From 2007 to 2011, Mr. Lippman founded and built the Non-Agency Mortgage Credit business for the Royal Bank of Canada’s Proprietary Trading Group, where he was the Managing Director and Senior Portfolio Manager. While at RBC, Mr. Lippman managed a proprietary mortgage credit portfolio that consistently grew from 2007 through 2011. Mr. Lippman worked at UBS Investment Bank from 2003 to 2007, where he built out the secondary trading desk in both ABS and Subprime Mortgages including trading cash, single name CDS and formation of the ABX business. From 1996 to 2003, Mr. Lippman was a Senior Portfolio Manager at Alliance Capital Management, responsible for over $4+ billion in managed assets. Mr. Lippman has also worked at BlackRock Asset Management and Kidder Peabody. Mr. Lippman has an M.B.A. in Finance from the Stern School of Business at New York University and a B.S in Consumer Economics and Housing from Cornell University.