Our Team

At Marathon Capital Management, our strength lies in our people.

As a proud employee-owned investment firm, each member is committed to our clients’ success. With diverse backgrounds in finance and asset management, we bring a wealth of expertise and a collaborative spirit to every investment decision. Our culture of transparency fosters innovation and accountability, ensuring that we align our interests with those of our clients.

Investment Team

Angus Burton

President & Partner

Angus M. Burton joined Marathon in January 2006 as Senior Vice President and Partner. Prior to joining Marathon, he was a financial consultant and portfolio manager with a national investment firm. A graduate of Hobart College, Angus has over thirty years of financial [Read More]

Angus Burton

Angus is also a prolific reader, is married and has three children, and in his spare time can be found advising and assisting various charitable organizations, testing his mettle on the pickleball and tennis courts, or as the resident Marathon fly-fishing “professional,” untangling his partners as he pulls in the day’s catch.

Cliff Athey

Partner & Portfolio Manager

Cliff Athey joined Marathon in late 2015 as Senior Analyst and Portfolio Manager. Prior to joining Marathon, he spent 10 years covering a wide range of institutional money management accounts for two highly respected investment banking firms. Cliff attained an M.B.A. [Read More]

Cliff Athey

Cliff is married, has three children, is Marathon’s resident golf pro, but in reality spends most of his free time driving his children to their never-ending sports engagements.

Ted Hart

Senior Analyst & Portfolio Manager

Ted Hart brings a dynamic approach to investment management, blending deep market expertise with a passion for technology and innovation. Since joining Marathon in November 2021, he has played a pivotal role in portfolio strategy and analysis. Before Marathon, Ted [Read More]

Ted Hart

Before Marathon, Ted spent much of his career at a leading Baltimore-based investment management firm, where he was a key member of the Investment Committee. There, he spearheaded the firm’s ETF strategies, provided market and company insights on the Energy and Technology sectors, and managed internal technology operations. Beyond his investment expertise, he nurtured the next generation of finance professionals by leading the firm’s internship program.

A proud graduate of Towson University, Ted remains deeply connected to his community. He has actively contributed to fundraising initiatives for Maryland Art Place and the Cystic Fibrosis Foundation, reflecting his commitment to making a positive impact beyond the financial world.

Outside of work, you’ll often find Ted exploring new destinations, immersing himself in different cultures, or competing on the squash court. He calls Baltimore’s vibrant Canton neighborhood home, where he enjoys the balance of city life and waterfront living.

Bill Hatter

Portfolio Manager

Bill Hatter joined Marathon in October of 2019 as a Portfolio Manager. Prior to Marathon, he was employed at Baltimore Capital Management, Janney Montgomery Scott, and Alex Brown & Sons. A graduate of the University of Delaware, Bill has over forty years of financial [Read More]

Bill Hatter

Bill loves to travel the world, and is always planning his next trip to the likes of Chile, Japan, Scandinavia, or Canada.

Tim Jones

Senior Vice President & Portfolio Manager

Tim Jones

Tim Jones is a seasoned financial professional with over 30 years of broad investment experience, currently serving as a Portfolio Manager and Senior Vice President at Marathon Capital. Since joining the firm in 2023, he has played a key role in the Investment Committee, helping to shape portfolio strategies that align with clients’ evolving financial goals. Known for his client-centric approach, Tim works closely with individuals and families to develop comprehensive financial plans tailored to their needs.

Before joining Marathon Capital, Tim enjoyed a career in Institutional Equities, spending over two decades at Stifel Financial as a Managing Director and at Legg Mason as a Vice President. His financial journey began in public accounting with KPMG, followed by experience in middle-market investment banking at Bengur Bryan & Co.

Tim holds a Bachelor of Science in Accounting from Pennsylvania State University and is a Certified Public Accountant (CPA). Outside of work, he enjoys golf, skiing, hiking, and traveling with his wife, Niki, and their three children.

Client Services & Operations

Liz Witty

Associate

Liz Witty

Liz Witty joined Marathon in the Fall of 2014 as Office Manager. She takes care of our front office needs and financial reporting. Liz has a B.S. In Finance from Lehigh University and an M.B.A. from Loyola University. She brings years of experience to the job having been a credit analyst, bookkeeper and financial analyst for various Baltimore-based organizations. Liz is married, has two children, and in her spare time, enjoys reading, scrapbooking and spending time at the beach.

Ty Burton

Analyst

Ty Burton

Ty Burton is an independent contractor with extensive programming and network systems experience across a wide variety of industries including aviation, education, regulatory and office automation. He has a B.A. from Hartwick College, has been married for 31 years and has three grown children. In his spare time he enjoys sailing, swimming, skiing and traveling.

