Future of Finance Advisory Council
The advisory council is composed of a diverse group of experts from finance, education, and the media. It provides oversight for the Future of Finance project and offers independent and strategic advice to CFA Institute staff on the project’s areas of focus.
Roger Urwin is global head of investment content and advisory director at Towers Watson. Previously, he was global head of its investment practice and worked at William Mercer and Gartmore Investment Management. Mr. Urwin is the author of a number of papers on asset allocation policy and manager selection and serves on the board of the Institute for Quantitative Investment Research and as advisory director to MSCI. He is also a member of the Board of Governors of CFA Institute. He holds a master's degree in applied statistics from Oxford University and has qualified as a fellow of the Institute of Actuaries.
Keith Ambachtsheer is director emeritus of the International Centre for Pension Management at the Rotman School of Management at the University of Toronto, founding editor of the Rotman International Journal of Pension Management, and founding academic director of the Rotman-ICPM Board Effectiveness Program for Pension and Other Long-Horizon Investment Institutions. He founded and continues to serve as president of KPA Advisory Services Ltd, which provides strategic advice on governance, finance, and investment matters to governments, industry associations, pension plan sponsors, foundations, and other institutional investors around the world. Mr. Ambachtsheer also co-founded CEM Benchmarking Inc., which monitors the organizational performance of pension plans around the world. He has authored four books on pension management, has received pension industry awards for his work in Europe, the United States, Canada, and the Pacific Rim, and has been named one of the 10 Most Influential Academics in Institutional Investing by aiCIO. Mr. Ambachtsheer currently serves as a member of two corporate boards and four advisory councils.
Paul Chow Man-yiu is a retired finance industry executive. In 2013, he retired as chairman of Plan International Hong Kong and from the position of member and treasurer of the Council and Court of the University of Hong Kong. He has served as chief executive and executive director at the Hong Kong Exchanges and Clearing Limited (HKEx). Prior to his work with HKEx he served as chief executive for the Asia-Pacific region of HSBC Asset Management (Hong Kong). Mr. Chow also worked in executive roles with the Stock Exchange of Hong Kong and Hong Kong Securities Clearing Limited. He holds a BSc in mechanical engineering, a diploma in management studies, and an MBA from the University of Hong Kong. Mr. Chow also received a diploma in finance from the Chinese University of Hong Kong.
Member of CFA Society United Kingdom
Elizabeth Corley, FSIP, is non-executive vice chair of Allianz Global Investors, where she was CEO from 2005 to 2016, first for Europe and then, since 2012, globally. She was previously at Merrill Lynch Investment Managers (formerly Mercury Asset Management), having spent twenty-three years in the asset management industry. Prior to that, she was a consultant, then partner at Coopers & Lybrand, and also worked in the life and pensions industry. Corley is acting chair of the FICC Markets Standards Board UK, a member of the ESMA stakeholder group, a board member of the Investment Association (UK), and on the advisory council of TheCityUK and the AQR Institute of Asset Management. She is also a member of the CEO Forum of European Asset Managers (FEAM) management committee, currently serves on the Future of Finance Advisory Council and previously served on the Board of Governors of CFA Institute. She was made a Fellow of CFA Society of the UK in 2015 and is a liveryman of the Worshipful Company of Marketors. Corley was named asset management CEO of the year by Financial News in 2011. She is a non-executive director of BAE Systems plc, Pearson plc (and remuneration committee chair), the Supervisory Board of Euler SA, and the Financial Reporting Council. Corley is a member of the Committee of 200 and a Fellow of the Royal Society of Arts. From October 2016, Corley will be a trustee of the British Museum and currently serves on their investment subcommittee. She is also a published crime fiction author.
John Kay, FSIP, is a visiting professor of economics at the London School of Economics and a fellow of St. John’s College, Oxford. Previously, he was director of Saïd Business School, University of Oxford. Professor Kay is a fellow of the British Academy, the Royal Society of Edinburgh, and CFA Society United Kingdom, and chaired the review of equity markets and long term decision making for the UK government. He is a director of several public companies, contributes a weekly column to the Financial Times, and is the author of several books, including The Long and the Short of It and Obliquity. His most recent book, Other People’s Money, was published in September 2015. Professor Kay holds an MA degree from the University of Edinburgh and studied at Nuffield College, Oxford.
Angelien Kemna is a non-executive director and member of the audit committee at AXA Group. Previously, she was chief finance and risk officer at APG Group and formerly served as CEO of ING Investment Management Europe. Ms. Kemna was also endowed professor of corporate governance at Erasmus University Rotterdam. She serves on the investment board of Railpen, the investment manager of the U.K. Pension fund RPMI, and she has served as vice-chairman of the supervisory committee of AFM, the Dutch financial industry regulator appointed by the Ministry of Finance. Ms. Kemna has held several other positions on the boards of Duisenberg School of Finance, Child and Youth Finance International, and the supervisory board and audit committee of University of Leiden. She holds an MSc degree in operations research and a PhD degree in finance from Erasmus University Rotterdam.
Charles E. and Susan T. Harris Professor of Finance and Director, Laboratory for Financial Engineering, Sloan School of Management, MIT
Andrew W. Lo is Charles E. and Susan T. Harris Professor of Finance at the MIT Sloan School of Management and the director of MIT’s Laboratory for Financial Engineering. He focuses his research on the fundamental aspects of investments and financial markets, including the measurement of illiquidity risk in hedge fund returns, the growth of systemic risk in the hedge fund industry, and most recently, evolutionary and neurobiological models of individual risk preferences and financial markets. Before joining MIT’s finance faculty, Mr. Lo taught at the University of Pennsylvania’s Wharton School. He has published numerous articles and books on finance and economics. Mr. Lo received his PhD in economics from Harvard University.
