TIMOTHY J. HUGHES
TIMOTHY J. HUGHES
Darien, CT / Phone: (917) 213-1378 / Email:

Veteran alternative investment COO/CCO with entrepreneurial mind-set: hands-on, budget conscious, able to tackle multiple projects with tight time-frames. Experience on buy-side and sell-side and at registered and non-registered advisors. Significant experience creating new products including starting hedge funds from the ground up and launching new funds. Implemented industry best practices to meet the operational due diligence standards of institutional investors: middle/back office systems and procedures, an automated and dynamic reporting engine, and compliance policies and procedures. Have built out SEC-mandated RIA compliance programs from ground up in three months and run the entire registration process and routine SEC examination.

Summary of Experience:
  • In-Depth Alternative Investment Expertise and Network
/
  • JD/MBA/CAIA

  • Infrastructure Development: Middle/Back Office, Compliance, Marketing, Service Provider Selection and Reporting/IR
/
  • Policy and Procedure Development, Documentation and Implementation

  • Reporting Database build-out from ground up
/
  • JD – NY and MA Law License

  • Documentation: PPM, Compliance Manual, Valuation Policy, Operations P&P, IMA, ISDA, DR/BCP
/
  • Systems Implementation and Integration Project Management

  • Significant Derivatives and Structured Product Experience
/
  • New Fund/Manager Development and Launch

  • Marketing Materials: DevelopmentReview
/
  • Former Series 7 & 24 (Supervisory Principal)

PROFESSIONAL EXPERIENCE

Libra Advisors / New York, NY
April 2011 – September 2011 / Chief Operating Officer/Chief Compliance Officer/General Counsel
Responsibility for all operational and compliance aspects of a $2B hedge fund manager/CPO. International long/short equity strategy with global macro overlays. Industry concentrations in mining and energy. Products include Equities (public and private), Options, TRS/CFD, Futures, CDS.
Chief Operating Officer
  • Implement procedures reflecting industry best practices
  • Develop and implement firm’s operational policies and procedures and oversee their execution
  • Co-head (with CFO) team of five including controller, middle office
  • Responsible for technology; managed relationship with technology vendors including Paladyne, Advent, and Katana Networks
  • Manage relationships with Prime Brokers, Derivative Counterparties, Fund Administrators, Outside Counsel, Auditors, and Compliance and Technology consultants
  • Negotiate prime brokerage, custody and ISDAs; responsible for opening of new executing brokerage accounts
  • Created and implemented Business Continuity Plan (BCP)
  • Implemented improved cash and collateral management procedures: optimized margin, minimized stock borrow costs, improved cash and custody controls
  • Audit/monitor Private Equity sub-advisor; recovered $500,000 of misappropriated carry
  • Review deal documents. Craft creative solutions to complex economics and deal changes
Chief Compliance Officer/General Counsel
  • Created complete compliance program for anticipated SEC registration as Investment Advisor in under 3 months.
  • Wrote compliance manual, Form ADV 1 & 2, and Policies and Procedures including: AML, Brokerage, Inside Information, NDA/CA, Proxy Voting, Soft Dollar, Trading, Valuation
  • Review and Sign Off NDA/CA
  • Responsible for firm’s SEC filing requirements
  • Personal Trading and Marketing Material Review

BAY HARBOUR MANAGEMENT / BHR CAPITAL / New York, NY
June 2007-April 2011 / Chief Operating Officer/Chief Compliance Officer /Chief Financial Officer
Responsibility for all operational, financial and compliance aspects of a $1B+ hedge fund manager specializing in special situations. Products include Loans, Bonds, CDS, Equities (public and private), Options, TRS/CFD, Futures.
Chief Operating Officer
  • Launched new management company, two new hedge funds, two managed accounts
  • Implemented institutional quality infrastructure to meet the exacting standards of sophisticated allocators
  • Develop and implement firms operational policies and procedures and oversee their execution
  • Manage team of four including controller, middle office and IT manager
  • Manage relationships with Prime Brokers, Derivative Counterparties, Fund Administrators, Outside Counsel, Auditors, SEC, and Compliance and Technology consultants
  • Negotiate prime brokerage, custody and ISDAs; responsible for opening of new executing brokerage accounts
  • Conduct Operational Due Diligence presentations and complete Operational Due Diligence questionnaires
  • Created and implemented Business Continuity Plan (BCP) including data back-up and retrieval and disaster recovery plan consistent with the specific needs and budget of the organization; wrote BCP disclosure statement
  • Implemented improved cash and collateral management procedures
  • Contribute to Marketing/IR effort
Chief Compliance Officer
  • De-facto General Counsel: Review and Sign Off NDA/CA; monitor on-going litigation including LBIE bankruptcy; liaise with outside counsel on various deal- and management company-related issues
  • Re-wrote Compliance Manual - Interfaced with SEC during audit, annually attend SEC’s National CCOutreach seminar
  • Responsible for firm’s SEC filing requirements
  • Personal Trading and Marketing Material Review
Chief Financial Officer
  • Manage all aspects of monthly accounting, NAV preparation, partnership allocations, and investor reporting
  • Oversee month-end valuation process to ensure that the Funds’ assets are valued in accordance with offering documents and valuation policy including analyzing supporting documentation for non-exchange traded products (Level II and III assets)
  • Oversee annual audit and preparation of financial statements for funds and draft accurate footnotes
  • Oversee the preparation of K-1s, investor statements and tax returns
  • Independently calculate and account for Management Company revenues and expenses, including management and incentive fees. Verify and allocate all fund related expenses, including trading, legal, audit, accounting and tax
  • Implemented Advent Geneva
  • Built and maintain rigorous reporting engine (SQL) for daily front office exposures reporting and monthly client reporting including performance attribution and exposures summaries
  • Built Partner Allocation spreadsheets to “shadow” administrator records. Spreadsheets included proper accounting for various side pockets and incentive fee structures
  • Created and implemented Valuation Policies and Procedures consistent with ASC 820 (FAS 157) standards
  • Member of Valuation Committee and Brokerage Committee
  • Responsible for soft-dollar account set-up and reconciliation as well as expense approval and allocation

