Management Team

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 (CFA) designation and he is Chartered Market Technician (CMT). 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 is Co-Portfolio Manager of the Advantage Equity team and provides research coverage on the Pharmaceutical, Biotechnology, Medical Device, and Health Care Services industries. Prior to joining the firm or its predecessor in June 1998, Ruairi worked with PNC Bank’s affiliate, PFPC, at the company’s international offices in Dublin, Ireland. He holds the Chartered Financial Analyst (CFA) 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 Masters Degree in Business Administration from St. Joseph’s University in Philadelphia.

Mark is a 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 February 2003, Mark served with The Pennsylvania Trust Company, Penn Mutual Life Insurance, Ryan, Beck & Co. and CoreStates Investment Advisors. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and the CFA Society of Philadelphia. He received a Bachelor of Science degree in Business Administration from Drexel University in Philadelphia and a M.S. in Finance from Drexel University.

Steve is an Equity Analyst providing research coverage on companies within the Retail, Automotive, and Leisure Products industries within the Consumer Discretionary Sector as well as the Materials Sector. Prior to joining the firm or its predecessor in September 2006, Steve worked with Parker/Hunter Inc. and Prudential Financial. He received his Masters in Business Administration 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.

Paul is an Equity Analyst providing research coverage on companies within the Energy and Utilities Sectors. Prior to joining the firm or its predecessor in June 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 a Masters in Business Administration and his Bachelors of Arts degree from Loyola College in Baltimore.

Bill is an Equity Analyst providing research coverage on companies within the Information Technology Sector. Prior to joining the firm in August 1984, Bill worked with Fidelity Bank and with a private consulting firm in Radnor, Pennsylvania. He holds the Chartered Financial Analyst (CFA) designation, and he is a member of the CFA Society of Philadelphia and the Philadelphia Securities Association. Bill has a Bachelor of Science degree in business administration and a Master of Business Administration degree from the University of Delaware.

Joe is an Equity Analyst 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 September 1988. Joe holds the Chartered Financial Analyst (CFA) designation. He earned his Bachelor of Science in Business Administration with concentrations in Finance and Marketing from Drexel University in 1978.

Mike is an Equity Analyst providing research coverage on companies within the Industrial, Managed Care, Restaurant, and Tobacco industries. Prior to joining the firm or its predecessor in July 2006, Mike worked with Weik Investments, Cypress Capital Management, LLC, the Philadelphia Investment Management Group and Koch Industries. He received his Bachelors of Arts degree from Temple University and his Masters Degree in Business Administration from La Salle University in Philadelphia where he majored in Finance.

Andrew joined the firm or its predecessor in 2005 as Portfolio Manager on the Large Cap Value team. Previously, he held the position of Associate Partner/Portfolio Manager for Invesco’s Large Cap Core institutional product which totaled over $10 billion in assets. While at Invesco, Andrew served as a generalist, but focused primarily on value oriented securities. He has also held roles as an Equity Research Analyst with Credit Suisse and as a Vice President and Senior Equity Research Analyst at Morgan Keegan & Company. Andrew holds a BA from Rhodes College, an MBA from the University of Memphis and the Chartered Financial Analyst designation.

Ed is a portfolio manager and member of the Large Cap Value team. He was formerly 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 BA from Miami University and an MBA from Case Western Reserve University.

Peter is an Analyst with the Large Cap Value equity team. His sector responsibilities include Energy, Producer Durables and Materials. Before joining the Large Cap Value team, Peter worked as an analyst conducting fundamental equity research in the Industrial and Energy sectors for the prior firm's Large Cap Value and Core strategies. Peter holds a B.S. in finance, economics and accounting from Boston College. He successfully completed Level III of the CFA program in June 2009.

Jeff is an Analyst with the Large Cap Value equity team. His responsibilities include general research, portfolio rebalancing, trade execution and cash management, as well as ensuring that all separately managed accounts are in compliance with investment restrictions. Before joining the equity team, Jeff worked in client service, where he spent five years as an analyst performing attribution and investment analytics, and interfacing with clients and consultants. Jeff holds a B.B.A. in finance from Kent State University and an M.B.A. from Cleveland State University.

