Only One in Five Financial Risk Professionals Fully Comprehend FASB’s Hedge Accounting Updates

August 28, 2017 (Kennett Square, PA, USA) – Today, the Financial Accounting Standards Board (FASB) issued guidance on hedge accounting that will better align accounting with the economics of strategies used by companies. The guidance is also expected to ease administrative burdens related to applying hedge accounting so more entities can take advantage of the benefits. However, a recent survey from Chatham Financial has found that only 18 percent of financial risk professionals consider themselves well-versed in what the new standard entails, indicating that most companies have yet to discover the significant benefits awaiting them in the new guidance as well as the attendant challenges of interpreting and implementing a complex accounting topic.

Chatham Financial, the global leader in financial risk management, surveyed over 500 financial risk professionals who attended an August 24th webcast on the new guidance. Featuring experts from EY, GE, Comerica Bank, and FASB itself, the discussion focused on how the new guidance is expected to be utilized by companies in their financial risk management and accounting practices.

The final standard, which is available for immediate adoption, is designed to better align hedge accounting with the underlying economics. Hedge accounting is an elective accounting method that reduces volatility compared to mark to market accounting. By aligning economics and accounting, FASB hopes that more companies will choose to apply hedge accounting to their risk management activities.

“This has been the culmination of a 10-year project. Between our rigorous planning and evaluation, and helpful comments from end-users, we’ve created a solid set of standards that will create opportunities for companies’ hedging programs,” said Jeff Gabello, supervising project manager at FASB.

When asked what provisions of the guidance would have the biggest impact on their operations, Chatham Financial’s survey found that 71 percent of risk professionals believe that the new standards’ enhancements to fair value hedge accounting or no longer needing to separately measure and present ineffectiveness will have the greatest impact.

“Under the new standards, companies should be able to manage most risk on their balance sheets without accounting being an impediment or a challenge,” explained Muneera Carr, chief accounting officer and controller at Comerica Bank. “Beyond that, the new guidance is easier to understand and is more reflective of the economics of a transaction. It should also ease many of the administrative burdens from previous iterations.”

While there are many benefits to adopting the new standards, only 11 percent of respondents plan to early adopt the guidance. Those who choose not to early adopt will have until January 1, 2019 to implement the changes.

Respondents noted that their biggest concern regarding the new guidance is finding time to explore and adopt the new standards while juggling other initiatives. Becoming fully informed of how the changes will impact their hedging programs and making the necessary systems and/or process changes were also ranked as concerns.

“Despite the clear benefits, we’re not surprised to see that people are hesitant to early adopt the new standard,” said Aaron Cowan, executive director of corporates accounting advisory at Chatham Financial. “No one wants to be the ‘guinea pig,’ as we figure out the interpretive issues in the new guidance. Derivatives are an inherently complex topic, and with all the changes and improvements there are still many areas, some of which are newly created with these updates, that require careful judgment. That being said, for some companies the benefits of leveraging the advantageous provisions of the new guidance will outweigh those challenges. That’s why you’ll still see some companies early adopt.”

Chatham serves over 500 hedge accounting clients annually providing strategic and project advisory, full service outsourcing, and SaaS technology solutions. The hedge accounting practice is comprised of expert accountants, many with FASB and audit firm experience. The Chatham accounting advisory practice specializes in effectively applying the nuanced, highly technical interpretations of US GAAP and IFRS accounting standards to reduce financial reporting volatility for financial institutions, public and private corporations, and institutional real estate and private equity investors.

About Chatham Financial

Chatham Financial is the largest, independent financial risk management advisory and technology firm solving common yet complex capital markets and treasury challenges. Founded in 1991, Chatham serves over 2,500 companies annually to mitigate financial risks associated with interest rate, foreign currency, and commodity exposures. Their team of over 500 debt and derivatives professionals, CPAs, analysts and technology developers work through over $500 billion in annual notional transaction volume. Learn more at www.chathamfinancial.com

Contact

Kelly Whalen
On behalf of Chatham Financial
212.279.3115 x133
kwhalen@prosek.com

Volatility in Foreign Currency Leaving More Exposed Than Ever, Chatham Financial Study Finds

As fewer companies hedge top financial risks and volatility increases, more companies are exposed to risk

November 1, 2016 (Kennett Square, PA, USA) – According to a recent study from Chatham Financial, many businesses fail to fully protect themselves against the most significant financial risks they face. Chatham Financial’s 2016 State of Financial Risk Management Study found that only 55 percent of firms with exposure to currency risk actively manage this risk through the use of financial hedges. The percentage of firms hedging their commodity and interest rate risk exposures is even lower, with just 49 percent and 37 percent, respectively, utilizing derivatives to manage these risks.

