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Ricardo N. Ramos

Ricardo N. Ramos

Ricardo N. Ramos is a Bates Consulting and Testifying Expert specializing in capital markets, fixed income, investment management and corporate governance.  Mr. Ramos assists clients in financial matters, hedging interest rate risk and financing transactions. Additionally, he consults senior management in a wide range of areas including accounting/audit, banking/financial services sector; strategic planning, project financing, asset/liability management, credit analysis, risk management, municipal bonds, litigation support and testimony.  

Mr. Ramos began his career in 1978 after graduating from the Wharton Undergraduate Business School of the University of Pennsylvania when he joined the audit division of Arthur Andersen and Co. in Puerto Rico.  In 1980, after receiving an MBA in Finance from the Booth Business School of the University of Chicago, he re-joined Arthur Andersen's Chicago office where, in addition to audits, he worked in special areas such as bankruptcy consulting and litigation support.

In 1985, after returning to Puerto Rico, he joined the institutional division of Drexel Burnham where he became the Senior Vice President and Deputy General Manager. Mr. Ramos managed inventory of the thirty-broker retail division and was the top institutional producer in 1987 and 1988. 

From 1989 to 1991, Mr. Ramos worked with Lehman Brothers, Puerto Rico, as the Senior Vice President, Investment Banking. He oversaw structuring and managing municipal and corporate bond transactions. Mr. Ramos also participated in billion-dollar acquisition analysis and interfaced with the capital markets group in developing products for the 936 market. 

After Lehman Brothers, Mr. Ramos joined Citibank’s Puerto Rico branch as the Vice President, Financial Institutions/Public Sector, where he managed relationships for the public sector and two of the largest financial institutions. He supervised all product areas including transaction and electronic banking, credit facilities, security sales and bond underwriting.   

In 1992, Mr. Ramos joined Oriental Financial Group as Senior Vice President of Finance where he was instrumental in obtaining two investment grade ratings for the institution.  He also managed a secondary stock offering in the U. S. capital markets and converted the institution from a savings and loan to a bank.  

Following his departure from Reliable Financial Services (subsidiary of Wells Fargo) as Executive Vice President where he supervised the finance, accounting, treasury, MIS and cashier areas, Mr. Ramos joined FirstBank, Puerto Rico. During his time as an Executive Vice President at FirstBank, he developed FirstBank’s strategy to enter the retail and institutional broker dealer business. Additionally, he managed the Bank’s investment banking relationship with Goldman Sachs, the Puerto Rico government, and retail product strategic alliance with UBS Paine Webber. Mr. Ramos was the winner of the Institutional Investor 2001 Public Finance Deals of the Year award for the $1.25 billion General Obligation Bonds issued May 24, 2001.

From 2002 to 2015 Mr. Ramos was Managing Director of UBS in Puerto Rico, managing twenty-six investment companies, mostly in the fixed income markets. Mr. Ramos implemented investment strategies and policies in accordance with prospectus requirements.  Major asset classes included Puerto Rico and U.S. municipal bonds, U.S. Treasuries and Agencies, Mortgage-Backed Securities, corporate bonds, and derivative instruments.  Assets under management ranged from $6-10 billion.  

In 2015, after thirty years in the financial services industry, Mr. Ramos began a full-time consulting career.  He has testified in over twenty FINRA arbitrations and one SEC administrative hearing.  Mr. Ramos is fully bilingual and an avid reader in the subjects of business and history. 

Ricardo N. is a consultant and subject matter expert in these Practice Areas and Services:



Bates Group LLC, Consulting and Testifying Expert, 2017 - Present
RRL Consulting LLC, Managing Partner, 2015 – Present 
UBS Asset Managers of Puerto Rico, Managing Director, 2002 – 2015 
FirstBank Puerto Rico, Executive Vice President, 1999 – 2002
Reliable Financial Services (subsidiary of Wells Fargo), Executive Vice President, 1998 – 1999 
Oriental Financial Group, Senior Vice President – Finance, 1992 – 1998
CitiBank, N.A. (Puerto Rico Branch), Vice President Financial Institutions/Public Sector, 1991 – 1992
Lehman Brothers, Senior Vice President – Investment Banking, Puerto Rico, 1989 – 1991 
Drexel Burnham Lambert, Senior Vice President, and Deputy General Manager, Puerto Rico,1985 – 1989
Arthur Andersen & Company, Manager San Juan office, Chicago, IL; Atlanta, GA; San Juan, PR, 1978 – 1985


Master of Business Administration (MBA), Finance, Dean’s List, University of Chicago, Graduate School of Business
Bachelor of Science (BS), Economics, Magna cum Laude, Dean’s List with Distinction, Beta Alpha Pi (National Honor Society), University of Pennsylvania, Wharton School of Business


Certified Public Accountant
FINRA Series 7, 8, 24, 27