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Pension Bridge Annual Speakers 2018

 

Keynote Speaker


Ashbel C. “Ash” Williams,
Executive Director & Chief Investment Officer, Florida State Board of Administration, (SBA)

 

Ash Williams, Executive Director & CIO of the Florida State Board of Administration, is responsible for managing approximately $195 billion in assets including those of the Florida Retirement System, the fifth largest public pension fund in the United States.


Prior to joining the SBA, Ash was a Managing Director at Fir Tree Partners and President and CEO of Schroder Capital Management. Ash has extensive experience with both the SBA and Florida government, serving as Executive Director of the SBA from 1991 to 1996 and in senior management in Florida’s executive and legislative branches.


Ash chairs the Managed Funds Association’s Institutional Investor Advisory Council and the Alternative Investor Forum’s Investor Board. He serves on the board of the Council of Institutional Investors and the Economic Club of Florida, and serves as Trustee of the Florida State University Foundation and the National Institute for Public Finance. Additionally, he serves on several Investment Committees including the Episcopal Diocese of Florida, the Community Foundation of North Florida, and the Institute of Electrical and Electronic Engineers; and, the Advisory Board of the Robert Toigo Foundation.


Ash received BS and MBA degrees from Florida State University (FSU) and completed post-graduate programs at University of Pennsylvania’s Wharton School and Harvard’s John F. Kennedy School of Government.

 

Interviewed by:

 

Kristen Doyle, CFA, Partner, Head of Public Pension Funds, Aon Hewitt Investment Consulting

 

Kristen is a Partner within AHIC, leads the firm’s public sector business, and is a member of the firm’s client advisory group. She is located in Chicago, Illinois. As the public sector business lead, Kristen is responsible for new business development and ensuring that AHIC has the right resources, research, and expertise available for the public sector. She also works directly with clients and currently works with eight retainer consulting clients, where she is either the lead or co-lead. These clients range from $200 million to $400 billion in assets under management and are primarily public pension plans and foundations / endowments. She is responsible for assisting these plans with asset allocation advice, risk budgeting, asset/liability reviews, investment policy development, benchmarking, manager selection and structure, and asset class structure. She is also responsible for reporting and monitoring the investment programs and has been instrumental in structuring public fund performance reports for staff and the board as well as other reports such as risk exposure reporting for both traditional and alternative asset classes and risk management reporting.


Kristen previously led the trust services team in the U.S. focused on custody, securities lending, and transition management. This team also supports the firm in other areas that include foreign exchange, transaction cost analysis, and commission recapture. The team assists clients with searching for vendors in these three areas, structuring a custody or securities lending relationship, and assessing the risks associated with these programs from an operational perspective. With regard to transition management, Kristen was also previously the global head of transition management, responsible for managing the transition management research and implementation team in the U.S., UK, and Canada.


In 2014, Kristen was awarded The Rising Stars of the Profession 35 Under 35 Award by Consulting Magazine and in 2016, was named to the list of Knowledge Brokers: New Guard published by AiCIO Magazine, which recognizes five star consultants that will transform their firms and industry in the next five years. Prior to joining the firm in 2005, Kristen worked at Northern Trust in the custodial operations group for more than two years. She has a Bachelor of Arts in economics from Denison University. She is a CFA charterholder and member of CFA Institute and the CFA Society of Chicago.

 

 

 

Keynote Speaker on Macroeconomic View/State of the Markets

 

J. Kyle Bass, Founder, Chief Investment Officer, Hayman Capital Management, L.P.

 

Mr. Bass is the principal of Hayman Capital Management L.P. (Hayman). Hayman, formed in December 2005, serves as the investment manager to private funds focused on global event-driven opportunities, including funds focused specifically on China, Japan and the pharmaceutical industry. Previously, Mr. Bass co-managed private funds with strategies focused on sub-prime credit.


Mr. Bass is a member of the Board of Directors of The University of Texas Investment Management Co. (UTIMCO), which has approximately $35 billion in assets under management. Mr. Bass serves on the board of directors of the Troops First Foundation and the Texas Department of Public Safety Foundation. He also is a member of the Advisory Group for the Center of Asset Management at the Darden School of Business at the University of Virginia. Mr. Bass has testified as an expert witness before the U.S. House of Representatives, U.S. Senate and the Financial Crisis Inquiry Commission. In 2015, Bass was recognized as one of the Top 25 Most Influential People in the Global Patent Market as named by Intellectual Asset Management (IAM) magazine. Mr. Bass has lectured at various universities including Harvard University, University of Virginia, University of Chicago, Columbia University, University of Texas and Texas Christian University.


Prior to forming Hayman, Mr. Bass was a Managing Director at Legg Mason, Inc. and a Senior Managing Director at Bear, Stearns & Co., Inc. Mr. Bass received a Bachelor of Business Administration degree (Finance major with a Real Estate concentration) from Texas Christian University in May 1992.

 

 

 

Featured/Keynote Session on Artificial Intelligence in Asset Management

 

Jeff Shen, Managing Director, Head of Emerging Markets, Co-Head Scientific Equity, BlackRock

 

Bio coming soon!

 

 

Featured/Keynote Session on Multi-Asset Strategies

 

Ashwin Alankar, Ph.D., Senior Vice President, Global Head of Asset Allocation & Risk Management, Janus Henderson Investors

 

Bio coming soon!

 

 

 

Pension Plan and Consultant Speakers

 

 

Gary A. Amelio

 

Bio coming soon!

