DeMarche Consultants

DEMARCHE IS UNIQUE AMONG CONSULTING FIRMS IN THAT ITS CONSULTANTS HAVE EXTENSIVE CAPITAL MARKETS EXPERIENCE. When you engage DeMarche, you have access to a staff of professionals with more than 350 years of cumulative experience in consulting, portfolio management, investment research, banking and corporate finance. The broad array of services and diversified expertise of our staff enable us to offer comprehensive consulting to retainer clients or supply expert counsel and implementation strategies for a broad spectrum of specific projects.

A six member management team leads our consulting practices

ROBERT F. MARCHESI
CHAIRMAN & CHIEF EXECUTIVE OFFICER
Mr. Marchesi is a consultant, principal of the firm and director of investment research. Prior to founding DeMarche Associates, he was vice president and director of portfolio, economic and technical research for Waddell & Reed, Inc., and he was vice president and general manager for Research Management Associates, Inc., an investment counseling subsidiary of Waddell & Reed, Inc. Previously, he was a senior investment analyst for Waddell & Reed, and a senior investment analyst for the Harris Trust & Savings Bank, Chicago.

Mr. Marchesi received his MBA with honors from Washington University and his BSBA from Quincy College. He is a frequent lecturer at investment conferences and the author of several articles on performance measurement, asset allocation, and portfolio diversification. Mr. Marchesi is chairman of DeMarche's Manager Review Committee. He is a past member of the board of directors and past president of the Kansas City CFA Society, the International Society of Financial Analysts and a member of the CFA Institute.

WILLIAM MISKELL
EXECUTIVE VICE PRESIDENT
Mr. Miskell is a consultant and principal of the firm. In addition to client consulting responsibilities, Mr. Miskell also oversees DeMarche operations including all report production, universe building, information processing and consultant support. Prior to joining DeMarche, he was the Finance Director for the City of Omaha. In this role, he was the plan administrator and Board member of the Omaha Police and Fire Retirement System. Previously he was a manager in the consulting division of Arthur Andersen & Co.

Mr. Miskell earned a bachelor's degree in accounting from the University of Notre Dame. He also holds a Certified Public Accountant certificate. He has been active in the Government Finance Officers Association, having served on the Committee of Management and Budget, and been an advisor to the Committee on Retirement and Benefits Administration. He is an affiliate member of the CFA Institute and the Kansas City CFA Society. Mr. Miskell is a member of the DeMarche Board of Directors and the firm's Manager Review Committee.

THOMAS C. WOOLWINE
PRACTICE LEADER & SENIOR CONSULTANT
Mr. Woolwine is a consultant and principal of the firm, specializing in fixed income securities and asset allocation. Prior to joining DeMarche, he was an investment officer in the fixed income department of Boatmen's First National Bank of Kansas City, where he advised institutional clients on portfolio management and trading strategies. He is a member of DeMarche's Board of Directors and Product Review Committee, product manager for manager optimization studies and practice leader for the East Coast.

Mr. Woolwine received his graduate diploma from the ABA's Stonier Graduate School of Banking at the University of Delaware and his bachelor's degree in economics from Knox College. He is a member of the Kansas City Society of Financial Analysts and the CFA Institute. He completed the CFA Investment Management Workshop at Princeton University, the Financial Analyst Seminar at Northwestern University and the CFA Continuing Education Program.

ROBERT J. DUWA
PRACTICE LEADER & SENIOR CONSULTANT

PRESIDENT OF DISCRITIONARY MANAGEMENT SERVICES (DMS)

Mr. Duwa is a principal and consultant with extensive experience in the management of pension plan and institutional investment management services. Mr. Duwa was formerly with Hartford Life, Inc., working with institutional defined contribution plans. Prior to joining Hartford, he served as assistant vice president in the Pension and Institutional Division for Boatmen's Trust Company and The First National Bank of Chicago.

Mr. Duwa is a graduate of Loras College, Dubuque, Iowa, where he received a bachelor's degree in Finance. A Chartered Financial Analyst, he is a member of the CFA Institute and the Chicago Investment Analyst Society.

