In historic fashion the Fed has expanded the list of tools in its toolbox. This list includes many corporate bond ETFs as well. We will speak to portfolio managers from two of the biggest ETF providers - Invesco and State Street Global Advisors - to get a better sense of the positive, and potentially negative unintended impacts, the Fed's presence is having on the ETF market, and the corporate bond market overall.
Jeff Kernagis, CFA - Senior Portfolio Manager, Invesco
Bradley Kotler - Vice President, SPDR Sales Execution and Implementation Group, State Street Global Advisors
Moderator: Rich Excell, CFA - Instructor of Finance at the University of Illinois, Gies College of Business
Members - FREE
Nonmembers - FREE
CFA Institute Qualified Activity: Eligible for 1 credit hour
Zoom login information will be provided in the reminder email closer to the event. Registration closes at 5:00 PM on May 26, 2020.
4:00 pm - 5:00 pm CDT: Program
Please log in a few minutes early to test your video and internet connections.
*Distribution of presentation slides is at the discretion of the speaker and may not be available for this event
Jeff Kernagis, CFA, is a senior portfolio manager for Invesco's exchange-traded funds (ETFs). In this role, Kernagis oversees the portfolio management for a variety of fixed income ETFs. Prior to joining Invesco, Kernagis was a portfolio manager at Claymore Securities, Inc. from 2005 to 2007. Before that, he was a senior trader at Mid-States Corporate Federal Credit Union from 2004 to 2005 and a vice president of institutional futures sales at ABN Amro, Inc. from 1994 to 2003. Kernagis earned a BBA from the University of Notre Dame and an MBA from DePaul University. He is a CFA charterholder and holds the Series 7 and 63 registrations.
Bradley Kotler is a vice president in the SPDR ETF Sales Execution and Implementation Team focusing on Institutional Strategy, Liquidity, and Execution. Prior to joining State Street Global Advisors, Kotler was a market maker of Fixed Income ETFs and Corporate Bonds for Knight Capital Group and Cantor Fitzgerald for 6 years. Before that, he worked at MarketAxess, trading individual bonds and focusing on Fixed Income ETF creation/redemption and pricing. He began his career at Merrill Lynch in Credit Sales, and Structured Products. Kotler holds a BA from Pennsylvania State University, and holding FINRA Series 7, 24, 53, 55, and 63 licenses.
Richard Excell, CFA, is an Instructor of Finance at the University of Illinois, Gies College of Business. In addition to this role, he is a senior portfolio manager at Wolverine Asset Management in Chicago in which he runs a global equity long/short hedge fund portfolio. In this role, he oversees a portfolio that combines quantitative factor and discretionary macro analysis, with bottom-up fundamental analysis and derivatives trade implementation to create a concentrated long/short portfolio that aims to deliver high risk-adjusted returns for institutional investors.
Before joining WAM, he was the CIO and a partner at Satori Investment Partners. He spent the majority of his career with UBS O’Connor, where he was most recently managing director, senior portfolio manager and co-head of the Fundamental Equity Market Neutral Fund. Prior to this, as head of the European office, Excell was responsible for both the global macro and the equity long/short strategies. Earlier in his career, he built and managed foreign exchange, precious metals, and emerging market cash and derivatives trading businesses around the world while with O’Connor, First Chicago, BZW (Barclays Capital) and Crédit Agricole Indosuez and has lived in Japan, Hong Kong, Singapore, Switzerland and the UK.
Excell holds a B.S. in finance with a minor in accounting and Japanese studies from the University of Illinois and an M.B.A. from the University of Chicago. He became a CFA® charterholder in 1999 while living in Singapore and became a CMT charter holder in 2018. He serves as the co-chair of the Education Advisory Group and is on the Budget Committee of CFA Society Chicago. Outside of work, he is director of the Western Golf Association/Evans Scholars Foundation and a board member of the Bright Promises Foundation in Chicago.
*Special Notes Regarding Fees:
This event is complimentary for both members and nonmembers. Registration online is required and closes at 5:00 PM on May 26, 2020.
CFA Institute CE Qualified Activity:
This program qualifies for credit under the guidelines for the CFA Institute Professional Development Program.