2025 Sohn Montreal: Converium Capital’s Aaron Stern – Deep Value Bank With Clear Catalysts Could Double

At the 2025 Sohn Montreal Conference, Aaron Stern, Managing Partner and Chief Investment Officer of Converium Capital, presented a contrarian idea in Japan’s regional banking sector. He highlighted a mispriced institution with strong fundamentals, undervalued assets, and clear catalysts tied to improving governance and rising interest rates.

• Background: Aaron Stern is commonly known for his work in distressed investing across various notable situations. He recently moved to Montreal, launched Converium Capital, raised USD, and resides in Canada. He is a supporter of causes, mentors at McGill, and founded the Sohn Montreal event. He was described as the person behind the event, sourcing it with incredible dedication.
• Firm Focus: Converium Capital utilizes a multi-strategy opportunistic investment approach, focusing on distressed and event-driven opportunities globally. The firm aims to deliver positive, uncorrelated returns regardless of macroeconomic conditions
• Time at Firm: In 2020, he founded Converium Capital, where he serves as managing partner and CIO.

2025 Sohn Montreal Conference – Converium Capital’s Aaron Stern

Introduction by Nicolas Patas (National Bank of Canada)

• National Bank, Converium Capital, and Richter co-host the first Sohn Montreal Conference.
• Aaron Stern is the final “Best Idea” speaker of the day.
• Commonly known for distressed investing (Credit Suisse, OSS, Millennium, Puerto Rico).
• But Stern recently moved to Montreal, launched Converium Capital, raised USD and lives in CAD ; not so “distressed.”
• Lives comfortably, supports causes, mentors at McGill, and founded today’s event.
• Montreal is proud to have him, and the only distress he’s great at is investing.

Aaron Stern: Opening

• Usually speaks about sovereign debt, but today’s idea is closer to home.