 

 

 

 

Keith M. Berlin, Director of Global Fixed Income and Credit, Fund Evaluation Group, LLC

 

Keith joined Fund Evaluation Group, LLC (FEG) in 2000 and is Senior Vice President / Director of Global Fixed Income and Credit.  In this capacity he is responsible for conducting primary research on fixed income managers and strategies across liquid, semi-liquid, and illiquid investment opportunities.  As leader of the Global Fixed Income Sector Team, he is responsible for driving strategic and tactical fixed income asset allocation recommendations to the Investment Policy Committee at FEG.  In 2008 he was recognized by Institutional Investor as one of the “20 Rising Stars of Fixed Income.”  He also sits on the advisory board of six private debt funds.  These funds invest across a variety of strategies including: capital solutions, collateralized loan obligations, distressed debt, emerging market debt restructuring, mezzanine debt, and other special situations.  Keith holds a master of business administration degree from Thomas More College and a bachelor of arts in economics from the University of Kentucky.

 

 

 

 

Scottie D. Bevill, Senior Investment Officer - Global Bonds and Real Return, Teachers' Retirement System of Illinois

 

Mr. Bevill currently serves as Senior Investment Officer for the $50 billion Teachers’ Retirement System of the State of Illinois. Mr. Bevill is responsible for all global debt portfolios, both public and private, short-term portfolios and real assets portfolios, outside of real estate, for the pension fund.  Mr. Bevill has been in the industry for 26 years and has been overseeing the TRS debt portfolios since 2000. Mr. Bevill serves a number of roles outside of the global income and real return asset classes; however, remains extremely passionate about the debt markets.  Mr. Bevill serves on a number of Boards and client advisory boards for several large fixed income managers.  A native southerner, Mr. Bevill graduated from Illinois College with a B.S. in Economics/Business and received his M.A. in Economics from the University of Illinois.

 

 

 

 

Anthony Breault, Senior Investment Officer, Real Estate, Oregon State Treasury

 

Anthony Breault is the Senior Real Estate Investment Officer for the Oregon State Treasury where he is responsible for the allocation, performance and strategy implementaion for Oregon’s real estate portfolio with a NAV of approximately $9 billion.  Prior to joining the Oregon real estate team in 2006, Anthony was with Schnitzer West. He started his real estate career with Jones Lang LaSalle working in Boston, Hartford, Miami, and Sydney, Australia.  Prior to joining LaSalle in 1997, Anthony spent eight years active duty as an officer in the U.S. Navy where he retired from the Naval Reserves as Commander after 22 years of service

 

 

 

 

Vijoy Chattergy, CAIA, Chief Investment Officer, Employees' Retirement System of the State of Hawaii

 

Vijoy Paul Chattergy is the Chief Investment Officer for the $16.2 billion State of Hawai‘i Employees Retirement System (“HIERS”), and reports to the Executive Director and Board of Trustees.  His role involves investment policy construction, portfolio management, asset allocation, and strategic development of the Investment Office.  Additionally, Mr. Chattergy oversees monitoring HIERS investments and evaluation of risk/return opportunities. 

 

Prior to joining HIERS, Mr. Chattergy worked as a consultant for the East-West Center and FG Energy.  Previously, Mr. Chattergy was a senior analyst at SPARX International Limited based in Hong Kong and Tokyo.  Before relocating to Asia, Mr. Chattergy worked in New York City for Andrew Kalotay Associates, a boutique debt advisory and analytics firm, and at The Bond Market Association, a trade group for fixed-income broker/dealers.  His financial industry career began at the Federal Reserve Bank of New York in the Markets Group, which included work on the foreign exchange trading desk, foreign reserves operations, and Treasury auctions.

 

In 2017, Mr. Chattergy was recognized on the Sovereign Wealth Fund Institute Public Investor 100 List (#11) and the Chief Investment Officer Power 100 List (#29).  He was also nominated as a finalist for the 2017 Industry Innovation Award for the Public Defined Benefit Plans Between $15 Billion and $100 Billion category by the Strategic Insight Business’ Editorial Board and a panel of Chief Investment Officers.  Mr. Chattergy was recognized by Institutional Investor with a 2015 Investor Intelligence Thought Leader Award.  In 2013, he was designated a Rising Star of Public Funds by Money Management Intelligence. He was a 2014 Omidyar Leadership Fellow and a 2009 Asia Pacific Leadership Fellow at the East-West Center. 

 

Mr. Chattergy is active on the The Managed Futures Association Advisory Board, 2017-present, The Robert Toigo Foundation Advisory Board 2015-present, Milken Institute Global Capital Market Advisory Council, 2014-present, and the Hawaii Council on Economic Education Board of Directors 2013-present. Previously, he served on the Punahou Alumni Association Board of Directors 2013-2016, Museum of Modern Art-Junior Associates Advisory Committee 1997-2004. He is a co-founder of the Truman Scholars Association, and served as its president in 2000.  Mr. Chattergy was an original member of Teach For America in 1990, working in the Compton Unified School District.

 

Mr. Chattergy has an MBA from Cornell University and an MSc from the London School of Economics.  He graduated Phi Beta Kappa and cum laude from the College of the Holy Cross, where he was a Harry S Truman Scholar and a Charles A. Dana Scholar.  He holds a charter from the Chartered Alternative Investment Analyst Association (CAIA).

 

 

 

Dr. John Claisse, CEO, Albourne America LLC

 

John Claisse joined Albourne in July 1996, relocated from London to San Francisco in July 2003 and became Albourne Group CEO in August 2015. John is an equity partner and member of Albourne’s Executive Committee and also chairs the firm’s Corporate Planning Council, which comprises Albourne’s function and region heads. John helped develop the firm’s proprietary risk analytics and was formerly the Senior Analyst for quantitative equity strategies and multi-strategy hedge funds. John remains a Portfolio Analyst working with several public and corporate plans, large endowments and foundations. John holds a first class Mathematics Degree and a PhD from Sussex University.

