Asset Management

ABN AMRO Asset Management
Acadian Asset Management
AllianceBernstein
Ameriprise Financial, Inc.
Artemis
Bear Stearns
BlackRock
BNP Paribas Asset Management
Columbia Management Group
Citigroup Asset Management (now merged into the subsidiaries of Legg Mason)
Delancey Real Estate Asset Management Ltd — (Advisory and consultancy service)
Deutsche Asset Management
F&C Asset Management
Fidelity Investments
Financial Counselors of Virginia
Fischer Francis Trees & Watts
Fortis Investments [1]
The GMS Group
Goelzer Investment Management
Goldman Sachs Asset Management
ING Investment Management
Insight Investment Management
Invesco Perpetual
Investors Capital Management, incapman.com
JP Morgan Fleming Asset Management
Jupiter Unit Trust managers
Legal & General
Legg Mason
Liontrust
Morgan Keegan & Company - Morgan Asset Management
M&G
NWQ Investment Management Co.
Nuveen Asset Management
ONE Financial Corporation
Pacific Investment Management Company — (PIMCO)
Putnam Investments
Prudential Financial
Rittenhouse Asset Management
RCM - Allianz Global Investors
SHIP - Stone Harbor Investment Partners
SunKosi Capital
Tradewinds NWQ Global Investors
UBS Asset Management
Western Asset Management Company
William Blair & Company - Investment Management

Investment management, the professional management of various securities (shares, bonds etc) and other assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes eg. mutual funds) .

The term asset management is often used to refer to the investment management of collective investments, whilst the more generic fund management may refer to all forms of institutional investment as well as investment management for private investors. Investment managers who specialize in advisory or discretionary management on behalf of (normally wealthy) private investors may often refer to their services as wealth management or portfolio management often within the context of so-called "private banking".

The provision of 'investment management services' includes elements of financial analysis, asset selection, stock selection, plan implementation and ongoing monitoring of investments.

Investment management is a large and important global industry in its own right responsible for caretaking of trillions of dollars, euros, pounds and yen. Coming under the remit of financial services many of the worlds largest companies are at least in part investment managers and employ millions of staff and create billions in revenue.

Fund manager (or investment advisor in the U.S.) refers to both a firm that provides investment management services and an individual(s) who directs 'fund management' decisions.

Contents [hide]
1 Industry scope
1.1 Key problems of running such businesses
1.2 Representing the owners of shares
2 Size of the global fund management industry
2.1 10 largest asset management firms
3 Philosophy, process and people
4 Investment managers and portfolio structures
4.1 Asset allocation
4.2 Long-term returns
4.3 Diversification
5 Investment styles
6 Performance measurement
6.1 Absolute versus relative performance
7 Education or Certification
8 See also
9 References
10 Further reading
11 External links



[Asset Management] Industry scope
The business of investment management has several facets, including the employment of professional fund managers, research (of individual assets and asset classes), dealing, settlement, marketing, internal auditing, and the preparation of reports for clients. The largest financial fund managers are firms that exhibit all the complexity their size demands. Apart from the people who bring in the money (marketers) and the people who direct investment (the fund managers), there are compliance staff (to ensure accord with legislative and regulatory constraints), internal auditors of various kinds (to examine internal systems and controls), financial controllers (to account for the institutions' own money and costs), computer experts, and "back office" employees (to track and record transactions and fund valuations for up to thousands of clients per institution).


[Asset Management] Key problems of running such businesses
Key problems include:

revenue is directly linked to market valuations, so a major fall in asset prices causes a precipitous decline in revenues relative to costs;
above-average fund performance is difficult to sustain, and clients may not be patient during times of poor performance;
successful fund managers are expensive and may be headhunted by competitors;
above-average fund performance appears to be dependent on the unique skills of the fund manager; however, clients are loath to stake their investments on the ability of one or two men or women- they would rather see firm-wide success, attributable to a single philosophy and internal discipline;
evidence suggests that size of an investment firm correlates inversely with fund performance, i.e., the smaller the firm the better the chance of good performance; [citation needed]
analysts who generate above-average returns often become sufficiently wealthy that they eschew corporate employment in favor of managing their personal portfolios.
The most successful investment firms in the world have probably been those that have been separated physically and psychologically from banks and insurance companies. That is, the best performance and also the most dynamic business strategies (in this field) have generally come from independent investment management firms.


[Asset Management] Representing the owners of shares
Institutions often control huge shareholdings. In most cases they are acting as agents (intermediaries between owners of the shares and the companies owned) rather than principals (direct owners). The owners of shares theoretically have great power to alter the companies they own...via the voting rights the shares carry and the consequent ability to pressure managements, and if necessary out-vote them at annual and other meetings.

In practice, the ultimate owners of shares often do not exercise the power they collectively hold (because the owners are many, each with small holdings); financial institutions (as agents) sometimes do. There is a general belief that shareholders - in this case, the institutions acting as agents - could and should exercise more active influence over the companies in which they hold shares (e.g., to hold managers to account, to ensure Boards effective functioning). Such action would add a pressure group to those (the regulators and the Board) overseeing management.

However there is the problem of how the institution should exercise this power. One way is for the institution to decide, the other is for the institution to poll its beneficeries. Assuming that the institution polls should it then vote the entire holding as directed by the majority of votes cast, split vote (where this is allowed) according to the proportions of the vote or respect the abstainers and only vote the respondants holding.

The price signals generated by large active managers holding or not holding the stock contribute to management change.

Some institutions have been more vocal and active in pursuing such matters; for instance, some firms believe that there are investment advantages to accumulating substantial minority shareholdings (i.e, 10% or more) and putting pressure on management to implement significant changes in the business. In some cases, institutions with minority holdings work together to force management change. Perhaps more frequent is the sustained pressure that large institutions bring to bear on management teams through persuasive discourse and PR. On the other hand, some of the largest investment managers - such as Barclays Global Investors and Vanguard - advocate simply owning every company, reducing the incentive to influence management teams.

The national context in which shareholder representation considerations are set is variable and important. The USA is a litigious society and shareholders use the law as a lever to pressure management teams. In Japan it is traditional for shareholders to be low in the 'pecking order,' which often allows management and labor to ignore the rights of the ultimate owners. Whereas US firms generally cater to shareholders, Japanese businesses generally exhibit a stakeholder mentality, in which they seek consensus amongst all interested parties (against a background of strong unions and labour legislation).


[Asset Management] Size of the global fund management industry
Assets of the global fund management industry increased for the third year running in 2006 to reach a record $55.0 trillion. This was up 10% on the previous year and 54% on 2002. Growth during the past three years has been due to an increase in capital inflows and strong performance of equity markets.

Pension assets totalled $20.6 trillion in 2005, with a further $16.6 trillion invested in insurance funds and $17.8 trillion in mutual funds. Merrill Lynch also estimates the value of private wealth at $33.3 trillion of which about a third was incorporated in other forms of conventional investment management.

The US was by far the largest source of funds under management in 2005 with 48% of the world total. It was followed by Japan with 11% and the UK with 7%. The Asia-Pacific region has shown the strongest growth in recent years. Countries such as China and India offer huge potential and many companies are showing an increased focus in this region.[1]


[Asset Management] 10 largest asset management firms
Global Investor’s 2005 top 10 asset managers by assets under management. (Source: BGI)

Rank Company Assets under management
(US$million) Country
1. Barclays Global Investors 1,400,491 UK
2. State Street Global Advisors 1,367,269 US
3. Fidelity Investments 1,299,400 US
4. Capital Group Companies 1,050,435 US
5. Legg Mason 891,400 US
6. The Vanguard Group 852,000 US
7. Allianz Global Investors 790,513 Germany
8. JPMorgan Asset Management 782,646 US
9. Mellon Financial Corporation 738,294 US
10. Deutsche Asset Management 723,366 Germany

