Management Team

Overview
PNC Capital Advisors, LLC, investment adviser to the entire family of more than 30 PNC Funds, is experienced in a wide array of investment styles and strategies.

A Team Approach
The firm’s investment professionals are organized into style-specialized management teams that function independently, yet subscribe to a common “big picture” economic and financial market outlook. Each team leverages the skills and experience of its members, drawing on research, resources and portfolio management strategies specific to its specialized investment style.

Rewarding Performance and Growth
PNC Capital Advisors provides compensation incentives designed to encourage asset growth and investment performance and better align each fund management team’s goals with the fund shareholders’ goals. Fund management teams receive bonus compensation when they provide PNC Fund shareholders with returns that are higher, more consistent and less volatile than those of their benchmark indexes or fund peer groups.

Disciplined Management Processes
Our fund management teams rely on disciplined strategies and processes to achieve style specialization, diversification and risk management. We believe disciplined investment decision making helps promote consistent returns and provides the structure needed to keep pace with rapidly changing financial environments.

Our Parent Organization
As part of The PNC Financial Services Group, Inc., PNC Capital Advisors benefits from the resources and stability of one of the nation’s largest financial holding companies.

Equity Management Teams
Advantage Large Cap Equity
		Douglas J. Roman, CFA, CMT Managing Director douglas.roman@pnc.com Industry Experience: 25 years B.S., Pennsylvania State University M.S., Drexel University
	As director of equity management, Doug is responsible for directing the quantitative efforts of the Advantage Equity team and overseeing the respective research group. Prior to joining the firm or its predecessor in 2002, he worked for Penn Street Advisors, Inc. the Penn Street Funds, The Vanguard Group, Rittenhouse Financial Services and CoreStates Investment Advisors. Doug holds the Chartered Financial Analyst designation and he is Chartered Market Technician. He is a member of the Financial Analysts of Philadelphia, the Philadelphia Securities Association and the National Association of Business Economists. He earned his Bachelor of Science in finance from Penn State University and his M.S. in finance from Drexel University.
		Ruairi G. O'Neill, CFA Co-Portfolio Manager ruairi.oneill@pnc.com Industry Experience: 17 years B.C., University College Cork M.B.A., St. Joseph’s University
	Ruairi is a co-portfolio manager on the Advantage Equity team and the lead manager for the Dividend Focus strategy. He provides the team's research coverage on the Pharmaceutical, Biotechnology, Medical Device, and Health Care Services industries. Prior to joining the firm or its predecessor in 1998, Ruairi worked in the Dublin, Ireland, office of a former PNC Bank affiliate. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and CFA Society of Philadelphia. He received his Bachelor of Commerce degree in accounting and finance from University College Cork in Ireland and his master's degree in business administration from St. Joseph’s University in Philadelphia.
		Mark W. Batty, CFA Co-Portfolio Manager mark.batty@pnc.com Industry Experience: 22 years B.S., Drexel University M.S., Drexel University
	Mark is co-portfolio manager of the Advantage Equity team and provides research coverage on the Financial Services sector. Prior to joining the firm or its predecessor in 2003, Mark held positions with the Pennsylvania Trust Company, Penn Mutual Life Insurance, Ryan, Beck & Co. and CoreStates Investment Advisors. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute. He received a B.S. in business administration and an M.S. in finance from Drexel University.
		Steven C. Baumgarten Equity Analyst steven.baumgarten@pnc.com Industry Experience: 14 years B.A., University of Pittsburgh M.B.A., University of Pittsburgh
	Steve is an equity analyst with the Large Cap Advantage team, providing research coverage on companies in the retail, automotive, restaurant and Internet retail industries in the Consumer Discretionary sector, as well as food and staples retailing in the Consumer Staples sector. Prior to joining the firm in 2006, Steve worked with Parker/Hunter Inc. and Prudential Financial. He received his M.B.A. in finance from the Katz Graduate School of Business at the University of Pittsburgh. Steve also attended the University of Pittsburgh for his undergraduate studies, where he received a B.A. in economics and business, as well as a certificate in accounting.
		Michael W. Coleman Investment Research Associate michael.coleman@pnc.com Industry Experience: 1 year B.S, Drexel University
	Mike, an investment research associate with the Large Cap Advantage team, conducts quantitative and technical equity analysis within a portfolio management framework. He analyzes potential investments and current holdings on a technical basis, and he builds and refines quantitative models for use in portfolio management and stock selection processes. Prior to joining the firm in 2012, he had co-op experience as an equity and quantitative research assistant at PNC. Mike was valedictorian and has a B.S. in business administration/economics from Drexel University.
		Paul C. Crovo Equity Analyst paul.crovo@pnc.com Industry Experience: 27 years B.A., Loyola College M.B.A., Loyola College
	Paul is an equity analyst with the Large Cap Advantage team, providing research coverage on companies within the Energy and Utilities sectors. Prior to joining the firm or its predecessor in 2006, Paul worked with Pitcairn Financial Services, General Accident Insurance and Alex Brown & Sons. He is a member of the Philadelphia Financial Analysts Society and the National Association of Petroleum Investment Analysts (NAPIA). He received his B.A. and M.B.A. degrees from Loyola College in Baltimore.
		William H. Gorman Equity Analyst william.gorman@pnc.com Industry Experience: 30 years B.S., University of Delaware M.B.A., University of Delaware
	Bill is an equity analyst with the Large Cap Advantage team, providing research coverage on companies in the Information Technology sector. Prior to joining the firm or its predecessor in 1984, Bill worked with Fidelity Bank and with a private consulting firm in Radnor, Pa. He holds the Chartered Financial Analyst designation, and he is a member of the CFA Society of Philadelphia and the Philadelphia Securities Association. Bill has a B.S. in business administration and an M.B.A. from the University of Delaware.
		Joseph J. Jordan, CFA Equity Analyst joseph.jordan@pnc.com Industry Experience: 32 years B.S., Drexel University
	Joe is an equity analyst with the Large Cap Advantage team, providing research coverage on companies in the Media, Gaming, and Lodging industries within the Consumer Discretionary Sector; Beverages, Household & Personal Products, and Foods industries within the Consumer Staples sector; and the Telecommunications sector. He began his investment career with the State of New Jersey Division of Investments, then joined New Jersey National Bank, First Pennsylvania Bank, and Merrill Lynch before joining the firm or its predecessor in 1988. Joe holds the Chartered Financial Analyst designation. He earned his Bachelor of Science in business administration with concentrations in finance and marketing from Drexel University.
