At Penn Capital, our employees are not only skilled investment management industry professionals, many are also owners of the firm. We believe this structure leads to continuity and consistency across all areas of our firm and ensures our interests are aligned with those of our clients.
Richard Hocker
Founder and Chief Executive Emeritus
Mr. Hocker founded Penn Capital in 1987 and serves as Chief Executive Emeritus. His investing and institutional non-investment grade corporate lending experience spans over 40 years. While serving as a Partner for Delaware Investment Advisors (DIA) from 1977 to 1987, he was responsible for building the investment side of DIA’s fixed income operation. During this period, Mr. Hocker developed and managed one of the nation’s first high yield mutual funds, the Delchester High Yield Bond Fund. He also served as the first high yield bond manager for several institutional clients including General Motors, State of Vermont Teachers Retirement Association, and Colorado Fire and Police.
Prior to DIA, Mr. Hocker trained as a corporate lender and supported key senior lenders at Provident National Bank, which is now PNC Bank, a top 20 US Banking institution. He later rose to serve as head of the investment division. Mr. Hocker also founded and served as CEO of Covenant Bank, a NJ based regional bank which grew to 16 branches and $500m in deposits before being acquired by First Union in 1997.
He and his wife, Marcia Hocker, are the founders of the Ethel Mae Hocker Foundation which provides scholarship opportunities to less fortunate, deserving Greater Philadelphia-area elementary and high school students who have demonstrated leadership abilities, academic success, commitment to the community, and need financial support. Mr. Hocker received both his BS in Accounting and an MBA in Finance from the Kogod School of Business at American University.
Marty Keane
Chief Technology Officer
Mr. Keane joined Penn Capital in 2009 as Vice President of Information Technology and now serves as Chief Technology Officer. Mr. Keane has over 31 years of experience in the engineering and technology industries and holds numerous Information Technology industry certifications. Prior to joining Penn Capital, he was Vice President of Business Technology for Rittenhouse Financial Services and later, Vice President of Managed Assets Business Technology for Nuveen Investments. Mr. Keane’s focus was on developing the strategic vision and tactical application of technology. He’s been an active member of The Money Management Institute and has held various leadership positions within the Technology/Operations Committee. Mr. Keane received an AAS in Electrical Engineering from the Radio Electronic Television School, a BS in Information Technology Management, and an MBA, both from The University of Phoenix.
Joseph McDonnell
Vice President of Finance
Mr. McDonnell joined Penn Capital in 2009 and currently serves as the firm's Corporate Controller. He is responsible for financial reporting, budgeting, strategic planning, and analysis and oversees the audit process for both public and private funds. He serves as the Chief Financial Officer for the Ethel Mae Hocker Foundation. Mr. McDonnell received his BS in Accounting from Saint Joseph's University.
Robert McLaughlin, CFA
Director of Investment Services, Senior Partner
Mr. McLaughlin joined Penn Capital in 2011 as Operations Manager. He currently serves as Director of Investment Services with responsibility for overseeing the firm’s middle-to-back office processes, client reporting, and client service functions. Mr. McLaughlin has over 15 years of experience in the investment management industry and prior to joining Penn Capital was a Director with Evergreen Investments’ Global High Yield team, serving as a Trader and Portfolio Analyst. Prior to Evergreen, he was a Director at Deutsche Asset Management, where he held various positions including Trader and Portfolio Analyst on the Global High Yield team and Performance Analyst in the Fund Administration group. He received a BS in Accounting from Villanova University and an MBA with a concentration in Finance from Widener University. Mr. McLaughlin also holds the Chartered Financial Analyst designation.
Andrew Smith
Chairman, Spouting Rock Asset Management
In December 2020, Spouting Rock Asset Management (SRAM) entered into an agreement to become the majority owner of Penn Capital. This acquisition added Penn Capital to SRAM's multi-manager boutique platform of shared services and complementary investment solutions.
Andrew Smith serves as Chairman and is responsible for the SRAM division of Spouting Rock. Andrew joined Spouting Rock in 2018 bringing over 30 years of industry experience.
Prior to SRAM, he was the co-head of Americas and Chief Operating Officer for Aberdeen Asset Management Inc. While at Aberdeen, he held additional roles including CCO for the North American closed end funds and Chief Financial Officer for Aberdeen in the Americas.
