MicroVest Board of Directors

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• W. Bowman Cutter (Chairman)
• Gerhard Pries (Vice-Chairman)
• Ron D. Cordes
• Alex Hartzler
• Lauren Hendricks
• Ken Hochstetler
• Carl Munana
• R. Clair Sauder
• James Torrey
• Bruce Tully
• Kim Williams

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W. Bowman Cutter (Chairman)

Mr. Cutter joined the Roosevelt Institute in October 2009 as Director of Economic Policy Initiative and as a Senior Fellow.  Previously, he was a Managing Director of the private equity firm of Warburg Pincus, since 1996. Prior to joining Warburg, Mr. Cutter was Deputy Assistant to the President for Economic Policy (National Economic Council) during the Clinton Administration. Mr. Cutter has also served as senior Partner at Coopers & Lybrand, and the Firm's Vice Chairman for Strategy.  He serves as the Chairman of the Board of CARE, a global development organization, and is a founder and current Chairman of MicroVest.  Additionally, Mr. Cutter is a member of the Governing Council of the IFMR Trust in India, and has worked extensively with the World Bank.  

Mr. Cutter holds degrees from Harvard University (summa cum laude); Oxford University (Rhodes Scholar); and Princeton University's Woodrow Wilson School.  He is a member of the executive committee and immediate past co-chairman of the Committee for Economic Development, the leading business “think-tank” in the United States; a board member of Resources for the Future, an energy and environmental research institute; and a board member of the Russell Sage Foundation.  In addition, he is a member of the New York Council on Foreign Relations.

Mr. Cutter has been Chairman of MicroVest's Board of Directors since it's founding in 2003.

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Gerhard Pries (Vice-Chairman)

Mr. Pries has served as the Chief Financial Officer of MEDA since 1995, and he is the President of MEDA Investments, Inc., and Sarona Global Investment Fund, Inc. Previously, Mr. Pries was Business Management advisor to a number of private and public Canadian companies; Program Director for Mennonite Central Committee in Newfoundland and Labrador from 1990-93; Chief Financial Officer for the Mennonite Central Committee Canada from 1985-90; Chair of the Board, MicroCap LLC, Washington DC, an international fund management company. He has also served as President and Director of numerous Latin American companies in the financial services and agribusiness sectors. He has been a Professional Member of Certified General Accountants Association of Canada since 1984. He has studied Business Administration, Community Development, and Theology at the University of Manitoba, Winnipeg and at Kirchliche Hochschule in Bethel, Germany.

Mr. Pries has been Vice-Chairman of MicroVest's Board of Directors since it's founding in 2003.

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Ron D. Cordes

Mr. Cordes has enjoyed a 25+ year career in the investment industry, having co-founded and then sold AssetMark Investment Services to Genworth Financial (NYSE:GNW) in 2006. He is currently Co-Chairman of Genworth Financial Wealth Management, which is responsible for over $24bn of assets under management for individual and institutional clients.

He is co-author of “The Art of Investing & Portfolio Management”, published in 2004 by McGraw Hill, and was recognized as an Ernst & Young Entrepreneur of the Year in 2005.   He holds a BS in Business Administration from the University of California, Berkeley. 

Mr. Cordes speaks and writes extensively in the field of impact investing, and chairs the Executive Committee for ImpactAssets, a new initiative to catalyze capital for impact investments formed in partnership with the Calvert Foundation. 

He is a co-founder with his wife Marty of the Cordes Foundation and a Regent for the University of the Pacific, as well as Chairman of the Advisory Board for the University’s Global Center for Social Entrepreneurship.  In addition, he serves on the Board of FairTrade USA, the Sarona Frontier Markets Fund, and the East Bay Community Foundation.

Mr. Cordes has been a MicroVest Board Director since 2011.

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Alex Hartzler

Mr. Hartzler is Chairman of Board of both MEDA Investments Inc. and Sarona Asset Management.  He is also the managing partner of WCI Partners, LP, a real estate development company which he founded in 2005, along with his former partners at Webclients.net and also advises several companies in the internet marketing sector.   Previously, Mr. Hartzler was Executive Vice President and a partner of Webclients.net from 2000 until the company's sale to ValueClick, Inc. in June 2005.  Prior to that, Mr. Hartzler was a corporate attorney with Buchanan Ingersoll, P.C.  

Mr. Hartzler is a graduate of Penn State University (BA, Econ), The George Washington University Law School (JD), and was a Fulbright Scholar in Cologne Germany.  He currently serves as Chairman of the Board of Ten Thousand Villages, an international handicraft distributor and retailer. He has been active in the impact investment arena for many years.

Mr. Hartzler has been a MicroVest Board of Director since 2010.

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Lauren Hendricks

Ms. Hendricks serves as CARE’s Executive Director for the Access Africa initiative, which aims to provide 30 million people in sub-Saharan Africa with financial services in the next decade.  Prior to leading the Access Africa initiative, Ms. Hendricks was Director of the Economic Development Unit for CARE USA.  Prior to joining CARE, she was a program specialist at the Centro for Institutional Reform and the Informal Sector (IRIS) at the University of Maryland.  Her research focused on the development of low-cost tools to assess the poverty outreach of USAID funded microenterprise development programs. She has over 15 years of experience evaluating, designing and promoting the development of microfinance programs worldwide. She spent three years in the Republic of Georgia managing a microfinance program and overseeing its transformation into a locally registered and managed institution. Ms. Hendricks has a B.A. from UCLA in Political Science and a M.A. from UCLA in Africa Studies.

