Management

Ben Bruck

Ben Bruck
Global Head — Macquarie Investment Management
Chairman — Delaware Investments

Ben Bruck has been with Macquarie for 25 years and has global responsibility for Macquarie’s securities asset management business, Macquarie Investment Management (MIM). MIM manages fixed income, equities and currencies out of 12 locations around the world. Overall these responsibilities encompass over 800 staff and $US 260 billion of assets under management. In 2009 Bruck led the acquisition of Delaware Management Holdings, Inc. and its subsidiaries (Delaware Investments), Macquarie Group’s largest acquisition to date. Since then, Bruck has served as chairman of Delaware Investments. From 2003 to 2008, he was Group Head of Macquarie’s Funds Management Group (now Macquarie Asset Management), a period over which its AUM increased to over $US 35 billion and earnings grew significantly. Prior to this role, he formed the International Division of the Bank’s funds management business in 1995, establishing AmInvest, a joint venture in Malaysia. Bruck was CEO of the venture from 1996 to 1998 following which he led the establishment of further asset management businesses for Macquarie in South Africa, Korea and Taiwan. He earned a bachelor of science degree from the University of New South Wales.

Shawn Lytle

Shawn K. Lytle
President — Delaware Management Holdings, Inc. (Delaware Investments)
Chief Executive Officer, President, and Director/Trustee —
Delaware Investments® Family of Funds

Shawn K. Lytle was named president of Delaware Management Holdings, Inc. (Delaware Investments) in June 2015, and he is responsible for all aspects of the firm’s business. He was named CEO and president of Delaware Investments Family of Funds (DIFF) in August 2015 and director/trustee of DIFF in September 2015. Lytle oversees $166 billion in assets under management (as of Dec. 31, 2015) across several distinct investment teams that span all major asset classes and provide investment solutions for a wide variety of individual and institutional clients. Prior to joining the firm, he was regional head of the Americas at UBS Global Asset Management for five years, based in Chicago and New York. Before that, Lytle worked in London for UBS in various roles within the equity group, including deputy global head of equities. Prior to joining UBS in 2002 as a global equities portfolio manager, he worked at JPMorgan Asset Management for 10 years in a variety of roles in London and New York, including global equities client portfolio manager and U.S. mutual fund sales. He earned a bachelor’s degree in marketing from The McDonough School of Business at Georgetown University. Lytle serves as chair elect on the board of directors of the National Association of Securities Professionals (NASP), and he is on the board of directors of the Sustainability Accounting Standards Board (SASB).

David Brenner

David Brenner
Chief Administrative Officer

David Brenner joined Macquarie Investment Management (MIM) in September 2015 to oversee strategic business planning, operational processes, and execution across the Delaware Investments business, and to assist with the coordination and execution within MIM. Prior to joining the firm, he worked with UBS Global Asset Management from 2004 to 2015, leaving as chief operating officer, Americas. In that role, Brenner was responsible for the operational processes across the Americas business areas including distribution, client service, marketing, and product management. He also worked with the regional head in the tactical, day-to-day running of the Americas business, as well as in driving the strategic business planning process. Prior to joining UBS, Brenner worked at Arthur Andersen and KPMG in Chicago where he specialized in strategy, technology, and risk consulting. He earned a bachelor’s degree in business from Miami University in Ohio, and his MBA from the University of Chicago Booth School of Business. Brenner is a member of the Board of Directors for A Giving Heart Foundation.

Stephen J. Busch
Senior Vice President, Head of Separately Managed Account Operations and
Fund Oversight

Stephen J. Busch has been responsible for leading operations and trading for the firm’s retail separately managed accounts since March 2005. He is also responsible for the transfer agent and fund accounting oversight for Delaware Investments® Family of Funds and Optimum Fund Trust, roles he has held since July 2011 and October 2007, respectively. He joined the firm in December 1986 and held staff and supervisory positions in internal audit before assuming a managerial role for the financial control department. In 1993, Busch left Delaware Investments to pursue opportunities at SEI Financial Services and Lincoln Investment Planning, where he held various positions including relationship manager, project manager, and trainer. After rejoining Delaware Investments in March 1996, Busch held various leadership positions in operations leading up to his current responsibilities. Busch earned a bachelor’s degree in accounting from Drexel University and he is a member of the Association for Financial Professionals. He is a past member of the National Investment Company Service Association’s Transfer Agent Committee, a current member of the ICI Operations and International Committees, and also participates in several mutual fund and SMA industry user groups.