Virginie Maisonneuve, CFA, is chief investment officer at Eastspring Investments, the Asian asset management business of Prudential plc. She is responsible for the management and investment performance of Eastspring’s spread of asset classes in Asia, including equities, fixed income, multi-asset solutions, quantitative solutions, and alternatives (including private equity and infrastructure). Ms. Maisonneuve is also a member of the Eastspring Executive Committee. With more than 30 years of global asset management experience, she has also worked for PIMCO as managing director, chief investment officer of equities. Prior to joining PIMCO, she served as head of global equities, director, and portfolio manager at Schroders. Ms. Maisonneuve has also worked at a number of major asset management firms, including Clay Finlay, State Street Research, Batterymarch, and Martin Currie. She achieved a strong track record as a long-term investor in managing institutional and retail mandates across global, European, emerging market, and Asian equities, becoming one of the first investors to launch a China equity fund in the United States. While managing funds directly, Ms. Maisonneuve was a top-rated fund manager and was named as one of the top women in finance in Europe from 2008 to 2014. In 2014, she was selected by industry members for Money Management Executive’s inaugural Top Women in Asset Management Awards. Ms. Maisonneuve served as the chair of the CFA Society UK Gender Diversity network from 2015 to 2016 and as a member of the advisory council of the International Crisis Group. She is also a member of the CFA Institute Future of Finance Advisory Council. Ms. Maisonneuve holds a bachelor’s degree in political economics from the People’s University, Beijing, a master’s degree in Mandarin Chinese from Dauphine University in Paris, and an MBA from the Ecole Superieure Libre des Sciences Commerciales Appliquees.
Barbara Novick is vice chairman at BlackRock, a member of BlackRock's Global Executive and Global Operating Committees, and chair of BlackRock's Government Relation's Steering Committee. She heads the firm's efforts globally on government relations and public policy. Previously, Ms. Novick headed the Global Client Group and oversaw global business development and marketing and client services across equity, fixed-income, liquidity, alternative investment, and real estate products at BlackRock. She also served as vice president in the mortgage products group at the First Boston Corporation and has worked at Morgan Stanley. Ms. Novick is the author of numerous articles on asset management and public policy issues. She currently serves as a trustee of Cornell University, UJA-Federation of New York, and the HCM Foundation and as a member of the CFA Institute Future of Finance Advisory Council and the Reuters Editorial Advisory Board. Ms. Novick holds a BA degree in economics from Cornell University.
Saker Nusseibeh is CEO and head of investment at Hermes Fund Managers. Previously, he served as chief investment officer of global equities and global head of equities at Fortis Investments. Mr. Nusseibeh also served as chief investment officer of global equities and head of marketing at SGAM UK and as a managing director at SGAM. He started his career at Mercury Asset Management. Mr. Nusseibeh is chairman of the 300 Club, a group of leading investment professionals who aim to raise awareness about the potential impact of current market thinking and behavior. He is also a public member of Network Rail.
Andrew Sheng is a distinguished fellow at Fung Global Institute. Previously, he served as chairman of the Securities & Futures Commission of Hong Kong and as a central banker at the Hong Kong Monetary Authority and at Bank Negara Malaysia. Mr. Sheng has also worked at the World Bank and chaired the technical committee of the International Organization of Securities Commissions. He serves as chief adviser to the China Banking Regulatory Commission and as a board member of Khazanah Nasional Berhad, the national treasury of Malaysia. Mr. Sheng also serves as a member of the advisory councils of the China Investment Corporation, the China Development Bank, and Free University of Berlin. He is an adjunct professor at the University of Malaya and at the Tsinghua University School of Economics and Management. Mr. Sheng is the author of From Asian to Global Financial Crisis: An Asian Regulator’s View of Unfettered Finance in the 1990s and 2000s. He holds a BSc in economics and an honorary doctorate from the University of Bristol.
Ng Kok Song is Chairman and Founding Partner of Singapore-based Avanda Investment Management. He was Chief Investment Officer of GIC (Government of Singapore Investment Corporation) until 2013. For over 42 years, he was involved in the investment of Singapore’s foreign reserves. Before joining GIC in 1986, Mr. Ng was at the Ministry of Finance (1970-71) and the Monetary Authority of Singapore (1972-1986). The Singapore Government awarded him the Meritorious Service Medal in 2012. He was the founding chairman of the Singapore International Monetary Exchange (SIMEX), now incorporated into the Singapore Exchange. Mr. Ng is also the founding chairman of the Wealth Management Institute, a director of the Singapore Labour Foundation, and a member of the Strategic Committee at Agence France Trésor. Mr. Ng holds a degree in physics from the National University of Singapore and a degree in management from Stanford University..
Alison Tarditi is Chief Investment Officer of the A$39b Australian Commonwealth Government pension fund. Prior positions include Director of Equity Strategy, Citigroup Australia; Head of Quantitative Asset Allocation, BT Funds Management; and Head of Financial Conditions, Reserve Bank of Australia. Ms. Tarditi has been the Chairman of the long-term investing councils for the World Economic Forum (WEF) since 2014 and is currently Co-Chair of the WEF’s Long-term investing, infrastructure and development Council. In a pro bono capacity, Ms. Tarditi is a Director on the Board of Australian Corporate Engagement Firm, Regnan; the Chairman of the Investment Advisory Board and a Director on the Eastern Territorial Advisory Board of the Salvation Army in Australia; a Director on the Foundation Board and Finance committees of the Art Gallery of New South Wales; and a member of the CFA Institute Advisory Committee on the Future of Finance. Ms. Tarditi has a first class Honours degree and University Medal from James Cook University and a Masters of Science from the London School of Economics, both earned under scholarships from the RBA.