		Michael D. Rocco Equity Analyst michael.rocco@pnc.com Industry Experience: 26 years B.S., Temple University M.B.A., La Salle University
	Mike is an equity analyst with the Large Cap Advantage team, providing research coverage on companies in Industrials, Materials and Managed Care. Prior to joining the firm in 2006, Mike worked with Weik Investments, Cypress Capital Management, LLC, the Philadelphia Investment Management Group and Koch Industries. He received his B.S. from Temple University and his M.B.A. from La Salle University, where he majored in finance.
		Maureen Callahan Director of Risk Management, Large Cap Advantage maureen.callahan@pnc.com Industry Experience: 25 years B.S., St. Joseph's University
	Maureen is director of risk management for the Large Cap Advantage team, overseeing trade processing and ensuring that all accounts are invested in accordance with the client investment policy statement and in line with the model portfolios. She previously was director, equity trading for the Large Cap Advantage portfolios. She joined the firm or its predecessor in 2005, coming from LaBranche Financial Services, where she was vice president of institutional sales trading. Prior to that, Maureen was vice president of institutional sales for Abel Noser Corp., and head trader at Corestates Financial. Maureen holds a B.S. in finance from St. Joseph's University in Philadelphia.
Fundamental Value
		Michael E. Santelli, CFA, CPA Managing Director, Fundamental Value michael.santelli@pnc.com Industry Experience: 21 years B.S., George Washington University M.B.A., University of Chicago
	Michael has leadership responsibility for the Fundamental Value team which oversees the Focused Equity, Large Cap Value, Large Cap Value-Focused and Mid Cap Value styles. Michael has previous investment experience that includes positions in research and portfolio management. Prior to joining the firm or its predecessor in 1995, he was with the mortgage research department of Donaldson, Lufkin, and Jenrette. Michael has served previously as taxable fixed income team lead and as a mortgage and asset backed portfolio manager for the firm. A CFA charterholder and a Certified Public Accountant, Michael received a B.S. degree from George Washington University and an M.B.A. from the University of Chicago.
		Alex L. Vallecillo, CFA Senior Portfolio Manager, Fundamental Value alex.vallecillo@pnc.com Industry Experience: 17 years B.S., George Mason University M.B.A., University of Michigan
	Alex is a senior portfolio manager on the Fundamental Value team which oversees the Focused Equity, Large Cap Value, Large Cap Value-Focused and Mid Cap Value styles. He has extensive investment experience, including managing the corporate bond portfolio team in the firm's fixed income group. Prior to joining the firm or its predecessor in 1996, he was a corporate bond and structured fixed income trader with Merrill Lynch. A CFA charterholder, Alex received a B.S. from George Mason University and an M.B.A. from the University of Michigan.
		Edward A. Johnson, CFA Portfolio Manager, Fundamental Value edward.johnson@pnc.com Industry Experience: 14 years B.A., Miami University M.B.A., Case Western Reserve University
	Ed is a portfolio manager on the Fundamental Value team which oversees the Focused Equity, Large Cap Value, Large Cap Value-Focused and Mid Cap Value styles. Before joining the firm or its predecessor in 2004, he was a founding member of Volaris Advisors, a derivatives advisory firm in New York, specializing in risk and volatility management that was acquired by Credit Suisse. Prior to Volaris, Ed worked for UBS AG in San Francisco, as well as Ernst & Young LLP and SAFECO Mutual Funds in Seattle. He has both investment and analytic experience. A CFA charterholder, Ed received a B.A. from Miami University and an M.B.A. from Case Western Reserve University.
		Peter Dischinger Analyst, Fundamental Value peter.dischinger@pnc.com Industry Experience: 4 years B.S., Boston College
	Peter is an analyst with the Fundamental Value team which oversees the Focused Equity, Large Cap Value, Large Cap Value-Focused and Mid Cap Value styles. He previously conducted fundamental equity research for the firm's predecessor, beginning in 2009. Peter holds a B.S. in finance, economics and accounting from Boston College. He has completed Level III of the CFA program.
		Paul W. Hayes, CFA Senior Analyst, Fundamental Value paul.w.hayes@pnc.com Industry Experience: 12 years B.A., Michigan State University
	Paul is a senior analyst on the Fundamental Value team which oversees the Focused Equity, Large Cap Value, Large Cap Value-Focused and Mid Cap Value styles. Before joining the firm or its predecessor in 2008, he was a co-portfolio manager for the Michigan Department of Treasury, managing large cap value equities. He also served as a high-net-worth managed account analyst and portfolio manager for CUNA Mutual Group. Previously, he was a credit analyst and a fixed income analyst for the National City Investment Management Company. Paul holds a B.A. degree in finance from Michigan State University and is a CFA charterholder.
		Jeffrey L. Hertel Analyst, Fundamental Value jeffrey.hertel@pnc.com Industry Experience: 8 years B.B.A., Kent State University M.B.A., Cleveland State University
	Jeff is an analyst with the Fundamental Value team which oversees the Focused Equity, Large Cap Value, Large Cap Value-Focused and Mid Cap Value styles. Before joining the team, he worked in client service, where he spent five years as an analyst, performing attribution and investment analytics and interacting with clients and consultants. Jeff, who joined the firm or its predecessor in 2003, holds a B.B.A. in finance from Kent State University and an M.B.A. from Cleveland State University.
		Aneet Deshpande, CFA Head Equity Trader aneet.deshpande@pnc.com Industry Experience: 14 years B.S.B.A., University of Louisville
	Aneet is head equity trader and supports the Fundamental Equity investment team. He manages the firm’s equity trading operation and also sits on various internal committees, such as Soft Dollar, Fair Value and Risk Management. He joined the firm or its predecessor in 2007 from Chicago Equity Partners, LLC, where he was a director and equity trader. Aneet holds a B.S.B.A. in finance from the University of Louisville and is a CFA charterholder.