Steve is an Analyst with the Large Cap Value equity team. His sector responsibilities include Consumer Discretionary, Consumer Staples, Healthcare, and Technology. Before joining the Large Cap Value team, Steve worked as an analyst conducting fundamental equity research for the prior firm's Large Cap Value and Core strategies. Steve holds a B.S. in finance and business management from the University of Maryland.

Scott is an Equity Trader who supports the Large Cap Value and International Equity investment teams. Before joining the firm or its predecessor, he was a NASDAQ market maker/trader with KeyBanc Capital Markets. Previously, he was a proprietary floor trader at the Chicago Board of Trade, trading treasury futures. Scott holds a B.A. from Brown University.

Michael has leadership responsibility for the Mid Cap Value and Focused Equity team. Michael has previous investment experience that includes positions in research and portfolio management. Prior to joining the firm or its predecessor, he was with Donaldson, Lufkin, and Jenrette’s mortgage research department. Michael has previously served 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 BS degree from George Washington University and an MBA from the University of Chicago.

Paul is a Senior Analyst on the Mid Cap Value and Focused Equity team, conducting research and analysis on value-oriented securities with lead sector responsibility for Staples, Industrials, Banks and REITs. Before joining the firm or its predecessor, he was a co-portfolio manager for the Michigan Department of Treasury, managing $2.5 billion in 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.

Alex is a member of the equity management team with responsibility for the Mid Cap Value and Focused Equity styles. He has extensive investment experience, including managing the firm's 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 BS degree from George Mason University and an MBA from the University of Michigan.

Becky is an Equity Trader responsible for supporting the Mid Cap Value & Focused Equity and Large Cap Core & Growth teams. Before becoming an equity trader, she was a member of the money market team, trading for the mutual 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.

Gordon leads the Small Cap Core investment team. He started the Small Cap Core product in 1994 and has provided overall investment direction and management to the same investment team since inception. Prior to joining the firm or its predecessor, he was President and Chief Investment Officer of Allegiant Investment Counselors, Inc. (AIC), 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.

Jed is an Analyst for the Small Cap Core 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 is a Portfolio Manager on the Small Cap Core team where he specializes in managing the team’s equity research process. Consistent with the generalist approach, he serves in the capacity of analyst and portfolio manager. He has been with the core team since its founding in 1994. James holds a BSBA with specialization in Finance from Southern Illinois University and a Masters of Finance degree from St. Louis University.

Peter is a Senior Analyst for the Small Cap Core team. He provides security analysis and idea generation to the portfolio management process. He joined the team in 2003 and has previously held positions with Allegiant Bancorp, Banc of America Securities, LLC and Nuveen Investments. Peter holds a BA in English from the University of Dayton and an MBA from Washington University’s Olin School of Business.

Lisa is a Senior Analyst for the Small Cap Core team that has been together since 1994. As a Senior Analyst, her responsibilities include security analysis and idea generation within the portfolio management process. Lisa holds a BS degree in Finance and Management from Southern Illinois University.

Aneet is the Senior Equity Trader. He supports the Small Cap Core and Structured Equity investment teams by executing trades, including equities, options, currency and futures. He also sits on various internal committees, such as Soft Dollar, Fair Value and Risk Management. He joined the firm or its predecessor 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 member of the CFA Institute and the CFA Society of Cleveland.

Hitesh is a member of the Leadership Team and directs the Structured Equity team which focuses on Small Cap Core and Small Cap Growth strategies. He also manages the firm's equity trading desk. He previously served as Director of Quantitative Research at Harris Investment Management and has over 20 years of quantitative research and portfolio management experience. Hitesh received his BS in Pharmacy from University of Gujarat, MS in Pharmaceutical Chemistry from Bombay University and his PhD in Medicinal Chemistry from University of Illinois at Chicago.

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 received his BS in Mechanical Engineering from Northwestern University, his Master of Finance from the J.J. Kellogg Graduate School of Management at Northwestern and is a CFA charterholder.

Chen is a Senior Analyst on the Structured Equity team in Chicago. Prior to joining the firm or its predecessor, 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 BS in Mathematics from Nanjing University, an MS in Econometrics from Fudan University, and a Ph.D in Business Statistics from the University of Illinois in Chicago.

