Emerging Markets Summit 2021
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Agenda keyboard_arrow_down
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13:00
Moody’s View | Deep Dive into near term risks vs. medium term risks
- Economic recovery to be punctuated with market volatility – where’s the risk vs. value?
- What are the long term scars that COVID-19 has inflicted on Emerging Markets ?
- ESG & Emerging Markets – Near Term & Long term issues
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13:15
Investor Insights for 2021 - Finding value amid a patchy recovery in Emerging Markets
Though the return to growth for emerging and frontier markets continues to be uneven, some economies and sectors do present investors with yield opportunities. But risks remain.
- Which macro strategies and trades will define the 2021 Emerging Markets recovery?
- How will the pandemic, US inflation risk, US monetary policy and the dollar outlook shape Emerging Markets debt markets?
- Which countries and sectors offer the best potential, and which frontier markets will stand out in 2021?
- What is the outlook for local currency debt?
- How much risk is too much in high-yield Emerging Markets debt?
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14:10
Energy transition in Emerging Markets – Risks and Rewards
The momentum driving the path to zero carbon has placed a renewed sense of urgency for oil and gas producers around the need for diversification. This is a paradigm shift which likely to impact the behavior of all market players.
- How realistic is 2050 as a target for net zero?
- How are Sovereign owned oil companies responding to the changing landscape?
- Which countries/companies are best positioned for the path ahead?
- To what extent will investor pressure impact EM market responses?
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15:00
ESG for Emerging Market Sovereigns – Climate crisis, heightened social risks, mixed governance: What scope for differentiated credit impacts?
- What countries are likely to fare better in the face of social risks exacerbated by the pandemic?
- What Emerging Market sovereigns are facing a climate crisis, with what credit implications?
- How do governance strengths and weaknesses mitigate or amplify environmental and social risks across countries?
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15:45
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Speakers keyboard_arrow_down
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AGENDA (BST)
13:00 Moody's View | Deep Dive into near term risks vs. medium term risks
13:15 Investor Insights for 2021 - Finding value amid a patchy recovery in Emerging Markets
14:10 Energy transition in Emerging Markets - Risks and Rewards
15:00 ESG for Emerging Market Sovereigns - Climate crisis, heightened social risks, mixed governance: What scope for differentiated credit impacts?
15:45 Closing Remarks
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Alastair Wilson is Moody's Chief Credit Officer. In that capacity he is responsible for Moody's
global credit strategy and thematic research, for the quality and consistency of ratings across
regions and sectors, and for the procedures, methodologies and models used to determine ratings.
Prior to that, Alastair was responsible for Sovereign and Sub-Sovereign ratings, and specifically
for maintaining the quality of Moody's ratings and for its analytical leadership in these sectors.
Alastair joined Moody's in September 2010 as Chief Credit Officer in EMEA, responsible for the
quality and consistency of Moody's credit standards and methodologies across all franchises within
the region.
Before joining Moody's, Alastair spent twenty-one years at the Bank of England, working in a
variety of roles in banking supervision, FX and reserves management, banking operations and
financial stability.
Alastair graduated from St John's College, Oxford University in 1988, having studied Philosophy,
Politics and Economics. He is based in London.
Sean Marion heads up Moody’s EMEA Structured Finance Group, based in London. He is responsible for overseeing both primary issuance and surveillance functions for Consumer Assets, Corporate Assets and Covered Bonds, with teams based in London, Frankfurt, Paris, Madrid and Milan.
Prior to joining the Structured Finance Group he was a London-based Managing Director in the Financial Institutions Group, responsible for ratings coverage in the Nordics, Baltics, South-Eastern Europe and emerging markets in the Middle East and Africa.
Before relocating to London in 2011, Mr. Marion held various positions of progressive responsibility in Moody’s, including working in the firm’s offices in Mexico City and Toronto. Before joining Moody’s, Mr. Marion worked for The Economist Intelligence Unit, conducting research on macroeconomic and country risk. Mr. Marion holds graduate degrees in economics from the Université Paris I (Sorbonne) and the London School of Economics. He also holds an undergraduate degree from Bishop’s University, Canada. Mr. Marion is fluent in French and Spanish.
