Wolf River Capital Management is a registered investment adviser focused on distressed investments. The firm seeks opportunities at the intersection of structured finance and small and mid-cap financial institutions. Founded in 2008, Wolf River was formed to capitalize on the dislocation in the credit markets. Our team has extensive experience, both operational and investment, within the banking, insurance, and securitization industries.
The firm prides itself on bringing a unique understanding to a unique market. Wolf River combines its proprietary credit and structure models with its first-hand knowledge of the pooled trust preferred sector with the goal of delivering an unparalleled edge to the investment space.
R. Davis Howe, CFA – Managing Director
Dave has been in the investment banking industry for over 25 years focusing on the structured finance market. Early in his career, Dave structured and closed the first floating rate CMO. Other innovations included pricing the first CMO issued by a thrift, placing the first private REMIC, and structuring the first defeasance of a municipal bond with GNMAs. Dave was the youngest Managing Director since the inception of Morgan Keegan, running the firm’s Mortgage Finance Group before leaving for FTN Financial in 2000. At FTN, Dave was one of the founding members of the PreTSL team where he developed the models and structures that became the standards for the pooled trust preferred industry. In addition to his work on the quantitative side of the business, Dave was the primary investment banking contact with hundreds of pooled trust preferred investors throughout the U. S. and abroad.
James D. Wingett – Managing Director
Jim has over 35 years of experience in the financial services sector encompassing commercial banking, insurance, investment banking and investment management. He co-founded Wolf River Capital Management in 2008. Prior to founding Wolf River, Jim led FTN Financial’s Structured and Corporate Finance Groups and led the collateral origination and underwriting efforts. Prior to joining FTN Financial, Jim spent 15 years on the buy side of the business managing investment portfolios of debt securities in excess of $3 billion. He was the Treasurer and Chief Investment Officer for Delta Life and Annuity Company and held a similar position for Union Planters Corporation prior to joining Delta. While at Union Planters, Jim was a member of the acquisition team that rolled up 35 community banks. He has participated in numerous Tier 1 and Tier 2 equity transactions as both issuer and investment banker.
Douglas B. Duncan – Managing Director
Doug began his career at Stephens Inc. in its corporate finance department focusing on traditional investment banking transactions in the insurance sector. Doug was a founding member of FTN Financial’s Structured Finance Group. While at FTN, Doug’s initial focus was on the origination and underwriting efforts of the pooled trust preferred program.
He spent seven years traveling nationwide, leading diligence meetings, and speaking at board meetings with directors and officers of potential trust preferred issuers. In 2006, Doug began working on the bond distribution of the pooled trust preferred program. In this role, he traveled domestically and internationally speaking on the collateral and structure of the firm’s PreTSL program.
Gina C. Douglas, CPA – Chief Financial Officer
Gina has over 20 years of experience in the investment banking industry, focused on the closing, compliance and accounting functions of the structured finance market. Prior to joining Wolf River, Gina was a founding member of the Structured Finance Group at FTN Financial and served as a Vice President of the firm’s Structured Finance Group. Her responsibilities included closing, operations, compliance and accounting on structured finance transactions. Additionally, she assisted investors with tax and accounting issues. Prior to joining FTN in 2000, Gina was a Vice President in the Mortgage Finance Group at Morgan Keegan & Co. At Morgan Keegan, her primary responsibilities included funding and accounting for loan sale and structured transactions, processing loan deliveries to the agencies and closing of privately placed and municipal refunding CMOs. She also handled the accounting for Morgan Keegan’s municipal commercial paper conduit. Throughout her career, Gina has managed the closing, operations, compliance and accounting aspects of approximately 200 securitization transactions.
Janet H. Gerber – Senior Vice President
At Wolf River Janet created and manages the maintenance of excel models and analytics for the trust preferred CDOs in our space as well as funds created by Wolf River. She began her career at Ernst & Young. There she worked in the National Structured Finance Advisory Practice where she modeled asset securitizations for valuation, assurance and advisory purposes. After her time at Ernst & Young, Janet worked at Mercer Capital Management providing business valuation services. In 2004, Janet joined FTN Financial’s Structured Finance Group. At FTN, Janet managed the testing and modification process of each transaction, taking the structuring process from its inception to ultimately getting the bonds rated and distributing them into the marketplace.
Beth Gunn Lee – Vice President
Beth provides quantitative analytics using proprietary cash flow models to evaluate and price trust preferred CDOs. Beth began her career in Ernst & Young’s National Structured Finance Advisory Practice providing payment date verification for structured finance transactions. Beth joined FTN Financial in 2003. At FTN, Beth focused on rating agency analysis, at issuance stress testing and secondary marketing trading analysis. Having an intimate knowledge of each of the transactions completed at FTN, Beth was responsible for FTN’s quarterly investor update and investor website.
William R. Renovich – Vice President
Will focuses on credit of the underlying collateral and leads the trading effort at Wolf River. Prior to joining Wolf River, Will was a member of FTN Financial’s Structured Finance Group. He joined the Structured Finance Group in 2001, playing a valuable role in twenty-nine of the thirty-two pooled transactions completed. Will brings extensive experience and expertise in bank underwriting for pooled trust preferred transactions. While at FTN, his responsibilities included bank collateral origination, due diligence, credit underwriting, rating agency issuer analysis, and issuer documentation (i.e. transaction closing). He began his career as an Associate Analyst in the Equity Research Department for Morgan Keegan & Co.
Whitney E. Butts, CPA – Vice President
Whitney oversees the accounting, financial statements, and reporting for client accounts and internal funds. Prior to joining Wolf River in 2012, Whitney was senior fund accountant at International Fund Services and Sciens Capital Management in New York City. She was responsible for the close process including all aspects of calculating the monthly NAV as well as managing the year-end audits. Prior to moving to New York, Whitney was an analyst in the Investment Strategies Department at Vining Sparks, IBG where her responsibilities consisted of providing services for fixed income portfolio management including a review of portfolio performance and risk analysis with various bank, credit union, and thrift institution clients.