 

Albourne is an independent advisory firm focused on hedge funds, private equity, real assets, real estate and dynamic beta. Founded in 1994, Albourne has over 250 clients with over $400bn invested directly in alternative investments.

 

 

 

 

 

Bruce H. Cundick, CFA, CPA, Chief Investment Officer, Utah Retirement Systems

 

Bruce H. Cundick is the Utah Retirement Systems Chief Investment Officer.  He is responsible for directing the overall operations of the Investment Department.  He manages all aspects of investment functions for all plans.  The Utah Retirement Systems is a $28 billion state pension fund. 

 

Mr. Cundick graduated Magna cum laude from the University of Utah with a Bachelor of Arts degree in Accounting and Master of Business Administration Degree.  Bruce is a Chartered Financial Analyst (CFA) and a Certified Public Accountant (CPA). 

 

He has been with the Utah Retirement Systems for sixteen years.  During the previous fourteen years, Bruce was the Chief Financial Officer and Chief Investment Officer at Beneficial Life Insurance Company where he directed $2 billion portfolio of fixed income, mortgage-backed and equity securities.  Prior to that, he held the position of President and Chief Executive Officer at Deseret Federal Savings and Loan.

 

He has also taught at the University of Utah for over 30 years.  He was an adjunct professor and has taught part-time as an associate instructor of Business Finance and Investments in the University’s Masters of Science and Technology program.

 

He has held Board positions in trucking, mortgage banking, real estate development, savings & loan and property and casualty insurance companies.  He currently sits on the Benefits Finance Committee of the Board of Directors for Intermountain Health Care and the Investment Advisory Committee for the University of Utah Endowment.  Member of the Board of Trustees Hedge Funds Standards Board based in London.

 

 

 

 

Aoifinn Devitt, Chief Investment Officer, Policemen's Annuity and Benefit Fund of Chicago

 

Bio coming soon!

 

 

 

 

Scott C. Evans, CFA, Deputy Comptroller - Asset Management & Chief Investment Officer, New York City Office of the Comptroller, Bureau of Asset Management

 

Bio coming soon!

 

 

 

 

Christy Fields, Managing Director – Real Estate, Pension Consulting Alliance, LLC, (PCA)

 

Ms. Fields is a Managing Director and practice leader of Real Estate Consulting Services at PCA. She is also an owner and member of the Board of Directors of the firm. Ms. Fields has extensive experience in structuring and analyzing real estate transactions, developing investment strategy, analyzing manager fees and performance, evaluating manager reporting practices, and supervising and negotiating workouts on behalf of her clients.


Earlier in her career, Ms. Fields was a Senior Consultant with PriceWaterhouseCoopers’ Real Estate Consulting Services Group based out of Honolulu where she specialized in real estate investment analysis, lease negotiations, property and small business appraisal, property-level acquisition due diligence, and tourism and master planning studies. While at PwC, Ms. Fields was actively involved in several large RTC restructurings, including the 1,000+ asset Circle K portfolio.


Ms. Fields is an active member of numerous industry organizations and has participated as a speaker at PREA, PERE, NCREIF, ULI, and several emerging manager conferences.  Ms. Fields received her Bachelor of Arts from Cornell University’s School of Hotel Administration and her Masters in Business Administration from Yale University’s School of Management.

 

 

 

 

 

Hayden Gallary, CFA, Managing Director, Cambridge Associates LLC

 

Focus & Experience
Hayden is a Managing Director in Cambridge Associates’ Pension Practice and is based in the firm’s San Francisco office. Hayden advises clients on investment issues such as asset allocation strategy, manager selection, and investment program evaluation. Hayden works with a number of pensions and institutional clients in the US ranging in size from $20 million to $1.8 billion. He is also the leader of the firm’s efforts in the Defined Contribution space.

Hayden has over 11 years of investment experience. Prior to joining Cambridge Associates in 2008, Hayden worked at The Rock Creek Group, a diversified hedge fund-of-funds. Previously, Hayden was a member of the Global Asset Allocation Group at Putnam Investments for three years. While there, he focused on quantitative research regarding short and intermediate term allocation decisions across global equity and fixed income markets. He also was involved in the management of Putnam's age-based retirement and college savings funds.

Education and Professional Credentials
CFA Charterholder
MBA, Sloan School of Management, MIT
BA, Economics & Mathematics, Yale University

 

 

 

 

Brian Guthrie, Executive Director, Teacher Retirement System of Texas

 

Brian K. Guthrie serves as executive director of the Teacher Retirement System of Texas (TRS), the sixth largest public pension fund in the United States. 

 

With a staff of approximately 675 employees, TRS delivers retirement and health benefits as authorized by the Texas Legislature and manages an approximately $147.4 billion trust fund established to finance member benefits. More than 1.5 million public education and higher education employees and retirees participate in the system.

 

Under Brian’s leadership, TRS conducted a legislatively mandated study of TRS’ active member and retiree health care programs.  The study resulted in legislative changes that secured the long-term sustainability of the pension trust fund and provided many annuitants with their first cost-of-living adjustment in over a decade.  In addition, the agency launched the multi-year TRS Enterprise Application Modernization (TEAM) program, which is now under way. TEAM will replace aging legacy systems and improve internal processes to help ensure TRS continues to provide excellent service to its growing membership.

