2013 Center for Financial Policy/Investment Company Institute Academic & Practitioner Conference
Lunch Keynote Speaker: Gregory McGreevey
Gregory McGreevey joined Invesco in November 2011 as the CEO of Invesco Fixed Income, responsible for the day-to-day business oversight of Invesco’s global fixed income business.
Previously Mr. McGreevey was President of Hartford Investment Management Company and Executive Vice President and Chief Investment Officer of The Hartford Financial Services Group, Inc. Additionally, he was the Chief Investment Officer for The Hartford's Insurance business. Prior to joining Hartford Investment Management, Mr. McGreevey served as Vice Chairman and Executive Vice President of ING Investment Management - Americas Region (IIMAR), including business head and CIO for ING's North American proprietary investments and CEO of ING Institutional Markets. In addition, he was a member of an IIMAR's management committee and held a variety of key senior leadership committees, including ING Management Council.
Before joining ING, Mr. McGreevey was President and CIO of Laughlin Asset Management and President and Chief Operating Officer of both Laughlin Educational Services and Laughlin Analytics, Inc. in Portland, Oregon.
Mr. McGreevey holds an undergraduate degree from the University of Portland, an M.B.A. from Portland State University, and is a CFA charter holder.
Keynote Speaker: Edward Bernard
Ed Bernard is vice chairman of the Board of Directors of T. Rowe Price Group, Inc., a member of the firm’s Management Committee, and chairman of the T. Rowe Price Mutual Funds and T. Rowe Price Funds SICAV. He oversees the firm’s distribution, client service, technology, and communications activities. Ed is also CEO of T. Rowe Price International Ltd, the firm's UK-based investment manager. Ed serves as vice chairman of the Board of Governors of the Investment Company Institute, the national trade association for the mutual fund industry. He served as chairman of the Board of Governors from 2009 to 2011. Ed earned his B.A. from Brown University and his M.B.A. from New York University.
Mark Fisher is a financial economist and associate policy adviser on the financial team at the Federal Reserve Bank of Atlanta. His research interests include asset pricing, the term structure of interest rates, and general equilibrium with recursive preferences.
Prior to joining the Atlanta Fed, Dr. Fisher was an economist at the Board of Governors of the Federal Reserve System. He was a finance and economics lecturer at North Carolina State University from 1982 to 1989.
Dr. Fisher’s research has appeared in journals including the Journal of Finance, the American Economic Review, and the American Journal of Agricultural Economics.
Dr. Fisher received his bachelor’s degree in economics from the University of California at Santa Barbara. He earned both his MBA in finance and his doctorate in finance and economics from the University of Chicago.
Craig Lewis is Chief Economist Division of Economic and Risk Analysis at the U.S. Securities and Exchange Commission. He is also the Madison S. Wigginton Professor of Finance at Vanderbilt University’s Owen Graduate School of Management.
Dr. Lewis first served as a visiting academic fellow at the SEC from January to July 2010, and subsequently returned in that same capacity in January 2011. Over this period he has provided advice on policy issues, worked on developing analytic approaches to identify violations of securities laws, and analyzed the over-the-counter derivative securities market.
Dr. Lewis has taught corporate finance and economics since 1983 and has been on the faculty at Vanderbilt since 1986. He has won multiple awards for teaching excellence and has been a visiting professor at Dartmouth College’s Tuck School of Business, Donau University in Austria, and Goethe University in Frankfurt, Germany.
In addition to teaching, Dr. Lewis has published research on volatility in stock and futures markets, margin adequacy, corporate earnings management, corporate financial policy, executive compensation, selective disclosure, and herd behavior by equity analysts.
Dr. Lewis is a certified public accountant and received his undergraduate degree in accounting from Ohio State University. He completed his master’s and doctorate degrees in finance at the University of Wisconsin at Madison.
Eric Pollackov is the managing director of exchange-traded funds (ETFs) for Charles Schwab & Co., Inc. He is responsible for managing the trading relationships with the market-making community for Schwab ETFs. He also handles pricing and trading concerns, management of the Exchange and AP relationships, and assists the sales team.
