Donald F. Crumrine

Donald F. Crumrine, CFA, is Chairman of Flaherty & Crumrine Incorporated. He has more than 35 years of experience managing portfolios of preferred securities. Mr. Crumrine co-founded Flaherty & Crumrine in 1983 after spending 12 years at Scudder, Stevens & Clark. While at Scudder, he and his partner, Bob Flaherty, built a reputation for excellence in managing preferred securities. As innovators in the development of strategies for hedging the general interest rate exposure of these portfolios, Mr. Flaherty and Mr. Crumrine founded the firm to focus on managing preferred portfolios and associated hedges. Together with the other senior members of their firm, Mr. Crumrine is actively involved in the day-to-day management of all client portfolios, and he directs client service and marketing efforts. He also serves as Chairman of the Board, Chief Executive Officer and a Director of the firm’s four U.S. closed-end funds: Flaherty & Crumrine Preferred Income Fund, Flaherty & Crumrine Preferred Income Opportunity Fund, Flaherty & Crumrine/Claymore Preferred Securities Income Fund Inc. and Flaherty & Crumrine/Claymore Total Return Fund Inc. Mr. Crumrine has a B.S. in finance from the University of Southern California, and he earned his MBA from the Wharton School at the University of Pennsylvania. Mr. Crumrine has co-authored research papers presented to the committee for after-tax performance measurement of the CFA Institute, and he has testified before the U.S. House Ways and Means Committee on matters related to the preferred securities market.