Andrew began his career with Murray Johnstone (later acquired by Aberdeen) where he held a number of financial roles before transferring to their US subsidiary. He attended Glasgow University and holds an Accounting HND from Glasgow College of Commerce. Andrew also enjoys golf, swimming and traveling with his family.
Chad Bolen, CFA
Senior Research Analyst, Assistant Portfolio Manager, Partner
Mr. Bolen began his career with Penn Capital in 2013 and serves as an Assistant Portfolio Manager for Penn Capital’s Small Cap, Small to Micro Cap, Small to Mid Cap and Mid Cap equity strategies and has over 20 years’ experience. His primary areas of coverage are the Consumer Discretionary and Staples sectors. As a member of the Equity Risk Committee, Mr. Bolen works closely with the equity portfolio management team to contribute ideas specifically in the micro to mid-capitalization range.
Prior to joining Penn Capital, Mr. Bolen was a Senior Equity Research Associate at Raymond James Financial in St. Petersburg, FL covering the Consumer sector. He also gained experience working for Morgan Stanley in Clearwater, FL as a financial advisor. He received a BA in Organizational Behavior and Management from Brown University.
Randall Braunfeld
Senior Research Analyst, Assistant Portfolio Manager, Partner
Mr. Braunfeld began his career with Penn Capital in 2015 and serves as an Assistant Portfolio Manager for Penn Capital’s Short Duration credit strategies. His primary areas of coverage are the Financials and Energy sectors.
Prior to joining Penn Capital, Mr. Braunfeld was a Portfolio Manager of a high yield BB-rated bond portfolio for First Niagara Bank. He also gained experience working at Lehman Brothers within its high yield loan portfolio group from 2004 - 2011. Following Lehman’s bankruptcy filing, he remained at the firm focusing on maximizing recovery values of the loan portfolio. Mr. Braunfeld received a BA from the University of Pennsylvania and has a MA in International Economics and Finance from Brandeis International Business School.
Steven Civera, CFA
Senior Research Analyst, Assistant Portfolio Manager, Partner
Mr. Civera began his career with Penn Capital in 2010 and serves as an Assistant Portfolio Manager for Penn Capital’s Small Cap, Small to Micro Cap, Small to Mid Cap and Mid Cap equity strategies. His primary areas of coverage is the Technology and Telecommunications sectors. As a member of the Equity Risk Committee, Mr. Civera works closely with the equity portfolio management team to contribute ideas specifically in the micro to mid-capitalization range.
Prior to joining Penn Capital, Mr. Civera was a Research Analyst for AlphaOne Capital Partners where he covered Technology and Renewable Energy. He also gained experience working for the Center for Financial Research and Analysis, a forensic accounting research firm, as well as an Analyst for Global Capital Management. He received a BSBA in Accounting from Bucknell University and an MBA from Loyola College in Maryland.
Eric J. Green, CFA
Chief Investment Officer – Senior Portfolio Manager, Senior Partner
Mr. Green has been with Penn Capital since 1997 and as CIO, he is responsible for guiding the firm’s equity and credit strategies. Mr. Green serves as a Senior Portfolio Manager for Penn Capital’s Small Cap, Small to Micro Cap, Small to Mid Cap and Mid Cap equity strategies. As a member of the Equity Risk Committee, Mr. Green works closely with the equity portfolio management team to contribute ideas specifically in the micro to mid-capitalization range.
Prior to joining Penn Capital, Mr. Green was with the Royal Bank of Scotland and the United States Securities and Exchange Commission where he served as a financial analyst in the Division of Investment Management. Mr. Green is also Vice Chairman of the Board of Directors for the Anti-Defamation League (ADL) Mid-Atlantic Region and was Co-Chairman of the ADL's 2018 Walk Against Hate. He received a BSBA cum laude from American University and an MBA from the Yale School of Management.
Joseph Maguire, CFA
Director of Research, Senior Portfolio Manager, Senior Partner
Mr. Maguire has been with Penn Capital since 2005. As Director of Research, he is responsible for guiding the firm’s day-to-day global investment research process. Mr. Maguire chairs the Credit Risk Committee and serves as a Senior Portfolio Manager for Penn Capital’s Short Duration, Defensive High Yield and Opportunistic High Yield strategies.
