Leadership

	Philip M. Nussbaum Chairman of the Board Bio		Jason A. Elder Managing Director of Corporate Strategy | Bio		David V. Raphael Managing Director, Analytics Bio
	Richard S. Berg Chief Executive Officer Bio		Craig S. Johnson Managing Director, Trading Bio		Stephen J. Sinclair Chief Technology Officer Bio
	James H. Matson President & Chief Operating Officer | Bio		Paul S. Kangas Managing Director & Sales Manager | Bio

Executive Team

Philip M. Nussbaum
Chairman of the Board

Phil is one of the founding members of the Performance Trust Companies. His passion is to help bond portfolio managers outperform by applying a disciplined, well-quantified risk/reward decision-making process. He has been a featured speaker and writer on the topic of bank investment portfolio management and regulation for numerous banking programs and seminars around the country. Currently, he leads the Analytics Group at Performance Trust.

Prior to joining Performance Trust in 1994, Phil was a Vice President at Clayton Brown & Associates, where he also served as the managing editor of The Bank Portfolio Manager. Before that, he was a senior examiner with the Financial Markets Unit of the Federal Reserve Bank of Chicago, where he specialized in bank investment portfolios, asset/liability management, and off-balance sheet derivative trading.

Phil has served as an independent Trustee of PowerShares Exchanged-Traded-Funds since the Fund’s inception in May 2003. PowerShares’ assets under management now exceed $12 billion.

Phil graduated with high honors from Wheaton College with a BS in mathematics. He has an MBA in finance from the University of Chicago.

< back to top

Richard S. Berg
Chief Executive Officer

Rich is CEO and co-founder of the Performance Trust Companies. Performance Trust Capital Partners trades and invests in fixed-income securities, primarily for middle market institutions. Prior to this, he was a Managing Director with Clayton Brown & Associates, Inc. where he directed the Portfolio Analytics Group, a division of the company dedicated to providing and executing commercial bank client investment and funding strategies. Rich was a Contributing Editor for the ABA Banking Journal for five years, and authored various feature articles in this and other banking and regulatory publications. He is a featured speaker at numerous banking, insurance and professional conferences and seminars throughout the United States. Rich was also one of the founders of the highly acclaimed Principles of Performance™ course (formerly known as Bond Math University®) and the Advanced Course®. He is a frequent guest on CNBC, Bloomberg TV & Radio, MSNBC, Fox Business News, WLS, WTTW and Reuters.

Rich received his BS in mathematics from Wheaton College and an MBA from Northwestern University’s Kellogg Graduate School of Management.

< back to top

James H. Matson
President and Chief Operating Officer

Jim has been with the Performance Trust Companies since January of 2005.

Prior to joining Performance Trust, Jim spent nearly 12 years with a Chicago-based fixed-income broker, Griffin, Kubik, Stephens & Thompson as a Senior Vice President and Sales Manager. He was also head of the Portfolio Analytics Group at the firm and served on the Management and Operating Committees. In the late 80s and early 90s, Jim was President and General Manager of Combus, Inc, a business computer firm in the Chicago area.

Jim received his BA in economics from Wheaton College in 1984 and his MBA in finance and management from Loyola University Chicago in 2000.

< back to top

Jason A. Elder
Managing Director of Corporate Strategy

Jason joined the Performance Trust Companies at its inception in 1994. Jason has developed innovative methods of educating investors at all levels from Board members and Directors to individual Portfolio Managers. Jason has been especially successful at teaching others how to communicate fixed-income principles within their organizations in a way that elicits change and has taught Principles of Performance™ (formerly known as Bond Math University®) for the OCC.

Jason has a Masters degree in business with a concentration in finance and statistics from the University of Chicago. He has undergraduate degrees in chemistry and English from Kansas University.

< back to top

Capital Markets Team

Craig S. Johnson
Managing Director, Trading

Craig combines his roles as a leading CMO trader, an expert in the disciplines of Shape Management® and the trading desk manager to lead the team in shaping each Level Playing Field® event. Since joining the firm in 1998, Craig has served as an account representative, a municipal bond trader and underwriter, a CMO and mortgage trader and a Principles of Performance™ (formerly known as Bond Math University®) and Advanced Course® speaker. He has also presented to FED, FDIC, OCC and NCUA regulators on investing, at the request of the Federal Financial Institutions Examination Council (FFIEC).

Prior to joining Performance Trust Capital Partners, LLC, Craig was the head bank-qualified municipal bond trader and underwriter for Dain Bosworth in Chicago. He is a graduate of Concordia College and a native of Minneapolis.

< back to top

Paul S. Kangas
Managing Director and Sales Manager

Paul Kangas joined Performance Trust in January 2009 as Managing Director of Sales. He has been in the financial services industry for over 20 years and has worked extensively with community banks, insurance companies and registered investment advisors. He is responsible for expanding the company’s relationships with its banking and institutional clients, growing the firm’s fixed-income business, and developing the sales teams.

Previously, Paul was a Managing Director and Sales Manager with BMO Capital Markets GKST, Inc. He also served as Senior Vice President and Sales Manager for Griffin, Kubik, Stephens & Thompson before the firm was acquired by BMO in 2008. In addition to helping develop the fixed-income sales division, he was a member of the company’s Operating Committee and Pension Committee.

Paul holds a BBA in finance from Loyola University.

< back to top

David V. Raphael
Managing Director, Analytics

David’s background uniquely positions him to bridge the gap between complex financial theory and applied real-world decision-making in fixed-income portfolio management.

Before joining Performance Trust, David worked in energy risk management as a senior risk analyst with Calpine Energy Services in Houston, Texas. Prior to that, he held engineering positions at General Electric and Teradyne, Inc.

David holds a Master of Engineering Degree in Financial Engineering from Cornell University, and a B.S. in Industrial & Management Engineering from Rensselaer Polytechnic Institute.

< back to top

Stephen J. Sinclair
Chief Technology Officer

Steve, who served as senior technology manager of Performance Trust Capital Partners, LLC since 2003, is the firm’s Chief Technology Officer. As head of technology, he is responsible for implementing the strategic direction of the firm’s technical initiatives. He is a leading expert and innovator in providing technical solutions to the financial services industry, particularly in terms of managing trading data and proprietary investment analysis.

Steve has 17 years of software development, design and management experience in the financial services industry. Prior to joining Performance Trust, he founded Sintech Consulting Group and Sintech Software, LLC, which created custom web-based management systems for insurance companies. He was also a senior-level developer and manager for UBS’ foreign exchange technology division.

Steve has a Bachelor of Science degree in finance and investments from Babson College in Wellesley, Mass. He has been quoted in a number of technical and business publications discussing web technologies, and he is a featured speaker at industry conferences.

< back to top