CFA Institute Research Foundation Board of Trustees
Trustee Diversity Goals
- Investment Management (portfolio management, investment analysis, trading)
- Fund Sponsor/Asset Owner (public & private Defined Benefit, Defined Contribution funds, endowment, foundation, Taft Hartley, insurance, high net worth)
- Advisory (academic, actuarial, consulting, brokerage)
- Equity (public, private, domestic, international)
- Fixed Income (government, credit, short, long, domestic, international, quality)
- Alternatives (real estate, commodities, hedge funds, derivatives)
- Representation by trustees who know high quality investment research and the experts who conducting such research
- Representation by trustees who know the global investment community and how to reach out to it
Age, Experience, and Gender Diversity
Trustee Nomination Process
Board members' and others recommendations, along with names offered up by CFA Institute, represent the pool of future trustee candidates. All nominations must come from this pool.
The Research Foundation’s Nominating Committee meets annually to review the pool and select two finalists for each open position, considering diversity needs (gender, geography and expertise). Finalists are assigned sponsors and interviewed by phone.
The Nominating Committee makes a recommendation to the Research Foundation Board, who then take a vote and contact the chosen members. Finalists not chosen will receive priority in being considered as finalists in future.
The CFA Institute Research Foundation Board of Trustees is comprised of the original founding members of the board, as well as the most recent directors.Contact the CFA Institute Research Foundation Board of Trustees
Chief Advisor for Research and Strategy, CBOE Vest
1765 Greensboro Station Place
Tower 1; 9th Floor
McLean, VA 22102
Aaron Low, CFA, is a principal at Lumen Advisors, LLC, where he manages emerging markets macro long-short funds and oversees Lumen's operations in Asia. He also serves as a board trustee of the Singapore government's pension fund. Previously, Dr. Low served as a senior portfolio manager and head of Asia ex-Japan at PIMCO and as a senior portfolio manager and head of Asia at RCM Global Investors. He serves on the Board of Governors of CFA Institute and the board of directors of the Wealth Management Institute. Dr. Low holds an undergraduate degree in engineering from the National University of Singapore and a PhD in international financial economics from the UCLA Anderson School of Management.
Executive Director, CFA Institute
915 E High Street
Charlottesville, VA 22902
Bud Haslett, FRM, CFA, holds masters degrees from the University of Pennsylvania and Drexel University. He was awarded the CFA designation in September of 1995. Mr. Haslett previously served as director of option analytics for Miller Tabak + Co., LLC and spent two decades on the options trading floor, where he managed portfolios of stocks and options. He previously served as a board member of CFA Society of New York, chairman of the Board of Regents for the CFA Institute Seminar for Global Investors, and president of the CFA Society of Philadelphia. He was an active volunteer for CFA Institute, having served in a variety of capacities, including CFA exam grader and member of the Council of Examiners. Mr. Haslett has also taught coursework on options at New York University, Johns Hopkins, and Rutgers. He is the founding chairman of the Derivatives Committee for the New York Society of Security Analysts and was a member of the Institutional Investor Advisory Committee for the Chicago Board Options Exchange. He has conducted option presentations and workshops at more than 50 CFA Institute societies.
President and CEO
915 E High Street
Charlottesville, VA 22902
Member of CFA Society Toronto
Margaret Franklin, CFA, leads CFA Institute and its more than 170,000 members worldwide in promoting the highest standards of education, ethics, and professional excellence in the investment profession. She assumed her role in September 2019 and has more than 25 years of investment and wealth management experience.
Before joining CFA Institute, Ms. Franklin led International Wealth Management for North America and was president of BNY Mellon Wealth Management, Advisory Services in Canada. She also served as a board member of BNY Mellon Trust Company (Cayman). Margaret joined BNY Mellon in 2016.
Prior to joining BNY Mellon, Ms. Franklin held multiple senior management positions, including president of Marret Private Wealth and COO of Marret Asset Management, a credit and hedge fund asset manager in Toronto. During that six-year tenure, she had direct oversight of all aspects of the private wealth business. Prior to joining Marret, Margaret was a partner with KJ Harrison & Partners.
