Team

Balbec Capital’s international and multilingual team is uniquely qualified to undertake complex and substantial transactions globally. Our senior members have successfully invested in and managed a broad range of alternative credits across numerous economic cycles, many with industry-related experience spanning over two decades. The senior management team has worked together for an average of over 20 years.
Warren Spector
Chairman
WARREN SPECTOR

Chairman

Prior to joining Balbec Capital, Warren Spector was President and co-Chief Operating Officer of the Bear Stearns Companies, Inc. from 2001 to 2007. He joined the Mortgage Department of Bear Stearns in 1983 when its revenues were under $1 million per annum and grew that business to $2 billion. In 1993, he started the Global Derivatives Department and grew that business to over $1 Billion. He was named to the firm’s Management Committee in 1990 and the Executive Committee in 1992 (at age 34).

Mr. Spector was Head of Fixed Income beginning in 1990 and, in that capacity, oversaw the Max Recovery business from its inception, working closely with Mr. Rusbasan and the team as the business invested nearly $3 billion of proprietary capital. Mr. Spector was named President and co-Chief Operating Officer in 2001 and in that capacity oversaw all Sales, Trading, Clearing and Prime Brokerage business at the firm. He was Chairman of the Bond Market Association from 2001 to 2002 and during his tenure worked with the SEC, United States Treasury and the White House to reopen the market for US government debt within forty-eight hours of the September 11, 2001 tragedy.

Mr. Spector holds a Bachelor of Arts from St John’s College and a Masters of Business Administration from the University of Chicago.

Charles Rusbasan
Founding Partner, Chief Executive Officer
CHARLES RUSBASAN

Founding Partner, Chief Executive Officer

Charles Rusbasan is a Founder and Chief Executive of Balbec and has oversight of all aspects of Balbec Capital.

In 1992, after managing product development and systems units at Mellon Bank and Chemical Bank, he joined Bear Stearns to found Max Recovery, the first institutional purchaser of Insolvent Consumer assets. During the ensuing 16 years Mr. Rusbasan built Max Recovery into one of the most profitable proprietary trading desks at the firm, directing the investment of over $3 billion of proprietary capital. After building a substantial business during the 1990’s, in 2000 he successfully expanded into the UK, Europe and Asia/Pacific. Subsequent to his departure from Bear Stearns’ successor JPMorgan in 2009, he started Balbec Capital with the other founding partners.

Mr. Rusbasan holds a B.A. in Economics from the University of Pittsburgh and an MBA from Columbia University. He is a member of the Economic Club of New York, serves on the Executive Board of the Program for Financial Studies at Columbia Business School and is active in the Royal Institute of International Affairs. In addition to his investment management activities, Mr. Rusbasan is involved with various organizations related to land conservation and international affairs.

INVESTMENT TEAM

Philip Daniels
Founding Partner, Chief Investment Officer
PHILIP DANIELS

Founding Partner, Chief Investment Officer

Philip Daniels is a Founder and Chief Investment Officer of Balbec Capital. Mr. Daniels is responsible for global pricing, analytics and portfolio management for Balbec Capital.

Prior to Balbec, Mr. Daniels served as a Global Head of Pricing and Analytics at Max Recovery, a wholly owned subsidiary of Bear Stearns, where he managed the pricing of more than $1.5 billion of capital invested in insolvent and charged-off receivables in seven countries. Before that, he was an analyst in the risk management department at Bear Stearns, where he was overseeing credit risk to hedge fund counterparties.

Mr. Daniels holds a B.A. degree from Columbia University, as well as a general course degree in mathematics from the London School of Economics.

Peter Troisi
Partner, President
PETER TROISI

Partner, President

Peter Troisi is the President of Balbec Capital and a Partner of the firm. Mr. Troisi is responsible for Balbec’s global investment strategy and portfolio management, along with the firm’s global capital raising efforts.

