Management Team

C. DOUGLAS WALKER President

C. Douglas Walker, President, directs investment policy and strategy for individual and institutional portfolios. Prior to founding Security Capital Management, Mr. Walker was Senior Vice President in the Washington, D.C. office of Fiduciary Trust Company, International, Inc. for more than six years. Previously he was Director of Investment Services for Patriot National Bank and Vice President and Portfolio Manager for First Union National Bank (now Wachovia Corporation). Mr. Walker obtained first-hand international experience at the International Monetary Fund where he served as Financial Economist for more than eight years and advised on its $1.2 billion Staff Retirement Plan.

Mr. Walker began his career as a trust investment officer for Bank of North Carolina (now Bank of America) and moved to Washington, D.C. in 1973 to accept the appointment as financial analyst to the Board of Governors of the Federal Reserve System. In 1988 and 1989 he assisted in founding two community banks in northern Virginia.

His professional associations include the Washington Association of Money Managers, the Greater Washington Society of CPAs, and the National Economists Club. Mr. Walker received a B.A. degree from Washington and Lee University and holds a masters degree from Georgetown University's Graduate School of Business Administration. Mr. Walker lectures for the Investment Management Institute and was moderator of its 15th Annual Global Investment Portfolio Management Conference in Toronto, Canada. His investment advice has been published in Medical Economics and in the Consumer's Guide, "Where to Invest Your Money Now."

SHEFFIELD C. RICHEY, JR., CFA, JD, MBA Chief Investment Officer

Sheffield Richey, Jr., Chief Investment Officer of Security Capital Management, is a Chartered Financial Analyst (CFA). Mr. Richey most recently served as a Senior Vice President of Gilkison, Patterson Investment Advisors, directing its equity and fixed income research and managing balanced portfolios for both individuals and institutions. Gilkison, Patterson has some $600m in assets under management with over $400 million in fixed income securities. Prior to that position, Mr. Richey was Senior Vice President and Chief Investment Officer for McGinn Investment Management, Inc., in Alexandria, VA. From 1994 to 1999, Mr. Richey served as a Vice President and Portfolio Manager at ASB Capital Management in Washington, D.C., at the time the largest pension fund manager in the Washington, D.C. metro area. At ASB Capital, he managed the firm's small-cap equity fund as well as a segment of its $850 million in pension fund equity assets. Prior to joining ASB Capital, Mr. Richey was Director of Portfolio Management for metropolitan Washington, D.C for First Union/Wachovia Bank. He began his investment career as Senior Portfolio Manager and Director of Global Equity Research at First American Bankshares of Washington, D.C. and Virginia, where he co-managed five equity trust funds with more than $500 million in assets.

As a CFA, Mr. Richey is a member of the CFA Institute and the Washington Society of Investment Analysts, where he has served as a board member and Program Chairman, 2002-2005. He received his B.A. from Yale University and his MBA from Georgetown University graduating with highest honors. He is also a graduate of Emory University Law School, where he was co-founder and publisher of the Emory Law Times.

A native of Ohio, Mr. Richey has lived in Alexandria, VA for over 27 years with his wife, Murray, and their three children. His interests include tennis, golf, reading, traveling, gardening, and increasing clients' wealth.