THE VECTOR GROUP at MORGAN STANLEY

Transcription

1 THE VECTOR GROUP at MORGAN STANLEY Morgan Stanley Smith Barney LLC Member SIPC 1

2 WE MAKE YOUR MONEY WORK SO YOU CAN MAKE THE WORLD WORK THE VECTOR GROUP at MORGAN STANLEY 1290 Avenue of Americas, 12th Floor, New York, NY

3 Vec tor (VEK-ter) n. magnitude and direction Miriam Webster Dictionary Our Mission: Our clients work with us because we understand them. Most of us have been leaders in other related fields before coming together as The Vector Group. Between us in our former roles, we ve structured over $9 billion in complex financing for public entities, we ve created proprietary trading products such as one of the country s first stripped bond programs, and we ve made several different successful exits from closely held companies. Our clients know that we ve been in their shoes and that everything we do is tailored to meet their needs. It s our job to simplify our clients lives with sophisticated, highly personalized solutions. We deliver results to them by striving to provide the best service with the most direct access to investment solutions. Our Focus & Strengths: TRANSPARENCY n We strive to help our clients to have complete visibility into all of their investments and how they work and related costs n Present a clear path and timeline of how the steps in the investment process work CONNECTIVITY n We make our entire network available for the use and benefit of our clients, as appropriate n Access to thought leaders and experts across a wide spectrum TRANSCENDENCE n Helping our clients to move beyond the numbers and determine what role they play in the investment process n Help connect life goals with investment targets 1

4 Magnitude & Direction VECTORS REQUIRE BOTH A MAGNITUDE AND A DIRECTION. THE INVESTMENT SOLUTIONS WE CREATE FOR OUR CLIENTS REFLECT THE BROADEST SCOPE AND CLEAREST PATH TO THEIR GOALS. Portfolio Management, Investment Strategy Senior Portfolio Management Director, David Sherrill is credentialed to create bespoke investment portfolios for clients that are totally transparent. Executive Financial Planning, Global Investment Perspectives, Estate Planning Kamesh Nagarajan focuses on helping corporate executives with their overall wealth planning, including integrating corporate benefits and concentrated stock planning, as well as working with international citizens or residents who want to have a U.S.-based wealth management portfolio. Fixed Income Strategies, Bond Asset Allocation Models, Credit Strategies Michael Belsky s approach to bond portfolio structure involves yield-curve positioning as well as security selection. Alternative Investments, Managed Futures, Investment Analysis, Insurance Solutions, Impact Investing Michael Pellman Rowland monitors and analyzes a number of asset classes - such as private equity and venture capital funds, property investment funds and hedge funds which increasingly have components of sustainable and responsible investing (SRI). Capital Markets, Access to Private Lending Solutions, Tax & Estate Planning Strategies, Multigenerational Asset Allocation, Individual & Corporate Retirement Planning David Cote facilitates transactions that can raise capital for a company s growth and expansion, or set them up for a potential liquidation event or IPO. 2

5 Our Advice FINANCIAL ADVICE THAT GROWS WITH YOU We pride ourselves on our ability to create strategies to help meet immediate needs while also investing for the long term. It s our job to adjust with the changing needs of our clients as they progress through different stages in their financial lives. This is true for individuals, families, and institutions. WEALTH ACCUMULATION STAGE FOCUSES ON: n Investment strategies n Financial Planning n Tax Efficiency n Access to Lending Services WEALTH TRANSITION STAGE FOCUSES ON: n Business liquidation n Retirement Plans n Access to Investment Banking Services n Intergenerational transfers WEALTH DISTRIBUTION STAGE FOCUSES ON: n Endowment management n Planned giving strategies 3

6 Our Practice YOUR INVESTMENT PLAN IT S COMPREHENSIVE Together, we begin by: n Analyzing your financial situation, life goals and priorities n Discussing your investment philosophy and expectations n Considering life events that may impact your investment strategy n Defining your tolerance for risk and your income requirements IT S UNIQUELY TAILORED Next, we: n Determine an appropriate blend of asset classes for your portfolio n Position your portfolio for what we believe will be the highest performance within your risk tolerance n Consider the benefits of alternative investments IT S ADJUSTABLE On an ongoing basis, we: n Monitor the performance and composition of your portfolio n Provide you with comprehensive performance reviews n Adjust your portfolio to fit life changes as they occur 4

