Brandywine GLOBAL - About Us
Global Fixed Income
David Hoffman, Steve Smith and Jack McIntyre lead the Global Fixed Income team, managing an extensive suite of active, value-based global bond strategies. The team's investment strategies broadly seek attractive long-term total returns by targeting elevated real yields globally and limiting investment to only the few countries and currencies the team expects to outperform given their macroeconomic outlook.
Investment Team Heads
Managing Director & Portfolio Manager
David F. Hoffman, CFA   Managing Director & Portfolio Manager
David is co-lead portfolio manager for the Firm's Global Fixed Income and related strategies. He joined the Firm in 1995. Previously, David was president of Hoffman Capital, a global financial futures investment firm (1991-1995); head of fixed income investments at Columbus Circle Investors (1983-1990); senior vice president and portfolio manager at INA Capital Management (1979-1982), and fixed income portfolio manager at Provident National Bank (1975-1979). David is a CFA® charterholder and earned a B.A. in Art History from Williams College. He is a member of the Firm's Executive Board, currently serving as the Board's chair.
ECB Disappoints…Will the Fed and BoJ Too?
September 12, 2016
Using Global Perspective to Navigate U.S. Interest Rate Normalization
September 29, 2015
Why Fear Should Be Your Friend
September 29, 2015
Understanding Global Bond Market Risk
June 10, 2015
The Flaws of Fixed Income Benchmarking
May 13, 2015
Portfolio Manager
Jack P. McIntyre, CFA   Portfolio Manager
Jack is a portfolio manager for the Firm's Global Fixed Income and related strategies. He joined the Firm in 1998. Previously, he held positions as market strategist with McCarthy, Crisanti & Maffei, Inc. (1995-1998); senior fixed income analyst with Technical Data, a division of Thomson Financial Services (1992-1995); quantitative associate with Brown Brothers Harriman & Co. (1990), and investment analyst with the Public Employee Retirement Administration of Massachusetts (1987-1989). Jack is a CFA® charterholder and earned an M.B.A. in Finance from the Leonard N. Stern Graduate School of Business at New York University and a B.B.A. in Finance from the University of Massachusetts, Amherst.
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Value Investing during the Trump Presidency
February 6, 2017
Our Take on the December Federal Reserve Meeting
December 15, 2016
Two Doves and a Hawk? Jack McIntyre Reviews Fed Rhetoric
October 19, 2016
Jack McIntyre Reviews September 21 Central Bank Meetings
September 26, 2016
Jack McIntyre on Bloomberg Radio
September 22, 2016
Implications of Jackson Hole
August 30, 2016
Jack McIntyre’s Mid-Quarter Global Macro Review
August 18, 2016
Our View on the Potential Brexit Effect
June 29, 2016
Current Developments and Opportunities in Global Bond Markets
June 17, 2016
Will the Dollar's Rise Suffocate U.S. Growth?
August 5, 2015
Volatility in Emerging Markets Assets
December 19, 2014
Managing Director & Portfolio Manager
Stephen S. Smith   Managing Director & Portfolio Manager
Steve is co-lead portfolio manager for the Firm's Global Fixed Income and related strategies. He is a member of the Firm's Executive Board. He joined the Firm in 1991 to diversify the Firm's investment strategies and start the global fixed income product. Previously, Steve was with Mitchell Hutchins Asset Management, Inc. as managing director of taxable fixed income (1988-1991); Provident Capital Management, Inc. as senior vice president overseeing taxable fixed income (1984-1988); Munsch & Smith Management as a founding partner (1980-1984), and First Pennsylvania Bank as vice president and portfolio manager in the fixed income division (1976-1980). Steve earned a B.S. in Economics and Business Administration from Xavier University, where he is currently chair of the university's investment and plant & building committees, a member of the executive committee, and serves on the board of trustees. Steve is also a member of the board of trustees at the Winterthur Museum & Country Estate, a nonprofit, educational institution.
Brandywine Global Responds to ECB Announcement
September 4, 2014
Investment Team
Research Analyst
Michael Arno, CFA   Research Analyst
Mike is a research analyst on the Global Credit team. He is responsible for providing credit research analysis and support. He joined Brandywine Global as a product specialist within client service in 2006 and has been a member of the Global Credit team since April 2011. Prior to joining Brandywine Global in 2006, Mike was an associate for the Vanguard Group (2004-2006). A CFA® charterholder, he earned a B.S. in Finance from Temple University.