The study, which analyzes the 2015 financial risk management practices of more than 1,500 publicly listed corporations in the U.S., found that fewer companies are hedging currency, interest rate, and commodity risks than they were three years ago. The amount of companies employing hedges to manage their interest rate risks fell from 37 percent in 2012 to 32 percent in 2015. The number of overall companies utilizing currency and commodity hedges fell three percent each from 2012, and now sits at 37 and 20 percent, respectively.

Uncertainty in Global Markets

The decrease in usage of financial risk management tools has emerged during a period of heightened volatility in global markets, especially in currencies. “Given the tremendous levels of volatility in currency markets over the past several years, it’s surprising to see that fewer companies are electing to hedge against exposures in this asset class,” said Amol Dhargalkar, managing director of Chatham Financial’s Global Corporate Sector.

Slow growth in Europe, Canada, China, and Japan and recessionary environments in Brazil, South Africa, and Russia have had an impact on the ability of firms to forecast swings in FX rates. As a result, some firms – especially newer entrants to the global markets – are putting off hedging for the time being.

“This practice will likely continue until these firms feel comfortable in their ability to predict business patterns and forecasts,” added Dhargalkar. “Unfortunately, this can result in the business being exposed to enormous downside risk as currencies fluctuate, be it from singular ‘shock’ events or longer-term trends.”

The decline in interest rate hedging activity, however, is to be expected. “The zero interest rate policies of many major central banks, coupled with negative rates in Japan and across Europe, have resulted in a decline of hedging activity in this sector,” said Dhargalkar.

Smaller Firms Face Brunt of Unhedged Exposures

Predictably, the study found that larger companies tended to have greater exposure to risks. For example, 75 percent of large firms (those with annual revenues of $5-$20 billion) reported having FX exposure, with just 58 percent of smaller firms (revenues of $500 million to $1 billion) stating so. However, smaller firms are equally less likely to hedge exposures to all forms of risk. While 69 percent of large companies hedged their FX risks in 2015, just 39 percent of small companies did so.

“Hedging programs require sophisticated teams and dedicated resources, which just isn’t an option for many smaller firms,” said Dhargalkar. “Larger firms are naturally better positioned to plan and execute a robust internal hedging practice.”

Still, the exposure faced by smaller firms can be especially dangerous in a volatile climate, as these firms tend to have fewer natural hedges against risks elsewhere in the business. “While some firms are perfectly well-founded in taking a strategic ‘wait and see approach’ to hedging, many of those who don’t hedge do so simply because of their inability to manage these rigorous processes internally,” said Dhargalkar. “Third party practitioners such as Chatham Financial can work with these firms to provide financial risk management planning and execution that doesn’t require an outlay of additional dedicated internal resources.”

Hedge Accounting

The study also quantified the widespread use of hedge accounting treatment, which is used by companies to reduce the profit and loss impact of derivatives usage. A strong majority of firms are utilizing hedge accounting to manage at least one form of risk. Seventy six percent of firms hedging forecasted revenue and expenses are utilizing hedge accounting strategies. Additionally, 80 percent of firms that hedge risks are applying hedge accounting to interest rate derivatives, and only 45 percent are doing so for their commodity derivatives.

While corporations overwhelmingly utilize hedge accounting, the complexity of hedge accounting remains a deterrent to many, specifically with respect to commodity programs. To apply hedge accounting to commodity programs, a company must consider the all-in price risk. This is inclusive of the commodity itself as well as other basis adjustments. This makes it difficult to apply for hedge accounting when the derivative itself is based off of a particular index but the hedged transactions are based off of the all-in price to which the company is exposed.

Given the recent changes in financial markets – from negative interest rates, to the Brexit vote, to 10-year lows for oil – more and more companies are taking a fresh look at their hedging programs, reviewing everything from strategic objectives to work flow and program costs. With the increasing impact of regulation (such as Dodd-Frank in the U.S. and EMIR in Europe) and impending changes in hedge accounting standards, forward-thinking treasury teams are staying ahead of these changes by evaluating and rethinking their current practices.