7 Our Process AN INVESTMENT MANAGEMENT PROCESS BASED ON OPEN ARCHITECTURE Portfolio Management U.S. & International Equities Capital Markets Client Financial Context M. David Sherrill Portfolio Management Fixed Income Research Coordination Michael J. Belsky Investment Banking Liaison Access to Lending Services Retirement Plans Corporate Services David Cote Our Investment Approach Michael Pellman Rowland Socially Responsible Investing Impact Investing LGBT Clients Alternative Investment Insurance Solutions Kamesh Nagarajan Executive Financial Planning Global Investment Perspective Estate Planning Strategies Structured Products 5

8 Our Credentials We have strategically built a deep bench of complementary advisory skills. Our professional investment credentials demonstrate a deep level of knowledge as well as the ability to coordinate efforts among other professionals. We have actively sought and achieved the following advanced credentials: CFA CHARTERED FINANCIAL ANALYST (M. David Sherrill) allows us to analyze investment opportunities for portfolio construction CFP CERTIFIED FINANCIAL PLANNER (Michael Pellman Rowland) allows us to contextualize the portfolio for individual clients CMT CHARTERED MARKET TECHNICIAN (M. David Sherrill) allows us to makes tactical moves in the market based on technical analysis. ADPA ACCREDITED DOMESTIC PARTNERSHIP ADVISOR (Michael Pellman Rowland) allows us an in-depth understanding of the financial needs of domestic partners FWA FAMILY WEALTH ADVISOR (Michael Belsky & Kamesh Nagarajan) allows us to have conversations about money, values and planning with family members ICA INTERNATIONAL CLIENT ADVISOR (Kamesh Nagarajan) allows us to address the specialized investment requirements of non-us resident clients. Morgan Stanley has also designated us as Senior Portfolio Managers designations that are bestowed on a few select managers with the credentials and historical record of constructing portfolios to help meet client needs. OUR CLIENTS COUNT ON US TO GO ABOVE AND BEYOND THEIR EXPECTATIONS TO ACCOMMODATE THEIR NEEDS. THE DEPTH OF OUR TEAM MEANS THAT OUR SERVICE IS SPECIFIC TO OUR CLIENT S ISSUES. 6

9 Building a Legacy Our group understands that an inheritance has helped a significant share of high net worth investors achieve their wealth. We help our clients address how they want their wealth handled well into the future. This may include maximizing wealth transfer between generations; leaving a philanthropic legacy through a charitable annuity, charitable trust or foundation; or working to ensure their heirs have the resources they need. Our advice extends far beyond helping our clients and their families just manage financial assets. Many of our clients want to make a difference in their community and in our world. Beyond money management, we act as philanthropic advisors, working with our clients to prioritize their causes and create a philanthropic plan that supports their goals. Generational Wealth The Vector Group is a multi-generational team of financial professionals who understand how to serve our multi-generational client families. We know from experience that different generations have different approaches to investing: some clients through shorter-term desires, others by lasting impact from investment. Our long history of working with wealthy clients allows us to easily engage with and advise families about their plans for transitioning generational wealth. 7

10 Our Team: MEET OUR TEAM We are a team, which means we act in concert with each other, while drawing on our individual strengths and knowledge assets. The result is a cohesive and coherent effort that really proves that the whole we offer to our clients is greater than the sum of our parts. 8

