As a matter of philosophy, Flaherty & Crumrine operates with a very compact staff of highly qualified professionals, all of whom share in the profits of the firm. This approach is designed to encourage the focus on their specialized investment niche and to avoid having the attention of their key people diverted.

Mr. Crumrine co-founded Flaherty & Crumrine in 1983 after spending thirteen years at Scudder, Stevens and Clark. While at Scudder, Mr. Crumrine and his partner Bob Flaherty built a reputation for excellence in managing preferred securities. As innovators in the development of strategies for hedging the general market interest rate exposure of these portfolios, Messrs Flaherty and Crumrine founded Flaherty & Crumrine Incorporated to focus exclusively on managing preferred portfolios and associated hedges. His experience with preferreds traces back to the early 1970’s.

Mr. Ettinger worked at Scudder, Stevens and Clark from 1980 to 1983, where he worked with Messrs Flaherty and Crumrine on developing strategies to hedge preferred securities. After obtaining his Master’s Degree from The Wharton School, Mr. Ettinger rejoined the team at Flaherty & Crumrine in 1985. Mr. Ettinger has over twenty-two years of experience managing preferred securities.

Mr. Stone joined Flaherty & Crumrine in May 2003 after spending more than 20 years working on Wall Street, most recently with Barclays Capital as Director of US Market Strategy. Prior to Barclays Capital, Mr. Stone spent over 14 years with Goldman Sachs and Company most recently as Director of Interest Rate Product Strategy, Americas. He was a regular member of Institutional Investor’s All-America Fixed Income Research Team, earning the top ranking in Derivatives Strategy in 2001.

Mr. Chadwick joined Flaherty & Crumrine in January 1999 after spending two years with a large privately held corporation managing sizeable portfolios of both preferred securities and corporate bonds. He was also responsible for developing analytical tools used in the management of the portfolios, and providing fundamental research on a broad range of credits.

Mr. Conwell joined Flaherty & Crumrine in July 2005 after spending more then six years in the Los Angeles office of Paul Hastings, Janofsky & Walker LLP, a global law firm. At Paul Hastings, Mr. Conwell practiced in the areas of investment management, securities, corporate, and intellectual property law. Most recently, he advised investment advisers and investment companies with formation, financing and regulatory issues.

Prior to joining Flaherty & Crumrine as a Senior Credit Analyst in October 2003, Mr. Seto was an Associate Analyst at UBS Investment Bank. Prior to UBS, he spent three years at Moody’s Investors Services and eight years as a commercial bank lending officer.

Mr. Suri joined Flaherty & Crumrine as a Senior Credit analyst in February 2005. Prior to joining the team, Mr. Suri developed his analytical skills working at Moody’s Investor Services and more recently at UBS Investment Bank as an Associate Director of Equity Research.

Ms. Tucci joined Flaherty & Crumrine as a Senior Credit Analyst in March 2005 after working at UBS Investment Bank as an Associate Director of Equity Research.

 

DONALD F. CRUMRINE, CFA – CHAIRMAN OF THE BOARD & DIRECTOR

-        8/83 – Present                  Flaherty & Crumrine Incorporated

-        12/69 – 7/83                      Scudder, Stevens & Clark and affiliates

                                                ....................... Vice President, Investments – Scudder, Stevens & Clark

                                                ....................... Director – Scudder Preferred Group

 

-        University of Southern California – B.S. Finance, 1969 (Beta Gamma Sigma)

-        The Wharton School, University of Pennsylvania – M.B.A., 1972 (With Distinction, Director’s Honor List)

 

ROBERT M. ETTINGER, CFA – PRESIDENT, CHIEF FINANCIAL OFFICER & DIRECTOR

-        7/85 – Present                  Flaherty & Crumrine Incorporated

-        5/84 – 5/85                        The Wharton School, University of Pennsylvania

                                                ....................... Asst Director of Admissions – Graduate Division

-        8/80 – 8/83                        Scudder, Stevens & Clark Incorporated

                                                ....................... Analyst

 

-        University of California, Los Angeles – B.A. Economics, 1980 (With Honors)

-        The Wharton School, University of Pennsylvania – M.B.A., 1985 (Catherine D. Sharpe Fellow)

