Emerging Markets
Investment Bank

Market Comments


Executive Team

Victor Sierra

Chairman and CEO

Mr. Sierra, a founding partner, has more than 20 years of experience in the Financial Markets. Worked for 10 years for ABN AMRO Bank in New York where he started as a short term trader for the EM Latin American Portfolio and later moved to become the Director for EM Fixed Income sales for Latin America. In Dresdner Kleinwort Mr. Sierra was the head of the EM Retail Solution Team for the Americas. He holds a unique inside view into the Latin American region where he has worked closely for many years with institutions from the private and public sector.

Jorge A. Piedrahita

Managing Director

Jorge Piedrahita currently serves as Chief Executive Officer of Torino Capital, a position he has held since the firm’s founding. A Wall Street veteran with deep expertise in Latin American markets, Mr. Piedrahita has over 20 years of experience in financial services, acquired first as Sovereign Head Trader at Citibank’s Emerging Markets desk, where he traded currency and Brady bonds as well as defaulted loans, and later as International Treasurer of Credit and Director of Securitization at Ford Motor Company, where as Director he was in charge of Ford’s Worldwide Program for Securitization. Mr. Piedrahita’s wide-ranging experiential base and keen market insights have drawn the attention of major media outlets, particularly Bloomberg News, where he has been featured in numerous articles and interviewed about Argentina’s debt default on Bloomberg Television’s Taking Stock with journalist Pimm Fox. As a frequent contributor to leading financial publications, Mr. Piedrahita has also been featured in Reuters, CNN En Español, La Nación, Clarín, El Cronista Comercial, Latin Finance, and in a number of international radio programs.

Mario Rappoport

Managing Partner – Head of Trading

Mario Rappoport has nearly 20 years of experience in emerging markets, with particular emphasis on Latin America. Most recently he was a Manager Director, Co-Head of Global Emerging Market at Sterne Agee. Mr. Rappoport was a Senior Vice President, Emerging Markets Sales at Jefferies & Co., where he was responsible for covering institutional accounts in Latin America, the U.S. and Europe. Previously, he was an Executive Director and partner in Atlas One's New York office where he was responsible for launching the firm's emerging markets desk in New York. Prior to that, Mr. Rappoport served in various roles focused on emerging markets sales and trading at Bear Stearns, Standard Bank and ABN AMRO Bank. Mr. Rappoport received a Master of International Affairs with a specialization in International Finance and Banking from Columbia University's School of International and Public Affairs.

Steve Hirsch

Chief Financial Officer/CFO

Steve has been in the financial services industry for more than 40 years. He began his career as a junior accountant with Bache & Co., gradually working his way to controller, a position he held for 16 years. He also worked as a supervisory senior auditor for 5 years, and is presently a FINOP.

Deborah M.R. Lieberman

Vice President

Deborah has over 20+ years of global investment experience working with corporate and institutional clients. Prior to Joining Torino Capital, Deborah was an EM Fixed income Sales person at Standard Bank New York providing Sales coverage to clients based in U.S., Europe and Latin America.
During her career while working for Atlantic Advisors, Wasserstein Perella EM, Tullett & Tokyo, and ING Bank she acquired extensive experience in the areas of Foreign Exchange, Emerging Markets Local Markets, Fixed Income, Interest Rates and Corporates. Deborah is also a longtime board member of the EMTA Charity Ball (EMCB), that has raised several million for EM charities globally.

Ignacio Davila

Assistant Vice President

Ignacio's experience comes from being a credit trading analyst at Bank of America Merrill Lynch. His career experience in risk analysis and trading gives him a unique advantage in terms of research and account coverage. An engineer by training, having worked in several multinational companies gives Ignacio a broad view of company processes and optimal levels of operation. This experience and knowledge gives him a more complete view regarding investment opportunities and trading.

Dylan Parker

Assistant Vice President - Execution Trading - Head of Middle Office

Prior to Torino, Mr. Parker was co-head of middle office for XP Investimentos' (Brazil's largest retail broker by volume)U.S. operations. Among his functions at the XP NY office were overseeing daily operational/executional functions for a multi-national brokerage platform, both domestically and in local LatAm markets. This versatile set of functional skills makes him an invaluable member of the Torino team, executing the firm's wide range of international endeavors in trading and operational capacities. Additional stints at MF Global, Wells Fargo, and Prudential Financial have also provided him with a unique array of strategic and functional perspectives.

Bruce Harris

Managing Director

Mr. Harris has served in a number of roles focusing on credit risk origination and structuring. He most recently worked at Millenium Partners, a US-based hedge fund, as a research analyst for Latin American credits. Prior to this position, he worked at ING Financial, where he assisted ING Bank in sourcing and structuring bi-lateral structured finance transactions throughout Latin America. Prior to joining ING, he worked for 7 years at Dresdner Bank and then Commerzbank, sourcing and structuring various illiquid asset financing transactions in both Latin America and the US. He has also worked at Koch Capital, Enron, and Cargill.

Francisco Rodríguez

Chief Economist

Previous to joining us, he was director and senior Andean economist at Bank of America Merrill Lynch. Rodríguez has held numerous positions in academia and public policy. Between 2000 and 2004 he headed the Venezuelan Congressional Budget Office. He has taught economics at the University of Maryland at College Park, Wesleyan University, and the Instituto de Estudios Superiores de Administración in Caracas. Before joining BAML, Rodríguez was the head of research at the Human Development Report Office at the UN Development Program. His research has been published in journals such as Foreign Affairs, American Economic Journal, and Journal of Economic Growth. He is the co-author of Venezuela before Chávez (Penn State University Press, 2012) He holds a PhD in economics from Harvard University.

Tania Elizabeth Branez

Director - Emerging Market Sales

Tania has 20+ years of experience on Wall Street, and in particular in Emerging markets. She worked at Bear Stearns in sales & trading for the Emerging Market Fixed Income desk. In 2008, she was hired as a Senior Vice President by International Capital Markets, Inc. to consult in the startup of a broker dealer. She eventually returned to an EM sales role at both Cantor Fitzgerald and Jefferies. She has cultivated and continues to nurture and maintain deep relationships in the financial markets in New York and globally.