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Research Analyst
Alberto J. Boquin, CFA   Research Analyst
Alberto Boquin is a research analyst on the Global Fixed Income team. Prior to joining Brandywine Global in June 2016, Alberto was a global currency strategist at J.P. Morgan Asset Management (2011-2016). Previously, he worked as a Latin America fixed income strategist at Bank of America Merrill Lynch (2006-2011). Alberto earned his B.A. in Ethics, Politics, and Economics from Yale University and is a CFA® charterholder.
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Portfolio Manager and Head of International High Yield
Regina Borromeo1   Portfolio Manager and Head of International High Yield
Regina is a portfolio manager and head of international high yield. Regina joined Brandywine Global Investment Management (Europe) Limited in December 2010, bringing with her 10 years of investing experience. Previously, she was a Vice President - Portfolio Manager and Senior Credit Analyst, Global Fixed Income with Morgan Stanley Investment Management PLC in London (2007-2010) and held various fixed income analyst positions with Morgan Stanley Investment Management in Philadelphia (2001-2007). She earned her Bachelor of Arts in Communications from the University of Pennsylvania and accomplished numerous athletic achievements in squash and tennis, including winning a bronze medal as a member of the Philippine National Squash team in the 1999 and 2005 South East Asian Games. Regina is based in London.
Regina Borromeo’s Global High Yield Market Outlook
December 16, 2016
Quantitative Easing and the Outlook for European Credit
April 18, 2016
Global Credit Market Outlook 2016
January 8, 2016
Global Multi-Sector Income Outlook for 2015
May 28, 2015
Global Credit Webcast
April 9, 2015
GMS Income: Generating High Income and Minimizing Downside
February 5, 2015
Navigating Diminished Liquidity in Global Credit Markets
October 22, 2014
Finding Value Among Higher-Yielding Credit Segments Globally
September 15, 2014
Senior Vice President, Investment Research
J. Patrick Bradley   Senior Vice President, Investment Research
As a Senior Vice President of the Firm's Global Fixed Income and related strategies, Patrick provides valuable analytical and strategic insight. Patrick joined the Firm in June 2005. Previously, he was senior director of institutional client strategy with SEI Investments (2000-2005), Director of Research and Investment Strategy of Mercantile Safe-Deposit & Trust Company (1997-2000), and director of research for PNC Financial (1981-1997). Patrick earned an M.A. in Urban Economics, an M.A. in Economics, and a B.S. in Political Science from the University of Delaware.
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Portfolio Manager and Head of Structured Credit
Tracy Chen, CFA, CAIA   Portfolio Manager and Head of Structured Credit
As a portfolio manager and head of structured credit, Tracy is responsible for conducting credit analysis on mortgage-backed and other structured securities, with special emphasis on collateralized mortgage obligations (CMOs), collateralized loan obligations (CLOs), and other structured products. She also monitors and analyzes the investment merits of global corporate debt issues. She joined the Firm in August 2008. Prior to joining Brandywine Global, she was with UBS Investment Bank as director of the fixed income valuation group (2006-2008), GMAC Mortgage Group as a mortgage pricing analyst (2003-2006), Deloitte Consulting as a senior corporate strategy consultant (2001-2003), and J&A Securities Ltd. in Shenzhen, China as an international corporate finance associate (1995-1999). Tracy earned an MBA with a concentration in Finance from Kenan-Flagler Business School at the University of North Carolina, an M.A. in American Studies from Sichuan University in Chengdu, China, and a B.A. in English for Scientific Purposes from University of Electronic Science & Technology of China in Chengdu, China. Tracy is a CFA® charterholder and earned the Chartered Alternative Investment Analyst (CAIA) charter in 2010. She was also published in the Spring 2007 edition of The Journal of Structured Finance.
Rotation Within the Global Securitized Debt Market
August 22, 2014
Global Macro Research Specialist
My Duong   Global Macro Research Specialist
As a global macro research specialist, My provides support to Francis Scotland, director of macroeconomic research. My maintains a financial/economic database and internal website, which are used to support research tasks as well as respond to research requests from members of the Global Fixed Income team. My joined the Firm in July 2016. She previously held several intern and cooperative positions within the industry, including as an investment analyst with the Global Opportunities Team at BlackRock (2015), an investment analyst at the VinaCapital Vietnam Opportunity Fund Ltd. (2014), and as a financial planning analyst at PECO Energy, an Exelon Company (2013). My obtained both her B.S. in Mathematical Economics and B.S. in Business Administration from Drexel University.