11 Financial Advisor M. David Sherrill, CFA, CMT Managing Director Senior Portfolio Management Director Financial Advisor David Sherrill s Wall Street career started in 1984 at a predecessor firm to Morgan Stanley Smith, Barney, Harris, Upham and Co., Inc. His work in the investment banking world included structuring over $6 billion in complex financing for public entities in the airline and resource recovery industries. Specific projects included portfolio protection strategies for institutional investors during the infancy of this field. FOCUS: Portfolio Management U.S. & International Equities Capital Markets Client Financial Context In 1988, Mr. Sherrill joined Shearson Lehman Brothers (another predecessor firm) to start a financial advisory business. Today his clientele includes individuals, family trusts, charitable institutions, corporate entities and foundations. As one of the founding members of The Vector Group at Morgan Stanley, his focus includes financial planning, portfolio management, equity investing, risk assessment and alternative investments. Mr. Sherrill is a CFA Charterholder and has the designation of Chartered Market Technician (CMT ). With these advanced credentials, he analyzes investment opportunities for portfolio construction including strategic and tactical moves. His education includes a B.S. of mathematics from the University of California, Berkeley. His passions include his family, music, history, backgammon and wine. He is very active in philanthropic pursuits including those aiding children in need, journalism and the arts. He has served on several eleemosynary boards including the New York Society for the Prevention of Cruelty to Children, the New England Historic Genealogic Society and the California Jazz Conservancy. David has been a guest speaker on Bloomberg Rewind and named to The Financial Times Top 400 Financial Advisors in tel: (212) M.David.Sherrill@morganstanley.com Technical analysis is the study of past price and volume trends of a security in an attempt to predict the security s future price and volume trends. Its limitations include but are not limited to: the lack of fundamental analysis of a security s financial condition, lack of analysis of macro economic trend forecasts, the bias of the technician s view and the possibility that past participants were not entirely rational in their past purchases or sales of the security being analyzed. Investors using technical analysis should consider these limitations prior to making an investment decision. Source: The Financial Times Top 400 Financial Advisors, April, Criteria are based, in part, upon data gathered from and verified by Morgan Stanley as well as qualitative and quantitative criteria, including but not limited to, assets under management, asset growth, compliance records, and experience. Morgan Stanley Financial Advisors were nominated by Morgan Stanley. The rating may not be representative of any one client s experience and is not indicative of the Financial Advisor s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to The Financial Times in exchange for the rating. The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor s individual circumstances and objectives. 9

12 Financial Advisor Kamesh Nagarajan Financial Advisor Senior Vice President Wealth Management Senior Portfolio Management Director International Client Advisor (ICA) Family Wealth Advisor FOCUS: Executive Financial Planning Global Investment Perspective Estate Planning Strategies Structured Products Kamesh Nagarajan is a Senior Vice President and Senior Portfolio Management Director at Morgan Stanley with over 18 years of experience. He focuses on helping corporate executives with their overall wealth planning, including integrating corporate benefits and concentrated stock planning, and in advising physicians and entrepreneurs on holistic wealth management issues. He is also an International Client Advisor, working with Indian citizens or residents who want to have a US based wealth management portfolio. Mr. Nagarajan has a Bachelor of Arts degree in Economics from Vassar College and a Juris Doctor with honors from Syracuse University College of Law. He is a national speaker on various financial topics and has written many finance articles for various publications. In addition, he has appeared on CNBC, Fox Business News, CBS and Forbes.com as an expert on various financial topics. Mr. Nagarajan is the President of Ascend-NY and a Charter Member of The Indus Entrepreneurs (TIE-NY). He is actively involved with Lend-A-Hand India and the American India Foundation (AIF). Mr. Nagarajan is also active with The Columbia Business School Eugene Lang Entrepreneur Center as a sounding Board mentor and a mentor in The Columbia Mentorship Program for Entrepreneurs (CMPE) since In 1997, Mr. Nagarajan served as the Vice Chairman of the India Community Center of Rochester. He also served on the Board of Directors of the Rochester Area Community Foundation. In 2006, Mr. Nagarajan was a founding member of DIAL (Development of Indo-American Leaders) and a previous Vice Chairman of the India Community Center of Rochester. In 2010, Mr. Nagarajan was honored by Ascend at their national gala with their High Impact Leaders Award for professional accomplishments and for positive impact and contributions to the Asian American Community. At Morgan Stanley, Mr. Nagarajan is a member of The Morgan Stanley President s Club (2015) for top advisors at the firm. Kamesh was also a panelist at the 2013 Barron s Top Advisor Diversity Summit. Kamesh resides in Manhattan with his wife Ami and their seven year old twins, Anya and Prem. tel: (212) Kamesh.Nagarajan@morganstanley.com 10

