Adjunct Associate Professor
Securitization (transformation of private contracts into securities using non-public information) and structured finance. Capital formation. Bond market development. Economic justice as a market design problem.
Securitization and structured finance. Comparative economics of alternative off-balance sheet structures: ABS, RMBS, CDOs, ABCP, SIVs and Exchanges. Forensic analysis. Financial negotiation for workouts and litigations. Credit analysis of banks and financial institutions.
Who Will Take the Lead in Shaping China’s Securitisation Market Model? SWIFT Institute Working Paper No. 2014-003, 2015.
China’s ABS Markets vs. the West: Different Microstructures, Similar Vulnerabilities, Indepth coverage on my Swift Institute paper, 2015
Study Manual for Paper 10 Credit Rating Services, Hong Kong and the related examination, 2011.
International Encyclopedia of House and Home, “Security Structure Credit Derivatives,” Elsevier 2011.
Elements of Structured Finance, textbook on structured finance with problem sets, Oxford University Press, 2009. Rutledge and Raynes
The Analysis of Structured Securities: Precise Risk Measurement and Capital Allocation. Oxford University Press, 2003. Raynes and Rutledge
Ms. Ann Rutledge speaks regularly to high level Chinese delegations on financial system reform and identifying value opportunities in the U.S. Market. In October 2012, she testified in U.S. Federal court with Judge Rakoff presiding on the valuation of structured securities. She testified before the U.S. Senate on the “State of the Securitization Markets” in May 2012. Her remarks on the role of CDOs in the Subprime Crisis were quoted in the U.S. Financial Crisis Inquiry Commission final report in 2010. Ms. Rutledge is a frequent contributor to Bloomberg, the Wall Street Journal, Newsweek and CNN Money. prominently featured in National Journal’s Why It Collapsed (April 2009) and House of Cards(February 2009), CNBC’s acclaimed documentary on the subprime crisis.
WORK EXPERIENCE AND EDUCATIONAL BACKGROUND
Ms. Rutledge is a cofounder of R&R Consulting, a structured finance boutique. Most recently, R&R crafted a suite of business, operating and technical reforms for Moody’s Investors Service (MIS) in the wake of derivative shareholder litigation, and provided counsel with a shortlist of competent academic experts in securitization. Other select examples of corporate mandates since 2006 led or executed by Ms. Rutledge include
Valuation of secondary RMBS trades;
Conducting bond default studies on BRIC credit markets;
Structuring and rating microfinance CDO and exotic ABS securities;
Assisting an African development bank in pricing the risk of USAID guarantees;
Helping U.S. regulators identify material ABS registration violations
Prior R&R Consulting, Ms. Rutledge headed the non-Japan Asian structured ratings group for Moody’s Investors Service. She was head of futures and options exchange traded products for JP Morgan Securities, based in Hong Kong and, before that, headed research and communications for the Hong Kong Futures Exchange, now a part of HKEX.
Ms. Ann Rutledge has an MBA from the University of Chicago and a B.A. from Wellesley College. She is a member of Phi Beta Kappa honors society.
Ms. Ann Rutledge has enabled over 3200 finance students or practitioners in analyzing and structuring receivables-backed financings for the capital market. Besides teaching at Hong Kong University of Science and Technology since 2003, she has also delivered instruction in her field through other universities in Europe, North and Central America and Africa.