey , NY Andersen Humphrey* (2nd from left) Scott Barnett Partners* New York, NY Brian Lanoue Jefferies, LLC* New York, NY

Margaret Apollo Aviation Raymond James* Atlanta, GA Miguel Leche Miami, FL Downey Group

SunTrust Robinson SunTrust Robinson Sydney Ellman Atlanta, GA Michael Mancini Atlanta, GA Humphrey* Humphrey*

Wells Fargo RBC Capital Michael Farrell Charlotte, NC Daniel Milstein New York, NY Securities* Markets*

Spencer Alexander SunTrust Robinson Johnson & Johnson* Jacksonville, FL Atlanta, GA Flaniken Montgomery Humphrey*

SunTrust Robinson David Pinsky Goldman Sachs* New York, NY Sean Gilmore Atlanta, GA Humphrey* Point 72 and Everpoint, NY, with MSF Bain, Atlanta Napier Park Global, NY, with MSF Wells Fargo alumni, Desi DiPierro, Kyle Deasy and alumnus, Stephen McCall (2nd Daniel Romm Charlotte, NC Sean Gura IMCA Capital Santa Monica, CA Securities Marcus Leyva (center) from right)

SunTrust Robinson Preeti Nicholas Honka Atlanta, GA * New York, NY Humphrey* Sarangarajan

Tansel Ismail Citigroup* New York, NY Alex Sugarman Jefferies, LLC* New York, NY

Zachary Jacobs Fifth Third Bank Charlotte, NC

*Student’s summer internship at this firm resulted in the full-time offer

Pursuing Further Education

Kyle Weiss M.S. in Global Commerce, UVA Isabella WolfsKeil PhD, Bocconi University, Milan, Italy JPMorgan, NY Evercore Partners, New York, with MSF alumnus, Jeff Masse (4th from right)

8 2015 – 2016 Annual Report | warrington.ufl.edu/msf William R. Hough Master of Science in Finance Program | Warrington College of Business | University of Florida 9 MSF Alumni Back to Campus to Recruit ALUMNI INVOLVEMENT Alumni Industry Professionals Met With Groups of Students on Campus

Lizzi Salem (left), Analyst, UBS Asset Max Shapiro, Ian Jeffrey and Teddy Justin Lucas, Analyst, McKinsey Management Egers, Analysts, Wells Fargo Securities

Carleena Fiorenza (MSF ‘15) (left) Bruce Foerster, UF Lecturer, and Rich Highfield and Steve DeRose (MSF former JPMorgan, helped sophomores President of South Beach Capital ‘04) (pictured), Senior Vice Presidents, understand JPMorgan asset Markets Advisory Corporation, ran Starwood Mortgage Capital LLC, spoke management opportunities. several sessions with 1st and 2nd year to graduating seniors on Giving Back, students covering several finance and incoming students on Getting the career paths. Most From Your MSF Experience.

Ryan Marcinik, Vice President, (2nd Fixed Income Trader, Michael Andreas, Jesse Rosenblum, Portfolio Manager, from left), with Analysts, Matt Levin, and Analysts, Peter Sanders and Sonia JPMorgan and Mark Trouville (ends), RBC Chen, SunTrust Robinson Humphrey

Christopher Noth (MSF ‘07), Program Ann O’Brien, retired, Bank of America Bill Pollert, Ph.D., former President Manager at Raytheon, gave young Lynch Global Securities of Caplease led a discussion of the students a unique opportunity to learn Solutions Executive in Charge, met with manufacturing business, REITS, and more about jobs in corporate finance, students about careers in banking. opportunities to consider beyond from the role of the corporate finance Wall Street. and strategy groups at Raytheon to the Dennis McCarthy, Joe Jurbala, kinds of problems that professionals in Analysts, Tim O’Connor, Sr. Vice these functions work on. Robert L. Penter, CFA, Partner, Aon President, Alyssa Cannon, campus Hewitt Retirement and Investment, recruiting manager, Jefferies & Co. gave incoming MSF students an overview of the institutional asset management industry. Alumni Interview Coaching MSF CLASS OF 2017 Junior Summer 2016 Internships Bayshore Capital Tampa, FL New York, NY Holdings Eric Gies, Managing Director & Region Head, Bessemer Trust Citigroup New York, NY PricewaterhouseCoopers New York, NY

Evercore Partners (2) New York, NY RBC (5) New York, NY

GE Fairfield, CT UBS (2) New York, NY

Jefferies (2) New York, NY Charlotte (5) Wells Fargo Securities San Francisco, CA Orlando, FL New York, NY JPMorgan New York, NY