Jonathan is a Quantitative Systems Analyst and member of the Structured Equity team in Chicago. Prior to joining the firm or its predecessor, Jonathan 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 BS in Computer Science from Northeastern Illinois University.

Aneet is the Senior Equity Trader. He supports the Small Cap Core and Structured Equity investment teams by executing trades, including equities, options, currency and futures. He also sits on various internal committees, such as Soft Dollar, Fair Value and Risk Management. He joined the firm or its predecessor 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 member of the CFA Institute and the CFA Society of Cleveland.

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, he was a portfolio manager with National City Corporation. Martin received a BA in international relations from Cornell University, Magna cum Laude, and an MBA in international business and a J.D. from George Washington University. Martin speaks fluent German and French.

Calvin is a Senior Analyst/Portfolio Manager on the International Equity Team. His responsibilities include research and analysis on non-U.S., growth-oriented securities. He has extensive knowledge of both the Asian and information technology markets and has experience in nonprofit and institutional portfolio management. Previously, he was an analyst and portfolio manager with Driehaus Capital Management where he covered China, Taiwan and Korea and helped manage their 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. While in graduate school, he was an analyst with the University of Rochester’s endowment fund. Calvin holds a B.A. degree in English and Computer Science from the South China University of Technology and an M.B.A. from the University of Rochester.

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 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 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 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 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.

Scott is an Equity Trader who supports the Large Cap Value and International Equity investment teams. Before joining the firm or its predecessor, he was a NASDAQ market maker/trader with KeyBanc Capital Markets. Previously, he was a proprietary floor trader at the Chicago Board of Trade, trading treasury futures. Scott holds a B.A. from Brown University.

Ralph, an industry veteran with 30 years of experience, is responsible for managing GE Asset Management International Equity operations. Ralph is a Trustee for the U.S. GE Pension Trust and a member of GEAM’s Asset Allocation Committee, which he chaired in 2003 and 2004. He also serves on the boards of the Elfun Funds, GE’s Savings & Securities Trusts and GEAM’s London office. Ralph joined GE in 1991 to develop GEAM’s International Equity philosophy and approach. Prior to joining GE, Ralph was the portfolio Manager for Wausau Insurance Company’s Retirement Trust; a global portfolio manager for Templeton International, including leading the firm’s efforts in forming Templeton’s Emerging Markets Fund in 1987, the first listed emerging equity fund in the U.S .He also represented Templeton on the advisory boards on two Unit Trusts from 1985-1989, The India Fund and The Bangkok Fund. Ralph is a holder of the Chartered Financial Analyst designation, a founding member of the International Society of Security Analysts and a member of the New York Society of Security Analysts. He served as a member of the New York Stock Exchange International Capital Markets Advisory Committee; is a member of the Russell 20/20 (Emerging Markets Investor Group) Executive Committee (since ’97); represents GE as a delegate (since 2003 and meeting Chairman 2007) to IPC (IPC is 50-60 Large Pension & SWF’s annual CIO best practice meeting). Ralph also serves on the Connecticut Advisory Board to BuildOn, a non-profit group that partners afterschool service programs in the U.S. with communities in the developing countries to build schools. Ralph holds a BS in Economics and an MS in Finance, and is a member of the class of ’79 Applied Security Analysis and Portfolio Management Program of the University of Wisconsin.

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 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 16 years of investment experience with GE Asset Management. After completing GE’s Financial Management Program, he joined the Financial Planning & Analysis team at GEAM. Paul has a BA in Finance from Michigan State University and is a holder of the Chartered Financial Analyst designation.

Jonathan is a Senior Vice President and Portfolio Manager for the International Equity (EAFE Plus) portfolio. Jonathan joined GE Asset Management in 2001 and has worked in the investment industry for 34 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. Educated in England, Jonathan is actively engaged in philanthropic activities that raise global educational standards.

Michael is Co-Chief Investment Officer for International Equities at GE Asset Management and Portfolio Manager for the International Equity and Europe Equity portfolios. He also shares research responsibilities for Commercial Banks. He joined GE Asset Management (GEAM) in 1991 after completing GE's Financial Management Program. While at GEAM, Michael has held a series of Portfolio Management and Analyst roles in our London and Stamford based locations. Prior to GE, he worked for Monarch Capital Corporation as a financial analyst. Michael has a BS in Finance from Western New England College and an MBA from Fordham University. He is a holder of the Chartered Financial Analyst designation and is a member of the New York Society of Security Analysts.

Andy is the Chief Investment Officer for Fixed Income, Chair of the the Investment Committee and a Managing Director of the firm. Andy leads the strategy and performance for all of the 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, he was Senior Vice President of McDonald Investments Mortgage-Backed Securities Trading. Andy holds a BSE in Engineering from Princeton University and an MBA from Baldwin-Wallace College.

With over 25 years of experience in institutional fixed income portfolio management, Mark oversees the Securities Research effort and the Risk Management team. He is a Managing Director for the firm and is a member of its Investment and Asset Allocation Committees. He chairs the firm’s Risk Management Committee. Mark received his bachelor’s degree in Economics from Johns Hopkins University and Master of Science in Finance from Loyola College in Maryland. He previously served on the Board of Directors of the American Red Cross - Central Maryland Chapter.

Pat joined the Fixed Income Team in 2005. He was most recently with the parent company of the firm or its predecessor, National City, first as a retail bank deposits analyst, then as a corporate finance department analyst. Before joining National City, he spent three years in institutional client services at Federated Investors. Pat holds a BS from the University of Pittsburgh and an MBA from Carnegie Mellon University and is a CFA charterholder.

Kelley is a Portfolio Manager focused primarily on the money markets. She manages 2a7 registered Money Market Funds as well as multiple Short Term Investment Funds. She is also a Trader for the Intermediate and Core fixed income total return accounts. Prior to joining PNC 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 State University and her MBA in finance from Loyola College in Maryland. Kelley is a Level I CFA candidate.

Jeffrey specializes in Fixed Income credit research. Prior to joining PNC in 2005, he held internships with Deutsche Bank Alex. Brown’s Investment Services group as well as Lockheed Martin’s Central Finance division. Jeffrey is a summa cum laude and Beta Gamma Sigma graduate of Loyola College in Maryland where he received his bachelor’s degree in Business Administration with a concentration in Finance. He received his MBA from Loyola College in Maryland. Jeffrey is a Level I CFA candidate.

Cindy is a senior member of the fixed income team with responsibility for custom strategies and liability-driven investing. She has over 20 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 BS from Tri-State University and an MBA from Xavier University.

Tim is the lead portfolio manager for the Core and Core Plus fixed income products, as well as Co-Lead of the 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 BS from Case Western Reserve University and an MBA from the University of Chicago.

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 PNC 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 MBA from Tulane University’s Freeman School of Business. She is a member of the CFA Institute.

Keith is a member of 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 BA from Alma College and an MA from Western Michigan University.

Mel is a member of the fixed income team with responsibility for custom fixed income strategies. Mel has previous investment experience including positions in fixed income security analysis. Prior to joining the firm or its predecessor, he was a derivatives securities analyst with National City Corporation. Mel joined the firm in 2001. Mel received a BS from Cleveland State University and an MBA from John Carroll University.

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 PNC 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. Adam is a Level II CFA candidate.

Josh is Co-Portfolio manager for custom strategies and a member of the Fixed Income Senior Strategy team. Prior to joining PNC in 1999, Josh was an intern with Deutsche Bank Alex. Brown. Joshua received his bachelor’s degree in Finance from West Virginia University and his MBA from Loyola College in Maryland. He holds NASD license Series 65.

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, 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 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 BS from the State University of New York at Geneseo and an MBA from the University of Rochester

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 BS from Miami University and an MBA from Case Western Reserve University and is a CFA charterholder.

Chit joined the firm or its predecessor in 2005 as a member of the fixed income team and is responsible for risk management analysis. Previously, he spent two years as a financial analyst for National City Corporation’s Corporate Banking group. Before joining National City, he was employed by Cap Gemini Ernst & Young for four years as a strategic financial services consultant. Chit, a CFA charterholder, received a BS in Finance from Northern Illinois University and an M.B.A. from the University of Chicago's Graduate School of Business. .

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 and holds the Chartered Financial Analyst designation. He is an active member of AIMR and the CFA Society of Washington, DC.