Mr. Troisi initially worked with other members of the management team at Max Recovery, a wholly owned subsidiary of Bear Stearns, starting in 2006 as a member of the Deal Administration group for the North American Business Unit. At Max Recovery, he worked on the purchase, servicing, and settlement of owned portfolios. After working through the merger with JP Morgan, he left the company in February 2009. Prior to joining Balbec in May 2010, Mr. Troisi had most recently worked at Portfolio Recovery Associates on their bankruptcy acquisitions team.

Mr. Troisi holds a B.S. in Economics from Siena College.

Arpad Sebe
Partner
ARPAD SEBE

Partner

Arpad Sebe is a Partner at Balbec Capital where he focuses on the firm’s investments in Continental Europe. Mr. Sebe is responsible for acquisitions, deal structuring, and portfolio management functions within continental Europe.

Prior to Balbec, Mr. Sebe initially worked with other members of the management team at Max Recovery, a wholly owned subsidiary of Bear Stearns, starting in 2005 as a Vice President and international portfolio analyst. At Max Recovery, he was responsible for valuing portfolios of insolvent debt across Europe with a notional amount in excess of 10 billion euros for over €300 million in investments. After leaving the firm in 2008 and prior to joining Balbec in 2011, Mr. Sebe served in the position of Financial Director of the largest private solar-energy developer in Abu Dhabi, where he raised over €10 million in private equity from international and local investors.

Mr. Sebe holds an MSc in Political Economics from the London School of Economics and a B.A. with the highest honors (Summa Cum Laude) in Economics from Columbia University, New York.

Rob Ryan
Partner
ROB RYAN

Partner

Rob Ryan is a Partner at Balbec, having joined the firm in 2012.

Prior to Balbec, Mr. Ryan held a number of senior structured finance roles with international banks in both Japan and Australia, most recently with Commonwealth Bank of Australia. From 2006 to 2009, Mr. Ryan was a senior executive with Max Recovery, a wholly owned subsidiary of Bear Stearns, with responsibility for building the Asia-Pacific business and became the Australia country head in 2008. Prior to joining Max Recovery, Mr. Ryan was a Managing Director in the Securitization Department of Bear Stearns’ Japan unit and executed several pioneering transactions in performing and distressed consumer and real estate asset classes. Prior to entering the banking industry, Mr. Ryan was a structured finance lawyer with Allen & Overy, a major international law firm, and practiced in both London and Tokyo.

Mr. Ryan holds a Bachelor of Law degree with honors from Leicester University and is a graduate of the EU’s Executive Training Program in Japan.

Matt Rosen
Head of Real Estate Asset Management
MATT ROSEN

Head of Real Estate Asset Management

Matt Rosen is the Head of Real Estate Asset Management for Balbec and the Senior Managing Director of Balbec’s PRP Advisors subsidiary. Mr. Rosen is responsible for system development, due diligence, servicer oversight and daily portfolio management in the US and European markets.

Prior to joining Balbec and the PRP Advisors team in 2015, Mr. Rosen was a partner of Gemini Capital Managers. Previously, Mr. Rosen was a portfolio manager with Ally Financial/ResCap LLC where he oversaw the firm’s legacy whole loan portfolio and its sale to Berkshire Hathaway. This role included developing the firm’s approach to its obligations under the 2012 US DOJ/State Attorneys General National Mortgage Settlement. Mr. Rosen began his career in the mortgage industry in 2002 with a series of business development roles for GreenPoint Mortgage Funding. Prior to that he was a management consultant at ZEFER.

Mr. Rosen holds a BA from Columbia University in Economics.

Bo Wang
Managing Director/Principal, Global Head of Risk & Analytics
BO WANG

Managing Director/Principal, Global Head of Risk & Analytics

Mr. Wang joined Balbec in October 2011 and is responsible for model validation and risk analytics across all asset types, as well as underwriting for unsecured assets. Prior to joining Balbec, Mr. Wang spent nearly 7 years in numerous software engineering and developer roles.

Mr. Wang holds a B.S. in Computer Science from Cornell University and a Master’s in Quantitative Finance from Rutgers University.

Ryan Singer
Managing Director/Principal, Mortgage Pricing & Risk
RYAN SINGER

Managing Director/Principal, Mortgage Pricing & Risk

Ryan Singer is a Managing Director/Principal at Balbec Capital. Mr. Singer joined Balbec in 2013 and is responsible for pricing and analytics of Balbec’s US and International mortgage investments.

Mr. Singer holds a B.S. in Mathematics and a B.B.A. in Finance from Emory University.

Marcello Cricco-Lizza
Managing Director, Portfolio Manager
MARCELLO CRICCO-LIZZA

Managing Director, Portfolio Manager

Marcello Cricco-Lizza is a Managing Director and Portfolio Manager at Balbec, responsible for Global Commercial Real Estate and CMBS opportunities. He joined Balbec in May 2020. Mr. Cricco-Lizza started his career as a CMBS trader in the Mortgage Trading Division of Goldman Sachs & Co in July, 2011. He left Goldman to join BlueCrest Capital in June, 2018 as a Portfolio Manager, focusing on structured products.

Mr. Cricco-Lizza holds a B.A. in Mathematics and B.A. in Economics from Columbia College, Columbia University, and M.A. in Mathematics of Finance from the Graduate School of Arts and Sciences, Columbia University.

Chris Kattan
Associate Director
CHRIS KATTAN

Associate Director

Chris Kattan is an Associate Director at Balbec, focusing on sourcing, acquisitions, deal structuring and portfolio management functions in Continental Europe. He joined Balbec in June 2017.

Prior to Balbec, Mr. Kattan was a Trader at Axa Investment Managers. At Axa, he focused on sourcing and executing fund investments in the secondary market, including structured products, catastrophe bonds (“CAT bonds”), and insurance-linked securities. Prior to his role on the trading desk, Mr. Kattan was responsible for analyzing and supporting US and European securitization positions. Prior to Axa, Mr. Kattan worked for GE Capital in their Financial Management Program.

Mr. Kattan has a Double Masters in Financial Markets from ESSCA and in Engineering in Data Processing from ESEO. He also holds the AMF certification from 2015.

Tim Kuk
Associate Director, Unsecured Investments
TIM KUK

Associate Director, Unsecured Investments

Tim Kuk is an Associate Director at Balbec Capital. Mr. Kuk joined Balbec in 2014 and is responsible for pricing, analytics, and portfolio performance management of Balbec’ s unsecured investments globally.

Mr. Kuk holds a B.A. in Economics from Emory University.

Aron Motyovszki
Associate Director
ARON MOTYOVSZKI

Associate Director

Aron Motyovszki is an Associate Director at Balbec, focusing on sourcing, acquisitions, deal structuring and portfolio management of primarily unsecured investments in Europe. He joined Balbec in January 2020.

Before joining Balbec, Mr. Motyovszki worked as an Assistant Director at Deloitte in the Financial Advisory team based in Budapest. During his 8 years with Deloitte, he advised numerous clients on both sell- and buy-side mandates mainly from the banking industry. His focus areas included due diligence of banking institutions, valuation and sales of distressed credit portfolios in the Central Eastern European region. While working at Deloitte, he also gained experience in loan portfolio transactions in the Portfolio Lead Advisory Services (“PLAS”) team based in London.

Aron has a Bachelor degree in Finance and Accounting from Corvinus University of Budapest and Master’s degree in Finance from Hult International Business School (London).

Brandon Danzig
Associate Director
BRANDON BANZIG

Associate Director

Brandon Danzig is an Associate Director at Balbec Capital. Mr. Danzig joined Balbec in 2017 and focuses on U.S. residential mortgage investments.

Mr. Danzig holds a B.S. in Electrical Engineering with highest honor from the Georgia Institute of Technology.

