ROB BROWN, PhD, CFA 5054 Evanwood Avenue

Oak Park, CA 91377

Email [email protected]
Cell 818.879.3956
Office 253.573.0657 Ext 125

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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 Specific, burgeoning sources of risk, underappreciated and/or unidentified

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 New or more robust risk mitigation tools/techniques

 Asset Class Expertise
 Alpha sources across the entire range of public security markets, both physical and derivative
 Application of equity, interest rate, currency, commodity, credit, and volatility derivatives for risk
mitigation and control of beta exposures

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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 Trustee Board Relationship Management

 Corporate Risk Management Committee, Corporate New Product Approval Committee,
Investment Management Executive Committee
 Investment Policy, Strategy, and Tactics
 Internal management of domestic fixed income, preferred stocks, and derivatives (futures,
forwards, options) - External management of equities and real estate
 Direct internal fixed income and equity trading desks
 Highly active strategic and tactical asset allocation based on macroeconomic and capital market
factors
 Making best use of Genworth’s unique stature and industry footprint in order to negotiate
superior fees and terms with external investment managers
 New product development - Example, “Preservation Strategy” initially introduced and grew from
$0 to $2 billion within six years
 Risk Management
  Innovative risk management strategy, designed to limit annual losses beyond a well-defined, pre-
determined level, using equity option type structure
 Real time risk management and reporting to senior management covering relevant exposure
metrics and compliance with written standards
 Daily monitoring of trading cost effectiveness utilized to energize continuous self-improvement
 Asset Class Expertise
 Utilized domestic, internal, and emerging country equities, fixed-income, cash, currencies,
commodities, real estate, and hedge funds

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

1995-1998 Managing Director-Research Department - SEI Investments, Inc., Chicago, IL - National

consulting firm serving corporate and public pensions, endowments, foundations, and sovereign wealth
funds - With $300 billion of institutional assets under advisement
 Management, Leadership
 14 investment professionals, average per person experience 8 years
 Research department was responsible for all: (i) Investment manager selection, monitoring,
termination, (ii) Investment policy statement development, (iii) Policy and strategic asset
allocation, (iv) Asset/liability modeling, (v) Spending policy modeling
 Frequent speaker at national conferences across range of investment issues
 Trustee Board Relationship Management
 Primary interface with several of SEI’s largest and/or most sophisticated pension, endowment,
and foundation clients
 Consultative, deep technical solutions-provider answering critical client concerns
 Investment Policy, Strategy, and Tactics
 Established multi-factor exposure attribution for all investment manager portfolios
 Risk Management
 Introduced new risk assessment analysis tool entitled OPPVAR - Optimal Product Positioning
and Viability Assessment Report
 Asset Class Expertise
 Manager research and asset allocation covered: domestic, international, and emerging country
equities, fixed-income, cash, currencies, commodities, and real estate
 Consulted to major US-based and European-based institutional investment managers to identify
relative strengths and weaknesses, new product development, product and investment-team
restructuring, and base & incentive compensation structures

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

1989-1990 Senior Research Consultant - Ibbotson Associates, Chicago, IL

 Contributed to large-scale consulting projects for investment management organizations,
corporations, foundations, and exchanges in the areas of asset allocation, efficient capital market
pricing, performance attribution, and tail risk

1985-1989 Adjunct/Assistant Professor of Finance - University of Colorado, Boulder, CO

 Taught PhD, MBA, and undergraduate courses in asset allocation, portfolio management, security
analysis, capital market pricing, and investment theory and practice

1984-1985 Instructor - Northwestern University, University College, Evanston, IL

 Taught undergraduate courses in portfolio management and security analysis

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