Methodology

The 2016 State of Financial Risk Management Study was conducted through a deep-dive analysis of the 2015 annual 10-K fillings of 1,589 publicly listed corporations with revenues ranging from $500 million to $20 billion. The study analyzed how companies manage risk exposure by asset class as well as the type of hedging program utilized and the application of hedge accounting by type of risk. This data was combined with insight gleaned from Chatham Financial’s client base of more than 2,500 companies to provide a comprehensive look at the financial risk management issues facing organizations today and how they are being managed. Data were compared to the results of Chatham’s 2013 State of Financial Risk Management Study, which analyzed 10-K reports filed by companies in 2012.

Companies were surveyed from the following industries: manufacturing; professional and business services; trade, transportation and utilities; financial activities, information, natural resources and mining; leisure and hospitality, construction, and education and health services.

The full report is available here: https://info.chathamfinancial.com/Benchmark2016.html. For more information on financial risk management and the types of solutions provided by Chatham Financial, please visit: https://www.chathamfinancial.com/.

About Chatham Financial

Chatham Financial is a full-service financial risk management advisory services and technology solutions firm, serving clients in the areas of interest rate, foreign currency and commodity hedging, hedge accounting, regulatory compliance, and debt and derivatives valuations. Founded in 1991, Chatham serves over 2,500 companies annually bringing expertise, services and technology solutions to our clients through a global team and debt and derivatives professionals, CPAs, analysts and technology developers. Read more at ChathamFinancial.com.

Contact

Kelly Whalen
On behalf of Chatham Financial
203.254.1300 x133
kwhalen@prosek.com

Chatham Financial Bolsters Financial Institutions Practice with Enhanced Capabilities and Key Hires

April 5, 2016 (Kennett Square, PA, USA) – Chatham Financial, the industry leader in debt and derivatives solutions, has significantly strengthened its Financial Institutions Group by expanding its business development and balance sheet strategies capabilities. To help oversee the expansion within these two areas, Matthew Tevis and Todd Cuppia have recently joined the firm, assuming respectively the roles of managing director of business development and sales and director of balance sheet strategies within the Financial Institutions Group.

As the firm continues its long-standing commitment to the financial institutions sector, Mr. Tevis will co-lead Chatham’s business development and sales activities. In his new role, he will leverage his 25-plus years of banking and derivatives experience to advise financial institutions on a variety of interest rate risk management topics with a focus on providing hedging solutions. Prior to joining Chatham, Mr. Tevis worked in a variety of sales and leadership roles in corporate and institutional banking, building the derivatives sales teams for both the municipal and financial institution businesses at PNC Capital Markets.

“While we continue to grow our robust advisory capabilities, we are very pleased to welcome Matt, who we are confident will add another dimension to our team,” said Bob Newman, managing director for Financial Institutions at Chatham Financial. “Matt’s deep experience in banking is immensely valuable and we are excited to see how that will come into play in his new position spearheading business development for Chatham.”

In addition, Chatham has significantly enhanced its balance sheet risk management capabilities, helping to ensure that its financial institution clients have access to the most sophisticated suite of risk management tools and strategies in the marketplace alongside the support of an unbiased partner. Mr. Cuppia’s new role will specifically involve devising accounting-friendly balance sheet strategies that are tailored to meet the client’s risk policies and ALM objectives. Previously, Todd spent eleven years with Stifel Financial as a managing director in the Fixed Income Research and Strategy Group. In this position, Todd advised financial institutions, state and local government entities and pension funds on cross sector relative value, macro-based portfolio strategies, and derivative hedging strategies.

“Todd is joining us at a time when we strive to be more than just advisors, but also strategists and idea generators, in the field of balance sheet risk management,” said Dave Sweeney, a managing director who leads Chatham’s Balance Sheet Risk Management Team. “We are confident that Todd will help us cement our position as pioneers in providing new capabilities to help financial institutions manage their risks.”

About Chatham Financial

Chatham Financial is a full-service provider of debt and derivatives advisory and technology solutions, serving clients in areas including interest rate and foreign currency hedging, hedge accounting, debt capital markets strategies, defeasance, prepayment analysis, and debt management. Founded in 1991, Chatham serves over 2,500 companies annually bringing expertise, services and technology solutions to our clients through a global team and debt and derivatives professionals, CPAs, analysts and technology developers. Read more at ChathamFinancial.com.