Chip Roame (Managing Principal, Tiburon Strategic Advisors)
Greg Ahern (Chief Public Communications Officer, Investment Company Institute)
Gurinder Ahluwalia (President, Genworth Financial Asset Management, Genworth Financial)
Yoshitaka Akamatsu (Chief Operating Officer, Nikko Asset Management, Nikko Cordial Corporation)
Deborah Alexander (General Counsel, Scotia Bank)
Didier Alix (Deputy CEO, Societe Generale)
Julie Allecta (Partner, Paul, Hastings, Janofsky, & Walker)
James Allen (Chairman, Hilliard Lyons, PNC)
Laurence Allen (CEO, Off Road Capital)
Dee Allsop (Group President, US Solutions Research Group, Harris Interactive)
Steele Alphin (Chief Administrative Officer, Bank of America Corporation)
Robert Alvarez (President, Gunn Allen Financial Insurance Group, Gunn Allen Financial)
Raul Anaya (Head of Global Consumer Group, Latin America, Citigroup)
Bruce Anderson (President, First Republic Trust Company, Merrill Lynch)
Gretchen Anderson (Chief Operating Officer, Franklin Templeton Bank & Trust, Franklin Templeton Investments)
Peter Anderson (CEO, CI Investments, CI Financial)
Stephen Anderson (President, Waterstone Financial Group, Pacific Life Insurance Company)
Joseph Antonellis (Vice Chairman, Investment Servicing, North America, State Street Corporation)
Mike Apker (Chief Operating Officer, Envestnet Asset Management)
Victor Apps (Senior Executive Vice President, Asia, Manulife Financial)
Andy Arenberg (Managing Director, Barclays Global Investors, Barclays)
Haluk Ariturk (Executive Vice President, Unifi Mutual Holding Company)
Peter Armenio (Group Head, US & International Personal & Business, Royal Bank of Canada)
Tim Armour (President, Capital Research & Management, The Capital Group Companies)
Tim Armour (Managing Director, Strategic Relationships & Business Development, Morningstar)
Chris Armstrong (Chief Strategy Officer, TD Ameritrade, TD Bank Financial Group)
Jim Ashton (Group Chief Executive Officer, Sungard)
Howard Atkins (Chief Financial Officer, Wells Fargo Bank)
Katherine August-DeWilde (Chief Operating Officer, First Republic Bank, Merrill Lynch)
Robert Bahash (Chief Financial Officer, The McGraw Hill Companies)
Jim Bailey (Chief Operating Officer, US Trust Corporation, Bank of America Corporation)
Peter Bain (Senior Executive Vice President, US Asset Management, Legg Mason)
Sharon Baker-Morin (Executive Vice President, State Street Corporation)
Chuck Baldiswieler (Group Managing Director, TCW Advisor Group & Private Client Services, Trust Company of the West (TCW), Societe Generale)
Rone Baldwin (President, Employee Benefits, Genworth Financial)
Lowry Baldwin (Principal Executive Officer, Davis Baldwin, Wachovia Corporation)
Norm Balthasar (Chief Operating Officer, Fiserv)
Joan Bancroft (President, Berkshire Life Insurance Company of America, Guardian Life Insurance Company of America)
Ajay Banga (CEO, Global Consumer Group, International, Citigroup)
Keith Banks (President, Columbia Management, Bank of America Corporation)
Vivian Banta (Vice Chairman, Insurance Division, Prudential Financial)
James Barnash (Executive Vice President. Ameriprise Financial)
Bill Barrett (CEO, Fiduciary Trust International of California, Fiduciary Trust International, Franklin Templeton Investments)
Bob Barrett (Venture Partner, FT Ventures)
Lisa Barrett (President, Western Division, Citibank, Citigroup)
Paul Barrett (General Manager, Financial Wisdom, Commonwealth Bank)
Tim Barron (CEO, Rogers Casey)
Matthew Bartley (Chief Financial Officer, Marsh & McLennan)
Dominic Barton (Chairman, Asia Pacific, McKinsey & Company)
Gregory Barton (Managing Director, Advice, Brokerage, & Retirement Services, Vanguard Group)
Tony Batman (CEO, 1st Global)
Mones Bazzy (Executive Director, Middle East, Merrill Lynch)
Beverly Bearden (Executive Vice President, Human Resources, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Michael Beber (Chief Strategic Development Officer, Marsh & McLennan)
Robert Belke (Managing Director, Lovell Minnick Partners)
Michael Bell (Executive Vice President, Life Insurance Division, Pacific Life Insurance Company)
Michael Bell (CEO, Curian Capital, Jackson National Life Insurance Company, The Prudential)
Jonathan Bennet (Executive Vice President, Property & Casualty Business, The Hartford)
Philip Bensen (Managing Director, Franklin Templeton Academy, Franklin Templeton Investments)
Steven Bensinger (Chief Financial Officer, American International Group (AIG))
Richard Benson-Amer (Chief Strategy Officer, The Thomson Corporation)
Carol Benz (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Jud Bergman (CEO, Envestnet Asset Management)
Bob Beriault (CEO, Investment Support Services, Fiserv)
Walter Berman (Chief Financial Officer, Ameriprise Financial)
Ed Bernard (Vice Chairman, T. Rowe Price Group)
Brad Bernstein (Partner, FT Ventures)
Peter Beshar (General Counsel, Marsh & McLennan)
Walt Bettinger (President, Schwab Investor Services, The Charles Schwab Corporation)
Jessica Bibliowicz (CEO, National Financial Partners)
Mark Biderman (Chief Financial Officer, National Financial Partners)
Bob Bingham (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Laura Binion (General Counsel, Check Free)
Donald Birdwell (Group Chief Executive Officer, Sungard)
Jean-Paul Bisnaire (Senior Executive Vice President, Business Development, Manulife Financial)
Robert Bissell (Executive Vice President, Wells Capital Management, Wells Fargo Bank)
Steve Black (Managing Director, Operations & Trading, LPL Financial Services)
Judith Blades (Senior Executive Vice President, Property & Casualty Business, The Hartford)
Keith Blitzer (Tax Partner, Marcum & Kliegman)
Fred Bloch (President, US Wholesaling, Alliance Bernstein, Axa Group)
Charles Bobrinskoy (Vice Chairman, Ariel Capital Management)
Mimi Bock (Managing Director, Global Wealth Management Marketing, Morgan Stanley)
Ion Bogdaneris (Managing Director, Alternative Investments Europe, AIG Global Investments Group, American international Group (AIG))
Jennifer Bolt (Executive Vice President, Operations & Technology, Franklin Templeton Investments)
Nicholas Bonn (Executive Vice President, State Street Corporation)
Jean-Laurent Bonnafe (Executive Vice President, French Retail Banking, BNP Paribas)
Steve Booysen (Chief Executive, Absa & Sub-Saharan Africa, Barclays)
Bill Borden (CEO Chief of Staff, Citigroup)
Philippe Bordenave (Executive Vice President, Group Development & Finance, BNP Paribas)
Chris Boruff (President, Advisor Business, Morningstar)
Bob Boulware (CEO, ING Funds Distributor, ING Group)
Linda Bowden (Managing Executive, Wealth Management, Wachovia Corporation)
John Bowen (CEO, CEG Worldwide)
Bobby Bowers (Chief Financial Officer, Wells Real Estate Funds)
Brian Boyden (Executive Vice President, State Farm)
Eric BoyerDeLaGiroday (Executive Vice President, Wholesale Banking, ING Group)
Gregory Boyko (Executive Vice President, International Division, The Hartford)
Tom Bradley (President, TD Ameritrade Institutional Services, TD Ameritrade, TD Bank Financial Group)
John Bremer (Chief Operating Officer, Northwestern Mutual)
Seth Brennan (Executive Vice President, Affiliated Managers Group (AMG))
Butch Britton (CEO, ING Life Business Group, ING Group)
Philip Broadley (Group Finance Director, The Prudential)
Robert Broatch (Chief Financial Officer, Guardian Life Insurance Company of America)
Bill Broderick (Principal, Edward Jones & Company)
Robert Brooks (Group Treasurer, Scotia Bank)
Kevin Brown (Co-Chief Operating Officer, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Marc Brown (Executive Vice President, State Street Global Advisors, State Street Corporation)
Ricky Brown (Senior Executive Vice President, Banking Network, BB&T Corporation)
Sandy Brown (CEO, Transamerica, Aegon)
Stephanie Brown (General Counsel, LPL Financial Services)
Valerie Brown (President, ING Advisors Network, ING Group)
Candace Browning (Head of Global Securities Research & Economics, Merrill Lynch)
Claude Brunet (CEO, Transversal Operations, Axa Group)
Lowell Bryan (Director, McKinsey & Company)
Tim Buckley (Managing Director, Retail Investor Group, Vanguard Group)
Randy Bugh (Executive Vice President, Financial Services, Hilliard Lyons, PNC)
Glynn Burger (Group Risk & Finance Director, Investec)
Steve Burnett (Principal, Hanson McClain)
Eric Byunn (Partner, FT Ventures)
Mathis Cabiallavetta (Chairman, MMC International, Marsh & McLennan)
James Caccivio (Executive Vice President, State Street Corporation)
Peter Cahall (CEO, The Newport Group)
Jack Callahan (President, Fidelity RIA Group, Fidelity Investments)
Michael Cameron (Head of Retail Banking Services, Commonwealth Bank)
John Cammack (Head of Third-Party Distribution, T. Rowe Price Group)
Brett Campbell (Principal, Investment Representative Development, Edward Jones & Company)
James Campisi (President, The Newport Group)
Joe Canavan (CEO, Assante Corporation, CI Financial)
Nick Cann (Chief Executive, Institute of Financial Planning)
Stephen Canter (CEO, The Dreyfus Corporation, The Bank of New York Mellon Corporation)
Lisa Caputo (Chief Marketing, Advertising, & Community Relations Officer, Global Consumer Group, Citigroup)
Paul Carbone (Managing Partner, Baird Capital Partners & Baird Venture Partners, RW Baird & Company)
Richard Carbone (Chief Financial Officer, Prudential Financial)
Peter Cardinal (Executive Vice President, Latin America, Scotia Bank)
Bill Carey (Executive Vice President, Fidelity Investments Institutional Services, Fidelity Investments)
Jeff Carney (President, Fidelity Personal Investments, Fidelity Investments)
Michael Carpenter (CEO, Citigroup Global Investments, Citigroup)
Randy Carrigan (Principal, State Street Global Advisors, State Street Corporation)
Bob Carter (President, NFP Insurance Services, National Financial Partners)
Joseph Caruso (Executive Vice President, Guardian Life Insurance Company of America)
Bob Casato (CEO, Manulife Wood Logan, Manulife Financial)
Timothy Caverly (Executive Vice President, State Street Corporation)
Alberta Cefis (Executive Vice President, Global Transaction Banking, Scotia Bank)
Jerry Chafkin (CEO, IXIS Asset Management US Group, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Rao Chalasani (Chief Investment Officer, Advice America)
Kendall Chalk (Chief Credit Officer, BB&T Corporation)
John Chandler (Chief Marketing Officer, US Insurance Group, Mass Mutual Financial Group)
Lily Chang (Chief Technology Officer, Advent Software)
Jared Chase (Senior Managing Director, State Street Global Advisors, State Street Corporation)
Sanjoy Chatterjee (Chief Technology Officer, CRA Rogers Casey)
John Chesko (Vice Chairman, The Bank of New York Mellon Corporation)
Young Chin (Chief Investment Officer, Pyramis Global Advisors, Fidelity Investments)
Georges ChodronDeCourcel (Chief Operating Officer, BNP Paribas)
Amit Choudhury (Managing Principal, Pinnacle Partners)
Joseph Chow (Executive Vice President, Rick & Corporate Administration, State Street Corporation)
Sylvia Chrominska (Executive Vice President, Human Resources and Public, Corporate, & Government Affairs, Scotia Bank)
Randy Ciccati (CEO, Prime Vest Financial Services, ING Group)
Greg Cicotte (Executive Vice President, Sales, Jackson National Life Insurance Company, The Prudential)
Peter Cieszko (President, Global Distribution, Evergreen Investments, Wachovia Corporation)
Jean Clamon (Chief Operating Officer, BNP Paribas)
Dennis Clark (CEO, Advisor Partners)
Ranjana Clark (Executive Vice President, Treasury Services, Wachovia Corporation)
Robert Clarke (Group Chief Executive Officer, Sungard)
Rick Clayburgh (CEO, North Dakota Bankers Association)
John Clendening (Executive Vice President, Schwab Investor Services, The Charles Schwab Corporation)
Kevin Clifford (President, American Funds Distributors, Capital Group Companies)
Alain Clot (CEO, SG Asset Management, Societe Generale)
Craig Cloyed (President, Calvert Distributors, Calvert, Unifi Mutual Holding Company)
Irv Cohen (President, Gunn Allen Bank, Gunn Allen Financial)
Joan Cohen (President, H&R Block Financial Advisors, H&R Block)
Lawrence Cohen (Chief Technology Officer, Alliance Bernstein, Axa Group)
Steve Cohen (Managing Director, ProFund Advisors)
Peter Coleman (Director, Research, Think Equity Partners)
Arthur Coles (Group President, US Industry Research Groups, Harris Interactive)
Philippe Collas (CEO, SG Global Investment Management & Services, Societe Generale)
Ann Combs (CEO, Institutional Strategic Consulting, Vanguard Group)
Cristobal Conde (CEO, Sungard)
Kip Condron (CEO, Axa Financial, Axa Group)
Frank Connolly (Chief Financial Officer, Harris Interactive)
Donald Conover (Executive Vice President, State Street Corporation)
John Conover (President, Borel Private Bank & Trust Company, Boston Private Financial Holdings)
Gus Constantin (CEO, Phoenix American)
Jeff Conway (Executive Vice President, State Street Corporation)
Kathleen Corbet (President, Standard & Poor's, The McGraw Hill Companies)
Maureen Corcoran (Executive Vice President, State Street Corporation)
Ron Cordes (Chairman, Asset Mark Investment Services, Genworth Financial Asset Management, Genworth Financial)
Guy Cotret (Executive Vice President, Banking Operations, Groupe Caisse D'Epargne)
Brian Cotter (Marketing Manager, Tiburon Strategic Advisors)
Barbara Cowden (Executive Vice President, State Farm)
James Cox (Executive Vice President, Mergers & Acquisitions, Fiserv)
Douglas Craft (Operating Group Chief Financial Officer, Fiserv)
Bill Crager (President, Advisory Services, Envestnet Asset Management)
Crawford Cragun (CEO, Franklin Templeton Bank & Trust, Franklin Templeton Investments)
Laurence Cranch (General Counsel, Alliance Bernstein, Axa Group)
Roger Crandall (Chief Investment Officer, Mass Mutual Financial Group)
Darrell Crate (Chief Financial Officer, Affiliated Managers Group (AMG))
Geoff Crickmay (Executive Vice President, Japan, Manulife Financial)
Robert Crispin (CEO, ING Investment Management Americas, ING US Financial Services, ING Group)
Albert Cristoforo (Executive Vice President, State Street Corporation)
JH Cromarty (President, Eastern Region, Boston Private Financial Holdings)
Gordon Crovitz (Publisher, The Wall Street Journal, Dow Jones & Company)
Dan Crowley (Chief Government Affairs Officer, Investment Company Institute)
Bob Crudup (Executive Vice President, SEI Investments)
Zoe Cruz (Co-President, Morgan Stanley)
Hector Cuellar (President, RSM EquiCo, H&R Block)
Ben Cukier (Partner, FT Ventures)
John Cummings (Head of Corporate & Diversified Financial Services Group, Global Private Client, Merrrill Lynch)
Scott Custer (CEO, RBC Centura Banks, Royal Bank of Canada)
Mike D'Aiutolo (Chief Information Officer, Albridge Solutions)
Bob Daleo (Chief Financial Officer, The Thomson Corporation)
Nathaniel Dalton (Executive Vice President, Affiliated Managers Group (AMG))
Cliff D'Amato (CEO, Matrix Settlement & Clearing Services, MG Colorado Holdings)
Toos Daravula (Director, McKinsey & Company)
Karl Dasher (Chief Investment Officer, SEI Investments)
Andrew Davidson (President, Davidson Investment Advisors, Davidson Companies)
Mike Davidson (Chief Agency & Marketing Officer, State Farm)
Dick Davies (Senior Managing Director, Alliance Bernstein, Axa Group)
Simon Davies (CEO, Threadneedle Investments, Ameriprise Financial)
Chris Davis (Executive Director, Money Management Institute)
Clarence Davis (Chief Operating Officer, American Institute of CPAs)
Jeffrey Davis (President, Dow Jones Licensing Services, Dow Jones & Company)
Peter Davis (Executive Vice President, Global Strategy, The McGraw Hill Companies)
Ray Davis (Group Chief Executive Officer, Sungard)
Reggie Davis (President, Eastern Banking Group, Wachovia Corporation)
Peter Daytz (Chief Investment Officer, Citigroup Trust, Citigroup)
Steve DeAngelis (President, AdvisorPort, PFPC Managed Account Services, PNC)
Gregory Deavens (Chief Financial Officer, US Insurance Group, Mass Mutual Financial Group)
Bill Decker (President, Lydian Trust Company)
Jeremy Deems (Chief Financial Officer, Forward Management)
Pascal Delaunay (Chief Compliance Officer, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Bob DelCol (CEO, Fund Quest, BNP Paribas)
Mike Delfino (President, ING Furman Selz, ING Group)
Donnalee DeMaio (President, Met Life Bank, Metropolitan Life)
Alvaro DeMolina (Chief Financial Officer, Bank of America Corporation)
Armand DePalo (Executive Vice President, Guardian Life Insurance Company of America)
Bevin Desmond (President, International Business, Morningstar)
John DesPrez (CEO, John Hancock Financial Services, Manulife Financial)
Jacques D'Estais (Executive Vice President, Corporate & Investment Banking, BNP Paribas)
Jacques DeVaucleroy (Group President, ING Retail Financial Services Group, ING US Financial Services, ING Group)
Bob Diamond (President, Barclays PLC, Barclays)
John Dickson (Senior Managing Director, CRA Rogers Casey)
Mike DiGirolamo (Managing Director, Investment Advisors Division, Raymond James Financial Services, Raymond James)
Evelyn Dilsaver (CEO, Charles Schwab Investment Management, The Charles Schwab Corporation)
Joseph DiPrisco (CEO, Bank of America Specialist, Bank of America Corporation)
John Dixon (CEO, Mutual Service Corporation, Pacific Life Insurance Company)
Mike Dobbs (Chief Marketing Officer, Wells Real Estate Funds)
Oliver Dobbs (Chief Investment Officer, Tribecca Global Management, Citigroup)
Tom Dobosenski (Executive Vice President, RSM McGladrey, H&R Block)
Chris Dodds (Chief Financial Officer, The Charles Schwab Corporation)
Bob Doll (Vice Chairman, Black Rock, Merrill Lynch)
David Doll (CEO, Kanaly Trust Company)
Thomas Donahue (President, Federated Investors Management Company, Federated Investors)
Steven Donald (Chief Operating Officer, Assante Corporation, CI Financial)
Jim Donley (President, Private Client Group, Wachovia Securities, Wachovia Corporation)
Sharon Donovan-Hart (Executive Vice President, State Street Corporation)
Bob Dorrance (CEO, TD Securities, TD Bank Financial Group)
Bernie Dorval (Co-Chairman, TD Canada Trust, TD Bank Financial Group)
Anne Doss (Senior Vice President, Wealth Management, Wachovia Corporation)
Connie Dotson (Chief Communications Officer, E*Trade Financial)
Michel Douzou (Deputy Head, Retail Banking, Societe Generale France, Societe Generale)
John Dowd (Executive Vice President, The Private Bank, The Bank of New York Mellon Corporation)
Dana Drago (Executive Vice President, Property & Casualty Business, The Hartford)
Lisa Drake (Chief Actuary, Jackson National Life Insurance Company, The Prudential)
Bob Druskin (Chief Operating Officer, Citigroup)
Steven Dryer (Managing Director, Insurance Ratings, Standard & Poor's, The McGraw Hill Companies)
John Drzik (President, Mercer Specialty Consulting, Marsh & McLennan)
Robert Dubrish (CEO, Option One Mortgage Corporation, H&R Block)
Barbara Duck (Senior Executive Vice President, Electronic Delivery Systems, BB&T Corporation)
Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
Michael Dunn (Chief Operating Officer, Global Consumer Group, Citigroup)
Martha Dustin-Boudos (Chief Financial Officer, Morningstar)
Denis Duverne (CEO, Finance, Control, & Strategy, Axa Group)
Bill Dwyer (Managing Director, Branch Development, LPL Financial Services)
Richard Dziadizo (Chief Financial Officer, Axa Financial, Axa Group)
Norman Eaker (Principal, Operations, Edward Jones & Company)
Jeffrey Edwards (Chief Financial Officer, Merrill Lynch)
Phil Edwards (Chief Investment Officer, Standard & Poor's Investment Services, Standard & Poor's, The McGraw Hill Companies)
Thomas Eggers (CEO, The Dreyfus Corporation, The Bank of New York Mellon Corporation)
Mitch Eichen (CEO, MDE Group)
David Eidson (CEO, Trusco Capital, Sun Trust)
Charlie Eisenmann (Chief Operating Officer, Dunham & Associates Investment Counsel)
Steve Elliott (Co-Head, Integration, The Bank of New York Mellon Corporation)
Gary Enos (Executive Vice President, State Street Corporation)
Jerry Enos (Head of Operations, Technology, & eCommerce, Wachovia Corporation)
Victor Esclamdo (President, Team Vest, The Newport Group)
Scott Evans (Executive Vice President, Asset Management, TIAA-CREF)
Ahmass Fakahany (Chief Administrative Officer, Merrill Lynch)
Michael Fanning (Chief Operating Officer, US Insurance Group, Mass Mutual Financial Group)
Kim Fennebresque (CEO, SG Cowen, Societe Generale)
Martuza Ferdous (President, Epluribus, Open Finance Network)
Dennis Ferro (CEO, Evergreen Investments, Wachovia Corporation)
Mark Fetting (Senior Executive Vice President, Global Managed Investments, Legg Mason)
Harold Finders (Group Chief Executive Officer, Sungard)
Laurence Fink (CEO, BlackRock, Merrill Lynch)
Ronald Finkelstein (Tax Partner, Marcum & Kliegman)
Edwin Finn (President, Barron's, Dow Jones & Company)
Steve Finn (Chairman, Trust Company of America)
David First (Tax Partner, Marcum & Kliegman)
Richard Fischer (General Counsel, Navigant Consulting)
Fritz Fisher (Interim CEO, Associated Securities, Pacific Life Insurance Company)
John Fisher (CEO, Federated Investment Advisory Companies, Federated Investors)
Karen Fisher (Managing Director, Scotia Bank)
Ken Fisher (CEO, Fisher Investments)
Richard Fisher (Chairman, Federated Securities Corporation, Federated Investors)
Sean Flannery (Chief Investment Officer, Americas, State Street Global Advisors, State Street Corporation)
Rick Fogg (Principal, The Anodos Group)
Rob Foregger (Chief Strategy Officer, Ever Bank Financial)
Daniel Forte (CEO, Massachusetts Bankers Association)
Jon Foster (CEO, E*Trade Wealth Management, E*Trade Financial)
Patrick Foy (President, Bank Servicing & ePayments, Fiserv)
Richard Franchella (Senior Managing Director, RBC Dain Rauscher, Royal Bank of Canada)
Chris Frankel (Chief Operating Officer, Gunn Allen Financial)
Steve Franklin (Chief of Sales, Wells Real Estate Funds)
John Fraser (CEO, Global Asset Management, UBS)
Simon Freakley (CEO, Kroll, Marsh & McLennan)
Steve Freiberg (CEO, Global Consumer Group, North America, Citigroup)
Randy Fritz (Chief of Staff, Wells Real Estate Funds)
Rick Frisbie (Chief Administrative Officer, Franklin Templeton Investments)
Rick Frueh (CEO, Gunn Allen Financial)
Thibault Fulconis (Chief Financial Officer, Banc West Corporation, BNP Paribas)
Jim Fulp (President, Raymond James Financial Institutions Division, Raymond James)
Peter Gallary (Chief Operating Officer, Investment Company Institute)
Michael Gantt (President, Bank Systems & eProducts Group, Fiserv)
Frank Ganucheau (Partner, GSB Investment Management)
Peter Ganucheau (Partner, GSB Investment Management)
Mac Gardner (Head of Americas Region & Global Bank Group, Global Private Client, Merrill Lynch)
Richard Garman (Managing Partner, FT Ventures)
Jim Garrity (Chief Marketing Officer, Wachovia Corporation)
Richard Garside (Chief Operating Officer, North America, Operations & Technology, Global Consumer Group, Citigroup)
James Gately (Managing Director, Vanguard Group)
Stefan Gavell (Executive Vice President, Regulatory & Industry Affairs, State Street Corporation)
Adam Geiger (Chief Investment Officer, Ivy Asset Management, The Bank of New York Mellon Corporation)
Arlen Gelbard (President, E*Trade Bank, E*Trade Financial)
Bill Gerber (Chief Financial Officer, TD Ameritrade, TD Bank Financial Group)
Seth Gersh (Chief Operating Officer, Think Equity Partners)
Rich Gershen (Managing Director, Evergreen Investments, Wachovia Corporation)
Mike Gianoni (Executive Vice President, Investment Services Division, Check Free)
Thomas Gibbons (Chief Financial Officer, The Bank of New York Mellon Corporation)
Scott Gilbert (Chief Compliance Officer, Marsh & McLennan)
Catherine Gillis-Odelbo (President, Individual Business, Morningstar)
Bill Givens (Chairman, The Japan Fund)
William Glavin (Executive Vice President, US Insurance Group, Mass Mutual Financial Group)
Gilles Glicenstein (CEO, BNP Paribas Asset Management, BNP Paribas)
Ann Glover (Chief Marketing Officer, The Hartford)
Leslie Godrich (Senior Executive Vice President, Asset Management, Private Client Services, & Retail Banking, The Bank of New York Mellon Corporation)
Bill Goings (President, Life Insurance, Genworth Financial)
Tim Gokey (President, US Tax Services, H&R Block)
Glenn Goldberg (President, Information & Media, The McGraw Hill Companies)
Steven Goldstein (Executive Vice President, Public Affairs, TIAA-CREF)
Jacobo Gonzalez-Robatto (Chief Executive, Iberia & Italy, Barclays)
Donna Goodrich (Executive Vice President, Deposit Services, BB&T Corporation)
William Goodyear (CEO, Navigant Consulting)
Bruce Gordon (Senior Executive Vice President, Canada, Manulife Financial)
James Gorman (Chief Operating Officer, Retail Brokerage, Morgan Stanley)
Pamela Gormley (Executive Vice President, State Street Corporation)
Herve Gouezel (Executive Vice President, Group Information Systems, BNP Paribas)
Laura Gough (Managing Director, Corporate & Executive Services and Retirement Plans, RW Baird & Company)
Todd Gravino (Chief Financial Officer, Global Retail & Commercial Banking, Barclays)
Derek Green (President, CI Investments, CI Financial)
Larry Greenberg (CEO, Jefferson National Financial, Inviva Securities Corporation)
Alan Greene (Executive Vice President, State Street Corporation)
Robert Greene (President, Branch Banking and Trust Company, BB&T Corporation)
Keith Gregg (Executive Vice President, Sales, Dunham & Associates Investment Counsel)
Andrew Gregson (Chief Financial Officer, Phoenix American)
Mark Grier (Vice Chairman, Financial Management, Prudential Financial)
Mark Griffin (Chief Investment Officer, Genworth Financial)
Stuart Grimshaw (Group Executive, Premium Business Services, Commonwealth Bank)
Blake Grossman (Chief Executive, Barclays Global Investors, Barclays)
Joby Gruber (CEO, Financial Services Corporation, American International Group (AIG))