Small Cap Equity
		Gordon A. Johnson Managing Director, Small Cap Equity gordon.johnson@pnc.com Industry Experience: 26 years B.S.B.A., Southern Illinois University M.B.A., Southern Illinois University
	Gordon leads the Small Cap Equity investment team. He started the small cap product in 1994 and has provided overall investment direction and management to the same investment team since inception. Prior to joining the firm along with the Small Cap team in 2004, he was president and chief investment officer of Allegiant Investment Counselors, Inc., which he joined in 1985 as an assistant portfolio manager. Gordon holds a B.S.B.A. and an M.B.A. with specialization in finance from Southern Illinois University.
		M. Jed Ellerbroek Jr., CFA Senior Analyst, Small Cap Equity michael.ellerbroek@pnc.com Industry Experience: 6 years B.S., University of Northern Iowa
	Jed is a senior analyst for the Small Cap Equity investment team. He provides security analysis and idea generation to the portfolio management process. He joined the team in 2008 from Wachovia Capital Markets where he was an associate analyst covering leisure and consumer discretionary. Prior to Wachovia, he was an investment analyst at Jeffry Slocum & Associates, an investment consultant. Jed graduated from the University of Northern Iowa with majors in finance and economics and is a CFA charterholder.
		James E. Mineman Portfolio Manager, Small Cap Equity james.mineman@pnc.com Industry Experience: 17 years B.S.B.A., Southern Illinois University M.A., St. Louis University
	James, a portfolio manager on the the Small Cap Equity team, specializes in managing the team’s equity research process. Consistent with the generalist approach, he serves in the capacity of analyst and portfolio manager. James, who joined the firm along with the Small Cap team in 2004, has been with the core team since its founding in 1994. He holds a B.S.B.A. with specialization in finance from Southern Illinois University and a Masters of Finance degree from St. Louis University.
		Peter A. Roy, CFA Senior Analyst, Small Cap Equity peter.roy@pnc.com Industry Experience: 12 years B.A., University of Dayton M.B.A., Washington University
	Peter is a senior analyst for the Small Cap Equity team. He provides security analysis and idea generation to the portfolio management process. He joined the firm along with the Small Cap team in 2004. He has been with the team since 2003 and previously held positions with Allegiant Bancorp, Banc of America Securities, LLC and Nuveen Investments. Peter holds a B.A. in English from the University of Dayton and an M.B.A. from Washington University’s Olin School of Business. He is a CFA charterholder.
		Lisa A. Teter Senior Analyst, Small Cap Equity lisa.teter@pnc.com Industry Experience: 17 years B.S., Southern Illinois University
	Lisa is a senior analyst with the Small Cap Equity team that has been together since 1994. Her responsibilities include security analysis and idea generation within the portfolio management process. Lisa joined the firm along with the Small Cap team in 2004. She holds a B.S. in finance and management from Southern Illinois University.
		Rebecca L. Berridge Equity Securities Trader rebecca.berridge@pnc.com Industry Experience: 14 years B.S., Kent State University M.B.A., Cleveland State University
	Becky is an equity trader responsible for supporting the structured small cap and fundamental small cap teams. She joined the firm or its predecessor in 1999. Before becoming an equity trader, she was a member of the money market team, trading for all of the firm funds. Previously, she was an account manager with Gratry and Company where she traded, reported performance and handled administration for a group of investment clients. Becky holds a B.S. from Kent State University, an M.B.A. from Cleveland State University, and is a member of the Cleveland Security Traders Association.
Structured Equity
		Hitesh C. Patel, Ph.D. Managing Director, Structured Equity hitesh.patel@pnc.com Industry Experience: 18 years B.S., University of Gujarat M.S., Bombay University Ph.D., University of Illinois, Chicago
	Hitesh is a member of the Leadership Team and directs the Structured Equity team which focuses on small cap core, growth and value strategies. Prior to joining the firm or its predecessor in 2005, he served as director of quantitative research at Harris Investment Management. He has over 20 years of quantitative research and portfolio management experience. Hitesh received his B.S. in pharmacy from University of Gujarat, M.S. in pharmaceutical chemistry from Bombay University and his Ph.D. in medicinal chemistry from University of Illinois at Chicago.
		Paul Kleinaitis, CFA Senior Portfolio Manager, Structured Equity paul.kleinaitis@pnc.com Industry Experience: 24 years B.S., Northwestern University M.S., Northwestern University
	Paul is a senior portfolio manager for the Structured Equity team. He formerly served as team leader for small cap strategies and portfolio manager at Harris Investment Management for a small-cap opportunity fund, a small-cap aggressive growth fund, a small-cap value fund and separate accounts managed in these same styles. He has over 20 years of portfolio management and investment research experience. Paul, who joined the firm or its predecessor in 2005, received his B.S. in mechanical engineering from Northwestern University and his Master of Finance from the J.J. Kellogg Graduate School of Management at Northwestern. He is a CFA charterholder.
		Chen Chen, Ph.D. Senior Analyst, Structured Equity chen.chen@pnc.com Industry Experience: 6 years B.S., Nanjing University M.S., Fudan University Ph.D., University of Illinois, Chicago
	Chen is a senior analyst on the Structured Equity team in Chicago. Prior to joining the firm or its predecessor in 2005, Chen was a research assistant with the Department of Information and Decision Sciences of the University of Illinois at Chicago. At Chicago, her work included microstructure market model estimation utilizing Sequential Monte Carlo method and index portfolio construction with statistically smoothed capitalization weights. Chen holds a B.S. in mathematics from Nanjing University, an M.S. in econometrics from Fudan University, and a Ph.D. in business statistics from the University of Illinois in Chicago.
		Jonathan J. Toerber Jr. Quantitative Systems Analyst jonathan.toerber@pnc.com Industry Experience: 27 years B.S., Northeastern Illinois University
	Jonathan is a quantitative systems analyst and member of the Structured Equity team in Chicago. Prior to joining the firm or its predecessor in 2005, he was a senior systems consultant with Harris Bank and Harris Investment Management, Inc. For more than 20 years, Jonathan has developed custom software solutions for Equity, Fixed Income, Foreign Exchange and Foreign Exchange Options trading desks, as well as software for middle and back office functions. At Harris Investment Management, he was also responsible for developing software applications and day-to-day support of all research and investment systems. Jonathan has a B.S. in computer science from Northeastern Illinois University.