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 BS degree from Hillsdale College and an MBA from the University of Notre Dame.

Lijun joined the firm or its predecessor in 2005 as a Fixed Income Security 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, a CFA charter holder, holds a BS degree from Nankai University, Tianjin, China, a Master’s degree in physics from the Institute of Modern Physics, Lanzhou, China, and a PhD in physics from Michigan State University.

Rick is the lead Portfolio Manager for the firm’s money market funds. He was previously 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 BA and an MBA from Baldwin-Wallace College.

Leora is a Fixed Income Securities Analyst. Prior to joining PNC in 2008 she worked at Toronto Dominion (TD) Bank as a quantitative analyst in the Risk and Capital Modeling Group. Her current responsibilities include researching structured product securities as well as quantitative analysis within the fixed income markets. Leora graduated summa cum laude from York University in Toronto where she received her Bachelor of Science degree in Mathematics as well as a Bachelor of Education. She went on to obtain her Masters degree in Mathematical Finance (MMF) from the University of Toronto.

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 PNC Capital Advisors in 2007. Jason graduated with a B.A. in Economics from Dartmouth College. He received his Masters of Science in Finance from Loyola College.

Mr. Winterstein oversees the management of the Municipal Fixed Income strategies and establishes investment strategies for clients. He was instrumental in forming PNC’s Municipal Investment Group in 1998. Mr. Winterstein has served clients in the municipal market for more than 20 years. He is a former arbitrator for the Municipal Securities Rulemaking Board. In recent years, Mr. Winterstein was part of an advisory panel to Standard & Poor’s, providing a practitioner’s insight during the development of tax-exempt municipal indexes. He regularly lectures at the Central Atlantic School of Trust, Investment & Relationship Management on fixed income management. He has been a featured speaker at seminars and conferences on numerous topics, including price transparency in the tax-exempt municipal fixed income market. He is frequently quoted by Bloomberg News, Reuters, and The Bond Buyer newspaper. Mr. Winterstein is an active member of The Bond Market Association,the National Federation of Municipal Analysts, the Municipal Analysts Group of New York, the Municipal Forum of New York, the National Association for Business Economics, the Philadelphia Council for Business Economics, the Bond Club of Philadelphia, and the Government Finance Officers Association. He is also active in the Princeton University Center for Economic Policy Studies, an organization founded to support economic policy-related research in the Department of Economics and to foster communication among experts in the academic, business, and public sectors. Mr. Winterstein earned his bachelor’s degree in economics from Millersville University, as well as an M.B.A. from Lehigh University. Since 2001, Mr. Winterstein has served as a member of the board of directors for the Millersville University Foundation.

Ms. Rogers, co-manages the municipal bond trading desk, with responsiblity for the execution of all trades in client portfolios. Ms. Rogers joined the firm or its predecessor in July 2000 after working for 15 years in the institutional sales group of A.H. Williams, a regional municipal bond capital markets firm. Ms. Rogers earned her bachelor’s degree in English from Dickinson College. She is a member of the Philadelphia Municipal Bond Club and the Municipal Bond Buyers Conference. In addition, she volunteers with the Girl Scouts of America and is the Treasurer of Charitable Accounts for the Chester County Daughters of the American Revolution.

Mr. Stockwell is Vice President and Director of Municipal Credit Research. He has 23 years of experience working in various roles in municipal investing. Prior to joining the firm or its predecessor in 2002, Mr. Stockwell worked for more than six years at the Vanguard Group, where he was a Principal and Senior Municipal Bond Analyst specializing in tax-backed credits in California and the western U.S., non-rated/lower investment grade real estate-backed special assessment and tax-allocation bonds, and municipal securities backed by airport and toll-road revenues. Previously, Mr. Stockwell worked as a financial advisor with Evensen Dodge, Inc. in Minneapolis. He was also a consultant with Katz Hollis in California, where he focused on structuring municipal bond transactions and analyzing the revenue generated from redevelopment projects. In addition to his clients in California, he worked on special assessment and tax increment projects in Illinois, Kansas, Maryland, Michigan, Minnesota, Missouri, Nevada, Utah, and Wisconsin. Mr. Stockwell earned his bachelor’s degree from Westmont College, as well as a master’s degrees in public administration and planning from the University of Southern California. He is a member of the National Federation of Municipal Analysts (NFMA) and was co-chair of NFMA’s Best Practices in Disclosure for Tax Increment-Backed Bond Issues Committee.

