Biographies

Michael A. Steinberg – Managing Partner, Portfolio Manager/Analyst
Mr. Steinberg’s career in investment management spans over 44 years. He founded Steinberg Asset Management (SAM) as a value research boutique in 1982, which evolved into an asset management firm specializing in small, mid and all-cap value portfolios. Prior to 1982, Mr. Steinberg spent five years as a partner at Sloate Weisman Murray & Steinberg, a money management and brokerage firm. That association followed almost 10 years as a securities analyst, portfolio strategist, and money manager with Loeb Rhoades, which he joined after receiving a BS from Syracuse University and an MBA from the University of California at Berkeley. His research and portfolio views have appeared in a variety of industry publications.

Jason A. Kesselman – Partner, Director of Research/Analyst
Mr. Kesselman has 15 years of investment experence. Prior to joining SAM, he was a Managing Director at Karsch Capital Management, a multi-billion dollar long/short hedge fund where he managed a fundamental value based portfolio. Before Karsch, he was a Partner at Stonebrook Fund Management, a billion dollar long/short hedge fund focused on using a bottom-up fundamental approach to find value. At both Karsch and Stonebrook, he was a generalist covering a wide range of sectors. Prior to joining Stonebrook, Mr. Kesselman worked in the mergers and acquisitions group of Lehman Brothers Inc. He holds a BA in history from the University of Michigan and a JD from Columbia Law School as well as an MBA from Columbia University Graduate School of Business.

Megan W. Kulick, CFA – Partner, Analyst
Ms. Kulick has over 19 years of investment experience. Prior to joining SAM, she served for two years as an Analyst/Portfolio Manager in Merrill Lynch & Co.'s Strategic Investment Group, its proprietary trading division. She also spent eight years (1993-2001) as a Senior Equity Research Analyst at Merrill Lynch & Co., as a member of the firm's top-rated Telecommunications Services team. Between her jobs at Merrill, Ms. Kulick held senior positions at JP Morgan in Proprietary Trading and Intrepid Capital Management, a technology focused hedge fund. She holds a BBA in Finance from the University of Michigan's Ross School of Business and an MBA from Columbia University. She is also a Chartered Financial Analyst.

Justin S. Steinberg – Partner, Analyst
Mr. Steinberg has six years of investment experience. Prior to joining SAM, he worked in the Investment Banking Division at Morgan Stanley covering a variety of industries and clients, with a focus on financial sponsors. Before joining Morgan Stanley, Mr. Steinberg served as a Senior Policy Advisor for Economic Development and Rebuilding under New York City Mayor Bloomberg. He holds a BA in Political Science from Brown University and an MBA from Harvard Business School.

Richard T. Lee – Managing Director, Analyst/Risk Management
Mr. Lee has 15 years of investment experience. Prior to SAM, he worked at Morgan Stanley in equity research and risk management. As an equity analyst, Mr. Lee covered infrastructure companies in the telecommunications services sector. He is also an expert in a variety of technologies resulting from his experience as a Bell Labs researcher at Lucent Technologies. Mr. Lee holds a BS and an MS in Electrical Engineering and a MBA in finance, all from Columbia University.

Lisa G. Shaplen– Managing Director, Analyst/Client Portfolio Manager
Ms. Shaplen has 13 years of investment experience. Her prior experience includes equity research analyst positions, covering the healthcare and consumer sectors, at Goldman Sachs Asset Management and Schroders. Before entering the investment business, Ms. Shaplen worked at the Council on Foreign Relations, a foreign policy think tank. She holds a BA in International Relations from the University of Pennsylvania and an MBA/MIA (Masters of International Affairs) from Columbia University where she focused on finance and the Middle East.

Sloane C. Krumland –Vice President, Trader/Analyst
Mr. Krumland has nine years of investment experience. Prior to joining SAM, he worked in the Private Placement group at ABN AMRO focusing on domestic and cross-border structured debt transactions. Mr. Krumland holds a BA in Economics from the University of Pennsylvania.