Carl Guarino (Executive Vice President, SEI Investments)
Kathleen Gubanich (Managing Director, Human Resources, Vanguard Group)
Paul Guidone (Chief Investments Officer, Global Wealth Management, Citigroup)
Till Guldimann (Vice Chairman, Sungard)
Greg Gunderson (CEO, Investment Centers of America, Jackson National Life Insurance Company, The Prudential)
Howard Gunton (Chief Financial Officer, Mass Mutual Financial Group)
Joseph Guyaux (President, PNC)
Paul Haaga (Executive Vice President, Capital Research & Management Company, Capital Group Companies)
Mitchell Habib (Chief Information Officer, North American Consumer Group, Citigroup)
John Hailer (CEO, CDC IXIS Asset Management Advisors Group, Groupe Caisse D'Epargne)
Thomas Hajda (General Counsel, Ever Bank Financial)
Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan)
Brian Hall (CEO, Thomson Legal & Regulatory, The Thomson Corporation)
Craig Hallowes (Managing Director, Investec)
Jeff Hammer (Senior Managing Director, Bear Stearns Asset Management, The Bear Stearns Companies)
Douglas Hammond (General Counsel, National Financial Partners)
Jerald Hampton (Executive Vice President, Axa Advisors, Axa Group)
Jack Handy (CEO, Financial Network Investment Corporation, ING Advisors Network, ING Group)
Richard Hanks (Chief Operating Officer, Enterprise Media Group, Dow Jones & Company)
Tom Hanly (Chief Investment Officer, Russell Investment Group, Northwestern Mutual)
Wendy Hannam (Executive Vice President, Domestic Personal Banking & Distribution, Scotia Bank)
Peter Harbeck (President, AIG Sun America Asset Management, American International Group (AIG))
Hugh Harley (Group Executive, Group Strategic Development, Commonwealth Bank)
Susan Harnett (Germany Country Officer, Citibank, Citigroup)
Bill Harris (Chairman, My Vest Corporation)
Ray Harris (Acting Chief Operating Officer, Retail Brokerage, Morgan Stanley)
Dick Harryvan (Executive Board Member, ING Group)
Clare Hart (President, Enterprise Media Group, Dow Jones & Company)
Bill Hatanaka (CEO, TD Waterhouse, TD Bank Financial Group)
Paul Hatch (Managing Director, Smith Barney Consulting Group, Smith Barney, Citigroup)
Gates Hawn (Director, Envestnet Asset Management)
David Haynes (Administrative Partner, FT Ventures)
Randy Haynes (Principal, Service, Edward Jones & Company)
Jim Hays (President, Private Client Group, Wachovia Securities, Wachovia Corporation)
Timothy Hayward (Chief Administrative Officer, International Banking, Scotia Bank)
Mark Healy (Chief Operating Officer, National Financial Services Corporation, Fidelity Investments)
Brian Heath (President, US Advisor Group, Ameriprise Financial)
Randy Hecht (Chairman, RS Investments, Guardian Life Insurance Company of America)
Cara Heiden (President, National Consumer & Institutional Lending, Wells Fargo Home Mortgage, Wells Fargo Bank)
Clif Helbert (Principal, Branch Administration, Edward Jones & Company)
Paul Heller (Chief Information Officer, Vanguard Group)
Mike Henkel (President, Ibbotson Associates, Morningstar)
Lisa Henrichsen (Chief Marketing Officer, Ever Bank Financial)
Christopher Henson (Chief Financial Officer, BB&T Corporation)
James Herbert (CEO, First Republic Bank, Merrill Lynch)
Don Herrema (CEO, Private Wealth Management, Morgan Stanley)
Jim Herrington (CEO, The Financial Services Network (FSN))
Bob Herrmann (CEO, Loring Ward Group)
Thomas Hexner (Executive Vice President, Bernstein Global Wealth Management, Axa Group)
Jan Hier-King (Executive Vice President, Human Resources, The Charles Schwab Corporation)
Daryl Hill (Executive Director, Oklahoma Society of CPAs)
Charles Hindmarsh (Executive Vice President, State Street Corporation)
Hirofumi Hirano (Chairman, Nikko Principal Investments Japan, Nikko Cordial Corporation)
Asiff Hirji (President, Private Client Group, TD Ameritrade, TD Bank Financial Group)
Thomas Hirsch (Chief Financial Officer, Fiserv)
James Hirschmann (Chief Operating Officer, Legg Mason)
Mellody Hobson (President, Ariel Capital Management)
Tim Hockey (Co-Chairman, TD Canada Trust, TD Bank Financial Group)
Christopher Hodgson (Executive Vice President, Domestic Personal Banking, Scotia Bank)
Marten Hoekstra (CEO, Wealth Management US, UBS)
Gary Hoffman (Group Vice Chairman, Barclays)
Steve Hohenrieder (Partner, Think Wealth Management, Think Equity Partners)
Jeff Holley (Chief Financial Officer, CUNA Mutual Group)
Elliott Holtz (Executive Vice President, Marketing & Firm Operations, National Financial Partners)
Paul Hondros (President, NWD Investment Group, Nationwide)
Sheila Hooda (Senior Managing Director, Strategy, TIAA-CREF)
Joseph Hooley (Vice Chairman, Investment Servicing and Investment Research & Trading, State Street Corporation)
Thomas Hopkin (Chairman, Waterstone Financial Group, Pacific Life Insurance Company)
Andy Hopping (Chief Financial Officer, Jackson National Life Insurance Company, The Prudential)
Julie Howard (Chief Operating Officer, Navigant Consulting)
Tao Huang (Chief Operating Officer, Morningstar)
Fred Hubbell (Executive Vice President, Insurance, America & Netherlands, ING Group)
Calvin Hudson (Executive Vice President, Property & Casualty Business, The Hartford)
William Hunt (CEO, State Street Global Advisors, State Street Corporation)
Bob Huret (Partner, FT Ventures)
Patty Hurley (Associate Executive Director, Oklahoma Society of CPAs)
John Iachello (Chief Operating Officer, Pershing Advisor Solutions, Pershing, The Bank of New York Mellon Corporation)
Paul Idzik (Group Chief Operating Officer, Barclays)
Brad Iversen (Chief Marketing Officer, H&R Block)
Chandresh Iyer (Managing Director, Citigroup Global Transaction Services, Citigroup)
John Jacobs (Chief Operating Officer, Unifi Mutual Holding Company)
Douglas Jamieson (Chief Financial Officer, CI Financial)
Ben Jenkins (President, General Bank, Wachovia Corporation)
Thomas Jenkins (Executive Chairman, Open Text Corporation)
Dieter Jentsch (Executive Vice President, Domestic Commercial Banking, Scotia Bank)
Alistair Jessiman (CEO, Wallace & Mackenzie, Navigant Consulting)
Brion Johnson (Executive Vice President, Portfolio Management, PPM America, Jackson National Life Insurance Company, The Prudential)
David Johnson (Partner, Harpeth Partners)
David Johnson (Chief Financial Officer, The Hartford)
Greg Johnson (CEO, Franklin Templeton Investments)
Richard Johnson (Chief Financial Officer, PNC)
Shawn Johnson (Chairman, Investment Committee, State Street Global Advisors, State Street Corporation)
Charles Johnston (CEO, Global Private Client Group, Global Wealth Management, Citigroup)
Colleen Johnston (Chief Financial Officer, TD Bank Financial Group)
William Johnstone (CEO, Davidson Companies)
Alan Jones (Co-Head, Private Equity Business, Morgan Stanley Investment Management, Morgan Stanley)
Alton Jones (Chairman, Pershing, The Bank of New York Mellon Corporation)
Bob Jones (President, Retail Distribution, Axa Advisors, Axa Financial, Axa Group)
Michael Jones (Chief Distribution Officer, Columbia Management, Bank of America Corporation)
Pete Jones (Executive Vice President, Western Banking Group, Wachovia Corporation)
Peter Jones (President, Sales Group, Franklin Templeton Investments)
Jerry Joondeph (Chief Financial Officer, Think Equity Partners)
Robert Joseph (Chief Financial Officer, Alliance Bernstein, Axa Group)
Tif Joyce (President, Joyce Financial Management)
Jeffrey Julien (Chief Financial Officer, Raymond James)
Bill Jurika (Chairman, Jurika, Mills, & Keifer)
Lewis Kaden (Chief Administrative Officer, Citigroup)
Tom Kalaris (Chief Executive, Barclays Wealth, Barclays)
Andy Kalbaugh (President, Retail Broker/Dealer Group, American General, American International Group (AIG))
Michael Kalen (Executive Vice President Individual Life Division, The Hartford)
Atul Kamra (President, First Clearing Correspondent Services, Wachovia Corporation)
Deane Kanaly (Chairman, Kanaly Trust Company)
Drew Kanaly (Vice Chairman, Kanaly Trust Company)
Steve Kanaly (Vice Chairman, Kanaly Trust Company)
Steven Kandarian (Chief Investment Officer, Metropolitan Life)
Keith Kane (Vocals & Guitar, Boys Gone Wild)
Richard Kane (Chairman, Albridge Solutions)
Bernard Kantor (Managing Director, Investec)
Robert Kaplan (Executive Vice President, State Street Corporation)
Tim Keaney (Co-CEO, Asset Servicing, The Bank of New York Mellon Corporation)
Kathryn Kearney (Executive Vice President, Corporate Development, Boston Private Financial Holdings)
Patrick Kelleher (Chief Financial Officer, Genworth Financial)
Anastasia Kelly (General Counsel, American International Group, (AIG))
David Kelly (Senior Economic Advisor, Putnam Investments, Marsh & McLennan)
Stan Kelly (President, Wealth Management, Wachovia Corporation)
William Kelly (President, PFS Investments, Primerica, Citigroup)
William Kennedy (Managing Director, Citigroup Investment Research, Global Wealth Management, Citigroup)
Russell Kennett (Executive Vice President, State Street Corporation)
Jerry Kenney (Managing Director, Financial Institutions Group, Investment Banking, Merrill Lynch)
Ed Keon (Chief Mark Strategist, Prudential Financial)
Dallas Kersey (Principal, Marketing, Edward Jones & Company)
Naguib Kheraj (Group Finance Director, Barclays)
Ahmed Khizer-Khan (Chief Executive, New Markets, Barclays)
Kevin Kiley (Chief Operating Officer, Massachusetts Bankers Association)
Mike Kiley (Managing Director, Morgan Stanley)
Bill King (Executive Vice President, State Farm)
Kelly King (Chief Operating Officer, BB&T Corporation)
Bryant Kirk (Chief Operating Officer, The Newport Group)
Elizabeth Kirscher (President, Data Services Business, Morningstar)
James Klescewski (Chief Financial Officer, RS Investments, Guardian Life Insurance Company of America)
Roger Kline (Director, McKinsey & Company)
Leandra Knes-Johnson (CEO, PPM America, Jackson National Life Insurance Company, The Prudential)
Jeffrey Knight (Managing Director, Capital Markets Committee, Putnam Investments, Marsh & McLennan)
Peter Knitzer (Head of Customer Franchise Management, Global Consumer Group, Citigroup)
Richard Knott (President, Oppenheimer Funds Distributor, Oppenheimer Funds, Mass Mutual Financial Group)
Eric Kobren (CEO, Kobren Associates, E*Trade Financial)
Harvey Koeppel (Chief Investment Officer, Global Consumer Group, Citigroup)
Ellen Koplow (General Counsel, TD Ameritrade, TD Bank Financial Group)
Stephen Koseff (CEO, Investec)
Merrillyn Koiser (Executive Vice President, Mutual Fund Marketing & Investor Services, Ariel Capital Management)
Michael Koster (Executive Vice President, Mortgage Operations & Servicing, Ever Bank Financial)
Roberta Kotkin (Chief Operating Officer, New York Bankers Association)
Susan Kozik (Chief Technology Officer, TIAA-CREF)
Damian Kozlowski (CEO, The Citigroup Private Bank, Citigroup)
Darell Krasnoff (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Sallie Krawcheck (CEO, Global Wealth Management, Citigroup)
Elizabeth Krentzman (General Counsel, Investment Company Institute)
Barbara Krumsiek (CEO, Calvert, Unifi Mutual Holding Company)
Arkadi Kuhlmann (CEO, ING Direct USA, ING US Financial Services, ING Group)
Russell Labrasca (Executive Vice President, Private Client Services, Wells Fargo Bank)
Marianne Laing-Hay (CEO, Europe, Global Wealth Management, Citigroup)
Dave Lamere (CEO, Private Wealth Management, The Bank of New York Mellon Corporation)
Jeff Lancaster (Managing Principal, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Bill Landman (Partner, CMS Companies)
Ronald Lang (Group Chief Executive Officer, Sungard)
Pierre Lapomme (CEO, BNP Paribas Asset Management, BNP Paribas)
Todd Larsen (Chief Operating Officer, Consumer Media Group, Dow Jones & Company)
Leland Launer (President, Institutional Business, Metropolitan Life)
Rodger Lawson (Vice Chairman, International Insurance & Investments Division, Prudential Financial)
Mark Lazberger (Executive Vice President, State Street Corporation)
Peter Leahy (Chief Product Officer, State Street Global Advisors, State Street Corporation)
Steve Lebow (Partner, Global Retail Partners)
Vincent Lecomte (Chief Operating Officer, BNP Paribas)
Greg Leekley (CEO, Phoenix Bay Partners, Open Finance Network)
Eli Leenaars (Executive Vice President, Retail Banking, ING Group)
Bernard Lemee (Executive Vice President, Group Human Resources, BNP Paribas)
Derek Lemke-Von Ammon (Partner, FT Ventures)
Gary Lenderink (Executive Vice President, Risk Management Products, Guardian Life Insurance Company of America)
Janet Levaux (Managing Editor; Research; Highline Media; Summit Business Media; Wind Point Partners)
Tobias Levkovich (Chief Market Strategist, Citigroup)
Mickey Levy (Chief Economist, Bank of America Corporation)
Vivien Levy-Garboua (Executive Vice President, Compliance, BNP Paribas)
Chuck Lewis (CEO, My Vest Corporation)
Kenneth Lewis (Interim Chief Financial Officer, Franklin Templeton Investments)
Matt Lewis (Executive Vice President, Electronic Commerce Division, Check Free)
Jerry Lieberman (Chief Operating Officer, Alliance Bernstein, Axa Group)
Jarrett Lilien (Chief Operating Officer, E*Trade Financial)
Karl Lindberg (CEO, ING Financial Partners, ING Group)
Richard Lindsey (Co-Head, Bear, Stearns Securities Corporation, The Bear Stearns Companies)
James Lipscomb (General Counsel, Metropolitan Life)
Bruce Lisman (Head of Institutional Equities, The Bear Stearns Companies)
Jon Little (Executive Vice President, Asset Management, The Bank of New York Mellon Corporation)
Jim Livingston (Executive Vice President, Operations, Jackson National Life Insurance Company, The Prudential)
Suzanne LoBiondo (Tax Partner, Marcum & Kliegman)
Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company)
Bruce Long (Executive Vice President, Equity Products, Guardian Life Insurance Company of America)
Mark Lopez (Managing Director, Strategic Planning, LPL Financial Services)
Joseph LoRusso (President, Fidelity Investments Institutional Services Company (FIIS), Fidelity Investments)
Mark Lotke (Partner, FT Ventures)
Nancy Loucks (Executive Vice President, State Street Corporation)
Edward Loughlin (Executive Vice President, SEI Investments)
Chris Lucas (Group Finance Director, Barclays)
Danny Ludeman (CEO, Wachovia Securities, Wachovia Corporation)
David Lundgren (Chief Products Officer, CUNA Mutual Group)
John Lusk (Executive Vice President, Portfolio Operations, Franklin Templeton Investments)
Art Lutschaunig (President, Morningstar Investment Services, Morningstar)
Tom Lydon (President, Global Trends Investments)
Gary Lynch (General Counsel, Morgan Stanley)
Joe Lyons (Senior Principal, State Street Global Advisors, State Street Corporation)
Cees Maas (Chief Financial Officer, ING Group)
Lynne Mabry (Executive Vice President, 1st Global)
Randy MacDonald (Chief Operating Officer, TD Ameritrade, TD Group)
Joanne Mack (CEO, Park Avenue Securities, Guardian Life Insurance Company of America)
Mary Mack (President, Investment Services Group, Wachovia Securities, Wachovia Corporation)
Garry Mackrell (Group Executive, International Financial Services, Commonwealth Bank)
Stephen MacPhail (Chief Operating Officer, CI Financial)
George Madison (General Counsel, TIAA-CREF)
Phil Mahoney (CEO, Legacy Wealth Planning)
Phil Maisano (Chief Investment Officer, The Dreyfus Corporation, The Bank of New York Mellon Corporation)
Georges Makhoul (President, Middle East & North Africa, Morgan Stanley)
Norman Malo (CEO, National Financial Services Corporation, Fidelity Investments)
Kevin Malone (President, Greenrock Research)
David Mangum (Chief Financial Officer, Check Free)
Clark Manning (CEO, Jackson National Life Insurance Company, The Prudential)
Philipe Marchesseaux (Senior Executive, BNP Paribas Asset Management, BNP Paribas)
Jean-Paul Marchetti (Group Chief Financial Officer, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Pierre Mariani (Executive Vice President, International Retail & Financial Services, BNP Paribas)
Frank Marinangeli (Executive Vice President, Corporate Development, TD Bank Financial Group)
Mark Marinella (Executive Vice President, State Street Corporation)
Ann Marks (Chief Marketing Officer, Dow Jones & Company)
David Marks (Chief Investment Officer, CUNA Mutual Group)
Maura Markus (President, Citibank North America, Global Consumer Group, Citigroup)
Thomas Marra (CEO, Hartford Life, The Hartford)
Stephen Marshall (Principal, State Street Global Advisors, State Street Corporation)
Erwin Martens (Executive Vice President, Risk Management, TIAA-CREF)
JoAnn Martin (Chief Financial Officer, Unifi Mutual Holding Company)
Rodney Martin (Executive Vice President, Life Insurance, American International Group (AIG))
Joe Martinetto (Chief Financial Officer, The Charles Schwab Corporation)
Gary Martinez (Executive Vice President, Phoenix Leasing Portfolio Services, Phoenix American)
Sabi Marwah (Chief Administrative Officer, Scotia Bank)
Paul Masi (CEO, Australia, Merrill Lynch)
Barb Mason (Executive Vice President, Wealth Management, Scotia Bank)
Mark Mason (Chief Financial Officer & Head of Strategy and Mergers & Acquisitions, Global Wealth Management, Citigroup)
Bharat Masrani (CEO, TD Banknorth, TD Bank Financial Group)
JC Massar (President, Capital International Asset Management, Capital Group Companies)
Pierre Mathe (Global Head of Private Banking, Societe Generale)
Jean-Louis Mattei (Head of International Retail Banking, Societe Generale)
Louis Mayberg (President, ProFund Advisors)
Charles Mayer (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Jeffrey Mayer (Co-Head, Fixed Income, The Bear Stearns Companies)
Marc Mayer (Executive Vice President, Alliance Bernstein, Axa Group)
Carolyn Mazzenga (Tax Partner, Marcum & Kliegman)
John McArdle (Group Chief Executive Officer, Sungard)
Dan McAuliffe (Chief Operating Officer, Tribecca Global Management, Citigroup)
Bob McCann (President, Global Private Client Group, Merrill Lynch)
Tim McCarthy (CEO, Nikko Asset Management, Nikko Cordial Corporation)
Pat McClain (Senior Financial Advisor, Hanson McClain)
Dick McCloskey (Managing Partner, Tax & Financial Group)
Ellyn McColgan (Executive Vice President, Fidelity Investments)
James McCool (Executive Vice President, Schwab Corporate & Retirement Services, The Charles Schwab Corporation)
Glenn McCoy (Chief Financial Officer, Wealth Management, Wachovia Corporation)
Randy McCoy (Executive Vice President, Software Division, Check Free)
Ray McCulloch (Executive Vice President, BB&T Corporation)
Jack McDermott (CEO, LaSalle Street Securities)
Stephen McDonald (Co-CEO, Scotia Capital, Scotia Bank)
Eileen McDonnell (President, New England Financial, Metropolitan Life)
Patrick McEvoy (President, Multi Financial Services Corporation, ING Group)
Shannon McFayden (Senior Executive Vice President, Human Resources & Corporate Relations, Wachovia Corporation)
Liam McGee (President, Global Consumer & Small Business Banking, Bank of America Corporation)
Dennis McGonigle (Chief Financial Officer, SEI Investments)
Don McGrath (CEO, Banc West Corporation, BNP Paribas)
Tom McInerney (CEO, ING US Financial Services, ING Group)
Jim McInnis (President, Wholesale Distribution, ING Annuities, ING)
Frank McKenna (Deputy Chairman, TD Bank Financial Group)
Kim McKenzie (Executive Vice President, Information Technology & Solutions, Scotia Bank)
Fergus McKeon (Managing Director, Global Business Development, PFPC International, PFPC, PNC)
Michael McLintock (Chief Executive, M&G, The Prudential)
Tom McManus (Chief Market Strategist, Bank of America Corporation)
William McNabb (Managing Director, Institutional Investor Group, Vanguard Group)
Dan McNamara (Investment Products Group Executive, Bank of America Corporation)
Jack McNamara (President, The Japan Fund)
Henry McVey (Chief Market Strategist, Morgan Stanley)
Debby McWhinney (President, Schwab Institutional, The Charles Schwab Corporation)
Steve McWhorter (CEO, Securities America, Ameriprise Financial)
James Meany (CEO, Lydian Bank & Trust, Lydian Trust Company)
Manual Medina-Mora (CEO, Latin America Business, Citigroup)
Gary Meeks (Vice Chairman, Ever Bank Financial)
Barry Melancon (Executive Director, American Institute of Certified Public Accountants)
Jerry Melia (Chief Financial Officer, Loring Ward International, Loring Ward)
Mendel Melzer (President, Newport Group Securities, The Newport Group)
Ines Mercereau (Head of Corporate Strategy, Societe Generale)
Randy Merk (President, Schwab Financial Products, The Charles Schwab Corporation)
Jody Meth (Executive Vice President, Product Management & Development, National Financial Services Corporation, Fidelity Investments)
Rob Methven (President, Retirement Services Group, Genworth Financial)
Mark Mettleman (CEO, Triad Advisors)
Madge Meyer (Executive Vice President, State Street Corporation)
Kirk Michie (Managing Director, Lenox Advisors)
Douglas Miller (Executive Vice President, State Street Corporation)
James Miller (CEO, SII Investments, Jackson National Life Insurance Company, The Prudential)
Michael Miller (Chief Operating Officer, Scottsdale Insurance, Nationwide)
Michael Miller (Managing Director, Planning & Development Group, Vanguard Group)
Karl Mills (President, Jurika, Mills, & Keifer)
Michael Minikes (Co-Head, Bear, Stearns Securities Corporation, The Bear Stearns Companies)
Alex Moczarski (CEO, Europe, Middle East, & Africa Region, Marsh & McLennan)
Avid Modjtabai (Executive Vice President, Human Resources, Wells Fargo Bank)
Samuel Molinaro (Chief Financial Officer, The Bear Stearns Companies)
Don Monks (Co-Head, Integration, The Bank of New York Mellon Corporation)
David Monroe (General Counsel, Nikko Asset Management, Nikko Cordial Corporation)
Tom Monti (CEO, MML Investor Services, Mass Mutual Financial Group)
John Moody (President, Matrix Settlement & Clearing Services, MG Colorado Holdings)
Kristian Moor (Executive Vice President, Domestic General Insurance, American International Group (AIG))
William Moore (CEO, Met Life Auto & Home, Metropolitan Life)
Nicholas Moreau (CEO, Axa Investment Managers, Axa Group)
Bary Morgan (Chief Investment Officer, Baird Investment Management, RW Baird & Company)
Todd Morgan (Senior Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Tom Morgan (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Tom Moriarty (President, Intersecurities, Aegon)
Osamu Morita (Chief Financial Officer, Nikko Cordial Corporation)
Aled Morris (Managing Director, Harris Interactive Europe, Harris Interactive)
James Morris (Chief Operating Officer, Pacific Life Insurance Company)
Ed Morrison (Chief Operating Officer, Albridge Solutions)
Russ Morton (Director, Global Private Client Branch System, Global Wealth Management, Citigroup)
Victor Moses (Chief Actuary, Genworth Financial)
Brian Moynihan (President Global Wealth & Investment Management, Bank of America Corporation)
Richard Mucci (Executive Vice President, Group Benefits Division, The Hartford)
William Mullaney (President, Institutional Business, Metropolitan Life)
Teresa Mullet-Ressel (CEO, UBS Securities)
Peter Mullin (CEO, Mullin TBG)
Michael Muratore (Executive Vice President, Sungard)
Brian Murphy (CEO, Woodbury Financial Services, The Hartford)
John Murphy (CEO, Oppenheimer Funds, Mass Mutual Financial Group)
Karen Muzi (Principal, State Street Global Advisors, State Street Corporation)
Glenn Myers (Chief Operating Officer, MDE Group)
David Nadler (Vice Chairman, Marsh & McLennan)
Ken Naehu (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
George Napoles (Chief Administrative Officer, Jackson National Life Insurance Company, The Prudential)
Robert Neeley (Managing Partner, Hanson McClain Retirement Network, Hanson McClain)
Thomas Neill (President, Credit Union & Industry Products Group, Fiserv)
Win Neuger (Chief Investment Officer, American International Group (AIG))
Jennings Newcom (General Counsel, Lovell Minnick Partners)
Lynn Niedermeier (CEO, Invest Financial Corporation, Jackson National Life Insurance Company, The Prudential)
Mike Niedermeyer (Executive Vice President, Asset Management, Wells Fargo Bank)
Don Niemann (CEO, Niemann Capital Management)
Keith Nixon (Executive Vice President, Federated Investors)
Frances Nolan (Executive Vice President, Individual Client Services, TIAA-CREF)
Peter Noris (Chief Investment Officer, Ivy Asset Management, The Bank of New York Mellon Corporation)
Kendall Nottingham (Executive Vice President, Life Insurance, American International Group (AIG))
Steve Novik (Chief Financial Officer, Edward Jones & Company)
Tony Nunes (Chief Financial Officer, Albridge Solutions)
Declan O'Beirne (Chief Financial Officer, Gunn Allen Financial)
Dermot O'Brien (Executive Vice President, Human Resources & Corporate Services, TIAA-CREF)
Patrick O'Brien (President, Evergreen Investments, Wachovia Corporation)
David Odenath (President, Prudential Annuities, Prudential Financial)
Noriyuki Ogasawara (Executive Deputy President, Nikko Cordial Securities, Nikko Cordial Corporation)
Jean-Jacques Ogier (CEO, SG Americas, Societe Generale)
Michael O'Keefe (Head of Global Private Client Investment Management & Guidance, Global Wealth Management Group, Merrill Lynch)
Thomas Oliver (CEO, United Planners' Financial Services of America, Pacific Life Insurance Company)
Steve Olsen (Chief Information Officer, Check Free)
Stan Ommen (CEO, State Farm Bank, State Farm)
Peter O'Neill (Executive Vice President, State Street Corporation)
Thomas O'Neill (President, Financial Institutions, Aegon USA, Aegon)
Deanna Oppenheimer (CEO, United Kingdom Retail Banking, Barclays)
Damian Ornani (Co-President, Fisher Investments)
Anthony Orsatelli (Executive Vice President, Investment Banking, Groupe Caisse D'Epargne)
Ed Osborn (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Clyde Ostler (President, Private Client & Internet Services, Wells Fargo Bank)