 

Brian has an extensive background in state government, legislative relations, budgeting, and finance. Before becoming executive director, he served for three years as deputy director of TRS. Prior to that, he worked in the Texas Governor’s Office of Budget, Planning and Policy for eight years; served as a budget advisor to two lieutenant governors; and began his career at the Legislative Budget Board. In addition to his familiarity with state budget policy, Brian has also worked on higher education, criminal justice, public retirement systems, and state health insurance issues.

 

 

 

 

 

Thomas Henley, Senior Managing Director of Strategic Opportunities, UAW Retiree Medical Benefits Trust

 

Thomas Henley, Sr. Manager Director of Strategic Opportunities for the UAW Retiree Medical Benefits Trust (the “Trust”), has over 23 years of experience in investments, finance and corporate governance. The Trust is the largest non-governmental purchaser of retiree healthcare benefits in the United States. In his capacity, Mr. Henley manages ESG and Diversity initiatives across all asset classes for the Trust, as well as managing other Trust initiatives that include Strategic Partnerships, Co-Investments and In-state investments. Mr. Henley’s experience has incorporated making and managing public and private market investments, including private equity and real estate both domestically and internationally. Given the Trust’s sensitivity to ESG, Mr. Henley’s duties include ensuring suitable ESG analysis throughout the Trust’s entire investment process. Mr. Henley has also sat on numerous private equity and real estate advisory committees. Transacting deals in excess of $75 billion, Mr. Henley worked on a wide number of transactions that include many highly visible corporate transactions. Mr. Henley is also the Trust’s representative who sits on the Advisory Board of the Sustainability Accounting Standards Board (“SASB”).

 

Mr. Henley earned an MBA from the Anderson Graduate School of Management at UCLA where he received a Chevron Fellowship in Finance, and a B.S. from Stanford University with a degree in Petroleum Engineering. Mr. Henley currently sits on the Investment Board of the National Collegiate Athletic Association (“NCAA”) and Lazarus Energy Holdings, an aggregator of energy assets.

 

 

 

 

Mark Higgins, CFA, Consultant, Principal, RVK, Inc.

 

Mark joined RVK in 2009 and was made a Principal of the firm in 2016. Mark also serves as the Chairperson of RVK’s Editorial Board, which oversees the production of the Investment Perspectives publication and RVK’s strategy studies, such as Investment Committee Best Practices. Mark currently serves a variety of institutional clients, including public pension funds, endowments, corporate defined benefit plans, and state permanent funds.

 

Mark graduated Magna Cum Laude and Phi Beta Kappa from Georgetown University with a Bachelor of Arts degree in English and Psychology. He also holds a Master of Business Administration from the Darden School of Business at the University of Virginia. Mark holds the Chartered Financial Analyst designation. He is a member of both the CFA Institute and the CFA Society of Portland. Mark is a shareholder of the firm.

 

 

 

 

 

Craig Husting, CFA, Chief Investment Officer, Public School & Education Employee Retirement Systems of Missouri, (PSRS/PEERS)

 

Craig Husting is the Chief Investment Officer (CIO) for the Public School and Education Employee Retirement Systems of Missouri.  As CIO, he directs the management of the Systems’ $42 billion investment portfolio.  Specifically, Mr. Husting has been responsible for strategically diversifying the asset allocation for the Systems including the development of real estate, private equity and hedge fund portfolios. He joined the Retirement Systems as CIO in January 1999. 

 

Prior to that, Mr. Husting was the Director of Investments and Deposit Programs for the Missouri State Treasurer’s Office where he managed all aspects of the State’s $3.5 billion investment portfolio. Mr. Husting has also worked in county government as the Deputy Treasurer for the Johnson County, KS government.  Mr. Husting began his career in finance in 1989 with Ernst and Young’s national cash management consulting practice.

 

Mr. Husting earned an MBA from the University of Notre Dame and a B.A. degree from Benedictine College in Atchison, Kansas.  He has earned the Chartered Financial Analyst (CFA) designation.

 

 

 

 

 

Meredith A. Jones, Partner & Head of Emerging Manager Research, Aon Hewitt Investment Consulting

 

Meredith A. Jones is a partner at Aon Hewitt Investment Consulting, focused on emerging and diverse manager research and responsible investing strategies. She is also an internationally recognized researcher, writer, blogger speaker and expert in the alternative investment industry. She is the author of Women of The Street: Why Female Money Managers Generate Higher Returns (And How You Can Too), which won an Axiom Award gold medal in 2016. She was also named as an Inc. magazine’s “17 Inspiring Women To Watch in 2017” and serves on the Board of Directors for Rock the Street, Wall Street, a non-profit that provides financial and investment literacy programs to high school girls.  

 

Over the past 19 years, Meredith has presented her original research and insights to industry participants around the world. She is a frequent speaker on the international conference circuit and has had her findings published in books and major media outlets, including the Economist, the New York Times, CNBC, the Wall Street Journal, the Financial Times, the Journal of Investing, and others.

 

She began her alternative investment career at Van Hedge Fund Advisors International where she was Director of Research. She continued her research at PerTrac Financial Solutions and Barclays Capital, Inc., producing groundbreaking reports on emerging managers and diversity investing, before becoming Director of the Rothstein Kass Institute, an alternative investment think tank, and becoming a partner at Aon.

 

 

 

 

 

Rodney June, Chief Investment Officer, Los Angeles City Employees' Retirement System, (LACERS)

 

Bio coming soon!