Michael F. Capuzzi

Michael F. Capuzzi, CFA
Senior Vice President, Head of Investment Operations

Michael F. Capuzzi has worked in the firm’s operations department for more than 30 years and has been head of investment operations since June 2007. He has held various positions with Delaware Investments including, vice president of investment systems and assistant vice president of institutional and mutual fund investment accounting. From 1993 to 1995, Capuzzi worked at SEI Corporation supporting its investment management system and performance measurement system. He earned a bachelor’s degree from St. Joseph’s University and an MBA from La Salle University. Capuzzi is a member of the CFA Institute and the CFA Society of Philadelphia.

David F. Connor

David F. Connor, Esq.
Senior Vice President, General Counsel, and Secretary

David F. Connor, Esq., is general counsel for Delaware Investments, responsible for overseeing the firm’s legal department, a role he assumed in May 2015. From July 2000 to May 2015, he was deputy general counsel and he has been secretary for the firm since 2005. From 1998 to 2000, Connor worked in the legal department of Prudential Investments. Previously, he was an associate with the law firm of Drinker Biddle & Reath LLP, where he focused on investment management work. Connor earned his bachelor’s degree from Washington & Lee University and his juris doctor degree from Vanderbilt University School of Law. He also serves on the board of the Settlement Music School in Philadelphia.

Roger Early

Roger A. Early, CPA, CFA
Managing Director, Head of Fixed Income Investments,
Executive Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy

Roger A. Early rejoined Delaware Investments in March 2007 as a member of the firm’s taxable fixed income portfolio management team, with primary responsibility for portfolio construction and strategic asset allocation. He became head of fixed income investments in February 2015. During his previous time at the firm, from 1994 to 2001, he was a senior portfolio manager in the same area, and he left Delaware Investments as head of its U.S. investment grade fixed income group. In recent years, Early was a senior portfolio manager at Chartwell Investment Partners and Rittenhouse Financial and was the chief investment officer for fixed income at Turner Investments. Prior to joining Delaware Investments in 1994, he worked for more than 10 years at Federated Investors where he managed more than $25 billion in mutual fund and institutional portfolios in the short-term and investment grade markets. He left the firm as head of institutional fixed income management. Earlier in his career, he held management positions with the Federal Reserve Bank, PNC Financial, Touche Ross, and Rockwell International. Early earned his bachelor’s degree in economics from The Wharton School of the University of Pennsylvania and an MBA with concentrations in finance and accounting from the University of Pittsburgh. He is a member of the CFA Society of Philadelphia.

Scott J. Kearney

Scott J. Kearney
Senior Vice President, Head of Institutional Sales

Scott J. Kearney joined Delaware Investments in January 2015 to head the firm’s institutional sales efforts, which includes consultant relations and sub-advisory. He has more than 20 years of institutional experience. Prior to joining Delaware Investments, Kearney worked with F–Squared Investments, where he was head of institutional sales since 2013. Prior to that he was with Turner Investments for 18 years, most recently as senior managing director, leading the firm’s institutional sales teams. Kearney began his investment career with Capital Analysts as a financial advisor. He earned his bachelor’s degree, with a concentration in finance and marketing, from the Robins School of Business at the University of Richmond. He is president of the Association of Investment Management Sales Executives (AIMSE) and on its board of directors.

