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.

CHAIRMEN

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
Executive Chairman
CHARLES RUSBASAN

Executive Chairman

Charles Rusbasan is a Founder and the Executive Chairman 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.

GLOBAL PARTNERS

Peter Troisi
Chief Executive Officer
PETER TROISI

Chief Executive Officer

Peter Troisi was appointed CEO of Balbec in April 2025 after having served as the firm’s President since 2023, he is also a partner of the firm. As CEO Mr. Troisi oversees all aspects of Balbec Capital and is a member of the Investment Committee. Since joining the firm at inception in 2010, Mr. Troisi has held a number of roles with increasing responsibilities and has been a key driver in building out the firm's investment capabilities.

Mr. Troisi initially worked with other Balbec partners at Max Recovery, a wholly owned subsidiary of Bear Stearns, from 2006 to 2009. Prior to joining Balbec, Mr. Troisi worked at PRA Group on their portfolio investment team.

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

Philip Daniels
Chief Investment Officer
PHILIP DANIELS

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.

Jeff Padden
General Counsel
JEFF PADDEN

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 a Partner of the firm. Ms. Houghton 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.

Ryan Singer
Head of Residential Credit
RYAN SINGER

Head of Residential Credit

Ryan Singer is Balbec Capital's Head of Residential Credit and a Partner of the firm. 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.

Matt Rosen

Head of Real Estate Asset Management

MATT ROSEN

Head of Real Estate Asset Management

Matt Rosen is Balbec Capital's Head of Real Estate Asset Management and a Partner of the firm. Mr. Rosen is also the Senior Managing Director of Balbec's PRP Advisors subsidiary, and 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
Head of Risk & Analytics
BO WANG

Head of Risk & Analytics

Bo Wang is Balbec Capital's Head of Risk & Analytics and a Partner of the firm. 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.

Arpad Sebe
European Assets
ARPAD SEBE

European Assets

Arpad Sebe is a Partner at Balbec where he focuses on investments in Europe.

Prior to joining 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 Max Recovery 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 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.

SENIOR INVESTMENT TEAM

Marcello Cricco-Lizza
Managing Director – Principal, Head of CRE Lending
MARCELLO CRICCO-LIZZA

Managing Director – Principal, Head of CRE Lending

Marcello Cricco-Lizza is a Managing Director – Principal, Head of CRE Lending 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.

Eric Cho, PhD
Managing Director, Engineering
ERIC CHO, PhD

Managing Director, Engineering

Eric Cho, PhD is a Managing Director, Engineering at Balbec Capital. Dr. Cho leads development of the firm's proprietary due diligence and asset management technology platforms, and also oversees quantitative research for the firm's mortgage business.

Prior to joining Balbec, Dr. Cho worked for 5 years in financial services and alternative data industries. Within the financial services industries Dr. Cho was a senior researcher specializing in complex derivatives pricing models. Within the alternative data industry, Dr. Cho was a senior data scientist focused on alpha generation research using unstructured HR dataset.

Dr. Cho earned a PhD in Finance from UCLA Anderson Graduate School of Management and a BA from Cornell University in Economics and Mathematics.

Brandon Danzig
Managing Director, Residential Mortgage
BRANDON DANZIG

Managing Director, Residential Mortgage

Brandon Danzig is a Managing Director, Residential Mortgage 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.

Chris Kattan
Head of European Mortgage Acquisitions
CHRIS KATTAN

Head of European Mortgage Acquisitions

Chris Kattan is Head of European Mortgage Acquisitions 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.

Brian Simon
Managing Director, Bungalow Funding
BRIAN SIMON

Managing Director, Bungalow Funding

Brian Simon is the Managing Director of Bungalow Funding, Balbec's affiliated Mortgage Servicing Rights platform. Mr. Simon joined the firm in 2023 and is responsible for leading and managing all Mortgage Servicing Rights activities. Brian has over 20 years of executive mortgage banking experience, having held the roles of COO at Freedom Mortgage, CEO of Caliber Home Loans and COO of New Penn Financial.

Mr. Simon holds a B.S Degree from Temple University, as well as being accredited as a Certified Mortgage Banker and Mortgage Servicer from the Mortgage Bankers Association.

Diego Meneses
Executive Director, Capital Markets
DIEGO MENESES

Executive Director, Capital Markets

Diego Meneses is an Executive Director, Capital Markets at Balbec Capital. Mr. Meneses joined Balbec in 2022 and focuses on capital markets transactions, financing facilities, and transaction oversight for residential mortgage investments.

Prior to joining Balbec, Diego worked at Nomura where he primarily focused on residential mortgage securitization execution. Previously, he worked at Deloitte on their structured products advisory group.

Mr. Meneses holds a B.B.A. in Finance with a minor in Actuarial Science from Georgia State University.

Aron Motyovszki
Executive Director, European Investments
ARON MOTYOVSZKI

Executive Director, European Investments

Aron Motyovszki is an Executive Director, European Investments 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).

CAPITAL FORMATION GROUP

Jay Bhatt
Managing Director
JAY BHATT

Managing Director

Jay Bhatt is a Managing 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.

