Four Decades of Industry Experience

Members of Waterfall’s senior team were early participants in many of the asset finance sectors the firm now targets. The team has an international network that spans wide-ranging relationships with asset originators, servicers, banks/advisors, and fintech platforms across North America, Europe, and Asia.

Tom Capasse

Co-Managing Partner

Tom Capasse is a Managing Partner and co-founder of Waterfall Asset Management, which he launched with Jack Ross in 2005. Tom has more than 40 years of structured credit experience globally, having founded, with Jack, Merrill Lynch’s industry-leading ABS Group that completed many first-time ABS issues and purchased non-performing loans in the 1980s. Tom subsequently managed structured credit Banking & Trading groups at Greenwich Capital, Nomura Securities, and Macquarie Securities. He began his career as a Fixed Income Analyst at Dean Witter and Bank of Boston after earning a B.A. from Bowdoin College.
Jack Ross

Co-Managing Partner

Jack Ross is a Managing Partner and co-founder of Waterfall Asset Management, which he launched with Tom Capasse in 2005. Jack has more than 40 years of ABS and structured credit experience, having completed some of the earliest ABS issues at Drexel Burnham Lambert and co-founded Merrill Lynch’s ABS Group with Mr. Capasse. Jack subsequently managed International Real Estate Debt at Merrill Lynch and founded Licent Capital, a specialty broker/dealer for intellectual property securitization. He began his career as a CPA with Laventhol & Horvath and received a B.S. from the University of Buffalo in 1978 and his M.B.A from The Wharton School at the University of Pennsylvania.
Patrick Lo

Co-CIO

Patrick Lo is a Partner and co-Chief Investment Officer at Waterfall Asset Management. In his role, he is also a member of the Investment Committee. Prior to joining the firm in 2006, he began his career as an analyst focusing on the origination, structuring, and financing of various classes of ABS at Citigroup Global Markets. Patrick received his B.S. in finance from Massachusetts Institute of Technology.
Brian Rebello

Co-CIO

Brian Rebello is a Partner and co-Chief Investment Officer at Waterfall Asset Management. In his role, he is also a member of the Investment Committee. Prior to joining the firm in 2010, Brian was a portfolio manager at Aberdeen Asset Management. Before that he was a Vice President and Senior Credit Analyst at Deutsche Asset Management. Brian has more than 24 years of industry experience and received his MBA from Miami University and his B.S. in chemical engineering from the National Institute of Technology in India. He also holds a CFA designation.
Keerthi Raghavan

Head of Asset-Backed Credit

Keerthi Raghavan is a Partner and Head of ABS Strategy at Waterfall Asset Management, where he is also a member of the Investment Committee. Prior to joining the firm in 2014, he was a Director for CMBS Credit Trading and Head of CMBS Research at Barclays Capital. He graduated with an MBA from Indian Institute of Management, a B.S. from Indian Institute of Technology and has more than 13 years of industry experience.
Leo Wong

Head of Whole Loans

Leo Wong is a Partner and Head of Loan Strategy at Waterfall Asset Management, where he is also a member of the Investment Committee. Prior to joining the firm in 2007, he was a research associate with Fidelity Management and Research focusing on structured product investments. He has more than 15 years of industry experience and received his B.S. in computer science and electrical engineering from the Massachusetts Institute of Technology.
Russ Andrews

Co-Head of Business Development

Russ Andrews is a Partner and Co-Head of Business Development at Waterfall Asset Management. Before joining the firm, Russ was Managing Director for Alternative Investments at Wachovia Securities. While at Wachovia, he held several senior positions including head of Structured Product Syndicate and Debt Capital Markets. He started his career at Signet Bank, where he served as Senior Vice President and was responsible for Fixed Income Trading and Syndicate. Russ graduated with a B.B.A. in Finance from the College of William and Mary and received an M.B.A from the Fuqua School of Business at Duke University.
Chris Bigos

Managing Director, Private Asset-Backed Credit

Chris Bigos is a Managing Director at Waterfall Asset Management. Prior to joining Waterfall, Chris was the CIO of an SEC-Registered Investment Advisor where he managed credit and hybrid strategies. Previously, he was a portfolio manager at Garrison Investment Group. He was also a senior banker at Deutsche Bank Securities and worked in the Public Finance group at Morgan Stanley & Co. as well as the Asset-Backed Finance group at RBS Securities. Chris graduated summa cum laude and Beta Gamma Sigma from Rensselaer Polytechnic Institute with a B.S. in Management and a B.S. in Economics.
James Cuby

Managing Director, London

James Cuby is a Managing Director and Head of Europe at Waterfall Asset Management. Prior to Waterfall, James established and co-managed the Credit Investments business at Investec Bank PLC. Before this, he was a Partner and Portfolio Manager at Prytania Advisors LLP and a Credit Rating Analyst in the Structured Finance Group at S&P in London. He received a bachelor’s in economics with honors from City, University of London.
Akshay Dave

