Executive Team

DAI’s professional staff has over 270 years combined experience working in emerging markets finance. DAI’s executive team is comprised of the following individuals:

Michael F. Sheehan– Managing Director
Kevin J. Boyle -- Director, DAI Capital Management, LLC
Alexander Bogdanov -- Managing Director, DAI Russia and FSU
Michael H. Smith– Vice President
James M. Barkas– Managing Director, DAI Offsets Finance
Nicholas Stancioff– Senior Vice President – Managing Director Central Europe
Jeffrey T. Clifford– Senior Advisor


Michael F. Sheehan is the founder and a Managing Director of DAI and DC Capital Management, LLC.  He is also a founder and partner in two investment funds focused on emerging markets (Select Capital Limited and Emerging Market Select Asset Fund Limited) and one high tech domestic venture capital fund (e-Century Capital Partners). Mr. Sheehan is a specialist in structuring debt related transactions in emerging market countries and in supervising debt recovery and work out operations on behalf of corporate and sovereign creditors. 

Prior to founding DAI, he was formerly Managing Director of International Development Finance, Inc. ("IDF") and Vice President-Transactions at Finance for Development, Inc. ("FFD") formerly known as the Debt-for-Development Coalition, Inc.  In these capacities he structured debt for cash conversion transactions on behalf of commercial and non-profit clients, primarily in Sub-Saharan Africa.  Prior to this, he practiced law with Mitchell, Friedlander & Gittleman in Kinshasa, Congo, where he counseled a wide variety of corporate and not-for-profit clients regarding their investments and operations in Sub-Saharan Africa. 

Prior to this, Mr. Sheehan practiced law as a Senior Associate at Naegele & Associates, a Washington, D.C. based law firm where he specialized in arranging failed thrift acquisitions and in representing clients in bank receivership litigation.

He received his law degree from Washington College of Law, the American University and a B.A. (hons) in History from Brown University.  Mr. Sheehan is fluent in French and conversant in Polish and German.

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Kevin J. Boyle (New York) is a Director of DAI Capital Management, LLC and a principal in the group. The first 7 years of Mr. Boyle's career were spent working for public accounting firms as well as an equity money manager where he was a licensed CPA. During the next 8 years, he was a senior team member in the investment group of a well-known management consulting firm. Mr. Boyle then worked with 2 high net worth families for 16 years serving as the chief investment officer for the last 7 years of his association with a major NY based family. 

Mr. Boyle founded East Ridge Investments LLC in 2010 in order to have a vehicle to make principal investments with investment managers. He provides strategic advice to the managers in all facets of starting and managing a fund or investment program. On behalf of institutional and high net worth families, Mr. Boyle has over 25 years of experience investing in a wide variety of funds and direct assets including hedge funds, real estate, private equity, venture capital and traditional equity and fixed income. 

Mr. Boyle received a B.S. undergraduate degree from Montclair State College in New Jersey and a MBA in Finance from Baruch College, City University of NY. He is currently the chairman of the investment committee for Baruch College as well as a member of the managing trustee group of Baruch's College Fund. Mr. Boyle also serves on an advisory board for the foundation of a high net worth family based in NY. 

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Alexander L. Bogdanov is Managing Director, DAI Russia and FSU. He is the head of DAI’s Moscow office and is responsible for all transactions in Russia and the Former Soviet Union.

From 1997 to August of 2004 Mr. Bogdanov was a Senior Vice President of Ecoban Finance Limited, LLC leading their Russia initiative and establishing their Moscow office. His main focus during this time was on originating, structuring and closing structured-trade finance transactions, sovereign and corporate debt swaps and sovereign clearing currency transactions (in both India and China).

Before joining Ecoban, Mr. Bogdanov worked as a head of corporate finance of Russian-American Investment Bank (AIG Investment Bank) from 1996 through 1997. From 1994 to 1996 Mr. Bogdanov was employed by New Alliance Corporation, a Moscow based investment banking boutique focused on sovereign and commercial debt and equity trading and project finance in CIS countries. Mr. Bogdanov was hired to establish the group’s corporate finance activities.

In 1991-1994 Mr. Bogdanov founded and worked as a Chief Commodity Trader for a JV company between the Soviet state agency Almazjuvelirexport and Salomon Brothers Inc. called Salmaz PGM, Inc. In 1993 the company became a wholly-owned subsidiary of Almazjuvelirexport and was renamed to Almaz PGM, Inc. In 1981-1991 Mr. Bogdanov served as Head of Trading of PGM’s of Almazjuvelirexport.

Mr. Bogdanov received his MBA from Regis University, Colorado in 2004. He earned his MA degree in International Economics from Moscow State Institute for International Relations in 1981. Mr. Bogdanov is fluent in Russian, French and English.

