MANAGEMENT PROFILES

The management team consists of Enclave’s co-founders, Stephen Inglis and Robert Mazzeo, along with Managing Directors Karim Baghdady, Rachel Beck, Rory Rohan, Harish Devarajan, and Charles Regan, bringing together diverse yet complementary backgrounds and expertise.

Stephen Inglis

CEO and Co-founder

Prior to founding Enclave in December 2006, Mr. Inglis spent the previous year as Managing Director of Equities for the Arab Banking Corporation in Bahrain. Until February 2005, Mr. Inglis was Executive Director for Mergers & Acquisitions at WestLB in New York. From July 2001 through December 2003 he served as Head of Investment Banking for WestLB in Tokyo managing underwritings, M&A and private equity transactions and, prior to that assignment, spent four years as Head of Sales for Japanese Equities at WestLB New York.

Before joining WestLB, he spent ten years in Japanese equity sales at Robert Fleming, Morgan Stanley, and Nikko Securities.

Mr. Inglis is a Chartered Financial Analyst (CFA), and holds a MA in Economics from the University of British Columbia.

Robert Mazzeo

President and Co-founder

Mr. Mazzeo is an attorney who has practiced securities law since 1982 and has extensive experience in structuring, negotiating and documenting complex securities transactions (including underwritten public offerings, private placements, venture capital investments, “PIPE” transactions, and Rule 144A offerings, as well as deals involving derivatives and structured products).

In addition to his experience in private practice, Mr. Mazzeo served as legal counsel for Lehman Brothers and was a Director of Capital Markets for Solomon Smith Barney.

Mr. Mazzeo is a graduate of Brown University and Yale Law School.

Karim Baghdady

Managing Director, Beltone Enclave Securities Equity Sales

In October 2007, Mr. Baghdady joined Enclave and was instrumental in organizing the joint venture between Beltone Financial, a Cairo-based financial services firm, and Enclave to form the first U.S. institutional sales desk dedicated to covering the Middle East and North Africa (MENA).

Mr. Baghdady manages the MENA sales desk and oversees the distribution of Beltone research into the U.S. Previously, Mr. Baghdady spent ten years at the New York Stock Exchange (NYSE) where, in 2002, he began working as a floor trader for Mogavero, Lee & Co.

Mr. Baghdady obtained a BA in Finance from Rutgers University.

Rachel Beck

Managing Director, Private Placements

Rachel Beck joined Enclave Capital in February 2009. She spent the past five years at Broadpoint Capital where she focused on the execution of PIPE transactions for small cap companies in the healthcare, energy/alternative energy and technology sectors. Prior to that, she was at UBS executing private placements for late-stage venture backed companies as well as PIPE transactions.

Rachel holds a BS from Cornell University.

J. Rory Rohan

Managing Director, Private Placements

Prior to joining Enclave Capital in August 2009, Mr. Rohan was a Senior Vice President of Investment Banking at Midtown Partners. During his tenure at Midtown Partners, Mr. Rohan was instrumental in the emergence of the firm’s private placement business. Mr. Rohan began his investment banking career at H.C. Wainwright & Co as part of a five-person banking team specializing in private placements for public companies. During Mr. Rohan’s employment at H.C. Wainwright, the firm was ranked as high as #3 in terms of most active agents for placing Regulation D financings. Mr. Rohan was also employed at Merrill Lynch Capital Markets Bank Ltd in the United Kingdom.

Mr. Rohan co-authored Monetary Reform from a Comparative-Theoretical Perspective, which appeared in the Fall 2004 edition of the Quarterly Journal of Austrian Economics. Mr. Rohan received a B.A. in Economics from Hampden-Sydney College, Hampden-Sydney, Virginia.

Harish Devarajan

Managing Director, Algorithmic Trading

Harish heads up institutional sales for our algorithmic trading division, Deep Value Enclave. Prior to establishing Deep Value Inc., where he serves as CEO, Mr. Devarajan was the Chief Operating Officer for Deutsche Bank’s proprietary trading desk. As COO, Harish was responsible for the group's technology effort, execution management and the development of profitable trading strategies.

Mr. Devarajan holds a BS from The Massachusetts Institute of Technology, and was a PhD candidate at Stanford University.

Charles Regan

Managing Director, Investment Banking, Asia

Prior to coming on board with Enclave, Charles was most recently Managing Director and Head of Originations, Asia with WestLB, a role held since March, 2006. He was responsible for origination, execution and distribution of transactions for the region, including Japan, China
and India. Responsibilities included the management of West LB's
US$2 billion securities portfolio. Before taking the senior origination role in Asia, he had been with WestLB since 2000 to manage the investment banking activities in the telecom sector for Asia.

From 1999 to 2000, he worked for The World Bank Group where he was responsible for providing financing through guarantees for project financings and equity investments in the emerging markets. From 1993 to 1999, Charles led risk analysis and financing for Hughes Network System’s. telecom development in the emerging markets. Charles began his career as a Risk Analyst for the Federal Reserve Bank of New York, focusing on risks in structured debt assets and portfolios.

He graduated from James Madison University with a BA in Finance and earned an MBA from Thunderbird School of Global Management.