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
Throughout the year, members of the CFA Institute Board of Governors submit recommendations for new trustees. The selection process is as follows:
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
230 South Broad Street
Philadelphia, PA 19102
Ted Aronson, CFA, is founding and managing partner of AJO, an institutional
quantitative equity manager. Ted joined Drexel Burnham Lambert in 1974 while still
a graduate student. He was a member of the Quantitative Equities Group, which
provided innovative practical applications of Modern Portfolio Theory and
quantitative portfolio management. This group managed the Revere Fund, the first
actively managed fund registered with the SEC to employ Modern Portfolio Theory.
Ted was past chair of the CFA Institute and the Association for Investment
Management & Research — the only person to chair both, because the name
changed during his tenure! He chaired AIMR’s Trade Management Guidelines Task
Force. Ted is a trustee of Spelman College and chair of its investment committee.
He was a Lecturer in Finance at The Wharton School and is a frequent speaker on
Wall Street issues, especially innovations in methods to minimize transaction costs
and align fees with performance.
Head, Investment Research, Fidante Partners
1 Tudor Street
London EC4Y 0AH
Joachim Klement, CFA, is a trustee of the CFA Institute Research Foundation. Previously, he was CIO at Wellershoff & Partners Ltd., and before that, head of the UBS Wealth Management Strategic Research team and head of equity strategy for UBS Wealth Management. Klement studied mathematics and physics at the Swiss Federal Institute of Technology (ETH), Zurich, Switzerland and Madrid, Spain, and graduated with a master’s degree in mathematics. In addition, he holds a master’s degree in economics and finance.
Advisor, CFA Institute
Paul Smith, CFA, serves as Advisor at CFA Institute. He previously served as President and CEO of CFA Institute.
Smith joined CFA Institute in 2012 as Managing Director for Asia Pacific, overseeing its expansion into China and India. He later assumed the leadership of its Institutional Partnerships division, which is responsible for engagement with key firms, groups, and associations in the global investment industry. He was appointed president and CEO in January 2015.
He brings extensive leadership experience in the investment management industry, having held a variety of positions in major financial centers over 30 years. Smith started his career in asset management at Ermitage International, an alternative funds management company, progressively taking up roles of increasing responsibility across Europe (London, Paris, and Dublin) over 11 years — the last seven as the firm’s CEO.
Smith moved to Asia in 1996, just as the region began to take off, to join Bank of Bermuda in Hong Kong as Asia head of securities services. In 2001, he was promoted to global head of funds services. After HSBC’s acquisition of the bank in 2004, he served as HSBC’s global head of alternative funds administration working in Hong Kong and New York, where he was responsible for the delivery of services to 2,000 investment funds with more than US$250 billion of assets.
He has also pursued entrepreneurial roles, most recently as founder and CEO of the Hong Kong-based hedge fund investment management firm Asia Alternative Asset Partners for six years prior to joining CFA Institute. Early in his career, he worked as an auditor at Pricewaterhouse in London.
With more than 20 years of experience in Asia, Smith is active in the region’s investment community and has served on the boards of a number of Asia-based funds over the years.
He is a CFA charterholder and a fellow of the Institute of Chartered Accountants of England and Wales. Smith holds a master’s degree in history from Oxford University.
Tonka Bay, MN
Associate Research Director
Florida Atlantic University
Dr. Luis García-Feijóo, CFA, CIPM, is an associate professor of finance at Florida Atlantic University (FAU), where he teaches investments and international finance. He also serves as associate editor of the Financial Analysts Journal and as associate research director for CFA Institute Research Foundation. Prior to joining FAU, Dr. García worked as director, exam development, at CFA Institute, and was an associate professor at Creighton University. He has published his research in leading academic and practitioner journals, such as the Journal of Finance, Review of Asset Pricing Studies, Journal of Banking and Finance, Financial Analysts Journal, and Journal of Portfolio Management. Dr. García is co-author of the book Invest with the Fed: How to Maximize Portfolio Performance following Federal Reserve Policy. He holds a PhD in finance from the University of Missouri-Columbia. Dr. García 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.
Greenwich, CT 06830
Diane Garnick is managing director and chief income strategist at TIAA, a financial services provider for the not-for-profit market offering a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services. Ms. Garnick is responsible for advancing the strategy, development, and modernization of TIAA's lifetime income solutions across the firm's portfolio of products and services. Prior to joining TIAA, she served as a global investment strategist at State Street Global Advisors and Invesco. Ms. Garnick was also a member of the top-ranked Institutional Investor Equity Derivatives research team at Merrill Lynch. She serves on the board of the CFA Institute Research Foundation, is a member of the Editorial Board for the Journal of Retirement, and chaired the CHRISTUS Healthcare Investment Committee. Ms. Garnick earned a bachelor's degree in accounting from Hofstra University and a master's degree in finance & strategy from the University of Chicago Booth School of Business. She is a Certified Public Accountant.