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Vice President, Portfolio Management
Brian L. Giuliano, CFA   Vice President, Portfolio Management
In his role on the Global Fixed Income team, Brian provides research and communicates with clients, prospects, and consultants in support of our investment strategies. Previously, as a senior investment specialist in Brandywine Global’s Wealth Management Group, he maintained and enhanced relationships with institutional and high net worth clients and prospects while specializing in Global Fixed Income and related strategies. Prior to joining the Firm in 2008, Brian was a marketing and client service associate at Mondrian Investment Partners (U.S.), Inc. (2005-2008). Brian is a CFA® charterholder, holds FINRA Series 3, 7, and 63 licenses, and earned a B.A. in Business Administration from Loyola University Chicago. He is a member of the CFA Institute and the CFA Society of Philadelphia.
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Portfolio Manager and Head of Global Credit
Gerhardt (Gary) P. Herbert, CFA   Portfolio Manager and Head of Global Credit
Gary is a portfolio manager and head of global credit. Gary joined Brandywine Global in March 2010, bringing with him over 20 years of high yield experience. Previously, Gary was a Managing Director, Portfolio Manager with Guggenheim Partners, LLC (2009-2010); a Managing Director, Portfolio Manager with Dreman Value Management, LLC (2007-2009); and an Executive Director, Portfolio Manager (1999-2007) and Associate (1994-1998) with Morgan Stanley Investment Management. Gary earned his M.B.A. with Honors from Columbia University, and a Bachelor Degree from Villanova University. He also holds his Chartered Financial Analyst certification and is a member of the Philadelphia Scholars Program Investment Committee.
Using Global Perspective to Navigate U.S. Interest Rate Normalization
September 29, 2015
Why Fear Should Be Your Friend
September 29, 2015
Why Top-Down Rotation is Critical for Global Credit Investors
August 5, 2015
European Reflation Trade
June 9, 2015
Global Macro Research Associate
Jackie Huang   Global Macro Research Associate
As a global macro research associate, Jackie provides support to Francis Scotland, director of macroeconomic research. Prior to joining the Firm in June 2015, she held multiple positions within BCA Research in Montreal, Canada. Most recently, Jackie was a senior analyst with a focus on Emerging Markets Strategy (2006-2015). She earned a B.A. in Economics from the University of Massachusetts, a B.A. in English Language and Literature from Xiamen University, and a Graduate Diploma as part of the Advanced Interpreter Education Program from Simon Fraser University.
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Portfolio Manager and Head of High Yield
Brian L. Kloss, JD, CPA   Portfolio Manager and Head of High Yield
Brian is a portfolio manager and head of high yield. Brian joined Brandywine Global in December 2009, bringing with him over 10 years of high yield and distressed debt experience. Previously, Brian was co-portfolio manager at Dreman Value Management, LLC (2007-2009); high yield analyst/trader at Gartmore Global Investments (2002-2007); high yield and equity portfolio manager and general analyst at Penn Capital Management, Ltd. (2000-2002); an analyst with The Concord Advisory Group, Ltd. (1998-2000); and an international tax consultant with Deloitte & Touche LLP (1995-1998). Brian earned his J.D. from Villanova School of Law and graduated summa cum laude with B.S. in Accounting from University of Scranton. He is also a member of the New Jersey and Pennsylvania Bar and is a Pennsylvania Certified Public Accountant.
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Research Analyst
Renato Latini, CFA   Research Analyst
Renato is a high yield research analyst on the Global Credit team. He is responsible for providing global macro and credit research analysis and support. Renato joined Brandywine Global in 2006 as a trader for the Firm’s Global Fixed income and related strategies. Prior to joining Brandywine Global in 2006, Renato was an investment analyst at Watson Wyatt Investment Consulting (2004-2006). He is a CFA® charterholder and earned a B.A. in Physics and Economics from the University of Pennsylvania.
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Senior Vice President, Portfolio Management
Richard Lawrence   Senior Vice President, Portfolio Management
Richard’s role on the Global Fixed Income team includes portfolio implementation, research and communicating details of our investment strategies to clients, prospects and consultants. Previously, Richard managed Brandywine Global's institutional client service function, maintaining and enhancing relationships with institutional clients, specializing in Global Fixed Income and related strategies. Richard joined the Firm in April 2005. Previously, he served in a variety of roles at Goldman Sachs Asset Management (1994-2004). Richard also has worked for Booz Allen Hamilton, Inc. (1992-1994), Salomon Brothers (1987-1992), Acsis, Inc. (1986-1987), and Hoskyns Group (1985-1986). He earned a B.Sc. with first-class honors in Computer Science from the University of Westminster in London.