Previously, Mr. Pollackov was a managing director of ETFs at NYSE Euronext, where he was responsible for guiding ETF issuers through the listing process and managing trading community relationships for NYSE Arca. He also helped develop the Lead Market Maker program. Prior to that, Mr. Pollackov was a derivatives trader for Susquehanna International Group. He holds a bachelor’s degree in English from The State University of New York at Buffalo and holds a Series 7 license.
Russ Wermers is an Professor of Finance at the Smith School of Business, University of Maryland at College Park, where he won a campus-wide teaching award during 2005. His main research interests include studies of the efficiency of securities markets, as well as the role of institutional investors in setting stock prices. Most notably, his past research has developed new approaches to measuring and attributing the performance of mutual funds, pension funds, and hedge funds, as well as devising winning strategies for investing in these funds. Professor Wermers also studies the investment behavior of these asset managers, as well as the impact of their trades on stock markets. His papers have been published in The American Economic Review, The Review of Financial Studies, The Journal of Financial Economics, and The Journal of Finance. His coauthored article on mutual fund performance was a finalist for the Smith-Breeden Award for the Best Paper in the Journal of Finance during 2006/2007. He is coauthor of a book on performance evaluation and attribution for academics and practitioners, available during Fall 2012. He received his Ph.D. from the University of California, Los Angeles, during 1995.
Utpal Bhattacharya is Associate Professor of Finance at Indiana University. Utpal Bhattacharya's research is about the dark side of financial markets. He believes, with apologies to Thomas Jefferson, that "the price of capitalism is eternal vigilance."
Professor Bhattacharya is an Associate Editor of the Journal of Financial Markets and was an Associate Editor of the Review of Financial Studies. His publications have appeared in top-tier finance journals like the Journal of Finance, Journal of Financial Economics, The Review of Financial Studies, Journal of Financial and Quantitative Analysis and the Journal of Business, top-tier accounting journals like The Accounting Review, and top-tier economics journals like the Journal of Economic Theory, Journal of Law and Economics and the Journal of Monetary Economics.
Professor Bhattacharya's research has been featured in full-length stories more than 150 times in various media across the world, including four times in the Economist . He wrote a satire about the legendary fraudster Madoff in the New York Times . He has been invited to present his research in more than 140 institutions in 24 countries in 5 continents. He wrote a report for and served as a member of the "Task Force to Modernize Securities Regulation in Canada" in 2006. He and his report were featured in a Canadian Broadcasting Corporation investigative story titled "Who Is Guarding Your Money" on November 23, 2008. On December 2, 2008, legislators in Ontario, Canada, discussed this report.
Joseph Carrier is the Chief Risk Officer for Legg Mason, Inc. Most recently, he was Vice President and Division Head of Investment Operations at T. Rowe Price and Treasurer and Principal Financial Officer of the T. Rowe Price Mutual Funds. Prior to joining T. Rowe Price, he served as the Industry Chairman for Coopers & Lybrand’s Investment Management practice in the United States. He has also served as Assistant Chief Accountant in the Division of Investment Management with the Securities and Exchange Commission. Mr. Carrier is the Chairman of the Investment Company Institute’s Risk Management Committee, a former member of the Investment Companies Expert Panel of the AICPA, and the immediate past chair of the Accounting\Treasurer’s Committee of the Investment Company Institute. He was also a member of the AICPA Investment Companies Committee from 1994-1997 and a contributing author to the Audit and Accounting Guide for Investment Companies. Mr. Carrier is a graduate of Loyola College in Baltimore and a Certified Public Accountant.
Suzanne Christensen is Global Head of Enterprise Risk at Invesco. In addition to assuming leadership of Invesco’s Enterprise Risk Management (ERM) efforts and working to further identify, monitor and manage key risks within our business, she oversees a global team responsible for all aspects of financial planning and analysis, management reporting and financial systems.
