Stephen R. Miller has over 38 years of experience in risk management, research, and derivatives structuring and trading.
Since joining FPCM in June 2004, Mr. Miller has focused on risk oversight, and market strategy, working closely with existing and prospective institutional clients on investment strategy and solutions. Mr. Miller is a member of the FPCM investment committee.
Immediately prior to joining FPCM, Mr. Miller was a Managing Director at J. P. Morgan in charge of risk management coverage of the Global Institutional Equities division, with oversight responsibilities for the North American Interest Rate businesses.
During his 17 year career at J. P. Morgan, Mr. Miller held several other positions including four years as Managing Director and Global Head of Derivatives Research, four years as a founding member and senior trader in the Hybrid Derivatives trading group (two of those years were spent in London building the European group). The Hybrid Derivatives business delivered customized derivatives’ solutions to institutional clients, and continues to be a major contributor to J. P. Morgan derivatives franchise.
Before joining J. P. Morgan, Mr. Miller worked for Powers Research Inc., serving as an asset/liability consultant for financial institutions, with a focus on hedging strategies utilizing interest rate futures. For the first four years of his career, starting in 1981, Mr. Miller worked for Equitable Life Assurance of the U.S., and subsequently Metropolitan Life Insurance Co., developing new derivatives based investment products for defined benefit and defined contribution pension plans, and formulating asset/liability strategy related to the pension Guaranteed Investment Contract (GIC) business.
Mr. Miller earned his Bachelor’s degree in Physics from Vassar College.