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Are We All Political Pundits These Days?
October 31, 2016
Using Global Perspective to Navigate U.S. Interest Rate Normalization
September 29, 2015
Regional Portfolio Manager
Carol Lye   Regional Portfolio Manager
As a Regional Portfolio Manager, Carol conducts macroeconomic research and analysis with a focus in the Asia Pacific region for the Firm’s fixed income strategies. Additionally she is responsible for communicating details and presenting our investment strategies to clients, prospects and consultants in Asia. She joined the Firm in October 2008 as a fixed income research analyst and is based out of the office of Brandywine Global Investment Management (Asia) Pte., Ltd. in Singapore. Previously, she served as an economist with the Monetary Authority of Singapore where she analyzed domestic and external economies (2007-2008). She was also a summer analyst with the fixed income capital market division of Goldman Sachs in London (2006). Carol earned an MSC in Finance and Economics from the University of Warwick in the United Kingdom and a BSc in Economics from the National University of Singapore.
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Research Analyst
Dorothee Rainis   Research Analyst
Dorothee Rainis is a research analyst on the Global Fixed Income team. Prior to joining Brandywine Global in June 2016, Dorothee held the positions of special situations analyst at VDM Capital (2008-2009), investment associate at Oryx Capital (2009-2012), and macroeconomics analyst at Ethna Capital Management (2012-2014), all in Switzerland. She has passed the first levels of the CFA® and CAIA exams. Dorothee received her M.S. in Mathematics and Computer Science from the University of Tuebingen (Germany), a Master’s in Corporate Finance from SDA Bocconi (Italy), and an M.B.A. with a major in Finance from The Wharton School of the University of Pennsylvania.
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Portfolio Manager
Anujeet Sareen, CFA   Portfolio Manager
Anujeet Sareen is a portfolio manager for the Firm’s Global Fixed Income and related strategies. Prior to joining the Firm in 2016, Anujeet was a managing director of global fixed income and a global macro strategist, as well as chair of the Currency Strategy Group at Wellington Management in Boston. Over his 22-year career at Wellington (1994-2016), he held a variety of roles while cultivating extensive fixed income and currency management experience. Anujeet is a CFA® charterholder and earned a B.A. in Computer Science from Brown University.
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Director of Global Macro Research
Francis A. Scotland   Director of Global Macro Research
Francis joined the firm in 2006 and has developed a proprietary global macroeconomic research structure to support the fixed-income group's investment process, and also provides investment ideas and strategic asset allocation recommendations. From 1984 until 2005, Francis was a principal of the BCA Research Group ('BCA'), formerly the Bank Credit Analyst, and head of global investment strategy. BCA is well known in the investment community for providing high quality and independent top-down macro forecasts and investment strategy. In addition to his strategist's role, he drove product development at the firm and contributed to its growth until the firm was sold in 2001. In the final three years at BCA, Francis was Editor-in-Chief of all the firm's investment research products. He spent several years in the policy departments of the Bank of Canada in the early 1980s working in the areas of monetary, economic and financial analysis. Francis has a Master's degree in Economics from the University of Western Ontario in London, Canada and an Honors BA in Economics from Queen's University in Kingston, Canada. He has lectured at a variety of economic, financial and investment conferences/seminars across North America, Asia and Europe and has written several editorials and essays for a range of financial publications including the Financial Times of London.
Global Macro Overview
January 25, 2017
Global Macro Overview
October 21, 2016
Global Macro Overview
July 28, 2016
Global Macro Overview
April 22, 2016
Global Macro Overview
January 27, 2016
Global Macro Overview
January 28, 2015
Global Macro Research Associate
Min Tian   Global Macro Research Associate
As a global macro research associate, Min provides support to Francis Scotland, director of macroeconomic research. Min maintains a financial/economic database and internal website, which are used to support research tasks as well as respond to research requests from members of the Global Fixed Income team. Min joined the Firm in October 2006. Previously, she worked as a data analyst for the Bank of New York (2006) and as a research assistant for the University of Delaware (2005-2006). Min earned a M.S. in Agricultural Economics from the University of Delaware and a B.S. in Pharmacy from West China University of Medical Science.
