Mr. Chester was a Founding Partner and Portfolio Manager for Arx Investment Management, a credit-oriented hedge fund. He was responsible for the fund's telecommunications, gaming and homebuilding investments. From 1999 to 2001, Mr. Chester was Managing Director and Head of High Yield Research at TD Securities. Prior to TD, Mr. Chester spent 16 years at Morgan Stanley, where he was most recently head of Telecom High Yield research. Mr. Chester holds an MBA from the Wharton School of the University of Pennsylvania, an MA in Economics from Brown University, and a BS in Economics from the University of Connecticut (Phi Beta Kappa).