Bruce Rodio
Managing Director
BRUCE RODIO

Managing Director

Bruce Rodio is a Managing Director at Balbec Capital. Mr. Rodio joined Balbec in 2023 as a member of the firm’s Capital Formation Group and has over 30 years of industry experience. Prior to Balbec, Mr. Rodio worked at Waterfall Asset Management, Aberdeen Asset Management, and Morgan Stanley Investment Management, and the Arden Group in senior business development and investor relations/product specialist roles. He also worked at Willis Towers Watson as a Senior Investment Consultant on the OCIO team and at Morgan Stanley and Credit Suisse in institutional fixed income sales.

Mr. Rodio holds a B.S. in Economics and an M.B.A. in Finance from the Wharton School of the University of Pennsylvania.

Nick ap Simon
Managing Director
NICK AP SIMON

Managing Director

Nick ap Simon is a Managing Director at Balbec Capital based in London focused on capital raising efforts in Europe and the Middle East. Mr. ap Simon joined Balbec in 2024 as a member of the firm’s Capital Formation Group and has over 20 years of industry experience. Prior to Balbec, Mr. ap Simon worked at Nuveen, Cross Ocean Partners, Ashmore Group, and Partners Group in senior business development and product specialist roles based in both London and Dubai.

Mr. ap Simon holds a B.A. in History from the University of Durham and an M.Sc. in Finance from London Business School.

FINANCE, LEGAL AND OPERATIONS

Brett Niehaus
Chief Compliance Officer
BRETT NIEHAUS

Chief Compliance Officer

Brett Niehaus is Balbec Capital's Chief Compliance Officer and is responsible for overseeing all regulatory and compliance matters for the firm.

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.

Avi Binstock
Managing Director, Fund Accounting
Avi Binstock

Managing Director, Fund Accounting

Avi Binstock is Balbec Capital’s Managing Director of Fund Accounting and is responsible for accounting and reporting for the firm’s funds.

Mr. Binstock joined Balbec in 2023 bringing 16 years of experience in the asset management industry. Mr. Binstock was a Managing Director at Ernst & Young in the assurance practice specializing in asset management clients, with a focus on private equity, credit fund, hedge fund, real estate, timberland, and business development companies. He has also worked in Australia and has extensive experience with a wide range of asset management structures reporting under US GAAP and IFRS.

Mr. Binstock graduated from the University of Maryland with a BS in Accounting and Finance.

Diane Gearon
Managing Director, Application Development
DIANE GEARON

Managing Director, Application Development

Diane Gearon is a Managing Director, Application Development 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.

Tracy Ryan
Managing Director, Human Resources
TRACY RYAN

Managing Director, Human Resources

Tracy Ryan is a Managing Director, Human Resources 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
Executive Director, Operations & Servicer Compliance
HEATHER KOCHAMBA

Executive Director, Operations & Servicer Compliance

Heather Kochamba is an Executive Director at Balbec. Ms. Kochamba is responsible for execution and on-going maintenance of the servicer compliance and oversight program for the administration and servicing of Balbec's global investments.

Ms. Kochamba joined Balbec in March 2021 and has over 20 year's experience in 3rd party oversight, regulatory and legal compliance, state licensing, quality assurance, and audit functions. She holds over 10 year's experience as a Chief Compliance Officer within in the Accounts Receivable Management industry wherein she has guided several participants in the development of robust Compliance Management Systems.

Ms. Kochamba holds the designations of Certified Receivables Compliance Professional with RMA International and Mortgage Compliance Professional: Level 1 with Mortgage Banker's Association.  She earned a Bachelor of Science degree from Wofford College.

Akbar Lakhani
Executive Director, Information Technology
AKBAR LAKHANI

Executive Director, Information Technology

Akbar Lakhani is an Executive 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.

Eugene Caraus
Director, Investment Accounting & Operations
EUGENE CARAUS

Director, Investment Accounting & Operations

Eugene Caraus is the Director of Investment Accounting and Operations. Mr. Caraus manages the investments operations, valuations and treasury teams.

Mr. Caraus brings over 20 years of experience in the structured credit products space, with expertise across buy-side platforms and middle and back office operational leadership in this space. He has broad multi-asset class investment management knowledge having built out and led operations teams. His most recent role was with Grandview Analytics, a boutique technology consulting firm. Prior to that he served as Director of Operations at HIG Capital, and Vice President of CLO management at Cerberus Capital Management.

Mr. Caraus earned a Master of Science in Finance from Georgetown University and a BS in Finance from Eastern Illinois University.

Jeanine Stampfl
Director, Corporate Accounting
JEANINE STAMPFL

Director, Corporate Accounting

Jeanine Stampfl is the Director of Corporate Accounting for Balbec. Ms. Stampfl manages the global team responsible for the general partner and management company accounting, including subsidiary financial reporting. She also supports firmwide efforts related to FP&A, tax, and treasury management.

Ms. Stampfl brings over 25 years of experience, mostly in the financial services industry. She recently served as CFO of AIG First Principles, servicing institutional clients with expertise across the global fixed income securities and derivatives markets, a role she assumed after AIG acquired First Principles Capital Management, a boutique asset management firm. Starting her career in the management development program at Chase, Ms. Stampfl progressed to senior-level finance and accounting roles at IBM, Vanstar, and Johnson Controls.

Ms. Stampfl earned an MBA from the Fuqua School of Business at Duke University and a BS from the Carroll School of Management at Boston College, with a concentration in Finance.