Prior to joining Invesco, Christensen was senior vice president of Finance and chair of the Enterprise Risk Management Committee for Franklin Templeton Investments, where she served in several roles of increasing responsibility since joining in 1989.
Christensen, a CPA, received a B.S. with honors from the University of Florida’s Fisher School of Accounting and earned a Masters in Accounting from Florida Atlantic University. Suzanne is also Vice Chair of the AICPA Executive Committee’s Risk Assurance & Advisory Services Task Force, a body responsible for developing AICPA guidance for evaluating an organization’s enterprise risk management process. She is also a member of the Investment Company Institute’s Risk Management Committee.
Josh Galper is Managing Principal of Finadium. He brings to the firm fourteen years of experience in financial services and economics, including management positions with Sanford C. Bernstein & Co., Merrill Lynch and TABB Group.
Prior to his financial services career, Josh was an Economist with the United Nations in Brazil and with Harvard University’s Institute for International Development in Cambridge, MA.
Josh has been widely quoted in the financial and mainstream press, including the Wall Street Journal, Institutional Investor, Bloomberg, Forbes, Reuters and Global Custodian.
Josh holds a MBA from the MIT Sloan School of Management (Financial Engineering), a Master’s in Regional Planning from Cornell University and a B.A. from Connecticut College.
Joanne Hill is Head of Investment Strategy at the ProFunds Group. In this role, her responsibilities include research, development and dissemination of investment strategies utilizing the firm’s ProShares exchange traded funds (ETFs) and ProFunds mutual funds.
Prior to joining ProFunds Group, Ms. Hill was with Goldman Sachs for 17 years. Her experience there included leading global equity derivatives research, focusing on institutional applications of ETFs, futures, options, swaps, and index portfolio trading. She most recently served as a managing director in Goldman’s Pensions, Endowments, and Foundations Group.
Ms. Hill has published extensively on quantitative investment topics and derivatives, with recent articles in the Financial Analysts Journal, Journal of Portfolio Management, and Journal of Trading. She serves on the board and heads the research committee for the "Q" Group and is on the editorial board of the Financial Analysts Journal and Journal of Indexing. She has also served as a member of the Standard & Poor's, Russell, and Financial Times Index Committees.
Prior to coming to Wall Street, she was on the finance faculty of the University of Massachusetts (Amherst) and was a research analyst at the Federal Reserve Board. She received a Ph.D. in finance from Syracuse University, an M.A. in international affairs from George Washington University, and an undergraduate degree in International Service from American University.
Susan Hill is Senior Vice President and Senior Portfolio Manager with Federated Investment. She joined the company in 1990 and has 23 years of investment experience. At Federated, she is responsible for portfolio management and research of government money market funds. Prior to joining Federated, she worked for the U.S. Treasury.
Nellie Liang is the Director of the Office of Financial Stability Policy and Research (OFS) at the Federal Reserve Board. OFS is responsible for conducting and coordinating work at the Board relating to analyzing emerging and structural financial risks to financial stability and evaluating alternative policies to mitigate systemic risks. Ms. Liang’s recent research has focused on short-term funding markets, debt covenants on employment risk, corporate payout policies, defined contribution pension plans, and company stock. Her research has been published in Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Journal of Public Economics, among other places. She received her PhD in economics from the University of Maryland.
Susan McLaughlin is Senior Vice President and a Senior Policy Advisor in the Markets Group of the New York Fed. She is currently leading the Federal Reserve’s efforts on triparty repo market reform. Susan also presently serves as the Federal Reserve Bank of New York’s lead representative on the Financial Stability Board’s shadow banking workstream on repo and securities lending markets.
Susan joined the Federal Reserve Bank of New York in 1993, as a financial analyst in the Research Group with a focus on US banking issues. Since 1995, she has had a variety of analyst and managerial roles in the Markets Group, spanning the foreign exchange, portfolio management and open market desks as well as central bank services. She was seconded as Deputy Chief of Staff for the First Vice President and President during 2006, and subsequently returned to Markets, serving as the Bank’s Senior Officer for FRBNY discount window and emergency lending operations during the financial crisis.
