The 30 people you will meet on these pages literally changed pension funds, institutional investing and/or money management.
Some made their contributions as many as 100 years ago, but the pioneering ideas and applications of most are recent in history, and most of those profiled still contribute to pension fund and investment management in some capacity.
All were chosen by the editors of Pensions & Investments because they made a difference in the professions P&I covers. They were chosen from a list of more than 100 worthy contenders.
The work of most of the 30 spans the greatest era of pension fund growth. In 1949, at the cusp of the development of modern portfolio theory, pension assets of corporations and state and local governments totaled $14.4 billion. In September 2002, pension assets of the largest 1,000 totaled $4.3 trillion.
The 30 profiled here have contributed to the sophistication of institutional investing from a variety of fields — from academics, like Eugene Fama with the efficient market hypothesis, to lawyers like Ian Lanoff, the architect of applying MPT to fiduciary prudence to enable risky investments by pension funds.
Their ideas and the applications by pension funds have had ramifications beyond their immediate purposes. The enactment of the Employee Retirement Income Security Act in 1974, advocated by Jacob Javits, dictated funding and accountability standards for private pension funds, which spurred the growth of the money management and consulting industries to help meet those mandates. But developments were already under way. In 1969, for instance, George Russell pioneered a new industry — strategic pension fund consulting.
In the accompanying profiles, P&I honors the 30 people who made the most dramatic difference in the management of pension funds and other institutional assets.