Susan L. Natalini

Susan L. Natalini, CFA, CAIA®
Senior Vice President, Chief Operations Officer — Investments

Susan L. Natalini is the COO of the equity and fixed income investment teams. In this role, she is responsible for investment–related vendor management, finance and planning, and other activities in support of the investment teams, as well as special projects. In addition, Natalini serves as a Trustee for the Delaware Management Holdings, Inc. (Delaware Investments) 401(k) and Retirement Plan. From September 2010 to October 2015, she was the head of equity and fixed income business operations. Previously, she managed the firm’s marketing communications team and its shared services areas, including a team of five performance analysts with primary responsibility for the content of all institutional materials as well as competitive analysis and client reporting; the RFP and consultant database teams; and a group responsible for servicing the institutional-only Delaware Pooled® Trust mutual funds. Prior to that, Natalini was the director of strategic planning for Delaware Investments from 1995 to 1998. Before joining Delaware Investments in 1994, she spent five years as a management consultant in the financial advisory services group of Coopers & Lybrand. She began her career at Wells Fargo Bank. Natalini graduated from Carleton College with a bachelor’s degree in economics and received an MBA with a concentration in strategic planning from The Wharton School of the University of Pennsylvania. Natalini is a member of the CFA Society of Philadelphia and the Chartered Alternative Investment Analyst Association®.

Richard Salus

Richard Salus, CPA
Chief Financial Officer and Division Director

Richard Salus is responsible for finance, treasury, tax, reporting, and financial operations for various entities within Macquarie Group and Delaware Investments. Salus is the chief financial officer for Macquarie’s global business, Macquarie Investment Management, and a division director within Macquarie’s Finance Management Group. Salus is also the chief financial officer for all Delaware Investments entities, including the mutual fund businesses of Delaware Investments Family of Funds and Optimum Fund Trust. Additionally, he is chairman and director for Macquarie Collective Funds plc, Delaware Investments’ European-based mutual fund complex. Prior to joining the firm in 1996, he worked for Ernst & Young as a senior manager with a primary focus on the banking and investment company sector. He earned his bachelor’s degree in accounting from Franklin & Marshall College, and he is a member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants. He also has various roles for certain non-public committees.

Neil S. Siegel

Neil S. Siegel
Chief Marketing and Product Officer

Neil S. Siegel joined Delaware Investments in November 2015 as chief marketing and product officer. In this role, he is responsible for strategic oversight of the firm’s marketing, product management and development, and platform sales including defined contribution investment-only channels. Prior to joining the firm, Siegel worked for Neuberger Berman/Lehman Brothers from 2004 to 2015 as a managing director, and most recently as the firm’s global chief marketing officer. Before that, he worked at Morgan Stanley for 11 years in various leadership positions including head of institutional and intermediary marketing for Morgan Stanley Investment Management in London and New York. He received a bachelor’s degree in marketing, with a minor in economics, from the University of Massachusetts Amherst and an MBA with a concentration in finance from the Fordham Graduate School of Business.

Brett Wright

Brett Wright, CIMA®, CPWA®
Senior Vice President, Head of Third Party Distribution

Brett Wright is responsible for third-party broker/dealer distribution activities to wirehouses, regional and independent firms, as well as key account management with major distribution partners. From January 2011 to June 2014, he was a divisional manager overseeing 10 regional directors who were responsible for the distribution of Delaware Investments® mutual funds and separately managed accounts in the western part of the United States. Wright brings more than 20 years of industry experience to the firm. From August 2008 to January 2011, he was a senior vice president with ING Investment Management, where he led the Independent Key Account group. Prior to that, he held various sales and senior sales management roles at AXA Equitable, Merrill Lynch, and Lord Abbett. Wright earned a bachelor’s degree from The Pennsylvania State University, where he served as captain of the football team in 1992. In 2013, he began service on the board of directors for the Investment Management Consultants Association, a community for advanced investment advisors and wealth managers.

