Richard A. Hocker, Founder & Chief Investment Officer

Richard founded PENN in 1987 and serves as Chief Investment Officer, guiding overall portfolio strategy.  Richard brings over forty years of institutional investment experience.  During his tenure as Partner at Delaware Investment Advisors (DIA) from 1977 to 1987, Richard was responsible for building the investment side of DIA’s fixed income operation.  From a portfolio management perspective, Richard developed one of the first high yield mutual funds, the Delchester High Yield Bond Fund.  Richard also managed a number of the nation’s first institutional high yield pension investors, including General Motors, State of Vermont Teachers Retirement Association, and Colorado Fire and Police. Prior to DIA, Richard was Head of Investment Division of Provident National Bank, a $3 billion regional bank, which is now a part of PNC.  Richard also Founded Covenant Bank, a NJ based regional bank which grew to 16 branches before being acquired by Wachovia Corporation in 1997.

Richard is a 1964 graduate of Valley Forge Military Academy and is a member of the Board of Trustees. Richard and Marcia Hocker are also founders of the Ethel Mae Hocker Foundation.  The purpose of the Ethel Mae Hocker Foundation is to provide educational opportunities to less fortunate, deserving individuals who have demonstrated an ability and willingness to lead productive lives. The foundation advances this mission by partnering with outstanding educational institutions in identifying students who have demonstrated leadership abilities, academic success, commitment to the community and are in need of financial and personal support. 

Richard received both his BS in accounting and MBA in finance from the Kogod School of Business at American University.

Eric J. Green, CFA, Senior Managing Partner & Director of Research

Eric began his career at PENN in July 1997.  Prior to joining PENN, Eric gained experience with the Federal National Mortgage Association, 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.  As Director of Research, Eric is responsible for guiding the firm’s day to day research process.  Eric also serves as the Portfolio Manager for PENN’s Small Cap equity strategy and chairs PENN’s equity strategy committee.  Eric received a BSBA, Cum Laude, from American University and received an MBA from the Yale School of Management.

Scott D. Schumacher, Senior Managing Partner

Scott began his career with PENN in November 1987.  At PENN, Scott is responsible for global management of all Equity and High Yield trading. Scott contributes to the oversight of our high yield portfolio construction and risk management processes.  Scott serves as the Co-Portfolio Manager of PENN’s Short Duration high yield strategy.  Scott received a BS in Accounting from Rutgers University.

Martin A. Smith, Partner

Martin began his career with PENN in July 1999.  Martin began his investment career in small cap equity research with Cantone Research, Inc., an independent equity research firm.  Prior to joining PENN, Martin served as a high yield analyst with Merrill Lynch Asset Management.  At PENN, Martin serves as the Portfolio Manager for PENN’s Opportunistic high yield strategy.  Martin received his BBA in Finance from Pace University and an MBA from Rutgers University.

Kevin C. Roche, Partner

Kevin began his career with PENN in August 2002.  Prior to joining PENN, Kevin gained experience at Fidelity Investments, C.P. Baker, and LPL Financial.  Kevin serves as the Co-Portfolio Manager for PENN’s BB high yield strategy.  Kevin received a BA from The Catholic University of America and an MBA from the F.W. Olin Graduate School of Business at Babson College.   

J. Paulo Silva, CFA, Managing Partner

Paulo began his career with PENN in June 2002.  Prior to joining PENN, Paulo served in the M&A department at Xcelecom and as a project manager for GZA GeoEnvironmental.  Paulo currently serves as the Portfolio Manager for PENN’s Micro Cap equity strategy and Co-Portfolio Manager of PENN’s SMID equity strategy.  Additionally, Paulo serves on the Investment Committee of the Valley Forge Military Academy.  Paulo received a BS in Civil Engineering, Summa Cum Laude, from Tufts University and an MBA from the Yale School of Management.

Peter R. Duffy, CFA, Partner

Peter began his career at PENN in October 2006.  Prior to joining PENN, Peter was a Director and sector specialist for Deutsche Asset Management’s top-decile $5 billion global high yield debt team.  Previously, Peter served as a finance manager for M&A at GE Capital and as a senior management consultant at Arthur Andersen LLP.  Peter serves as the Portfolio Manager for PENN’s Defensive high yield strategy and chairs PENN’s credit strategy committee.  Peter received a BS in Finance, Summa Cum Laude, from Villanova University and an MBA from The Wharton School of the University of Pennsylvania.