Ms. Franklin began her career in the institutional business and has worked with pension plans, endowments, foundations, and government agencies at State Street Global Advisors, Mercer, and Barclays Global Investors.
She previously served as chair of CFA Institute Board of Governors and is a former president of the CFA Society Toronto Board. Ms. Franklin is a founding member of the CFA Institute Women in Investment Initiative, a past recipient of the Alfred C. Morley Distinguished Service Award in 2014, and a member of its Future of Finance Content Council.
Ms. Franklin earned a Bachelor of Administration in Economics from McMaster University in Ontario. She is a CFA charterholder and a member of the CFA Society Toronto.
Investment Professional & Board Member. Independent Director, Infosys, JSW Steel, Bharat Financial & Others. Managing Partner, Pacific Paradigm Advisors Boston/India
Member of CFA Society Boston
Punita Kumar-Sinha, PhD, CFA, has focused on investment management and governance roles during her 30-year career. Ms. Kumar-Sinha has been investing in emerging markets since the late 1980s and pioneered some of the first foreign investments in the Indian subcontinent in the early 1990s.
Currently, she is the Founding Partner, Pacific Paradigm Advisors, an independent investment advisory firm focused on Asia, and a Senior Advisor to companies in India and North America. She serves as an Independent Director and Chairs Audit, Stakeholders Relationship, and Risk Committees for many boards. Prior to this, Ms. Kumar-Sinha was a Senior Managing Director of Blackstone and the Head & Chief Investment Officer of Blackstone Asia Advisors. Prior to joining Blackstone, Ms. Kumar-Sinha was a Managing Director and Senior Portfolio Manager at Oppenheimer Asset Management Inc. and CIBC World Markets, where she also managed India and Asia funds. She has also worked at Batterymarch (a Legg Mason company), Standish Ayer & Wood (a BNY Mellon company), JP Morgan, and IFC/World Bank.
Ms. Kumar-Sinha is frequently featured in the media and at global conferences as an expert commentator on Asian capital markets and women’s issues. Ms. Kumar-Sinha has a PhD and a Master of Finance from the Wharton School, University of Pennsylvania. She received her undergraduate degree in Chemical Engineering with Distinction from the Indian Institute of Technology, New Delhi. She has an MBA and is a CFA charterholder. Ms. Kumar-Sinha is a member of CFA Institute, has been a member of the CFA Society Boston and India, a TiE Charter Member, and a member of the Council on Foreign Relations. Ms. Kumar-Sinha has been awarded the Distinguished Alumni Award from IIT Delhi. She has also been awarded the “Best Woman Director” in 2016 by Asian Center for Corporate Governance and Sustainability.
Founder and Managing Principal, AJO
230 South Broad Street
Philadelphia, PA 19102
Ted Aronson, CFA, is founder and managing principal of AJO (formerly called Aronson+Johnson+Ortiz; prior to that, Aronson+Partners; and before that, Aronson+Fogler). While still a graduate student, he joined Drexel Burnham Investment Advisors, where he helped found its Quantitative Equities Group. This group managed the Revere Fund, the first active SEC-registered fund to use modern portfolio theory. Mr. Aronson has served as chairman of CFA Institute and is currently chairman of CFA Institute Research Foundation. He also serves as a trustee of Spelman College and chairs its investment committee, and he was a lecturer in finance at the Wharton School. Mr. Aronson is involved with portfolio management, administration, client service, and marketing and is a Chartered Investment Counselor. He earned a BS and an MBA from the Wharton School.
Head of Institutional Banking Finland, Danske Bank
Member of CFA Society Finland
Kati Eriksson, CFA, has over 15 years’ experience in the financial markets and institutional investing. Currently she is working as the Head of Institutional Banking Finland at Danske Bank. In this role, she leads an organization responsible for Institutional Client Coverage, Institutional Advisory, Institutional Asset Management Sales and Investor Services Sales in Finland. Her role is to lead and develop the strategic dialogue with the clients and to guide and coordinate the bank-wide client team to service the clients in the best possible way.