13 Financial Advisor Michael J. Belsky Senior Vice President Senior Portfolio Management Director Family Wealth Advisor Financial Advisor For the past 33 years, Michael Belsky has aimed to limit volatility for his clients in the financial services industry. He has extensive experience in fixed income with a focus on bond asset allocation models and credit strategies. FOCUS: Portfolio Management Fixed Income Research Coordination Prior to joining Morgan Stanley in 2008, Mr. Belsky served as Associate Director with Bear, Stearns & Co. Inc. and Senior Vice President at PNC Bank, which he joined in Previously, he was a co-founder and senior partner at Atlantic Group Securities, where he worked from 1984 to 1999, and was responsible for the firm s government trading desk as well as the structuring, funding and placement of debt issues throughout the United States. Mr. Belsky helped structure proprietary trading products such as one of the country s first stripped bond programs as well as put features for local banks municipal portfolios. Additionally, his responsibilities included management and development of bond portfolios for the firm s clients. As a founding member of The Vector Group, Mr. Belsky s clients rely on his experience in the fixed income world to unearth value in debt securities. Mr. Belsky has developed a unique approach to bond portfolio structure that involves target-duration as well as yield-curve positioning and is often called to speak about management and income strategies. Mr. Belsky received a B.S.B.A. from the University of Denver and actively mentors recent graduates on various business skills. He has a passion for children s causes and has three adult children. tel: (212) Michael.Belsky@morganstanley.com 11

14 Financial Advisor Michael Pellman Rowland, CFP, ADPA Senior Vice President Senior Portfolio Manager Financial Advisor FOCUS: Socially Responsible Investing Impact Investing LGBT Clients Alternative Investments Insurance Solutions Michael Pellman Rowland has been advising clients at Morgan Stanley for over 14 years. His areas of focus include financial planning, portfolio management and investment analysis. In addition to a great deal of experience in designing investment strategies, Michael has spent time developing a process of education for the lay investor. His clients have benefited from his ability to describe the many pros and cons of different investment approaches. His clientele include individuals, LGBT clients, family trusts, millennials, and clients interested in socially responsible investing. Michael often works closely with his clients accountants and legal counsel to help provide in depth financial planning and advice. Michael joined Morgan Stanley shortly after earning his economics degree from Hamilton College. He holds the designations of CERTIFIED FINANCIAL PLANNER TM and Accredited Domestic Partnership Advisor SM. He loves traveling and enjoys snowboarding, golf, hiking, and bird watching. In addition, he and his wife spend time in charitable pursuits related to animal rights. Michael also serves as a board member of Housing Works, Inc. Michael is a frequent guest lecturer, and has been featured in The Wall Street Journal, Financial Times, Conscious Magazine, and Institutional Investor. He was also selected as an Honoree in the Investment News, class of 2015, 40 Under 40 list. tel: (212) Michael.Pellman@morganstanley.com Source: Investment News, 40 Under 40, December, The award is based upon a recipient s application and not upon any qualitative and quantitative criteria relating specifically to one s position as a Financial Advisor. As such the award is not representative of any client s experience nor is it indicative of the Financial Advisor s future performance. The publication states that it considers four factors in compiling its list: accomplishments to date, contributions to the industry, leadership, and promise. Neither Morgan Stanley Smith Barney nor any of their Financial Advisors pay a fee to Investment News in exchange for the rating. 12

15 Financial Advisor David J. Cote Vice President Financial Advisor FOCUS: Investment Banking Liaison Access to Lending Services Retirement Plans Corporate Services David Cote joined Morgan Stanley in 2013, having worked in the financial services industry since In this role he is responsible for providing investment and wealth planning advice to individuals and families and their trusts, estates, foundations, endowments and pension plans. Mr. Cote also has a focus working with entrepreneurs and owners of privately held businesses to assist with planning for an exit (Strategic Buyer, Private Equity Investment, IPO) and dealing with concentrated stock positions post exit. As a Partner with The Vector Group at Morgan Stanley, he provides counsel to clients and their professional advisors on a variety of matters, including tax and estate planning strategies, multigenerational asset allocation, individual and corporate retirement planning, and the sale of closely held businesses. For entrepreneurs and business owners, he is The Vector Group lead for Morgan Stanley s suite of stock plan services, 10b5-1 plans and Cash Management. Prior to joining Morgan Stanley, Mr. Cote was a Vice President and Financial Advisor with Bernstein Global Wealth Management, which he joined in Previously, he was a global sales executive for several firms that provided strategy and technology solutions to the financial services industry. Mr. Cote has vast experience in entrepreneurship and the sale of closely held businesses and he is a frequent guest lecturer at NYU and FIT on both of these topics. In 2012, he founded the Big Apple Entrepreneur Network which is a 700+ member group comprised of some of NYC s top entrepreneurs and related professionals. He is also the founder of Champagne & Song, an annual holiday fundraising event for the financial services industry to raise money for educational charities. Mr. Cote is a member of the Board of Directors for Empowered by You, a privately held fashion company that raises funds for women s microfinance through the sale of apparel. He received a Bachelor of Arts from Dartmouth College and was awarded a citation for academic excellence. Mr. Cote is an avid marathon runner and is a member of several annual charity events for education and cancer research that have raised over $1 million to date. tel: (212) David.Cote@morganstanley.com 13

