CFA DFW Charterholder Chatter

Episode 46: Sticking to Calling Balls and Strikes – Talking OCIO Performance Integrity with Brian Schroeder

Outsourcing the CIO or OCIO function at a university endowment, corporate pension plan, or healthcare system has become commonplace over the past 10 years. In the early days, the deciding factors were operational efficiencies, meeting a target goal objective, and cost. Today, these same organizations want to make sure they made the right decision to outsource, and did they select the right OCIO. 

Today’s guest is Brian Schroeder, who is the founder of OCIO Monitor, a specialty consulting firm that provides due diligence of investment consultants and outsourced chief investment officers. He has over 30 years of investment experience, as both an institutional manager and consultant, and is one of the leading experts in benchmarking and performance reporting transparency. He has been consulted by academics and recently presented to the Securities Exchange Commission’s Division of Exams’ investigators on how to spot performance reporting fraud when conducting routine firm inspections. His forensic analysis is novel by quantitatively scoring the value-add of investment consultants and OCIOs in their five main duties- strategic asset allocation, tactical asset allocation, rebalancing, active manager hiring and active manager firing. 

Schroeder has a Bachelor of Arts degree in economics from Cal State University – East Bay and a Master of Science degree in financial analysis from St. Mary’s College. Growing up, he watched Wall Street Week with Luis Rukeyser. In 7^th grade, he read Adam Smith’s Money Game. 

On this episode, Brian shares his professional journey, why/how he ended up worrying so much about the performance of OCIO providers, and the importance of mistake-based learning.

Too often in our industry, we want to talk about strategies, processes, and achieving alpha. Today, you are in for a treat if you want to hear more about the importance of self and team awareness, culture, making better decisions, and taking advantage of science and research as we better understand personalities, preferences, and motivations. 

Zach Wieder is the Chief Executive Officer of Principles, a company he started with Bridgewater founder and Chairman Ray Dalio. At Principles, he is responsible for building their world-class personality assessment product, PrinciplesYou, that boasts over 2M users, which he built in partnership with world-renowned psychologists Adam Grant and Brian Little. He brings nearly 15 years of experience across management, strategy, operations, and human capital, including 10 years at Bridgewater Associates, the world’s largest hedge fund, where Zach worked directly with Dalio as Head of People and Culture and oversaw the team responsible for key initiatives related to Bridgewater’s management transition. In the context of his experience at Bridgewater and Principles, he has coached over 1,000 employees as well as advised executive teams at multiple startups and fortune 500 companies to help them achieve their performance and culture goals. Zach received his Bachelor of Arts in Comparative Literature from Princeton University.

On today’s episode, Zach shares more about his journey and transition to helping people, teams and organizations improve their level of awareness, collaboration, growth, and having a well-defined culture.

Our podcast is all about the journey, not the destination and today’s special guest has dedicated her professional journey to areas she deeply cares about as she is an inspiration to many throughout the world with her research, writing, and speaking, all in her unique style of communication, which is clear, valuable, and humorous.

Meredith Jones is a well-known expert in the investment industry with over 20 years of experience. Who else can claim a successful TedTalk, being an award-winning author, testifying before the U.S. House of Representatives Financial Services Committee on Diversity and Inclusion, and creating the first Women in Alternative Investments Hedge Fund index? She was also a regular columnist for Institutional Investor and Market Watch. She won’t tell you this, but we will – she is a rock star in our industry with a unique talent and ability to make others laugh while they are learning.

Currently Managing Director and ESG Practice Leader at EY, and Founder of MJ Alternative Investment Research, Meredith is a board member of Rock the Street, Wall Street, which offers programs to educate and equip high school girls with the skills to succeed financially and potentially pursue a career in finance. She was previously a Partner, Global Head of Responsible Investing at Aon, and held senior roles at Rothstein Kass, Barclays Capital, PerTrac Financial Solutions, and Van Hedge Fund Advisors. She is the author of Women of the Street: Why Female Money Managers Generate Higher Returns (And How You Can Too) which provides insight into the behavioral, biological, and cognitive edge female investors can provide. 

