PAMELA M. HEDSTROM, CFA
Capital Markets/Privatization Specialist
Pamela Hedstrom has an extensive background in capital markets and finance. Her professional
experience includes investment banking, financial analysis, corporate valuation, privatization,
securities research, sales and trading, portfolio management, venture capital, and management
consulting. Recently, she was a Senior Capital Markets Adviser in Romania on the USAID Financial
Market Reform project, whose goal was to assist in the development of new financial instruments for
the Romanian capital markets including mortgage securities, corporate bonds and government bonds.
Ms. Hedstrom was the coordinator of the Mortgage Market Task Force, an industry-wide group
comprised of representatives from the major banks, mortgage companies, regulatory agencies,
government ministries, law firms, investors, service providers and other international financial
institutions. She led the drafting teams for the Mortgage Legislative Package to develop a
comprehensive legal framework for Romania including the redrafting of the primary mortgage law
and the creation of secondary market legislation.
Ms. Hedstrom has spent the majority of her career in the investment business and has an extensive
knowledge of fixed income and equity products including mortgage-backed securities, corporate and
high yield bonds, and derivative instruments in both developed and emerging markets. She has been
a securities trader in the interbank, over-the-counter (OTC), options, futures and commodities
markets in addition to securities exchanges. Ms. Hedstrom has an extensive background in portfolio
strategies, asset allocation, new product development and deal structuring having served as securities
trader and product manager for several Wall Street firms. Her responsibilities included broker sales
force education, preparation of marketing materials and research reports, client presentations, product
management and business development. Ms. Hedstrom holds an MBA in Finance from the
University of Chicago and an AB from Dartmouth College and has earned both the Chartered
Financial Analyst and Certified Financial Planner designations.
During the past twelve years, Ms. Hedstrom has been a technical consultant on privatization,
economic restructuring and capital markets projects funded by WB, IFC, USAID, USTDA and
private sector firms in the CEE, NIS, Asia, Latin America and the Middle East.
2005-Present Hedstrom & Associates, Bucharest, Romania
Capital markets, securitization consulting and financial advisory services with an emphasis
on secondary mortgage market funding strategies based on EU and international best
Local coordinator for Urban Institute on the USAID sponsored Southeast Europe Mortgage
Finance Network conference to be held in Bucharest in April 2006.
Assist clients in developing optimal product/deal structures to obtain investment grade credit
ratings for securitization transactions.
2005 The Aries Group, Bethesda, Maryland
Senior Capital Markets Adviser
Afghanistan, 2005, USAID: Land Titling & Economic Restructuring Project (LTERA)
project: Valuation Team Leader for determining the market value of various state-owned
enterprises in the construction, cement, agricultural and transportation sectors. Identified
potential obstacles to the successful implementation of privatization transactions.
2004-2004 Stewart Information International, Houston, Texas
Senior Vice President – Securitization Services
Developed strategic plans for new securitization products and business units; and
PAMELA M. HEDSTROM, CFA
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Provided financial advisory and capital markets services to support securitization clients
2003-2004 The Aries Group, Bethesda, Maryland
Senior Capital Markets Adviser
Romania, 2003-2004, USAID Financial Market Reform (FMR) project: Coordinator of the
Mortgage Market Task Force, whose mission was to increase market awareness, improve the
loan origination process, design a suitable securitization process, participate in the legislative
and regulatory process, and encourage the issuance of mortgage securities. The Task Force
was comprised of a cross section of market participants including mortgage lenders (over 20+
banks or mortgage credit companies), regulatory agencies (National Bank of Romania,
National Securities Commission), government ministries (Finance, Transportation,
Construction & Tourism), law firms, the stock exchanges, investors, service providers and
other international financial institutions (IFC, EBRD, World Bank, Assn. of German Mortgage
Major activities included:
o Led the drafting teams for the Mortgage Legislative Package to develop a comprehensive
legal framework including redrafting the primary mortgage law MLL 190/1999 and the
creation of secondary market legislation including Mortgage Bond and Asset-Backed
o Promoted adoption of standardized underwriting and contracting processes in line with
international best practices to create collateral suitable for “pooling” or packaging for
sale in the secondary market;
o Supported the development of new financial instruments for the Romanian capital
markets including mortgage securities, corporate bonds and government bonds; and
o Organized and spoke at numerous Romanian and regional roundtables and seminars on
Borrower Education, Mortgage Market Development, Securitization, etc.
1994-2003 Hedstrom & Associates, Rockville, Maryland
International Assignments: As a technical consultant worked on privatization, economic
restructuring and capital markets projects funded by WB, IFC, USAID, USTDA and private client
groups. Regional experience includes CEE, NIS, Asia, Africa, Latin America, Caribbean and the
Middle East. Field projects included:
Angola, 2002–2003, USTDA feasibility study: Responsible for financial projections and
analysis as well as capital funding strategy for a port infrastructure project. Participated in
cargo traffic forecasting and market analysis, evaluation of economic benefits, and revenue
and tariff analyses. Study was co-sponsored by the Government of Cabinda, Angola and
Global – US Based, 1999-2000, Private Client: Developed business plans, financial
projections and project timelines for an enterprise encompassing Internet access, telecom, e-
commerce solutions and fulfillment capabilities targeted to affinity and ethnic groups in
emerging markets particularly in the Middle East and Southeast Asia.
