The MainLine West team - over 85 years of high profile investment bond experience.
Michael C Maciolek CFA, Senior Vice President Mike
has been a municipal professional for 16 years. His career
began in 1992, in New York City with Oppenheimer Funds as a
tax-exempt money market analyst. In short-time he
expanded his duties to assisting in the portfolio management of
over $2 billion in tax-exempt money market funds. In 1995,
realizing the need for a more analytical approach, Mike began
performing security and portfolio structure analysis for
long-term and intermediate tax-exempt funds. He initiated buy
and sell recommendations according to value versus risk/return
analysis, identified risks and performance characteristics
highlighting ways to adjust them with treasury futures or
municipal bonds. Mike also led Oppenheimer Funds entry in
to the tax-exempt housing bond market.
In 1999 Mike relocated back to the Denver area joining First
Data Corporation. He was instrumental in bringing the
management of $10-$12 billion of short and intermediate-term
has been a municipal professional for 16 years. His career
began in 1992, in New York City with Oppenheimer Funds as a
tax-exempt money market analyst. In short-time he
expanded his duties to assisting in the portfolio management of
over $2 billion in tax-exempt money market funds. In 1995,
realizing the need for a more analytical approach, Mike began
performing security and portfolio structure analysis for
long-term and intermediate tax-exempt funds. He initiated buy
and sell recommendations according to value versus risk/return
analysis, identified risks and performance characteristics
highlighting ways to adjust them with treasury futures or
municipal bonds. Mike also led Oppenheimer Funds entry in
to the tax-exempt housing bond market.
In 1999 Mike relocated back to the Denver area joining First
Data Corporation. He was instrumental in bringing the
management of $10-$12 billion of short and intermediate-term
tax-exempt investments in-house. As a Senior Portfolio Manager, Mike directly managed $10
billion in municipal bonds. He also was responsible for overseeing the management of $1-2
billion in tax-exempt short-term investments used to meet day-to-day funding needs of a payment
product, and $7 billion in fixed income swaps. Most recently (Spring 2007), FDC’s decision to
discontinue the payment product and a pending corporate buyout from KKR, placed Mike in charge
of a 7-month high profile orderly liquidation of the municipal portfolio ($10 billion), and
termination of the fixed income swaps ($7 billion).
billion in municipal bonds. He also was responsible for overseeing the management of $1-2
billion in tax-exempt short-term investments used to meet day-to-day funding needs of a payment
product, and $7 billion in fixed income swaps. Most recently (Spring 2007), FDC’s decision to
discontinue the payment product and a pending corporate buyout from KKR, placed Mike in charge
of a 7-month high profile orderly liquidation of the municipal portfolio ($10 billion), and
termination of the fixed income swaps ($7 billion).
Roger Dalen, Senior Vice President Formerly from
Capmark Finance (GMAC Commercial Mortgage), Roger was a
Vice President and Trustee responsible for financial
matters including hedging of a $1.5 billion portfolio of non-
rated multifamily housing revenue bonds. Roger has 35 years
experience in investment banking specializing in
quantitative municipal finance. Roger’s extensive
investment experience also includes 13 years as CFO of
Kirchner, Moore & Company.
Capmark Finance (GMAC Commercial Mortgage), Roger was a
Vice President and Trustee responsible for financial
matters including hedging of a $1.5 billion portfolio of non-
rated multifamily housing revenue bonds. Roger has 35 years
experience in investment banking specializing in
quantitative municipal finance. Roger’s extensive
investment experience also includes 13 years as CFO of
Kirchner, Moore & Company.
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Dennis Kortman CPA, CFO, Senior Vice President
The depth and experience of our CFO assures financial
accounting intergrity and compliance. For over 30 years,
Dennis was a partner at national CPA firms with direct
responsibility for investment banking and accounting audit
practice. He was a managing director and CFO for Hanifen,
Imhoff, Inc. As an industry leader, he served on AICPA’s
subcommittee on Stockbrokerage Auditing and Accounting and
has been a consultant to firms for FINRA/SEC reporting and
compliance.
The depth and experience of our CFO assures financial
accounting intergrity and compliance. For over 30 years,
Dennis was a partner at national CPA firms with direct
responsibility for investment banking and accounting audit
practice. He was a managing director and CFO for Hanifen,
Imhoff, Inc. As an industry leader, he served on AICPA’s
subcommittee on Stockbrokerage Auditing and Accounting and
has been a consultant to firms for FINRA/SEC reporting and
compliance.
Brad Kreidle, Founder and President
Brad has been a municipal professional for 20
years. He began his career in the mid 1980’s as
a municipal analyst for Stern Brothers, a regional
muni firm. There he led the computerization
effort to establish a cash and carry municipal
arbitrage account. This trade incorporated the
Bond Buyer futures contract at the CBOT. A key
component of this was the cheap/rich evaluations
for the futures contract, as well as, the universe
of outstanding municipal bonds.
Brad has been a municipal professional for 20
years. He began his career in the mid 1980’s as
a municipal analyst for Stern Brothers, a regional
muni firm. There he led the computerization
effort to establish a cash and carry municipal
arbitrage account. This trade incorporated the
Bond Buyer futures contract at the CBOT. A key
component of this was the cheap/rich evaluations
for the futures contract, as well as, the universe
of outstanding municipal bonds.
Brad then implemented this program on behalf of
major money managers, mutual funds, and
insurance companies while at Seattle Northwest.
Brad joined George K. Baum and Co. in 1990
and advanced to the head trader position. In
this capacity he oversaw the risk management
of the firm’s bond inventory as well as all
compliance and supervisory functions of the
GKB trading team. The firm’s annual
secondary transactions totaled an estimated $2
billion annually. In addition, Brad was a leading
market maker in tax exempt GNMA municipal
bonds executing a significant percentage of all
transactions as principal and on behalf of
institutional customers. He was also
major money managers, mutual funds, and
insurance companies while at Seattle Northwest.
Brad joined George K. Baum and Co. in 1990
and advanced to the head trader position. In
this capacity he oversaw the risk management
of the firm’s bond inventory as well as all
compliance and supervisory functions of the
GKB trading team. The firm’s annual
secondary transactions totaled an estimated $2
billion annually. In addition, Brad was a leading
market maker in tax exempt GNMA municipal
bonds executing a significant percentage of all
transactions as principal and on behalf of
institutional customers. He was also
instrumental in developing and maintaining the leading database for prepayment analysis by bond
structure, interest rates, and regional differentiation.
structure, interest rates, and regional differentiation.
Paul Dannenhauer, Senior Vice President Paul has 20
years experience as an investment professional, including Vice
President of Municipal Marketing at Merrill Lynch. He has also
held positions as Senior Trader where he transacted and
managed open and closed-end municipal bond mutual
funds at Van Kampen Funds. Paul's extensive expertise in fixed
income securities, portfolio management, marketing, and
securities trading make Paul an important asset to the firm and
for MainLine West clients.
years experience as an investment professional, including Vice
President of Municipal Marketing at Merrill Lynch. He has also
held positions as Senior Trader where he transacted and
managed open and closed-end municipal bond mutual
funds at Van Kampen Funds. Paul's extensive expertise in fixed
income securities, portfolio management, marketing, and
securities trading make Paul an important asset to the firm and
for MainLine West clients.
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