People

In addition to his management duties as President, George Jacobsen's primary responsibility is long-range portfolio strategy. He is also one of the firm's founders and has 44 years of investment management experience. He is a member of the Investment Committee and serves as a portfolio manager. Prior to founding TSBJ, Mr. Jacobsen was with the Irving Trust Company. He holds an A.B. degree in economics from Brown University and an M.B.A. in investments from the Graduate School of Business at New York University.

Mr. Jacobsen is a fellow of the Association for Investment Management & Research and a member of the New York Society of Security Analysts. He resides in Kent, Connecticut where he is an elected member of the Board of Selectmen.

Alan Kral joined TSBJ in 1991 as a portfolio manager with extensive experience in both fixed income and equity management. He is a principal of the firm and a member of the Investment Committee.

Prior to joining the firm, Mr. Kral was a vice president and fixed income portfolio manager with Mitchell Hutchins Institutional Investors. Until 1990, he was a vice president and asset and liability specialist for Ocwen Financial Group. From 1983 through 1988, he was the principal of his own firm, Madison Park Investment Management, which was acquired by Ocwen.

Mr. Kral is a graduate of St. Mary's College in Minnesota with a B.A. in physics, and he holds an M.B.A. in finance from the University of Minnesota. He holds the Chartered Financial Analyst designation. He was born in Chicago in 1945 and resides in Millburn, New Jersey.

Donna Blair joined TSBJ with over 20 years of experience that has included portfolio management and pension fund consulting. She is a member of the Investment Committee.

Before joining TSBJ, she was senior management officer at T.H. Fitzgerald & Co. in Connecticut, and senior vice president with FIS Funds Management in Philadelphia where she consulted with pension funds in asset allocation strategies, investment management selection, performance measurement and Fund-of-Funds construction.

Mrs. Blair has also served as vice president in the Investment Management Group of Bankers Trust, New York. Prior to that she was vice president at Prudential Capital Management and managed mutual funds in the Newark headquarters. Mrs. Blair holds a B.S. degree from Virginia Commonwealth University and an MBA from Drexel University. She was born in Merced, California in 1952 and resides in Newtown, Pennsylvania.

John Moore joined TSBJ in August of 2009 as Chief Investment Officer with over 30 years of investment experience which emphasizes equity analytics. He is a principal of the firm and a member of the Investment Committee.

Prior to joining the firm, Mr. Moore was a senior vice president and senior portfolio manager with US Trust Company, recently acquired by Bank of America. Until 1999 he was Chief Investment Officer and senior vice president for M&T Bank. From 1991 through 1995, he was the director of Asset Management and senior portfolio manager for Value Line Asset Management. He holds a B.A. degree in economics and political science and an MBA from the University of North Carolina, Chapel Hill.

Mr. Moore is a member of the Association for Investment Management & Research and a member of the New York Society of Security Analysts. He was born in Asheville, North Carolina. and served in the United States Army from 1969 to 1971. He resides in Lawrenceville, New Jersey.

One of the firm's founders, Nick Stewart remains involved in TSBJ as the non-executive Chairman. He retired as a member of the Investment Committee and also from day-to-day portfolio management responsibility in December 2010.

Prior to forming TSBJ, Mr. Stewart was with Lord, Abbett & Co. He is an alumnus of Hamilton College and holds a B.A. in economics from The New School for Social Research, where he also did graduate study. He subsequently completed the Securities Industry Institute program at the Wharton School. He was born in Bronxville, New York in 1940 and resides in Tarrytown, N.Y.

Mr. Stewart was a member of the Investment Association of New York from 1975 to 1984 and for 20 years was an Associated Professional Member (APM) of the American Society of Pension Actuaries. He is a life member of the National Defense Industrial Association and the Naval War College Foundation and a member of the Economic Club of New York. He served as a trustee and treasurer of Hackley School for 16 years and currently is president and a director of the Robert Hampton Tapp Foundation, Inc. In 1989-90 he was president of The Union League Club.