People
We are deeply committed to gathering the best professionals in our industry. Along with our reputation, our people are our most valuable asset. Currently, we employ thirty individuals. We invite you to review the biographies of our professionals below.
Alvin A. Clay III
Chief Executive Officer
Principal
MT & BS Villanova University
Al has over thirty years of experience in the investment and accounting industries. Most recently, he was President & CEO of Pitcairn Financial Group. He had been with the Company since 1989 and served as President since 1993. Prior to joining Pitcairn, he was Senior Vice President at Butcher & Company and also spent six years with Ernst & Whinney, CPA’s. Al served on the Villanova University College of Commerce & Finance adjunct faculty and is the author of a professional reference manual on partnership taxation published by the Research Institute of America. He is a frequent speaker on the taxation of investments and other matters affecting wealth management for individuals and trusts. He holds the professional designations of CPA and CFP. Al is committed to numerous charitable endeavors and serves on various Boards and Committees throughout Pennsylvania and New Jersey.
James M. Davidson
Chairman of the Board
Founding Principal
MBA University of Michigan
BA Baldwin-Wallace College
Jim has over fifty years of experience in investment counseling, estate & trust administration and estate planning and is the founder of Davidson Trust Company. Before establishing his own investment counseling firm in 1974, he was President and Director of Studley Shupert & Co., the national investment advisory subsidiary of Girard Bank (Mellon). Jim is a past member of CFA Institute and the CFA Society of Philadelphia. Prior to the majority stake of Davidson Trust Company having been acquired by Boston Private Financial Holdings, Inc. in 2008, Jim served as Chief Executive Officer for thirty-four years.
Steven R. Klammer, Esquire
President
Principal
JD Rutgers
BS Drexel University
Steve is an attorney and Certified Public Accountant (inactive) with extensive experience in trust & estate administration and estate and business succession planning. He serves as a Wealth Advisor to clients and is Chief Legal Officer. Prior to joining Davidson in 2002, Steve was a Partner in the Trust and Estates department of Pepper Hamilton, LLP where he practiced law for over a decade. Steve’s previous experience includes time with Touche Ross & Co. (now Deloitte & Touche) and the IRS. He is an active member of the Probate Section of the Philadelphia Bar Association and is a member of both the Philadelphia and Southern New Jersey Estate Planning Councils.
Bruce K. Bauder, ChFC
Senior Vice President
Principal
MBA Drexel University
BA Franklin & Marshall College
Bruce has over twenty-five years of experience in the financial services industry. He serves as a Wealth Advisor to clients and is the Director of Administration. Before joining Davidson in 1997, Bruce was a Vice President in the Trust Division of The Bryn Mawr Trust Company where he administered personal, trust, estate and institutional accounts. Prior to that, he spent ten years with Mellon Bank as an officer in their Trust Division where he provided investment custody services, as well as brokerage and securities operations. Bruce is a graduate of the Pennsylvania Bankers Central Atlantic School of Trust and earned his Chartered Financial Consultant designation through The American College. He is also a member of the Bucks County Estate Planning Council.
Mary Lisa O'Neill
Vice President
BS St. Joseph's University
Mary Lisa has over twenty-three years of experience in the trust area. Prior to joining Davidson in 2004, she was a Fiduciary Account Officer specializing in fiduciary account administration with JP Morgan Trust/Chase Manhattan Bank. Mary Lisa’s previous experience includes twelve years with First Union National Bank (now Wachovia) holding various trust positions. She completed the Central Atlantic School of Trust at Bucknell University. Mary Lisa is also a member of both the Montgomery County and Philadelphia Estate Planning Councils, as well as The World Affairs Council of Philadelphia.
David E. Holtzman, CFA, CFP, CTFA
Senior Vice President
BA Bucknell University
Dave has over twenty years of experience in the financial industry. Prior to joining Davidson in 2010, he was a Managing Director with Ashbridge Investment Management where he managed investment portfolios for high net worth families and was a member of the firm's Investment Committee. Dave's previous experience includes Chief Investment officer and Principal of Signature Investment Management and Senior Vice President of the SEI Wealth Network. He is a member of the CFA Institute and the CFA Society of Philadelphia.
Ernest E. Cecilia, CFA
Chief Investment Officer
Principal
MBA Fordham University
BS University of Dayton
Ernie has over thirty-five years of experience in the investment management industry. He manages individual and institutional portfolios and is responsible for the evaluation of companies within the Energy, Materials and Information Technology sectors. Before joining Davidson in 1998, he served as President and CIO of PNC Equity Advisors. In his position at PNC he was responsible for all investment management activities. He was also Director of Equity Research for PNC Investment Management & Research. Ernie is a member of the CFA Society of Philadelphia and the New York Society of Security Analysts, as well as the CFA Institute.
Malcolm C. Wilson, CFA
Executive Vice President
Principal
MBA & BS Drexel University
Skip has over thirty-five years of experience in the investment management and trust business. In addition to his portfolio management responsibilities, Skip is the Director of Fixed Income and maintains equity research coverage in the Financial sector. Prior to joining Davidson in 2003, Skip was an Executive Vice President and Manager of the Investment & Trust Division of Mercantile Bankshares. Previously, he spent over twenty years with PNC Bank where he held a number of senior positions including CIO, Director of Economic and Investment Research, and Manager of PNC’s Philadelphia trust market.