Ms. Esty Dwek has over 15 years of experience in the financial sector. Prior to joining Natixis Investment Managers in 2016, she worked on global strategies in the emerging markets team at Loomis, Sayles & Company. Her responsibilities included providing macro and asset class views and asset allocation ideas.
Esty began her career in the investment industry in 2006 at HSBC Private Bank, where she worked in Geneva, New York and Singapore, before taking up the position of Investment Strategist in London for six years.
As Head of Global Market Strategy, Natixis IM Solutions, Esty is responsible for market research, macroeconomic views, investment ideas, asset class and asset allocation views and long-term return assumptions. These views help inform investment decisions in Natixis IM Solutions' portfolios.
Ms. Dwek holds a B.A. in Political Science from Princeton University.
Christina Ronac is Head of Global Emerging Markets Debt Credit Research. She is responsible for making corporate credit recommendations covering and following existing corporate holdings as well as additional names within the EMD universe. She joined HSBC Global Asset Management in 2014 from Marathon Asset Management where she was an emerging markets credit analyst focused on Latin American corporates. At Sandell Asset Management she focused on distressed and HY credit. Ms. Ronac is a CFA Charter holder. She earned her Bachelor’s degree in Economics from Occidental College and an MBA from Columbia Business School.
Pierre-Yves Bareau, Managing Director, is the Head and CIO of the Emerging Market Debt team in the Global Fixed Income, Currency & Commodities (GFICC) group. In this role, Pierre-Yves is responsible for coordinating resources and investors located in New York, London and Asia. Also a member of the Global Fixed income Operating committee. Prior to joining the firm in 2009, Pierre-Yves was at Fortis Investments for ten years, serving as the chief investment officer for Emerging Markets Fixed Income. Previously, he spent two years at FP Consult (France), an emerging markets bond and equity boutique, working as a portfolio manager. Pierre-Yves began his career in 1991 at BAREP Asset Management, a hedge fund boutique owned by Societe Generale, serving as an emerging markets portfolio manager. Pierre-Yves holds a graduate degree in finance and a master’s degree in management from the ESCEM Groupe in France.
James Leaton is a SVP - Environment, Social & Governance. In this capacity, James leads the development of carbon transition analysis of companies in high impact sectors. James brings expertise across environmental issues, especially climate change risk, which he applies to the integration of environmental risk into credit analysis.
Prior to joining Moody’s. James was previously Research Director at Carbon Tracker - a boutique research house - where he led a team producing thematic energy research combining elements of climate change scenarios with financial analysis. James was lead author of a series of research which sparked investor interest in the concept of stranded assets, and led to a number of investor initiatives on carbon asset risk. James also advised blue-chip clients on climate change and sustainability strategy whilst a consultant at PwC and was a senior policy advisor at WWF, focusing on the biodiversity impact of extractive industries.
James holds a Masters degree in Environmental Technology from Imperial College, University of London.
Vikash Halan is an Associate Managing Director and team leader for Moody’s Corporate Finance Group, based in Singapore. In this role, Vikash manages a team of rating analysts, with a focus on key South and Southeast Asian sectors, including REITS, oil & gas, chemicals, property developers, gaming and IT services. Before joining Moody’s, Vikash worked for J.P. Morgan in Hong Kong, as a capital markets and ratings advisor for clients in the Asia Pacific region. He started his career as a chartered accountant with the Indian firm, BDO Lodha. Vikash holds a post-graduate diploma in Business Management from Xavier Institute of Management.
Alexander Perjéssy is Vice President – Senior Credit Officer at the Moody’s Sovereign Risk Group.
Based in Dubai, he has lead analyst responsibilities for a number of sovereigns in the Middle East, including most of the Gulf Cooperation Council member states and several regional multilateral institutions.
Prior to joining Moody’s in November 2017, Alex worked for two years as economist at the Islamic Development Bank in Jeddah, Saudi Arabia.
Before relocating to the Middle East, Alex spent more than 12 years covering macroeconomic developments and sovereign risk assessment in the emerging markets of the EMEA region for AllianceBernstein and The Rohatyn Group, both US-based asset management firms in New York, as well as for Goldman Sachs in London.
Alex holds an MA in Economics from the University of Maryland and a BA in Economics from Middlebury College.
