Mike Bubnis Email & Phone Number

Greater Chicago Area

MANAGING DIRECTOR, INVESTMENTS (2024-present)INVESTMENTS, PORTFOLIO MANAGEMENT II (2022-2023)Direct/execute investment strategy, tactics, and reporting for fixed income, derivative, and liquidity initiatives. INVESTMENTS, PORTFOLIO MANAGEMENT I (2019-22)Manage fixed indexed annuity (FIA) hedge strategy partnering with asset liability management (ALM) team. Recommend/direct third-party public corporate bond allocations. Evaluate/implement fixed income, derivative, and cash management strategies. Incorporate enhanced risk metrics approach into relative value process.

Montpelier, Vermont, United States

HEAD OF INSURANCE INVESTMENT SOLUTIONS, OFFICE OF THE CIO (2018-19)Partnered with ALM, capital management, life and annuity, and product development teams to create investment solutions. Chair of Derivatives Strategy Committee. Accountable for investment guidelines, plan, and watchlist initiatives. Selected as Investments representative for company-wide Strategic Thinking Initiative.• Negotiated third-party reinsurance investment guidelines, materially reducing expected loss risk.• Created review process and delivered recommendations on investment indices for new product offerings.HEAD OF INVESTMENT STRATEGY (2017-18)Led investment strategy for portfolio management/quantitative research teams. Responsible for executing investment strategies/decision tool enhancements for $26B National Life Group GA portfolios and $0.5B pension funds. Created partner solutions with hedging, ALM, capital, product pricing, Treasury, and ERM teams.• Coordinated with capital management/investment teams to enable COLI alternative investment strategy.MANAGING DIRECTOR, FIXED INCOME, HEAD OF GENERAL ACCOUNT (GA) PORTFOLIO MANAGEMENT(2016-17)Directed GA portfolio management, hedging, and investment operations teams while coordinating with asset teams/NLG partners to reposition GA/pension portfolios. Teamed to review/select investment systems. Developed CIO, Board, and other communications packages, driving peer analysis efforts to enhance decisions.• Led strategic asset allocation (SAA) and investment guideline enhancements during $2B+ portfolio repositioning.• Developed external asset manager due diligence framework in selecting firm’s first GA third-party managers.• Directed buildout of reinsurance tail and credit risk models and communications to assess potential partners.

Chesterfield, Missouri, United States

VICE PRESIDENT, SENIOR PORTFOLIO MANAGER II, US PORTFOLIO MANAGEMENTResponsible for management and oversight of $25B in-force portfolios including internal and external managers, client relationship management, and the development of yield enhancement and relative value frameworks. Built structured alternatives program and process. Communicated, executed, and monitored ALM strategies. Managed external asset manager due diligence and negotiations across asset types and for RGA Stable Value wrap program. Developed asset allocation, risk, and diversification models to assist with portfolio strategy assessment. Member of Hedge Oversight and ALM Committees. Throughout tenure:• Negotiated investment and hedge aspects of $5.4B acquisition of John Hancock annuity block as part of M&A team and managed the portfolio repositioning to successfully meet our return on capital and ALM goals.• Developed and communicated asset allocation and hedge approach for $3.5B Swiss Re block acquisition.• Created US portfolio management team career path/job description details, partnering with Human Resources.• Introduced tactical use of fixed income exchange-traded funds across portfolios.Previously responsible for managing $7B of fixed income portfolios and providing pricing, asset allocation, and investment guideline recommendations for potential new blocks of business.

ALLSTATE INVESTMENTS, LLC
(1) PORTFOLIO MANAGER/TRADER, DERIVATIVES
Managed equity structured note (ESN) book - responsible for managing/trading equity indexed annuity (EIA) book on P&L basis - for equity index options/futures, interest rate futures, hedge fund of funds (FoF), structured notes. Assisted with equity macro hedging program.
• Improved trend of edge capture: 47% & 54% in 1st two years vs. 87% & 85% in next 2 years for EIA book. Produced +351 basis points vs. benchmark annual return always for ESN book.
• Proposed before GF Crisis reducing ESN volatility exposure via shift to hedge FoF exposure.
• Directed across functional areas forward strategy during Credit Crisis.
• Outsourced Allstate’s equity portfolios to 3rd party managers, rebalanced during/after transition & created performance tracking.
• Framed strategic options for equity rebalancing. Recommended US equity rebalance, developed foreign/emerging market portfolios to new benchmarks, assisted in $1.5B equity exposure reduction.
(2) SENIOR QUANT ANALYST, LIFE PORTFOLIO STRATEGY
Designed strategic asset allocation models for product/capital accounts. Executed repositioning strategies. Created rating transitions, credit risk, diversification risk metrics/ESN book target equity mix of domestic, foreign, commodities, hedge FoF. Ran $3B floating rate portfolio/macro hedging program.
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AMERICAN GENERAL INVESTMENT MGMT
SR INVESTMENT MANAGER, STRUCTURED SECURITIES
Analyzed/monitored/proposed public, 144A, & private asset-backed securities (ABS).
• Co-created/co-managed FIRM’s 1st ABS total return fund.
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CONNING ASSET MGMT
TRADER/ANALYST, FIXED INCOME
Analyzed/traded $2B ABS & $3.4B floating rate securities. Managed mortgage-backed securities adjustable-rate mortgage (MBS ARM)/corporate bond arb strategies. Designed ABS, CDO, MBS, CMBS, corporates, derivatives stress test models/risk evaluations.
• Raised $1B-$2B liquidity in 1 week during a liability driven ‘run on bank.’

Master Of Business Administration - Mba, Accounting And Finance, 3.82/4.0

Activities and Societies: Received Wall Street Journal Award for Excellence in Finance.

Bachelor Of Science - Bs, Finance And Computer Science, 3.72/4.0