William McCauley is a money manager. He has extensive experience in the investment banking business, having fulfilled a long tenure at New York-based investment bank First Boston Corporation prior to joining III/AVM in 1996. He served as President of First Boston's Mortgage Banking subsidiary, as well as Head of Global Strategic Planning. As Managing Director, he established First Boston's mortgage finance business. During the course of his career, Mr. McCauley was instrumental to the development of many of the mortgage structures commonly in use today.