Her research on emerging managers (initiated in 2006) and women and minority-owned funds created new investment categories. It has changed the way investors and money managers behave - both in the way investors allocate and how money managers market to and seek investors.

On today’s episode, Meredith shares more about her personal and professional journey, being a strong female voice in a male-dominated industry, and why the combination of intelligence and humor makes her such an effective communicator.

Today’s guest is in the words of a mutual connection a former badass short seller wrapped in the body of a sweet Texas lady. She gave up the short seller life a few years ago to start Paradigm Advisors, an independent fee-only financial advisory firm, catering to younger high net worth professionals.

Michelle Underwood Gass has a passion for helping people and resolving complex issues for her clients while navigating their path towards financial freedom. Her diverse experiences working in different areas of finance – accounting, tax, family office environment, hedge funds and ultimately becoming an entrepreneur – make her uniquely qualified.

Michelle has a Master of Accountancy with a concentration in Taxation and an undergraduate accounting degree, both from the University of Tennessee. She is a Certified Public Accountant, Certified Financial Planner, and Registered Life Planner.

On today’s podcast, Michelle shares her professional journey, importance of working happy, being intellectually curious, networking, and proudest moments.

The combination of experience and conviction is typically a decent recipe for success and today’s guest is a great example of having the courage to pivot professionally (Equity Sales Side Analyst to Portfolio Manager) for what you believe in.

Arvind Sanger is the founder and managing partner of Geosphere Capital, a global long-short fund manager currently investing in natural resources, new energy, and Indian equities. Previously, he was a Portfolio Manager at SAC Capital (his portfolio grew very quickly), running one of the largest equity portfolios and managing a global team based in New York and Singapore. Prior to his tenure at SAC, Arvind had a 15-year career as a top-ranked sell-side oil services & equipment analyst at several firms, including Deutsche Bank, DLJ and Kidder Peabody, among others. Arvind graduated from the Indian Institute of Technology, Bombay, and received his MBA from Tulane University. He is on the board of the Alexander Hamilton Society, Pratham USA and Pratham Educational Foundation in India.

On our episode, Arvind shares his professional journey, why the focus on sustainable energy, time at SAC Capital, inspirations along the way, and proudest moments.

Many times, on our podcast, I ask guests what they are most proud of. Well, on today’s episode, I am beaming with pride to have such a distinguished investment professional who despite incredible success, continues to give back in so many ways. Her curiosity, love for learning, willingness to challenge, and break barriers have contributed to her numerous accomplishments and legacy, while giving back those representing the future.

Jane Buchan has thirty-four years of experience in investment management and portfolio construction with institutional investors and is currently Chief Executive Officer of Martlet Asset Management, a family office established in 2018. Prior to founding Martlet, Jane was CEO of PAAMCO, a fund of hedge funds, which she co-founded in 2000. Under her leadership, the firm grew to $32 billion in assets under management. She began her career at J.P. Morgan Investment Management in the Capital Markets Group, has been an Assistant Professor of Finance at Dartmouth, and recently served as chairwoman of the board for CAIA and is a member of the Advisory Board for the Master of Financial Engineering Program at UCLA Anderson School of Management. In addition, Jane is currently serving on the boards of AGF Management Ltd. and Globe Life, where our local baseball team who just won the World Series calls home.  Jane has won so many awards we don’t have time to list them all. Just know she is a rock star in our industry and has been actively involved in initiatives to advance the careers of women in finance and is a founding Angel for 100 Women in Finance. Jane holds both a Ph.D. and an MA in Business Economics (Finance) from Harvard and earned a BA in Economics from Yale.

Today, Jane shares her amazing professional journey, commitment to education, and why she is so excited about the future of our industry.

Our podcast is all about storytelling. Afterall, who wants to hear another opinion about inflation and interest rates? How many people do you know who grew up working on a cattle ranch, got a degree in music and ended up in the asset management industry? Today, Franklin Parker may not be a famous singer/songwriter in Hollywood, but he has written an interesting book about goals-based investing, which came out last year.