Director of Internal Equity, Virginia Retirement System
1200 E Main Street
Richmond, VA 23219
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 CEO of Miller Tabak Capital Management 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 the New York Society of Security Analysts, chairman of the Board of Regents for the Financial Analysts Seminar, 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 is 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.
Chief Advisor for Research and Strategy, CBOE Vest
1765 Greensboro Station Place
Tower 1; 9th Floor
McLean, VA 22102
Chesham Investments LLC
17 Chesham Road
Brookline, MA 02445
Member of CFA Society Boston
George Hoguet is Chief Executive Officer of Chesham Investments and past Board Chair of CFA Society Boston. He spent many years at State Street Global Advisors in Boston. At State Street he led the firm’s Active Emerging Markets equity investment team and served as Global Investment Strategist in the firm’s Investment Solutions Group, where he worked with official institutions and other large pools of capital on investment policy, strategic and economic policy issues.
Previous positions include pension fund consulting at the Frank Russell Company and portfolio management at Baring Asset Management. From 1981-1985 he served at the US Treasury Department, first as U.S. Alternate Executive Director at the World Bank and subsequently, as Principal Deputy Assistant Secretary of the Treasury for International Affairs.
His current and prior affiliations/directorships include: Board Member and Investment Committee Chair, Middle East Institute, Washington; DC; Advisory Board - Official Monetary and Financial Institutions Forum (OMFIF), London; Advisory Committee - Harvard Seminar on Politics and Economics of International Finance; President - Boston Economic Club; and member Council on Foreign Relations. He has published on investments in various peer reviewed journals and presented at the National Bureau of Economic Research and many other academic and industry fora.
George is a graduate of Harvard College and Harvard Business School. He earned the Chartered Financial Analyst (CFA) designation and is a qualified Financial Risk Manager (FRM).
Member of CFA Society United Kingdom
Robert Jenkins, FSIP, is an external member of the interim Financial Policy Committee of the Bank of England and an adjunct professor of finance at London Business School. Previously, he was CEO and managing partner of Combinatorics Capital, a global macro investment partnership. Prior to his position at Combinatorics, Jenkins served as chief executive and then as chairman at F&C Asset Management, plc. Earlier in his career, at Citibank, he was responsible for trading and sales in Dubai, Bahrain, Switzerland, and Japan. After his time at Citibank, he served as chief investment officer and head of the asset management business at Credit Suisse in Japan and later as chief operating officer for Credit Suisse Asset Management's activities in the U.K. and central and eastern Europe. Jenkins chaired the Investment Management Association of the U.K. and co-chaired, together with the Chancellor of the Exchequer, a high-level group focusing on the future of the asset management industry in Britain. He has also served on the Panel on Takeovers and Mergers, U.K.; as a senior advisor to CVC Capital Partners; and as an independent director of the Aberdeen All Asia Investment Trust. He is a frequent speaker at industry conferences and regular contributor of articles and letters to the financial press. Jenkins attended university in the U.S., France, and Italy and holds a master's degree from the Johns Hopkins School of Advanced International Studies.
Clinical Professor, Indian School of Business
ISB Campus Road
Gachibowli, Hyderabad 50032
Vikram Kuriyan, CFA, is director of the investment laboratory and a member of the faculty at the Indian School of Business. Previously, he was chairman of the global asset allocation committee and global head of quantitative strategies in Bank of America’s asset management division. Dr. Kuriyan also served as managing director of an arbitrage and principal investing fund in Tokyo and as the global head of complex derivatives in the commodities group at Merrill Lynch. He advises the Securities and Exchange Board of India and has served as an adviser to one of the world’s largest sovereign wealth funds. Dr. Kuriyan is an independent director of TVS Capital Funds and serves on the China–India advisory council of CFA Institute. He holds a BS in electrical engineering from MIT, a master’s degree in engineering science from Harvard University, an MBA from Harvard Business School, and a PhD from Harvard University, where he specialized in capital markets.
915 E High Street
Charlottesville, VA 22902
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.
Treasurer, CFA Institute
Member of CFA Society Brazil
Director, Federal National Mortgage Association
Member of CFA Society Boston
Diane C. Nordin, CFA, is a director at Fannie Mae and Antares Capital and a former partner at Wellington Management Company. At Wellington, she held several roles—including director of fixed income, director of global relationships management, and director of fixed-income management—and served on numerous committees. Previously, Nordin worked at Fidelity Investments and Putnam Advisory Company. She is a trustee of Wheaton College and a board member of Massachusetts College of Art and Design Foundation and the Appalachian Mountain Club. Nordin is a member of the CFA Society Boston and a graduate of Wheaton College.
Partner, Private Wealth Management, Jarislowsky Fraser
1010 Sherbrooke Street W
Montreal, Quebec H3A 2R7
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 currently writing a new book, Fewer, Richer, Greener, to be 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.