Mr. Welch has over 21 years of investment experience in the financial services sector. Prior to joining Patriot, he served as a Partner/Sr. Research Analyst at PENN Capital Management. Mr. Welch’s primary responsibilities included co- managing the firm’s financial-services fund as well as primary research and security selection for financial services companies for the firm’s equity, debt and leveraged loan investment portfolios. Prior to joining PENN, Mr. Welch held the position of Research Analyst at Ariel Investments where he covered banks, asset managers and brokerage companies across the firm’s diversified equity portfolios. Prior to joining Ariel, Mr. Welch was an Analyst in the Due Diligence department for Hamilton Lane, sourcing and evaluating private equity partnerships for institutional investment clients. Mr. Welch began his career at Public Financial Management as a Consultant, underwriting municipal debt offerings. Mr. Welch received a B.S. degree in Economics from the Wharton School at the University of Pennsylvania and received an M.B.A. from the Booth School of Business at the University of Chicago. Mr. Welch is member of the Class of 2021 ABA Stonier Graduate School of Banking. Mr. Welch is a CFA® charterholder. Mr. Welch is on the Investment Committee of the Gesu School, a private inner-city grade school serving economically disadvantaged children in North Philadelphia.