On this episode, Franklin shares his professional and personal journey, the why behind his belief in goals-based investing, and his advice to current and future wealth managers.

Franklin is the founder and chief investment officer of Directional Advisors in Dallas. He is a CFA charterholder, international speaker, and author of numerous peer-reviewed papers and articles. In 2017, Parker was awarded the NAAIM Founder’s Award for Investment Research for his work on merging active investment management and goals-based investing. Before starting Directional Advisors, Franklin was CIO at Bright Wealth Management, Managing Director at CH Wealth Management, and Financial Advisor at Edward Jones and LPL. His degree in music was achieved at the University of North Texas.

Episode #39 – the Diverse and Competitive Interests of Elizabeth Burton – History, Economics, Math, Politics, Solving Problems, and Ice Skating.

You most likely have seen this episode’s guest on CNBC and Bloomberg or followed her insights in various industry publications. Elizabeth Burton is currently a Managing Director and Client Investment Strategist at Goldman Sachs, where she advises institutional clients on their investment strategy. Previously, she was CIO of the Employees’ Retirement System of Hawaii, where she oversaw $19 billion in pension assets. Prior to joining Hawaii, Elizabeth served as Managing Director of the Quantitative Strategies Group at the Maryland State Retirement Agency. Her background also includes owning a strategic advisory practice, serving as a senior economist, consultant, and holding roles with a fund of hedge funds.

Elizabeth received her bachelor's degree in political science and French, from Washington and Lee University, and her MBA in Finance, Econometrics & Statistics from the University of Chicago. She earned the CAIA designation and has been recognized for her work by CIO Magazine. On today’s episode, she shares more about her diverse background, mostly tied to a passion for solving problems, importance of networking, and advice for young women entering our industry.

Many people experience a “fork in the road” moment in their career. In Martha Delgado’s case, a combination of education, luck, timing, valuable mentorship, and pursuit of the CFA charter have contributed to a successful pivot from analyst to business development and client relationship, serving clients globally.

Martha is currently the head of business development for Allspring Global Investments, responsible for Australia, New Zealand, and Latin America. She previously served in senior sales and relationship management roles at Tortoise and State Street Global Advisors, while having experience early in her career as an equity research analyst. Martha earned a BS in Economics and International Affairs at Florida State and MBA at Emory. She is a CFA Charterholder as well.

On today’s podcast, Martha shares her personal and professional journey, interest in international business development, and the importance of career pivoting.

Before he committed to real estate investing, Phil Copulsky was a competitive chess player and college basketball player, both instilling the necessary discipline to read like Buffett, focus on developing long-term relationships, and follow the lead of great mentors. On today’s episode, Phil shares his unique professional and personal journey, the opportunities and challenges investing in direct real estate deals, and his key talking points to future graduates having an interest in finance.

Phil is current a Director, Private Capital at Westmount Realty Capital where he supports new equity capital raising initiatives and individual deal fundraising campaigns. He has over 10 years of experience in financial services, starting his career at Goldman Sachs. He has degrees from Hobart and Williams Smith Colleges and the University of Texas at Austin and is a CFA charterholder.

Today’s conversation will motivate and inspire you to put the time and effort into what matters most in your professional life, including spending time to give back and lead. Lauren Minch currently serves as the first CEO of the CFA Society of Dallas/Fort Worth after spending a career in accounting and finance, two areas she is very proud of and encourages others to follow their own path. She shares more about her amazing journey, her passion for volunteering, and her excitement to lead the local CFA society and community.

Leading an organization with big goals and many stakeholders, Marg Franklin is the President and CEO of the CFA Institute, globally responsible for promoting the highest standards of education, ethics, and professional excellence in the investment profession. Google her name and you will find plenty of articles and podcasts; however, this episode is more about her personal and professional journey, including proudest and humbling moments, and what excites her the most about the future of our industry.

Prior to joining CFAI in 2019, Marg served as chair of the 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, and a member of its Future of Finance Content Council.