Susan holds a bachelor’s degree in East Asian Studies from Oberlin College, and MBA and MPP degrees from the University of Michigan. She also holds the Chartered Financial Analyst designation.
Jeff is Vice President and Head of Taxable Money Market Trading at Federated Investors. He joined the company in 1986. At Federated, he is responsible for management of taxable trading, which includes repurchase agreements, treasuries, agencies, commercial paper and liquidity solutions, as well as tax-free money market trading. Jeff is a member of the Tri-Party Repo Infrastructure Task Force.
Nancy Prior is president of the Money Market Group for Fidelity Asset Management, a unit of Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. Before assuming her current position in November 2011, Ms. Prior was managing director of research, responsible for managing the firm’s credit research.
Ms. Prior joined Fidelity in 2002 as a senior legal counsel for Fixed Income. Her responsibilities included providing business and legal counsel to investment professionals managing taxable and municipal bond and money market funds as well as institutional accounts. From 2004 to 2007, she worked as vice president and assistant general counsel in Fixed Income Legal and from 2007 to 2009, as senior vice president and deputy general counsel in Fixed Income Legal. Prior to becoming managing director of research, Ms. Prior was the managing director of taxable money market research.
Prior to joining Fidelity, Ms. Prior was general counsel at Advantage Schools Inc. and an attorney at Mintz Levin in Boston. Ms. Prior’s focus at Mintz Levin was corporate and municipal finance financing transactions.
Ms. Prior received an atrium baccalaureates degree in government from Harvard College. Ms. Prior received her juris doctor degree from Northeastern University School of Law.
Sophie Shive is an Assistant Professor of Finance at Notre Dame. She graduated from Cornell University with Bachelor’s and Master’s degrees in Hotel Administration-Finance and from the University of Michigan with a Ph.D. in Finance. She researches and writes on market efficiency and mutual funds. She has taught courses in Introductory Finance and Investment Theory at Notre Dame, as well as Capital Markets and Portfolio Management at the University of Michigan.
John Adams is an Assistant Professor of Finance/Real Estate at the College of Business at The University of Texas at Arlington. His research interests include mutual funds, securities lending, board structure, and index funds. His research has been published in Financial Management, Journal of Banking and Finance, Journal of Asset Management, Review of Financial Studies, and Journal of Applied Finance. He earned his PhD in Finance from Texas Tech University.
Vikas Agarwal is an Professor of Finance at the J. Mack Robinson College of Business at Georgia State University. His research interests include portfolio management, asset pricing, institutional investors, hedge funds and mutual funds, performance evaluation, and capital markets. His research has been published in multiple journals including the Journal of Finance, Management Science, Journal of Economic Dynamics & Control, Review of Financial Studies, Journal of Empirical Finance, and Review of Derivatives Research.
He is also a Research Fellow at the Centre for Financial Research (CFR) at the University of Cologne in Germany and a Research Associate and Affiliate Faculty at the EDHEC-Risk Institute.
Rabih Moussawi is Research Support Director of Wharton Research Data Services at the University of Pennsylvania. Rabih’s research interests are institutional investors, hedge funds, quantitative investment, financial reporting, and corporate governance. His work is published in specialized finance journals and featured in mainstream newspapers including the Wall Street Journal and New York Times. His papers were presented in several national and international conferences such as American Finance Association, Western Finance Association, Financial Management Association, and European Finance Association meetings. Before WRDS, Rabih was a researcher at Barclays Global Investors (now BlackRock), and he taught corporate finance at the University of Texas at Dallas. Rabih conducts specialized empirical finance tutorials on research and data issues for academics and professionals in many forums in the U.S. and abroad. Rabih presented on effective methods to link databases and is currently developing a WRDS research platform for SEC filings. Rabih received his PhD in Finance from the University of Texas at Dallas, and his MBA and BA in Economics, with distinction, from the American University of Beirut.