		Rebecca L. Berridge Equity Securities Trader rebecca.berridge@pnc.com Industry Experience: 14 years B.S., Kent State University M.B.A., Cleveland State University
	Becky is an equity trader responsible for supporting the structured small cap and fundamental small cap teams. She joined the firm or its predecessor in 1999. Before becoming an equity trader, she was a member of the money market team, trading for all of the firm funds. Previously, she was an account manager with Gratry and Company where she traded, reported performance and handled administration for a group of investment clients. Becky holds a B.S. from Kent State University, an M.B.A. from Cleveland State University, and is a member of the Cleveland Security Traders Association.
International Team
		Martin C. Schulz, J.D. Managing Director, International Equity martin.schulz@pnc.com Industry Experience: 17 years B.A., Cornell M.B.A., George Washington University J.D., George Washington University
	Martin is a member of the Leadership Team and managing director of the International Equity team. Martin has previous investment experience, including positions in equity research and portfolio management. Prior to joining the firm or its predecessor in 1998, he was a portfolio manager with National City Corporation. Martin received a B.A. in international relations from Cornell University, graduating magna cum laude, and an M.B.A. in international business and a J.D. from George Washington University. Martin is fluent in German and French.
		Calvin Y. Zhang Senior Analyst/Portfolio Manager, International Equity calvin.zhang@pnc.com Industry Experience: 7 years B.A., South China University of Technology M.B.A., University of Rochester
	Calvin is a senior analyst/portfolio manager with responsibilities for research and analysis on Asian growth-oriented securities. Prior to joining the firm or its predecessor in 2008, he was an analyst and portfolio manager with Driehaus Capital Management, where he covered China, Taiwan, and Korea and helped manage its International Select Portfolio Fund. Previously, he served as an advisory client representative for IBM and as a diplomat in the Foreign Affairs Office of Guangdong, China. Calvin holds a B.A. in English and computer science from the South China University of Technology and an M.B.A. from the University of Rochester.
		Scott Camp Analyst/Trader, International Equity william.camp@pnc.com Industry Experience: 9 years B.A., Brown University M.B.A., Case Western Reserve University
	Scott is an equity analyst providing research coverage on companies in the United Kingdom and is the dedicated trader for the International Growth team. Scott transitioned to equity analysis in 2010 and has been the equity trader for the International Growth equity investment team since joining the firm or its predecessor in 2007. He was previously a NASDAQ market maker/trader with KeyBanc Capital Markets. Prior to that, he was a proprietary floor trader at the Chicago Board of Trade, trading Treasury futures. Scott holds a B.A. from Brown University and an M.B.A. from Case Western Reserve University.
		Bernard R. Horn Jr. President and Chief Investment Officer, Polaris Capital Management Industry Experience: 32 years B.S., Northeastern University M.S., Massachusetts Institute of Technology
	Bernie is Founder, President and Chief Investment Officer of Polaris Capital Management, LLC, a Boston-based global and international value equity firm that manages the value portion of Allegiant’s International Equity Fund. He sets strategy, generates investment ideas and has final decision-making authority over security selection. His career includes MDT Advisers, Inc., where he managed a $40 million ERISA portfolio component; Freedom Capital Management Corporation, where he was vice president and portfolio manager and where he continues to subadvise the Freedom International Fund; and Horn & Company, which he founded as an investment counseling firm for individuals, trusts and tax qualified accounts and where he established the Global Value Limited and the Thrift Investors Limited partnerships. Bernie holds a B.S. in Business Administration from Northeastern University, an M.S. in Management from the Alfred P. Sloan School of Management at M.I.T. and is a member of the Bank Analysts Association of Boston.
		Sumanta Biswas, CFA Vice President and Assistant Portfolio Manager, Polaris Capital Management Industry Experience: 16 years B.S., North Bengal University M.S., Boston College M.B.A., Calcutta University
	Sumanta is Vice President and Assistant Portfolio Manager at Polaris Capital Management, LLC. He conducts research and fundamental and quantitative analysis of potential investment opportunities. He also manages the Polaris Global Valuation Model, on an ongoing basis. His prior professional experience includes equity research at Delta Partners of Boston and a four-year tenure as an officer on the Securities and Exchange Board of India. Sumanta earned a B.S. degree from North Bengal University, holds a diploma in Business Finance from the Institute of Chartered Financial Analysts of India, as well as an M.S. in Finance from Boston College and an M.B.A. from Calcutta University.
		Andry Sutanto Analyst, Polaris Capital Management, LLC Industry Experience: 7 years B.A., Boston University M.S., Northeastern University M.B.A., Northeastern University
	Andry joined Polaris Capital Management in January 2005. His responsibilities include quantitative research and building efficiencies into the proprietary investment technology, which is an integral part of the firm’s investment process. Andry served most recently as a research and teaching assistant for the finance and MIS departments of Northeastern University. He previously was a computer engineer with the Cambridge Research Group. Andry holds a B.A. from Boston University and earned the dual degrees of M.S. in Finance and M.B.A. from Northeastern University.
		Richard V. Howe Account Manager and Analyst, Polaris Capital Management, LLC Industry Experience: 39 years B.A., University of Virginia M.B.A., University of Pennsylvania
	Richard is an Account Manager and Analyst for Polaris Capital Management, LLC, with responsibility for client relations, equity research and portfolio management assistance. He has extensive industry experience, including more than 20 years as a value-oriented equity portfolio manager. He began his career with First National Bank of Chicago, as a vice president in the Institutional Investment Management Group, moved to Constitution Capital Management as a managing director of the value equity group, then became Chief Investment Officer at Tucker Anthony Management (TAMCO). When TAMCO was renamed Freedom Capital Management, he became the principal portfolio manager for value equity fund management. Richard holds a B.A. in economics from the University of Virginia and an M.B.A. from the Wharton School of Business at the University of Pennsylvania. He teaches at the Carroll Graduate School of Business at Boston College and is a member of the Boston Society of Security Analysts.
