CFA Institute Research Foundation Board of Trustees

Trustee Diversity Goals

Professional Diversity
  • 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)
Area of Expertise
  • Equity (public, private, domestic, international)
  • Fixed Income (government, credit, short, long, domestic, international, quality)
  • Alternatives (real estate, commodities, hedge funds, derivatives)
Investment Publication Credentials
  • Representation by trustees who know high quality investment research and the experts who conducting such research
Marketing/Promotion Expertise
  • Representation by trustees who know the global investment community and how to reach out to it
Geographical Diversity
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:
  1. 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.
  2. 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.
  3. 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.

Submit a Nomination

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
Ted Aronson

Ted Aronson CFA

Chair

AJO

230 South Broad Street
20th Floor
Philadelphia, PA 19102

+1-215-546-7500

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.

Joanne Hill

Joanne M. Hill

Vice Chair

Chief Advisor for Research and Strategy, CBOE Vest

1765 Greensboro Station Place
Tower 1; 9th Floor
McLean, VA 22102

Bud Haslett

Bud Haslett FRM, CFA

Executive Director

Executive Director, CFA Institute

915 E High Street
Charlottesville, VA 22902

+1-212-705-1729

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.

Heather Brilliant

Heather Brilliant CFA

Past Chair

President and CEO, Diamond Hill Capital Management, Inc.

Member of CFA Society New York

Heather Brilliant, CFA, is president and CEO of Diamond Hill Capital Management, a boutique listed investment manager based in Columbus, Ohio. Prior to this, she was chief executive officer, Americas, at First State Investments, a global investment management firm headquartered in Sydney, Australia. Prior to joining First State Investments in 2017, she spent 14 years at Morningstar, in roles including chief executive officer of Morningstar Australasia and global head of equity and corporate credit research. Previously, Heather spent several years as an equity research analyst for Coghill Capital Management and Driehaus Capital Management. She has covered a variety of sectors, including pharmaceuticals, biotechnology, business services, and retail. She started her finance career at Bank of America as a corporate finance analyst covering the auto industry. Heather holds a bachelor’s degree in economics from Northwestern University and a master’s degree in business administration from the University of Chicago Booth School of Business. She also holds the Chartered Financial Analyst® designation and is immediate past chair of the CFA Institute Board of Governors and past chair of the CFA Society of Chicago.

Margaret Franklin

Margaret Franklin CFA

President and CEO, CFA Institute

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, Margaret 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, Margaret 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, Margaret had direct oversight of all aspects of the private wealth business. Prior to joining Marret, Margaret was a partner with KJ Harrison & Partners.

Margaret 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. She 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.

She is also a member of the Michael Garron Hospital Foundation Board. Margaret 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.

William Fung

Bill Fung PhD

Aventura, FL

Daniel Gamba

Daniel Gamba CFA

Managing Director and Global Head of Active Equity Product Strategy, BlackRock, Inc.

Member of CFA Society New York

Daniel Gamba, CFA, is a managing director, the global head of active equity product strategy and a member of the Global Operating Committee and Human Capital Committee at BlackRock. Gamba is responsible for platform strategy, product development, and business activities to drive growth across active equities in the Americas, EMEA and Asia Pacific. Prior to this role, Gamba was head of iShares Americas Institutional Business where he led business strategy, client service, and business development for iShares ETFs in the Americas. Gamba joined Barclays Global Investors (BGI) in 2000, before its merger with BlackRock in 2009. At BGI, he was the chief executive officer of the Latin America and Caribbean business. In this role, he grew business from Latin American clients from nil to over $40 billion and expanded BGI’s footprint into Mexico City; Sao Paulo; Santiago, Chile; and Bogota, Colombia, including local asset management operations. Gamba began his career with BGI as a director of global strategy. Previously, he was a senior consultant for financial institutions at A.T. Kearney. From 1990 to 1995, Gamba worked in marketing and product management in Latin America. Gamba is a member of the CFA Institute Board of Governors and currently sits as the co-chair of the Society Partnership Advisory Council. Previously he was a member of the Executive Advisory Board of the Education Advisory Committee and of the Claritas Advisory Committee. Gamba is also a board member of the Council of Urban Professionals, supporting the career progression of professional people of color, and board member of Northwestern University’s Alumni Association. Gamba earned a BS degree in industrial engineering from Pontificia Universidad Católica del Perú in 1989 and an MBA in finance and economics from the Kellogg School of Management at Northwestern University in 1997.

Image of Luis Garcia Feijóo

Luis Garcia-Feijóo CFA, CIPM

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.

JT Grier

John T. Grier CFA

Emeritus Trustee

Director of Internal Equity, Virginia Retirement System

1200 E Main Street
Richmond, VA 23219

+1-804-344-3171

Roger Ibbotson

Roger G. Ibbotson PhD

Emeritus Trustee

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.

Joachim Klement

Joachim Klement CFP, CFA

Head, Investment Research, Fidante Partners

1 Tudor Street
London EC4Y 0AH

+44-0-20-7832-0956

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.

Vikram Kuriyan

Vikram Kuriyan PhD, CFA

Clinical Professor, Indian School of Business

ISB Campus Road
Gachibowli, Hyderabad 50032
Telengana, India

+1-646-462-3731

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.

Jessica Critzer

Jessica Lawson

Secretary

CFA Institute

915 E High Street
Charlottesville, VA 22902

+1-434-951-5446

Aaron Low

Aaron Low CFA

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.

Kim Maynard

Kim Maynard CTP

Treasurer

Treasurer, CFA Institute

Mauro Miranda

Mauro Miranda CFA

Member of CFA Society Brazil

Lotta Moberg headshot

Lotta Moberg CFA

Sophie Palmer

Sophie Palmer CFA

Partner, Private Wealth Management, Jarislowsky Fraser

1010 Sherbrooke Street W
20th Floor
Montreal, Quebec H3A 2R7

Laurence Siegel

Laurence B. Siegel

Research Director

Gary P. Brinson Director of Research, CFA Institute Research Foundation

1229 Maple Avenue
Wilmette, IL 60091

+1-847-256-7056

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.

Dave Uduanu Headshot

Dave Uduanu CFA

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