Stephen Spencer Kotsen

Mr. Stephen S.
Kotsen, CFA MBA, is a Managing Director & Portfolio Manager at Nomura Corporate Research & Asset Management, Inc. He joined NCRAM in December 1998 and has been a Portfolio Manager for NCRAM's high yield bond investments since 2000.
Upon joining NCRAM he worked as a credit analyst primarily responsible for the Gaming, Lodging, Leisure, Metals and Mining, Chemicals, Homebuilding, Building Products, Printing, Publishing, and Shipping industries.
From July 1995 until December 1998, Mr. Kotsen was a portfolio manager at Lazard Freres Asset Management for a $2 billion investment-grade portfolio.
Thereafter, he became a generalist high yield research analyst and later managed an $85 million double-B rated high yield portfolio.
Mr. Kotsen received his M.B.A.
in Finance from Columbia Business School in 1995, and his B.A.
in International Relations from Princeton University in 1991.
He is a CFA charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.