Contact Jake Daubenspeck
On behalf of Chatham Financial
(212) 279-3115 x107

jdaubenspeck@prosek.com

Chatham Financial Launches New Hedging Diagnostics Toolkit for Community and Mid-Size Banks

Real-time, web-based market assessment tool for lending is the first of its kind

February 16, 2015 (Kennett Square, PA, USA) – Chatham Financial, an independent full-service advisory and technology solutions provider, today unveiled its proprietary Hedging Diagnostic Toolkit. The Toolkit is a new suite of products designed to help small and mid-size banks make more informed decisions when competing for quality long-term fixed rate lending opportunities while also defending and improving the bank’s own net interest margin.

In an environment where every basis point counts and margins are growing ever tighter, the Hedging Diagnostics Toolkit allows banks to make fully-informed decisions to be consistent and accurate in their loan pricing. The product contains a Market Assessment Tool that offers financial institutions — for the first time—the ability to view market swap rates in real time to assist in the management of the bank’s interest rate risk.

The toolkit includes the following components:

  1. Market Assessment Tool from Chatham (MATCh) – Chatham Financial’s new web-based market assessment tool that allows users to view market swap rates for fixed rate loan pricing
  2. Draft Hedge Policy – A hedging policy that allows users to evaluate whether derivatives strategies are right for them and how they can best be deployed
  3. Hedging Education – A comprehensive blueprint to understanding hedging and derivatives practices
  4. Hedging Roadmap – A guide to deploying the hedging strategy that Chatham Financial has custom-created for each user

“With this product, banks can finally become better poised to meet the needs and pressures from borrowers and lenders. They can make the transition from price takers to price makers,” said Ben Lewis, a managing director within the Financial Institution Advisory practice at Chatham Financial. “This toolkit, backed by Chatham’s extensive advisory expertise, serves as the stepping stone to derivatives solutions that banks looking to enter this space have been searching for.”

Beyond providing insights into lending decisions, Chatham’s toolkit allows banks to evaluate if hedging and derivatives strategies are the right tool for them. The product also provides banks with a conceptual and practical approach to incorporating a hedging discipline to their practice.

The Hedging Diagnostic Toolkit is the latest solution developed from Chatham Financial’s deep background of advisory expertise with financial institutions. On a daily basis, Chatham advises community and regional bank clients nationwide in areas of borrower swap solutions, balance sheet risk management, investment advisory solutions and hedge accounting solutions.

About Chatham Financial

Chatham Financial is an independent advisory and technology risk management firm specializing in interest rate, FX and commodity hedging, and hedge accounting. Chatham brings deep derivatives expertise, technology solutions, regulatory knowledge and treasury and investment management advisory to our clients. Founded in 1991, Chatham serves more than 2,500 companies annually, through teams of industry dedicated practitioners who understand the unique challenges and requirements by business sector and market. More on MATCh – visit our website ChathamFinancial.com

Contact Jake Daubenspeck
On behalf of Chatham Financial
(212) 279-3115 x107

jdaubenspeck@prosek.com

Chatham Financial’s Debt Valuation Practice Focuses on Open-Ended Funds

John Kjelstrom Joins as Practice Leader

November 9, 2015 (Kennett Square, PA, USA) – Chatham Financial, the industry leader in debt and derivatives solutions for commercial real estate investors, announced John Kjelstrom has joined Chatham as the Debt Valuation Practice Leader. This addition signifies continued commitment to Chatham’s debt valuation services, which currently values over $250 billion in debt. Kjelstrom will focus on directing Chatham’s market leading independent debt valuation offering for open-ended real estate funds.

With the heightened importance investors are placing on independent fair value reporting, it is now more critical than ever for open-ended fund managers to have their valuations performed by an impartial third party expert that provides clear, explainable results. Under Kjelstrom’s direction, the debt valuation practice will continue to serve fund managers while working with standards organizations and the audit community to ensure clarity and precision in its methodologies and providing transparent valuations.