 

 

 

 

Andrew Junkin, CFA, CAIA, President, Wilshire Consulting

 

Andrew Junkin is President of Wilshire Consulting and is a member of Wilshire’s Board of Directors and Wilshire Consulting's Investment Committee.  Mr. Junkin leads over 90 consulting professionals who serve Wilshire’s consulting clients, and provides strategic leadership to Wilshire Consulting.

 

Mr. Junkin joined Wilshire in 2005. Throughout his tenure at Wilshire, he has worked directly with large institutional investors of all types: public and corporate defined benefit plans, foundations, endowments and insurance companies.  He has 22 years of investment experience with the last 21 years in the consulting industry. Prior to joining Wilshire, he was director of research and senior consultant at Asset Services Company where he provided advice to institutional investors. Mr. Junkin began his career as a financial consultant with Merrill Lynch in Oklahoma City.  He earned a B.S. from Oklahoma City University, attended business school at the Price College of Business at the University of Oklahoma and earned his MBA from The Wharton School of the University of Pennsylvania. Mr. Junkin holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations.

 

 

 

 

Sharmila Chatterjee Kassam, Deputy Chief Investment Officer, Employees Retirement System of Texas

 

Sharmila Kassam, Esq., CPA, is the Deputy Chief Investment Officer for the Investments Division at the Employees Retirement System of Texas (ERS). She works closely with the Chief Investment Officer and staff managing investments in all asset classes to develop internal best practices, analyze asset allocation, oversee external management, and pursue new initiatives.

 

Sharmila is a liaison between internal and external stakeholders working on policy and agency strategic initiatives, including the $25 billion pension trust and $2 billion Texa$aver 401(k) / 457 Program, the voluntary defined contribution plan for employees of state agencies and some higher education institutions. Prior to her current role, she served as an Assistant General Counsel at ERS for five years during the initial stages of its private equity program, leading legal negotiations with multiple fund sponsors and later working closely with the private real estate and hedge fund teams as they developed their programs.

 

 

 

 

R. Dean Kenderdine, Executive Director, Maryland State Retirement and Pension System

 

R. Dean Kenderdine was named Executive Director of the Maryland State Retirement and Pension System effective January 17, 2007. Mr. Kenderdine is chief executive officer of a system that administers retirement, disability, and death benefits on behalf of more than 394,000 active, vested, and retired State employees, teachers, state police, correctional officers, other law enforcement officers, judges and legislators. He is an active member of the National Association of State Retirement Administrators (NASRA) and the National Council on Teacher Retirement (NCTR). Mr. Kenderdine has served on the Executive Committee for NASRA and serves on the Legislative Committee for NCTR.


Mr. Kenderdine has dedicated his career to public service. Prior to this appointment, Mr. Kenderdine served as Chief of Staff for the Comptroller of Maryland, Assistant Secretary of Tourism, Film and the Arts for the Maryland Department of Business and Economic Development, District Director and State Director for United States Senator Barbara A. Mikulski, and program director for the Maryland Department of Human Resources.


Mr. Kenderdine has served as a member of the Board of Directors for a number of non- profit organizations, and presently serves on the Board of Goodwill Industries of the Chesapeake.


Mr. Kenderdine holds a Master’s degree from the University of Maryland and a Bachelor’s degree from Arizona State University.

 

 

 

 

 

Zeke L. Loretto, Director Head of EBay Global Investments, eBay

 

Zeke L. Loretto, is Director Head of EBay Global Investments. At EBay, Mr. Loretto is responsible for the portfolio management, trading, and business management of EBay's $11Bn in-house fixed income liquidity portfolios. Prior to EBay, Mr. Loretto worked at SilverLake Credit Fund, a $400mm High Yield Leveraged Loan Portfolio, as Director Senior Credit Analyst. Prior to SilverLake, Mr. Loretto was Vice-President Senior Credit Analyst at Wells Capital Management/Sutter Credit Strategies, a $3.5Bn High Yield Credit Portfolio. Prior to Wells Capital, Mr. Loretto was Vice-President/Co-Head of Wells Fargo’s Proprietary Investment Group, a $2.5Bn High Yield Credit Portfolio. Mr. Loretto received a Master’s of Business Administration from the University of Michigan and a Bachelors of Arts from the University of California at Berkeley.

 

 

Tom Masthay, CFA, CAIA, FRM, Director, Real Assets, Texas Municipal Retirement System, (TMRS)

 

Tom Masthay is the Director of Real Assets for Texas Municipal Retirement System, a $27B hybrid defined benefit plan located in Austin Texas. Tom currently leads a team managing a $5B portfolio of real estate, infrastructure, energy, mining, agriculture and esoteric public and private investments. He has prior worked at NextEra Energy/Florida Power and Light and Kentucky Retirement Systems, managing alternative investments for those institutions. Tom holds an MBA and BBA from the University of Kentucky.

 

 

 

 

 

Paul Matson, Executive Director, Arizona State Retirement System

 

Paul Matson has served since 2003 as chief executive of the Arizona State Retirement System, overseeing an approximately $34 billion investment portfolio, $25 million appropriated budget, and 240 employees. Program oversight includes pension, health insurance, and long term disability and defined contribution.
Reporting divisions include legislative and external affairs, member services, financial services, information technology, investment management and human resources. Mr. Matson reports to a nine-member Board of Trustees.


In 2012, Mr. Matson was honored as “Leader of the Year in Public Policy – Government” by the Arizona Capitol Times. Mr. Matson was recognized for his work leading the ASRS through challenging economic times and an active legislative session in which lawmakers took a close look at the state’s public pension plans.
Mr. Matson began at the ASRS in 1995 as chief investment officer, responsible for the internal and external multi asset-class investment management of the fund and development of the internal investment management division of the ASRS.