Investment Management, Team Leaders

Chris Beck

Christopher S. Beck, CFA
Chief Investment Officer — Small-Cap Value / Mid-Cap Value Equity

Christopher S. Beck leads the firm's Small-Cap Value / Mid-Cap Value Equity team. Prior to joining Delaware Investments in 1997 as a vice president and senior portfolio manager, he was vice president at Pitcairn Trust from 1995 to 1997, where he managed small-capitalization stocks and analyzed equity sectors. Before that he was chief investment officer of the University of Delaware from 1992 to 1995 and held management positions during his seven years at Cypress Capital Management and four years at Wilmington Trust. Beck earned a bachelor's degree at the University of Delaware and an MBA from Lehigh University, and he is a member of the CFA Society of Philadelphia and past president of the Wilmington Society of Securities Analysts.

Liu-Er Chen

Liu-Er Chen, CFA
Chief Investment Officer — Emerging Markets and Healthcare

Liu-Er Chen heads the firm's global Emerging Markets team, and he is also the portfolio manager for Delaware Healthcare Fund, which launched in September 2007. Prior to joining Delaware Investments in September 2006 in his current position, he spent nearly 11 years at Evergreen Investment Management Company, where he most recently served as managing director and senior portfolio manager. He co-managed the Evergreen Emerging Markets Growth Fund from 1999 to 2001, and became the Fund's sole manager in 2001. He was also the sole manager of the Evergreen Health Care Fund since its inception in 1999. Chen began his career at Evergreen in 1995 as an analyst covering Asian and global healthcare stocks, before being promoted to portfolio manager in 1998. Prior to his career in asset management, Chen worked for three years in sales, marketing, and business development for major American and European pharmaceutical and medical device companies. He received his medical education in China and has experience in medical research at both the Chinese Academy of Sciences and Cornell Medical School. He holds an MBA with a concentration in management from Columbia Business School.

Roger Early

Roger A. Early, CPA, CFA
Managing Director, Head of Fixed Income Investments,
Executive Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy

Roger A. Early rejoined Delaware Investments in March 2007 as a member of the firm’s taxable fixed income portfolio management team, with primary responsibility for portfolio construction and strategic asset allocation. He became head of fixed income investments in February 2015. During his previous time at the firm, from 1994 to 2001, he was a senior portfolio manager in the same area, and he left Delaware Investments as head of its U.S. investment grade fixed income group. In recent years, Early was a senior portfolio manager at Chartwell Investment Partners and Rittenhouse Financial and was the chief investment officer for fixed income at Turner Investments. Prior to joining Delaware Investments in 1994, he worked for more than 10 years at Federated Investors where he managed more than $25 billion in mutual fund and institutional portfolios in the short-term and investment grade markets. He left the firm as head of institutional fixed income management. Earlier in his career, he held management positions with the Federal Reserve Bank, PNC Financial, Touche Ross, and Rockwell International. Early earned his bachelor’s degree in economics from The Wharton School of the University of Pennsylvania and an MBA with concentrations in finance and accounting from the University of Pittsburgh. He is a member of the CFA Society of Philadelphia.

W. Alexander Ely
Chief Investment Officer — Small-Cap Growth / Mid-Cap Growth Equity

Alex Ely joined Delaware Investments in February 2016 as part of the firm’s acquisition of Bennett Lawrence Management, LLC, a New York-based U.S. growth equity manager. Prior to joining Delaware Investments as CIO, he was portfolio manager and chief portfolio strategist at Bennett Lawrence. Ely joined Bennett Lawrence in 1997 as a portfolio analyst, and in 2002 he was promoted to portfolio manager. Before joining Bennett Lawrence, he was an equity product manager at Oppenheimer Management. From 1988 to 1989, he was a strategy clerk at the Boston Stock Exchange. Ely earned a bachelor’s degree in economics from the University of New Hampshire.

Ned Gray

Edward A. "Ned" Gray, CFA
Chief Investment Officer — Global and International Value Equity

Ned Gray manages the Global and International Value Equity strategies and has worked with the investment team for more than 20 years. Prior to joining Delaware Investments in June 2005 in his current position, Gray worked with the team as a portfolio manager at Arborway Capital and Thomas Weisel Partners. At ValueQuest/TA, which he joined in 1987, Gray was a senior investment professional with responsibilities for portfolio management, security analysis, quantitative research, performance analysis, global research, back office/investment information systems integration, trading, and client and consultant relations. Prior to ValueQuest, he was a research analyst at the Center for Competitive Analysis. Gray received his bachelor's degree in history from Reed College and a master of arts in law and diplomacy, in international economics, business and law from Tufts University's Fletcher School of Law and Diplomacy.