		Bin Xiao Analyst, Polaris Capital Management, LLC Industry Experience: 5 years B.S., Beijing Institute of Technology M.S., Rochester Institute of Technology M.B.A., Massachusetts Institute of Technology
	Bin is an analyst, conducting quantitative and fundamental analysis of potential investment opportunities for Polaris Capital Management, LLC. He initially joined Polaris as an intern from 2004-2005, when he also served as an analyst for the firm. He previously held positions as a software engineer and project manager for PNC Financial Services Group, Vanguard Group and RIT Research Corporation. Bin holds a B.S. from the Beijing Institute of Technology, China, an M.S. in Computer Science from Rochester Institute of Technology and an M.B.A. from the Sloan School of Management at the Massachusetts Institute of Technology.
		Ralph Layman, CFA President & Chief Investment Officer – Public Equities, GE Asset Management Industry Experience: 32 years B.S., University of Wisconsin M.S., University of Wisconsin
	Ralph, president and CIO, is responsible for managing GE Asset Management International Equity operations. He joined GE in 1991 to develop GEAM’s International Equity philosophy and approach. He is a member of GEAM’s Asset Allocation Committee. Prior to joining GE, Ralph was the portfolio manager for Wausau Insurance Company’s Retirement Trust and a global portfolio manager for Templeton International. A CFA charterholder, he has served as a member of numerous professional and civic boards and committees. Ralph earned a B.S. in economics and an M.S. in finance from the University of Wisconsin.
		Brian Hopkinson, AIA Senior Vice President, Portfolio Manager, GE Asset Management Industry Experience: 33 years B.S., University of Leeds
	Brian is Senior Vice President with GE Asset Management Limited and Portfolio Manager for the International Equity portfolio. In addition, he is the research analyst for various sectors including Commercial Services & Supplies, Building Products, Construction & Engineering, and Transportation. He has 31 years of investment experience, 12 years in London and 19 years in the U.S. Before joining GE Asset Management, he worked for Fiduciary Trust Company International in both London and New York. Prior to Fiduciary Trust, he was an Analyst and Fund Manager with the Legal & General Group in London. He received a BSc (Honours) in Mathematics/Statistics from the University of Leeds and is an Associate of the Institute of Actuaries.
		Paul Nestro, CFA Senior Vice President, Portfolio Manager, GE Asset Management Industry Experience: 18 years B.A., Michigan State University
	Paul is a senior vice president and portfolio manager with GE Asset Management Incorporated for the International Equity, Europe Equity, and Metals and Mining portfolios. Paul also has research coverage for the Metals and Mining sector. Paul has a B.A. in finance from Michigan State University and holds the Chartered Financial Analyst designation.
		Jonathan Passmore Senior Vice President, Portfolio Manager, GE Asset Management Industry Experience: 36 years
	Jonathan is a senior vice president and portfolio manager for the International Equity portfolio. He joined GE Asset Management in 2001 and has worked in the investment industry for over 30 years. Prior to joining GEAM, Jonathan was a director of international equity at Merrill Lynch & Co. in New York, and previously was a director at Creditanstalt International Advisors, a Central European investment advisor. Jonathan was educated in England.
		Michael Solecki, CFA Co-Chief Investment Officer & Portfolio Manager, GE Asset Management Industry Experience: 24 years B.S., Western New England College M.B.A., Fordham University
	Michael is co-CIO for International Equities at GE Asset Management and a portfolio manager for the International Equity and Europe Equity portfolios. He also shares research responsibilities for commercial banks. He joined GE Asset Management in 1991 after completing GE's Financial Management Program. While at GEAM, Michael has held a series of portfolio management and analyst roles in London and Stamford. Prior to GE, he worked for Monarch Capital Corporation as a financial analyst. Michael has a B.S. in finance from Western New England College and an M.B.A. from Fordham University. He is a holder of the Chartered Financial Analyst designation.
Fixed Income Teams
Fixed Income
		Andrew D. Harding Managing Director, Chief Investment Officer/Fixed Income andrew.harding@pnc.com Industry Experience: 31 years B.S.E., Princeton University M.B.A., Baldwin-Wallace College
	Andy is the chief investment officer for Fixed Income, chair of the Investment Committee and a managing director of the firm. Andy leads the strategy and performance for all of the taxable fixed income investments and also serves as the Fixed Income team’s mortgage security specialist, bringing more than 25 years of experience in research and fixed income to the firm. Prior to joining the firm or its predecessor in 2000, he was senior vice president of McDonald Investments Mortgage-Backed Securities Trading. Andy holds a B.S. in civil engineering from Princeton University and an M.B.A. from Baldwin-Wallace College.
		Patrick J. Azouri, CFA Portfolio Manager patrick.azouri@pnc.com Industry Experience: 12 years B.S., University of Pittsburgh M.B.A., Carnegie Mellon University
	Pat joined the Fixed Income team in 2005. He was most recently with the parent company of the firm or its predecessor, first as a retail bank deposits analyst, then as a corporate finance department analyst. Before that, he spent three years in institutional client services at Federated Investors. Pat holds a B.S. from the University of Pittsburgh and an M.B.A. from Carnegie Mellon University. He also is a CFA charterholder.
		Jeffrey Bryant Analyst jeffrey.bryant@pnc.com Industry Experience: 6 years B.S., Loyola University - Maryland M.B.A., Loyola University - Maryland
	Jeff is an analyst for the Taxable Fixed Income investment team, specializing in corporate bonds. He provides security analysis and idea generation to the portfolio management process. Prior to joining the firm or its predecessor in 2005, he held positions at Deutsche Bank and Lockheed Martin. Jeff is a summa cum laude and Beta Gamma Sigma graduate of Loyola University - Maryland, where he received his bachelor's and master's degrees in business administration with a concentration in finance. He is a Level II CFA candidate.
		Cynthia D. Cole Senior Portfolio Manager cynthia.cole@pnc.com Industry Experience: 27 years B.S., Tri-State University M.B.A., Xavier University
	Cindy is a senior member of the Fixed Income team with responsibility for custom strategies and liability-driven investing. She has over 25 years of investment experience including positions in insurance company portfolio management, research, and portfolio strategy. Prior to joining the firm or its predecessor in 1999, she was the corporate bond portfolio manager for Ohio Casualty Group. Cindy received a B.S. from Tri-State University and an M.B.A. from Xavier University.