Brian O'Toole (CEO, Asset Mark Investment Services, Genworth Financial Asset Management, Genworth Financial)
Terry Otton (CEO, RS Investments, Guardian Life Insurance Company of America)
Frederic Oudea (Chief Financial Officer, Societe Generale)
Curt Overway (President, Managed Portfolio Advisors, IXIS Asset Management Advisors Group, Group Caisse D'Epargne)
Ralph Packard (Managing Director, Finance Group, Vanguard Group)
Edythe Pahl (Executive Director, Investment Management Consultants Association)
James Palermo (Co-CEO, Asset Servicing, The Bank of New York Mellon Corporation)
Vincent Paolucci (Tax Partner, Marcum & Kliegman)
Alain Papiasse (Executive Vice President, Asset Management & Services, BNP Paribas)
Purma Pareek (CEO, Advice America)
Jon Parker (President, Western Region, Boston Private Financial Holdings)
Stuart Parker (Executive Vice President, Jennison Associates, Prudential Financial)
Steffen Parratt (Head of Financial Planning & Analysis and Capital Allocation, Citigroup)
David Pauli (Chief Operating Officer, CI Investments, CI Financial)
Karen Peetz (Senior Executive Vice President, Corporate Trust, The Bank of New York Mellon Corporation)
John Peluso (President, Wachovia Securities Financial Network, Wachovia Securities, Wachovia Corporation)
Paul Perkins (President, American Securities Group, Open Finance Network)
Ben Perks (Chief Financial Officer, Navigant Consulting)
Joseph Perry (Tax Partner, Marcum & Kliegman)
Michael Perry (Executive Vice President, AIG Valic, American International Group (AIG))
Dave Petersen (President, Financial Services Advisory)
Grahame Petersen (Group Executive, Wealth Management, Commonwealth Bank)
Francois Petit-Jean (Head of Private Equity, BNP Paribas)
Michael Petronella (President, Dow Jones Indexes & Ventures, Dow Jones & Company)
Michael Petrullo (Chief Administrative Officer, Marsh & McLennan)
Rick Pfeiffer (CEO, AIG Consumer Finance Group, American International Group (AIG))
James Phalen (Executive Vice President, International Investment Servicing and Investment Research & Trading, State Street Corporation)
Don Phillips (Managing Director, Corporate Strategy, Research, & Communications, Morningstar)
Joyce Phillips (Head of International Retail Bank, Global Consumer Group, Citigroup)
Kevin Piccoli (Executive Vice President, Corporate Consulting Group, The Bank of New York Mellon Corporation)
Francois Pierson (CEO, France & Canada, Axa Group)
Steven Pisarkiewicz (Executive Vice President, BNY Asset Management, The Bank of New York Mellon Corporation)
Robert Pitfield (Executive Vice President, International Banking, Scotia Bank)
Jed Plafker (Executive Managing Director, International Retail, Franklin Templeton Investments)
William Plummer (Chief Financial Officer, Dow Jones & Company)
Jeffrey Plunkett (General Counsel, IXIS Asset Management Group, Groupe Caisse D'Epargne)
John Poff (Chief Operating Officer, Mutual Service Corporation, Pacific Life Insurance Company)
Christian Poirier (Head of Strategy & Marketing, Retail Banking, Societe Generale)
Gary Poliner (Chief Financial Officer, Northwestern Mutual)
Brian Porter (Chief Risk Officer, Scotia Bank)
Jeff Powell (Partner, Harpeth Partners)
Michael Powers (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Joel Press (Managing Director, Prime Brokerage Division, Morgan Stanley)
Walter Pressey (President, Boston Private Financial Holdings)
Nick Prettejohn (Chief Executive, Prudential United Kingdom & Europe, The Prudential)
Joe Price (Chief Financial Officer, Bank of America Corporation)
Georganne Proctor (Chief Financial Officer, TIAA-CREF)
Jim Putnam (Managing Director, National Sales, LPL Financial Services)
Andy Putterman (President, Fortigent, Lydian Trust Company)
James Puzniak (President, Lending Solutions, Fiserv)
Deborah Quazzo (President, Think Equity Partners)
Christopher Quick (Chairman, Banc of America Specialist, Bank of America Corporation)
Raymond Quinlan (CEO, North American Retail Distribution, Global Consumer Group, Citigroup)
Alison Quirk (Executive Vice President, State Street Corporation)
Amy Radin (Chief Innovation Officer, Global Consumer Group, Citigroup)
Ernest Rady (Chairman, Wachovia Dealer Financial Business, Wachovia Corporation)
Samir Raslan (CEO, Investments, Asia/Pacific & Middle East Region, Global Wealth Management, Citigroup)
Marty Ratner (Chief Financial Officer, Niemann Capital Management)
Gary Reamey (Principal, Canadian Operations, Edward Jones & Company)
William Reed (Vice Chairman, Geographical Banking, Sun Trust)
Robert Reichert (Chief Financial Officer, Lydian Trust Company)
Alan Reid (President, Forward Management)
Brian Reid (Chief Economist, Investment Company Institute)
Frederick Reidenbach (Chief Financial Officer, Nikko Asset Management, Nikko Cordial Corporation)
Catherine Rein (Chief Administrative Officer, Metropolitan Life)
Len Reinhart (President, Lockwood, The Bank of New York Mellon Corporation)
Patrick Reinkemeyer (President, Morningstar Associates, Morningstar)
Alan Resler (Chief Financial Officer, CRA Rogers Casey)
Kathy Ricord (Chief Marketing Officer, Nationwide)
Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group)
Richard Riess (CEO, Eagle Asset Management, Raymond James)
Neal Ringquist (President, Advisor Software)
Alexander Rinnooy-Kan (Executive Vice President, Insurance, Asia/Pacific & Europe, ING Group)
John Rizzo (Tax Partner, Marcum & Kliegman)
Chuck Roame (Part-Time Database Manager, Tiburon Strategic Advisors)
Ray Robbins (Principal, Products & Services, Edward Jones & Company)
Chuck Robinson (Senior Vice President, Investment Products & Services, Northwestern Mutual)
Tony Rochte (Senior Managing Director, Intermediary Business, State Street Global Advisors, State Street Corporation)
Brian Rogan (Executive Vice President, Issuer & Treasury Services, The Bank of New York Mellon Corporation)
Bill Rogers (Executive Vice President, Wealth & Asset Management, Sun Trust)
James Rogers (Chief Operating Officer, Hilliard Lyons, PNC)
Michael Rogers (President, Investors Bank & Trust, State Street Corporation)
Barr Rosenberg (CEO, Axa Rosenberg, Axa Group)
David Rosenberg (Chief North American Economist, Merrill Lynch)
Robert Rosholt (Chief Financial Officer, Nationwide)
Jim Ross (Senior Managing Director, Intermediary Business, State Street Global Advisors, State Street Corporation)
Peter Ross (Chief Investment Officer, Northwestern Mutual)
Stephen Rossi (Chief Financial Officer, Borel Private Bank & Trust Company, Boston Private Financial Holdings)
Jane Rowe (Executive Vice President, Domestic Personal Lending & Insurance, Scotia Bank)
Sharon Rowlands (CEO, Thomson Financial, The Thomson Corporation)
Trevor Rozowski (CEO, Virtual Bank, Lydian Trust Company)
Peter Rubenovitch (Chief Financial Officer, Manulife Financial)
Billy Rubino (Chief Financial Officer, Envestnet Asset Management)
Andrew Rudd (CEO, Advisor Software)
Jim Ruff (President, Oppenheimer Funds Distributor, Oppenheimer Funds, Mass Mutual Financial Group)
Leonard Rush (Chief Financial Officer, RW Baird & Company)
George Russell (Executive Vice President, State Street Corporation)
Jim Rutrough (Chief Administrative Officer, State Farm)
Bill Ryan (Chairman, TD Banknorth, TD Bank Financial Group)
Neal Ryland (Executive Vice President, Risk Management, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Gregory Salsbury (Executive Vice President, Jackson National Life Distributors, Jackson National Life Insurance Company, The Prudential)
Bill Salus (Executive Vice President, Global Business Development, PFPC, PNC)
Jean-Francois Sammarcelli (Head of Retail Banking, Societe Generale France, Societe Generale)
Robert Sandler (Executive Vice President, Domestic Personal Lines, American International Group (AIG))
Andy Saperstein (Chief Operating Officer, National Sales, Global Wealth Management, Morgan Stanley)
Michael Sapir (CEO, ProFund Advisors)
Gideon Sasson (Chief Information Officer, The Charles Schwab Corporation)
Gus Sauter (Chief Investment Officer, Vanguard Group)
Haruo Sawada (Senior Managing Director, Nikko Asset Management, Nikko Cordial Corporation)
Roger Sayler (Chief Operating Officer, Columbia Management, Bank of America Corporation)
John Scarborough (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Peter Scaturro (CEO, US Trust Corporation, Bank of America Corporation)
Paul Schaeffer (Managing Director, SEI Investments)
Ken Schapiro (President, Condor Capital Management)
Tim Scheve (Senior Executive Vice President, International Asset Management, Legg Mason)
John Schlifski (Senior Vice President, Investment Products & Services and Affiliates, Northwestern Mutual)
Dean Schmelzer (Group President, Marketing & Sales, Fiserv)
Paul Schott Stevens (CEO, Investment Company Institute)
Michael Schroeder (Chief Executive, Private Client Group, RW Baird & Company)
Bob Schulman (CEO, Tremont Group Holdings, Mass Mutual Financial Group)
Gail Schulman (Executive Vice President, Strategic Business Development, Advent Software)
Scott Schulman (President, Dow Jones Financial Information Services, Dow Jones & Company)
John Schumacher (Co-CEO, Scotia Capital, Scotia Bank)
Pam Schutz (CEO, Retirement Income & Investments, Genworth Financial)
Alan Schwartz (Co-Chief Operating Officer, The Bear Stearns Companies)
Mark Schwarzmann (President, Insurance, Annuitities, & Product Distribution, Ameriprise Financial)
Skip Schweiss (Executive Vice President, Fiserv Investment Support Services, Fiserv)
Bertram Scott (Executive Vice President, Strategy, Implementation, & Policy, TIAA-CREF)
William Seale (Chief Economist, ProFund Advisors)
Frits Seegers (Chief Executive, Global Retail & Commercial Banking, Barclays)
Mark Segal (President, Business & Financial Management, Loring Ward International, Loring Ward)
Beth Segers (Managing Director, Putnam Investments, Marsh & McLennan)
Pierre Servant (Executive Vice President, Finance & Risk Management, Groupe Caisse D'Epargne)
Jim Seuffert (Executive Vice President, Lockwood, The Bank of New York Mellon Corporation)
Frances Aldrich Sevilla-Sacasa (President, US Trust Corporation, Bank of America Corporation)
Timothy Shack (CEO, PFPC, PNC)
John Shackleton (CEO, Open Text Corporation)
Lisa Shalett (Executive Vice President, Sanford Bernstein, Axa Group)
Kim Sharan (Chief Marketing & Communications Officer, Ameriprise Financial)
Deepak Sharma (CEO, Asia Pacific & Middle East Region, Global Wealth Management, Citigroup)
Deven Sharma (Executive Vice President, Investment Services & Global Sales, Standard & Poor's, The McGraw Hill Companies)
Jeff Sharp (Investment Advisor Representative, Silverstone Group)
Kevin Sheehan (CEO, Investors Bank & Trust, State Street Corporation)
Stanley Shelton (Executive Vice President, State Street Global Markets, State Street Corporation)
Ken Shields (CEO, Raymond James International, Raymond James)
Yasuaki Shiraishi (Senior Managing Director, Nikko Asset Management, Nikko Cordial Corporation)
Zion Shohet (Head of Strategy and M&A Group, Citigroup)
Dave Short (Chairman, American Funds Distributors, Capital Group Companies)
David Sidwell (Chief Financial Officer, Morgan Stanley)
David Siegel (President, PFS Investments, Primerica, Citigroup)
Richard Silver (General Counsel, Axa Financial, Axa Group)
Ron Silverman (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Robert Simmons (Chief Financial Officer, E*Trade Financial)
Evan Simonoff (Editor-in-Chief, Financial Advisor Magazine, Charter Financial Publishing Network)
Murray Simpson (Executive Vice President, Franklin Templeton Investments)
Arthur Sims (President, Davidson Trust Company, Davidson Companies)
John Sinnott (Vice Chairman, Marsh & McLennan)
Yves Sisteron (Partner, Global Retail Partners)
Claudia Slacik (Global Head of Trade Services & Finance, Global Transaction Services, Corporate & Investment Banking, Citigroup)
Peter Small (President, Pyramis Global Advisors, Fidelity Investments)
David Smilow (Chairman, Jefferson National Financial, Inviva Securities Corporation)
Catherine Smith (Chief Operating Officer, ING US Financial Services, ING Group)
David Smith (Group Publisher, Financial Advisor Magazine, Charter Financial Publishing Network)
Graham Smith (Chief Financial Officer, Advent Software)
Michael Smith (CEO, New York Bankers Association)
Bob Smoke (CEO, Seton Smoke Capital Management)
Mark Snyder (Executive Vice President, State Street Corporation)
Mark Solomon (CEO, CMS Companies)
Maurisa Sommerfield (Executive Vice President, Operations, The Charles Schwab Corporation)
William Sonneborn (Chief Operating Officer, Trust Company of the West (TCW), Societe Generale)
Daniel Sontag (Head of Americas Advisory Division, Global Private Client, Merrill Lynch)
Thomas Sorell (Chief Investment Officer, Guardian Life Insurance Company of America)
Martin South (CEO, United Kingdom Operations, Marsh, Marsh & McLennan)
Brooke Southall (Reporter, Investment News, Crain Communications)
Nicholas Spaeth (Chief Legal Officer, H&R Block)
Warren Spector (Co-Chief Operating Officer, The Bear Stearns Companies)
Frank Speno (Executive Vice President, Business Development, Alliance Bernstein, Axa Group)
Alan Spiegelman (Wealth Management Advisor, Northwestern Mutual)
Paul Spijkers (CEO, ABP Investments, State Street Corporation)
David Spiller (CEO, Guy Carpenter & Company, Marsh & McLennan)
John Spinney (Chief Financial Officer, Investors Bank & Trust, State Street Corporation)
Tom Spitzer (CEO, Summerville Advisors)
Raymond Sprague (Executive Vice President, Business Development Property & Casualty Business, The Hartford)
David Stafford (Assistant to the CEO, The McGraw Hill Companies)
Heidi Stam (General Counsel, Vanguard Group)
Clive Standish (Chief Financial Officer, UBS)
MaryEllen Stanek (Chief Investment Officer, Baird Advisors, RW Baird & Company)
Richard Stanley (CEO, China, Citigroup)
Diana Starcher (Senior Executive Vice President, Customer Service, Sales, & Operations, Wells Fargo Bank)
Clarke Stares (Executive Vice President, Specialized Lending, BB&T Corporation)
Greg Stark (Managing Director, US Individual Investor Services, Russell Investment Group, Northwestern Mutual)
Robert Stasik (Executive Vice President, Payment Solutions & Investor Services, The Bank of New York Mellon Corporation)
Philip Strassler (Tax Partner, Marcum & Kliegman)
Esther Stearns (Chief Operating Officer, LPL Financial Services)
Robert Steinberg (Executive Vice President, The Bear Stearns Companies)
Richard Steiny (President, Asset Mark Investment Services, Genworth Financial Asset Management, Genworth Financial)
Jim Stephenson (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Milford Stern (CEO, ML Stern & Company, Pacific Life Insurance Company)
John Stewart (Managing Director, Citibank North America, Citigroup)
Paul Stewart (Chief Financial Officer, 1st Global)
David Steyn (Executive Vice President, Alliance Bernstein Institutional Investments, Axa Group)
Buck Stinson (President, Long-Term Care Insurance, Genworth Financial)
Floyd Stoner (Executive Director, Congressional Relations & Public Policy, American Bankers Association)
Brian Storms (CEO, Marsh, Marsh & McLennan)
Sam Stovall (Chief Investment Strategist, Standard & Poor's, The McGraw Hill Companies)
John Strangfeld (Vice Chairman, Investment Division, Prudential Financial)
John Straus (Head of Private Wealth Management, UBS)
Joseph Streppel (Chief Financial Officer, Aegon)
David Strickland (Executive Vice President, Community Banking, Ever Bank Financial)
Charlie Stroller (CEO, Charter Financial Publishing Network)
Hal Strong (Chief Financial Officer, Russell Investment Group, Northwestern Mutual)
Otello Sturino (Chief Operating Officer, State Street Global Advisors, State Street Corporation)
Barbara Stymiest (Chief Operating Officer, Royal Bank of Canada)
Norio Suda (Executive Deputy President, Nikko Cordial Securities, Nikko Cordial Corporation)
Wendy Suehrstedt (CEO, Mid-Atlantic Division, TD Banknorth, TD Bank Financial Group)
Hiriaki Sugioka (Vice Chairman, Nikko Cordial Securities, Nikko Cordial Corporation)
Siva Suresh (Non-Executive Chairman, Envestnet Asset Management)
John Surface (Executive Vice President, Corporate Development, Ever Bank Financial)
Cece Sutton (President, Retail Bank, Wachovia Corporation)
Mark Sutton (CEO, UBS Americas, UBS)
Joseph Sweeney (President, Financial Planning, Products, & Services, Ameriprise Financial)
Lawrence Szczech (Senior Advisor, TD Ameritrade, TD Bank Financial Group)
John Taft (CEO, RBC Dain Rauscher, Royal Bank of Canada)
Steve Tait (President, RSM McGladrey Business Services, H&R Block)
Eiichi Takahashi (Chief Administrative Officer, Nikko Asset Management, Nikko Cordial Corporation)
Dour Talir (General Manager, Advisor Services, Scottrade)
Anne Tangen (Executive Vice President, State Street Corporation)
Alan Tapnack (Executive Director, Investec)
Robert Tarter (Executive Vice President, State Street Corporation)
Anne Tatlock (CEO, Fiduciary Trust Company International, Franklin Templeton Investments)
Bill Taylor (President, Managed Assets, Evergreen Invesments, Wachovia Corporation)
George Terhanian (President, Harris Interactive Europe & Global Internet Research, Harris Interactive)
Thomas Territ (President, Federated Securities Corporation, Federated Investors)
John Thiel (Head of Private Banking & Investment Group, Global Wealth Management Group, Merrill Lynch)
Owen Thomas (Acting Chief Operating Officer, Investment Management, Morgan Stanley)
Robert Thompson (Senior Managing Director, Global Alternative Investments, AIG Global Investments Group, American International Group (AIG))
Alex Thomson (Partner, Russell Reynolds Associates)
Todd Thomson (CEO, Global Wealth Management, Citigroup)
Mark Thresher (Chief Operating Officer, Nationwide Financial, Nationwide)
Gary Thursby (Acting Group Executive, Finance & Risk Management, Commonwealth Bank)
Dan Timm (Principal, Sales Hiring & Training, Edward Jones & Company)
Michael Tipsord (Chief Financial Officer, State Farm)
Thomas Tizzio (Senior Vice Chairman, General Insurance, American International Group (AIG))
Carrie Tolstedt (Executive Vice President, Regional Banking, Wells Fargo Bank)
William Toppeta (President, International, Metropolitan Life)
Mark Torkos (Chief Information Officer, North America Consumer Group, Citigroup)
Christopher Toub (CEO, Alliance Bernstein Limited, Alliance Bernstein, Axa Group)
Khanh Tran (Chief Financial Officer, Pacific Life Insurance Company)
Mark Treanor (General Counsel, Wachovia Corporation)
Thomas Tremaine (Executive Vice President, Operations & Administration, Raymond James)
Mike Treske (President, Manulife Wood Logan, Manulife Financial)
Steve Trevor (Co-Head, Private Equity Business, Morgan Stanley Investment Management, Morgan Stanley)
James Tricarico (Principal, Legal, Edward Jones & Company)
Vincent Trosino (Chief Operating Officer, State Farm)
Frank Trotter (President, Ever Bank Direct, Ever Bank Financial)
Bill Trubeck (Chief Financial Officer, H&R Block)
Bob Trunzo (Chief Sales Officer, CUNA Mutual Group)
Ted Truscott (CEO, US Asset Management, Ameriprise Financial)
Don Truslow (Chief Risk Officer, Wachovia Corporation)
Edmund Tse (Senior Vice Chairman, Life Insurance, American International Group (AIG))
K. Tse (Executive Vice President, State Street Corporation)
Stanley Tulin (Vice Chairman, Axa Financial, Axa Group)
Ellen Turf (CEO, National Association of Personal Fianncial Advisors)
David Turner (Partner, West LB Mellon Asset Management, The Bank of New York Mellon Corporation)
John Tyers (Senior Managing Director, Broker/Dealer Clearing & Investment Advisor Services, The Bear Stearns Companies)
Craig Tyle (General Counsel, Franklin Templeton Investments)
Joe Ujobai (Executive Vice President, SEI Investments)
Bill Urban (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Nicholas Utton (Chief Marketing Officer, E*Trade Financial)
David Vaden (Chief Strategy Officer, Harris Interactive)
Christophe Vallee (Executive Vice President, Wealth Management, Bank of the West, BNP Paribas)
Jim Vallone (Chief Auditor, The Bank of New York Mellon Corporation)
Ruurd VanDenBerg (Executive Vice President, Group Finance & Information, Aegon)
Hans VanDerNoordea (Executive Program Member, ING Group)
J. VanDerWerf (Member, Executive Board, Aegon)
Edward VanDolsen (Executive Vice President, Institutional Client Services, TIAA-CREF)
Michiel VanKatwijk (Executive Vice President, Group Corporate Affairs & Investor Relations, Aegon)
Luc Vanneste (Chief Financial Officer, Scotia Bank)
Bruce VanSaun (Chief Financial Officer, The Bank of New York Mellon Corporation)
Alexander VanTienhoven (President, Latin America Region, The Citigroup Private Bank, Global Wealth Management, Citigroup)
Enrique Vasquez (President, Personal Advisor Network, Genworth Financial)
Ashok Vaswali (CEO, Asia Pacific, Global Consumer Group, Citigroup)
Joseph Velli (CEO, BNY Securities Group, The Bank of New York Mellon Corporation)
Robert Venable (Managing Director, Research, RW Baird & Company)
Carl Verboncoeur (CEO, Rydex Investments)
Hans Verkoren (CEO, ING Direct, ING Group)
Peter Voss (CEO, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Terry Wade (President, Insurance Solutions Group, Fiserv)
Dennis Wallestad (Chief Financial Officer, Pershing, The Bank of New York Mellon Corporation)
Craig Waling (CEO, Private Bank, UBS Wealth Management US, UBS)
Brian Walsh (Executive Vice President, State Street Corporation)
John Walters (President, US Wealth Management, The Hartford)
Susan Waring (Chief Administrative Officer, Life, State Farm)
Jana Waring-Greer (President, SunAmerica Retirement Markets, American International Group (AIG))
Jeffrey Warren (Managing Director, Russell Reynolds Associates)
Tracey Warson (Managing Director, Western Region, US Trust Corporation, Bank of America Corporation)
Gib Watson (CEO, Prima Capital Management, Prima Capital Holding)
Wendy Watson (Executive Vice President, State Street Corporation)
John Watts (Vice Chairman, BNP Paribas Asset Management, BNP Paribas)
Lisa Weber (President, Individual Business, Metropolitan Life)
Raoul Weil (CEO, Wealth Management International, UBS)
Jeffrey Weiner (Managing Partner, Marcum & Kliegman)
Irv Weiser (Chairman, RBC Dain Rauscher, Royal Bank of Canada)
Jay Welker (Executive Vice President, Private Client Services, Wells Fargo Bank)
James Wells (Chief Operating Officer, Sun Trust)
Leo Wells (President, Wells Real Estate Funds)
Mike Wells (Chief Operating Officer, Jackson National Life Insurance Company, The Prudential)
Marc West (Chief Information Officer, H&R Block)
James Westlake (Group Head, Canadian Personal & Business, Royal Bank of Canada)
Tony Whatley (CEO, Accessor Capital Management)
William Wheeler (Chief Financial Officer, Metropolitan Life)
Robert Whelan (Chief Financial Officer, Boston Private Financial Holdings)
James Wienclaw (Tax Partner, Marcum & Kliegman)
Steven Wiggs (Chief Marketing Officer, BB&T Corporation)
George Wilbanks (Managing Director, Russell Reynolds Associates)
Bill Wilder (President, Nikko Asset Management, Nikko Cordial Corporation)
Stephen Wilhort (President, Lydian Data Services, Lydian Trust Company)
Jay Wilkinson (Executive Vice President, Group Management, AIG Valic, American International Group (AIG))
Jane Williams (CEO, Sandhill Advisors, Boston Private Financial Holdings)
Michael Williams (Executive Vice President, State Street Corporation)
Blake Wilson (President, Ever Bank Financial)
Chris Wilson (Head of Mutual Funds, Columbia Funds, Bank of America Corporation)
Leon Wilson (Senior Executive Vice President, Operations Division, BB&T Corporation)
Michael Wilson (Executive Vice President, State Street Corporation)
Donna Winn (CEO, OFI Investments, Oppenheimer Funds, Mass Mutual Financial Group)
Chris Winship (Partner, FT Ventures)
Matthew Winter (Executive Vice President, Individual Insurance Group, Mass Mutual Financial Group)
Jay Wintrob (Executive Vice President, Retirement Services, American International Group (AIG))
Peter Wissinger (CEO, Acordia, Wells Fargo Bank)
Kurt Woetzel (Chief Information Officer, The Bank of New York Mellon Corporation)
Robert Wolf (CEO, UBS Americas, UBS)
Chris Wolfe (Chief Investment Officer, Ultra High Net Worth Business, Global Wealth Management Group, Merrill Lynch)
Doug Woods (Chief Information Officer, Ever Bank Financial)
Amy Woods-Brinkley (Global Risk Executive, Bank of America Corporation)
Doreen Woo-Ho (President, Consumer Credit Group, Corporate Trust Services, Wells Fargo Bank)
Janine Wortheim (Chief Marketing Officer, Securities America, Ameriprise Financial)
Tom Wurtz (Chief Financial Officer, Wachovia Corporation)
Alexander Wynaendts (Member, Executive Board, Aegon)
David Wyss (Chief Economist, Standard & Poor's, The McGraw Hill Companies)
Jeff Yabuki (CEO, Fiserv)
Josh Yager (Principal, The Anodos Group)
Ed Yingling (CEO, American Bankers Association)
Arlene Yocum (Managing Executive, PNC Wealth Management, PNC)
Ron Yolles (President, Ronald Yolles Investment Management)
Raymundo Yu (Head of EMEA & Pacific Regions, Global Private Client, Merrill Lynch)
Dennis Zank (President, Raymond James & Associates, Raymond James)
Mary Zimmer (Chief Operating Officer, RBC Dain Rauscher, Royal Bank of Canada)
Michael Zink (President, Guangdong Development Bank, Citigroup)
George Zippel (CEO, Protection Products, Genworth Financial)
Lizabeth Zlatkus (President, International Wealth Management & Group Benefits, The Hartford)
Robert Zuccaro (Chief Accounting Officer, National Financial Partners)
David Zuercher (Executive Vice President, International & Insurance Services, Wells Fargo Bank)
Marcel Zutter (Executive Vice President, State Street Corporation)
David Zwiener (Chief Operating Officer, Property & Casualty Operations, The Hartford)