16 Financial Advisor Associate Ashi Shah Financial Advisor Ashi joined Morgan Stanley in 2014 as a Financial Advisor. She provides a holistic approach to financial planning; focusing on wealth accumulation, wealth preservation, and transferring assets to future generations. Ashi works with a team of highly experienced individuals to come up with tailored solutions for clients in estate planning strategies, stock option analysis, monetization of concentrated stock positions, life insurance analysis, mortgage & home equity lending solutions, and asset protection with a specific emphasis on lifetime retirement income stream. Ashi started out her career in Wealth Management as a Banking Analyst with J.P. Morgan s Private Bank where she helped devise customized financial strategies for existing and prospective clients, ran proprietary models, conducted research and analysis, and assisted with meeting client needs to deliver integrated financial solutions. Thereafter, she moved into a Financial Advisory role at Merrill Lynch working with a wealth management team based out of Austin, Texas. Ashi has been in Wealth Management for over 8 years. Ashi received her Bachelor of Arts degree in Finance and Economics from Westminster College. She holds her Series 7 and 66 from the Financial Industry Regulatory Authority (FINRA). Ashi is a member of Texas Wall Street Women (TXWSW), The Indus Entrepreneurs (TiE), and is actively involved with Junior Achievement of New York. Ashi resides in Midtown Manhattan and enjoys traveling, art, and skiing in her hometown of Salt Lake City, Utah. tel: (212) Ashi.Shah@morganstanley.com 14

17 Financial Advisor Associate Stewart P. Miller Financial Advisor Stewart Miller joined Morgan Stanley in 2015, having worked in finance since He works with investors on customizing and managing their portfolios, planning their financial futures, and strategizing the passing of assets between generations. He provides advice on retirement solutions and budgeting for primary and secondary education. In conjunction with The Vector Group at Morgan Stanley, he also provides access to lending services through Morgan Stanley s private banking group. Prior to joining Morgan Stanley, Mr. Miller managed his own portfolio for several years. His work involved combining technical and fundamental analysis to develop profitable trading strategies. Before finance, Mr. Miller worked in a frontline role at a leading National news channel. His responsibilities involved making daily decisions around the current events desk. When news broke, he coordinated all desks from the technical side right up to the front of camera. He finished each day by conducting meetings and briefing the following news team on the day s events, footage, and facts. Mr. Miller graduated High School from the Columbus Academy in Ohio after having spent one year concentrating on the arts while at the Professional Children s School in New York. Following high school, he spent 2 years in Switzerland at the international boarding school Lyceum Alpinum Zuoz. For college, he graduated with the class of 2005 from Wesleyan University in Connecticut with a BA in Theater. He holds Series 7, 56, and 66 licenses, as well as a real estate salesperson license. He enjoys theater arts, automobiles, classic literature, foreign political history, and extensive travel. He has also been a Volunteer Firefighter since graduating from college in tel: (212) Stewart.Miller@morganstanley.com 15

