Management Team

Michael A. Latham, Chairman

Michael A. Latham is formerly the Chairman and Principal Executive Officer of the iShares business at BlackRock, Inc. Mr. Latham also served in various senior executive roles at Barclays Global Investors until it was acquired by BlackRock, including the President and Global Chief Operating Officer of iShares. Mr. Latham currently serves as a member of the Board of Trustees for the Goldman Sachs Exchange Traded Funds and the Board of Directors for the San Francisco 49ers Foundation.

Richard K. MacWilliams, Managing Partner

Richard K. MacWilliams is co-founder of Vista Capital Advisors and Chairman of Salon Media Group. Previously, Mr. MacWilliams was Chairman of BoardEx, Executive Vice President of Bridge Information Systems, and President and CEO of EJV Partners. Prior to joining EJV, Mr. MacWilliams served as Executive Vice President and trading manager for Drexel Burnham Government Securities and held a similar post at Donaldson Lufkin & Jenrette. He was also President and CEO of ACLI Commodity Services, a worldwide commodity trading company. Mr. MacWilliams received a BA from Bucknell University, where he is a former trustee.

James C. Daly, Chief Operating Officer

James C. Daly is the former CEO of BoardEx, a leading provider of relationship capital services (now part of TheStreet). Previously, he was the Managing Director of IQ Financial Systems, Europe. Prior to joining IQ Financial Systems, Mr. Daly was the General Manager for the UK, Germany and Switzerland for Bridge Information Systems and Dow Jones Markets (previously Telerate). Mr. Daly presently serves on the Board of Trustees of the English Federation of Disability Sport.

Edward L. Golding, Research and Product Development

Edward L. Golding is the former head of the Federal Housing Administration (FHA) and a fellow of the Urban Institute. Previously, Mr. Golding was senior adviser at the Department of Housing and Urban Development (HUD) and Senior Vice President for models, missions and research at Freddie Mac. Prior to working in mortgage finance, he taught at the University of Pennsylvania and the University of Florida. Mr. Golding received an AB in applied mathematics magna cum laude from Harvard University and a PhD in economics from Princeton University.

Linda E. Eddy, Administration, Compliance and Project Management

Linda E. Eddy is the former SVP, Investor Relations & Assistant Corporate Secretary for FBR & Co. Previously, Ms. Eddy was the Director of Investor Relations and Financial Communications for Freddie Mac and served as a Director, Market Services at NASDAQ. Ms. Eddy received both a BS in Finance and MBA from Virginia Tech. Ms. Eddy currently serves as member of the Virginia Tech MBA Advisory Board.

Cantwell F. Muckenfuss, Regulatory and Public Policy

Cantwell F. Muckenfuss is a retired partner of Gibson, Dunn & Crutcher where he focused on the representation of financial institutions in matters involving financial regulation and public policy. Previously, Mr. Muckenfuss was Senior Deputy Comptroller for policy at the US Office of the Comptroller of the Currency and Counsel to the Chairman of the FDIC. Mr. Muckenfuss received a BA from Vanderbilt University and a JD from Yale Law School.