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 Invesments), 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 Lytle
President — Delaware Management Holdings, Inc.

Shawn Lytle was named president of Delaware Management Holdings, Inc. (Delaware Investments) in June 2015, and is responsible for all aspects of the firm’s business. Lytle oversees $180 billion in assets under management (as of June 30, 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 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.

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
President and Chief Executive Officer — Delaware Investments® Family of Funds

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 and president and CEO of the Delaware Investments Family of Funds in May 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.

Ania Mikson

Ania Mikson
Senior Vice President, Head of Human Resources

Ania Mikson oversees the human resources activities at the firm. She joined Delaware Investments in 2006 as the HR partner supporting the firm's investment and distribution organizations. Prior to joining Delaware Investments, Mikson spent one year in corporate HR at Lincoln Financial, where she was responsible for managing the integration activities related to the merger between Lincoln Financial and Jefferson Pilot. Previously, she worked at CIGNA for more than 12 years, where she held a variety of roles in the company's finance, retirement services, and HR organizations. Mikson received a bachelor's degree in economics from Franklin & Marshall College, an MBA with a concentration in finance from Villanova University, and a master's degree in organizational design from the University of Pennsylvania.

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.

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.