Fixed Income Strategies

Credit Research
James W. Butler, Jr.
Elly Clary
Kelly Cruse
Dana A. D'Andre
Derek M. Endsley
Ryan Friend
James LeBuhn
Bedford H. Lydon III
Andrea McKeague
Bradley D. Mincke
Joseph Vodziak

Richard A. Ciccarone
Managing Director and Chief Research Officer

Mr. Ciccarone is Managing Director and Chief Research Officer has thirty-five years of investment industry experience.  Mr. Ciccarone is responsible for managing the Company’s traditional fixed income investment research resources, including the management of research analysts and analytical tools to support client portfolios.  In addition, Mr. Ciccarone is President, CEO and a majority owner of Merritt Research Services, LLC, a municipal database research company affiliated with the Company.  Prior to September 2001, Mr. Ciccarone served as Senior Vice President and Co-Head of Fixed Income at Van Kampen Investments Inc., where he was primarily responsible for municipal asset management.  Prior to that position, he served at Van Kampen as Senior Vice President and Co-Head of Municipal Investments and Director of Research.  From 1989 to 1996, Mr. Ciccarone was Executive Vice President at EVEREN Securities Inc (Chicago) and served in various capacities at its predecessor firms (Kemper Securities Inc and Blunt Ellis & Loewi. Inc) as an Executive Vice President and Director of Fixed Income Research. From 1983 to 1989, Mr. Ciccarone was a Vice President and Director of Unit Investment Trust Research for Van Kampen Merritt Inc.  Prior to 1983, he was manager of municipal research at Harris Bank (Chicago).  Mr. Ciccarone is a co-founder and past national chairman of the National Federation of Municipal Analysts and has received numerous awards and distinctions as the top buyside research director and top municipal generalist analyst from SMITH’s Research & Gradings and The Bond Buyer as well as a first team All American Fixed Income Analyst from Institutional Investor magazine.  He earned his B.A. degree at Miami University (Ohio) and his MA degree from The University of Akron.