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Mary T. Schiavone

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Career Summary

FIXED INCOME PORTFOLIO MANAGER with 30 years of experience in the securities industry including management of the municipal bond portfolio of an insurance company, tax-exempt common trust funds, mutual funds, individual trust and advisory accounts, estates and conservatorships; also experienced in institutional security sales and credit review and evaluation.

Employment

Portfolio Manager (Seneca Capital Management, San Francisco, CA 1990-2000): Managed the tax-exempt portfolios of individual accounts. This entails the trading and determination of the creditworthiness of approximately 300 different securities totaling about $200 million in municipal bonds for national and California accounts. Managed a startup California tax-exempt mutual bond fund. Management style emphasizes managing duration and seeking excess returns by investing in undervalued sectors and securities.

Applications Specialist (Gifford Fong Associates, Walnut Creek, CA 1989): Assisted clients in the use of fixed income applications software. Contributed to the development of the software and the associated manuals and conducted testing of software under development. Prepared special research requested by clients.

Bond Trader (Merus Capital Management, San Francisco, CA 1988): Participated in the management of both taxable and tax-exempt money market mutual funds. Began the restructuring of the long term municipal common trust fund. Participated in the development of an intermediate term municipal bond fund.

Assistant Manager, Investments (NORCAL Mutual Insurance Company, San Francisco, CA 1986-1988): Responsible for managing municipal bond portfolio averaging $150 million and assisting in overall management of taxable fixed income and equity portfolios. Total value of all portfolios was $350 million. Review credit research and applied this information in making investment decisions. Computed performance of all portfolios. Utilized computerized portfolio analysis programs to increase timeliness of investment actions.

Contributed to the development of a sector weighted equity fund representing industries expected to outperform the S&P500. Assisted in defining investment strategies which resulted in timely sale of equities prior to 1987 market decline. Enhanced returns of fixed income portfolios by making major portfolio adjustments in anticipation of interest rate moves.

Senior Bond Investment Manager (BAIMCO, Bank of America, San Francisco, CA 1984-1986):Managed three tax-exempt common trust funds. Supervised municipal bond purchases and sales for individual accounts. Served on proxy committee for the Trust Department.

Senior Trust Officer (First Interstate Bank of Denver, Denver, CO 1983-1984): Managed tax-exempt common trust fund. Traded municipal bonds and implemented bond swaps for individual trust accounts. Consulted with clients of retail bank regarding municipal bonds. Provided back-up management for taxable money market fund. Managed personal trust accounts.

Investment Officer (Wells Fargo Bank, San Francisco, CA 1979-1983): Managed three tax-exempt common trust funds of approximate market value of $400 million. Traded municipal bonds and implemented bond swaps for individual accounts. Researched and evaluated municipal credits to be used in the common funds and personal accounts.

Managed estate and conservatorship accounts with primary emphasis on risk control, cash management and preservation of assets. Managed personal trust accounts emphasizing objective-setting and investment program design consistent with client objectives.

Sales Representative (John Nuveen & Company, San Francisco, CA 1975-1978): Sold municipal and government securities to institutional and dealer accounts in the Western States.

Investment Assistant (Industrial Indemnity Company, San Francisco, CA 1973-1975): Responsible for monitoring cash position of investment department and investment accounting for six subsidiary companies through annual report.

Sales Assistant (Halsey, Stuart & Co. Inc., Chicago, IL 1970-1972): Supported institutional fixed income securities salespersons.

Education

Professional Designations/Memberships