Previously she worked as Head of Investments at Aalto University Endowment having overall responsibility for the endowment management. Her role was to steer the investment strategy and implementation in order to generate additional funding for top quality research and education. Prior to that, she worked for the State Pension Fund of Finland as Head of Strategic Analysis. She was responsible for planning strategic and dynamic asset allocation. She was in charge of the investment policy and investment risk management.
Ms. Eriksson holds M.Sc. in Economics and Business Administration from University of Oulu, Finland. She has earned the right to use the Chartered Financial Analyst designation. At CFA Institute, she currently serves in the Capital Markets Policy Council and has previously served as President Council Representative, EMEA West and as EU Standards & Advocacy Advisory Committee Chair. Ms. Eriksson contributes to the CFA Program Practice Analysis, giving practitioner input on the topic areas of Portfolio Management and Wealth Planning. She is Past President of the CFA Society Finland as well as past member of EDHEC Risk-Institute International Advisory Board.
Bill Fung joined the CFA Institute Research Foundation's board in 2007 serving as trustee until his retirement in 2015. Prior to his retirement, Bill also served as a member of the editorial board of the Financial Analysts Journal. Bill returned to the Research Foundation board in late 2017 and currently chairs the research committee of the board. Bill entered the financial services industry during the early 80s working for Lehman Brothers and Bankers Trust. In 1990 he co-founded a hedge fund and subsequently a fund of hedge funds which was acquired in 2005. Bill remained active in the alternative investment industry serving on investment committees and boards of private investor vehicles. He is one of the founding fathers of an alternative investment due diligence specialists firm Albourne Partners. Bill holds a BSc and a PhD degree in Mathematics from London University and a PhD degree in Finance from the University of Manchester. He held visiting faculty positions at London Business School, Manchester Business School, the London School of Economics, New York University, and Rutgers University. Bill maintained his academic interest throughout his career and published his work in journals such as the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, and, more recently, Management Sciences. Bill received the CAIA 2015 Award for Excellence in Alternative Investment Research, a Graham and Dodd Scroll Award in 2004, and the 1999 Fischer Black Memorial Foundation’s Robert J Schwartz Memorial Prize.
1 Tudor Street
London EC4Y 0AH
Joachim Klement is a strategist at Liberum. He has more than 20 years of experience in the financial markets and has spent most of his career working with wealthy individuals and family offices, providing advice on investments and helping manage portfolios. Mr. Klement studied mathematics and physics at the Swiss Federal Institute of Technology in Zurich (ETH Zurich) and earned a master’s degree in mathematics. He later studied business administration at the University of Zurich and the University of Hagen and earned a master’s degree in economics and finance.
Kingpai Koosakulnirund, CFA, has diversified work experience. She worked as an equity research analyst for UOB Kay Hian Securities and KGI Securities. Her research focus includes residential property, industrial estate, renewable energy, and agriculture. She has been a lecturer for several courses such as equity valuation and analysis, financial modeling and fundamental finance in Chulalongkorn University and National Institute of Development Administration (NIDA), Thailand. Apart from financial profession, she is also a farmer, currently working on sustainable agricultural projects. Kingpai is a CFA Charterholder and a current board member of CFA Society Thailand. Her active volunteer roles with CFA Institute and CFA Society are in the area of Society Events, Advocacy, Asia-Pacific Research Exchange (ARX), and CFA Institute Research Challenge. She received a M.Sc. in Finance and a BBA in Accounting from Chulalongkorn University, Thailand.
Professor of Wealth Management, Torcuato Di Tella University (Argentina), ORT University (Uruguay) Speaker, Independent Advisor and Columnist
Member of CFA Society Uruguay
Barbara Mainzer, CFA, is a Professor of Finance at Torcuato Di Tella in Argentina, where she teaches Wealth Management at the MBA, and is the Director of Wealth Managent in the Executive Education School. In her 27 year tenure as University Professor, she held the roles of Associate Chair of Finance, Capital Markets and Academic Coordinator of Finance at ORT University in Uruguay, where she taught for more than 20 years.