		Timothy D. Compan, Jr., CFA Senior Portfolio Manager timothy.companjr@pnc.com Industry Experience: 12 years B.S., Case Western Reserve University M.B.A., University of Chicago
	Tim is the lead portfolio manager for the Core and Core Plus fixed income products, as well as co-lead of Credit Research team. His responsibilities include integrating investment-grade and high yield resources and implementing credit portfolio strategies. He was an investment-grade bond trader for Goldman Sachs Asset Management prior to joining the firm or its predecessor in 2003. A CFA charterholder, Tim possesses a B.S. from Case Western Reserve University and an M.B.A. from the University of Chicago.
		Donna Ennis Senior Structured Credit Analyst/Mortgage Strategist donna.ennis@pnc.com Industry Experience: 22 years B.S., University of Pittsburgh M.B.A., Tulane University
	Donna is the co-leader for all structured product research. She is a senior structured credit analyst focusing on MBS, CMBS and ABS securities. Prior to joining the firm or its predecessor in 2007, Donna was a structured finance portfolio manager/analyst at Sequity Capital, Mutual of Omaha and T. Rowe Price Associates. Donna was responsible for the research, analysis and portfolio management of the structured finance investments, and the credit analysis of issuers and servicers. She was a member of the committees which reviewed potential fixed income investments. Donna received her bachelor’s degree from the University of Pittsburgh and her M.B.A. from Tulane University’s Freeman School of Business. She is a member of the CFA Institute.
		Keith L. Erwin Portfolio Manager keith.erwin@pnc.com Industry Experience: 15 years B.A., Alma College M.A., Western Michigan University
	Keith is a co-portfolio manager of custom portfolios with the Fixed Income team. He has previously held positions in commercial credit and fixed income research. Prior to joining the firm or its predecessor, he was a credit analyst with First of America Bank. Keith received a B.A. from Alma College and an M.A. from Western Michigan University.
		Melvin P. Fernandes Analyst melvin.fernandes@pnc.com Industry Experience: 13 years B.S., Cleveland State University M.B.A., John Carroll University
	Mel is a member of the Fixed Income team with responsibility for custom fixed income strategies. His previous investment experience includes positions in fixed income security analysis. Prior to joining the firm or its predecessor in 2001, he was a derivatives securities analyst with National City Corporation. Mel received his bachelor's degree from Cleveland State University and an M.B.A. from John Carroll University.
		John Graziani, CFA Risk Management Analyst john.graziani@pnc.com Industry Experience: 5 years B.B.A., University of Notre Dame M.B.A., University of Chicago
	John is a risk management analyst working with the portfolio management teams on portfolio structure and optimization. He joined the firm or its predecessor in 2006 and has served as a senior analyst managing corporate merger and divestiture transactions for various business units at PNC Financial Services Group. His professional experience also includes positions as an equity research analyst at Spin-Off Advisors and a senior auditor at Ernst & Young. John graduated magna cum laude with a B.B.A. in accounting from the University of Notre Dame and earned an M.B.A. in finance, economics and strategy from the University of Chicago Booth School of Business. He is a CFA charterholder.
		Kelly Guerrier, CFA Risk Management Analyst Industry Experience: 8 years B.S.B.A., University of Pittsburgh M.B.A., Washington University
	Kelly, a risk management analyst, works with the portfolio management team on portfolio structure and optimization. He joined the firm in 2010 after spending a year as an analyst of PNC’s distressed consumer mortgage portfolios. His prior industry experience includes roles as a portfolio assistant at Brown Brothers Harriman and a research analyst at Interactive Data Corp. Kelly received his B.S.B.A from the University of Pittsburgh and M.B.A from Washington University. He is a Chartered Financial Analyst charterholder.
		Adam Hynes Analyst/Fixed Income Trader adam.hynes@pnc.com Industry Experience: 8 years B.S., McDaniel College M.S., Loyola College
	Adam is a credit research analyst and credit securities trader. Adam identifies technical and relative value opportunities in order to make trade recommendations to term portfolio managers. He also works with business development and client service staff as a product and sector specialist to provide commentary and analysis to potential and existing clients. Prior to joining the firm or it predecessor in 2004, Adam was a portfolio and securities analyst focusing on collateralized debt obligations (CDOs) at Wells Fargo Bank, N.A. Adam received his bachelor’s degree in economics and business administration from McDaniel College (formerly Western Maryland College) and Master of Science in finance from Loyola College in Maryland.
		Joshua Kakel Portfolio Manager joshua.kakel@pnc.com Industry Experience: 12 years B.S., West Virginia University M.B.A., Loyola College
	Josh is co-portfolio manager for custom strategies and is a member of the fixed income senior strategy team. Prior to joining the firm or its predecessor in 1999, he was an intern with Deutsche Bank Alex. Brown. Josh received his bachelor’s degree in finance from West Virginia University and his M.B.A. from Loyola College in Maryland. He holds NASD license Series 65.
		Kenneth F. Karwowski, CFA Portfolio Manager ken.karwowski@pnc.com Industry Experience: 25 years B.S., Indiana University
	Ken is a member of the Fixed Income team with responsibility as a high-yield sector specialist and portfolio manager. Before joining the firm or its predecessor in 2006, Ken served as a senior credit analyst covering several industries in both high-yield and investment-grade areas for Henderson Global Investors in Chicago. Prior to Henderson, he worked at Scudder Kemper Investments/Deutsche Bank in Chicago, where he participated in high-profile, high-yield transactions. Ken is a CFA charterholder and a member of the Investment Analysts Society of Chicago. Ken earned his bachelor’s degree in finance from Indiana University.
		Mark A. Lozina, CFA Senior Portfolio Manager mark.lozina@pnc.com Industry Experience: 16 years B.S., State University of New York at Geneseo M.B.A., University of Rochester
	Mark is lead portfolio manager for the actively managed short duration portfolios. He is co-leader for all structured product research, such as mortgage-backed and asset-backed securities. Prior to joining the firm or its predecessor in 2002, he was with National City Corporation's Equity Sponsor Group, involved with senior debt lending for equity buy-outs. A CFA charterholder, Mark received a B.S. from the State University of New York at Geneseo and an M.B.A. from the University of Rochester.