Marianna Waltz is a Managing Director at Moody’s Investors Service and has joined the company in 2011. She currently runs Moody’s ratings teams in Latin America, including the Corporate Finance, Infrastructure, Banking and Sub-Sovereign groups across more than 15 countries. She is responsible for the development of MIS ratings and research opinions for the region’s fundamental ratings groups, and the delivery of services to issuers and market participants. Prior to assuming this role in January 2021, Marianna was the Managing Director responsible for Moody’s Corporate Finance team in Latin America. Marianna is also a member of the Board of Directors of Moody’s Local, an affiliate of Moody’s in Peru, Panamá, Bolivia, Argentina, Uruguay, and Brazil. Prior to joining Moody’s, Marianna developed a career as an equity sell side analyst covering mostly the Brazilian Consumer and Protein sectors. From 2008 to 2011, she was the head of sell-side equity research in the investment arm of Banco do Brasil in Sao Paulo. Marianna is a CFA charter holder and holds three master’s degrees, including an MBA in Finance from IBMEC Business School and an MBA in Marketing from Fundação Getúlio Vargas - FGV.
Nymia Almeida is a Senior Vice President at Moody’s Corporate Finance Group in Mexico City, leading the credit analysis and rating process for debt issuers in the Oil & Gas industry in Latin America. Prior to this position she had similar responsibilities for the Latam Media & Telecom as well as Metals & Mining sectors. Nymia joined Moody’s in 2005. Up until then, she spent most part of her professional career in financial institutions such as The Chase Manhattan Bank, BankBoston and Bank of America, in Rio de Janeiro, Sao Paulo, Mexico City and New York, in various functions including account manager for corporate clients as well as credit and mergers & acquisitions analyst. Nymia has a MBA from IPADE and received a B.S. degree in Economics from Gama Filho University, in Rio de Janeiro, Brazil. She is fluent in Portuguese, Spanish and English.
Marie Diron heads the Sovereign Risk Group for Asia Pacific, the Middle East and Africa, and Sub-Sovereign Risk Group for Asia Pacific and EMEA. She is responsible for analytical teams covering more than 70 sovereign ratings, 15 Multilateral Development Banks and around 400 sub-sovereign ratings in about 30 countries. Marie is also a project owner of Moody’s Investors Service’s ESG scores, which were launched in early 2021.
Marie has worked as Moody’s lead sovereign analyst for a number of Asia Pacific credits, including China, Hong Kong, Taiwan, India, Sri Lanka and Australia. Marie has also worked in Moody’s Credit Policy, leading a number of macroeconomic analyses, including our regular Global Macro Outlook and other credit research work. Marie was previously Director at Oxford Economics, leading the company’s forecasting and scenario analysis service to financial sector and corporate clients, after a number of years at the European Central Bank and Brevan Howard LLP. Marie received a MPhil in Economics from the University of Cambridge and graduated from the Ecole Centrale Paris.
Gabriel joined Moody’s Sovereign Risk Group in 2007. Prior to joining Moody’s he worked as a sovereign and banking credit analyst at ABN Amro. He also has experience rating and structuring international securitizations. His current portfolio is composed of credits in Latin America and the Caribbean, including Argentina and Venezuela.He holds a Master’s Degree in Economic Policy from Columbia University, and previously he earned a B.A. in Political Science from the Catholic University of Argentina.
Natalie Ambrosio Preudhomme is an Associate Director at Moody’s Analytics on the Commercial Real Estate thought leadership team, where she does research and outreach focused on climate and ESG. Previously Natalie led climate-related thought leadership at Moody’s ESG Solutions which she joined through the acquisition of Four Twenty Seven, a leading provider of data on physical climate risk. At Four Twenty Seven she led communications and editorial strategy, leveraging her background in climate adaptation, communications and environmental sciences to translate technical information into actionable insights for climate risk assessment and resilience-building across sectors. Previously, Natalie helped develop an assessment of U.S. cities’ vulnerabilities to climate change and their readiness to adapt, at the Notre Dame Global Adaptation Initiative (ND-GAIN). Natalie holds a B.S. in Environmental Science, a Certificate in Journalism, Ethics, and Democracy from the University of Notre Dame and a Certificate in Climate and Investing from the CFA UK.