Paul Grillo

Paul Grillo, CFA
Co-Chief Investment Officer — Total Return Fixed Income Strategy

Paul Grillo is a member of the firm's taxable fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He is also a member of the firm's asset allocation committee, which is responsible for building and managing multi-asset class portfolios. He joined Delaware Investments in 1992 as a mortgage-backed and asset-backed securities analyst, assuming portfolio management responsibilities in the mid-1990s. Grillo serves as lead portfolio manager for the firm's Diversified Income products and has been influential in the growth and distribution of the firm's multisector strategies. Prior to joining Delaware Investments, Grillo was a mortgage strategist and trader at Dreyfus Corporation. He also worked as a mortgage strategist and portfolio manager at Chemical Investment Group and as a financial analyst at Chemical Bank. Grillo holds a bachelor's degree in business management from North Carolina State University and an MBA with a concentration in finance from Pace University.

Frank Morris

Francis X. Morris
Chief Investment Officer — Core Equity

Francis X. Morris joined Delaware Investments in 1997 as a vice president and portfolio manager, and is currently the chief investment officer for Core Equity investments. He is also a member of the firm's asset allocation committee, which is responsible for building and managing multi-asset class portfolios. In addition, Morris serves as a Trustee for the Delaware Management Holdings, Inc. (Delaware Investments) 401(k) and Retirement Plan. Prior to joining the firm, Morris was vice president and director of equity research at PNC Asset Management. He received a bachelor's degree from Providence College and holds an MBA from Widener University. He is currently a member of the Business Advisory Council of the Providence College School of Business. Morris is a past president of the CFA Society of Philadelphia and is a member of the CFA Institute. He is a former officer of the National Association of Petroleum Investment Analysts.

Ty Nutt

D. Tysen Nutt Jr.
Senior Portfolio Manager, Team Leader

D. Tysen Nutt Jr. is senior portfolio manager and team leader for the firm's Large-Cap Value team. Before joining Delaware Investments in 2004 as senior vice president and senior portfolio manager, Nutt led the U.S. Active Large-Cap Value team within Merrill Lynch Investment Managers, where he managed mutual funds and separate accounts for institutions and private clients. He departed Merrill Lynch Investment Managers as a managing director. Prior to joining Merrill Lynch Investment Managers in 1994, Nutt was with Van Deventer & Hoch where he managed large-cap value portfolios for institutions and private clients. He began his investment career at Dean Witter Reynolds, where he eventually became vice president, investments. Nutt earned his bachelor's degree from Dartmouth College, and he is a member of the New York Society of Security Analysts and the CFA Institute.

Bob Zenouzi

Babak "Bob" Zenouzi
Chief Investment Officer — Real Estate Securities and Income Solutions

Bob Zenouzi is the lead manager for the real estate securities and income solutions (RESIS) group at Delaware Investments, which includes the team, its process, and its institutional and retail products, which he created during his prior time with the firm. He also focuses on opportunities in Japan, Singapore, and Malaysia for the firm's global REIT product. Additionally, he serves as lead portfolio manager for the firm's Dividend Income products, which he helped to create in the 1990s. He is also a member of the firm's asset allocation committee, which is responsible for building and managing multi-asset class portfolios. He rejoined Delaware Investments in May 2006 as senior portfolio manager and head of real estate securities. In his first term with the firm, he spent seven years as an analyst and portfolio manager, leaving in 1999 to work at Chartwell Investment Partners, where from 1999 to 2006 he was a partner and senior portfolio manager on Chartwell's Small-Cap Value portfolio. He began his career with The Boston Company, where he held several positions in accounting and financial analysis. Zenouzi earned a master's degree in finance from Boston College and a bachelor's degree from Babson College. He is a member of the National Association of Real Estate Investment Trusts and the Urban Land Institute.