		Richard P. Mears, CFA Analyst richard.mearsjr@pnc.com Industry Experience: 14 years B.S., Miami University M.B.A., Case Western Reserve University
	Rich is a member of the Fixed Income team with responsibility for fixed income security credit analysis. He joined firm or its predecessor in 2004, after spending five years as a financial analyst with National City Corporation’s Institutional Asset Management division and over two years with Retirement Plan Services. Rich holds a B.S. from Miami University and an M.B.A. from Case Western Reserve University and is a CFA charterholder.
		Kelley Peel Portfolio Manager kelley.peel@pnc.com Industry Experience: 13 years B.S., Salisbury University M.B.A., Loyola University - Maryland
	Kelley is a portfolio manager focused primarily on the money markets. She manages money market funds as well as multiple short-term investment funds. Prior to joining the firm or its predecessor in 2000, Kelley was a portfolio service associate with Legg Mason Wood Walker, Inc. She received her bachelor’s degree in finance and economics from Salisbury University and her M.B.A. in finance from Loyola University - Maryland. Kelley is a Level II CFA candidate.
		Sean T. Rhoderick, CFA Senior Portfolio Manager sean.rhoderick@pnc.com Industry Experience: 17 years B.S., James Madison University
	Sean is co-lead of the Credit Research team and is a portfolio manager for intermediate fixed income portfolios. Prior to joining PNC in 2004, Sean spent six years at Freddie Mac in credit research and four years as a bank credit analyst at the rating agency LACE Financial Corporation. Sean is a cum laude graduate of James Madison University with a bachelor's degree in business administration, and he holds the Chartered Financial Analyst designation. He is an active member of AIMR and the CFA Society of Washington, DC.
		Joseph D. Robison Senior Analyst joseph.robison@pnc.com Industry Experience: 23 years B.S., Hillsdale College M.B.A., University of Notre Dame
	Joe is a senior analyst on the Fixed Income team, supporting all credit analysis efforts. Joe has many years of credit experience, having held positions in credit analysis, structured finance, and strategic analysis. Prior to joining the firm or its predecessor in 2000, he was senior vice president in National City’s Structured Finance Group. Joe received a B.S. degree from Hillsdale College and an M.B.A. from the University of Notre Dame.
		Lijun Shi, Ph.D., CFA Analyst lijun.shi@pnc.com Industry Experience: 6 years B.S., Nankai University M.S., Institute of Modern Physics Ph.D., Michigan State University
	Lijun joined the firm or its predecessor in 2005 as a risk management analyst. Lijun’s doctorate and post doctorate work, which utilized Monte Carlo simulation skills and model building skills, augment his current responsibilities for risk modeling and simulation, in support of portfolio risk management. Previously, he spent two years in post doctoral work in theoretical physics at McGill University, Montreal, Canada. Lijun holds a B.S. degree from Nankai University, Tianjin, China, a master’s degree in physics from the Institute of Modern Physics, Lanzhou, China, and a Ph.D in physics from Michigan State University. He is a CFA charterholder.
		Michael Shires Portfolio Analyst michael.shires@pnc.com Industry Experience: 6 years B.S., Salisbury University
	Mike is a portfolio analyst, who joined the fixed income team in 2010. He works with the portfolio management teams on portfolio structure and optimization as well as fixed income market research. Prior to joining the team, he spent nearly three years as a risk management and performance analyst for the PNC Alternative Investment Funds. He began his professional career in 2005 as an investment portfolio analyst and then an interest rate risk analyst with Mercantile Bankshares Corp. Mike received a B.S. degree in finance from Salisbury University.
		Richard J. Stevenson Portfolio Manager rick.stevenson@pnc.com Industry Experience: 16 years B.A., Baldwin-Wallace College M.B.A., Baldwin-Wallace College
	Rick is the lead portfolio manager for the firm’s money market funds. Prior to joining the firm or its predecessor in 2002, he was with Productive Portfolios, Inc. where he focused on short duration/liquidity portfolio management for Ohio public sector clients. Additionally, he has two years experience as a corporate lending representative with Fifth Third Bank in Cleveland. Rick joined the firm or its predecessor in 2002 and holds both a B.A. and an M.B.A. from Baldwin-Wallace College.
		Jason Weber Analyst/Fixed Income Trader jason.weber@pnc.com Industry Experience: 5 years B.A., Dartmouth College M.S., Loyola College
	Jason specializes in trading structured securities and structured products research, specifically residential and commercial mortgage-backed securities. He also follows the TIPS market and supports the fixed income team by monitoring portfolio compliance and assets under management. Jason joined PNC in 2004 in the Treasury division before moving to the firm or its predecessor in 2007. Jason graduated with a B.A. in economics from Dartmouth College. He received his Masters of Science in finance from Loyola College.
Municipal Fixed Income
		Adam Mackey Managing Director, Head of Municipal Fixed Income adam.mackey@pnc.com Industry Experience: 15 years B.S.B.A., Kutztown University M.B.A., St. Joseph's University
	Adam is head of Municipal Fixed Income, a member of the Management Committee, and a senior portfolio manager. In his role as a managing director, he supervises credit and quantitative research, portfolio management and trading, and municipal client relations. Adam is responsible for establishing the municipal fixed income strategy for the firm, and, as a senior portfolio manager, he oversees trading and strategy implementation in the municipal bond mutual funds, institutional municipal portfolios, and separately managed municipal accounts. Prior to joining the firm in 2001, he was a fixed income trader at the Vanguard Group where he focused on municipal bonds and derivatives. Adam holds his bachelor’s degree in business administration from Kutztown University and his master’s in finance from St. Joseph’s University. He is a member of various industry organizations, including the CFA Society of Philadelphia.
		Mark Stockwell Director, Municipal Credit Research mark.stockwell@pnc.com Industry Experience: 29 years B.S., Westmont College M.S., University of Southern California
	Mark is the director of credit research for the Municipal Fixed Income group. He also acts as a senior credit analyst, specializing in the analysis of credits in the airport, transportation, and toll-road sectors, and the tax-backed credits in California, the western U.S., and Puerto Rico. Prior to joining the firm in 2002, he worked at the Vanguard Group, where he was a principal and senior municipal bond analyst. Prior to that, Mark was a financial advisor with Evensen Dodge, Inc. and a consultant with Katz Hollis, working on special assessment and tax increment projects. Mark is an active member of the National Federation of Municipal Analysts and was the chairman in 2010. He earned his bachelor’s degree from Westmont College and has master’s degrees in public administration and planning from the University of Southern California.