Kjelstrom brings significant knowledge and experience to bear for Chatham’s clients. He currently serves as the Co-Chair of the Reporting Standards Debt Valuation Taskforce jointly supported through the National Council of Real Estate Investment Fiduciaries (NCREIF) and the Pension Real Estate Association (PREA). He is also the incoming Chair of NCREIF’s Valuation Committee. Kjelstrom brings 14 years of valuations experience to Chatham, having previous experience with National Valuation Consultants’ Real Estate Advisory Services division, leading the debt valuation service, and with Pricewaterhouse Coopers’ Real Estate Business Advisory Group.

“I’m excited to join Chatham and its team of real estate capital markets experts,” said Kjelstrom. “I look forward to partnering with our clients and maintaining Chatham’s reputation in bringing clarity and consistency to marking debt to market for financial reporting.”

Patrick Tully, Managing Director and Chief Financial Officer for Clarion Partners, understands first-hand the challenges and needs for debt valuation accuracy and expertise. “Chatham’s capabilities in this area are industry-leading,” said Tully. “Their debt valuation services provide the independence and transparency that our clients seek and deserve.”

Matt Henry, Managing Director, Global Real Estate at Chatham, added, “We’re very pleased to have John join us as we continue to deliver trusted results and stay at the forefront of debt valuation, an area of critical importance for our clients and their investors.”

About Chatham Financial

Chatham Financial is a full-service provider of debt and derivatives advisory and technology solutions, serving clients in areas including interest rate and foreign currency hedging, hedge accounting, debt capital markets strategies, defeasance, prepayment analysis, and debt management. Founded in 1991, Chatham serves over 1,600 companies annually bringing expertise, services and technology solutions to our clients through a global team and debt and derivatives professionals, CPAs, analysts and technology developers. ChathamFinancial.com

 

Contact Josh Clarkson
On behalf of Chatham Financial
(212) 279-3115 x259

jclarkson@prosek.com

Chatham Financial Offers Enhanced Defeasance Solutions

With an unprecedented number of CMBS loans maturing in less than two years, new online defeasance calculator provides commercial real estate owners a high level of functionality in initial evaluation of defeasance options

July 7, 2015 (Kennett Square, PA, USA) – Chatham Financial, an independent full-service advisory and technology solutions provider, has unveiled an enhanced suite of defeasance services to correspond with a time of dramatically increased defeasance activity. With over 22,000 securitized loans coming due between now and December 2017, Chatham Financial’s professionals are well positioned to provide clients with holistic solutions to their specific transaction needs.

An accessible example of Chatham Financial’s defeasance capabilities is its updated defeasance calculator, which offers an easy-to-read cost estimate report and now encapsulates cost sensitivity to Treasury yield movement and the exclusive ability to forecast Treasury yields. “Utilizing this calculator is an excellent first step for a real estate professional who is contemplating a strategic transaction that will involve a defeasance and highlights the value of being selective when it comes to your defeasance advisor,” said Tanner Robb, Defeasance Team Lead.

In addition to the calculator enhancements, Chatham Financial continues to expand its defeasance capabilities by growing its team of real estate capital markets experts. Chatham Financial’s defeasance group is one of the industry’s largest dedicated teams and is housed within a full-service financial risk management advisory firm that has the capability to optimally guide clients through the entire capital transaction.

Chatham Financial structured the first CMBS defeasance in 2000 and since then has executed thousands of defeasances totaling in excess of $28 billion (including the largest ever defeasance at $1.4 billion). The company has structured defeasances of all sizes, from the largest, most complex multi-note transactions to small balance, single asset loans. “We are extremely proud of our history of innovation and client-centric advice, including pioneering the transparent return of the defeasance’s residual value to the client at maturity. We look forward to continuing to provide our clients with high-touch, value-added counsel and unparalleled execution that enables them to alleviate their defeasance related challenges so that they can focus on running their businesses,” added Matt Henry, Managing Director, Global Real Estate.

About Chatham Financial

Chatham Financial is a full-service financial risk management advisory services and technology solutions firm, serving clients in the areas of interest rate, foreign currency and commodity hedging, hedge accounting, regulatory compliance, defeasance, and debt and derivatives valuations. Founded in 1991, Chatham serves over 1,600 companies annually, bringing deep derivatives expertise, services and technology solutions to our clients through a global team of risk management professionals, CPAs, analysts and technology developers. ChathamFinancial.com

Contact Josh Clarkson
On behalf of Chatham Financial
(212) 279-3115 x259

jclarkson@prosek.com

Chatham Financial CEO Michael Bontrager Wins Ernst & Young Entrepreneur Of The Year® 2015 Award for Greater Philadelphia Region

June 16, 2015 (Kennett Square, PA, USA) – Michael Bontrager, Chairman & CEO of Chatham Financial, was recently honored by Ernst & Young (EY) as a recipient of its Entrepreneur Of The Year® 2015 Award in the Greater Philadelphia region. Mr. Bontrager won the award for the Services category, which features companies that provide a wide variety of value added services to their clients.

