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
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.
President and CEO, CFA Institute
915 E High Street
Charlottesville, VA 22902
23/F Man Yee Building
68 Des Voeux Road
Central, Hong Kong
Paul Smith leads CFA Institute in promoting the highest standards of education, ethics, and professional excellence in the investment profession. 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.
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.
HFS Hedge Fund Selection S.A.
Chemin des Rannaux 5
1297 Founex Switzerland
Member of CFA Society Switzerland
Frédéric P. Lebel, CFA, has been co-CEO and CIO of OFI MGA and owner of HFS Hedge Fund Selection S.A., based in Geneva, since 2008. Prior to this, he had been an executive vice president at Lombard Odier & Cie in Geneva in charge of hedge fund investments since 1997, after having worked for two years as an assistant to Philippe A. Sarasin, CFA, one of the bank’s managing partners. He began his career in the equity division of Morgan Stanley in New York prior to moving to London. Lebel was founding Co-Chair and then Chair of the European Advocacy Committee in 2000, and the founding Chair and a member of the Capital Market Policy Council of the CFA Institute Centre for Financial Market Integrity. He is currently the Past Chair of the CFA Institute Board of Governors as well as Chair of the Compensation Committee, the Nominating Committee, and the Planning Committee. A past recipient of the Daniel J. Forrestal III Leadership Award for Professional Ethics and Standards of Investment Practice, Lebel holds undergraduate and graduate degrees in finance and accounting from the University of St. Gallen in Switzerland.
Managing Director, First State Investments
10 East 53rd Street, Floor 21
New York, NY 10022
Member of CFA Society New York
Heather Brilliant, CFA, is managing director, Americas of First State Investments. Previously, she served as chief executive officer of Morningstar Australasia, where she led a team of financial services professionals based in Australia and New Zealand. Brilliant has also been global director of equity and corporate credit research at Morningstar. She is vice chair of the CFA Institute Board of Governors and is a past chairman of CFA Society Chicago. Brilliant is co-author of Why Moats Matter: The Morningstar Approach to Stock Investing. Before joining Morningstar, she served as an equity research analyst for boutique investment firms. Brilliant received her bachelor’s degree in economics from Northwestern University and her master’s degree in business administration from the University of Chicago Booth School of Business.
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.
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.
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).
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.
Mauro Miranda, CFA, is president of CFA Society Brazil. He is an investment professional specializing in fixed income, including the structured debt and private credit areas. Mr. Miranda has worked as a trader and structurer, among other positions, at Brazilian and global financial institutions in New York City, London, and Sao Paulo. He earned bachelor’s degrees in international relations and economics from the University of Brasília and an MBA from Columbia Business School, and he holds the financial risk manager (FRM) certification.
Partner, Private Wealth Management, Jarislowsky Fraser
1010 Sherbrooke Street W
Montreal, Quebec H3A 2R7
Tonka Bay, MN
Director of Internal Equity, Virginia Retirement System
1200 E Main Street
Richmond, VA 23219
Blue Moon Communications
1229 Maple Avenue
Wilmette, IL 60091
Laurence B. Siegel is director of investment policy research at the Ford Foundation. Previously, he served as a managing director at Ibbotson Associates, an investment consulting firm that he helped establish in 1979. Mr. Siegel is the author of Benchmarks and Investment Management, an AIMR Research Foundation monograph. He chairs the investment committee of the Trust for Civil Society in Central and Eastern Europe and serves on the investment committee of the NAACP Legal Defense Fund. Mr. Siegel is also a member of the editorial board of the Journal of Portfolio Management and the research review board of the Research Foundation of AIMR. He holds a BA in urban studies and an MBA in finance from the University of Chicago.
915 E High Street
Charlottesville, VA 22902