MSF alumni, Jon Boltuch (Wells Fargo Securities), Alex Heshmaty (Associate at Clayton, Dubilier & Rice), Eric Evans (Weiss Multi-Strategy Advisers) and Kyle Deasy (Point 72)

10 2015 – 2016 Annual Report | warrington.ufl.edu/msf William R. Hough Master of Science in Finance Program | Warrington College of Business | University of Florida 11 MSF CLASS OF 2018 FINANCE PROFESSIONAL SPEAKER SERIES The MSF Program has become primarily a Combined Degree Program, accepting select UF undergraduate students from a variety of majors during their second year on campus. Supported by: The James G. Richardson Endowment and The William R. Hough Program in Finance MSF Combined Degree Program Typical Timeline This series brings Finance professionals to the Warrington College of Business to discuss their area of expertise. Speakers demonstrate how professionals approach specific problems, give insight into Sophomore Freshman Sophomore Junior Junior Summer Senior particular industries, and discuss major trends in the various markets and industries in which they Summer operate. The speakers take time in their presentations to talk about career strategies. Students have the Get acquainted MSF application Interesting summer Graduate level Intern in hopes of Complete with the MSF and engagement work, usually with courses in returning with a bachelors and additional opportunity to broaden their professional exposure by joining the speaker’s small lunch groups Program and in job placement a firm close to lieu of some full-time offer. masters degrees. prior to the talk. attend events. activities with home. undergraduate Return full-time older students and courses. Interview to the junior alumni. for summer internship firm. internship. John S. Mathews, Managing Director, Head of Private Asset Aug. 28 , UBS Management 2015 Sophomore Summer 2016 Placements Wealth Management, UBS Overview Abbey Capital Dublin, Ireland Merrill Lynch Philadelphia, PA Jason Karceski, Ph.D., Research & Portfolio Annaly Capital Management New York, NY Penta Mezzanine Fund Orlando, FL Sept. 25 Management Partner, and Smart Beta 2015 former professor for the UF Boston Partners Asset Management Boston, MA Raymond James St. Petersburg, FL MSF Program, LSV Asset Chris Marshall is John Mathews presentation Management Crosstree Capital Partners Tampa, FL Chicago, IL welcomed by students was followed by Lizzi Siemens Atlanta, GA Salem, MSF ‘14, to discuss Charles E. Ball, Managing Management Jacksonville, FL Oct. 2 her analyst experience Director, Andlinger & and Practical Stratton & Company Jacksonville, FL 2015 Company, Inc. Ethics EverBank Jacksonville, FL USAmeriBank Tampa, FL Municipal Forester Financial Services Tampa, FL Oct. 9 Helen Feinberg, Managing Finance and the University of Florida 2015 Director, RBC Capital Markets Gainesville, FL Housing Sector Independent Financial Partners Tampa, FL Investment Corporation Acquisitions JPMorgan Orlando, FL U.S. Bank Global Trust Services Europe, London Oct. 30 Eric Everett, Senior Vice & Divestiture 2015 President, Jefferies LLC Strategies and Johnson Biomedical Capital Gainesville, FL Vocap Investment Partners Atlanta, GA Opportunities Mednax Sunrise, FL Wellspring Wealth Management Atlanta, GA Trading Nov. 13 Michael McKinney, President/ Mortgage Small group lunch with Carol Skordas 2015 CEO, Nathan Hale Capital LLC, Backed Securities

Chris Marshall, Chief Nov. 20 Commercial Financial Officer, Capital 2015 Banking Bank Financial Corp

Equity Research: Mercedes Sanchez van Using Industry Jan. 22 Woerkom, Managing Expertise to 2016 Director, Equity Research, Identify Market Raymond James Inefficiencies

Jonathan Biele, Managing Feb. 5 Director and Head of Equity Equity It is wonderful when alumni can bring their bosses to 2016 Origination, SunTrust Origination participate! Jon Biele was invited to participate by his Robinson Humphrey Analyst, Mark Ruskin, MSF ‘13.

Jeffrey M. Levine, Managing Director/Co-Head, and James A Day in the Apr. 1 F. Page III, CFA, Director, Life of an FIG 2016 Financial Institutions Group, Banker

Carol Skordas, UF MSF My Path Apr. 8 alumna, Associate Product to Product 2016 Manager, ZocDoc Management

Harris Trifon, Portfolio Apr. 15 CMBS Market Manager, Western Asset 2016 Updates Management Company …and it is extra nice to get former MSF professor, Jason Karceski, back in front of students.

