ADVISORS CAPITAL MANAGEMENT

Dr. Charles Lieberman

Co-Founder | Chief Investment Officer

As a graduate of MIT with a bachelor’s degree in economics and a Ph.D. in economics from the University of Pennsylvania, Dr. Lieberman began his career as an academic at the University of Maryland and Northwestern University. After five years in academia, Dr. Lieberman joined the Federal Reserve Bank of New York as head of its Monetary Analysis staff before joining Morgan Stanley and Shearson Lehman Brothers where he focused on the debt and equity markets. In 1986, he joined Manufacturers Hanover as chief economist and head of research and retained that position through the mergers with Chemical Bank and Chase Manhattan. In 1997 he left Chase and founded the global macro hedge fund, Strategic Investors Management. In 1998, Dr. Lieberman founded Advisors Capital Management.

Dr. Alan Greenspan

Economic Advisor

Alan Greenspan served five terms as chairman of the Board of Governors of the Federal Reserve System from August 11, 1987, when he was first appointed by President Ronald Reagan. His last term ended on January 31, 2006. He was appointed chairman by four different presidents.

Dr. Greenspan received his bachelor’s (summa cum laude), master’s, and doctoral degrees in economics, all from New York University. He also studied economics at Columbia University in the early 1950s and one of his professors, Dr. Arthur Burns, would later precede him as chairman of both the President’s Council of Economic Advisors and, later, the Board of Governors of the Federal Reserve.

Dr. JoAnne Feeney

Portfolio Manager

Received her B.A. in Economics from Union College and her Ph.D. & M.A. in Economics from the University of Rochester. Prior to joining ACM, Dr. Feeney was a senior equity analyst for sellside firms including Punk, Ziegel & Co. FTN Equity Capital, Longbow Research, and ABR Investment Strategy where she focused on valuation of nanotechnology and semiconductor companies. Dr. Feeney also consulted for the Federal Reserve, The International Monetary Fund and The World Bank while an academic at The University of Albany, State University of New York, The Stern School of Business, New York University, and the University of Colorado at Boulder.

David Lieberman, M.B.A.

Portfolio Manager

An alumnus of Brandeis University and Yale School of Management where he received his BA and MBA, respectively. David is currently a Managing Partner and Portfolio Manager with Advisors Capital Management. Prior to joining Advisors Capital, he founded 3 companies, including BookRags, Inc., KaChange, Inc., and TestCafe. Following the sale of BookRags, Inc., David continued serving as President, while also serving on the Executive Committee of the acquiring public company, Ambassadors Group, Inc. until 2009.

Kevin Kelly

Portfolio Manager

Mr. Kelly is the Portfolio Manager of Fixed Income and a member of the Investment Committee. Before joining ACM, Mr. Kelly was a portfolio manager at Verition Fund Management in New York, NY where his duties included managing a long/short portfolio. Prior, Mr. Kelly was a Vice President at Goldman Sachs and a research analyst at Oak Hill Advisors.

Randall T. Coleman, CFA

Portfolio Manager

Randall Coleman is a portfolio manager focused in international and small/mid cap securities. Before joining ACM, Randall was the co-manager of the Salient Dividend Signal Strategy® portfolios.
Previously, Randall was a portfolio manager and analyst for Berkeley Capital Management. In 2008, Forward Management acquired Berkeley, and subsequently in 2015, Salient acquired Forward. Before joining Berkeley in 2001, Randall was a portfolio manager at London Pacific Advisors, specializing in small and mid-cap domestic equities. He has worked as a computer programmer and as a lobbyist aid in California state government.
Randall is a CFA® charterholder and holds a Bachelor of Arts from the University of California, Davis as well as an MBA from Thunderbird, the American Graduate School of International Management.

Paul Broughton, CFA

Portfolio Manager

Paul Broughton is an equity portfolio manager with ACM. Prior to joining the firm, he was a co-manager of the Salient Dividend Signal Strategy® portfolios.
Prior to joining Salient in 2010, Paul held various roles in fixed income portfolio management and trading with Pacific Capital Bancorp and American Century Investments. He began his career with State Street in fund accounting.
Paul is a CFA® charterholder and holds a Bachelor of Science in accounting and business administration from the University of Kansas.

David L. Ruff, CFA®

Portfolio Manager

Prior to joining ACM as a Portfolio Manager, David Ruff was a managing director and senior portfolio manager at Salient where he co-managed the Dividend Signal Strategy® portfolios.
Previously, David was chief investment officer for Berkeley Capital Management. In 2008, Forward Management acquired Berkeley, and subsequently in 2015, Salient acquired Forward. Prior to joining Berkeley in 2001, David was chief investment officer of London Pacific Advisors where he chaired the LPA Investment Policy Committee. From 1998 through 2001, David served as president and director for the Security Analysts of Sacramento.
David graduated magna cum laude from Iowa State University with a Bachelor of Science in finance. David is a CFA® charterholder and currently a member of CFA Institute and the Security Analysts of San Francisco.