Carl Bell, chartered financial analyst, returned to Smith Breeden Associates as a principal and senior portfolio manager, according to Michael Giarla, CEO of the company.

Bell will focus on the analysis and trading of structured credit, which includes securities backed by non-agency residential and commercial mortgages and consumer receivables such as credit cards and auto loans.

Since 2011, Bell served as an outside director. He will continue to serve on Smith Breeden’s board of directors.

"We're very fortunate to have Carl joining the Smith Breeden investment team.  With more than two decades of fixed-income investment management experience, we're confident he will be a tremendous asset to Smith Breeden and our clients," Giarla stated.

Most recently, Bell co-founded Five Ten Capital, a real estate investment management firm. Prior to Five Ten Capital, Bell served as managing director and team leader for structured credit at Putnam Investments.