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OBJECTIVE
Chief Investment Officer for an institutional portfolio with the following attributes:
Large enough where it can consider any investment opportunity
Small enough where it doesn’t have to exclude unique lower dollar or niche investment opportunities
Accesses the full range of “traditional” and “alternative” assets in order to serve both relative and
absolute performance objectives
Defines “traditional” as including domestic, international, and emerging stocks, bonds, cash, and
real estate
Defines “alternative” as including hedge funds, private equity, private debt, commodities, derivatives,
seed deals, and embryonic manager relationships
Fully harnesses the organization’s unique relative position/stature in order to gain differentiated
access and superior terms with investment managers (both traditional and alternative)
Seeks a best-of-breed standard for forward-looking (as opposed to black-box) risk management and
the reliable satisfaction of expected and unexpected cashflow and liquidity demands
Attracts, retains, and meaningfully develops a team of top-notch, collaborative investment
professionals
Appreciates that investment success is not a short-term phenomenon and is only dependably
defined over the long-term, with periodic course-corrections along the journey
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EXPERIENCE
2008-Today Managing Director of Investment Strategy and Research - Benchmark Plus Management, LLC,
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Tacoma, WA - Hedge fund, fund-of-fund with $2.3 billion deployed across full range of hedge
fund strategies (relative value, event, directional, momentum, idiosyncratic)
Management, Leadership
6 investment professionals, average per person experience 20 years
Spokesperson for the firm with public media
Trustee Board Relationship Management
Primary interface with largest and/or most sophisticated, pension, endowment, foundation, family
office, sovereign wealth funds
Consultative, deep technical solutions-provider across entire range of client needs (e.g.,
alpha/beta allocation, efficient factor exposure management, operational due diligence)
Investment Policy, Strategy, and Tactics
Macro assessment spanning all market segments, identifying most compelling pockets of
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forward-looking alpha opportunity
Intensive research and due diligence on unique, isolated pockets of market mispricings
Risk Management
Critical, portfolio self-assessment, identifying missed or under-appreciated factor exposures
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2008 Chief Investment Officer - Arizona Public Safety Personnel Retirement System, Phoenix, AZ -
Public pension plan with $7.3 billion deployed
Management, Leadership
8 investment professionals, average per person experience 10 years
Restructured, motivated, inspired a team of investment professionals, emphasizing independent
thinking, involvement, comprehensive gathering of background data and information, rigorous
analysis and evaluation, proactive solicitation of opposing views, and continuous professional
development and reinvention
Frequent speaker at national conferences
Trustee Board Relationship Management
6 member Trustee Board, Governor’s office, state legislature, beneficiary representatives
Investment Policy, Strategy, and Tactics
Internal management and trading of $2 billion domestic bond portfolio and $4.4 billion global
equity portfolio
Implemented process for selection, monitoring, and replacement of active managers based on
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the fundamental causal factors from which out-performance first originates
Established process for sourcing, evaluation, and selection of private capital and real estate
limited partnerships - Process proceeded through four sequential and incrementally more
intensive evaluations covering for each potential investment: Opportunity, Sourcing, Process,
People, Edge, Alignment, Size, Prospective beta, and Anticipated alpha
Risk Management
Developed systems and procedures designed to report key metrics to internal staff and external
Trustee Board - Assured compliance with written standards and satisfaction of all cashflow and
liquidity requirements
Asset Class Expertise
Completed new limited partnership commitments totaling $1.1 billion in the following areas:
Private equity, Private debt, Real estate, Commodities, Joint ventures, Hedge funds
Designed a transportable alpha program for a $5.6 billion global public securities portfolio relying
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on alpha sources drawn from the hedge fund and fixed income manager universes - Benefits
included (i) utilizing the most attractive alpha generators independent of their beta exposures, (ii)
realizing a more precise, controlled, flexible, and cost effective exposure to the desired betas, (iii)
maintaining a dynamic, liquid structure enabling migration of both alpha sources and beta tools
as opportunities, costs, and risks evolve
