Callan Associates

Virgilio A. Abesamis, III, Senior VP & Manager

Virgilio "Bo" Abesamis, III, Senior Vice President and Manager of the Master Trust, Global Custody, and Securities Lending Group. Bo joined Callan Associates in 1987 and is a shareholder of the firm. Initially, Bo worked in the Capital Markets Research Group with responsibilities involving asset/liability modeling, manager structure, benchmark and database reviews, style analysis, and research.

Bo previously managed the Specialty Performance Measurement Group at Callan Associates with an emphasis on analytics involving non-traditional asset classes, namely international, alternative investments, and real estate. He also assisted in the development of Callan's International Consulting Services Group and Defined Contribution Consulting Services Group.

Bo earned a B.S. degree in Accounting and Finance from Ateneo de Manila, Philippines, and an M.B.A. with a double major in Finance and International Business from the University of San Francisco.

Sarah S. Angus, Vice President

Sarah S. Angus, CAIA, Vice President and Consultant, Real Estate Consulting Services. Sarah is responsible for real estate consulting services at Callan Associates and works to implement plan sponsor real estate strategies through manager searches, manager evaluations, and strategic and tactical planning initiatives. Her role includes the intensive evaluation of managers and their respective real estate products for plan sponsor clients. This due diligence process includes meeting and coordinating with investment advisors regarding various strategies, investment processes, track records, and organizational structures. Additionally, she heads manager and strategy research coverage in the global real estate securities market, as well as in the European and Latin American private real estate markets.  Sarah is a shareholder of the firm.

Sarah joined Callan Associates in July of 2004 as an analyst in the client report services group where she was responsible for preparing quarterly and monthly performance measurement reports. Before starting with Callan, Sarah was employed at Bank of America in Chicago.  She worked within the Private Bank division and was responsible for the revenue projections and management reports for the unit.  She also interned with the O'Connor Hedge Fund at UBS Global Asset Management as a risk-arbitrage research assistant and at Merrill Lynch as a sales assistant. 

Sarah has a BA from the College of Charleston in Charleston, South Carolina and has earned the right to use the CAIA designation.

Michael A. Bise, Vice President

Michael A. Bise, Vice President and Investment Consultant, Private Equity Research Group. Michael Joined the private Markets Group in 2005 and assists in all aspects of private equity consulting, including research and client servicing, portfolio reviews, manager searches, research projects, and overseeing performance reporting for clients. Michael joined Callan in October of 2002 and previously worked in Callan's Client Report Services Group preparing quarterly and monthly performance measurement reports.

Michael earned a B.A. in Economics from the University of California, Berkeley and is a CFA Level II Candidate.

Steven J. Center, Investment Consultant

Steven J. Center is an Investment Consultant in the Global Manager Research Group. Steve is responsible for research and analysis of fixed income investment managers and assists plan sponsor clients with manager searches. He oversees manager searches, conducts in-house and on-site due diligence reviews with portfolio managers and attends finalist interviews.

Prior to joining Callan in 2010, Steve was a Senior Research Associate with Wurts & Associates. In this role, he was responsible for the review and oversight of domestic equity and fixed income strategies. Previously, Steve spent five years with Alan Biller & Associates where he was responsible for both investment research and performance measurement for defined benefit and defined contribution plans. Steve began his investment career in 1997 in the Cooperative Universe Services group at Wilshire Associates.

Steve earned a B.A. in Economics from the University of California, Irvine and an M.B.A. with Honors from the Michael G. Foster School of Business at the University of Washington. Steve is a Level III candidate in the CFA program and is a member of the CFA Institute and the CFA Society of Seattle.

Kelly S. Cliff, Senior VP & CIO

Kelly S. Cliff, CFA, is a Senior Vice President and CIO of Public Markets, as well as co-lead of the Global Manager Research Group (GMR) which provides fundamental and statistical research on investment managers. Kelly oversees the quantitative and qualitative analysis of investment managers and the production of research and client reports. He works with the general consultants to tailor searches according to client guidelines. Kelly is a shareholder of the firm and is a member of Callan's Management Committee.

Previously Kelly was Chief Investment Officer of the Trust Advisory Group (TAG), which provides full discretionary investment solutions for the institutional marketplace. Kelly oversaw the management of the investment products and the ongoing due diligence and research.  He now serves on the Investment Committee for the Trust Advisory Group, with oversight responsibility for both the Callan GlidePath Funds and the Callan Small Cap Fund.

Kelly joined the Client Report Services department of Callan Associates in 1992 as an Analyst, and in 1998 he became Practice Manager of the department. He was responsible for the day-to-day functions, working directly with both the data entry department in auditing data and with the programming department in creating analytical tools. Adept with performance measurement systems developed by Callan Associates and with industry standards, Kelly has assisted clients and managers in the interpretation of Callan's performance analysis methodology.  From 2000 to 2006, he was Manager of the Global Manager Research Group.