Finding finance as the perfect intersection of psychology and math, recognizing the dispersion of public/private return potential, and transitioning to a role of doing vs. talking summarizes the unique journey of Chris Schelling. With degrees in psychology, business, and finance, Chris is an expert at incorporating insights from behavioral finance into investment decision making. During his 20+ year tenure in the investment industry building portfolios, mostly focused on alternatives, Chris has met with over 3,500 managers and allocated roughly $7 billion, generating top quartile to top decile returns across hedge funds, real assets, private credit, and private equity. He currently serves on several investment committees and previously was a Director of Private Equity at Texas Municipal Retirement, Deputy CIO at Kentucky Retirement Systems and Senior Associate, Hedge Fund Research at Mercer. He is also the author of Better than Alpha: Three Steps to Capturing Excess Returns in a Changing World and is a Chartered Alternative Investment Analyst.

On our podcast, Chris shares more about his professional journey, the transition from public pension plans to wealth management, and the future for private investments within an individual’s portfolio.

How often do we have an opportunity to hear the personal and professional story of an investor and leader who happens to play a significant role in one of the country’s largest pension plans? Dan O’Grady is the Assistant Vice President – Investment Management for AT&T and is responsible for overseeing public equity and hedge fund programs across the company’s nearly $100B in investment assets.  Before his current position at AT&T and its predecessors, Dan was responsible for strategic allocations as well as risk management and served as Manager – Capital Reporting; In addition, he was a Financial Analyst for Wilson Sporting Goods; and Senior Accountant for GATX. 

Dan is a Chartered Financial Analyst, Certified Public Accountant, and Charted Alternative Investment Analyst and has a BA from University of Notre Dame, master’s in accounting from University of Missouri, and an MBA from DePaul University.  He serves his community as Assistant Treasurer of the AT&T Foundation and on the investment committee at the Dallas Museum of Art.  Dan has been recognized for numerous industry awards, all of which he never mentioned in previous conversations.

On this episode, Dan shares more details about his personal and professional journey, building a team, proud moments, and commitment to financial literacy.

Right now, you might be in the gym, driving to work or in your office wondering how the heck we are going to keep you interested over the course of 20 minutes talking about bonds. Guess what, I was wondering the same thing before I was connected to our special guest, David Carlson, who is President and Chief Investment Officer at NY-based Lucid Management, a specialized fixed income manager focused on short duration portfolios and cash equivalents.

David has been engaged in the fixed income markets for 30 years as a trader, risk manager, structurer, senior coverage officer and business developer at several global banks and broker dealers. He has managed fixed income portfolios and collateralized transactions through multiple market cycles while overseeing the front-to-back risks and developing portfolio solutions.

He began his fixed income career trading floating rate notes, corporate bonds, and asset-backed securities at UBS and structuring mortgage-backed securities at Goldman Sachs.

David graduated from Harvard University with an MBA in Finance and University of Maryland with High Honors in Economics and General Honors Program.

On today’s chat, David shares his professional journey, why the focus on fixed income over the course of 30 years, learning moments from 2022, proudest moments, and excitement for the future.

Jennifer Hutchins’ love of math and summer internship ultimately led her to a career in finance. Today, she is the manager of the Portfolio Management Group at Avantax and oversees the planning, execution and success of this group and various portfolios. Jennifer started her career in financial planning and wealth management in 2004 as an advisor with A.G Edwards & Sons. She joined Avantax® as an internal support specialist for a business model that partners CPA firms with experienced financial advisors, from 2007–2008 and returned in 2017 after eight years at H. Beck, Inc., where she held various roles including Senior Product Specialist, Investment Analyst and Vice President of Investments.

Jennifer received her Bachelor of Arts degree in political science and economics from Christendom College. She has attained the Chartered Financial Analyst® designation and is a member of the CFA Society of Dallas-Ft. Worth.

On today’s episode, Jennifer shares more about her professional journey, advice for those uncertain about their career purpose, formula for staying calm during uncertain times, and why tax smart investing is important with portfolio design.