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1999-2008 Chief Investment Officer - Genworth Financial Asset Management, Inc., Encino, CA - Institutional
investment manager serving external high net worth, pension, foundation, and endowment clients and
internal variable annuity portfolios - With $7 billion deployed
Management, Leadership
8 investment professionals, average per person experience 15 years
Support retention and attraction of key creative talent by establishing a departmental
environment characterized by mentoring, new skills acquisition, lack of hierarchy, and innovative
and creative critical reasoning
Frequent speaker at national conferences
Spokesperson for the firm with public media and writer of a monthly trade publication column
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1998 Chairman-Investment Policy Committee, Executive Vice President, Senior Managing Director
Consulting Division - PMC International, Inc., Denver, CO - Institutional investment manager serving
external high net worth clients - With $3.3 billion deployed
Management, Leadership
13 investment professionals, average per person experience 7 years
Key spokesperson for the firm with largest client and prospect relationships
Member of PMC’s three-person Executive Management Committee
Investment Policy, Strategy, and Tactics
Set policy, strategic, and tactical asset allocations as based on macroeconomic developments,
capital market characteristics, and market technicals
Established manager selection, monitoring, and termination process as based on analysis of four
primary factors: People, Organization, Investment Philosophy, and Investment Process
Introduced new tax-optimized passive separate accounts for taxable client relationships
Asset Class Expertise
Utilized domestic, international, and emerging country equities, fixed-income, cash, currencies,
commodities, and real estate
1993-1995 Director-Asset Allocation and Equity Strategy - Ameritech Investment Management, Chicago, IL
Design, lead, execute policy and strategic asset allocation, asset/liability modeling, equity strategy,
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and derivative overlay program ($3 billion portable alpha program ) for $18 billion of corporate
pension, retiree medical, and foundation assets
1991-1993 Consultant - Cambridge Associates, Inc., Boston, MA
Advise foundations, endowments, ultra-high net worth, and corporate/public pensions on policy and
strategic asset allocation, asset/liability modeling (spending policy), alternative (private capital,
hedge funds, commodities, derivatives) and traditional investments
1990-1991 Senior Asset Management Consultant - William M. Mercer Asset Planning, Chicago, IL
Advised corporate and public pensions on policy, strategic, and tactical asset allocation,
asset/liability modeling, alternative investments and traditional (domestic, international, and
emerging country stocks, bonds, cash, and real estate) investments
1976-1979 Commercial Lines Insurance Underwriter - The St. Paul Companies, Inc., St. Paul, MN
Identified, parameterized, and priced institutional risks (commercial property, commercial casualty,
and professional risk exposures) - Placed excess risk with reinsurers
EDUCATION
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1985 PhD Finance Northwestern University, Evanston, IL
1983 MA Economics Northwestern University, Evanston, IL
1981 MA Economics University of Maryland, College Park, MD
1976 AB Mathematics & Economics Oberlin College, Oberlin, OH
PROFESSIONAL DESIGNATIONS
2003 Six Sigma Green Belt General Electric Corporation
1999 NASAA Series 65 License National Association of Security Dealers
1989 Chartered Financial Analyst CFA Institute
PUBLICATIONS
See attached list of publications and radio/TV appearances
FOOTNOTES
1 Employed as a graduate teaching assistant at the University of Maryland from 08.1979 through 08.1981. Also completed short-term consulting projects with IBM,
Inc. (IPD Division), United Banks of Colorado (United Asset Management Services, Inc.), Merrill Lynch (Global Private Client Group), Edinburgh Fund Managers,
Ltd., and Graystone between the years 1987 and 1998
2 See recent article, “Fund Of Hedge Funds - Easy To Succeed,” Research White Paper Series, Pensions & Investments Online, www.pionline.com, February
2010, Robert A. Brown, PhD, CFA
3 See recent article, ”I Went Fishing And Didn’t Catch Any Fish - Therefore Fish Don’t Exist,” Research White Papers Series, Pensions & Investments Online,
www.pionline.com, August 2009, Robert A. Brown, PhD, CFA
4 See recent article, “Birth, Death, Rebirth of Portable Alpha,” Research White Papers Series, Pensions & Investments Online, www.pionline.com, May 2009,
Robert A. Brown, PhD, CFA
5 Took a leave of absence for a couple of months in 2000 to help associates launch a new RIA in Minneapolis, Minnesota
6 See attached list of publications and radio/TV appearances spanning the 9+ years, 02.01.1999 through 02.28.2008 (my tenure with Genworth Financial, Inc.)
7 PhD degree from Northwestern University was completed and signed-off on in 1985, but was not formally awarded until 1986