THE COLLEGE BOARD / New York, NY
April 2007 – Dec 2007 / Consultant –Alternative Investment Research
  • Wrote Due Diligence Questionnaire
  • Conducted Due Diligence interviews on a variety of alternative investment managers including:

Hedge Funds
Funds of Hedge Funds / Private Equity Funds
Private Equity Funds of Funds / Real Estate Funds
CTAs
  • Identify weaknesses/risks and propose monitoring solutions
  • Amalgamated research into due diligence presentation for external auditors (PWC)
  • Calculate IRRs for independent verification of manager return reports and performance evaluation
  • Selected to speak at annual meeting of Eastern Association of College and University Business Officers. Topic: Practical Aspects of Due Diligence and Monitoring of Alternative Investments. November 2007

BIGGER CAPITAL / New York, NY
2004-2007 / Co-Founder/Chief Operating Officer
  • Co-founded derivative-based asset management firm (U.S. equity and equity options)
  • Implemented every aspect of the creation of the Bigger Capital Fund LP
  • Grew AUM from $3 million to $15 million in 2 years
  • Developed Marketing Materials, Investor Newsletters, Performance Reports
  • Primary investor contact for complex investment strategies

FIMAT USA / New York, NY
2002- 2003 / Capital Structure Arbitrage / Convertible Arbitrage / Relative Value / Structured Products
Vice President
  • Developed new business in cross-asset class relative value trading strategies for hedge funds
  • Led team of professionals developing trading strategies using cash and derivatives in equity, credit and interest rates
  • Strategies included: cap structure arb, convertible arb, basis trades, callable CDS, and single tranche synthetic CDOs
  • Developed and implemented funding strategies to increase leverage and maximize ROC
  • Exploited relationships with dealers to source component OTC exposures efficiently
  • New Product Development: CDS on ABS, FIN 46 trades, callable CDS packages

CITIGROUP / New York, NY
SALOMON SMITH BARNEY/ CITIBANK
1997- 2002 / Structured Products Marketing and Origination
Vice President
  • Trained as a derivatives generalist structuring and pricing equity, fixed income, credit and hybrid derivatives. Executed hundreds of trades in a fast-paced environment
  • Developed and managed cross-currency-swaption product. Marketed to high net worth clients. Executed up to 45 deals per month
  • Developed and managed equity- and currency-linked principal-protected note and trust certificate product. Executed over 25 deals between $10 and $140 million in 2 years
  • Marketed Structured Credit Products to Financial Institutions. Product Responsibilities: Synthetic and Cash CDOs, credit linked notes, repackaged assets. Client Responsibilities: Yankee and regional banks, insurers, re-insurance companies and hedge funds
  • Strengths: product knowledge, structuring/problem solving, documentation, rating agency negotiation
  • Worked with other origination teams to leverage existing client relationships

CITICORP INVESTMENT SERVICES
1993-1997 / Marketing Compliance
Assistant Vice President
  • Generated investment advertising and sales materials that withstood regulatory scrutiny
  • Projects included: TV, print and radio advertising, proprietary software development, prospectuses
  • Negotiated and communicated with the SEC and the NASD
  • Authored “Guide to Preparing Investment Marketing Materials” – internal marketing manual

EDUCATION

THE UNIVERSITY OF NORTH CAROLINA / Chapel Hill, NC
1992 / Master of Business Administration, The Keenan-FlaglerBusinessSchool
GMAT Score: 700; 99th Percentile.
Juris Doctor, The University of North CarolinaSchool of Law
LSAT Score: 39; 89th Percentile. Dean's List. UNC Law Association Merit Scholar.
Admitted to practice:New York and Massachusetts.

BOWDOINCOLLEGE

/ Brunswick, ME
1988 / Bachelor of Arts
Double Major in Mathematics and Economics. Minor in History.
Concentrations: Differential equations and non-Euclidean geometry. National Merit Scholar.