Johan Rosenberg is President and Co-founder of SCM.  He has 15 years of experience in municipal finance.  Mr. Rosenberg markets a variety of derivative and investment products including:  BMA, LIBOR and Treasury swaps, swaptions, caps and floors, forward starting bonds, forward purchase agreements, investment agreements, repurchase agreements and other structured products.  He has also developed an in-house program for calculating the savings that can be recouped from restructuring defeasance escrows using various combinations of SLGS and open market securities.

Mr. Rosenberg is a “hands-on” client manager who is involved with all of the transactional details from project inception through closing.  Depending on the situation, SCM originates, advises or competitively bids municipal market related derivatives and investments.

Prior to founding SCM, Mr. Rosenberg worked for Evensen Dodge, Inc. where he participated in all aspects of municipal finance.  He assisted clients with structuring and sizing of debt, marketing of bond issues, term and pricing negotiations, and bond closing proceedings.  Mr. Rosenberg completed new money and refunding transactions on both a negotiated and a competitive basis, and he worked on various types of financings such as:  short- and long-term, general obligation, revenue, fixed or floating rate, bonds, notes, loans, leases, and other structured financings.

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John Trefethen is Chief Financial Officer and Co-founder of SCM.  He has 17 years of experience in public finance, first as a financial advisor, and for the past ten years as a derivatives and investment advisor.

Mr. Trefethen is responsible for recommending and procuring various investment products for derivatives and the reinvestment of municipal bond proceeds:  Such products include:  interest rate hedges, interest rate swaps, forward delivery agreements, guaranteed investment contracts, and repurchase agreements.  He also structures dedicated escrow accounts of Treasury/Agency securities used for defeasing existing bond issues, analyzes opportunities for forward starting bonds to take advantage of certain interest rate environments, and looks for escrow restructuring opportunities to help clients capture negative arbitrage.  Mr. Trefethen recently helped a healthcare organization in St. Louis, Missouri recoup over $36 million of negative arbitrage by restructuring 11 escrow accounts.

Mr. Trefethen’s active involvement with each transaction includes overseeing the preparation of bidding documents, contacting investment providers, negotiating terms and directing the closing proceedings. 

Prior to founding SCM, Mr. Trefethen was a financial advisor and quantitative analyst at Evensen Dodge, Inc. where he participated in all aspects of municipal finance such as capital budget planning, debt structuring and sizing, disclosure documentation, rating agency presentations, bond marketing, term and pricing negotiations, and closing proceedings.  He was also responsible for virtually all aspects of quantitative analysis including sizing and structuring bond issues, investing bond proceeds, preparing complex cash flows, and assisting clients with arbitrage compliance.  Mr. Trefethen has in-depth knowledge of the Treasury's (IRS) arbitrage rebate regulations.

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Farah Hassan Lotia
Senior Vice President
 

Farah Lotia, Senior Vice President, joined SCM in 2003.  She is a Chartered Financial Analyst with seven years of experience in investment banking, municipal finance, and derivatives marketing.  Ms. Lotia has broad experience marketing a variety of derivative and investment products including:  Interest Rate Swaps and Swaptions, Forward Starting Swaps, Municipal Rate Locks, Interest Rate Caps, Floors, and Collars, Investment Agreements, Forward Delivery Agreements, and Repurchase Agreements, and other structured products.

Ms. Lotia assists with the marketing and structuring of new derivative products for municipal issuers including basis caps, knock-out swaps, and accreting swaps.  She also develops new models to evaluate exotic option structures.  Previously, Ms Lotia was responsible for developing and managing DerivActiv, LLC, a web-based mark-to-market swap valuation service that provides clients with continuous market information regarding derivative product positions.  The web site enables clients to produce mark-to-market reports and comply with GASB/FASB guidelines for swaps, including FAS 133 Effectiveness Testing. 

Prior to joining SCM, Ms. Lotia was an Assistant Vice President at a national investment and commercial bank for two years where she was involved with the development of the Swap Desk.  She was responsible for setting-up existing and new trades into a swap evaluation system, monitoring swap payments and collateralization thresholds, and conducting swap valuations for audit purposes.  She created spreadsheet models to conduct present value cash flow analyses for MMD Rate Locks, Total Return Swaps, and Knock-Out Swaps, which included basis risk and swap performance for each type of swap.  In addition, Ms. Lotia managed the bidding process for the reinvestment of municipal bond proceeds into various types of investment agreements. 

