Richard Raaza has over 20 years of experience managing commercial mortgage backed securities (CMBS) and other asset portfolios totaling billions of dollars. Some of his accomplishments include growing a CMBS portfolio from $135 million to $2 billion for Webster Financial Corporation and co-leading analysis of investment opportunities for an $18 billion CMBS portfolio at Hartford Investment Management. He has extensive experience underwriting, pricing, and negotiating CMBS, CRE CDOs, and other complex asset classes. Currently he is a Senior Vice President and Portfolio Manager at Webster Financial Corporation where he manages multiple asset portfolios.

1. RICHARD L. RAZZA, CCIM, CFA
92 Lovley Drive | Watertown, CT 06795 | richardrazza@yahoo.com | 203.233.7331
ASSET MANAGEMENT EXECUTIVE
Grew a CMBS Portfolio from $135 Million to $2 Billion for Webster Financial Corporation
Saved over $70 Million by Creating a Framework to Stress Test the Underlying Collateral of CMBS
Co-Led the Analysis of Investment Opportunities for an $18 Billion Portfolio at Hartford Investment Management
OBJECTIVE
I direct multiple portfolios of sophisticated asset classes to produce billion dollar results. Highly organized and
thorough, I grew $135 million of Commercial Mortgage-Backed Securities into a $2 billion portfolio for Webster Financial
Corporation. I co-led the analysis of investment opportunities for the $18 billion CMBS portfolio at Hartford Investment
Management. My expertise has been called upon to directly interface with rating agencies, provide extensive financial
analysis and to generate stress-test policies. You will find me to be a confident leader, yet approachable and always
striving to learn and improve. My background and skills position me to greatly strengthen the management of your assets
to deliver growth and the highest possible secured returns.
Areas of Expertise
♦ Multi-Billion Dollar Asset Management ♦ Stress Testing / Rating Agency Presentations
♦ Commercial Mortgage-Backed Securities (CMBS) ♦ Sell Side / Buy Side Experience
♦ Collateralized Debt Obligations (CRE CDO) ♦ Underwriting / Pricing / Negotiations / Trading
♦ Asset Backed Securities (ABS) / Mortgage Backed Securities (MBS) ♦ Extensive Financial Analysis / 10-K/Q
Schedule Production
PROFESSIONAL EXPERIENCE
Webster Financial Corporation | Senior Vice President - Portfolio Manager III | Waterbury, CT | 2009—Present
Webster Financial Corp. operates as the financial holding company for Webster Bank, with $921 million in revenue. The firm
has $23 billion in assets and provides commercial and consumer financial services via 160+ banking centers from NYC to
Boston.
Responsible for managing and providing analysis on multiple asset portfolios within the company. Manage the agency
and non-agency Commercial Mortgage-Backed Securities (CMBS) portfolio, which includes fixed rate, floating rate and
Collateralized Debt Obligations (CDO's). Responsible for security selection, trading, pricing, surveillance, stress-testing
and reporting. Responsible for the bank's Municipal Bond Portfolio. Additionally responsible to produce monthly interest
rate shock analysis and cash flow forecasting for the bank's Mortgage Backed Securities portfolio.
Responsible for the portfolio management, monthly pricing and reporting of the bank's trust preferred CDO securities'
portfolio using a net present value cash flow model. Oversee the production of 10-K/Q schedules for investment activity in
conjunction with Accounting. Perform other special projects such as purchasing the bank's warrants and shorting Fed
funds futures.
Key Accomplishments
♦ Grew the Commercial Mortgage-Backed Securities (CMBS) portfolio from $135 Million to $2 Billion.
♦ Successfully analyze and forecast for the bank's $4 billion Mortgage Back Securities (MBS) portfolio.
♦ Saved over $70 million by creating a framework to stress test the underlying collateral of CMBS.
♦ Appointed to serve as the Portfolio Manager for the bank's $500 million Municipal Bond portfolio.
♦ Continued in pursuit of an MBA while concurrently serving in this full-time role.
Hartford Investment Management Company | Assistant Vice President | Hartford, CT | 2006—2009
HIMCO, a subsidiary of Fortune 500 The Hartford, provides investment management services for institutions and high-
net-worth individual investors. The firm currently directs $106 billion in assets under management.
Responsible, with a colleague, for the analysis of an $18 billion portfolio of new issue and secondary market Commercial
Mortgage Backed Securities (CMBS). Securities included fixed, floaters and Managed Commercial Real Estate,
Collateralized Debt Obligations (CRE CDO's). Made investment recommendations, acted as a back-up trader, performed
surveillance and oversaw pricing. Underwrote, priced and negotiated trades for the CRE CDO portfolio. Maintained
relationships with CDO Asset managers requiring quarterly collateral reviews.