She is currently speaker and independent Advisor to Finance and Wealth Management Institutions and Columnist for El Observador and VTV.
Her experience in private banking includes client service, portfolio analysis, fiduciary and business management roles with institutions such as Merrill Lynch, where she held the position of Sales Manager for Argentina, Chile and Uruguay and with Julius Bär where she was business manager for the Latin America Southern Cone and Head of the local Uruguayan Office. She holds an Economics Degree from Universidad de la República (Uruguay).
Lotta Moberg is an analyst on William Blair’s Dynamic Allocation Strategies (DAS) team. In this role, she is responsible for global macro research. Lotta previously worked for the Swedish foreign ministry in Russia and the Swedish Defense Forces in Kosovo, and has been a consultant for the World Bank. She has published articles in several economics journals, including The Journal of Institutional Economics and The Review of Austrian Economics, and has taught classes in economics at George Mason University. Lotta’s research includes special economic zones, tax policy, and municipal bankruptcy. She is a member of the CFA Institute and the CFA Society of Chicago. She received a BA in economics from Lund University in Sweden and a PhD. in economics from George Mason University.
Non-executive Chairman, MUFG Securities EMEA plc, and Non-executive Chair, Financial Services Compensation Scheme (FSCS)
Member of CFA Society United Kingdom
Marshall has substantial experience of leading complex international committees and boards. His background spans a range of sectors, including banking and capital markets, insurance, and regulation. His career spans over 30 years on three continents. In June 2018 he was made an Officer of the Most Excellent Order of the British Empire (OBE) for his contribution to financial services, and to charity. He cares passionately for financial literacy, market confidence, and good outcomes for investors.
Marshall Bailey is Chairman of MUFG Securities EMEA and MUS(Asia) in Hong Kong, and also Chairs the Financial Services Compensation Scheme, as appointed by the FCA and Bank of England. In the past he has been Chairman of CIBC World Markets Plc in London, a Representative of the Saudi Arabian Public Investment Fund (PIF) on the board of the largest bank in the Kingdom, National Commercial Bank, Jeddah, where he was Chair the Group Risk Committee, announcing a $15 billion merger with Samba Financial Group. Also, as Chairman, he has completed a consolidation of of LCH Group Holdings, the world’s largest derivatives central clearing house, while on the Board of its parent, the London Stock Exchange Group during their $29 billion acquisition of Refinitiv. On these boards he has Chaired, or been a member of the Nominations, Risk and Remuneration Committee.
Marshall holds a BA in Political Science from the University of Winnipeg, a Master of Arts in International Affairs and History from the Graduate Institute of International and Development Studies in Geneva, Switzerland and is a Chartered Financial Analyst. He has also completed the FT Non-Executive Directors' Diploma, and is currently completing the Certificate in ESG Investing, offered by the CFA Institute via the UK. In his spare time, Marshall is a sailor and is a qualified Ocean Yachtmaster with the Royal Yachting Association. He also buys himself a new putter each year in his seemingly futile pursuit of lower golf scores.
Emenike D Uduanu (“Dave”) is the managing director and chief executive officer of Sigma Pensions Limited. He currently serves as the chair of the Africa Pension Funds Network (APFN) and is also a past chairman of the Pension Fund Operators Association of Nigeria. He previously worked with Ernst and Young in Lagos, was a partner in a Lagos based consulting firm, and subsequently became an executive director of an insurance company in Nigeria. Dave was also a founding director of Pensions Alliance Limited (“PALPensions”) and served as the MD/CEO from 2009 to October 2016. Dave holds an honors degree in Civil Engineering from University of Nigeria, Nsukka. He also holds a certificate in Institutional Private Equity Investing jointly awarded by the EVCA and the Said Business School at the University of Oxford. He is a Chartered Accountant and a CFA Charterholder.