Sanjay Chandra has over 30 years of experience as a successful entrepreneur and an active private investor and serves as a principal and managing partner at Trinity Investors and its affiliated companies. In addition to his day-to-day role at Trinity, Sanjay serves as a board member for American Leather, which he co-founded in 1990, and where he was formerly president and CFO.  He also serves as a board member at a variety of companies. Further, Sanjay serves as an Advisory Board member for the Cockrell School of Engineering at the University of Texas at Austin.

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Before co-founding American Leather, Sanjay was employed with Accenture (formerly Andersen Consulting,), where he specialized in computer integrated manufacturing systems, and business systems development. Sanjay also worked with the George Group as director of systems design, where he specialized in cycle-time reduction and other business and manufacturing productivity improvements.

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Sanjay graduated with highest honors from the University of Texas at Austin, earning a Bachelor of Science in electrical and computer engineering. He is a CFA charterholder and member of the CFA Institute.

On today’s episode, Sanjay walks us through his professional and personal journey, approach to investing, proud moments, and the dedication and honor of being an eagle scout.

The path to managing a billion-dollar university endowment is not always the same, and in the case of Geeta Kapadia, there were twists and turns along the way. As the CIO at Fordham University, Geeta is a key member of the University’s executive leadership team, collaborating with the Board of Trustees Finance and Investment Committee and senior leaders in finance, to develop and execute the University’s investment strategy. Prior to joining Fordham in August of 2022, Geeta was the associate treasurer for investments with the nonprofit Yale New Haven Health System, the largest health care system in Connecticut, responsible for over $5 billion in assets. Before her long tenure at Yale, Geeta was a senior investment consultant at Mercer, and investment analyst at Capital Metrics. She is a CFA Charterholder, and longtime member of the CFA Institute, having served on its disciplinary review committee, graded exams, and mentored several investment professionals throughout their pursuit of the CFA Charter. On today’s podcast, Geeta talks about her unique path to our industry and leadership roles, guidance for young professionals, and inspiration we can all use during difficult and uncertain times.

Whenever I think of the Boy Scouts, I have visions of the highly respected eagle scout, knowing how to properly tie a knot, and the outfits in elementary school. Little did I know that one day, I would have their director of investments on our podcast. Pye Yuan is responsible for managing over $2 billion dollars at Boy Scouts of America at their national office in Irving, Texas. His responsibilities include but are not limited to conducting institutional strategic asset allocation and manager structure studies, manager research and due diligence, performance, and risk monitoring. Prior to joining BSA Asset Management in January 2015, he served most recently as an Investment Analyst Intern for the Meadows Foundation in Dallas.

Pye holds a Bachelor of Business Administration in Finance from Michigan Technological University and a Master of Science in Finance and a Master of Science in Information Technology Management, both from The University of Texas at Dallas, and the professional designation of Chartered Financial Analyst, Chartered Financial Risk Manager, Chartered Alternative Investment Analyst and Certificate in Investment Performance Measurement. On today’s episode, Pye shares what skills he looks for when recruiting investment professionals, biggest challenges post-pandemic, and experiences with mentoring. In addition, he would love to spend time with Warren Buffett.

When I think of industry legends in the asset management industry, there are many, but few can claim the longevity, success, and impact of Ron Peyton, who is the long-time leader of Callan, one of the largest independently owned investment consulting firms in the U.S. He joined Callan in 1974, and became executive chairman in 2017, after serving 27 years as the firm’s CEO. As Executive Chairman, he regularly meets with clients and senior industry professionals. Ron is also chairman of the Callan Board of Directors and the Diverse and Emerging Manager Committee. Outside Callan, Ron serves on a variety of boards, including the Chief Diversity Officer Advisory Council, which is part of the Defined Contribution Institutional Investment Association (DCIIA). He is also a “counselor” for the Indiana University Kelley School of Business Dean’s Council and an advocate for the Vista Center for the Blind and Visually Impaired, which Callan has supported for more than 20 years. Ron earned an MBA in finance and BS in accounting at Indiana University. On this episode, Ron shares his perspective on the evolution of the investment business, traits of an effective leader, the importance of diversity within and outside his organization, and honoring your commitments.