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Michael H. Smith is a Vice President at DAI. 

Mr. Smith was formerly a Manager with Finance for Development, Inc., where he was responsible for structuring transactions and providing consulting services to development organizations funding development projects through debt conversion.  Prior to this, Mr. Smith provided consulting services in rural and business development in Thailand with the Population and Community Development Association.  Mr. Smith has also worked as a consultant with Price Waterhouse. 

He received an M.A. in International Business and Environmental Policy from the Fletcher School of Law and Diplomacy, Tufts University, and a Bachelors degree with honors in Chemical Engineering from Yale University.  Mr. Smith speaks French and has a working knowledge of German.

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James M. Barkas is a Managing Director of DAI Offsets Finance LLC.

James M. Barkas has over 30 years of global experience with a focus on Central and Eastern Europe as an offset services provider, a commercial and investment banker, a marketer and distributor of IT and communications equipment and as an adviser to international financial institutions, aid agencies and corporations. 

Mr. Barkas is a Managing Director of both DAI Offsets Finance and the BNI Group. Both are active in offsets and structured trade financing in Central and Eastern Europe.  DAI Offsets Finance offers a flexible array of services to corporation and banks, ranging from offset planning and fulfillment to the attraction of foreign investment into emerging markets. 

Previously, Mr. Barkas was a Director at Newcourt Capital responsible for structured trade finance and industrial participation in NATO countries. As an advisor to UBS, the United Nations Development Program and major corporations, he counseled on either how their operations could fulfill offsets or alternatively how their offset obligations could be fulfilled. For the World Bank he advised investment promotion programs for Ukraine, Armenia, Belarus, and the Emirate of Ras al Khaima (UAE)

During his earlier career in international banking Mr. Barkas was Vice President-Trade Finance at Midland International Trade Services  (now HSBC) in New York; Vice President responsible for countertrade at First National Bank of Chicago; and a credit and lending officer at Chase Manhattan  in Tokyo and New York, where he financed  Japanese Trading Companies and East European banks and companies.

Mr. Barkas is a graduate of Princeton University-Woodrow Wilson School, and holds MA and MALD degrees from the Fletcher School of Law & Diplomacy in Medford, Massachusetts. 

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Nicholas Stancioff is the Senior Vice President and Managing Director for Central Europe.  He has in-depth expertise in structuring and managing public and private sector project finance and venture capital projects in emerging market countries.  

In the last 4 years, Mr. Stancioff has worked as a turn-around specialist on two significant investments in emerging markets.  Most recently, he acted as President/CEO of ITC, a US-based telecom firm with operations in Brazil.  He successfully raised a first round of venture capital for the company and repositioned it through acquisitions and divestments to offer specific services in Bank Security, Retail Chains, and Private Clinics thus increasing revenues while decreasing costs. 

During the five previous years, Mr. Stancioff served as Principal Banker and Deputy Representative with the EBRD in Sofia, Bulgaria.  In this role he closed transactions in the nascent private sector while participating in institution building efforts.  Prior to this, as a trader with Sucres et Denrées, a French commodity trading company, he developed options pricing engines before being tasked with M&A responsibilities in the US and the Caribbean.

Mr. Stancioff holds an MBA, University of Virginia; and graduated cum laude from the American University in Washington, DC, concentrating in Mathematics and Literature. He is a native speaker of English and French and is proficient in Bulgarian, Portuguese and Spanish.

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Jeffrey T. Clifford Jeffrey is a Senior Adviser to DAI.  He spent over 32 years as a banker, trader, investor and restructuring expert in the emerging market sovereign and corporate fixed income space.   

Jeffrey joined Standard Bank Londonís Emerging Markets Group in 1994 with responsibility for bond derivative trading and repo financing. He subsequently carried out extensive private and public sector debt investments, utilizing fundamental credit analysis and conducting corporate and sovereign restructurings across Latin America and CEEMEA.  He worked from 1983 to 1994 with Chase Manhattan Bank in New York, Caracas and BogotŠ. Achievements included developing the new money option for the Venezuelan Brady Bond exchange, making Chase the recognized leader in Latin American bond derivatives and creating and promoting the MYDFA-SPA to enhance secondary market liquidity of defaulted Brazilian sovereign debt. 

He worked from 1983 to 1994 with Chase Manhattan Bank in New York, Caracas and BogotŠ. Achievements included developing the new money option for the Venezuelan Brady Bond exchange, making Chase the recognized leader in Latin American bond derivatives and creating and promoting the MYDFA-SPA to enhance secondary market liquidity of defaulted Brazilian sovereign debt. 

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