Philipp Lotter is Managing Director – Global Ratings and Research,based in London. He is responsible for the development of MIS ratings and research opinions for global fundamental and structured finance ratings groups,and the delivery of services to issuers and the market.
Prior to assuming this role in November 2019, he was Global Head and before that EMEA Co-Head of the Corporate Finance Group.
Philipp has spent many years of his career abroad with strong Emerging and Developing Markets coverage experience. He spent more than 5 years in Asia, where he he ldthe dual role of Country Manager for Moody’s office in Singapore, as well as Managing Director of the Corporate Finance Group responsible for companies across Southeast Asia and India.
Before that, Philipp spent more than 3 years in Dubai, United Arab Emirates,where he was responsible for setting up the Moody’s office in Dubai and for the ratings of Middle Eastern corporate issuers across all sectors, including Islamic finance. Having joined Moody’s in London in 2003, Philipp started as an analyst covering utilities and the oil & gas industry.
Before joining Moody’s, Philipp spent 3 years in rating advisory at Citigroup.His career has also included positions at Dresdner Kleinwort Wasserstein in London and Frankfurt in rating advisory, bond and credit research, and leveraged financing. Philipp holds a Diploma from the Frankfurt School of Finance & Management. He has also attended international semesters at the European Business School in London and University College Dublin.
Philipp Lotter is Managing Director – Global Ratings and Research,based in London. He is responsible for the development of MIS ratings and research opinions for global fundamental and structured finance ratings groups,and the delivery of services to issuers and the market.
Prior to assuming this role in November 2019, he was Global Head and before that EMEA Co-Head of the Corporate Finance Group.
Philipp has spent many years of his career abroad with strong Emerging and Developing Markets coverage experience. He spent more than 5 years in Asia, where he he ldthe dual role of Country Manager for Moody’s office in Singapore, as well as Managing Director of the Corporate Finance Group responsible for companies across Southeast Asia and India.
Before that, Philipp spent more than 3 years in Dubai, United Arab Emirates,where he was responsible for setting up the Moody’s office in Dubai and for the ratings of Middle Eastern corporate issuers across all sectors, including Islamic finance. Having joined Moody’s in London in 2003, Philipp started as an analyst covering utilities and the oil & gas industry.
Before joining Moody’s, Philipp spent 3 years in rating advisory at Citigroup.His career has also included positions at Dresdner Kleinwort Wasserstein in London and Frankfurt in rating advisory, bond and credit research, and leveraged financing. Philipp holds a Diploma from the Frankfurt School of Finance & Management. He has also attended international semesters at the European Business School in London and University College Dublin.
Alastair Wilson is Moody's Chief Credit Officer. In that capacity he is responsible for Moody's
global credit strategy and thematic research, for the quality and consistency of ratings across
regions and sectors, and for the procedures, methodologies and models used to determine ratings.
Prior to that, Alastair was responsible for Sovereign and Sub-Sovereign ratings, and specifically
for maintaining the quality of Moody's ratings and for its analytical leadership in these sectors.
Alastair joined Moody's in September 2010 as Chief Credit Officer in EMEA, responsible for the
quality and consistency of Moody's credit standards and methodologies across all franchises within
the region.
Before joining Moody's, Alastair spent twenty-one years at the Bank of England, working in a
variety of roles in banking supervision, FX and reserves management, banking operations and
financial stability.
Alastair graduated from St John's College, Oxford University in 1988, having studied Philosophy,
Politics and Economics. He is based in London.
Sean Marion heads up Moody’s EMEA Structured Finance Group, based in London. He is responsible for overseeing both primary issuance and surveillance functions for Consumer Assets, Corporate Assets and Covered Bonds, with teams based in London, Frankfurt, Paris, Madrid and Milan.
Prior to joining the Structured Finance Group he was a London-based Managing Director in the Financial Institutions Group, responsible for ratings coverage in the Nordics, Baltics, South-Eastern Europe and emerging markets in the Middle East and Africa.
