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Stephen Macy is listed as Founder at Church Street Fund II, based in Kingston, New York, United States. AeroLeads shows a matched LinkedIn profile for Stephen Macy.
Stephen Macy previously worked as President at Lex Cogitans and President at Church Street Structured Opportunities Fund. Stephen Macy holds Juris Doctor (J.D.), Law from Harvard Law School.
I'm a fund manager with extensive experience in structured finance, having worked in the field as a lawyer and quantitative analyst since 1992, and as a fund manager since 2009.I co-founded Church Street Fund II in 2023. We focus on off-the-run structured bonds, equity, and asset pools, typically having complex structures and/or obscure histories. We're active in the legacy CDO space, niche asset classes, and ABS/MBS deal liquidations.I co-founded Church Street Structured Opportunities Fund in 2009, managing it until 2019. The Fund invested in a variety of structured bonds, mostly in esoteric asset classes. It returned an average, lifetime, un-leveraged yield of 17.3% per year.In addition, a partner and I manage structured portfolios for institutional clients through our firm Church Street Advisors.
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New York
Church Street Fund II invests in a wide variety of off-the-run structured bonds, equity and asset pools. Investors may opt to participate in one or more classes, each with its own dedicated collection of assets. The Fund is managed by Church Street Advisors, whose principals have extensive experience in the structured market.
Greater New York City Area
Developed applications of sub-symbolic AI to valuations of structured finance bonds ◦ Modeled a variety of asset performance metrics ◦ Created proprietary trading models for ABS and MBS bonds ◦ Network architectures include recurrent, recursive and convolutional structuresDeveloped applications of symbolic AI to legal agreements in structured finance ◦ Partnered with Swedish company Digital Grammar, working extensively with Professor Aarne Ranta, inventor of formal semantics based on type theory ◦ Created a proprietary workflow to formalize the contractual provisions governing structured bonds ◦ Applied a wide variety of inferential techniques, including • First-order automated and semi-automated theorem provers • Higher-order proof assistants • Logic programming languagesSpeaker at conferences on AI and contract law
Greater New York City Area
Co-founded and managed all aspects of the Fund from 2009-2019 ◦ Selected, valued and purchased bonds in the inter-dealer auction market ▪ esoteric (non-commoditized) ABS ▪ CDOs (“There are no bad bonds; there are only bad prices.”) ▪ early holdings of ABS in commoditized asset classes (credit cards, auto loans/leases, equipment leases, etc.) ◦ Created new asset silos for multiple classes of investors ◦ Formation/Marketing/Legal/Administration: ▪ solicited investors ▪ prepared Private Placement Memorandum and all Fund legal documents ▪ set up and maintained relations with broker/dealers ▪ distributed investor shares of cash flow from Fund holdings ▪ coordinated preparation of tax returns and investor K-1s ▪ performed continuing administration/compliance Fund Premise: during the credit crisis, structured bond prices systematically failed to reflect important credit distinctions. Over its 10-year life, the Fund had an average Return On Capital of 17.3% per year (unleveraged).
Greater New York City Area
Analyzed, rated and monitored ABS transactions backed by a variety of asset classes. Focus: ◦ whole businesses, including fast-food and truck stop franchises ◦ charged-off consumer receivables ◦ large (> $50 billion) portfolios of credit card receivablesProvided credit and legal analysis for all ABS transactions in new, non-commoditized asset classes: ◦ music royalties (“Bowie bonds”) ◦ film royalties ◦ revenues from sports arenas ◦ mutual fund fees ◦ franchise royalties ◦ private equity fundsPrimary legal advisor to ABS groupFormulated and published Moody’s approach to whole business securitizationsSpeaker at numerous conferences
Greater New York City Area
Represented underwriters and issuers in complex ABS, CMBS and RMBS transactionDrafted and negotiated disclosure documents and operative agreementsDrafted and shepherded through SEC review the first “kitchen-sink” ABS registration statementRepresented trustees in MBS and ABS transactions
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Stephen Macy works for Church Street Fund II.
Stephen Macy is listed as Founder at Church Street Fund II.
Stephen Macy is based in Kingston, New York, United States while working with Church Street Fund II.
Stephen Macy has worked for Church Street Fund Ii, Lex Cogitans, Church Street Structured Opportunities Fund, Moody'S Investors Service, and Weil, Gotshal & Manges.
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Stephen Macy holds Juris Doctor (J.D.), Law from Harvard Law School.
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