Managing Director, Corporate Credit

Akshay Dave is a Managing Director at Waterfall Asset Management. Prior to joining the firm, Akshay was a Managing Director at the alternative asset manager EJF Capital, where he managed investments across the capital structure in financials, fintech and real estate. He also managed a fund focused on SPACs and served on the investment committee for EJF Acquisition Corp. Before EJF, Akshay worked in the FIG banking group at Citigroup. Akshay received a B.S. in computer science and a B.S. in business administration from Carnegie Mellon University.
Zach Liebmann

Managing Director, Bond Trading

Zachary Liebmann is a Managing Director at Waterfall Asset Management. Prior to joining the firm, he started his career at Citigroup trading CMBS and CRE CDOs. He received his B.S.E. in operations research and financial engineering from Princeton University.
John Togneri

Managing Director, Resi & SBC Loans

John Togneri is a Managing Director at Waterfall Asset Management. Prior to joining the firm in 2012, he worked as an Associate in the Capital Markets Group at Mortgage Industry Advisory Corporation. John received a bachelor’s in economics from Bucknell University.
Patti Unti

Managing Director, CRE Equity

Patti Unti is a Managing Director at Waterfall Asset Management. She joined the firm in 2011, initially investing in CRE CDOs and CMBS before launching the CRE equity strategy in 2016. Patti has 25 years of commercial real estate experience, navigating multiple cycles within the sector. Prior to Waterfall, she served as President of Ventras Capital Advisors. Before this, she was an Executive Vice President at Capmark Investments LP. Patti holds a B.B.A. from The University of Michigan and an M.B.A in finance from The University of Chicago.
Sharon Eliran

Co-Head of Business Development

Sharon Eliran is a Managing Director and Group Co-Head of Business Development at Waterfall Asset Management. Prior to joining the firm in 2013, Sharon was a Senior Member of the Hedge Fund Capital Group at Deutsche Bank. Before this, she served roles as a structured finance banker and a private equity origination banker at Bank of America/Merrill Lynch. She began her career in asset finance banking at Prudential Securities and Credit Suisse. Sharon graduated with a B.S. in Finance (summa cum laude) from Rutgers College and was a Visiting Scholar at Harvard University.
Glenn Guszkowski

Head of Mortgage Finance and Capital Solutions

Glenn Guszkowski is the Head of Mortgage Finance and Capital Solutions at Waterfall Asset Management. Prior to joining the firm in 2012, Glenn was a Vice President in Asset Finance at Credit Suisse. Before that, he was an Associate at the law firms Thacher Proffitt & Wood and Hunton & Williams. Glenn started his career as an Analyst at Accenture. He received his J.D. from Boston College Law School and his B.A. in international relations and German from the College of William & Mary.
Tanmoy Mukherjee

Chief Risk Officer

Tanmoy Mukherjee is the Chief Risk Officer at Waterfall Asset Management. Prior to joining the firm, Tanmoy was the Head of Risk, North America and Senior Data Scientist at CQS. Before that, he worked at Axonic Capital as the Chief Risk Officer and the Head of Quantitative Research. He received a master’s in financial engineering from Cornell University, an MBA from University of Delhi, and a bachelor’s in chemical engineering from the Indian Institute of Technology.
Shehzad Nabi

Chief Technology Officer

Shehzad Nabi is the Chief Technology Officer at Waterfall Asset Management. Prior to joining the firm, Shehzad was a Managing Director in the Asset Management division at Goldman Sachs, where he managed Fixed Income technology, Fundamental research technology and Trading technology teams. Previously, he held number of roles in London within the Global Markets division at Goldman Sachs, including head of the EMEA Program Trading, Electronic Trading and EMEA Order Management Trading technology teams. He was also a sponsor for the Women in technology career pillar within Asset Management technology. Shehzad earned a BSc in Computer Science from Kings College, University of London in 2002.
Kenneth Nick

Chief Operating Officer, General Counsel & Chief Compliance Officer

Kenneth Nick is the Chief Operating Officer, General Counsel & Chief Compliance Officer of Waterfall Asset Management. Prior to joining the firm in 2011, Kenneth was Managing Director and Senior Counsel to Guggenheim Partners, LLC, a multi-strategy, global financial services firm. Before joining Guggenheim Partners, LLC, Kenneth was Assistant General Counsel at Fiduciary Trust Company International, an affiliate of Franklin Templeton Resources. He began his career as a staff attorney in the legal department of Bear Stearns & Co. Inc. Kenneth has a J.D. from New York Law School and an A.B. in communication from the University of Michigan.
Melissa Randall

Chief Human Resources Officer

Melissa Randall is the Chief Human Resources Officer at Waterfall Asset Management. Prior to Waterfall, Melissa served as Head of Talent at Siris Capital Group, where she successfully aligned HR initiatives with the firm's strategic objectives. Before her role at Siris, Melissa worked as the lead Human Resource Business Partner for the North America Consulting practice at Cognizant. She also held positions as Director of Global Talent and Transformation, as well as Head of Onboarding and Engagement for the Americas. Additionally, Melissa contributed her expertise as an HR advisory board member for IT By Design, a managed service provider focusing on global performance management and employee engagement. Earlier in her career, Melissa worked as a Licensed Clinical Social Worker. She holds a BS in Human Development and Family Studies from the University of Maryland, an MA in Organizational Behavior from Fairleigh Dickinson University, and an MSW from Fordham University.