12 2015 – 2016 Annual Report | warrington.ufl.edu/msf William R. Hough Master of Science in Finance Program | Warrington College of Business | University of Florida 13 ROUNDTABLE BLOOMBERG DISCUSSION SESSIONS

Sponsored by BB&T Foundations of Free Enterprise: Capitalism and Capital Markets Hedge Fund Manager Mr. Bruce Foerster’s Capitalism course culminated with its annual case study and panel discussion, Craig Cohen Speaks to “The Federal Deficit...Visible and Invisible. Should We Worry About It? How Large Students Is It? What Can We Do About It?” Craig Cohen, Co-Founder and Managing Panelists: G. William Hoagland, Senior Vice President of the Bipartisan Partner of Proprietary Capital, led a series Policy Center, and Michael Tanner, a Senior Fellow at the Cato Institute of tutorials that showed students how the

Moderator: Michael McKee, a Bloomberg Radio host Bloomberg system is used in his business. and Bloomberg Television’s Economics Editor The program was kicked off with a live session during a visit to UF, and subsequent Capitalism students, Ashley Baros-Kabler and sessions were taught remotely from his office Mathew Oberle, opened the panel discussion. in Denver using a robot to interact directly Time magazine’s April 25, 2016, cover story on the U.S. debt, with students.

“The United States of Insolvency” by James Grant, generated Said incoming MSF student, Paul Stanley: “Mr. significant buzz in print media and the blogosphere, and Cohen uses Bloomberg on a daily basis. The Time linked video of the panel discussion to their website: data he selects enables his firm to manage http://time.com/4311741/federal-deficit-panel/. large mortgage-related portfolios. Each week

Mr. Cohen outlined a new lesson with relevant Paul Stanley terminal commands and created dynamic activities to reinforce the lessons. Mr. Cohen used mortgage-related research functions to teach students how Bloomberg’s database organizes and stores market information…. He showed us how to leverage the power of the Bloomberg Terminal. He donates his time and resources to give students this critical edge as they enter careers in finance.”

Craig Cohen

14 2015 – 2016 Annual Report | warrington.ufl.edu/msf William R. Hough Master of Science in Finance Program | Warrington College of Business | University of Florida 15 ALUMNI EVENTS NEW YORK CITY

2015 NYC Gator Finance Professionals Alumni Reception

Liam O’Neil, Merrill Lynch Managing Director, hosted the event for the third year in a row. We thank him for generously arranging the August 9, 2016 event as well. Joel Houston, Mike Flannery, David Brown, Huey Richardson, Olivia Walton, Mark Baumgartner Andy Naranjo, Jim Parrino, Liam O’Neil, Randy Appleyard

Host, Liam O’Neil Mark Flannery, Ph.D., University of Stephen McCall, Daniel Slotkin Florida Bank of America Eminent Scholar, and Chief Economist, the United States Securities and Exchange Commission, was the evening’s speaker.”

Jim Parrino, PhD, Lizzi Salem, John Mathews Scott Friedman, Peter Gylfe

Elaine McKay, Kaitlyn Harrow, Carol Skordas Michael Herman, Rob Cousin

Azer Songnaba, Philippe Kriz Eric and Sarah Gies

Brooke Ager, Roy Ma, Michael Taiano, Michael Pascual Eric Evans, Luis Carrana, Andy Naranjo, PhD

16 2015 – 2016 Annual Report | warrington.ufl.edu/msf William R. Hough Master of Science in Finance Program | Warrington College of Business | University of Florida 17 ALUMNI COUPLES

One of the joys of the MSF Program is seeing satisfied alumni thriving in their careers. It is doubly joyful to see our alumni personally fulfilled as well, evidenced by these couples who found their spouses within the program.

John and Mary Bennett Ernest and Natalie (MSF 2012) Libershteyn (MSF 2005)

ALUMNI EVENTS ATLANTA 2015 Atlanta Gator Finance Professionals Alumni Reception

Mike and Sarah Peerson (MSF 2007) Libershteyn children Charlie Lockwood, Jim Parrino, Chuck Ball Stella Davis, Mark Basford, Ernest Libershteyn, Dave Brown Daniel and Elizabeth Webber (MSF 2010, 2012)

Peter and Courtnei Sanders (MSF 2014) William Ten Eyck, Ryan Lane, Brennan Bubp, Kwan Kim Courtnei Smith Sanders and Peter Sanders, Richard Butcher and Eddie Sarrine Pcitured on page 18

18 2015 – 2016 Annual Report | warrington.ufl.edu/msf William R. Hough Master of Science in Finance Program | Warrington College of Business | University of Florida 19 How to Give

For information on how you can support the Hough Program in Finance, please contact Jon Cannon, Executive Director of Development and Alumni Affairs

warrington.ufl.edu/msf