RICHARD A. FRODSHAM
PRACTICE LEADER & RESEARCH INSTITUTE
Mr. Frodsham is a consultant, principal of the firm and director of the DeMarche Manager Institute. Previously, he was executive vice president and chief operating officer of ABN AMRO Asset Management (USA) Inc. where he managed all U.S. operations, administration and marketing. Early in his career, Mr. Frodsham worked for A.G. Becker & Co. as East Coast manager of Funds Evaluation. He also served as chief operating officer and head of fixed income securities management for BA Investment Management Corp. from 1985 to 1988. He was a founding principal of Associated Capital Investors in 1989, which acquired BA Investment Management Corp. In 1994, he joined The Chicago Corporation to lead its merger and acquisition of investment management firms; in 1997, he became president of LaSalle Street Capital Management, Ltd.

Mr. Frodsham earned a bachelor's degree in Economics from New York University and has completed graduate studies in Business Administration at NYU-Stern School.

W. MARK MEIERHOFFER
PRACTICE LEADER & SENIOR CONSULTANT
Mr. Meierhoffer is the former Chief Financial Officer and senior vice president of finance for The Rival Company, a premier Kansas City-based manufacturer and distributor of household products. Prior to that position, Mr. Meierhoffer was senior vice president and chief operating officer for DeMarche. He also has served as vice president and international treasurer for Marion Merrell Dow, Inc., a global pharmaceutical firm, and managed that company's investor relations. He is now a principal of DeMarche and serves as a specialized consultant to DeMarche clients in its corporate finance and investor relation's practices.

Mr. Meierhoffer earned a bachelor's degree in business administration from the University of Missouri and an MBA from Rockhurst University. He is a member of the Financial Executives Institute, the American Institute of CPAs and the Missouri Society of CPAs. He serves on the University of Missouri Alumni Association National Board, is a member of the College of Business Strategic Development Board and the School of Accountancy Advisory Board. He also serves on the Finance and Technology committees for the city of Leawood, KS, and the Kansas City Community Blood Center Board of Directors.

CHRISTINA R. DANNER, CFA, CFP
SENIOR CONSULTANT
Ms. Danner is a consultant and principal of the firm who specializes in international assets, fixed income securities, and stable value products. Prior to joining DeMarche, she was senior securities analyst of fixed income securities at Kansas City Life Insurance Company.

A Chartered Financial Analyst and member of the DeMarche Manager Review Committee, Asset Allocation Committee and Product Review Committee, Ms. Danner received her MBA from the University of Kansas and her bachelor's degree from the University of Missouri, where she graduated summa cum laude. Ms. Danner is a member of the Kansas City CFA Society and the CFA Institute. She has earned the Certified Financial Planning certification.

STEPHEN D. FARRELL
SENIOR CONSULTANT
Mr. Farrell is a consultant and principal of the firm. In addition to working with retirement plans, endowment funds and foundations, Mr. Farrell consults with corporations in the areas of finance and investor relations. Prior to joining DeMarche, he was an independent consultant to financial services companies.

Mr. Farrell holds a bachelor's degree in business administration from Washburn University and is a member of the Kansas City CFA Society and the CFA Institute. In addition, he has completed the CFA Investment Management Program at Princeton University.

DONALD D. FORD
SENIOR CONSULTANT & MANAGER OF RESEARCH
Mr. Ford is a consultant and principal of the firm. Prior to joining DeMarche, he operated an independent financial and investment consulting firm. He was previously president and chief executive officer of The Douglass Bank in Kansas City, Kansas, and vice president at The Chapman Company, an investment banking and brokerage firm.

Mr. Ford holds an MBA in Finance from the University of Chicago and a bachelor's degree from the University of Illinois at Chicago. He is a member of the National Association of Securities Professionals.

DAVID J. MEAGHER, CMA
SENIOR CONSULTANT
Mr. Meagher is a consultant and principal of the firm with more than 20 years experience managing substantial endowment and employee benefit assets as university treasurer and pension officer in the corporate ERISA environment. Most recently, he served as Vice President Investments and Treasurer for Loyola University Chicago, where he managed more than $700 million in endowment, pension and other assets. He also was responsible for debt management and cash management services, including cash collection and disbursement systems and investment management of short-term operating funds. Prior to joining Loyola, Mr. Meagher was Director of Investments for Santa Fe Pacific Corporation, where he was responsible for managing $750 million in pension and savings plan assets and $200 million in corporate short-term investment funds. He also served as Pension Fund Investment Specialist for Monsanto Company in St. Louis, Mo., where he provided quantitative systems and analytical support for the management of $1.7 billion in pension and savings plan assets.

