Taking Research To The Next Level

Stan Manoukian, Founder and CEO

Stan Manoukian

Stan Manoukian founded Independent Credit Research in 2009. Prior to Independent Credit Research, Stan worked as a consultant for PIMCO. Prior to PIMCO, he worked at Libertas Partners, Dalton Investments, Guggenheim Capital, Bank of America and Prudential Insurance. Stan has generated over 200 investment recommendations and participated in the restructurings of over 30 public and private companies, both domestic and international. Mr. Manoukian was ranked among the best distressed analysts by the "Institutional Investors" magazine in 2004.

Stan is a native of the Republic of Georgia. After completing his post-graduate study in Mathematics at Tbilisi State University in 1988, he worked as a research analyst at the Georgian Academy of Science Institute of Numerical Mathematics for 3 years. In 1990, Mr. Manoukian moved to Moscow where he co-founded Erlan, one of the largest retailers in Russia in the early 90's. Mr. Manoukian also acted as the company's CFO and was instrumental in transforming Erlan from a small startup to a $150mm company in 3 years.

In 1994, Mr. Manoukian moved to the United States. Mr. Manoukian is married and has one daughter. In addition to his degree in Mathematics obtained in the former Soviet Union, Stan holds an MBA in Finance from the Darden Business School at the University of Virginia.

Scott Stagg, Partner

Scott Stagg

Scott has over 22 years of experience in distressed debt, having begun his career in 1994 with The Delaware Bay Company, a boutique sell-side broker dealer, moving on to Morgens Waterfall in 1996, Lehman Brothers in 2000 and UBS O'Connor in 2002.

In 2003, Scott moved to Libertas Partners to run high yield and distressed research before launching 3V Capital Management, a distressed debt hedge fund in 2004, along with the founder of Libertas. 3V grew to over $575 million in assets at its peak in 2007, and after buying out his partner, the assets were transferred to Stagg Capital Group.

Unfortunately, after weathering difficult markets in 2008 and 2009, Stagg Capital Group closed its doors in 2010. Since that time, Scott has been managing personal investments, including a successful Fintech company which he sold in 2015.