Joseph J. Costigan, CFA
Senior Vice President
Principal
MBA Pennsylvania State University
BS Elizabethtown College
Joe has over twenty years of experience in the financial services industry. In addition to managing portfolios, Joe is responsible for evaluating companies in the Healthcare, Consumer Discretionary, and Information Technology sectors. Prior to joining Davidson in 2000, he was an Assistant Vice President at Wilmington Trust Company where he managed investment portfolios for high net worth clients. Previous experience also includes eleven years at PNC Bank where he was a Private Equity Analyst, Portfolio Manager, and an officer in their retail business. Joe is a member of the CFA Institute and the CFA Society of Philadelphia.
N. Raymond Sague, CFA
Senior Vice President
Principal
MBA George Washington University
BS University of Baltimore
Ray has over twenty-five years of experience in the investment industry. In addition to managing portfolios he is a member of our investment strategy and equity research team. Prior to joining Davidson in 2006, Ray was managing investment portfolios for high net worth individuals, endowments, and charitable trusts at Mellon Private Wealth Management. Previous experience includes similar roles at First American Bank (now Wachovia) and Riggs National Bank (now PNC). Ray is a member of the CFA Institute, the CFA Society of Philadelphia, and the Washington Society of Investment Analysts, as well as both the Chester County and Philadelphia Estate Planning Councils.
Philip C. Wagner, CFA
Senior Vice President
BA University of Richmond
Phil has over twenty years of experience in the investment industry. He serves as Director of Wealth Advisory, providing advice and financial planning and is responsible for the strategic implementation of our custom architecture platform. Prior to joining Davidson in 2010, Phil was a senior investment advisor at Legacy Advisors where he led the development of the firm's proprietary asset planning process integrating estate planning strategies with investment management. His previous experience includes seventeen years with SEI Investments where he served in various senior roles and was a founding member of the Wealth Network developing solutions for high net worth individuals and families. Phil is a member of the CFA Institute and the CFA Society of Philadelphia.
Stephen R. Burns, CFA
Investment Officer
BS Georgetown University
Steve is a member of our investment strategy and equity research team evaluating companies within the Industrials, Utilities, and Information Technology sectors. He also co-manages and oversees trading of equity income portfolios and serves on the Investment Committee. Before joining Davidson in 2006, Steve was a Research Analyst with The Haverford Trust Company where he assisted their Investment Committee with stock selections by utilizing his skills in financial modeling. He was also involved in the creation of a $5 billion portfolio composite. Steve is a member of the CFA Institute and CFA Society of Philadelphia.
Caley L. Burke
Investment Associate
BS Drexel University
Caley joined Davidson in 2010 and works closely with our investment strategy and equity research team. Her previous experience includes an undergraduate co-op with Nuveen Investments where she was a portfolio administrator/withdrawal specialist. Caley is currently a Level II candidate for the CFA Charter.
Mary P. Talbutt
Vice President
MBA & BS Widener University
Mary has over twenty-five years of experience in portfolio and cash management. She is responsible for the analysis of fixed income investments and plays a key role in credit-related investment decisions. Prior to joining Davidson in 2002, Mary served as a Vice President in the Capital Markets Group of Mellon Financial Markets, LLC. Previous experience includes eight years as CFO and Treasurer for CRD, Inc., as well as a fixed income portfolio manager for the Vanguard Group. She is a member of the National Association of Business Economics, National Federation of Municipal Analysts, Association of Financial Professionals, Philadelphia Council for Business Economists, Global Interdependence Center, CFA Institute, and CFA Society of Philadelphia.
Bernadette J. Simmons
Investment Officer
Since joining Davidson in 1998, Bernadette has served in various roles and has held the position of head equity trader since 2001. Prior to joining the trading desk, Bernadette assisted the portfolio managers with research and presentations.
William S. Covert, CPA
Chief Financial Officer
Principal
BS Bloomsburg University
Bill has over twenty years of accounting experience, twelve of those with Siana, Carr & O'Connor, LLC, CPA's. Prior to joining Davidson in 2000, he was a Public Accountant with Boylston, Rothman and Helmeg, LLC specializing in the areas of individual, corporate and partnership taxation. He is a member of both the American and Pennsylvania Institutes of Certified Public Accountants. In addition to serving as CFO, Bill is our Compliance Officer responsible for banking regulations and reporting. Other areas of responsibility include office and personnel management.
William J. Rizzo
Senior Vice President
BS University of Pennsylvania, Wharton School of Business
Bill has over twenty years of experience in the investment industry. Prior to joining Davidson in 2010, he held senior positions with Russell Investment Group, Pitcairn and DuPont Capital Management concentrating on investment strategy, financial analysis and portfolio optimization. Over his career Bill has built enduring relationships with globally recognized institutions and affluent families using a consultative approach focused on identifying and solving problems. He served in the United States Marine Corps and is a member of the CFA Institute and the CFA Society of Philadelphia.
Anne E. Bartolomeo
Vice President
MS Cabrini College
BA Immaculata University
Anne has over fourteen years of experience in the financial services industry. She oversees all aspects of client service and operations, as well as directing the marketing & communications efforts of the firm. Before joining Davidson in 2001, she held Sales Assistant positions at both Morgan Stanley and Deutsche Banc Alex. Brown in Philadelphia. Anne began her career with the Principal Financial Group, where she was a Senior Marketing Coordinator. Anne is a member of the CFA Institute, the CFA Society of Philadelphia, the National Notary Association, and both the Main Line and Chester County Chambers of Commerce.