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- Donald F. Crumrine, CFA, Director and Chairman
- Mr. Crumrine has managed portfolios of preferred securities since 1973. He co-founded Flaherty & Crumrine in 1983 after spending twelve years at Scudder, Stevens & 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 interest rate exposure of these portfolios, Flaherty and Crumrine founded the firm to focus exclusively on managing preferred portfolios and associated hedges. Mr. Crumrine is actively involved in the day-to-day management of all client portfolios and directs client service and marketing efforts. He also serves as Chairman of the Board, Chief Executive Officer and a Director of our four U.S. closed-end funds: Flaherty & Crumrine Preferred Income Fund, Flaherty & Crumrine Preferred Income Opportunity Fund, Flaherty & Crumrine/Claymore Preferred Securities Income Fund and Flaherty & Crumrine/Claymore Total Return Fund. Mr. Crumrine earned a B.S. in Finance from the University of Southern California and his M.B.A. from the Wharton School at the University of Pennsylvania. He has co-authored research papers presented to the committee for after-tax performance measurement of the CFA Institute. He has testified before the U.S. House Ways and Means Committee on matters related to the preferred securities market.
- Robert M. Ettinger, CFA, Director and President
- Mr. Ettinger has managed preferred securities at Flaherty & Crumrine since 1985. Mr. Ettinger and Mr. Chadwick have the primary responsibility of implementing investment strategies and, in conjunction with Mr. Schembri, act as the firm’s traders. Along with his colleagues at Flaherty & Crumrine, Mr. Ettinger has developed a number of sophisticated tools for analyzing preferred securities. He shares responsibility with Mr. Chadwick and Mr. Schembri for initiating and maintaining relationships with the brokerage community. He also serves as President of the U.S. Flaherty & Crumrine funds. Prior to joining Flaherty & Crumrine, he worked for three years at Scudder Stevens & Clark with Mr. Flaherty and Mr. Crumrine on managing preferred securities and developing related hedging strategies. Mr. Ettinger earned his B.A. in Economics from UCLA and was honored as the department’s Commencement Speaker in 2001. He earned his M.B.A. from the Wharton School at the University of Pennsylvania. While at Wharton he served as the student representative on the M.B.A. Admissions Committee.
- Bradford S. Stone, Director and Vice President
- Mr. Stone joined Flaherty & Crumrine in May 2003 after a 20-year career on Wall Street. Based in Summit, New Jersey, he is a member of the firm’s portfolio management team and is responsible for macroeconomic and quantitative research and analysis. In addition, he directs our credit research group. He also serves as Vice President and Assistant Treasurer of the U.S. Flaherty & Crumrine funds. From 2001 until joining Flaherty & Crumrine, he was Director of U.S. Market Strategy at Barclays Capital in New York, where he advised clients on market strategies across U.S. treasuries, agencies, and interest rate derivative products. Prior to Barclays, he spent 14 years at Goldman Sachs, where he most recently held the position of Director – 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. He began his career at Salomon Brothers as an options trader and derivative salesperson. Mr. Stone earned his M.B.A. from the Wharton School at the University of Pennsylvania and his A.B. in Economics from Dartmouth College.
- R. Eric Chadwick, CFA, Director and Vice President
- Mr. Chadwick has managed preferred securities at Flaherty & Crumrine since 1998. Mr. Chadwick and Mr. Ettinger have the primary responsibility of implementing investment strategies and, along with Mr. Schembri, act as the firm’s traders. Mr. Chadwick is actively involved in the development of tools for managing the portfolios and developing firm-wide systems. He also serves as Chief Financial Officer, Vice President and Treasurer of the U.S. Flaherty & Crumrine funds and oversees the financial reporting and tax operations for the U.S. Flaherty & Crumrine funds. Prior to joining Flaherty & Crumrine in 1999, he worked at Koch Industries Inc. where he was responsible for managing sizable 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. Chadwick earned his M.B.A. from the UCLA Anderson School of Management and his B.S. in Economics from the University of Kansas.
- Rick J. Seto , CFA, Vice President and Managing Director
- Mr. Seto joined Flaherty & Crumrine in October 2003 after spending eight years as an equity and fixed income analyst and eight years as a commercial bank lending officer. Mr. Seto is a member of the firm’s credit committee, where his focus is on global banks, REITs and industrials. From 1999 until joining Flaherty & Crumrine, Mr. Seto was an Associate Equity Analyst at UBS Investment Bank, where he covered natural gas pipelines, local distribution companies, electric utilities, and master limited partnerships. Prior to UBS, he spent three years at Moody’s Investors Service as an Associate Analyst covering investment-grade Consumer Products and Retail companies. From 1991-1996, he was an AVP and commercial lending officer at NatWest Bank with primary account and cross-sell responsibilities for a portfolio of consumer products, consumer finance and retail companies. He was a member of the top-ranked Institutional Investor’s All-America Natural Gas Equity Research Team at UBS in 2003. He began his career at Heller Financial Inc. as a financial analyst in asset-based lending. Mr. Seto completed a formal credit-training program at NatWest Bank, and earned his B.S. in Statistics and Econometrics from New York University.
- Joseph L. Schembri, Vice President
- Mr. Schembri joined Flaherty & Crumrine in September of 2010. Along with Mr. Ettinger and Mr. Chadwick, Mr. Schembri acts as one of the firm’s traders. From 1998 until joining Flaherty & Crumrine, Mr. Schembri was a member of the Institutional Fixed Income Group at Citigroup Global Markets, having spent his entire career at the bank and leaving as a Senior Vice President. During his tenure at Citigroup, he focused on fixed-income credit instruments, with particular emphasis on preferred stocks and hybrid preferred securities. Mr. Schembri earned his B.S. in Business and Economics from Lehigh University.