18 Financial Advisor Associate Daniel Sheldon Financial Advisor Daniel joined Morgan Stanley in 2015 after graduating Cum Laude from Marist College receiving a Bachelor of Science in Business Administration with concentrations in both Finance and International Business, as well as a Bachelor of Arts in Economics. His primary responsibilities with The Vector Group at Morgan Stanley include trade execution, market research, and portfolio analysis. During his tenure at Marist College, Daniel played Division 1 baseball while also participating in the school s Investment Practicum program, actively managing a portion of the institution s endowment. He was elected as President and Lead Economist of the school s Equity Fund as a junior and transitioned into the same roles of the college s Fixed Income Fund the following year. Additionally, he was elected President of Marist College s Investment Club, a title he held throughout his senior semesters. tel: (212) Daniel.Sheldon@morganstanley.com 16

19 Financial Advisor Associate Elizabeth A. Morgan Financial Advisor Elizabeth Morgan joined The Vector Group in July of Her primary responsibilities include assisting the team with financial planning, portfolio management, and new business development. Elizabeth began working in wealth management in July of 2014 as a Wealth Advisory Associate (WAA). Prior to her transition into wealth management, Elizabeth worked as a due diligence analyst in Morgan Stanley s Global Corporate Security Division, in which role she conducted comprehensive research and thorough investigations on corporate clients and potential partner companies. Elizabeth received her Bachelor of Arts degree from Wellesley College in May of She completed her coursework a semester early in December of 2012 and joined Morgan Stanley in February of While at Wellesley, Elizabeth was a member of the varsity soccer team, the club sailing team, and the Residential Life Staff. Elizabeth resides on the Upper East Side of Manhattan and enjoys spending time with her family at their home in Shelter Island, NY. She is an active member of the Bronx Science Alumni Association and the New York Wellesley Club. tel: (212) Elizabeth.Morgan1@morganstanley.com 17

20 Support Staff Lindsey A. Paesano Business Development Associate Financial Planning Associate Lindsey Paesano joined Morgan Stanley in 2011, having worked in the financial services industry since 2009 and now functions as The Vector Group s Business Development Associate. Her responsibilities include developing strategies to further enhance client relationships and implementing new policies to help the team gain exposure and expand business capabilities. She participates in the team s overall marketing strategies, and manages the team s client communication efforts. Lindsey is also responsible for maintaining the team s website and social media presence. Instrumental in the daily operations and management of The Vector Group, the directorial duties of Lindsey include developing and executing business plans, relationship management, strengthening firm relationships, and newsletter implementation. Prior to joining The Vector Group, Lindsey helped run a nine member wealth management team at Morgan Stanley. She worked collaboratively with the team s financial advisors to provide the highest quality of individualized service to key clients. Her responsibilities included managing trading platforms across a broad range of securities products, market research, portfolio analysis, and asset allocation. Lindsey holds a B.S. degree in Business Administration with a major in Marketing from the Smeal College of Business at The Pennsylvania State University class of She is registered with FINRA and SEC with Series 7 and 66 registrations. tel: (212) lindsey.paesano@morganstanley.com 18

21 Support Staff Giselle Gigi B. Cantada Group Director Gigi is the Group Director with The Vector Group at Morgan Stanley. Her primary focus is on providing first-class client service and strategic operational and administrative support to the group s clients. She is the first point of contact for many client questions, and on a daily basis she opens and monitors new and managed accounts, handles administrative and operational matters, and executes buy and sell orders. Gigi began as a compliance analyst with Marisco Fidelity in After five years, she moved to the institutional trading desk of Knight Capital Markets, where she provided settlement and liaison support for large fund companies. Gigi began working with David Sherrill in 2005 and became a key member of The Vector Group when it was established in March, Gigi is married and is the mother of four children. She lives in Bridgewater, NJ. tel: (212) Giselle.Cantada@morganstanley.com 19

22 Support Staff Jenna Trolson Senior Registered Associate Jenna Trolson is a Senior Registered Associate with The Vector Group at Morgan Stanley. Her primary responsibilities include providing support to clients including opening new accounts, handling disbursement requests, as well as trade executions. She enjoys getting to know clients and helping them reach their goals. Jenna received a Bachelor of Arts with a major in English Literature from the University of California in Irvine. She is a native of Santa Barbara, California but loves all the opportunities New York City has to offer. In her free time she can usually be found exploring one of the city s many art museums or enjoying a performance of the New York City Ballet. She began working at Morgan Stanley in 2005 and is Series 7 and 66 Registered. tel: (212) Jenna.Trolson@morganstanley.com 20