Roger G. Ibbotson is Professor in the Practice Emeritus of Finance at Yale School of Management and chairman of Zebra Capital Management, LLC, a global equity investment and hedge fund manager. He is founder and former chairman of Ibbotson Associates. Dr. Ibbotson conducts research on a broad range of financial topics, including popularity, liquidity, investment returns, mutual funds, international markets, portfolio management, and valuation. He has written numerous books and articles, including Stocks, Bonds, Bills, and Inflation (coauthored by Rex Sinquefield), which is updated annually and serves as a standard reference for information and capital market returns. Dr. Ibbotson’s other books include The Equity Risk Premium, Lifetime Financial Advice, and, most recently, Popularity: A Bridge between Classical and Behavioral Finance. He is a regular contributor to and an editorial board member of both trade and academic journals. Dr. Ibbotson serves on numerous boards and frequently speaks at universities, conferences, and other forums. He received his bachelor’s degree in mathematics from Purdue University, his MBA from Indiana University, and his PhD from the University of Chicago, where he also taught for more than 10 years and served as executive director of the Center for Research in Security Prices.
Purcell Professor of Finance, Johnson Graduate School of Management, Cornell University
Maureen O’Hara is the Robert W. Purcell Professor of Finance at Cornell University’s Johnson Graduate School of Management. She is an expert on market microstructure and publishes widely on banking and financial intermediaries, law and finance, and experimental economics. Professor O’Hara is the author of numerous journal articles, as well as the books Market Microstructure Theory; High-Frequency Trading: New Realities for Traders, Markets, and Regulators; and Something for Nothing: Arbitrage and Ethics on Wall Street. She has served as president of the American Finance Association, the Western Finance Association, and the Financial Management Association and as executive editor of the Review of Financial Studies. Professor O’Hara was a member of the CFTC-SEC Emerging Regulatory Issues Task Force (the “flash crash” committee) and served on the Global Advisory Board of the Securities Exchange Board of India, the Advisory Board of the US Treasury’s Office of Financial Research, and the SEC’s Equity Market Structure Advisory Committee. She was named to Institutional Investor’s Trading Technology Top 40 and is a fellow of the Initiative for Cryptocurrencies and Contracts. Professor O’Hara is an adviser to Symbiont, a company focusing on blockchain and smart securities, and AVA Labs, a cryptocurrency and blockchain startup.
Gary P. Brinson Director of Research, CFA Institute Research Foundation
1229 Maple Avenue
Wilmette, IL 60091
Laurence B. Siegel is the Gary P. Brinson Director of Research at CFA Institute Research Foundation and an independent consultant. He has authored, edited, or co-edited six CFA Institute Research Foundation monographs and is the author of Fewer, Richer, Greener, published by Wiley in 2019. Mr. Siegel serves on the editorial boards of several prominent journals and on the board of directors of the Q Group and the American Business History Center. He has assisted a variety of nonprofit organizations in the role of investment committee chair or member. Previously, Mr. Siegel was director of research in the Investment Division of the Ford Foundation. Before that, he served as a managing director at Ibbotson Associates (now Morningstar). His website is www.larrysiegel.org. Mr. Siegel received a BA in urban geography and an MBA in finance from the University of Chicago.
Associate Research Director
Florida Atlantic University and EIA Economic Index Associates
Dr. Luis Garcia-Feijóo, CFA, CIPM, is an associate professor of finance at Florida Atlantic University (FAU), where he teaches investments and international finance. He is also a co-founder of Economic Index Associates (EIA), LLC. Professor García has served as associate editor of the Financial Analysts Journal since 2012 (currently serving interim managing editor) and he is also a research director for CFA Institute Research Foundation. Prior to joining FAU, he worked as director, exam development at CFA Institute and was an associate professor at Creighton University. Professor García’s research interests include factor investing, monetary policy and asset returns, and behavioral finance, among others; his research has been published in leading academic and practitioner journals. He is co-author of the book Invest with the Fed: How to Maximize Portfolio Performance Following Federal Reserve Policy. Professor García holds a PhD in finance from the University of Missouri-Columbia. He actively served on the Board of Directors of the CFA Society of South Florida from 2009 to 2014 and has been an active volunteer for CFA Institute since 2009.
915 E High Street
Charlottesville, VA 22902
Treasurer, CFA Institute