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Brian Birnbaum

Brian Birnbaum is a principal and the head of Mercerís Chicago office. He assists defined benefit clients with the development of investment policies and objectives, the evaluation and selection of investment managers, and the measurement and analysis of performance results.

Prior to joining Mercer, Brian was the Director and Head of Credit Suisse's institutional consulting arm, Investment Management Consulting Services. Before joining Credit Suisse, Brian was a principal with Ennis Knupp & Associates and a senior consultant to a number of public retirement system, corporate pension, private foundation and high net worth clients. Brian also led the firmís effort in US equity and fixed income manager research. In addition, he has authored a number of technical papers and was a frequent speaker at conferences on topics ranging from risk management to pension fund best practices. Brianís investment management experience includes time with Aon Advisors, where he managed fixed income portfolios, performed equity analysis and implemented derivative strategies. He has over thirteen years in institutional investment consulting and investment management roles.

Brian received his BA in business administration in finance from Loyola University Chicago. He is a CFA Charterholder and is a member of the Investment Analysts Society of Chicago and the CFAģ Institute.

Byron Willy, CFA

Bryon Willy is a Principal in the manager research group of Mercer's investment consulting business in Chicago. Bryon works in the Fixed Income Boutique as Lead US researcher. He is a member of Mercer's US Manager Ratings Review Committee and Global Fixed Income Manager Ratings Review Committee. The MRRCs provide recommendations on investment managers and determine ratings at the strategy level. Bryon joins us from the Federal Home Loan Bank of Chicago where he was Lead Market Risk Analyst. In this position, Bryon was responsible for daily risk analysis on the entire $90 billion GSE portfolio, including mortgages, CMOs, agency debt, and derivatives. Previously Bryon worked for ABN AMRO in the Capital Markets group and Blue Cross Blue Shield. He brings more than 16 years of experience to Mercer IC. Bryon earned his MBA in finance at DePaul University and his Bachelor of Science in finance and marketing from Indiana University. He is a CFA charterholder, and a member of the CFA Society of Chicago and the CFA Institute.

Meir Statman
Glenn Klimek Professor of Finance
Leavey School of Business, Santa Clara University

Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University, and Visiting Professor at Tilburg University in the Netherlands. His research focuses on behavioral finance. He attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. Meir's award-winning book, "What Investors Really Want," has recently been published by McGraw-Hill. The book's subtitles are "Know What Drives Investor Behavior and Make Better Financial Decisions," and "Learn the Lessons of Behavioral Finance."

The questions he addresses include: What are the cognitive errors and emotions that influence investors? What are investor aspirations? How can financial advisors and plan sponsors help investors? What is the nature of risk and regret? How do investors form portfolios? How successful are tactical asset allocation and strategic asset allocation? What determines stock returns? What are the effects of sentiment? How successful are socially responsible investors?

Meirís research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and many other journals. The research has been supported by the National Science Foundation, the Research Foundation of the CFA Institute, and the Investment Management Consultants Association (IMCA). Meir is a member of the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management and the Journal of Investment Consulting, an Associate Editor of the Journal of Financial Research, the Journal of Behavioral Finance, and the Journal of Investment Management and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, a Bernstein Fabozzi/Jacobs Levy Outstanding Article Award, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, two Baker IMCA Journal Awards, and three Graham and Dodd Awards. Meir was named as one of the 25 most influential people in and around the advisor community by Investment Advisor in 2011. He consults with many investment companies and presents his work to academics and professionals in many forums in the U.S. and abroad.

Meir received his Ph.D. from Columbia University and his B.A. and M.B.A. from the Hebrew University of Jerusalem.

Werner de Bondt
Professor and Director, Richard H. Driehaus Center for Behavioral Finance
DePaul University