A I M Management Group Inc.
ABC arbitrage
Aberdeen Asset Management PLC
Aberforth Partners
ABN AMRO Asset Management Holding NV
ABN AMRO Mellon Global Securities Services B.V.
Adam & Company plc
Affiliated Managers Group, Inc. [AMG]
AGF International Advisors Co. Ltd.
AGF Management Limited
AGF Private Equity
AIG Global Investment Group
AIG Retirement Services, Inc.
Alexander Securities Group L.L.C.
Alliance Trust Savings Limited
AllianceBernstein Holding L.P. [AB]
AllianceBernstein L.P.
Allianz Global Investors AG
Allianz Global Investors of America L.P.
Allianz ROSNO Asset Management
Alps Mutual Funds Services, Inc.
Alternative Investment Strategies Ltd.
American Century Companies, Inc.
American Physicians Service Group, Inc. [AMPH]
Ameriprise Financial, Inc. [AMP]
AMP Limited
AMVESCAP PLC [AVZ]
Andor Capital Management, L.L.C.
Arbuthnot Latham & Co., Limited
Archon Group, L.P.
Ardsley Partners
Arnhold and S. Bleichroeder Advisers, LLC
Ashmore Group plc
Assante Corporation
Asset Alliance Corporation
Asset Management Advisors L.L.C.
AssetCo Ltd
Associated Third Party Administrators
Atalanta Sosnoff Capital, LLC
Atlantic Trust Group, Inc.
Avenue Financial Corporation
AWD Holding AG
AXA Advisors, LLC
AXA Financial, Inc.
AXA Rosenberg Group LLC