The award recognizes outstanding entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance, and personal commitment to their businesses and communities. Mr. Bontrager was selected by an independent panel of judges, and the award was presented at a special gala event at the Sheraton Downtown Philadelphia Hotel on June 11.

Chatham Financial delivers advisory and technology solutions to over 1,600 companies for their financial risk management activities related to interest rate, foreign currency, and commodity exposure. The company executes almost $4 billion notional deal value on a daily basis, delivers complex valuation and hedge accounting solutions to nearly 500 companies, and advises hundreds of companies and government regulators on regarding the use of complex derivatives. Chatham’s full breadth and depth of service offerings are underpinned by their proprietary, best-in-class technology and provided to clients via a transparent, high-touch model.

Mr. Bontrager founded Chatham Financial in 1991 out of the garage of his home in Chatham, Pennsylvania. Since that time, he has tirelessly worked to shape the firm into a global company with nearly 350 employees and operations in Denver, London, Singapore, Melbourne, and Krakow, and maintains its operations in Kennett Square, Pennsylvania (30 miles southwest of Philadelphia).

“Receiving this award is a great honor, and it is a testament to the entire Chatham team’s hard work, creativity, and ceaseless focus on client service and innovation,” said Bontrager. “I am extremely proud of the group we have assembled here at Chatham and the excellent, valuable, work we do for our clients, advising them on their most complex financial risk management challenges so that they can focus on running their businesses.”

Amid continuous, dramatic growth across offerings and geographies over two-plus decades, Mr. Bontrager has kept the core values of Chatham Financial’s team oriented culture intact and the firm has remained entirely employee owned. In addition to leading his company to growth across four continents, Mr. Bontrager has continued to dedicate the resources of his company to local non-profits and community works, including Together for Education, The Garage & Community Center Youth Center, and Pathstone Head Start Program.

“EY has honored outstanding entrepreneurs for the past 29 years,” said Mike Nichols, EY Entrepreneur Of The Year Program Co-Director for Greater Philadelphia. “These winners are accomplished leaders who have contributed a tremendous amount to their communities”

Mr. Bontrager added, “Here at Chatham we pride ourselves on our culture and adding value for both our clients and our community and we welcome this award as recognition of those efforts. We look forward to continuing our growth while remaining committed to our guiding principles and values.”

As a Greater Philadelphia award winner, Mr. Bontrager is now eligible for consideration for the Entrepreneur Of The Year 2015 national program. Award winners in several national categories, as well as the Entrepreneur of the Year National Overall Award winner, will be announced at the annual awards gala in Palm Springs, California, on November 14, 2015. The awards are the culminating event of the EY Strategic Growth Forum®, the nation’s most prestigious gathering of high-growth, market-leading companies.

Sponsors

Founded and produced by EY, the Entrepreneur Of The Year Awards are nationally sponsored by the Ewing Marion Kauffman Foundation and SAP America Founded and produced by EY, the Entrepreneur Of The Year Awards are sponsored nationally by the Ewing Marion Kauffman Foundation and SAP America. In Greater Philadelphia, sponsors also include Ballard Spahr LLP, Merrill Corporation, MFP Strategies, Morgan Lewis & Bockius LLP, Murray, Devine & Company, Inc., Pepper Hamilton LLP, Philadelphia Business Journal, PNC Bank, Scherzer International, SolomonEdwardsGroup LLC and The Simkiss Companies.

 

About EY Entrepreneur Of The Year®

EY Entrepreneur Of The Year is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries.

 

About Chatham Financial

Chatham Financial is a full-service financial risk management advisory services and technology solutions firm, serving clients in the areas of interest rate, foreign currency and commodity hedging, hedge accounting, regulatory compliance, and debt and derivatives valuations. Founded in 1991, Chatham serves over 1,600 companies annually, bringing deep derivatives expertise, services and technology solutions to our clients through a global team of risk management professionals, CPAs, analysts and technology developers. ChathamFinancial.com.