Werner F.M. De Bondt is director of the Richard H. Driehaus Center for Behavioral Finance at DePaul University in Chicago. He is also the Driehaus Profes-sor of Behavioral Finance.Werner De Bondt is an economist who studies the psychology of financial deci-sion-making. He is one of the founders of behavioral finance. De Bondt has ex-amined key concepts of bounded rationality, e.g., people's tendency to exag-gerate the true impact of new information, their bent towards wishful thinking, or their biased perceptions of risk. De Bondtís research articles have appeared in many books and scholarly journals, including the Journal of Finance, the Fi-nancial Analysts Journal, the American Economic Review, and the European Eco-nomic Review. His work on stock market overreaction and the speculative dy-namics of world financial markets has received a great deal of attention.Werner De Bondt is a frequent speaker to academics and investment profes-sionals around the world. He holds a Ph.D. in Business Administration from Cornell University (1985). Werner De Bondt is fluent in Dutch, French, German and English. In past years, he was a member of the faculty at various universi-ties in Europe, e.g., Erasmus University Rotterdam, the University of Zurich and the University of Luxembourg. Between 1992 and 2003, he was the Frank Graner Professor of Investment Management at the University of Wisconsin-Madison.

William G. Gale
Arjay and Frances Miller Chair in Federal Economic Policy in the Economic Studies Program
The Brookings Institution

William Gale is the Arjay and Frances Miller Chair in Federal Economic Policy in the Economic Studies Program at the Brookings Institution. His research focuses on tax policy, fiscal policy, pensions and saving behavior. He is co-director of the Tax Policy Center, a joint venture of the Brookings Institution and the Urban Institute. He is also director of the Retirement Security Project. From 2006 to 2009, he served as vice president of Brookings and director of the Economic Studies Program.Prior to joining Brookings in 1992, he was an assistant professor in the Department of Economics at the University of California, Los Angeles, and a senior economist for the Council of Economic Advisers under President George H.W. Bush.He is the co-editor of several books, including Automatic: Changing the Way America Saves (Brookings 2009); Aging Gracefully: Ideas to Improve Retirement Security in America (Century Foundation, 2006); The Evolving Pension System: Trends, Effects, and Proposals for Reform (Brookings, 2005); Private Pensions and Public Policy (Brookings, 2004); Rethinking Estate and Gift Taxation (Brookings, 2001), and Economic Effects of Fundamental Tax Reform (Brookings, 1996). His research has been published in several scholarly journals, including the American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics. In 2007, a paper he co-authored was awarded the TIAA-CREF Paul A. Samuelson Award Certificate of Excellence. He has also written extensively in policy-related publications and newspapers, including op-eds in CNN, the Financial Times, Los Angeles Times, The New York Times, Wall Street Journal, andWashington Post. Gale is co-editor of The Economistís Voice, a Berkeley Economics Press publication. He serves on the editorial board of several academic journals, and has served on advisory boards for the Government Accountability Office, the Internal Revenue Service, and the Joint Committee on Taxation, and on the Board of the Center on Federal Financial Institutions. Gale attended Duke University and the London School of Economics and received his Ph.D. from Stanford University in 1987. He lives in Washington, DC, is an avid tennis player, and is a person who stutters. He is the father of two children, a 21-year old son and a 17-year old daughter.

Matt Clink
U.S Head of Asset Allocation
Hewitt Associates

Thomas Coleman
Investment Director, Fixed Income Product Management
Wellington Management Company

Scott Day
Director of Fixed Income
Wurts & Associates

Colleen Denzler, CFA
SVP, Head of Fixed Income Strategy

Christopher Dillon, CFA
Portfolio Specialist
T. Rowe Price

Joseph Dressel, CFA, CAIA
Vice President
Wilshire Associates

Jesse L. Fogarty, CFA, FRM
Managing Director, Portfolio Management
Cutwater Asset Management

Steven Huber, CFA, FSA
Portfolio Manager
T. Rowe Price

Phil Kivarkis
U.S. Director, Investment Policy Services
Hewitt Ennis Knupp

Erik Knutzen
Director of Research

Kim Lisella
Vice President
Cutwater Asset Management

Daniel Lomelino
Fixed Income Research
Towers Watson

Carol McFate
Chief Investment Officer

James Neill, CFA
Managing Director and Principal
Wilshire Associates

Philip R. Nelson
Research Consultant

Chris Pariseault, CFA
Institutional Portfolio Manager
Pyramis Global Advisors

Claire Shaughnessy
Associate Partner
Hewitt Ennis Knupp

Carolyn Smith

Gibson Smith
Co-Chief Investment Officer and Portfolio Manager

Daniel Tremblay
Institutional Portfolio Manager
Pyramis Global Advisors

David R. Wilson, CFA
Managing Director, Customized Strategies
Cutwater Asset Management