Baillie Gifford & Co.
Baird Holding Company
Banca Fideuram S.p.A.
Banca Intermobiliare di Investimenti e Gestioni S.p.A.
Bank of Scotland Investment Service
Bank of Scotland Trust Company (International) Limited
Barclays Global Investors, N.A.
Bear Stearns Asset Management Inc.
BKF Capital Group, Inc. [BKFG.PK]
Blue Planet Investment Management Ltd.
BNP Paribas Asset Management
BNP Paribas Banque Priv饼/a>
Board of Pensions of the Evangelical Lutheran Church in America
Brazos Capital Management, L.P.
Brookfield Asset Management Inc. [BAM]
Brown Brothers Harriman & Co.
Brown Shipley & Co. Limited
Butterfield Bank (UK) Limited



Caisse de d鰴t et placement du Qu颥c
Caisse des D鰴ts et Consignations
California Public Employees' Retirement System
California State Teachers' Retirement System
Calvert Group, Ltd.
Capital Hotel Management, LLC
Cardinal Capital Management, Inc.
Carter Financial Management
Caywood-Scholl Capital Management, LLC
CDC Group plc
China Cinda Asset Management Corporation
China Great Wall Asset Management Corporation
CI Financial Income Fund
CIBC Mellon
Citadel Investment Group, L.L.C.
Citigroup Private Bank
CitiStreet LLC
Clerical Medical Investment Group Limited
Clinton Group, Inc.
Coast Asset Management, L.P.
Cohen & Steers, Inc. [CNS]
Columbia Management Group, Inc.
Commonwealth of Pennsylvania State Employees' Retirement System
Computershare Limited [CMSQF.PK]
Conning & Company
Corporate Synergy Group Plc
Coutts Group
Custodial Trust Company



