OUR TEAM

Frederick W. Green, born 1946, has over 35 years' experience in the investment business. After five years with Kidder, Peabody & Co. as a portfolio strategist, Fred joined Goldman, Sachs & Co., where he was Senior Portfolio Strategist and a member of the Investment Policy Committee. In 1980 he left Goldman and formed Westchester Capital Management, Inc. ("WCM"), a registered investment adviser. In 1989 WCM launched The Merger Fund, the first mutual fund devoted exclusively to investing in companies involved in publicly announced mergers, takeovers and other corporate reorganizations. Fred is President and co-manager of The Merger Fund and The Merger Fund VL. He is also President of Green & Smith Investment Management L.L.C. A graduate of Princeton University, Fred is a member of the New York Society of Security Analysts and the CFA Institute.

Roy D. Behren, born 1960, came to WCM in 1994 from the U.S. Securities and Exchange Commission. After earning a B.S. in Economics at The Wharton School, he received a J.D. degree from the University of Miami Law School and an LL.M. degree in corporate law from the New York University School of Law. He then joined the SEC's New York Regional Office, where he worked as an enforcement attorney for seven years prior to starting his investment career at WCM. From 2004 through 2006, Roy served as a member of Redback Networks' Board of Directors and its Audit Committee. He is co-portfolio manager and the Chief Compliance Officer for Westchester Capital Management Inc. and affiliate, Green and Smith Investment Management L.L.C.

Michael T. Shannon, born 1966, joined WCM in 1996. He received a B.S. in Finance from Boston College and was subsequently hired by J.P. Morgan, where he worked in the firm's corporate finance, mergers & acquisitions and equity research departments. After a brief period as Senior Vice President in charge of Mergers and Special Situations at D.E. Shaw & Co. from March 2005 to May 2006, he rejoined WCM as co-portfolio manager. Mike, who holds a Chartered Financial Analyst certification, is a member of the New York Society of Security Analysts and the CFA Institute.

Robert K. Lynch, born 1968, was hired as WCM's Director of Research in May 2005. He was formerly a Director at Credit Suisse First Boston, where he was the senior analyst on the risk arbitrage proprietary desk prior to joining WCM. He graduated from Brown University and received his MBA from Columbia University. Rob was a senior risk arbitrage analyst in the equity derivatives group at Société Générale.

Abraham R. Cary, born 1975, is WCM's head trader, having joined the firm in January 2002. Before joining WCM, he was Vice President and Senior trader on the risk arbitrage desk of Crédit Lyonnais. After graduating from Middlebury College with a B.A. in Geography and French, Abe was hired by the equity derivatives group at Société Générale as a risk arbitrage trader.

Bruce J. Rubin, born 1959, joined WCM as Chief Operating Officer in 2010. Bruce spent five years at Seneca Capital, an event-driven hedge fund, as Chief Operating Officer prior to joining WCM. He earned a B.A. from Stanford University and a J.D. from Stanford Law School. Bruce practiced law for five years at Willkie Farr & Gallagher. He then held a number of positions at major Wall Street firms, including President and CEO of PaineWebber Properties and CAO at Lightyear Capital, a private equity fund.

Jody Harris-Stern, born 1975, joined WCM as Director of Business Development in 2010. Jody was formerly Chief Marketing Officer at Southridge LLC, a hedge fund in Connecticut. She received a B.A. from Saint Michael's College in Business and Economics. Jody began her financial career at Zweig Advisors and held a number of positions within the firm. She spent over eight years in senior management positions at UBS, specializing in business development, marketing and investor relations. She is currently active with several hedge fund and financial industry associations.

Bonnie L. Smith, born 1948, has been with WCM since 1986. After 18 years as co-manager of The Merger Fund, Bonnie is now WCM's Senior Financial and AML Officer. She is also Senior Vice President of Green & Smith and Vice President and Treasurer of The Merger Fund and The Merger Fund VL. She received a B.A. with honors from the University of Rochester, where she was also elected to Phi Beta Kappa.

Jane Perl, Stacey Fornabaio, Robin Grosso and Laura Morgan, comprise our middle office and operational staff. Jane has been with Westchester Capital Management since 1988, Stacey since 1996, Robin since 2000 and Laura since 2005. They are an experienced and critical component of our investment management and control infrastructure.