Azi Ben-Rephael is an Assistant Professor of Finance at the Kelley School of Business at Indiana University. His research interests include empirical asset pricing, liquidity, institutional investors, and financial markets. His research has been published in the Journal of Financial Economics and Journal of Financial and Quantitative Analysis. He earned his PhD in Finance from Tel Aviv University.
Hamid Benbrahim is Managing Director of Research and Strategy at TD Ameritrade. Previously he was Vice President and head of the Center for Applied Complexity at Fidelity Investments addressing systemic risk in financial markets, self-organization in large corporations, and robustness and security in large technology infrastructures. Prior to joining Fidelity Dr. Benbrahim advised Venture Capital firms on investments and going to market strategies in mobile and social media.
During his thirteen year tenure at Verizon Communications (previously GTE) Dr. Benbrahim assumed a number of business operations and technology roles. He led the deployment and design of Fault, Configuration, and Performance Management systems and processes for voice, data, and mobile Network Operations Centers in the US, Dominican Republic, Venezuela, and Argentina. As Chief Technology Architect he led a number of large software integration and deployment projects including the integration of large backend systems for the domestic yellow pages business unit and modernization of billing and customer service systems and processes for Verizon's mobile business unit in the Dominican Republic. As head of the Verizon's mobile yellow pages business unit in 2003, Dr. Benbrahim was responsible for the launch of new mobile phone products including local advertising, weather, movies, maps, and driving directions.
Dr. Benbrahim holds a PhD in Engineering (robotics and machine learning) from the University of New Hampshire, a DEA in Control Systems from Universite de Caen, France, and an MBA in Finance from Columbia Business School.
Chris Downing is a Director at BlackRock. He is the Head of the Fixed Income Beta Analytics team, which carries out new product and investment research for the iShares and indexing businesses of BlackRock. He previously researched systematic investment strategies in fixed income for the Global Market Strategies Group. Prior to joining GMSG, he worked in the fixed income division, where he led the securitized credit, mortgage, and municipal bond research teams. He also led research for the first municipal bond ETF, now a $3+ billion fund complex.
Prior to joining BlackRock, he was a Senior Research Officer at Barclays Global Investors, Assistant Professor and Gerald D. Hines Professor of Real Estate at Rice University, and Economist at the Federal Reserve Board.
Thomas George is the C.T. Bauer Professor of Finance at the University of Houston. Prior to joining the UH faculty in 2002, Professor George served on the faculties of Ohio State University, the University of Iowa, and Northwestern University as a visitor. Professor George's teaching interests include equity and fixed-income investment management, project valuation and corporate finance. He has won several awards for excellence in teaching in MBA and executive MBA programs.
Professor George's research focus is on market microstructure, insider trading and the impact of asymmetric information and behavioral biases on asset pricing. His publications have appeared in leading academic journals among them the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, and the Journal of Financial Markets. Professor George has been winner and runner-up of the Best Paper Prize from the Journal of Financial Intermediation, and nominated for the Smith-Breeden Prize for the best paper on Investments in the Journal of Finance.
Professor George is currently the Director of the AIM Center for Investment Management at the Bauer College, and instructor for the securities analysis course that manages the Cougar Investment Fund. He has also co-developed the Graduate Certificate in Financial Services Management. He has consulted with financial services companies in designing and delivering educational programs in areas such as project valuation, hedging, and performance evaluation.