Kelly graduated from the University of the Pacific with a B.S. in Business Administration and earned the right to use the Chartered Financial Analyst designation.

Brett A Cornwell, Investment Consultant

Brett A. Cornwell, CFA, is a Fixed Income Investment Consultant in the Global Manager Research Group.  Brett is responsible for research and analysis of fixed income investment managers and assists plan sponsor clients with fixed income manager searches. In this role, Brett meets regularly with investment managers to develop an understanding of their strategies, products, investment polices and organizational structures.

Prior to joining Callan in 2010, Brett was a Senior Research Analyst at Wetherby Asset Management.  At Wetherby he was responsible for the screening, analysis and ongoing due diligence of the investment managers used in client portfolios focusing on fixed income, commodities and MLPs. Previous to Wetherby, Brett was a Senior Investment Specialist and Principal at ETRADE Financial in Atlanta, GA where he managed the team exclusively responsible for servicing the high net worth clients of the firm. Brett began his career in 1998 at Morgan Stanley Dean Witter.

Brett earned a B.S. in Commerce and Business Administration from the University of Alabama with majors in Finance and Economics. Brett has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of San Francisco. Additionally, Brett has successfully completed the exams administered by the Financial Industry Regulatory Authority for the series 7, 63, 4, 24, and 31 securities licenses.

Matthew W. Costello, Vice President

Matthew W. Costello, CFA, Vice President, Hedge Fund Research Group. Matthew specializes in hedge fund research addressing related issues of asset allocation, manager structure, manager search, and performance evaluation for Callan's institutional clients. Matthew formerly spent two years in the Real Estate Consulting Group and currently retains consulting duties for timber investment.  Matt is a shareholder of the firm.

Prior to joining Callan in 1997, Matthew was a relationship manager for Wells Fargo Bank in middle-market commercial lending & assisted in the troubled-debt restructuring of corporate entities. 

Matthew received his Bachelor of Science Degree in Business Administration, Accounting from San Diego State University.  Matt earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco and the CFA Institute.

Antonio Duarte, Consultant

Antonio Duarte is a Consultant in the Defined Contribution Group.  Antonio joined Callan's Chicago office in 2008.  His responsibilities are to assist and support clients in all facets related to DC plans including conducting new record keeper searches, analyzing plan fees being paid, and to research specific defined contribution topics.

Prior to joining Callan, Antonio spent 15 years in the industry undertaking a variety of roles.His previous experiences include pension administration and 403(b) sales in Hartford CT, defined contribution administration and consulting in Boston MA, and retirement plan relationship management in Chicago IL.

Antonio received a B.S. in Economics and Finance from the University of Hartford and is an Accredited Retirement Plan Consultant (ARPC).

Jason L. Ellement, Vice President

Jason L. Ellement, FSA, CFA, MAAA is a Vice President and Consultant in the Capital Markets Research Group. Jason is responsible for assisting plan sponsor clients with strategic planning, conducting asset/liability studies, developing optimal investment manager structures, and providing custom research on a variety of investment topics. Jason is a regular instructor at the "Callan College" and a shareholder of the firm.

Jason joined Callan in 2002 and has over 13 years of experience in the pensions and investments industry. Prior to joining Callan, Jason practiced as a pension actuary for a prominent public retirement system and an international consulting firm.

Jason is a Fellow of the Society of Actuaries and a member of the Academy of Actuaries. He earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. Jason graduated with First Class Honors from the University of Manitoba, Canada with a B. Sc. in Actuarial Science & Statistics.

Lauren M. Etcheverry, Investment Consultant

Lauren M. Etcheverry, CFA, is a Domestic Equity Investment Consultant in the Global Manager Research Group. Lauren is responsible for research and analysis of domestic equity investment managers and assists plan sponsor clients with domestic equity manager searches. In this role, Lauren meets regularly with investment managers to develop an understanding of their strategies, products, investment polices and organizational structures.

Lauren joined the Client Report Services department at Callan Associates in October 2004 and worked as an Analyst and then Senior Analyst before moving groups. Prior to Callan, Lauren worked for an independent financial planner as his assistant in preparing financial plans for individual investors.

Lauren graduated from California Polytechnic State University, San Luis Obispo in June 2004, Magna Cum Laude with a B.S. in Business Administration, concentrating in Financial Management and Enterprise Accounting with a minor in Statistics. Lauren has earned the right to use the Chartered Financial Analyst designation.

