Rorer Asset Management, LLC
Rorer Asset Management, LLC (“Rorer”), located at 161 Washington Street, Suite 1500, Conshohocken, PA, was founded in 1978. Rorer specializes in portfolio management for equity, balanced, and fixed income accounts on behalf of high net worth individuals. Affiliated Managers Group, Inc. owns a majority interest in Rorer.
As of December 31, 2006, Rorer managed approximately $1.6 billion.
Portfolio Managers
  Edward (Ted) C. Rorer
Chairman and Chief Investment Officer
Founder of Rorer Asset Management, LLC, Edward C. Rorer is the company's Chairman and Chief Investment Officer. Having developed the company's disciplined approach to investment management, he is responsible for the firm's overall investment process. He is a member of the Investment Policy Committee. He began his career in the Philadelphia office of Blyth Eastman Dillon, where he served as Vice President. Ted holds a Bachelor of Arts degree from Trinity College in Hartford, CT, and an MBA from the Wharton School, University of Pennsylvania. He is also a member of the CFA Society of Philadelphia.
 Clifford B. Storms, Jr., CFA
Executive Vice President, Director of Research
As Executive Vice President and Director of Research, Cliff Storms is responsible for fundamental, technical, and quantitative research. Cliff is a member of the Investment Policy Committee and launched his investment career in 1984. Before joining Rorer, Cliff was the Associate Director of Research and Portfolio Manager for the First Pennsylvania Bank. Prior to that, Cliff worked as an Analyst for Value Line, Inc. Cliff holds a Bachelor of Arts degree from Dickinson College and an MBA from the University of North Carolina at Chapel Hill. He holds the Chartered Financial Analyst designation and is a member of the CFA Society of Philadelphia.
 Dianne P. Manges, CFA
Director of Fixed Income
Dianne P. Manges launched her investment career in 1988 and joined Rorer's team of analysts in 1995 as Director of Fixed Income. Before joining Rorer, Dianne was a Senior Portfolio Manager for Short and Intermediate Term Fixed Income for Meridian Investment Company in Malvern, PA. Prior to that, Dianne was a Portfolio Manager for Intermediate/Long Term Fixed Income and a Fixed Income Trader with both Meridian Investment Company's and Legg Mason Wood Walker, Inc.'s municipal bond desks. She holds a Bachelor of Arts degree from Immaculata College in Immaculata, PA. She holds the Chartered Financial Analyst designation and is a member of the Fixed Income Club of Philadelphia, the CFA Society of Philadelphia, the Bond Club of Philadelphia, and the Municipal Bond Club of Philadelphia.
 James C. Spencer, CMT
Senior Fixed Income Portfolio Manager
James C. Spencer began his investment career in 1991 and joined Rorer's team of analysts in 1998. Before joining Rorer, Jim was a Portfolio Manager for short-term fixed income funds with CoreStates Investment Advisers and an Institutional Trust Officer for Meridian Asset Management. Jim holds an MBA from Saint Joseph's University and a Bachelor of Arts from Washington College. He is a Chartered Market Technician, a member of the Fixed Income Club of Philadelphia and the CFA Society of Philadelphia.
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