Taiwan, 1998-1999, Private Client: Developed financial models and advised on funding
strategies for a direct broadcast satellite service (DBS) project to provide television and high
speed Internet access services to Taiwan and Southeast Asia.
Argentina, 1995-1996, World Bank loan: Constructed financial model that evaluated the
economic viability of the health care system. Prepared balance sheet and income statement
projections for operations under proposed reforms.
Haiti, 1995, IFC privatization project: For a restructuring and privatization plan for the ports
in Haiti, prepared cash flow pro formas for operations, conducted analyses of the labor
situation, investment schedule and cost structure, and assisted in developing bid documents.
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Russia, 1994-1995, USAID: Assisted the Minister of the Russian GKI (State Property
Committee) and the Mayor of St. Petersburg in restructuring the St. Petersburg Seaport, and
preparing for the sale of the GKI-owned shares in the port to foreign investors. Evaluated the
financial condition of the port, its management company and operating and non-operating
subdivisions, and prepared financial statements and projections for presentation to
management and investors.
Russia, 1994-1995, USAID: Participated on due diligence team examining various
businesses under consideration for privatization; assisted in capital markets projects
Domestic Assignments: As a consultant worked with clients in the technology, telecommunications
and financial services sectors. Tasks and projects included:
Performed formal valuation appraisals for privately held companies in medical software, data
authentication and Internet security, wholesale building materials distribution, and stored
value card solutions, etc.
Developed financial models to support strategic planning initiatives and new product launch
for a publicly traded Internet security company;
Performed industry research and market analysis;
Developed financial projections and valuation analyses;
Assisted in refining business models, marketing strategies, business plans and company
Advised clients on capital formation and financial restructuring issues;
Represented clients to institutional investor and venture capital sources in capital formation;
Conducted searches for strategic partners or merger and acquisition candidates;
Performed due diligence and evaluated potential business opportunities; and
Drafted prospectus for an offshore fund focused on Internet and telecommunications
2000-2001 LearningStream, Inc., Silver Spring, Maryland
Chief Financial Officer
Senior financial executive of private angel-funded online multimedia company that focused
on corporate training and communications;
Active in business plan development, capital raising and overall corporate strategy with
significant board and investor interaction; and
Performed financial analysis, budgeting and forecasting, and managed general accounting
1992-1994 JHM Capital Management, Inc., McLean, Virginia
Vice President and Portfolio Manager
Managed institutional short and intermediate term fixed income retirement funds ($1
Billion); investments consisted primarily of mortgaged-backed securities (MBS) and
Prepared marketing materials, made client presentations, and wrote firm's quarterly market
review, which was distributed to 300+ financial professionals.
1991-1992 Lewis, Bailey Cambridge Associates, Arlington, Virginia
Counseled endowed institutions on investment planning policies, strategies, and
Assisted in investment manager and mutual fund selections, including US, international and
emerging market debt, equities and alternative asset classes.
1990-1991 Donaldson, Lufkin & Jenrette, New York, New York
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Vice President, CMO Residual Trader and Product Manager
Analyzed and traded collateralized mortgage obligation (CMO) residuals.
Responsible for sales force education, marketing and client management.
1987-1990 Prudential Securities, Inc., New York, New York
Vice President, Mortgage-Backed Securities, Derivative Product Trader
Analyzed, marketed, and traded CMO residuals, interest-only and principal-only stripped
MBS, project loans and asset-backed securities.
Assisted in primary CMO and ABS structuring.
1985-1987 Drexel, Burnham Lambert, Inc., New York, New York
Vice President, Fixed Income Portfolio Strategies
Coordinated trading, sales, and research efforts to restructure portfolios.
Presented analyses and research products to clients and sales force.
Wrote marketing brochures for distribution to clients and firm personnel.
1984-1985 Walsh, Greenwood & Company, New York, New York
Institutional Options Salesperson
Directed equity and market index option strategies for institutional clients including market-
maker, trading, mutual fund and investment manager accounts.
1983-1984 O'Connor & Associates, Chicago, Illinois
Devised and implemented spread and arbitrage strategies using equity, debt, gold, and foreign
currency options, futures, and cash instruments.
Completed rotational training program including exchange floor experience.
PROFESSIONAL CERTIFICATIONS & MEMBERSHIPS
Chartered Financial Analyst, member - CFA Institute, Washington Society of Investment
Former Certified Financial Planner
Former Series 3, 4 ,5 ,7 and 63 registrations (options, futures, debt options and general
Former Life Insurance Licenseholder
1983 Graduate School of Business, University of Chicago, Chicago, Illinois
MBA, Finance. Dean’s Honor List. Treasurer of the Business Students Association.
1981 Dartmouth College, Hanover, New Hampshire
AB with distinction in classical archaeology, minor in economics. Recipient of academic
scholarship. Cum Laude honors group. Participated in foreign study program in Western Europe,
Greece and Turkey. Member of the Business and Finance Society.