Mr. Meagher earned his bachelor's and master's degrees in mathematics from St. Louis University. In addition, he has completed the Endowment Institute at Harvard University and is a former Trustee of Commonfund, a non-profit organization managing over $20 billion for schools, colleges, and universities.

JOHN R. SCHWEERS
SENIOR CONSULTANT
Mr. Schweers is a consultant and principal of the firm. Prior to joining the firm in 1998, Mr. Schweers was managing director and chief operating officer of a Twin Cities-based regional investment consulting firm. Before entering the consulting profession, he served as treasurer of two multi-national manufacturing companies, The Trane Company and The Donaldson Company. He was assistant treasurer of a $3 billion global manufacturing company, American Standard, Inc. and cash manager and international subsidiary controller of a Fortune 100 company, Texas Instruments, Inc. His responsibilities have included worldwide treasury operations, commercial and investment banking relationships, foreign exchange and pension asset/liability management.

Mr. Schweers completed his undergraduate studies in English and Economics at Tulane University and holds an MBA in Finance from the University of Wisconsin-Madison. He is a Trustee of the Minnesota State Colleges and Universities Foundation and an advisor to The Aristotle Fund at the University of St. Thomas. He is also an adjunct professor at The University of St. Thomas, teaching corporate finance and security market theory.

COLEEN D. TRIMBLE
SENIOR CONSULTANT
Ms. Trimble is a principal of the firm and a consultant with expertise in defined contribution plans, securities trading, and asset allocation. She also leads the firm's research on issues related to behavioral finance. Prior to joining DeMarche, she was an investment broker with Smith Barney Harris Upham, Inc. where she managed retail and institutional client portfolios with an emphasis on investment strategies for not-for-profit organizations.

Ms. Trimble holds an MBA and a bachelor's degree from Northwest Missouri State University. She is an ad hoc member of the firm's Manager Review Committee, a member of the Kansas City CFA Society and the CFA Institute.

TIMOTHY J. MARCHESI, CFA
SENIOR CONSULTANT & DEPUTY CIO

Mr. Marchesi is a member of the Research team and is based in Chicago. He is Principal and President of Kansas City Brokerage (KCB), a subsidiary of DeMarche, which is registered as a broker with the Securities and Exchange Commission and the National Association of Securities Dealers. DeMarche established KCB to meet our clients' requests for directed brokerage services. Previously, he served as vice president for American National Bank and Trust Company of Chicago, where he was involved in portfolio and relationship management for the private client services department. He has 16 years of investment experience.

Mr. Marchesi earned his bachelor's degree in business administration from the University of Notre Dame. In addition to earning the chartered financial analyst designation in 1997, he has NASD securities licenses Series 6, 7, 24 and 63. He is a member of the CFA Institute and the Investment Analyst Society of Chicago. He is a member and past Chair of Chicago Community Foundation's Young Leaders Fund.

ADAM J. STRUMPF, CFP

SENIOR CONSULTANT

Mr. Strumpf began working on the corporate finance and investor relations consulting team in 1997, where he played an integral role in the development and enhancement of the firm’s products and projects offered to publicly traded companies.   Mr. Strumpf now works as a consultant to defined benefit and defined contribution plans as well as foundations and endowments.

A summa cum laude graduate of Columbia College in Columbia, Mo., Mr. Strumpf received a bachelor’s degree in business administration with a dual emphasis in management and finance and was inducted into the Alpha Chi National College Honor Scholarship Society.  In addition, he earned his MBA in finance from the University of Missouri-Columbia, where he served on the Graduate/Professional Council.  In 1997, he received his Certified Financial Planner (CFP) designation and in 2000 was awarded the Charted Mutual Fund Counselor designation.  Mr. Strumpf is a member of the CFA Institute and the Kansas City CFA Society.