Before relocating to London in 2011, Mr. Marion held various positions of progressive responsibility in Moody’s, including working in the firm’s offices in Mexico City and Toronto. Before joining Moody’s, Mr. Marion worked for The Economist Intelligence Unit, conducting research on macroeconomic and country risk. Mr. Marion holds graduate degrees in economics from the Université Paris I (Sorbonne) and the London School of Economics. He also holds an undergraduate degree from Bishop’s University, Canada. Mr. Marion is fluent in French and Spanish.
Sergio Trigo Paz, Managing Director, is Head of BlackRock's Emerging Markets Fixed Income.
Prior to Joining BlackRock in 2012, he was CIO of Emerging Market Fixed Income at BNP Paribas Investment Partners. From 2004 to 2008, he managed a special situations and event driven EM hedge fund and was also responsible for total and absolute return EM strategies at Fortis Investments. In his early career from 1993 to 2004 he developed extensive experience in emerging markets debt as a proprietary and distressed trader and as a market maker.
Sergio graduated with an MSc in Economics, an MSc in Finance and an MPhil in Management from Paris Sorbonne University in 1993.
Ms. Esty Dwek has over 15 years of experience in the financial sector. Prior to joining Natixis Investment Managers in 2016, she worked on global strategies in the emerging markets team at Loomis, Sayles & Company. Her responsibilities included providing macro and asset class views and asset allocation ideas.
Esty began her career in the investment industry in 2006 at HSBC Private Bank, where she worked in Geneva, New York and Singapore, before taking up the position of Investment Strategist in London for six years.
As Head of Global Market Strategy, Natixis IM Solutions, Esty is responsible for market research, macroeconomic views, investment ideas, asset class and asset allocation views and long-term return assumptions. These views help inform investment decisions in Natixis IM Solutions' portfolios.
Ms. Dwek holds a B.A. in Political Science from Princeton University.
Christina Ronac is Head of Global Emerging Markets Debt Credit Research. She is responsible for making corporate credit recommendations covering and following existing corporate holdings as well as additional names within the EMD universe. She joined HSBC Global Asset Management in 2014 from Marathon Asset Management where she was an emerging markets credit analyst focused on Latin American corporates. At Sandell Asset Management she focused on distressed and HY credit. Ms. Ronac is a CFA Charter holder. She earned her Bachelor’s degree in Economics from Occidental College and an MBA from Columbia Business School.
Pierre-Yves Bareau, Managing Director, is the Head and CIO of the Emerging Market Debt team in the Global Fixed Income, Currency & Commodities (GFICC) group. In this role, Pierre-Yves is responsible for coordinating resources and investors located in New York, London and Asia. Also a member of the Global Fixed income Operating committee. Prior to joining the firm in 2009, Pierre-Yves was at Fortis Investments for ten years, serving as the chief investment officer for Emerging Markets Fixed Income. Previously, he spent two years at FP Consult (France), an emerging markets bond and equity boutique, working as a portfolio manager. Pierre-Yves began his career in 1991 at BAREP Asset Management, a hedge fund boutique owned by Societe Generale, serving as an emerging markets portfolio manager. Pierre-Yves holds a graduate degree in finance and a master’s degree in management from the ESCEM Groupe in France.
Marianna Waltz is a Managing Director at Moody’s Investors Service and has joined the company in 2011. She currently runs Moody’s ratings teams in Latin America, including the Corporate Finance, Infrastructure, Banking and Sub-Sovereign groups across more than 15 countries. She is responsible for the development of MIS ratings and research opinions for the region’s fundamental ratings groups, and the delivery of services to issuers and market participants. Prior to assuming this role in January 2021, Marianna was the Managing Director responsible for Moody’s Corporate Finance team in Latin America. Marianna is also a member of the Board of Directors of Moody’s Local, an affiliate of Moody’s in Peru, Panamá, Bolivia, Argentina, Uruguay, and Brazil. Prior to joining Moody’s, Marianna developed a career as an equity sell side analyst covering mostly the Brazilian Consumer and Protein sectors. From 2008 to 2011, she was the head of sell-side equity research in the investment arm of Banco do Brasil in Sao Paulo. Marianna is a CFA charter holder and holds three master’s degrees, including an MBA in Finance from IBMEC Business School and an MBA in Marketing from Fundação Getúlio Vargas - FGV.
James Leaton is a SVP - Environment, Social & Governance. In this capacity, James leads the development of carbon transition analysis of companies in high impact sectors. James brings expertise across environmental issues, especially climate change risk, which he applies to the integration of environmental risk into credit analysis.