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Research Analyst
William Vaughan1   Research Analyst
William is a research analyst on the Global Credit team. He joined the firm in June 2015 and is based out of the office of Brandywine Global Investment Management (Europe) Ltd. in London. Previously, he was a European high yield analyst with Crédit Agricole Corporate & Investment Bank in London (2013-2015). William has also worked for Deutsche Bank Securities (New York)(2011-2012). He earned his M.Sc. in Carbon Management and Economics from the University of Edinburgh Business School and his B.Sc. in Environmental Geoscience from Durham University. He holds the UK Investment Management Certificate (IMC) and is a member of the CFA® Society of the United Kingdom.
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Research Analyst
Stephen Ye, CFA   Research Analyst
Stephen Ye serves as a mortgage-backed securities analyst to the Global Fixed Income and Global Credit teams. Before joining Brandywine Global in 2015, Stephen worked for Moody’s Investors Service in New York City as a structured credit associate analyst. He has also worked for Fitch Ratings Inc. and ZS Associates. Stephen earned his B.B.A. in Finance and Economics from Hong Kong Lingnan University and his M.S. in Financial Mathematics at the University of Michigan – Ann Arbor. He is a CFA® charterholder.
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Traders
Darren Clipston is a trader on the Global Fixed Income team. Darren joined Brandywine Global in 2016, coming from Radcliffe Capital Management where he served as head trader and as a credit analyst covering the metals, mining, and industrial sectors. Previously, he held positions at Tallis Capital Management, Drake Management, LLC, Sagamore Hill Capital Management, Greenwich Capital Markets, and RFC Ambrian. He earned an M.A. in Mathematics from Columbia University in addition to bachelor’s degrees in Electrical Engineering and Commerce in Operations Research, both from the University of Western Australia. Darren is a CFA® charterholder.
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Travis Crumley   Trader
Travis is a trader for the Firm's Global Fixed Income and related strategies. Prior to joining the trading group in June 2008, he provided quantitative and fundamental analysis and support as a fixed income client service associate. His additional experience within the industry includes serving as funds investor services assistant with Legg Mason (2004-2005). Travis earned a B.A. in Communications from the University of Delaware. He is also commercially licensed and instrument rated by the Federal Aviation Administration to operate single and multi engine aircraft.
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Head Trader, Fixed Income
Dennis W. Dow   Head Trader, Fixed Income
Dennis is the head trader for the Firm's Global Fixed Income and related strategies. He joined Brandywine Global in 2000. Previously, Dennis was with Merrill Lynch Asset Management as vice president and portfolio manager (1992-1999). He earned a B.A. in Accounting, with a concentration in Finance, from Rutgers University School of Business.
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Trader
Kristen Mugan   Trader
Kristen is a trader for the Firm's Global Fixed Income and related strategies. Before joining the trading group in August 2010, she was a staff accountant responsible for account reconciliation, revenue calculation, and financial statement analysis. Prior to joining the Firm in 2007, she was a staff accountant with Popular Financial Holdings and the Borgata Hotel, Casino & Spa. Kristen earned a M.S. in Financial Services from Saint Joseph's University and a B.S. in Business Studies: Corporate Accounting from The Richard Stockton College of New Jersey.
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Assistant Trader
W. Kevin Valdez, CFA   Assistant Trader
Kevin is an assistant trader for the Firm's Global Fixed Income and related strategies. Prior to joining the trading group in September 2016, Kevin was a senior data quality analyst responsible for calculating fixed income security metrics and valuations, as well as verifying data integrity. Before joining the Firm in 2011, he was a senior operations associate at BNY Mellon (2007-2011) and served as a mutual fund accountant for SEI Investments (2005-2006). Kevin earned a B.S. in Business Administration from Drexel University. He is a CFA® charterholder.
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Joffre C. Wells   Trader
Joffre is a trader for the Firm's Global Fixed Income and related strategies. Prior to joining the trading desk in May 2013, he supported the Global Fixed Income team as a senior portfolio compliance associate (2012-2013). He previously served as a global rates trader (2007-2011) and portfolio compliance analyst (2003-2006) with BlackRock and a technology consultant with the Chubb Group of Insurance Companies (2000-2003). Joffre earned an MBA in Investment Management & Management Information Systems from Drexel University, an M.S. in Finance from Drexel University, and a BBA in Finance from Temple University.
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