Lynn G. Hickel

Associate

Lynn joined Marathon in October of 2019. Prior to Marathon, she was employed by Baltimore Capital Management Inc. and Alex Brown & Sons. She assists in taking care of compliance, customer [Read More]

Lynn G. Hickel

Lynn joined Marathon in October of 2019. Prior to Marathon, she was employed by Baltimore Capital Management Inc. and Alex Brown & Sons. She assists in taking care of compliance, customer service, and trading. Lynn has over 40 years of experience in the financial industry having been administrative coordinator in Institutional Sales, block equity trader, office manager and chief compliance officer. Lynn is married with 2 children and 4 grandchildren. Lynn loves to cook and travel with her husband in their camper.

Rebecca Ormido

Associate

Rebecca Ormido

Rebecca Ormido serves as an Operations Associate, providing client and advisor support and functioning as a liaison with the clients and custodian banks Schwab and Fidelity. Prior to Marathon, she honed her marketing and financial markets skills at a couple of local companies, including Alex. Brown & Sons and T. Rowe Price. Rebecca holds a Bachelor of Arts degree in Communications/Public Relations from Loyola University Maryland.

In her free time, she likes to spend time with her two children, travel, entertain with friends and family, promote organic foods and healthy living, and explore her creative bent when time allows.

Advisory Council

Jim Kennedy

James G. Kennedy is the founder of Marathon Capital Management. Prior to establishing Marathon, he was Vice President and Portfolio Manager for a Baltimore-based investment management firm with $1.2 billion under management. A graduate of the University of Maryland, Mr. Kennedy has an M.B.A. from Loyola University. He spent the first 14 years of his career with Alexander & Alexander (now Aon Plc) in its employee benefit and retirement plan communications consulting practice.

Jim is an avid reader across a wide variety of subjects, is married and has three children, and in his spare time can be found on the tennis court, golf course or throwing a line in the water in search of the one that got away.

James B. Stradtner, CFA

James B. Stradtner is a Managing Partner at Century Private Investments. Prior to this, he was a Managing Director with the private equity firm, Century Capital Management which he joined in 1996 after 21 years with Alex. Brown & Sons. At Alex. Brown he was a General Partner and a Managing Director and headed up the Insurance Investment Banking Group. He earned a B.S. from the University of Maryland and a J.D. from the University of Maryland School of Law.

Mr. Stradtner is a Chartered Financial Analyst (CFA) and a member of the CFA Society of Baltimore and the Maryland Bar Association. He is the immediate past Chair of the Stevenson University Board of Trustees and he is also a past Chair of the Calvert School Board of Trustees. He was president of the Legal Mutual Insurance Society of Maryland. He serves as a board member of the Center for a Healthy Maryland and the Greater Baltimore Medical Center where he serves on several committees for that healthcare institution.

Alec Graham

Alec Graham is a graduate of Babson College and has an MBA from Loyola College of Maryland. Mr. Graham has been in the investment business for over forty years. His investment career started with twenty [Read More]

Alec Graham

Alec Graham is a graduate of Babson College and has an MBA from Loyola College of Maryland.

Mr. Graham has been in the investment business for over forty years. His investment career started with twenty years at Alex Brown and Sons, first working with international clients and then in asset management. He then founded Baltimore Capital Management, an independent investment advisory firm, which he managed for 20 years. During his career Mr. Graham ran two mutual funds and was fortunate to have business relationships with the likes of John Templeton. While now retired, he serves on several investment committees and remains active in the business. Mr. Graham is fluent in English, Spanish, and French.

Richard M. Bernstein, CFA

Richard M. Bernstein, CFA, is a seasoned value investor. His investment experience spans almost four decades with analyst and portfolio management roles at Brown Advisory and Mercantile Safe Deposit & Trust. He is a graduate of The Johns Hopkins University, B.A. 1979, M.A. 1983, and a Chartered Financial Analyst (1987).

Rick is the co-founder and executive director of First Fruits Farm, a farm ministry that grows and distributes fresh produce to food banks throughout the region. He is also a board member of the Baltimore Symphony Orchestra and an elder at Bethlehem Steltz Reformed Church.

Our Team

Investment Team

Angus Burton

Cliff Athey

Ted Hart

Bill Hatter

Tim Jones

Client Services & Operations

Liz Witty

Ty Burton

Lynn G. Hickel

Rebecca Ormido

Advisory Council

Jim Kennedy

James B. Stradtner, CFA

Alec Graham

Richard M. Bernstein, CFA

Marathon Capital Management

Services

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