Alternative Credit

ZAIS is an alternative credit manager with twenty-six years of experience investing in credit markets

Launched in 1997



News & Insights

Read the latest ZAIS News & Insights

Adjusting to Higher for Longer

Adjusting to Higher for Longer


Since the 1980s, US bond yields have generally declined, but this trend has reversed, not just due to Fed tightening. Over the next cycle, 10-year US Treasury yields are expected to average 4%...

Resilient but not invincible

Resilient but not invincible


Despite Federal Reserve tightening, the US economy avoided recession due to low interest-rate sensitivity and fiscal stimulus, yet as these supports diminish, it remains susceptible to emerging cracks despite continued growth...

The Inflation Trap

The Inflation Trap


The rate at which prices are rising has slowed down since late 2022, which is good, but things aren't back to normal enough for inflation to stabilize at 2%...

Carbon Neutral Announcement

ZAIS Announces Second Year of Carbon Neutrality   

ZAIS Announces it is 100% Carbon Neutral for the second year

ZAIS is a signatory to the United Nations-Supported Principles for Responsible Investment and supports the companion Sustainable Development Goals.  As in 2019, ZAIS used a third-party vendor software to calculate the carbon footprint of our operation. ZAIS continues to purchase carbon offsets via Our colleagues have picked two projects to help fund this year.

Our Strategies

ZAIS Group

ZAIS Group is an alternative credit manager focused on specialized credit strategies.

Key Team

ZAIS Leadership

Mr. Zugel serves as Founder and CIO of ZAIS. Before founding ZAIS in 1997, Mr. Zugel was Head of High Yield Proprietary Trading with J.P. Morgan Securities Inc., where he led J.P. Morgan’s entry into many new trading initiatives.

At J.P. Morgan, Mr. Zugel also served on the Asia Pacific management-wide and firm wide market risk committees. Mr. Zugel received a Masters in Economics from the University of Mannheim, Germany.

Mr. Curry serves as the President of ZAIS, Chief ESG Integration Officer, and head of ZAIS’s Leveraged Finance team. Before joining ZAIS in January of 2018, Mr. Curry served as the Chief Executive Officer of DBRS Limited and DBRS, Inc. from December 2013 to August 2016. Mr. Curry served as Global President of DBRS from May 2012 to December 2013 and held the role of President of DBRS, Inc. beginning in December 2008 when he joined DBRS.

Before joining DBRS, Mr. Curry was a Group Managing Director at Moody’s, where he co-managed the corporate finance group for the Americas, overseeing the ratings and research on over 2,500 non-financial companies, spanning both investment-grade and high-yield areas. At Moody’s, Mr. Curry also managed the Structured Finance rating groups for Europe and Asia. Mr. Curry holds an M.B.A. from Columbia University Graduate Business School and a Bachelor of Arts from Rutgers University.

Ms. Arrington serves as a Managing Director, Head of Client Relations at ZAIS Group (UK) Limited in London and is responsible for managing and developing relationships with clients and investors in the EMEA. Before joining ZAIS in May of 2016, Ms. Arrington was a Vice President of Investor Relations at Marathon Asset Management where she was responsible for business development for multi-asset credit strategies.

From 2010 to 2012, Ms. Arrington worked in the Fixed Income, Currency, and Commodities Department at Goldman Sachs. Previously, she worked as a Mergers & Acquisitions Analyst at Evercore Partners in New York. Ms. Arrington received her B.A. from the University of Pennsylvania. In addition to English, she is also fluent in German.

Mr. Brune serves as Managing Director, Head of U.S. Client Relations and Business Development, and is a member of the ZAIS Group Investment Committee. Prior to joining ZAIS in December of 2022, Mr. Brune spent over a decade at J.P. Morgan Securities in New York. Most recently, Mr. Brune served as a Managing Director in the Corporate and Investment Bank, where he was responsible for leading the subsidiary coverage business for North America, and was a member of the U.S. and EMEA Corporate Banking management team.

He received a Masters of Business Administration (Diplom-Kaufmann) from Otto-Friedrich-University in Bamberg, Germany and also holds the title of Bankkaufmann after a two-year apprenticeship at Deutsche Bank in Duesseldorf, Germany. Mr. Brune is a member of the American Council on Germany and a Vice Chairman of the Board of Directors of the German American Chamber of Commerce in New York.

Ms. Crowley serves as Head of Structured Investments at ZAIS. As Head of ZAIS’s Structured Investments Business, Ms. Crowley is responsible for mortgage investments, including Non-Agency RMBS, CMBS, Commercial Real Estate debt and equity, ABS investments and CLO investments across our separately managed accounts and comingled funds.

Before joining ZAIS in August of 1997, Ms. Crowley worked at J.P. Morgan in the High Yield Trading Group. Before J.P. Morgan, she worked for Hon. Daniel P. Moynihan as an economic research analyst. Ms. Crowley received a B.A. from Boston College and an M.B.A. from New York University’s Stern School of Business.

Dr. Ross serves as Head of New Product Research and Development and Managing Director at ZAIS. Prior to assuming his current role in 2021, he was a member of the Structured Credit Portfolio Management Team at ZAIS responsible for trading Credit Derivatives and developing Quantitative Strategies.

Before joining ZAIS in September of 2013, he was a Postdoctoral Researcher in Theoretical Physics at Carnegie Mellon University and at Yale University investigating elementary particles, cosmology and black holes. Dr. Ross holds a PhD in Physics from the University of Massachusetts at Amherst and a Masters in Physics from the University of Karlsruhe.