Kipley J. Lytel, CFA, is a senior partner with money management firm Montecito Capital Management. For over three years Mr. Lytel served as a lead securities analyst for M.L. Stern & Company. Previously, he performed portfolio management and analyst coverage during his employment with two hedge funds, Pacific Strategic Fund Group and DD Capital Management. His background has been marked by his experience as a Generalist, with analyst coverage spanning numerous industries, including: telecommunications & wireless, health care, retail, consumer products, technology, gaming and energy (E&P).

Mr. Lytel has over fifteen years of investment finance experience, with expertise in equity valuation, credit analysis, private placements, and buy/sell recommendations. He received his Masters of Business Administration (MBA) from the Peter F. Drucker School of Management at Claremont Graduate University, where he also received his undergraduate Bachelors of Arts (BA) degree in Economics. Mr. Lytel holds the Chartered Financial Analyst® designation, is an active member of CFA Institute and the Los Angeles Society of Financial Analysts (LASFA). He served as a grader/senior grader in the CFA® Examination Grading Program for CFA Institute and has been a Regional Expert for CFA Institute's advisory panel on investment management.

Waheed Hassan, CFA, was a Senior Research Analyst at an affiliate of Merrill Lynch, UBS Warburg, and Indosuez W.I. Carr Securities. He was ranked among the #1 Financial Services Research Analyst in The Reuters Survey of Global Emerging Markets in 1998. He was also member of the #1 ranked research teams in The Reuters Survey of 1999 and The Euromoney Awards for Excellence 2000. He worked as a Research Consultant in Dresdner Kleinwort Wasserstein's equity research group in New York. Waheed got his CFA charter in 2000 and his MBA degree from Vanderbilt University, with Beta Gamma Sigma honory membership, in 2002.

Sergiu Baluta is a Senior Financial Analyst with Nexgen Holdings, Corp. He joined the company in 2003 and specializes in emerging Eastern European equity markets. Mr. Baluta earned his bachelor's degree in 1999 from The Academy of Economic Studies of Romania, department of International Economic Relations with specialization in International Transactions.

Joined our Paris branch in 2006

Joined our Paris division in 2006

Joined our Paris branch in 2006

Sergiu Lisnic, CFA worked as an analyst for Evanston Capital Advisors for a year and a half subsequently served for two
years as a financial analyst in a gas distribution and a FMCG company. He was primarily responsible for financial
statement analysis, budgeting and reporting to shareholders. He earned the CFA title in September 2003.

Joined our Paris branch in 2010

Robert J. Vile, CPA, CFA has performed equity investment research for over 20 years, for both sell-side and buy-side firms. He has extensive research experience in the healthcare, technology, retail, consumer and energy sectors. Most recently, Mr. Vile was a Managing Director at Trainer Wortham in New York, where he was a senior member of the Investment Research & Stock Selection Committee and managed the Large Cap Growth Strategy. Mr. Vile received his BS in Accounting from Susquehanna University in 1980. He was awarded his professional designations, Certified Public Accountant in 1981 and Chartered Financial Analyst in 1992.

Wayne Lottinville is principal of Cascadia Investment Consultants, an investment advisory firm addressing the wealth-management needs of individuals and their families. Previously Lottinville was a small-cap equity research analyst at Rainier Research, Inc., and at the RedChip Review. A top-performing generalist, his work spans a variety of industries including biotech and healthcare, staffing and business services, and electronic instruments and component technologies. In two of the three years he participated in the RedChip's annual top-picks contest, his selections nearly doubled the overall return of the analysts' stock portfolio. Lottinville has also served as an investment management associate on 401(k) and high-net-worth individual accounts with MCS Financial Advisors, a West Coast firm with clients across the U.S.

Raluca Nicolescu, CFA has work experience as Manager of the Energy Department (Corporate Credit Division) of a large Austrian banking group, involved in conducting credit proposal process, structuring credit transactions and analyzing the financial performance of corporate customers. In addition, she actively participates in drafting and implementing the bank’s strategy by product and industry. Previously, she worked as a financial analyst with Unicredit Romania, a subsidiary of the Italian banking group, Unicredito, and with the former Romanian Bank for Foreign Trade. She got her CFA charter in 2003.

Victor Sula, Ph.D. is a Senior Analyst with Spelman Financial. He joined the company in 2004. Prior to joining the Company, Mr. Sula held Senior Financial Consultant positions within the Word Bank sponsored Agency for Restructuring and Enterprise Assistance and TACIS sponsored Center for Productivity and Competitiveness of Moldova, where he was involved in corporate reorganization and liquidation. He was also employed as Associate Professor at the Academy of Economic Studies of Moldova. Mr. Sula earned his Ph.D. degree in 2001 and bachelor's degree in Finance in 1997 from the Academy of Economic Studies of Moldova.