From 1994 to 1995, Mr. Matson served as Senior Investment Advisor, Treasury Division, Workers Compensation Board, Alberta, Canada. His overall responsibilities were for asset mix, asset class selection, manager analysis and performance monitoring for the multi-billion dollar fund.


From 1989 to 1994, Mr. Matson served as Financial Analyst and Portfolio Analyst, Investment Management Division, Alberta Treasury. His duties included performance measurement, derivatives analysis, fixed income analysis, asset mix analysis, liability analysis and various portfolio support activities.


Mr. Matson is also on and served as chairperson of the Arizona Deferred Compensation Committee, serves on the Arizona Property and Casualty Insurance Guaranty Fund Board and its Investment Committee, is a founding member of the Canada-Arizona Business Council.  He formerly served on the Investment Operations Committee of the Province of Alberta Treasury investment division, and is a graduate of the FBI Citizen's Academy.

Education

  • Master of Arts, International Relations, Arizona State University, Tempe, Arizona. (Research focus on International Terrorism)
  • Master of Business Administration, Simon Fraser University, Canada. (Research focus on Financial Derivatives)
  • Bachelor of Commerce, University of Alberta, Canada
  • Chartered Alternative Investment Analyst (CAIA) Charter Holder
  • Chartered Financial Analyst (CFA) Charter Holder
  • Fellow of the Canadian Securities Institute (FCSI)
  • Canadian Investment Manager (CIM)
  • Certified Cash Manager (CCM)

*Estimates are utilized

 

 

Timothy F. McCusker, FSA, CFA, CAIA, Chief Investment Officer, Partner, NEPC, LLC

 

Tim joined NEPC in 2006 and began his career in the investment industry in 2002.  Tim is responsible for overseeing Investment Research at NEPC, a group of 49 professionals including dedicated teams focusing on Alternative Investments, Traditional Strategies, and Asset Allocation.  As CIO, Tim leads investment strategy development for NEPC including market assessment and outlook, communication of key themes and best ideas, as well as evaluation of investment strategies.  Tim also works closely with a wide variety of clients to construct investment portfolios to meet their long-term objectives.  Tim chairs the Partners’ Research Committee, and is a member of the Traditional and Alternative Research Due Diligence Committees and the Asset Allocation Committee.  Additionally, Tim is a member of the firm's Management Group.  Tim was named in CIO magazine’s “The Knowledge Brokers 2016” edition as one of the world’s most influential investment consultants.  In 2015, Tim topped CIO magazine’s 2015 annual ranking of the world’s most influential investment consultants in the Generalist consultant category.  In 2014, Tim was recognized by CIO magazine in their edition titled “The Knowledge Broker” as one of the top 25 of the world’s most influential investment consultants.  Tim ranked 6th out of the 25 consultants recognized.    


Prior to becoming Chief Investment Officer, Tim served as NEPC’s Director of Traditional Research, overseeing long-only manager research and Asset Allocation.  Previously, Tim worked in Asset Allocation and Manager Research functions, where his responsibilities included maintaining and developing asset allocation models and frameworks used broadly by NEPC clients as well as Global Asset Allocation and Risk Parity manager research.  Before joining NEPC, Tim was an associate at Towers Perrin, where he provided actuarial consulting advice and addressed plan asset-liability issues for clients.


Tim earned his B.A. in Mathematics from Colgate University.  He is a Fellow of the Society of Actuaries (FSA), and holds the Chartered Financial Analyst (CFA) and Chartered Alternative Investments Analyst (CAIA) designations.

 

 

 

 

Neil Messing, Head of Hedge Funds, New York City Office of the Comptroller, Bureau of Asset Management

 

Mr. Messing currently oversees the New York City Pension System’s hedge fund program. Previously, Mr. Messing was part of the hedge fund manager due diligence team for the US investment arm of Unigestion, a global alternatives investment firm. Prior to he was a hedge fund analyst for Glenwood Capital Investments, a pioneer in the hedge fund of funds industry.  Mr. Messing graduated with a degree in Finance from the University of Arizona.

 

 

 

 

Stephen L. Nesbitt, CEO, CIO, Cliffwater LLC

 

Steve is Chief Executive Officer of Cliffwater LLC and oversees all investment research as the firm’s Chief Investment Officer.  Prior to forming Cliffwater in 2004, Steve was a Senior Managing Director at Wilshire Associates.  From 1990 to 2004, Steve led the Consulting division at Wilshire Associates and also started and built its asset management business using a 'manager of manager' investment approach, including private equity and hedge fund-of-fund portfolios. Steve started his career at Wells Fargo Investment Advisors, an early pioneer in index funds, where he developed and managed index funds and oversaw asset allocation.

 

Steve is recognized for his investment research.  His articles have appeared in the Financial Analysts Journal, The Journal of Portfolio Management, and The Journal of Applied Corporate Finance on issues covering performance fees, currency hedging, gauging private equity performance, and corporate governance.  His “firsts” include creating a “smart” index fund (1979); measuring the benefits of corporate governance and coining the term “CalPERS Effect” (1994); designing and implementing an institutional performance fee structure (1987); measuring the cost of “Buy High, Sell Low” in mutual fund cash flows (1995); creating State Pension Surveys on Funding (1991) and Performance (2012); and measuring the private-to-liquid alternatives performance discount (2013).

 

Steve is best known for his research on Asset Allocation and Portfolio Construction, covering over 30 years of  annual long term expected returns and risk across asset classes.  At Cliffwater, he has led research on the components of hedge fund return and risk and proper construction of a portfolio of hedge funds. 

