Stacy M. Dutton
Managing Partner

As managing partner, Stacy is responsible for the day-to-day operations of the firm including managing its growing business around the world, coordinating strategic decision making, and spearheading initiatives. She joined the firm in 2008, bringing with her 20 years of experience in both the operational leadership and practice of professional investment management. Most recently, she served as president and chief investment officer with Park Agency, Inc., a private, New York-based investment management and financial services company. In 2000, she co-founded Hygrove Partners LLC, a value-based long/short U.S. equity fund where she served as co-portfolio manager and chief operating officer. From 1997 to 2000, she served as senior vice president and portfolio manager with Warburg Pincus Asset Management. She has also served as an equity analyst with Jennison Associates, State Street Research & Management and Morgan Stanley & Co. Stacy holds a B.A. in Philosophy from the University of Chicago and earned an M.B.A. in Finance from the Wharton School of Business at the University of Pennsylvania. She is a member of Brandywine Global's Executive Board and serves on the Boards of the Philadelphia Orchestra, the Pennsylvania Horticultural Society and the Lantern Theater.

David F. Hoffman, CFA
Managing Director & Portfolio Manager

David is co-lead portfolio manager for the firm's Global Fixed Income and related strategies. He joined the firm in 1995, bringing with him 20 years of industry experience. Previously, David was president of Hoffman Capital, a global financial futures investment firm (1991-1995); head of fixed income investments at Columbus Circle Investors (1983-1990); senior vice president and portfolio manager at INA Capital Management (1979-1982), and fixed income portfolio manager at Provident National Bank (1975-1979). David is a CFA charterholder and earned a B.A. in Art History from Williams College. He is a member of the firm's Executive Board, currently serving as the Board's chair.

Paul R. Lesutis, CFA
Managing Director & Portfolio Manager

Paul serves as co-lead portfolio manager of our Fundamental Large Cap Value Equity strategy. In addition, he is responsible for research coverage of the banking and paper and forest products industries, contributing insights and stock recommendations to all of the firm's Large Cap Value Equity strategies. Paul joined the firm in 1991 and has 30+ years of industry experience. Previously, he served as executive vice president, chief investment officer and portfolio manager with Provident Capital Management, Inc. (1984-1991); director of equity research and portfolio manager with First Pennsylvania Bank (1971-1984), and a securities analyst with E.I. du Pont de Nemours (1966-1971). Paul is a CFA charterholder and earned an M.B.A. from Drexel University and a B.S. in Accounting from St. Joseph's University. He is a member of the firm's Executive Board.

Henry F. Otto
Managing Director & Portfolio Manager

Henry is the founder and co-lead portfolio manager of the Diversified Value Equity strategies. Prior to joining Brandywine Global in 1988, he was with Dimensional Fund Advisors, Inc., where he managed and traded small cap portfolios and developed computer systems to structure portfolios and analyze performance (1984-1987), and the Chicago Board of Trade as a financial economist developing financial-based futures and options (1982-1984). He earned both an M.B.A. in Finance and Economics and a B.A. in Economics from the University of Chicago. Henry is a member of the firm's Executive Board.

Stephen S. Smith
Managing Director & Portfolio Manager

Steve is co-lead portfolio manager for the firm's Global Fixed Income and related strategies. He joined the firm in 1991, bringing with him 23 years of industry experience. Previously, Steve was with Mitchell Hutchins Asset Management, Inc. as managing director of taxable fixed income (1988-1991); Provident Capital Management, Inc. as senior vice president overseeing taxable fixed income (1984-1988); Munsch & Smith Management as a founding partner (1980-1984), and First Pennsylvania Bank as vice president and portfolio manager in the fixed income division (1976-1980). Steve earned a B.S. in Economics and Business Administration from Xavier University. He is a member of the firm's Executive Board.

Adam B. Spector
Managing Director and Director of Marketing, Sales & Client Service

As director of marketing, sales and client service, Adam oversees Brandywine Global's institutional sales, institutional client service, Wealth Management Group, and the associated support groups. He also manages several key client relationships and serves as a member of the Executive Board. Before joining Brandywine Global in 1997, Adam was a director in the international investment management group for SEI Investments (1991-1997) and managing director for Ameritek Business Systems in Prague, Czechoslovakia (1990-1991). Adam earned an M.B.A. from the Wharton School of the University of Pennsylvania and a B.A. in Public Policy and Anthropology from Brown University, where he graduated magna cum laude and was elected to Phi Beta Kappa.

Steven M. Tonkovich
Managing Director & Portfolio Manager

Steve is co-lead portfolio manager of the Diversified Value Equity strategies. He plays an integral role in the team's continual refinement of the Diversified Value Equity investment process and the firm's ongoing research into value investing. Prior to joining the firm in 1989, he was with the Wharton School of the University of Pennsylvania as a research analyst in the Finance Department (1987-1989); Booz Allen Hamilton, Inc. as a research assistant (summer of 1988), and the Moore School of Electrical Engineering of the University of Pennsylvania as a research assistant (1986-1987). Steve earned a B.S.E in Finance and Regional Science from the Wharton School. He is a member of the firm's Executive Board.

Edward A. Trumpbour
Managing Director & Portfolio Manager

Ed is portfolio manager for the Absolute Value Equity portfolios. He joined the firm in 1996, bringing 15 years of industry experience with him. Previously, Ed was with Delaware Investment Advisors, a subsidiary of Delaware Management Holdings, as vice president and senior portfolio manager with the firm's institutional large cap value team. Also while at Delaware, he launched the Delaware Value Fund (renamed Delaware Small Cap Value Fund), a Morningstar Five-Star rated fund investing in small and mid capitalization equities (1985-1996). Additionally, Ed served as an analyst with Gabelli Asset Management (1984-1985). He earned an M.B.A. in Finance from the Wharton School of the University of Pennsylvania and a B.S.B.A. in Finance from Georgetown University. Ed is a member of Brandywine Global's Executive Board.