Prior to joining Penn Capital, he conducted private equity research for AMS Inc. and was a senior audit associate for PricewaterhouseCoopers LLP. He received a BBA in Accounting from The College of William & Mary and an MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.
Christopher Paciello, CFA
Senior Research Analyst, Assistant Portfolio, Manager, Partner
Mr. Paciello began his career with Penn Capital in 2012 and serves as an Assistant Portfolio Manager for Penn Capital’s Opportunistic credit strategy. His primary areas of coverage are the Consumer Discretionary and Healthcare sectors. He has over 20 years' experience working in the financial markets with a focus on equity and credit research.
Prior to joining Penn Capital, Mr. Paciello was a Research Analyst at Standish Asset Management focused on high yield and distressed securities within the cable media, telecommunications, paper and packaging, and healthcare sectors. He also gained experience working for Gartmore Global Investments as a Research Analyst focused on high yield and distressed securities, and W.R. Huff Asset Management, an asset manager specializing in high yield securities, as a trader and an analyst focused on high yield and equity securities. Mr. Paciello received a BS from Babson College and an MBA from Villanova University.
Ben Pickles, CFA
Research Analyst
Mr. Pickles began his career with Penn Capital in 2022. His primary areas of coverage are the Industrials, Materials and Real Estate sectors. Prior to joining Penn Capital, he was a Fixed Income Credit Analyst at The Swarthmore Group specializing in investment grade and high yield credit. Previously, he held positions at DuPont Capital Management as an Alternative Investment Analyst and at FactSet Research Systems as an Investment Management Consultant. Mr. Pickles engages in community service as an active volunteer for the Cancer Support Community of Delaware. He received a BS from Rensselaer Polytechnic Institute in Troy, NY and is a CFA Charterholder.
J. Paulo Silva, CFA
Senior Portfolio Manager, Senior Partner
Mr. Silva began his career with Penn Capital in 2002 as a Research Analyst focused on technology and industrial companies. He currently serves as a Senior Portfolio Manager for Penn Capital’s Micro Cap and Small Cap Value equity strategies. As a member of the Equity Risk Committee, Mr. Silva works closely with the equity portfolio management team to contribute ideas specifically in the micro to mid-capitalization range.
In addition, Mr. Silva has focused on several distressed debt situations, successfully completing a reorganization through serving on the official committee of creditors. Beyond Penn Capital, Mr. Silva serves on the Investment Committee of the Valley Forge Military Academy. He received a BS in Civil Engineering summa cum laude from Tufts University and an MBA from the Yale School of Management.
Bradley D. Tesoriero, CFA
Senior Research Analyst, Assistant Portfolio Manager, Partner
Mr. Tesoriero began his career with Penn Capital in 2015 and serves as an Assistant Portfolio Manager for Penn Capital’s Defensive High Yield and BB credit strategies. He also serves as a Senior Research Analyst for the firm in charge of covering the Industrial and Material sectors.
Prior to joining Penn Capital, Mr. Tesoriero was a Research Associate at CRT Capital focusing on distressed debt, equity and high yield research for the Media and Telecommunications sectors. Previously, he held positions at Bank of America Merrill Lynch and Janney Montgomery Scott. Mr. Tesoriero received a BA from Cornell University, an MBA from the Robins School of Business at The University of Richmond, and a JD cum laude from the T.C. Williams School of Law at The University of Richmond.
Jonathan D. Vicari, CFA, CAIA
Research Analyst
Mr. Vicari began his career with Penn Capital in 2023. His primary areas of coverage are the Financials and Healthcare sectors. Prior to joining Penn Capital, he was a Portfolio Manager and Investment Analyst at Legacy Advisors developing, constructing and researching a variety of investments including equities, credit, private equity, real estate and hedge funds. While at Legacy Advisors, Mr. Vicari also co-managed $3B with the CIO and led implementation of investment strategies and client asset allocation decisions. Previously, he was a financial advisor with Morgan Stanley advising high net worth clients and managing investment portfolios. He received a BS from the University of Delaware in Newark, DE and is both a CFA and CAIA Charterholder.