Brett C. Boshco - Associate, Analyst
Mr. Boshco has five years of investment experience. Prior to joining SAM, he worked as an Analyst in the Media & Communications Group in Morgan Stanley's Investment Banking Division. At Morgan Stanley, he worked on a number of transactions in the publishing, information and education spaces, as well as in the rural communications space. He graduated from the Massachusetts Institute of Technology, where he received a BS in Economics and a BS in Management Science.

Peter N. Chung - Associate, Analyst
Mr. Chung has seven years of investment experience. Prior to joining SAM, he was an Assistant Vice President in the Global Real Estate Capital Markets Group at Lehman Brothers/Barclays Capital. Before joining Lehman Brothers/Barclays Capital he was an Equity Research Associate at Raymond James & Associates where he covered companies in the technology distribution sector. He holds a BS in Finance from the University of Florida and an MBA from The Wharton School of the University of Pennsylvania.

Rahul Ray - Associate, Analyst
Mr. Ray has four years of investment experience.  Prior to joining SAM, he worked in equity research at UBS Investment Bank.  Prior to UBS, Mr. Ray worked at Independence Capital Asset Partners, LLC, a Denver-based hedge fund.  He began his investing career at Sanford C. Bernstein and Co., LLC. Before embarking on his investment career, he was an Engineering R&D Manager at Synopsys, Inc., a semiconductor firm in Silicon Valley.  Mr. Ray holds a BTech from the Indian Institute of Technology, an MS from the University of California, Santa Barbara and an MBA from Columbia Business School from which he graduated with honors.

Donald C. Schultheis – Managing Director, Marketing and Client Relationship Management
Mr. Schultheis is responsible for all activities related to marketing, client relationship management and consultant development at SAM. Prior to joining the firm, he was Managing Director at Credit Suisse Asset Management (CSAM) and served as a relationship manager and head of Consultant Development. Previously, he spent four years with Warburg Pincus Asset Management (WPAM) which was acquired by CSAM in 1999. At WPAM, Mr. Schultheis was a Partner and Managing Director responsible for institutional marketing and client service in the central U.S. He also served as a relationship manager for institutional clients at Strong Capital Management, where he began his career in 1987. Mr. Schultheis holds a BS in finance from Indiana University.

David A. Etzbach – Managing Director, Marketing and Client Relationship Management
Mr. Etzbach serves as a relationship manager for business development and client service at SAM.  Prior to joining the firm, he was Senior Vice President at Pyramis Global Advisors, and served as Sales Relationship Manager for institutional business development in the Northeastern US.  Previously, he was with Credit Suisse Asset Management (CSAM) where he served as Director, Relationship Manager, responsible for institutional sales and relationship development in the Eastern US.  Prior to CSAM, Mr. Etzbach spent six years in senior institutional sales roles at Legg Mason and Citigroup Asset Management, which was acquired by Legg Mason in 2005.  He began his career in 1992 at JPMorgan Chase and Bankers Trust Company.  Mr. Etzbach holds an MBA in Finance from New York University’s Stern School of Business and a BA from Northwestern University.

Steven L. Feld, CPA – Managing Director, Chief Financial Officer/Compliance
Mr. Feld is responsible for the financial accounting, compliance, trading and operations of the firm. Mr. Feld’s securities industry background, prior to joining the firm in 1990, include positions in both public accounting and corporate controllership. He is a Certified Public Accountant with a BA from Queens College and an MS in Accounting from C.W. Post University.

Joseph J. Spanier, Esq. – Vice President, Compliance Offier
Mr. Spanier is responsible for legal, compliance and related activities at the firm. Before joining the firm in 2007, he served as Vice President of Vastardis Capital Services working in various outsourced compliance and administrative capacities for investment advisers, private funds and registered funds. Previously, he was in private law practice. Mr. Spanier is a licensed attorney and holds a JD from the S.J. Quinney College of Law at the University of Utah and BSFS from Georgetown University.