Itay Goldstein is a Professor of Finance at the Wharton School of the University of Pennsylvania. He is also the coordinator of the Ph.D. program in Finance. He has been on the faculty of the Wharton School since 2004. Professor Goldstein earned his B.A. (Economics and Accounting, 1994), M.A. (Economics, 1998), and Ph.D. (Economics, 2001) from Tel Aviv University. He is an expert in the areas of corporate finance, financial institutions, and financial markets, focusing on financial fragility and crises and on the feedback effects between firms and financial markets. His research has been published in major academic journals, including the Review of Economic Studies, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Economic Theory. His research has also been featured in the popular press in the Financial Times, Bloomberg, Forbes, National Public Radio, and others. Professor Goldstein is an editor of the Review of Financial Studies. He has been an editor of the Finance Department at the Management Science and an editor of the Journal of Financial Intermediation. He serves as an academic consultant of the Federal Reserve Bank of New York and the Federal Reserve Bank of Philadelphia, and has served as an academic consultant of the Committee for Capital Markets Regulation. He was the co-founder and the first president of the Finance Theory Group. He has taught undergraduate, M.B.A., Ph.D., and executive education courses in finance and economics. Prior to joining Wharton, Professor Goldstein has served on the faculty of Duke University’s Fuqua School of Business. He had also worked in the research department of the bank of Israel, where he was in charge of the analysis of the current account of Israel.
Bruce Leto, Esquire is Chair of the Investment Management Group at Stradley Ronon Stevens & Young, LLP. He counsels investment companies, investment advisers, independent trustees and broker-dealers on securities and corporate matters relating to pooled investment products, including registered and unregistered, open- and closed-end investment companies. Mr. Leto counsels such clients on registration, transactional and compliance matters.
Mr. Leto is a member of Stradley Ronon's board of directors. He was also recently appointed to the advisory board of the Mutual Fund Directors Forum, a nonprofit membership organization for investment company independent directors dedicated to improving mutual fund governance. He lectures extensively at seminars sponsored by the Investment Company Institute, National Regulatory Services, the Philadelphia Bar Association and other organizations. He speaks on topics such as mutual fund directors issues, master/feeder structures and multiple classes of shares, pricing of investment company securities and valuation of portfolio securities, soft dollars and directed brokerage.
Laura Starks is the Charles E. and Sarah M. Seay Regents Chair in Finance and Director of the AIM Investment Center at the University of Texas at Austin. Her research and teaching interests include valuation of financial assets, portfolio management, corporate governance, the influence of institutional investors in financial markets, managerial incentives and environmental, social and governance investing. Her research on finance issues has appeared in leading academic journals including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Business, and Journal of Financial and Quantitative Analysis, among many others. She is Independent Director of CREF Retirement Equities and TIAA-CREF mutual funds. She received her B.A. and Ph.D. from The University of Texas at Austin and her M.B.A. from The University of Texas at San Antonio.
Craig S. Tyle is Executive Vice President and General Counsel of Franklin Resources, Inc. in San Mateo, California. He oversees both the Legal and Global Compliance Departments. Through its subsidiaries, Franklin Resources provides investment management services to open-end and closed-end funds, institutional accounts, high net-worth families, individuals and separate accounts in the United States and internationally. As of December 31, 2012, Franklin Resources had $781.8 billion in assets under management worldwide.
Prior to joining Franklin Resources in August 2005, Mr. Tyle was a partner in the Asset Management Group of Shearman & Sterling LLP. Prior to that, he spent more than 15 years at the Investment Company Institute, the national association of the American mutual fund industry, the last six as its General Counsel. As General Counsel, Mr. Tyle helped to formulate and develop the fund industry’s positions on a variety of legislative and regulatory matters, including matters before the SEC, NASD, Department of Labor and overseas regulators. Mr. Tyle also directed and oversaw the development of several compliance guides for funds, including papers on fund valuation, brokerage allocation, closed-end fund issues, anti-money laundering, privacy, side-by-side management of mutual funds and other managed accounts, and best practices for fund directors. Prior to joining the Institute in September 1988, Mr. Tyle was an associate in the law firm of Sullivan & Cromwell in New York.
Mr. Tyle graduated from Harvard Law School (J.D., magna cum laude) in 1985 and from Swarthmore College (B.A., with high honors) in 1982.
Hongjun Yan is an Associate Professor of Finance at Yale University. The focus of Professor Yan's current research is to better understand the behavior of asset prices by incorporating bounded rationality, heterogeneous beliefs, reputation, learning and market imperfections etc. into standard asset pricing framework. He teaches Financial Instruments and Contracts courses. He received his PhD from London Business School in 2005.