Financial Analyst Portfolio Manager

Walter D. Rogers CPA

* ***** ****, **********, ** 08536, and

*** *. *********** ******, *****., Pa. 19103

E-mail address: **********@*****.***

Mobile: 609-***-****

mJob Summary

*/** – Present

Certified Public Accountant and Private Investor

Active License Number 7757, State of Maryland. Member, Pennsylvania Institute of Certified Public Accountants and AICPA. Completd over one thousand hours of professional continuing education credits.

10/87-2/02 Merrill Lynch Investment Managers – Plainsboro, N.J.

Senior Portfolio Manager and Managing Director

Managed from inception two value mutual funds with peak assets of

$800 million. The Merrill Lynch Global Utilities Fund, (symbol: MAGUX), was launched in 1990, and it was in the top quartile of all peer funds. I convinced top management to offer it as a global fund to take advantage of a wave of privatizations and to cushion the effects of the domestic interest rate cycle.

The Merrill Lynch Strategic Dividend Fund (symbol: MADVX), which I managed from its inception in 1987, was chosen by S & P for its Select Fund Service because its risk adjusted ten year return placed it in the top decile of all large cap value funds.

3/84-6/87 Continental Insurance Asset Management - New York

Vice President and Research Director

Served as research director of a department with a half dozen equity analysts responsible for over $3 billion in equities. As portfolio manager directly controlled the equity portion of company employees’ pension fund which had consistent above-market returns. Member of company’s investment policy committee personally charged with monitoring the insurance industry for the holding company’s CFO.

6/80 -3/84 Comptroller of Currency, US Treasury - Washington, D.C.

Senior Financial Analyst, Strategic Studies

For this Administrator of National Banks, produced research paper for international bank supervisory Group of Thirty on international syndicated lending: Trends in Eurocurrency Credit Participation.

Wrote regular articles for publication on the performance and condition of the national banks for the OCC Quarterly Journal. In cases where minority shareholders disputed a merger or acquisition, valued their terminal interests in national banks under US code.

Adjunct Part-time Faculty

1981-1983

Georgetown Business School (Financial Institutions Course) University of Mayland (Advanced Accounting, Advanced Statistical Auditing, Internal Control Courses), and Catholic University (Internal Contro Course).

Sun Oil Company Philadelphia, Pa.

12/79 to 6/80

Regulatory Information Manager

Served as a consultant on the Treasurer’s task force assigned to calculate the company’s liability to U.S. Treasury under Department of Energy’s price and allocation regulations for refining and marketing. When company reached settlement, returned to Washington.

6/5/75-11/16/79 Federal Reserve Board – Washington, D.C.

Senior Supervisory Financial Analyst

Surveillance Section, Banking Supervision and Regulation Division

As Task Force Leader, designed the Federal Reserve Systems’ computerized system measuring the performance and condition of the nation’s banks and bank holding companies. When completed in 1980, this system was offered to Congress as one of the Board’s chief regulatory initiatives and accomplishments in 1979-80. Also ran the Board’s stock market surveillance program responsible for uncovering fraudulent applications by bank holding company undergoing merger. Responsible for alerting the System to an accounting loophole in which the transfer of deferred taxes and matching cash to the bank holding company parents eluded normal bank examination and accounting audits. My research led to the Board’s Statement of Policy regarding such transfers. Spoke on this topic at The Bank Administration’s First Annual Bank Tax Conference. Wrote a monthly surveillance memo to the Board of Governors on the stock market prices of banks and the reasons for unusual activity.

11/72-5/75 Insurance Securities (ISI), Inc. – San Francisco

Investment Analyst

For this mutual fund management company, covered the energy and financial industries. (I had written, before returning to the Harvard Business School, the Forbes Magazine story on how ISI had played a key part in seeding the take over wave of multiple property and casualty companies.

Education

B.S. in Economics, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. (Major: Economics)

MBA in International Finance, Harvard Business School, Boston, Ma. (Major: International Business)

Bachelor of Arts, Central High School, Ogontz & Olney Aves., Philadelphia, Pa.

*Uncompleted PhD Program: Russian Area Studies, Georgetown Graduate School of Arts.& Sciences. Recipient, National Defense Education Act Fellowship. (High Pass Grade Average. Two years intensive.Russian language training.) Drafted but rejected for left eye blindness from childhood accident.

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