 

Contact Josh Clarkson
On behalf of Chatham Financial
(212) 279-3115 x259

jclarkson@prosek.com

EY Announces Winners for the EY Entrepreneur Of The Year® 2015 Greater Philadelphia Award

2015 EOY Regional Award Winner Logo

June 11, 2015 (Philadelphia, PA, USA) – EY is pleased to announce the winners of the EY Entrepreneur Of The Year Award in the Greater Philadelphia Region. This group of leading entrepreneurs were selected by an independent judging panel made up of previous winners of the award, leading CEOs, private capital investors and other regional business leaders. The winners were revealed at a special gala on June 11 at Sheraton Downtown Philadelphia Hotel.

“EY has honored outstanding entrepreneurs for the past 29 years,” said Mike Nichols, EY Entrepreneur Of The Year Program Co-Director for Greater Philadelphia. “These winners are accomplished leaders who have contributed a tremendous amount to their communities”

The winners for the Entrepreneur Of The Year 2015 Greater Philadelphia Award include:

Tom Spann, CEO, Accolade
Richard Bolte, Chairman of the Board & CEO, BDP International
Michael Bontrager, Founder, Chairman & CEO, Chatham Financial
Alan Rihm, CEO, CoreDial, Inc.
Bill Aubrey, President & CEO, Gertrude Hawk Chocolates
Dr. Joseph Kim, President & CEO, Inovio Pharmaceuticals
Michael Barry, Chairman of the Board, CEO & President, Quaker Chemical Corporation
Robert Moore, Co-Founder & CEO, RJMetrics
Jake Stein, Co-Founder & COO, RJMetrics
Christopher Gray, CEO, Scholly, Inc.
Al West, Chairman & CEO, SEI
Jeff Marrazzo, Co-Founder & CEO, Spark Therapeutics
Alan Shortall, Chairman & CEO, Unilife Corporation

Now in its 29th year, the program has expanded to recognize business leaders in over 145 cities in 60 countries throughout the world.

Regional award winners are eligible for consideration for the EY Entrepreneur Of The Year national program. Award winners in several national categories, as well as the EY Entrepreneur Of The Year Overall National Award winner, will be announced at the annual awards gala in Palm Springs, California on November 14, 2015. The US Entrepreneur Of The Year Overall Award winner then moves on to compete for the World Entrepreneur Of The Year Award in Monaco, June 2016. Additionally, venture-backed companies that win an Entrepreneur Of The Year Award regionally are also eligible for the Venture Capital Award of Excellence at the national level. The awards are the culminating event of the EY Strategic Growth Forum®, the nation’s most prestigious gathering of high-growth, market-leading companies.

Sponsors

Founded and produced by EY, the Entrepreneur Of The Year Awards are nationally sponsored by the Ewing Marion Kauffman Foundation and SAP America Founded and produced by EY, the Entrepreneur Of The Year Awards are sponsored nationally by the Ewing Marion Kauffman Foundation and SAP America. In Greater Philadelphia, sponsors also include Ballard Spahr LLP, Merrill Corporation, MFP Strategies, Morgan Lewis & Bockius LLP, Murray, Devine & Company, Inc., Pepper Hamilton LLP, Philadelphia Business Journal, PNC Bank, Scherzer International, SolomonEdwardsGroup LLC and The Simkiss Companies.

 

About EY Entrepreneur Of The Year®

Entrepreneur Of The Year is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries.

 

About EY’s Strategic Growth Markets practice

EY’s Strategic Growth Markets (SGM) practice guides leading high-growth companies. Our multidisciplinary teams of elite professionals provide perspective and advice to help our clients accelerate market leadership. SGM delivers assurance, tax, transactions and advisory services to thousands of companies spanning all industries. EY is the undisputed leader in taking companies public, advising key government agencies on the issues impacting high-growth companies and convening the experts who shape the business climate. For more information, please visit us at ey.com/us/strategicgrowthmarkets, or follow news on Twitter @EY_Growth.

 

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young LLP, an EY member firm serving clients in the US.

Contact Danielle Duchamp
On behalf of EY
1 (215) 841-0691
danielle.duchamp@ey.com

Contact Jake Daubenspeck
On behalf of Chatham Financial
(203) 254-1300 x107

jdaubenspeck@prosek.com