 

 

 

John Nicolini, CFA, Managing Director, Senior Consultant, Verus

 

John Nicolini brings over 13 years of experience in capital markets and research as well as consulting services to Verus’ institutional clients.  John leads Verus’ real assets consulting practice and provides general consulting services to a select group of institutional clients.  

 

John is also a shareholder of the Firm.

 

Prior to joining Verus in 2016, John led the real assets consulting practice at SIS in addition to serving as a general consultant to several public plans and foundations.  Before SIS, John worked in the manager research group at Highland Associates in Birmingham, Alabama.  At Highland Associates, John was responsible for the firm’s traditional asset class and real asset manager research functions.  In addition, he worked closely with institutional investors in developing asset allocations and capital market projections.  Prior to Highland Associates, John worked with WAKM Asset Management in manager research and client service.  

 

John is a Chartered Financial Analyst charterholder and is a member of the CFA Institute.  John has a BS in Finance from Auburn University.

 

 

James Nield, CFA, FRM, Chief Risk Officer, Teacher Retirement System of Texas

 

James Nield is the Chief Risk Officer and has been with TRS since 2009. The Risk Group is primarily responsible for budgeting and managing the risk of the overall investment Fund with the objective to enable the efficient use of risk. In addition, the Risk Group helps to formulate strategic asset allocation (along with the asset allocation group), identify potential areas of concern, certify new managers, and also manage a number of standalone investment strategies. Mr. Nield has also helped to build out the Trust’s allocation to Risk Parity, reinsurance and currency strategies.

 

Prior to joining TRS, Mr. Nield worked for Ford Motor Company for over 10 years. At Ford, he worked in the pension group, as a derivatives trader, and as a manufacturing cost accounting supervisor.
Mr. Nield earned his MBA from New York University and graduated from Pennsylvania State University with a degree in finance and international business.  Mr. Nield is a CFA charter holder and holds the FRM designation.

 

 

 

Susan E. Oh, CFA, Senior Portfolio Manager, Pennsylvania Public School Employees' Retirement System

 

Susan is a Senior Portfolio Manager for the Pennsylvania Public School Employees' Retirement System (PSERS), a $53 billion defined benefit pension plan.  She focuses on asset allocation and strategy development to improve total fund diversification and risk-adjusted return.  She is responsible for the internally managed Risk Parity portfolio, overseeing external Risk Parity managers, and plan-wide currency hedging.


She has been an early adopter and innovator at the plan initiating the swap overlay program in 2006, advocating for a greater risk-balanced asset allocation for the plan after the Great Financial Crisis, leading the Risk Parity initiative in 2012, and Currency Hedging initiative in 2013.  These innovations have grown to become large contributors to diversification and alpha generation of the plan, and led to greater amount of assets managed internally.


In Susan’s 22 years at PSERS, she previously served as the Chair of the Asset Allocation Committee and portfolio manager of internal international public equities.


Prior to PSERS, Susan was an auditor at KPMG.  Susan is a CFA charter holder and a licensed CPA.  She earned a B.S. in Accounting from Indiana University of Pennsylvania.


Susan serves on the Advisory Board of the Alternative Investor Forum, and resides in Hershey, Pennsylvania with her husband and two daughters.

 

 

 

 

Mansco Perry III, CFA, CAIA, Executive Director, Chief Investment Officer, Minnesota State Board of Investment

 

Mansco Perry was named Executive Director and Chief Investment Officer of the Minnesota State Board of Investment (MSBI), effective October 21, 2013. The MSBI is responsible for the management of pension and other state assets, totaling $90 billion.


Prior to his appointment at the MSBI, Mansco served as the Chief Investment Officer of Macalester College, Chief Investment Officer of the Maryland State Retirement and Pension System, Assistant Executive Director and Deputy Chief Investment Officer of the Minnesota State Board of Investment. He has held various financial management positions at Cargill, Inc., Dayton Hudson Corporation, Target Stores, the Federal Reserve Bank of Minneapolis and the Minnesota Department of Revenue.

 

Mansco has a BA from Carleton College, an MBA from the University of Chicago and a J.D. from the William Mitchell School of Law. He was awarded the Chartered Financial Analyst, the Chartered Alternative Investment Analyst, and the Certificate in Investment Performance Measurement designations. Mansco was admitted to practice law in the State and Federal District courts of Minnesota.

 

He serves on the Board of Directors of Minnesota Workers Compensation Reinsurance Association. Previously, he served on the Board of Directors Minnesota Philanthropy Partners, the Board of Directors of Catholic Charities of St. Paul and Minneapolis, and the Board of Trustees of William Mitchell College of Law. He has also served as a member of the Investment Advisory Council of the New York State Teachers Retirement System and on the Investment Committees of the Sisters of Saint Joseph of the Carondelet and the University of Baltimore Foundation.

 

Mansco was born in Newark, New Jersey. He is married to Nancy, and is the proud father of his two young daughters, Katherine Mei Xiaobing and Anna Hua. Mansco is an avid baseball fan and collector of baseball memorabilia. His other hobbies and interests include golf and numismatics.

 

 

 

 

 

Russell Read, Chief Investment Officer, Alaska Permanent Fund Corporation

 

Russell Read serves as Chief Investment Officer of the Alaska Permanent Fund, leading the investment efforts associated with the State of Alaska’s sovereign wealth.  Until recently, Dr. Read was Chief Investment Officer and Deputy Chief Executive of the Gulf Investment Corporation (GIC), a unique regional development institutional investor owned equally by the six GCC countries of the Arabian Peninsula and headquartered in Kuwait City.  Prior to his work at GIC, Dr. Read was Chief Investment Officer of the California Public Employees’ Retirement System (CalPERS, North America’s largest pension system), Deputy CIO for Scudder Investments/Deutsche(bank) Asset Management, and Director of Investment Product Design, Commodities, and Quantitative Strategies for OppenheimerFunds in New York City.

