Financial Services >> Analyst Interviews >> June 17, 2016

More Clarity as BDCs Work Through Second Half of Cycle

Penn, Mitchel
Mitchel Penn, CFA, is a Managing Director of business development companies at Janney Montgomery Scott LLC. Prior to joining the firm, Mr. Penn was an equity portfolio manager/financial analyst at Legg Mason Capital Management from 2001 to 2012, where he specialized in financial companies. From 1996 to 2001, he managed a $400 million fixed income portfolio at Legg Mason Capital Management. Prior to joining Legg Mason Capital Management, Mr. Penn managed a $20 billion fixed income portfolio at Aetna. He also worked for Price Waterhouse from 1981 to 1985. Mr. Penn received his Chartered Financial Analyst designation in 1995 and is a member of the Baltimore CFA Society. He was President of the Baltimore Society from 2001 to 2002 and served on the board of directors. Mr. Penn received his Certified Public Accounting designation in 1983, but he no longer maintains this designation. He is a graduate of Villanova University, Magna Cum Laude, Phi Kappa Phi, Beta Gamma Sigma, 1981, and University of Chicago, MBA, 1987. Profile
TWST: We are hearing that the first quarter has been difficult for BDCs. Can you comment on that and explain what is shaping the environment for BDCs right now?

Mr. Penn: