Mr. Morris graduated from The University of Arizona with degrees in Psychology and Zoology. His fascination with the financial industry led to a long career in fixed-income risk management. While employed at Butcher and Singer, Mr. Morris designed a risk management system for trading and underwriting that resulted in substantial profitability, even when markets were not favorable. He served as a Managing Director for Butcher and Singer until the firm was purchased by Wheat First Securities (“WFS”). At WFS, Mr. Morris served as Head of Tax-Free and Taxable Trading and Underwriting. After First Union purchased WFS, he continued as Managing Director in the corporate and investment banking division, where he led the municipal trading and underwriting group to become one of the largest underwriters in the country. He retired after the merger with Wachovia Bank. However, he was compelled to return to the industry by the strength of his relationships with members of the Bancroft investor group, and a belief in the firm’s mission. Mr. Morris will serve as a senior advisor and consultant to Bancroft Capital.