 

Dr. Read has been a resource for regulatory agencies internationally, state governments, the US Congress, and the US Senate for over two decades and served as Chairman of the Investors’ Committee of the President’s Working Group on Financial Markets under Treasury Secretary Henry Paulson.  He was named as one of America’s 30 most influential players in business and finance by SmartMoney (November 2007) and #35 on Institutional Investor’s list of the 75 most effective chief executives.

 

Dr. Read received his undergraduate degree in Statistics and his MBA in Finance and International Business both from the University of Chicago and his masters in Economics and doctorate in Political Economy from Stanford University.  His doctoral work The Politics and Policies of National Economic Growth focused on the particular economic roles of natural resources in economic development.  He has taught graduate-level courses at the University of California at Davis, the University of Maine, and Stanford University as well as being a guest lecturer/class instructor at Columbia University, New York University, and the University of California at Berkeley.

 

 

 

 

 

Luis J. Roman, Ph.D., Senior Investment Officer, Director of Risk Management, Massachusetts Pension Reserves Investment Management Board, (PRIM)

 

Luis J. Roman is the Director of Risk Management of the Massachusetts Pension Reserves Investment Management (“PRIM”) Board. His responsibilities include due diligence of investment managers, analysis and monitoring of investment risk, and overseeing that the management of the investment strategies is compatible with its expected risk profile and best investments practices. Prior to joining the PRIM Board, Luis was the U.S. Head of Multi Asset Class and Alternatives Investment Risk at Columbia Threadneedle Investments, Global Head of Fixed Income Investment Risk at SSgA, and a Quantitative Analyst at Putnam Investments. He is an expert in the design and implementation of risk management processes for asset management firms, and successfully integrated risk management practices and investment processes, by providing in depth analysis and valuable information applicable to strategies, allocation, risk budgeting and investment solutions. His approach produced cooperative relationships between portfolio managers and risk managers, enhancing a risk-conscious culture firm-wide. Luis began his career in academia where he was visiting assistant professor at the University of California in Irvine, and Worcester Polytechnic Institute. He earned his Masters in Applied Mathematics from the University of Chicago and his Ph.D. in Mathematics from the University of Minnesota.

 

 

 

 

Candace Ronan, CFA, Portfolio Manager, Global Equity, California State Teachers' Retirement System, (CalSTRS)

 

Candace joined California State Teachers Retirement System (CalSTRS) in September 2013 and is responsible for the actively managed portion of the global public equity portfolio including the developing manager portfolio.  Additionally, she currently chairs the CalSTRS Diversity Team.


Prior to joining CalSTRS, Candace was most recently responsible for investment management in the Santa Barbara office of Manchester Capital Management, a multi-client family office.  She spent most of her three decade investment management career with Wells Fargo’s Wealth Management Group. 


Candace has been actively involved with the CFA Institute and is past president of the CFA Society of Sacramento.

 

 

 

 

Paul V. Shantic, Director – Inflation Sensitive Investments, California State Teachers' Retirement System, (CalSTRS)

 

As the Director of the Inflation Sensitive asset class for the California State Teachers’ Retirement System (CalSTRS), Paul Shantic is the lead for a team of 6 investment professionals responsible for the management and gathering of assets with a close linkage to inflation. Current commitments total $3.0 billion. Commodities, infrastructure, agriculture, timber and U.S. TIPS are part of that mandate.


Mr. Shantic has been with CalSTRS for over 20 years. He has served as Acting Co-Director of Fixed Income and also served as the Portfolio Manager for the $7.2 billion Investment Grade and High Yield portfolios along with a team of five trader/analysts. Mr. Shantic has also managed the System’s MBS and Liquidity Portfolios. He assisted with the start-up of the System’s Credit Enhancement Program and has worked as a public funds manager for a number of public agencies throughout the State of California.


Mr. Shantic holds advanced degrees in Business, Portfolio Management, Public Administration, Conflict Resolution, and Government. He received a Bachelor of Arts in Political Science and Philosophy from the University of Redlands.

 

 

 

 

Anne Sheehan, Director of Corporate Governance, California State Teachers' Retirement System, (CalSTRS)

 

Ms. Sheehan is the Director of Corporate Governance for the California State Teachers’ Retirement System (CalSTRS), the largest educator-only public pension fund in the world, where she is responsible for overseeing all corporate governance activities for the fund including proxy voting, company engagements and managing over $4 billion placed with activists managers.  Prior to that, she served as Chief Deputy Director for Policy at the California Department of Finance. During her tenure at Finance, Ms. Sheehan served on both the CalSTRS and CalPERS Boards as well as serving as the Executive Director of the Governor’s Post-Employment Benefits Commission.  Ms. Sheehan served as the Chair of the Council of Institutional Investors for two years, as well as having served two terms on the NASDAQ Listing Council. Ms. Sheehan is currently Chair of the SEC’s Investor Advisory Committee, a Member of the Advisory Board of the Weinberg Center for Corporate Governance at the University of Delaware, and a Member of the Board of Directors of the 30 Percent Coalition. Ms. Sheehan was named one of the 100 most influential people on corporate governance by Directorship magazine for the past seven years.

 

 

 

 

Steve Woodall, CFA, CAIA, Portfolio Manager, Virginia Retirement System

 

Bio coming soon!

 

 

 

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