Flaherty & Crumrine Incorporated is pleased to announce that Joseph L. Schembri has joined the firm as a Vice President. Flaherty & Crumrine currently has in excess of $4 billion in assets under management and focuses primarily on investing in preferred securities.
“We have known and worked with Joe for over 12 years and I am certain the experience and intelligence he brings to Flaherty & Crumrine will enable us to continue to produce the highest quality results for our clients for years to come,” said Donald F. Crumrine, Chairman. “We intend to utilize Joe’s knowledge and background in the preferred securities market in serving the objectives of our clients’ investment portfolios,” Crumrine said.
Schembri recently was a Senior Vice President in the Institutional Fixed Income Group at Citigroup Global Markets, having spent his entire career at the bank. He focused on fixed-income credit investments throughout his 12 year tenure at Citigroup, with particular emphasis on preferred stocks and hybrid preferred securities. Schembri obtained his B.S. in Business and Economics from Lehigh University.
In addition to managing portfolios for institutional clients, Flaherty & Crumrine serves as investment adviser to four closed-end registered investment companies in the United States and one in Canada:
- Flaherty & Crumrine Preferred Income Fund Incorporated (NYSE: PFD)
- Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated (NYSE: PFO)
- Flaherty & Crumrine/Claymore Preferred Securities Income Fund Incorporated (NYSE: FFC)
- Flaherty & Crumrine/Claymore Total Return Fund Incorporated (NYSE: FLC)
- Flaherty & Crumrine Investment Grade Fixed Income Fund (TSX: FFI.UN)
Donald F. Crumrine, 626-795-7300
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