Terrence Chun is the Chief Financial Officer and Research Analyst for Breakwater Capital Management. Prior to founding Breakwater with Mr. Naporano, Mr. Chun worked at Merrill Lynch for 9 years in sales and trading positions. From 2001 to 2003, he was a trader in London on both the government bond and repo desks where he made markets for clients, traded a proprietary book in bonds, futures, options, and swaps, and bid in government auctions. In addition, Mr. Chun had sales responsibilities for European institutional investors. From 1994 to 2001, Mr. Chun was a syndicate underwriter on the national municipal syndicate desk in New York. Operating in the primary market, he serviced the full institutional clients spectrum from investment banking issuer clients to institutional sales clients. This involved pitching, structuring, marketing, pricing, and selling new issues of all credits and structures, as well as trading a daily book. Mr. Chun received a B.A. degree in Economics and an M.B.A. from Stanford University.