Prior to joining Moody’s. James was previously Research Director at Carbon Tracker - a boutique research house - where he led a team producing thematic energy research combining elements of climate change scenarios with financial analysis. James was lead author of a series of research which sparked investor interest in the concept of stranded assets, and led to a number of investor initiatives on carbon asset risk. James also advised blue-chip clients on climate change and sustainability strategy whilst a consultant at PwC and was a senior policy advisor at WWF, focusing on the biodiversity impact of extractive industries.
James holds a Masters degree in Environmental Technology from Imperial College, University of London.
Alexander Perjéssy is Vice President – Senior Credit Officer at the Moody’s Sovereign Risk Group.
Based in Dubai, he has lead analyst responsibilities for a number of sovereigns in the Middle East, including most of the Gulf Cooperation Council member states and several regional multilateral institutions.
Prior to joining Moody’s in November 2017, Alex worked for two years as economist at the Islamic Development Bank in Jeddah, Saudi Arabia.
Before relocating to the Middle East, Alex spent more than 12 years covering macroeconomic developments and sovereign risk assessment in the emerging markets of the EMEA region for AllianceBernstein and The Rohatyn Group, both US-based asset management firms in New York, as well as for Goldman Sachs in London.
Alex holds an MA in Economics from the University of Maryland and a BA in Economics from Middlebury College.
Nymia Almeida is a Senior Vice President at Moody’s Corporate Finance Group in Mexico City, leading the credit analysis and rating process for debt issuers in the Oil & Gas industry in Latin America. Prior to this position she had similar responsibilities for the Latam Media & Telecom as well as Metals & Mining sectors. Nymia joined Moody’s in 2005. Up until then, she spent most part of her professional career in financial institutions such as The Chase Manhattan Bank, BankBoston and Bank of America, in Rio de Janeiro, Sao Paulo, Mexico City and New York, in various functions including account manager for corporate clients as well as credit and mergers & acquisitions analyst. Nymia has a MBA from IPADE and received a B.S. degree in Economics from Gama Filho University, in Rio de Janeiro, Brazil. She is fluent in Portuguese, Spanish and English.
Marie Diron heads the Sovereign Risk Group for Asia Pacific, the Middle East and Africa, and Sub-Sovereign Risk Group for Asia Pacific and EMEA. She is responsible for analytical teams covering more than 70 sovereign ratings, 15 Multilateral Development Banks and around 400 sub-sovereign ratings in about 30 countries. Marie is also a project owner of Moody’s Investors Service’s ESG scores, which were launched in early 2021.
Marie has worked as Moody’s lead sovereign analyst for a number of Asia Pacific credits, including China, Hong Kong, Taiwan, India, Sri Lanka and Australia. Marie has also worked in Moody’s Credit Policy, leading a number of macroeconomic analyses, including our regular Global Macro Outlook and other credit research work. Marie was previously Director at Oxford Economics, leading the company’s forecasting and scenario analysis service to financial sector and corporate clients, after a number of years at the European Central Bank and Brevan Howard LLP. Marie received a MPhil in Economics from the University of Cambridge and graduated from the Ecole Centrale Paris.
Gabriel joined Moody’s Sovereign Risk Group in 2007. Prior to joining Moody’s he worked as a sovereign and banking credit analyst at ABN Amro. He also has experience rating and structuring international securitizations. His current portfolio is composed of credits in Latin America and the Caribbean, including Argentina and Venezuela.He holds a Master’s Degree in Economic Policy from Columbia University, and previously he earned a B.A. in Political Science from the Catholic University of Argentina.
As an Associate Director of Research at Moody’s affiliate Four Twenty Seven Four Twenty Seven, John performs stochastic modeling of climate and weather data to advance Four Twenty Seven’s climate risk analytics. Prior to joining Four Twenty Seven, John worked on topics ranging from transportation economics in Los Angeles, to particle physics at the Large Hadron Collider in Geneva, Switzerland. John went on to monitor arctic mercury pollution in Norway as part of a Fulbright Fellowship, and ultimately received his Ph.D. at Caltech for his research on the ocean’s response to climate change.