 

R. ERIC CHADWICK, CFA – VICE PRESIDENT

-        1/99 – Present                  Flaherty & Crumrine Incorporated

-        1/97 – 12/98                      Koch Industries, Inc

                                                ....................... Portfolio Manager

 

-        University of Kansas – B.S. Business, 1996 (Honor Roll)

-        The Anderson School, University of California Los Angeles – M.B.A., 2003

 

BRADFORD S. STONE – VICE PRESIDENT

-        5/03 – Present                  Flaherty & Crumrine Incorporated

-        6/01 – 5/03                        Barclays Capital

                                                ....................... Director, US Market Strategy

-        2/87 – 6/01                        Goldman, Sachs & Company

                                                ....................... Vice President, Interest Rate Strategy

                                                ....................... Executive Director, Global Hedge Fund Sales

-        8/83 – 2/87                        Salomon Brothers Inc.

                                                ....................... Vice President, Government & Derivatives Sales

                                                ....................... Associate, Options Trading Hedge Fund Sales

-        Dartmouth College – A.B. Economics, 1981

-        The Wharton School, University of Pennsylvania – M.B.A., 1983 (With Distinction, Director's Honor List)

 

CHAD C. CONWELL – VICE PRESIDENT, CHIEF COMPLIANCE OFFICER & CHIEF LEGAL OFFICER

-        7/05 – Present                Flaherty & Crumrine Incorporated

-        9/98 – 6/05                      Paul, Hastings, Janofsky & Walker, LLP

                                                ....................... Attorney

 

-        University of California at Berkeley – B.A. Political Science, 1993 (With distinction)

-        Georgetown University Law Center, Washington, D.C. – J.D., 1998 (Cum laude)

 

RICK J. SETO, CFA Vice President – SENIOR CREDIT ANALYST

-        10/03 – Present                Flaherty & Crumrine Incorporated

-        10/99 – 10/03                    UBS Investment Bank

                                                ....................... Associate Analyst (Equity Research), Natural Gas & Electric Utilities, MLP'S

-        10/96 – 10/99                    Moody's Investors Service

                                                ....................... Associate Analyst, Investment Grade Consumer Products and Retail Companies

-        12/91 – 10/96                    Fleet Bank, N.A. (formerly NatWest Bank, N.A.)

                                                ....................... Assistant Vice President, Commercial Lending Officer

                                                ....................... Assistant Treasurer, Diversified Industries and Corporate Finance Group

                                                ....................... Financial Analyst, Asset-Based Lending

 

 

-        New York University – B.S. Statistics and Econometrics, 1989

-        NatWest Bank, N.A. – Formal Credit Training Program, 1994-95

 

PINTO SURI – SENIOR CREDIT ANALYST

-        2/05 – Present              Flaherty & Crumrine Incorporated

-        9/04 – 2/05                    Merrill Lynch

                                                ....................... Vice President, Senior Analyst
                                                ....................... Manager Due Diligence

-        6/00 – 09/04                   UBS Investment Bank

                                                ....................... Associate Director (Equity Research)
                                                ....................... Valuation & Accounting

-        1/98 – 6/00                     A.M. Best Company

                                                ....................... Managing Senior Financial Analyst, Debt Ratings Group

-        6/97 – 1/98                    Moody’s Investors Service

                                                ....................... Associate Analyst, Investment Grade

                                                ....................... Retailers and Leisure

-        6/95 – 6/97                    PaineWebber, Inc.

                                                ....................... Corporate Retirement Plans Consulting Group

-        1/92 – 8/94                    Kidder, Peabody & Company

                                                ....................... Investment Sales

 

-        Temple University – B.B.A., 1987

-        Duke University – M.B.A., 1991

-        University of Iowa – College of Business, Doctoral Student – Accounting, 1994/95

 

LISA C. TUCCI, CFA– SENIOR CREDIT ANALYST

-        3/05 – Present              Flaherty & Crumrine Incorporated

-        11/00 – 03/05                UBS Investment Bank

                                                ....................... Associate Director (Equity Research)
                                                ....................... Natural Gas & Electric Utilities

 

-        State University at Albany, New York – B.S., 2000 (With Honors)