Ms. Lotia’s prior experience also includes structuring tax-exempt and taxable bond transactions and providing detailed financial analyses and cash flow models for state level housing agencies in New York, Minnesota, and Vermont.

Ms. Lotia holds an MBA in finance and a BBA with honors in finance from the Institute of Business Administration, Karachi, Pakistan.  She is a CFA Charterholder. 

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Cynthia Heneage, Vice President, serves as client manager on various transactions involving guaranteed investment contracts, repurchase agreements and forward delivery agreements.  She assists clients by recommending appropriate investment products based on their legal requirements and investment objectives.  She is responsible for reviewing bond documents pertaining to the investment of proceeds, drafting investment term sheets, disseminating information to qualified providers, coordinating the bidding process, reviewing the final investment agreement, and ensuring a timely closing.  Ms. Heneage works with a variety of clients including state agencies, public utilities, counties, cities, school districts, health care institutions, non-profit organizations. 

Ms. Heneage joined SCM after six years with Evensen Dodge, Inc., a national municipal financial advisory firm.  During her 12-year public finance career, Ms. Heneage has been involved with editing credit rating presentations, reviewing disclosure documentation, and investing municipal bond proceeds.  She also has expertise preparing and reviewing proposals and presentations for financial and investment advisory firms.

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Steven J. Johnson
Vice President

Steve Johnson, Vice President, advises clients on derivative transactions including BMA and LIBOR swaps, swaptions, caps, and floors.  He assists clients with structuring interest rate swaps, pricing analysis, cash flow modeling, ISDA document review, and independent price modeling and verification.  He also advises clients on reinvestment of bond proceeds and escrow restructurings using open market securities, forward delivery agreements, collateralized investment agreements, and guaranteed investment contracts.

Mr. Johnson joined SCM with over 16 years of diverse experience in finance, management, and engineering.  Most recently, he was with Target Corporation in the financial planning and analysis organization.    Prior to Target, Mr. Johnson was a management consultant for Bain & Company, Inc. in Boston, MA.  He worked with clients in the health insurance, pharmaceutical, analytical instrumentation, and auto parts industries to solve a variety of strategic business problems.  Prior to Bain, Mr. Johnson was with Powerware Corporation in Raleigh, NC and overseas.  He led the service organization and managed the technology transfer program that enabled in-country manufacturing for the Indian market.

Mr. Johnson holds an MBA from The Wharton School of the University of Pennsylvania, an MS in systems and controls engineering from the University of West Florida, and a BS in electrical engineering from Rensselaer Polytechnic Institute, New York

Erik Kelly, Vice President, joined SCM after working for four years at Public Financial Management. Mr. Kelly assists client managers with all aspects of interest rate swaps, reinvestment of bond proceeds, and escrow restructurings. This includes communicating with clients, coordinating and communicating with municipal market participants and providers, and providing quantitative modeling support.

Prior to joining Sound Capital, Mr. Kelly was a Consultant for PFM where he initiated, structured and coordinated all aspects of refunding bond transactions, analyzed and structured municipal debt using Munex, DBC, and Excel, and worked with project managers and clients in creating financial models and presentations.

Mr. Kelly holds a BA degree in economics from Amherst College, Massachusetts.
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Diane Miller, Vice President, has 15 years of experience in public finance. Prior to joining Sound Capital Management she worked at Dain Bosworth and a national financial advisory firm.

At Sound Capital Management, Ms. Miller assists with the preparation of term sheets, receives and tabulates bids during the bidding phase, and assists with coordinating the investment closing. She has been instrumental in closing transactions for hundreds of escrows over the past two years by providing follow-up with the Issuer, ensuring that confirmations are sent out in a timely manner to all interested parties, and contacting the Escrow Agent to make sure the securities are delivered on the closing date.

In her prior positions, Ms. Miller worked on various types of financings including: general obligation bond, revenue bond, certificates of participation, and revenue anticipation notes. She has assisted with many aspects of bond issuance such as document preparation, marketing of the issue, rating agency presentations, and closing procedures for both competitive and negotiated bond issues.

Ms. Miller has a BS degree in business administration from Winona State University.
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Mark C. Kupfer
Information Technology (IT) Director

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