Davis Selected Advisers, L.P.
Delaware Management Holdings, Inc.
Deutsche Asset Management International GmbH
Dimensional Fund Advisors, Inc.
Diversified Investment Advisors, Inc.
Dodge & Cox
Domini Social Investment, LLC
Dresdner Bank Luxembourg S.A.
Duchy of Cornwall
Duff & Phelps Investment Management Co.
Duncan-Hurst Capital Management, L.P.
Dundee Corporation
Dundee Wealth Management Inc.
Dunham & Associates Investment Counsel, Inc.
DWS Scudder



E. ֨man J:or Fondkommission AB
Eaton Vance Corp. [EV]
Elliott Management Corporation
Engemann Asset Management
Enterprise North PLC
Envestnet Asset Management
Envision Capital Management, Inc.
Epoch Holding Corporation [EPHC]
Evercore Partners Inc. [EVR]
Evergreen Investment Management Company, LLC



F&C Asset Management plc
FAF Advisors, Inc.
Fauchier Partners LLP
Federated Investors, Inc. [FII]
Fidelity Investments Institutional Services Company, Inc
Fidelity Investments International
Fiduciary Trust Company International
First Investors Corporation
First Manhattan Co.
First Quadrant L.P.
FirstCity Financial Corporation [FCFC]
Fiserv Trust Company
Fisher Investments
FMR Corp.
Frank Russell Company
Franklin Resources, Inc. [BEN]
Fred Alger Management, Inc.
Froley, Revy Investment Company, Inc.




Gartmore Investment Management plc
General Board of Pension and Health Benefits of The United Metho
Gerrard Limited
Gilman + Ciocia, Inc. [GTAX.PK]
Global Development Resources, Inc.
Guardian Capital Group Limited
Gundaker/Jordan American Holdings, Inc. [JAHI.PK]
Guotai Junan Allianz Fund Management Co., Ltd.



H.D. Vest, Inc.
Hamon Investment Group Pte Limited
Hanseatic Group, Inc.
HBOS Insurance & Investment Group Ltd.
Henderson Global Investors Limited
Henderson Group plc
Hirtle, Callaghan & Co., Inc.
Hokanson Capital Management, Inc.
HSBC Asset Management (Australia) Limited
HSBC Private Bank




ICMA Retirement Corporation
IFG Group plc
IGM Financial Inc.
Ilmarinen Mutual Pension Insurance Company
Impax Group plc
Incam AG
ING Investment Management Americas
Insight Investment Management Limited
Insinger de Beaufort Holdings S.A.
Integrated Asset Management Corp.
Integrated Asset Management plc
International Assets Holding Corporation, Inc. [IAAC]
Intrepid Capital Corporation
INVESCO Institutional (N.A.), Inc.
INVESCO UK Ltd.
Invesmart, Inc.
Investec Limited
Investors Bank & Trust Company
Investors Financial Services Corp. [IFIN]
IPS Advisory, Inc.
IUPAT Industry Pension Fund
Ivy Investment Management Company




J. & W. Seligman & Co. Incorporated
J.J.B. Hilliard, W.L. Lyons, Inc.
Jacob Asset Management of New York LLC
James Brearley & Sons Ltd
Janus Capital Group Inc. [JNS]
JCB Finance Ltd.
JPMorgan Asset Management Holdings Inc.
JPMorgan Private Bank
JPMorgan Worldwide Securities Services
Julius Baer Holding Ltd.
Jupiter Unit Trust Managers Limited
JWM Partners, LLC




Kayne Anderson Rudnick Investment Management, LLC
Kelmoore Investment Company, Inc.
Kleinwort Benson (Channel Islands) Ltd.
Kleinwort Benson Private Bank Ltd.
Knightsbridge Advisers Incorporated
Kobren Insight Management



Laird Norton Tyee Trust Company
Lazard Ltd [LAZ]
LDI, Ltd.
Legg Mason Investment Counsel
Lighthouse Group plc
Liontrust Asset Management PLC
LM Capital Group, LLC
Lombard Odier Darier Hentsch & Cie
London and St Lawrence Investment Company plc
Loring Ward International Ltd.
Los Angeles County Employees Retirement Association
Lydian Trust Company




M&G Investment Management Limited
Mackenzie Financial Corporation
Mairs and Power, Inc.
Man Group plc
Martin Capital Advisors, LLP
Massachusetts Financial Services Company
MCF Corporation [MEM]
MEAG MUNICH ERGO AssetManagement GmbH
Mellon Capital Management Corporation
Mellon Global Investments Limited
Mesirow Financial Holdings, Inc.
Messner & Smith Investment Management, Ltd.
Metropolitan West Asset Management, LLC
Metropolitan West Securities, LLC
MLP AG
Montanaro Investment Managers Limited
Morgan Stanley Investment Management
Morley Fund Management Limited
Morningstar, Inc. [MORN]
MPC M?yer Petersen Capital AG
Multi-Fund Income Trust
Munder Capital Management
Mutual of America Life Insurance Company




National Electrical Benefit Fund
Neuberger Berman Inc.
New York State and Local Retirement System
New York State Teachers' Retirement System
Newton Investment Management Ltd.
NFJ Investment Group LP
Nicholas-Applegate Capital Management LLC
Nollenberger Capital Partners Inc.
Nuveen Investments, Inc. [JNC]
NWQ Investment Management Company, LLC




Oak Associates, ltd.
OAM Avatar, LLC
Octopus Asset Management
Ohio Public Employees Retirement System
Old Mutual (US) Holdings, Inc.
Ontario Teachers' Pension Plan
Operating Engineers Funds, Inc.
OppenheimerFunds, Inc.
Opus Investment Management, Inc.



Pacific Investment Management Company LLC
Pantheon Ventures Limited
Penson Worldwide, Inc. [PNSN]
Pequot Capital Management, Inc.
PFPC Worldwide Inc.
Phoenix Investment Partners, Ltd.
Pioneer Investment Management USA Inc.
Piper Jaffray Companies [PJC]
Premier Asset Management PLC
Principal Financial Group, Inc. [PFG]
Principal Global Investors, LLC
Progress Investment Management Company
Provident Investment Counsel, Inc.
Prudential Investment Management, Inc.
Putnam, LLC


RA Capital Advisors LLC
RAB Capital PLC
Rathbone Brothers Plc
Renaissance Technologies Corporation
Resource America, Inc. [REXI]
Rice Hall James & Associates, LLC
Rockwater Capital Corporation
Rothschild North America Inc.
Roxbury Capital Management, LLC
RS Investment Management, Inc.



