Alternative Credit

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

Launched in 1997



News & Insights

Read the latest ZAIS News & Insights

Diverging household health

Diverging household health


Household consumption was the main contributor to economic growth in 2022. This is remarkable, since the unwinding of fiscal support and surging inflation did not bode well for consumption...

It's Not Over Yet

It's not over yet


Financial markets have rallied in recent weeks on the hope that the Fed will slow the tightening pace soon. We expect that the Fed will hike just 50bps at this month’s FOMC meeting and at least pause the tightening cycle...

The Big Housing Correction

The big housing correction


US home sales plunged more than 25% since the beginning of the year. In our view, this was triggered by a sharp deterioration in housing affordability rather than as a sign of a collapsing housing bubble...

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. 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.