Ms. Hendricks has been a MicroVest Board Director since 2005.

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Ken Hochstetler

Mr. Hochstetler is the Senior Executive Vice President for Univest Corporation, a bank holding company based in southeastern Pennsylvania, where he serves as President of its brokerage and insurance subsidiaries and founded its Wealth Management function. Prior to joining Univest in 1992, Mr. Hochstetler held positions in corporate banking, systems development and consulting. Mr. Hochstetler holds a BA in Business Administration from Goshen (IN) College and an MBA in Finance from Lehigh University, Bethlehem, PA. In addition to his professional duties, Mr. Hochstetler serves as Chair of Souderton (PA) Industrial Development Authority and as Treasurer of the MEDA Board of Directors.

Mr. Hochstetler has been a MicroVest Board Director since 2007.

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Carl Munana

Mr. Muñana is an international investment banker whose current focus is in the area of innovative social investment strategies. Much of his career was spent as a Managing Director at JP Morgan & Co. where his responsibilities included running the Mexican business, being Senior Commitments Officer for global investment banking and heading the Latin America risk portfolio. Before departing Morgan in 1999 he designed an innovative social investment strategy as part of the firm’s objective to create a role in this arena. 

In recent years he has led a number of development finance initiatives in the emerging markets including private development funds, mortgage finance systems and microfinance. From his current base in Madrid, Spain, he serves on several international corporate and not-for-profit boards. These include being President of Ashoka-Spain and a founding board member of Voxiva Inc.

He holds a BA degree from the University of Notre Dame (1978) and an MBA from the Kellogg School of Management at Northwestern University (1982). In between those degrees he joined the Peace Corps and performed community development work in rural Sierra Leone.

Mr. Muñana has been a MicroVest Board Director since 2008.

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R. Clair Sauder

Mr. Sauder, Lancaster, PA, is a private business owner who has owned and operated several home furnishing and commercial real estate enterprises.  Mr. Sauder received his Bachelor of Science in Accounting from Elizabethtown College and was subsequently employed from 1972 to 1980 in the Harrisburg, Pennsylvania office of Laventhol and Horwath, an international certified public accounting firm. Mr. Sauder currently serves on the Board of Trustees of MMA Praxis Mutual Funds, National Penn Investors Trust Company and Mennonite Economic Development Associates.

Mr. Sauder has been a MicroVest Board Director since 2003.

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James Torrey

Mr. Torrey joined Cadogan Management in 2009 as a Senior Advisor.  Prior to joining Cadogan, Mr. Torrey founded and managed The Torrey Funds, a fund of funds family that invests with emerging equity long/short managers investing both in the United States and internationally.  Previously, Mr. Torrey held executive positions at Kidder, Peabody & Co., The First Boston Corporation, PaineWebber Incorporated, and Alex. Brown & Sons. He attended the University of California at Berkeley and remains active in civic and community affairs. 

Mr. Torrey has been a MicroVest Board Director since 2006.

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Bruce Tully

Mr. Tully is a Managing Director of Beehive Ventures, LLC, a venture capital firm he helped found in 2000. From 2002 until the end of 2004, he was a Managing Director in the Corporate Investment Group of Investcorp International Inc. For the twenty years prior to 2000, Mr. Tully served in various investment banking positions at Bankers Trust/BT Alex. Brown and its successor Deutsche Bank Alex. Brown. In addition to serving as a director of MicroVest, Mr. Tully serves on the Board of Directors of the relief and development organization CARE, as well as numerous privately-held corporations. Mr. Tully has a Bachelor of Arts in Government & International Relations from Carleton College, and a Master of Business Administration in finance from the Stern Graduate School of Business, New York University.

Mr. Tully has been a MicroVest Board Director since 2003.

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Kim Williams

Ms. Williams is a retired Partner at Wellington Management Company LLP where she worked from 1995 until 2005.  During her tenure at Wellington, Ms. Williams established strong credentials as a financial analyst with a focus on important balance sheet statistics and expertise on the management and strategic direction of a global investment management company.  During the period of heightened scrutiny on the issue of Corporate Governance, she served as an active member of the Corporate Governance Committee and was involved in the rewriting of the proxy voting policies and procedures at Wellington. Earlier, Ms. Williams was included in a delegation from the investment industry that presented to the SEC during the drafting phase of the Regulation on Fair Disclosure.  As Associate Director of Research, she was involved in a broad based management role, and participated in business development and relationship management initiatives as a representative of various capabilities of the firm and certain investment approaches.

Professionally, she has traveled extensively throughout Europe, the Middle East, the Far East, Japan and Australia, providing global insights into the potential opportunities and challenges faced by US corporations in an increasingly global environment.

Ms. Williams holds a MS in Economics from the University of London and is a Board Director for Weyerhaeuser Company since 2006.

Ms. Williams has been a MicroVest Board Director since 2007.

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