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KENNETH D. MALAMED
President & Chief
Investment Officer
 Kenneth D. Malamed started
managing portfolios while attending college at UCLA. After
graduation, he began his formal career as an attorney in Los Angeles
while continuing to increase his skills in investment management.
He started The Financial Management Group in 1970, serving as
founder and managing partner. In 1977, The Financial Management
Group merged with Bear Stearns & Co. and became known as Bear
Stearns Asset Management, where he served as president and
managing partner through 1985.
In late 1985, Mr. Malamed established Financial
Management Advisors, an independent investment advisory firm,
which he successfully operated for 7 years. In 1992, Financial
Management Advisors was purchased by Wertheim Schroder Investment
Services, Inc. (later renamed Schroder Wertheim Investment
Services, Inc.), where he served as a managing director, director of fixed income and chairman of the
credit committee until November 1995.
In December 1995, Mr. Malamed reestablished
Financial Management Advisors, Inc., to continue the same
investment philosophy and style he had developed earlier in his investment
management career.
Mr. Malamed’s
outstanding performance is well-noted. He has outperformed peer
managers in fixed income strategies over 80% of the time for the
last 25 years. He was featured in the August 1993 issue of
“Institutional Investor” magazine, in an article on
high yield fixed income entitled “The Alchemists of High
Yield.” His fixed income style strategies have been listed
in the PIPER “top ten” numerous times from 1992 to
1997.
Ken received
both his Bachelor of Science degree in Finance (1964) and his Juris Doctor degree (1967) from the University of California,
Los Angeles.
He is a member of the California Bar Association; a founding
member of the Founders Group, USC School of Cinematology
and Television; and a member of the Chancellor’s Associates
of UCLA since 1970. He is active today in numerous charitable and
cultural organizations worldwide.
He holds NASD Series 2, 63 and 65 licenses.
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STEVEN S. MICHAELS
Executive Vice President
& Managing Director – High Yield
 Mr. Michaels’
responsibilities with Financial Management Advisors, LLC include
high yield fixed income portfolio management and directing the
firm’s non-investment grade bond research.
Mr. Michaels was senior high yield credit analyst
at Schroder Wertheim Investment Services, Inc. (formerly Wertheim
Schroder Investment Services, Inc.) He also served as high yield
credit analyst at the former Financial Management Advisors, Inc.
beginning in 1991. His prior positions include serving as senior
futures analyst at Bear Stearns (1990) and as senior credit
analyst at Shearson Lehman Hutton from 1988 to 1990. During his
tenure with the former Financial Management Advisors and Schroder
Wertheim Investment Services, Inc., high yield returns
outperformed the Merrill Lynch High Yield Master Index six out of
eight years, ranking number one in Nelson's World's Best Money
Managers among high yield managers with a ten year record and
“Best High Yield Performance” in the nation in 1992,
as noted by Lipper.
Steve received his Bachelor of Science degree in
Finance and Economics, graduating Magna Cum Laude from Jacksonville University in 1988. He was
on the President’s Honor Roll and Dean’s List and
received the Outstanding Finance Student Award. In 1992, Steve
earned his MBA from the University of Southern
California and was on the
Dean’s List. He served as a member and treasurer of the Institute of Industrial Engineers (1988
- 1990).
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HENRY CHU
Vice President & High
Yield Analyst
 Mr.
Chu is vice president and high yield analyst at Financial
Management Advisors, LLC. His responsibilities include financial
analysis, credit risk assessment and performance projections of
current holdings, as well as fundamental analysis on potential
investments and industry related research. His focus is in a
broad range of industries including automotive, retail,
restaurants, food and beverage, transportation, and utilities.
Prior to joining FMA, Henry was a director for
Platinum Equity, LLC where he was responsible for execution of
mergers and acquisitions in the US market with a
focus on technology, business services, distribution, and
manufacturing sectors. Prior to that, he was with G.E. Capital
Global Sponsor Finance where he structured and underwrote senior
credit facilities for highly leveraged transactions. Henry began
his career at Houlihan, Lokey, Howard & Zukin
where he was involved in M&A advisory, private debt
placements, restructurings, and fairness and solvency opinions.
Mr. Chu received his Bachelor of Arts degree in
Economics and Accounting, graduating from Claremont McKenna
College. He
also earned his MBA in Finance and Entrepreneurship from the
University of Chicago Graduate School of Business.
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ASHISH SHAH
Vice President &
High Yield Analyst
 Mr. Shah currently serves as FMA’s
high yield analyst where he performs credit research analysis on
existing and new bond issues for the following industries:
aerospace, chemicals, environmental, machinery, packaging/paper,
services, and technology. His responsibilities include creating
and analyzing financial models, producing internal research
reports, and providing buy/sell investment recommendations to
senior management.
Prior to joining FMA, Ashish was a research and
strategic planning manager at Sun Microsystems from 2002 to 2003,
where he produced analytical models and technology industry
reports for the software sales and marketing team.
His previous professional experiences include
product management at Escalate and equity research at JP Morgan
Chase.
Ashish received a B.A. in Economics and a B.A. in
Environmental Science from the University
of California, Berkeley
in 1996 and received his M.B.A in Finance from the University of Southern California in
2005.
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