23 Support Staff Spencer Gabriel Client Service Associate Spencer Gabriel joined Morgan Stanley in 2014 as a Client Service Associate. His mission is to serve as an internal advocate for clients to ensure their needs are being met. Spencer has earned a reputation for working effectively with Financial Advisors, Portfolio Managers, Operations, Legal/Compliance and Senior Management in the context of meeting client needs. Spencer s specialty is working with other members of client service and sales groups to leverage resources and enhance the quality of client service delivery. Prior to joining Morgan Stanley, Spencer worked as a Logistics Coordinator and worked closely with core client bases to assess needs and ensure accurate management. Spencer has a B.S. in Communication Studies with a minor in Business Administration from Towson University. He also holds a Grand Diploma in Culinary Arts from the French Culinary Institute. Spencer currently resides in Manhattan with his puggle, Roscoe. He plays an active role and contributes to his neighborhood through animal welfare service. Away from the business, he enjoys cooking, football and reading. tel: (212) Spencer.Gabriel@morganstanley.com 21

24 Support Staff Evan Murphy Client Service Associate Evan Murphy joined Morgan Stanley as a Client Service Associate in Prior to working at Morgan Stanley, Evan worked as an analyst at an asset management and advisory firm based in White Plains, New York. Formed to advise sophisticated investors and insurance professionals on various life insurance based investment opportunities, Evan excelled in client relations and streamlined the onboarding process for enhanced customer experience. Evan has a B.S. in English with a minor in Communication from Fairfield University where she was also a member of their Division I Women s Soccer team. Evan currently resides in New York and enjoys spending time with friends and family and participating in recreational sports. tel: (212) Evan.Murphy@morganstanley.com 22

25 THE VECTOR GROUP at MORGAN STANLEY 1290 Avenue of Americas, 12th Floor New York, NY tel: (212) toll-free: (800) fax: (212) DISCLOSURES: The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor s individual circumstances and objectives. An investment in alternative investments can be highly illiquid, is speculative and not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Some of these risks may include: loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices; lack of liquidity in that there may be no secondary market for the fund and none is expected to develop; volatility of returns; restrictions on transferring interests; potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; absence of information regarding valuations and pricing; complex tax structures and delays in tax reporting; less regulation and higher fees than mutual funds; and manager risk. Individual funds will have specific risks related to their investment programs that will vary from fund to fund. Actual results may vary and past performance is no guarantee of future results. Morgan Stanley Smith Barney LLC ( Morgan Stanley ), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters. Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates. Source: The Financial Times Top 400 Financial Advisors is an independent listing produced by the Financial Times (March, 2014). The FT 400 is based in large part on data gathered from and verified by broker-dealer home offices, and, as identified by the FT, reflected each advisor s performance in six primary areas, including assets under management, asset growth, compliance record, experience, credentials and accessibility. The rating may not be representative of any one client s experience and is not indicative of the Financial Advisor s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to The Financial Times in exchange for the rating. Residential mortgage loans/home equity lines of credit are offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. With the exception of the pledged-asset feature, an investment relationship with Morgan Stanley Smith Barney LLC does not have to be established or maintained to obtain the residential mortgage products offered by Morgan Stanley Private Bank, National Association. All residential mortgage loans/home equity lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Rates, terms, and programs are subject to change without notice. Residential mortgage loans/home equity lines of credit may not be available in all states; not available in Guam, Puerto Rico and the U.S. Virgin Islands. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is an Equal Housing Lender and Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. Nationwide Mortgage Licensing System Unique Identifier # The proceeds from a residential mortgage loan (including draws and advances from a home equity line of credit) are not permitted to be used to purchase, trade or carry eligible margin stock; repay margin debt that was used to purchase, trade or carry margin stock; or to make payments on any amounts owed under the note, loan agreement, or loan security agreement; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account. Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED MAY LOSE VALUE NOT BANK GUARANTEED NOT A BANK DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Morgan Stanley Smith Barney LLC. Member SIPC.

26 THE VECTOR GROUP at MORGAN STANLEY 1290 Avenue of Americas, 12th Floor New York, NY