		Michael Dorigan, Ph.D Director, Quantitative Analysis michael.dorigan@pnc.com Industry Experience: 20 years B.S., Luther College Ph.D, University of Missouri
	Mike is the director of quantitative research for the Municipal Fixed Income team, overseeing the group that provides the analytics, attribution, and performance for the municipal bond strategies and funds. Prior to joining the firm in 2007, he was a visiting assistant professor of finance at the University of Missouri, where he was the recipient of the John A. Riggs, Jr. Excellence in M.B.A. Teaching Award. Previously, Mike was a senior associate with Andrew Kalotay Associates, Inc and president of Jane Street Advisors. He also had oversight of the master’s degree in financial engineering at Polytechnic University and was an assistant professor in the Graduate School of Business at St. John’s University. His work has been published in numerous industry and professional publications including, “The Handbook of Municipal Bonds.” Mike earned bachelor’s degree in economics and business management from Luther College and holds a doctorate in finance from the University of Missouri.
		Kevin Barger Quantitative Analyst kevin.barger@pnc.com Industry Experience: 12 years B.S., Franklin & Marshall College
	Kevin is a quantitative analyst who joined the Municipal Fixed Income team in 2006. He specializes in risk management and performance attribution, and he provides the analytics necessary to support portfolio strategy and trading. Previously, Kevin worked as a fixed income risk and strategy analyst with the Vanguard Group. He earned his bachelor’s degree in economics from Franklin & Marshall College.
		William Bonawitz, CFA Senior Municipal Analyst william.bonawitz@pnc.com Industry Experience: 9 years B.S., Drexel University
	Bill is a senior municipal bond analyst who has been with the Municipal Fixed Income team since 2003. He specializes in the analysis of credits in the water/sewer, higher education, and asset-backed sectors and tax-backed credits in the Midwest and New York. Previously, Bill was a research associate in the fixed income division of the Vanguard Group. Bill holds bachelor’s degrees in finance and economics from Drexel University, and he is a CFA charterholder.
		Brian Brennan Credit Associate brian.brennan@pnc.com Industry Experience: 3 years BS, College of Charleston
	Brian is a credit associate with the Municipal Fixed Income team. He researches and reviews sources of payment and financials for municipal issuers and obligors, and provides analysis of trends in the economy. Brian, who began his career at the firm in 2008, holds a bachelor’s degree in economics from the College of Charleston.
		William Davis Quantitative Analyst william.davis@pnc.com Industry Experience: 3 years B.S., Pennsylvania State University
	Bill is a quantitative analyst in the Municipal Fixed Income team and is responsible for providing data analytics and information support to the municipal portfolio management and municipal credit research teams. He joined the firm in 2008 from Comcast Cable, where he was a research analyst for operations, finance and engineering. Prior to his tenure with Comcast, he was a business analyst with PNC Financial Services Group. Bill holds a bachelor’s degree from Penn State University.
		Robert Hartle Trading Desk Associate robert.hartle@pnc.com Industry Experience: 5 years B.S., Duquesne University
	Bob, a trading desk associate with the Municipal Fixed Income team, is primarily responsible for cash management in the accounts and mutual funds and trade implementation in the municipal quality income strategy. Prior to joining the firm in 2008, he was a financial coordinator at Czarnowski Exhibit Services in Pittsburgh. Bob holds a bachelor’s degree in business administration from Duquesne University.
		Robert Howells Portfolio Manager robert.howells@pnc.com Industry Experience: 8 years B.S.B.A., Drexel University
	Rob is a municipal fixed income portfolio manager who has been with the firm since 2003. He is responsible for trading and strategy implementation on the municipal total return strategies and the municipal quality income strategies. Rob was previously with SEI Investments Company, where he was a member of the client portfolio administration group. Rob earned his bachelor’s degree in finance from Drexel University and his master’s degree in finance from St. Joseph’s University.
		Lisa Kreiling, Ph.D, CFA Senior Municipal Analyst lisa.kreiling@pnc.com Industry Experience: 20 years B.A., Spelman College Ph.D., University of Cambridge (England)
	Lisa is a senior municipal bond analyst responsible for the analysis of credits in the nonprofit healthcare sector and tax-backed issuers in the South and New Jersey. Prior to joining the Municipal Fixed Income group in 2004, she was a senior economist at Economy.com. Lisa has experience structuring general obligation and appropriation deals from her prior role as an analyst in Merrill Lynch’s Public Finance Group. She earned her bachelor’s degree in economics from Spelman College and her doctorate in economics from the University of Cambridge in England. Lisa is a CFA charterholder.
		Kevin Lynch Senior Municipal Analyst kevni.lynch@pnc.com Industry Experience: 21 years B.S., Rochester Institute of Technology M.S., Rensselaer Polytechnic Institute
	Kevin joined the Municipal Fixed Income group as a senior municipal bond analyst in 2010. He provides credit analysis and expertise on issuers in the public power, industrial development, and housing sectors and analysis on the tax-backed issuers in the Northeast region. Previously, Kevin was the head of municipal research at Bank One Capital Markets and a senior research analyst in Bank One’s Investment Management Group. He also has held analyst roles with Municipal Bond Investor Assurance and Standard & Poor’s Corporation. Kevin received his bachelor’s degree in public policy from Rochester Institute of Technology and his master’s degrees in urban planning and environmental studies from Rensselaer Polytechnic Institute.
		Tricia Vincent Trading Desk Associate tricia.vincent@pnc.com Industry Experience: 2 years B.S., Virginia Tech University
	Tricia is a Municipal Fixed Income trading desk associate who helps to coordinate and execute trades and portfolio strategy. Tricia spent two years as an analyst with PNC before joining the municipal group in 2011. Prior to that, she worked as a medical program financial analyst with Merck & Co. Tricia received her bachelor’s degree in finance from Virginia Tech University.

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PNC Capital Advisors, LLC, a subsidiary of The PNC Financial Services Group Inc., serves as investment adviser and co-administrator to PNC Funds and receives fees for its services. Shares of PNC Funds are distributed by Professional Funds Distributor, LLC (PFD), 760 Moore Road, King of Prussia, PA 19406. PFD is not affiliated with PNC and is not a bank.

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