Our Team

                                                                                                                                                                                    Partial list of our Team

H. Gifford Fong, President

H. Gifford Fong is President of Gifford Fong Associates, a firm specializing in fixed income, derivative product and asset allocation analysis. Independent valuation, model validation and portfolio strategy analysis are areas of emphasis. He is a graduate of the University of California where he earned his B.S., M.B.A. and J.D. (law).

Mr. Fong is the editor of the Journal Of Investment Management (JOIM); founder of the JOIM Conference Series; member of the Corporation Visiting Committee for the MIT Sloan School of Management; member of the North American Executive Board of the MIT Sloan School; member of the Advisory Board of the Finance Faculty of the MIT Sloan School; founding sponsor, member of the Steering Committee of the Masters in Financial Engineering Program at the University of California at Berkeley; member, Haas Hall of Fame, Haas School of Business, University of California at Berkeley; member of the of the Academic Advisory Board of the Consortium for Systemic Risk Analytics; member of Advisory Board of the MIT Center for Finance and Policy; former member of the Advisory Board of Trustees, University of California, Berkeley Foundation; former editor of the Financial Analysts Journal; former member of the Board of Directors and Program Chairman of the Institute for Quantitative Research in Finance; former member of the Advisory Group of the University of California Regents Committee on Investments; former Vice Chair and member of the Research Committee of the Research Foundation of the CFA Institute and a contributor to a number of professional books and journals.

In addition, Mr. Fong is co-author of "Fixed-Income Portfolio Management," a book published by Dow Jones-Irwin, co-author of "Advanced Fixed Income Portfolio Management, The State of the Art," a book published by Probus Publishing, editor of “The Credit Market Handbook: Advanced Modeling Issues,” a book published by Wiley Finance, editor of “The World of Hedge Funds: Characteristics and Analysis” and “The World of Risk Management,” books published by World Scientific. He is also the author of numerous professional journal publications. Mr. Fong has received a number of honors, including the Institute for Quantitative Research in Finance Award and the Financial Analysts Journal Graham and Dodd Award of Excellence. He also is on a number of boards of directors of non-related companies and non-profit institutions.





Sanjiv Das, Senior Research Consultant

Sanjiv Das serves as Senior Research Consultant at Gifford Fong Associates, (GFA).

Sanjiv Das is the William and Janice Terry Professor of Finance at Santa Clara University's Leavey School of Business. He previously held faculty appointments as Associate Professor at Harvard Business School and UC Berkeley. He holds post-graduate degrees in Finance (M.Phil and Ph.D. from New York University), Computer Science (M.S. from UC Berkeley), an MBA from the Indian Institute of Management, Ahmedabad, B.Com in Accounting and Economics (University of Bombay, Sydenham College), and is also a qualified Cost and Works Accountant.

He is a senior editor of The Journal of Investment Management (JOIM), co-editor of The Journal of Derivatives, and Associate Editor of other academic journals. Prior to being an academic, he worked in the derivatives business in the Asia-Pacific region as a Vice-President at Citibank. He currently also serves as a Senior Fellow at the FDIC Center for Financial Research.


Nikhil Paranjape, Financial Engineer

Nikhil Paranjape serves as Financial Engineer at Gifford Fong Associates, (GFA).  Mr. Paranjape’s current responsibilities at GFA include special research projects, pricing of complex structured products.

Mr. Paranjape holds Masters in Financial Engineering degree from the University of California, Berkeley. Prior to that, he has around seven years of work experience in fixed income and credit markets in India; he has worked as Co-fund manager and research analyst ICICI Prudential Asset Management, Mumbai and as Senior Analyst with ICRA Limited, Mumbai (subsidiary of Moodys). Mr. Paranjape is also a CFA charter holder and has MBA degree in Finance from MDI Gurgaon, India and Electronics & Telecommunication engineering degree from Devi Ahilya University Indore, India.

John C. Tsai, Senior Research Consultant

John Tsai serves as a Senior Research Consultant at Gifford Fong Associates, (GFA).  John C. Tsai was most recently CEO of ARIS Research and Technology, a fixed income risk and analytics firm.  Previously, he was Managing Director and Global Head of Cash Portfolio at Barclays Global Investors (‘BGI’), responsible for all of BGI’s cash investments. 

Prior to that, he was a Principal (Partner) and strategist with JWM Partners.  In addition to the reinsurance portfolio, he was responsible for North American fixed income trading and research, including residential and commercial mortgages.  He was a senior strategist focusing on research with Long-Term Capital Management starting in 1996.  He holds S.B., S.M, and Ph.D. degrees (physics) from the Massachusetts Institute of Technology.


Graham Wang, Director of Financial Engineering

Graham (Zhe) Wang serves as a Director of Financial Engineering at Gifford Fong Associates, (GFA). Mr. Wang’s main responsibilities at GFA are asset allocation research and development, portfolio performance and risk analysis, and valuation of fixed income derivative and structured product. He also contributes to the design and maintenance of database and infrastructure.

Mr. Wang holds Master of Financial Engineering degree from University of California Los Angeles. Prior to joining GFA, he has over four years of work experience as a product manager in Hang Send Bank, Hong Kong, where he was responsible for conducting capital market research and structuring financial products for clients that sought for arbitrage opportunities. Mr. Wang is a CFA charter holder and holds Bachelor of Economics degree from Sun Yat-sen University, China.



Jessie Zhang, Director of Valuation Services

Jessie Zhang is Director of Valuation Services at Gifford Fong Associates. Her responsibilities include serving as the technical lead of Valuation services, special client projects, and pricing of very complex structured products. Before joining GFA in 2004, she has been involved in design and implementation of a variety of enterprise software projects at TradeBeam, Carnegie Institution, Versata, Sybase and CA Technologies.

Jessie is a graduate of the Certified Financial Engineering Program at the Haas School of Business, University of California Berkeley. She holds MS degree in computer science from Pennsylvania State University, and BS degree in Electronic Engineering & Information Science from the University of Science and Technology of China.