2. RICHARD L. RAZZA, CCIM, CFA
92 Lovley Drive | Watertown, CT 06795 | richardrazza@yahoo.com | 203.233.7331
Hartford Investment Management Company | 2006—2009 (continued)
♦ Co-led the analysis of investment opportunities for the $18 billion CMBS portfolio.
♦ Appointed to underwrite, price and negotiate trades for the $550 million Managed CRE CDO portfolio.
♦ Successfully developed Excel models to evaluate floating-rate CMBS, CRE CDO’s and the CMBX indices.
♦ Acquired a Certified Commercial Investment Member (CCIM) designation while concurrently serving in this full-time
role.
CBRE Realty Finance | Senior Analyst | Hartford, CT | 2004—2006
CBRE Realty Finance was a start-up Real Estate Investment Trust (REIT) sponsored by Fortune 500, CB Richard Ellis.
The firm originated and acquired a diverse portfolio of commercial real estate-related loans, structured debt securities and
investments.
Responsible for underwriting, structuring and pricing of fixed and floating rate commercial mortgage loans of at least $30
million. Liaised with the loan origination team, the rating agencies and investment banks. Reviewed loan requests,
gathered and reviewed due diligence materials, prepared credit memos, performed property and market due diligence.
Presented transactions to the investment committee for review and approval, prepared rating agency documents and
worked with accounting to close and fund transactions.
♦ Completed approximately 2 deals a month with a minimum value of $30 million each.
♦ Acquired commercial mortgage B-Notes and Mezzanine Loans from Investment Banks.
CIGNA Real Estate Capital Markets and CIGNA Investment Management | Hartford, CT | 1999—2004
Currently ranked #97 in the Fortune 500 with $35 billion in revenue, Cigna is a global health services leader providing
medical, dental, disability, life and accident insurance and related products and services. Cigna managed some $56 billion
in assets.
Analyst | 2002—2004
Responsible for underwriting large commercial real estate loans for CIGNA's $800 million large loan securitization
program. Utilized rating agency methodology and Intex deal structuring software. Structured and priced loans, obtained
feedback from the rating agencies to size the Investment Grade, B-Note and Mezzanine loan amounts. Monitored the
CMBS primary market, tracked spreads and subordination levels.
♦ Acquired my CFA and promoted to this role, adding the major responsibility of underwriting for this $800 million loan
program.
Structured Products Trading Assistant | 1999—2001
Responsible for providing technical/analytical support to Structured Investments Portfolio Managers. Responsible for trade
entry and settlement, and monthly pricing process of Asset Backed Securities (ABS), Mortgage Backed Securities (MBS)
and Commercial Mortgage-Backed Securities (CMBS). Supported CMBS portfolio managers by tracking the new issue
and secondary CMBS trading markets, maintained spread data for structured securities. Compiled reports to assist
portfolio managers in analyzing market conditions and securities exposure.
♦ Actively involved in high-volume, frequent trades (3-5 a day) of multimillion dollar blocks of securitized investments.
Advest, Inc. - Investment Management Division | Analyst | Hartford, CT | 1998—1999
EDUCATION
University of Connecticut | MBA in Progress - w/concentration in Real Estate & Finance |
Hartford, CT | Current
School of Business (42 of 57 credits completed)
Post University | Bachelor of Science in Finance - summa cum laude - 4.00 GPA |
Waterbury, CT | 1997
Central Connecticut State Univ. | Finance Studies - 3.98 GPA | New Britain, CT | 1995
CERTIFICATIONS
Certified Commercial Investment Member (CCIM) | 2007

3. Chartered Financial Analyst (CFA) | 2001
SOFTWARE EXPERTISE
Trepp, Morningstar, Co-Star, Yield Book, BlackRock Trading System, Bloomberg, REIS, Microsoft Office and Intex
DealMaker