Dr. Dorigan heads the quantitative fixed income research team. The research team’s objective is to identify investment opportunities for our traders and portfolio managers. Prior to joining the firm or its predecessor, Dr. Dorigan 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 MBA Teaching Award. Prior to this teaching role, he was Senior Associate with Andrew Kalotay Associates, Inc., where he was responsible for the company’s client advisory services, including the application of rigorous option-based analytics to the practice of corporate liability management. Dr. Dorigan was President of Jane Street Advisors, an asset management concern with offices in New York and Los Angeles. He served as Assistant Director for the Center for Finance & Technology at Polytechnic University (NY) where he had oversight of the master’s degree in financial engineering. Before joining Polytechnic, he was Assistant Professor of Finance in the Graduate School of Business at St. John’s University (NY). Dr. Dorigan’s published work appears in the Journal of Applied Corporate Finance; Professional Perspectives on Fixed Income Portfolio Management; Interest Rate, Term Structure and Valuation Modeling; The Handbook of Fixed Income Securities; and The Handbook of Municipal Securities. Dr. Dorigan earned a bachelor’s degree in economics and business management from Luther College and a Ph.D in finance from the University of Missouri.

Mr. Mackey is a senior Portfolio Manager in the Municipal Fixed Income Group, and shares responsibility for the execution of all trades in client portfolios. He joined the firm or its predecessor in February 2001 after working as a municipal bond trader at the Vanguard Group. Mr. Mackey earned his bachelor’s degree in business administration from Kutztown University and an M.B.A. in finance from St. Joseph’s University.

Dr. Kreiling joined the firm or its predecessor in January 2004 as a municipal research analyst. Previously, she was a Senior Economist at Economy.com. She also has previous experience in structuring general obligation and appropriation deals as a Financial Analyst in Merrill Lynch’s Public Finance Group in New York. Dr. Kreiling is responsible for the analysis of credits in the Non-Profit Healthcare sector and tax-based issuers in the South and most of the Northeast. Dr. Kreiling holds a bachelor’s degree in economics from Spelman College and a Ph.D. in economics from the University of Cambridge in England. She is a CFA charterholder.

Mr. Davis joined the firm or its predecessor in March 2008 from Comcast Cable, where he was a Research Analyst providing analysis for operations, finance and engineering. Mr. Davis specializes in providing data analytics and information support to fixed income research team members, as well as Portfolio Managers and Traders. Prior to his tenure with Comcast, Mr. Davis was a Business Analyst with The PNC Financial Services Group. Mr. Davis earned a bachelor’s degree from the Pennsylvania State University and did graduate work at LaSalle University and Temple University.

Ms. Carcione has been a municipal bond portfolio manager and trader at the firm or its predesessors since February 2005. Previously, she served with Citigroup Asset Management for five years as an assistant municipal bond portfolio manager. Ms. Carcione received her bachelor’s degree in business administration from the University of Richmond. She is a CFA charterholder.

Mr. Bonawitz has been a research analyst with the firm or its predecessor since December 2003. Previously, he worked as a Research Associate in the Fixed Income Division of the Vanguard Group. Mr. Bonawitz specializes in the analysis of credits and transactions in the Transportation, Higher Education, and Asset-Backed Securities sectors. Mr. Bonawitz holds bachelor’s degrees in finance and economics from Drexel University, and he is a CFA charterholder.

Mr. Barger has been a municipal research analyst with the firm or its predecessor since March 2006. Previously, he worked as a Risk and Strategy Analyst in the Fixed Income Division of the Vanguard Group. Mr. Barger specializes in portfolio strategy analysis, risk management, and performance attribution. Mr. Barger earned a bachelor’s degree from Franklin & Marshall College.

Mr. Howells has been a tax-exempt fixed income portfolio manager and trader at the firm or its predecessor since May 2003. Previously, he was with SEI Investments Company, where he worked in the client services group. Mr. Howells earned his bachelor’s degree in business administration from Drexel University. He is currently enrolled in the M.B.A. program at St. Joseph’s University.