Joseph C. Maguire, CFA, Partner

Joseph began his career with PENN in January 2005.  Prior to joining PENN, Joseph served as a senior audit associate for PricewaterhouseCoopers LLP, and conducted private equity research for AMS Inc.  During graduate school, Joseph interned with PENN’s investment team.  Joseph currently serves as a Portfolio Manager for PENN’s Convertible strategy and Co-Portfolio Manager for PENN’s SMID equity strategy.  Joseph received a BBA in Accounting from The College of William & Mary and a MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.

Paul M. Welch, CFA, Partner

Paul began his career with PENN in August 2007.  Prior to joining PENN, Paul served as a research analyst for Ariel Capital Management.  Previously, Paul served as a private equity fund analyst at Hamilton Lane and as a consultant at Public Financial Management.  Paul currently serves as a Portfolio Manager for PENN’s Mid Cap equity strategy.  Paul received a BS in Finance from The Wharton School of the University of Pennsylvania and a MBA from the Graduate School of Business at the University of Chicago.

David H. Jackson, CFA, Partner

David began his career with PENN in February 2008. Most recently, David was an Associate Director with the Financial Institutions Group at Fitch Ratings in New York City, where he assisted with rating coverage of the specialty finance sector.  Prior to Fitch, David worked for the Federal Reserve Bank of Philadelphia on the bank supervision and regulation team. David currently serves as a Portfolio Manager for PENN’s Distressed strategy.  David received a BS in Finance from Rutgers University School of Business.

Michael S. Loo

Michael began his career with PENN in January of 2008.  Prior to joining PENN, Michael gained experience at Nuveen Investments.  He also served as an intern to the PENN investment team while attending Drexel University.  Michael received a BS in Finance, Magna Cum Laude, from Drexel University.  Michael has successfully completed Level 2 of the CFA program in 2010.

Patrick M. Nolan

Patrick began his career at PENN in April 2008.  Most recently, Patrick was an equity product analyst at Raymond James.  Previously, Patrick served at JP Morgan as a options specialist and started his career as a financial advisor for AIG.  Patrick currently serves as the Risk Manager for PENN’s Capital Structure Opportunities Fund.  Patrick received a BS in Finance from Robert Morris University in Pittsburgh, PA and a MBA from the University of Miami.

Steven E. Civera, CFA

Steven began his career with PENN in June 2010. Most recently, Steve was a Research Analyst for AlphaOne Capital Partners where he covered Technology and Renewable Energy. Prior to AlphaOne, Steven worked for the Center for Financial Research and Analysis, a forensic accounting research firm.  Previously, Steven worked as an Analyst for Global Capital Management.  Steven received a BSBA in Accounting from Bucknell University, an MBA from Loyola College in Maryland.

David R. Neiderer, CPA

David began his career at PENN in May 2011.  David served as an intern to the PENN investment team at during the summer of 2010, while attending the Wharton School of the University of Pennsylvania.  Prior to joining PENN, David served within the Distressed Products Trading Group at Deutsche Bank.  Previously, David was a Senior Audit Associate with Deloitte and Touche, LLP where he earned his CPA.  David received his BS in Economics and Accounting from the University of Richmond and a MBA from the Wharton School of the University of Pennsylvania. 

Jason T. Detzi

Jason began his career at PENN in October 2006. Prior to joining PENN, Jason was an independent floor trader and managing partner of a proprietary trading firm, trading equity and index options on both the CBOE and American Stock Exchange.  Previously, Jason was a market maker for The Timber Hill Group LLC, a subsidiary of The Interactive Brokers Group, trading equity derivatives, index options, and futures.  Jason received a BS in Finance from Rutgers University.

Alec W. Bear

Alec began his career with PENN in September of 2008. Prior to joining PENN, Alec gained experience as an intern with the equity research team at Emerald Asset Management.  Alec received a BS in Mathematical Economics from The Colorado College and successfully completed Level 2 of the CFA program in 2010.