Safra National Bank of New York
Sage Advisory Services, Ltd. Co.
Sagitta Asset Management Limited
Sanders Morris Harris Group Inc. [SMHG]
School Employees Retirement System of Ohio
Schroders plc
Scottish Provident International Life Assurance Limited
SEAMARK Asset Management Ltd.
Seneca Capital Management, LLC
Sinopia Asset Management
Skandia Life Assurance Company Limited
Solium Capital Inc.
Soros Fund Management LLC
St. James's Place Bank
St. James's Place plc
Standish Mellon Asset Management Company LLC
Starbuck, Tisdale & Associates
State of Wisconsin Investment Board
State Teachers Retirement System of Ohio
Stichting Pensioenfonds voor de Gezondheid, Geestelijke en Maats
Suffolk Life Group plc


T. Rowe Price Group, Inc. [TROW]
Teacher Retirement System of Texas
Teachers Insurance and Annuity Association - College Retirement
Teachers' Retirement System of the State of Illinois
tecis Holding AG
Terry McDaniel & Company
The 401(k) Companies, Inc.
The Affinity Group, Inc.
The Bank of Bermuda Limited
The Bessemer Group, Incorporated
The Boston Company Asset Management, LLC
The Capital Group Companies, Inc.
The Dreyfus Corporation
The TCW Group, Inc.
The Vanguard Group, Inc.
Thrivent Investment Management Inc.
Trainer Wortham & Company, Inc.
Transamerica Investment Management LLC
Treasury Bank, National Association
Tremont Capital Management, Inc.
Trusco Capital Management, Inc.


U.S. Global Investors, Inc. [GROW]
U.S. Trust Corporation
UMWA Health and Retirement Funds
Unified Financial Services, Inc.
Union Financi貥 de France Banque SA


Value Line, Inc. [VALU]
Van Kampen Investments Inc.


W.P. Stewart & Co. Ltd. [WPL]
Wall Street Associates
Weatherly Asset Management, Inc.
Wellington Management Company, LLP
Wells Capital Management
Westwood Holdings Group, Inc. [WHG]
Winmill & Co. Incorporated [WNMLA.PK]
Winterthur Life UK Limited
WQN, Inc. [WQNI.PK]
 

[Asset Management] Philosophy, process and people
The 3-P's (Philosophy, Process and People) are often used to describe the reasons why the manager is able to produce above average results.

Philosophy refers to the over-arching beliefs of the investment organisation. For example, does the manager buy growth or value shares (and why), does he believe in market timing (and on what evidence), does he rely on external research or does he employ a team of researchers. It is helpful if any and all of such fundamental beliefs are supported by proof-statements.
Process refers to the way in which the overall philosophy is implemented. For example, which universe of assets is explored before particular assets are chosen as suitable investments; how does the manager decide what to buy and when; how does the manager decide what to sell and when; who takes the decisions and are they taken by committee; what controls are in place to ensure that a rogue fund (one very different from others and from what is intended) cannot arise;
People refers to the staff, especially the fund managers. The question is who are they, how are they selected, how old are they, who reports to whom, how deep is the team (and do all the members understand the philosophy and process they are supposed to be using), and most important of all how long has the team been working together. This last question is vital because whatever performance record was presented at the outset of the relationship with the client may or may not relate to (have been produced by) a team that is still in place. If the team has changed greatly (high staff turnover), then arguably the performance record is completely unrelated to the existing team (of fund managers).

[Asset Management] Investment managers and portfolio structures
At the heart of the investment management industry are the managers who invest and divest client investments.

A certified company investment advisor should conduct an assessment of each client's individual needs and risk profile. The advisor then recommends appropriate investments.


[Asset Management] Asset allocation
The different asset classes are stocks, bonds, real-estate, derivatives, and commodities. The exercise of allocating funds among these assets (and among individual securities within each asset class) is for what investment management firms are paid. Asset classes exhibit different market dynamics, and different interaction effects; thus, the allocation of monies among asset classes will have a significant effect on the performance of the fund. Some research suggests that allocation among asset classes has more predictive power than the choice of individual holdings in determining portfolio return. Arguably, the skill of a successful investment manager resides in constructing the asset allocation, and separately the individual holdings, so as to outperform certain benchmarks (e.g., the peer group of competing funds, bond and stock indices).


[Asset Management] Long-term returns
It is important to look at the evidence on the long-term returns to different assets, and to holding period returns (the returns that accrue on average over different lengths of investment). For example, over very long holding periods (eg. 10+ years) in most countries, equities have generated higher returns than bonds, and bonds have generated higher returns than cash. According to financial theory, this is because equities are riskier (more volatile) than bonds which are themselves more risky than cash.


[Asset Management] Diversification
Against the background of the asset allocation, fund managers consider the degree of diversification that makes sense for a given client (given its risk preferences) and construct a list of planned holdings accordingly. The list will indicate what percentage of the fund should be invested in each particular stock or bond. The theory of portfolio diversification was originated by Markowitz and effective diversification requires management of the correlation between the asset returns and the liability returns, issues internal to the portfolio (individual holdings volatility), and cross-correlations between the returns.


[Asset Management] Investment styles
There are a range of different styles of fund management that the institution can implement. For example, growth, value, market neutral, small capitalisation, indexed, etc. Each of these approaches has its distinctive features, adherents and, in any particular financial environment, distinctive risk characteristics. For example, there is evidence that growth styles (buying rapidly growing earnings) are especially effective when the companies able to generate such growth are scarce; conversely, when such growth is plentiful, then there is evidence that value styles tend to outperform the indices particularly successfully.


[Asset Management] Performance measurement
Fund performance is the acid test of fund management, and in the institutional context accurate measurement is a necessity. For that purpose, institutions measure the performance of each fund (and usually for internal purposes components of each fund) under their management, and performance is also measured by external firms that specialise in performance measurement. The leading performance measurement firms (e.g. Frank Russell in the USA) compile aggregate industry data e.g showing how funds in general performed against given indices and peer groups over various time periods.

In a typical case (let us say an equity fund), then the calculation would be made (as far as the client is concerned) every quarter and would show a percentage change compared with the prior quarter (e.g. +4.6% total return in US dollars). This figure would be compared with other similar funds managed within the institution (for purposes of monitoring internal controls), with performance data for peer group funds, and with relevant indices (where available) or tailor-made performance benchmarks where appropriate. The specialist performance measurement firms calculate quartile and decile data and close attention would be paid to the (percentile) ranking of any fund.

Generally speaking it is probably appropriate for an investment firm to persuade its clients to assess performance over a longer periods (e.g. 3 to 5 years) to smooth out very short term fluctuations in performance and the influence of the business cycle. This can be difficult however and, industrywide, there is a serious pre-occupation with short-term numbers and the effect on the relationship with clients (and resultant business risks for the institutions).

An enduring problem is whether to measure before-tax or after-tax performance. After-tax represents the benefit to the investor, but investors tax positions vary. Before tax measurement can mislead, especially in regimens that tax realised capital gains (and not unrealised). A successful active manager, measured before tax, can thus produce a miserable after tax result. One possible solution is to report the after-tax position of some standard tax-payer.


[Asset Management] Absolute versus relative performance
In the USA and the UK, two of the world's most sophisticated fund management markets, the tradition is for institutions to manage client money relative to benchmarks. For example, an institution believes it has done well if it has generated a return of 5% when the average manager has achieved 4%. In other markets however, e.g. Switzerland, the mentality is different and clients and fund managers focus on absolute return management, i.e. returns relative to cash (e.g. Swiss franc or Yen cash) where (performance) fees are payable only if the return exceeds some absolute figure (e.g. 10% per annum).


[Asset Management] Education or Certification
Increasingly, international business schools are incorporating the subject into their course outlines and some have formulated the title of 'Investment Management' conferred as specialist bachelors degrees. (i.e. Cass Business School, London). Due to global cross-recognition agreements with the 2 major accrAsset Managementing agencies AACSB and ACBSP which accrAsset Management over 560 of the best business school programs, the Certification of MFP Master Financial Planner Professional from the American Academy of Financial Management is available to AACSB and ACBSP business school graduates with finance or financial services related concentrations. For people with aspirations to become an investment manager, further education may be needed beyond a B.S. in business, finance, or economics. A graduate degree or Chartered Financial Analyst certification may be required to move up in the ranks of investment management.[citation needed]


[Asset Management] See also
Corporate governance
Investment
Portfolio
List of asset management firms
Active management
Passive management
Exchange Fund
Government financial reports
Risk and capital management in non-life insurance
Kelly Criterion For Stock Market

Portfolio
From Wikipedia, the free encyclopedia
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Look up portfolio in
Wiktionary, the free dictionary.Portfolio may refer to:

Contents [hide]
1 Finance
2 Management and marketing
3 Education and learning
4 The Arts
5 Various



[Asset Management] Finance
Portfolio (finance), a collection of investments held by an institution or a private individual. Holding a portfolio is often part of an investment and risk-limiting strategy called diversification. By owning several assets, certain types of risk (in particular specific risk) can be reduced.

[Asset Management] Management and marketing
In strategic management and marketing, a portfolio is a collection of products, projects, services, or brands that are offered for sale by a company. In building up a product portfolio a company can use various analytical techniques including B.C.G. Analysis, contribution margin analysis, G.E. Multi Factoral analysis,and Quality Function Deployment. Typically a company tries to achieve both diversification and balance in their portfolio of product offerings.
Many portfolio optimization algorithms are based on MPT or Modern Portfolio Theory. The most commonly used method is Mean-Variance optimization where portfolio allocations aim at maximizing the profit while constraining the risk. see also: Product management, strategic management, project management, marketing, problems with portfolio models


[Asset Management] Education and learning
In education, portfolio refers to a personal collection of information describing and documenting a person’s achievements and learning. There is a variety of portfolios ranging from learning logs to extended collections of achievement evidence. Portfolios are used for many different purposes such as accrAsset Managementation of prior experience, job search, continuing professional development, certification of competences.
Tens of millions of people across the world have already used some kind of portfolio. Alone in the UK, more than 4 million people have got a qualification (NVQ) through accrAsset Managementation of prior learning or accrAsset Managementation of work experience, and most of them have built a portfolio to collect the evidence required to get their certificate. The recent explosion of knowledge, information and learning technologies has led to the development of digital portfolios or electronic portfolios, commonly referred as ePortfolios. For example, all participants in the Mississippi Teacher Corps are required to create "digital portfolios" upon the completion of the two-year program. You can also visit the digital portfolio (or ePortfolio) of Thibault Ducret, french student in ENSSEIHT, which is a good example of what is currently done nowadays.


[Asset Management] The Arts
An artist, architect, or fashion model seeking work will be expected to present a portfolio of their prior work, along with recommendations of clients. The work will often consist of photographs, magazine clippings ("tearsheets"), blueprints or mock-ups, or other physical evidence of the trade.
Portfolio, an album by Grace Jones

[Asset Management] Various
A type of briefcase
Electronic portfolio, a collection of electronic documents
Atari Portfolio, a palmtop computer
Extensis Portfolio, a digital asset manager

Corporate title
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Publicly and privately held for-profit corporations confer corporate titles or business titles on company officials as a means of identifying their function in the organization. In addition, many non-profit organizations, educational institutions, partnerships, and sole proprietorships also confer corporate titles. The following is a list of common titles for corporate executives.


[Asset Management] Variations
Note that there are considerable variations in the responsibilities of the titles.

Some companies have a Chairman and CEO, while the number two is the President and COO; other companies have a President and CEO but no official deputy.

Corporate titles are sometimes given more for prestige than out of any differentiation in job function. For example, at CIBC and BMO Financial Group, the position of Chief Operating Officer (COO) was created solely to facilitate the transition, as a means of grooming the future CEO before the current CEO retired. The division head (perhaps Executive Vice President or CEO of a division) is promoted to COO and takes over day-to-day and strategic planning, while the outgoing CEO is relegated to advisory duties. Once the new CEO formally takes power, the COO position is not replaced.

Executive Vice President is most frequently used to refer to a division head, however this position can also be know as Vice Chairman, or even President and CEO of the division, depending upon corporation structure, especially in the latter case when it is operated as a wholly-owned subsidiary instead of an internal division.


[Asset Management] Corporate titles
Executive or Non-Executive Chairperson, Chairman or Chairman of the Board – presiding officer of the corporate Board of Directors. The Chairman influences the board of directors, which in turn elects and removes the officers of a corporation and oversees the human, financial, environmental and technical operations of a corporation. The CEO also often takes on the role of Executive Chairman. Recently, though, many companies have separated the roles of Chairman and CEO, resulting in a non-executive chairman, in order to improve corporate governance.
Chief accounting officer
Chief administrative officer
Chief Analytics Officer or CAO – high level corporate manager with overall responsibility for the analysis and interpretation of data relevant to a company's activities; generally reports to the CEO, or COO.
Chief Business Development Officer or CBDO.
Chief Communications Officer or CCO.
Chief Compliance Officer - in charge of regulatory compliance, especially Sarbanes-Oxley.
Chief Creative Officer
Chief CrAsset Management Officer or CCO.
Chief Data Officer or CDO
Chief Engineering Officer or CEO
Chief Executive Officer or CEO (United States), Chief Executive or Managing director (United Kingdom, Commonwealth and some other English-speaking countries) – The CEO of a corporation is the highest ranking management officer of a corporation and has final decisions over human, financial, environmental, technical operations of the corporation. The CEO is also a visionary, often leaving day-to-day operations to the President, COO or division heads. Other corporate officers such as the COO, CFO, CIO, and division heads report to the CEO. The CEO is also often the Chairman of the Board, especially in closely held corporations and also often in public corporations. Recently, though, many public companies have separated the roles of Chairman and CEO, resulting in a non-executive chairman, in order to improve corporate governance. President and CEO is a popular combination if there is a non-executive chairman.
Chief Financial Officer or CFO – high level corporate officer with oversight of corporate finances; reports to the CEO. May concurrently hold the title of Treasurer or oversee such a position; it must be noted that Finance deals with accounting and audits, while Treasurer deals with company funds.
Chief Information Officer or CIO – high level corporate manager with overall responsibility for the company's information resources and processing environment; generally reports to the CEO or COO.
Chief Information Security Officer or CISO.
Chief Intellectual Property Officer or CIPO - responsible for the management of the IP assets and potential IP-related liabilities of the enterprise.
Chief Knowledge Officer or CKO – high level corporate officer responsible for ensuring that the organization maximizes the value it achieves through "knowledge".
Chief Legal Officer or CLO, the CLO is traditionally referred to as the General Counsel, of GC; or CLO could also stand for Chief Learning officer.
Chief Marketing Officer or CMO.
Chief Medical Officer or CMO; especially in a pharmaceutical company, the person responsible for scientific and medical excellence of the company's research, developmen