Raymond C. Stewart
Raymond C. Stewart, the founder and Chief Investment Officer of RASARA Strategies, Inc., has been in the investment business for over 25 years. 

He began his career at Salomon Brothers, Inc., the investment banking and securities brokerage firm. Starting as a part time employee at the firm in 1979 while attending graduate school, Mr. Stewart was responsible for developing banking industry statistical databases. Upon obtaining his MBA degree from the Columbia Graduate School of Business in 1980, he accepted a full-time position at Salomon Brothers as a securities research analyst, specializing in banking industry companies. Instrumental in refining and adding coverage to the research department’s banking industry product line, Mr. Stewart was a pioneer in applying new valuation techniques to bank stocks. 

In 1983, he joined Warren Marcus, a former Partner at Salomon Brothers, and helped form the investment management firm WRM Equity Management, Inc. Mr. Stewart continues to act as a co-manager at this investment management firm that follows a higher risk/higher return bank stock investment strategy than RASARA. 

Mr. Stewart founded RASARA Strategies, Inc. in 1992.

His views on bank stock investing have appeared in Barron’s, Business Week, Black Enterprise Magazine and Gendai Monthly, a Japanese business publication. 

Mr. Stewart also holds a B.S. degree from Cornell University, where he majored in Economics and Public Policy.

Anthony C. Spikes 
Anthony C. Spikes is Co-Portfolio Manager of RASARA Strategies, Inc. He is also responsible for business development and client services.

Mr. Spikes has over 10 years in the investment business. He most recently served as a Director of Private Equity Placements in the Investment Banking Division of Citigroup. In this capacity he structured financing solutions and capital raises for private companies within the Financial Services, Consumer and Healthcare industries. Mr. Spikes was a Vice President of Goldman Sachs’ Private Wealth Management from March 1998-November 2004. At Goldman Sachs, Spikes and his team managed in excess of $4 billion. Spikes managed the fixed income, foreign exchange, derivative and commodity investments of the portfolio. Prior to Goldman Sachs, Anthony Spikes was a Director in the Microgravity and Life Sciences Division of Spacehab Inc., at the NASA Johnson Space Center in Houston, Texas. In this capacity Spikes served as CFO for the Division, as Corporate Assistant Counsel and was responsible for analyzing and structuring private equity investments in the company’s corporate partners for both the Houston office and headquarters located in Tyson’s Corner Virginia.

Before Spacehab and during business school (1994-1996) Anthony Spikes served as Portfolio Manager for the investment management firm Alexander Capital Management Group in Denver, Colorado. ACMG is a large-cap “Value” based money manager.

Spikes began his financial career as In-House Counsel and Trust Officer for Colorado National Bank in his hometown of Denver, CO.

Anthony Spikes received his MBA from Columbia University with honors that included selections to the Dean’s Academic Honor List three consecutive semesters. Spikes received his Juris Doctor from the University of Colorado and his BA from Colgate University. Spikes has his Series 7 and maintains his law license in the state of Colorado.

Anthony Spikes is a member of the Board of Trustees of International House in New York City.

Warren R. Marcus 
Warren R. Marcus serves as Senior Advisor to RASARA Strategies, Inc. He has spent his 45 year career in various aspects of the investment business — from sell side research analyst to investment banking partner to portfolio manager. 

Mr. Marcus began on Wall Street in 1959 as a research trainee with Merrill Lynch. In 1960, he joined M.A. Schapiro & Co., a leading investment firm specializing in bank securities, and became that firm’s senior bank analyst within a year. In 1964, Mr. Marcus joined the newly established bank research operation at Salomon Brothers. In 1966, he was appointed manager of the firm’s Bank Stock Research Department, and was subsequently made General Partner in 1972. In 1983, Mr. Marcus formed WRM Equity Management, Inc., an investment advisory boutique specializing in regional banking and selected thrift institutions. 

During the years he spent at Salomon Brothers, Mr. Marcus was widely recognized as one of the investment community’s leading experts on banking. He was twice cited as the outstanding bank analyst in the U.S. in the annual research surveys conducted by Institutional Investor magazine. In addition to his research responsibilities, he played a major role in Salomon Brothers’ successful effort to establish a broad base of investment banking relationships with major U.S. commercial banks. 

Mr. Marcus is a past President and Director of the Bank and Financial Analysts Association of New York, and has served as an advisor to various bank regulatory agencies.