CAPITAL FORMATION GROUP

Jay Bhatt
Associate Director
JAY BHATT

Associate Director

Jay Bhatt is an Associate Director at Balbec Capital. Mr. Bhatt joined Balbec in 2021 and is a member of the firm’s Capital Formation Group. Prior to Balbec, Mr. Bhatt worked at Nomura, Sound Point, and BlackRock Credit in various business development and investor relations/product specialist roles.

Mr. Bhatt holds a B.S. from the Pennsylvania State University (Smeal College of Business) and the CAIA designation.

Robert Hanna
Vice President
ROBERT HANNA

Vice President

Rob Hanna is a Vice President at Balbec Capital. Mr. Hanna joined Balbec in 2022 and is a member of the firm’s Capital Formation Group. Prior to Balbec, Mr. Hanna worked at ZAIS Group, Nomura, and PIMCO in various business development and consultant relations roles.

Mr. Hanna holds a B.A. in Economics from Rutgers University.

FINANCE, LEGAL AND OPERATIONS

Jeff Padden
Founding Partner, General Counsel
JEFF PADDEN

Founding Partner, General Counsel

Jeff Padden is a Founder and General Counsel of Balbec Capital. Mr. Padden is responsible for all legal matters, contracts and investor relations and business development in Asia for Balbec Capital.

Prior to Balbec, Mr. Padden represented private and public companies in various corporate transactions throughout his legal career and has a long history of doing business in and representing clients internationally with a specific focus in Asia. His practice has focused on corporate law, venture capital and international transactions. He has been a Board or Advisory Board member of a variety of companies and has spoken at legal and business conferences on various corporate topics. He is a member of the American Bar Association, Business Law, and International Law sections.

Mr. Padden holds a B.S. from the University of Virginia (with Distinction) and a J.D. from the University of Texas Law School (with Honors, Order of the Coif, Phi Kappa Phi).

Christina Houghton
Chief Financial Officer
CHRISTINA HOUGHTON

Chief Financial Officer

Christina Houghton is Balbec Capital’s Chief Financial Officer, and is responsible for all accounting, finance, and administration for Balbec, including fund and corporate accounting, treasury, tax, and FP&A for the firm.

Ms. Houghton joined Balbec in 2022 as Deputy Chief Financial Officer, bringing over 18 years of industry experience. Prior to Balbec, Ms. Houghton was the Chief Financial Officer at CapitalSpring, a $2 billion asset manager that invests in both private equity and private credit. Prior to CapitalSpring, Ms. Houghton held various roles at American Capital and Apollo Global Management. Ms. Houghton began her career in the assurance practice at PricewaterhouseCoopers.

Ms. Houghton graduated summa cum laude from the University of Richmond with a B.S. in Business Administration, concentration in Accounting.

Brett Niehaus
Chief Compliance Officer
BRETT NIEHAUS

Chief Compliance Officer

Brett Niehaus is the Chief Compliance Officer of Balbec Capital. Mr. Niehaus is responsible for compliance matters for Balbec Capital.

Prior to Balbec, Mr. Niehaus was Senior Principal Consultant and Diversified Financial Practice Specialist at ACA Compliance Group. He provided comprehensive regulatory advice to a wide range of leading private fund managers, registered investment advisers, and global asset managers, including serving as Balbec’s dedicated external consultant for over two years prior to joining the firm.

Mr. Niehaus holds a B.S. in Finance (Business Leadership Honors Program) from the University of Scranton.

Tracy Ryan
Associate Director, Human Resources
TRACY RYAN

Associate Director, Human Resources

Tracy Ryan is the Human Resources leader for Balbec and has responsibility for human resources globally, leading the company’s efforts to ensure the workforce is aligned with the strategic vision of the company.

