Seema Mohanty

Managing Director

Seema Mohanty has over 20 years of experience in the tax-exempt finance business as both a banker and derivatives marketer. She currently serves as swap advisor for a variety of municipal clients with large and complex derivatives portfolios, with a focus on idea generation and structuring (swaps/bonds), dealer proposal evaluation, and ISDA documentation negotiation.

Prior to founding Mohanty & Associates LLC (now known as Mohanty Gargiulo LLC), Ms. Mohanty was a Managing Director and the Head of Derivatives Marketing and Structured Products at UBS. In this role, she managed a group of 20 professionals responsible for issuer and investor derivatives marketing, quantitative bond analysis and lending (including LOC and direct lending structures, such as Total Return Swaps and Index Put Bonds). Ms. Mohanty oversaw the allocation of a lending book, the first at UBS, to provide letters of credit and liquidity facilities to tax-exempt clients.

Prior to UBS, Ms. Mohanty was a Managing Director and Head of Issuer Derivatives Marketing at Morgan Stanley. She came to Morgan Stanley in 2001 where she structured, marketed and executed a variety of derivative transactions including interest rate swaps, swaptions, knockout swaps and inflation-linked structures. Ms. Mohanty carefully evaluated the appropriateness of each product within each client’s quantitative and qualitative risk parameters. As a result, she executed a variety of swap structures, on a negotiated and competitive basis, for major infrastructure clients.

Ms. Mohanty began her career at J.P. Morgan as a banker in municipal finance. In 1999, Ms. Mohanty joined JPMorgan’s Risk Management Marketing Group where she focused on providing structuring ideas for tax-exempt clients. She was responsible for developing structuring ideas as well as marketing interest rate derivatives. 

Ms. Mohanty has a BA in Economics from the University of Michigan and an MBA in Finance and Economics from the University of Chicago.  She currently serves on the Board of Directors of the Municipal Securities Rulemaking Board.

Zoya Gargiulo

Managing Director

Ms. Gargiulo has 20 years of experience in derivatives, structured products, and bond financing.  As principal at Mohanty Gargiulo LLC she advises clients on risk-management/hedging and capital markets solutions, hedging, financing, and structured product transactions, market strategy and execution, as well as markets and regulatory developments.

As a Managing Director and Head of Tax-Exempt Investor Derivatives at UBS she was responsible for managing all aspects of derivatives and structured products business with institutional clients and the third party TOB financing program.

Prior to UBS, Ms. Gargiulo was a Principal at Banc of America Securities where she launched institutional investor tax-exempt derivatives business and the third-party TOB program.  Within the tax-exempt issuer space, she focused on structured products such as total return swaps, index put bonds and other direct-lending solutions.

Ms. Gargiulo spent 8 years as a structured products and derivatives marketer at JPMorgan. She has worked on structuring, marketing and executing a wide array of interest rate and credit derivatives products for institutional clients investing in tax-exempt securities.  Ms. Gargiulo was instrumental in building out the third-party TOB book and starting the tax-exempt issuer direct lending solutions business.  She spent 3 years on the corporate derivatives desk where she provided comprehensive risk management solutions to domestic corporate clients.  Her work included performing asset/liability analyses to determine the clients' hedging needs and structuring, marketing and execution of various interest rate and FX derivatives transactions.

Prior to attending business school, Ms. Gargiulo was an investment analyst for a USAID venture capital fund in Bulgaria, where she worked on all aspects of deal origination, structuring and execution of debt and equity investments.

Ms. Gargiulo holds an MA in Philosophy from Sofia University and an MBA in finance from Columbia Business School.  She currently serves on MSRB Professional Qualifications Committee.

Jarred Liscio


Jarred started with Mohanty Gargiulo in 2020. His principal responsibilities include ongoing monitoring of client portfolios, pricing and modeling derivative structures, verification of swap accruals and collateral posting amounts, and compilation of daily and weekly reports tracking the tax-exempt and taxable fixed-income markets.

Prior to joining Mohanty Gargiulo, Mr. Liscio worked as an Investment Banking Analyst for Consilium Partners based in Boston. During his tenure at Consilium Partners, Mr. Liscio worked on numerous buy-side and sell-side M&A deals, as well as, multiple transactions to raise capital for clients. His primary responsibilities included providing valuation metrics for potential targets, assisting with the preparation of pitchbooks and confidential information memorandums (CIMs), and overseeing due diligence.

Before working at Consilium Partners, Mr. Liscio spent time at Jefferies in their New York headquarters with several fixed income trading desks. At Jefferies, Mr. Liscio worked with the desks trading US Treasuries, US corporate investment grade bonds, emerging markets bonds, and repurchase agreement (Repo) operations as well. Mr. Liscio provided assistance in trade execution, US Treasury auctions, FINRA compliance, and oversaw all aspects of the trade lifecycle.

Mr. Liscio also worked with The Deatherage Group at Morgan Stanley in wealth management. There he put together portfolio reviews, asset allocation reports, and IRA distribution materials for the group’s base of high net worth clients.

Mr. Liscio holds a MS in Finance and a BS in Business Administration with concentrations in Finance and Entrepreneurship, both from Northeastern University.

Remm Brofman


Remm started with Mohanty Gargiulo in 2020. His primary responsibilities include pricing and modeling derivative structures, assisting with the monitoring of client portfolios, providing trade execution support, and the reporting and monitoring of tax-exempt and taxable fixed income markets.

Prior to joining Mohanty Gargiulo, Mr. Brofman worked at Morgan Stanley in their New York headquarters on the Capital Introductions desk within Prime Brokerage. During his time at Morgan Stanley, he assisted many new and existing hedge funds with the capital raising process. Mr. Brofman’s responsibilities included analyzing hedge fund strategies by preparing reports such as talking points and tear sheets regarding investment strategy, process, and capital raising goals, among other criteria. Additionally, he worked with institutional investors to catalog strategy interest, AUM, portfolio makeup, etc. and compile reports regarding recent industry trends.

Prior to working at Morgan Stanley, Mr. Brofman spent time at Jefferies on the Client Onboarding team. There, he worked with new and existing clients as well as liaised with internal teams across all business units (equities, fixed income, investment banking, wealth management) to obtain materials and run necessary checks for account opening.

Mr. Brofman holds a BS in Business Administration with a concentration in Finance and a minor in Political Science from Northeastern University. He holds his Series 50 certification.

Reena Surti

Administrative Manager

Reena joined Mohanty Gargiulo in June 2020. She is responsible for day-to-day office operations, and all aspects of human resource management including administrative tasks, developing policies, and managing procedures as well as maintaining employee records according to policy and legal requirements.

Ms. Surti brings with her over 10 years of progressive HR and project management experience. Prior to joining Mohanty Gargiulo she was a senior project manager for the audit/risk/compliance practice at Heidrick & Struggles, an executive search firm based in Manhattan. She has worked with top tier firms such as Korn Ferry, Perella Weinberg Partners, and KPMG in her previous roles.

Ms. Surti holds a BS in Biology from the University of Colorado at Boulder.

Mohanty Gargiulo LLC

230 Park Avenue, 3rd Floor, New York, NY 10169
Direct: 212-300-3327      |      Fax: 212-898-9091     

Mohanty Gargiulo LLC is registered as a Municipal Advisor with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board, as well as a Commodity Trading Advisor with the Commodity Futures Trading Commission.  We are also a certified Minority and Women-Owned Business Enterprise.