Michael J. Giarla

Michael J. Giarla 

Michael J. Giarla retired from Amundi Smith Breeden LLC. (formerly Smith Breeden Associates) at the end of 2015 after spending more than 30 years with the firm.   

The Chief Executive Officer from March, 2011 until December, 2015, Mr. Giarla was also Chairman of the Board of Smith Breeden from April 2005 until he engineered its merger with Amundi Asset Management (Europe’s largest asset management firm - $1 trillion AUM) in September, 2013.  

As CEO of Amundi Smith Breeden, Mr. Giarla was responsible for Amundi’s North American operations (Montreal, Durham and New York) including Amundi Distributors (a limited purpose broker-dealer).

Mr. Giarla served as President of the Smith Breeden Mutual Funds (1994-2000; until negotiating its merger with The Managers Funds, an AMG affiliate), where he served as a Director of the mutual fund family with Myron Scholes, William Sharpe, Stephen Schaefer and Douglas Breeden.

Mr. Giarla was also Smith Breeden's President (1997-2000) and its Chief Operating Officer (1988-2003).  He joined the firm in 1985 as Director of Research and led the development and implementation of the firm’s proprietary models to evaluate and hedge mortgage-backed and mortgage derivative securities as well as the overall balance sheets of regulated depository financial institutions (asset/liability management).  

Mr. Giarla has published a number of articles and book chapters regarding pension reform, bank regulations, MBS investments, risk management, and hedging and he was an Associate Editor of the Journal of Fixed Income from 1991-1993.

Before joining Smith Breeden in 1985, Mr. Giarla was employed in Goldman Sachs & Company's Equity Strategy Group (led by Fischer Black) in New York.  

Mr. Giarla holds a Master of Business Administration (1985) with a Concentration in Finance from the Stanford University Graduate School of Business, where he was an Arjay Miller Scholar. He earned a Bachelor of Arts in Statistics, summa cum laude, from Harvard University (1981), where he was elected to Phi Beta Kappa and was a Harvard Club of Boston Scholar.

Financial securities licenses: Series 3, 7, 24 and 63.

Over the years, Mr. Giarla has served on the boards of public and private for-profit companies, and not-for-profit organizations. He is a director of the Center for Community Self Help (Durham, North Carolina) where he serves on the audit and strategic planning committees. Begun more than 30 years ago with the funds from a modest bake sale, Self Help has grown to be the largest (equity in excess of $500 million) CDFI in the United States.

Mr. Giarla is also a Charter Trustee of the Roxbury Latin School (Boston, MA).

Former governance positions and other business activities:

Chairman of the Board of Harrington Bank, FSB (Chapel Hill, North Carolina) from 2001 until its sale to Bank of North Carolina in 2014.  Chairman of the Audit and Compensation Committees.  Member of the Board Loan Committee.

Founding shareholder and director of Square 1 Financial and Square 1 Bank (Durham, NC) from 2005 to 2008.  Square 1 Bank, a venture bank, was the largest “de novo” bank ever chartered in North Carolina, with initial equity capital exceeding $100 million. After its initial public offering in 2014, Square 1 was acquired by PacWest in 2015.  Chairman of the Compensation Committee.  Member of the Audit Committee.

Director (Vice Chairman) of Community First Financial Group (Corydon, Indiana) from 2002 to 2014 and Peninsula Banking Group (Redondo Beach, California) from 2002 to 2010. Both were bank holding companies whose subsidiary community banks served their respective communities.  

Director (Vice Chairman) of Harrington Financial Group, Inc. (publicly traded: “HFGI”, formerly Financial Research Corporation) from 1989 until its sale to Hasten Bankshares in 2001.

Member of the Board of Visitors of Duke University’s Fuqua School of Business (2004-2008). 

Trustee of Durham Academy 2002-2009, Chairman 2006-2008.

Trustee of The Hill Center (Durham, North Carolina) 2006-2008.

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