Ms. Ryan began her career in Human Resources with Towers Perrin, focused on benefit plan design and administration. She worked at The Coca-Cola Company and Bank of America, holding positions in global compensation and benefits, leadership development, and organizational design. Prior to joining Balbec in September 2022, Ms. Ryan worked as a consultant helping organizations design and implement compensation programs, performance management systems, and career architectures.

Ms. Ryan holds her B.A. in Mathematics and Psychology and her MBA in Human Resources, Organization Management and Accounting from Vanderbilt University.

Heather Kochamba
Associate Director, Operations & Servicer Compliance
HEATHER KOCHAMBA

Associate Director, Operations & Servicer Compliance

Heather Kochamba is Associate Director, Operations & Servicer Compliance at Balbec. Ms. Kochamba is responsible for execution and on-going maintenance of the compliance and oversight program for the administration and servicing of Balbec’s investments in the United States and Commonwealth markets.

Ms. Kochamba joined Balbec in March 2021, bringing 18 years of 3rd party oversight experience. She has most recently served as Chief Compliance Officer for Galaxy Capital Acquisitions wherein she developed their Compliance Management System and guided it’s evolution into a rigorous program with oversight of Galaxy’s 3rd party vendors through regulatory and legal compliance, licensing, and quality assurance and audit functions.

Ms. Kochamba holds the designations of Certified Receivables Compliance Professional with RMA International and Credit & Collection Compliance Officer with ACA International. She earned a Bachelor of Science degree from Wofford College.

Diane Gearon
Associate Director, Application Development
DIANE GEARON

Associate Director, Application Development

Diane Gearon is an Associate Director at Balbec Capital. Ms. Gearon joined Balbec in June 2016 and is responsible for analyzing, designing and implementing custom Web applications and innovative solutions.

Prior to joining Balbec, Ms. Gearon spent a long career at Max Recovery under both Bear Stearns and JP Morgan working in IT. Diane worked with some members of the management team at Max Recovery to define and design IT solutions to best meet the objectives of the business.

Ms. Gearon holds a B.S. in Computer Science from Hofstra University.

Mark Wilson
Associate Director, Controller
MARK WILSON

Associate Director, Controller

Mark Wilson is an Associate Director and Controller for Balbec. Mr. Wilson oversees accounting and related financial controls including managing accounting systems and staff, overseeing financial reporting, and coordinating with external accountants and auditors.

Mr. Wilson has over 30 years of general accounting experience with both public and private firms. He holds professional designations as a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA). He is a registered member of the American Institute of Certified Public Accountants. Mr. Wilson graduated in 1989 from the University of Arizona with a Bachelor of Science in Business Administration, with double majors in Accounting and Finance.

Akbar Lakhani
IT Director
AKBAR LAKHANI

IT Director

Akbar Lakhani is Director, Information Technology for Balbec Capital and leads the global IT team to deliver innovative and effective solutions for the company.

With over 12 years of experience in IT management, Mr. Lakhani brings a wealth of knowledge to his role, including expertise in security, infrastructure, help desk, application support, and development. Mr. Lakhani has a strong track record of working with cross-functional teams and leadership to deliver technology solutions for overall system efficiency and digital transformation.

Mr. Lakhani holds a M.S. in Information Technology from Kennesaw State University and an MBA in Information Technology from ICFAI University.

Scott Gilbert
Senior Advisor
SCOTT GILBERT

Senior Advisor

Scott Gilbert is a Founding Partner and Senior Advisor to Balbec Capital. Mr. Gilbert previously served as Balbec’s Chief Financial Officer from the firm’s inception through to his retirement in December, 2022.

Prior to Balbec, Mr. Gilbert raised over $20 million in growth capital and provided the lead financial and due diligence role in 3 private company exit events with aggregate sale proceeds of over $140 million. He started his career in the financial audit division of Coopers & Lybrand, followed by a financial analyst position at Bank One for a $700 million credit card portfolio.

Mr. Gilbert graduated summa cum laude in 1990 from the University of Colorado with a major in Accounting.