Karen M. Harris, Vice President

Karen M. Harris, ASA, CFA, is a Vice President in the Capital Markets Research Group. Karen joined Callan in May 2000. She is responsible for assisting clients with their strategic investment planning, conducting asset allocation studies, developing optimal investment manager structures, and providing custom research on a variety of investment topics. Karen is also an instructor at the "Callan College" and has spoken frequently at the Callan Investments Institute.  Karen is a shareholder of the firm.

Prior to joining the firm, she spent eight years as a consultant with Watson Wyatt Worldwide, an employee benefits consulting firm. Her duties included consulting to plan sponsor clients on pension plan design, funding, accounting, regulatory, and investment issues. She also spent four years in Jakarta assisting the Indonesian government to develop and implement a private employer pension law. 

Karen has earned the designation of Associate of the Society of Actuaries (ASA) and earned the right to use the Chartered Financial Analyst designation.  Karen has a Bachelor of Mathematics from the University of Waterloo in Ontario, Canada.

Sally Haskins, Senior Vice President & Consultant

Sally Haskins, Senior Vice President, Real Assets. Sally is responsible for strategic planning, implementation, and performance oversight of client's real estate portfolios. She heads manager due diligence and strategy research for Asian real estate markets and investment products. Her role also includes new business development for the real estate consulting group.

Sally joined Callan in 2010 from ING Clarion Partners where she was a Director in the Marketing and Client Service Group. Prior to joining ING Clarion in 2007,Sally enjoyed a 15 year career with Russell Investments and Institutional Property Consultants, Inc.(IPC). While at Russell, Sally held multiple positions including consulting, manager research, and portfolio management. Most recently, she served as the Head of Property, Asia-Pacific and was located in Russell's Sydney office. There she led the strategy and launch of Russell's Global Property Fund, an opportunistic real estate fund of funds for Australian superannuation investors.  In addition, she evaluated real estate property and capital markets for the Asia-Pacific region and directed manager research for Asian private equity real estate funds. While working in the US, she designed Russell's comparative analysis and ranking of the core and value added open-end commingled fund universe as well as evaluated European open and closed end funds.  At IPC, Sally developed strategy and implementation plans for pension plans and conducted manager due diligence with a focus on opportunistic real estate funds. Her clients included New York State Common Retirement Fund and State of Wisconsin Investment Board. She started her real estate career in 1989 at the State Teachers Retirement System of Ohio.

Sally received an M.S. in Real Estate Appraisal and Investment from the University of Wisconsin-Madison and a B.A. (Magna cum Laude and Phi Beta Kappa) from St. Olaf College.

Andy T. Iseri, Vice President

Andy T. Iseri, CFA, Vice President and International Investment Consultant, Global Manager Research. Andy is responsible for research and analysis in the international and global asset class including developed and emerging equity and issues surrounding currency management. He oversees manager searches, conducts on-site visits, and attends finalist interviews.

Prior to joining Callan, Andy spent six years selecting and evaluating domestic and international equity managers for the California State Teachers' Retirement System. Prior to that, Andy managed and traded domestic fixed income assets and currencies for CalSTRS.

Andy earned a B.S. in Business Administration - International Business at California State University, Sacramento. He belongs to the CFA Institute, CFA Society of Sacramento, and earned the right to use the Chartered Financial Analyst designation.

Jay V. Kloepfer, Executive VP & Director

Jay V. Kloepfer, Executive Vice President and Director of Capital Markets and Alternatives Research. Jay oversees Callan's Capital Markets, Hedge Fund and Private Markets research groups. He directs the development of Callan's annual capital market projections. Jay presents the results of Callan research to clients and the media and is a featured speaker at many conferences. In addition to his work in strategic planning, Jay is a regular instructor at the "Callan College" and is a shareholder of the firm.

Jay joined Callan in 1998, and became manager of the Capital Markets Research Group in 2000. The Capital Markets group helps Callan's fund sponsor clients with their strategic planning, conducting asset allocation and asset/liability studies, developing optimal investment manager structures, evaluating defined contribution plan investment lineups and providing custom research on a variety of investment topics. The Hedge Fund and Private Markets groups are responsible for specialized consulting including asset class and strategy research, manager searches, portfolio reviews, and performance evaluation.

Prior to joining Callan, Jay was a Senior Economist and the Western Regional Manager for Standard & Poor's DRI. He was actively involved in the development of DRI's domestic research capabilities. During his 11 years at DRI, Jay also served as a Senior Consultant and Project Manager.

Jay earned a B.S. with honors in Economics from the University of Oregon and an M.A. in Economics from Stanford.

Lori Lucas, Executive Vice President

Lori Lucas, CFA, is an Executive Vice President and Defined Contribution Practice Leader. Lori joined Callan Associates in 2006 is responsible for setting the direction of Callan's DC business, providing DC support both internally to Callan's consultants and externally to Callan's clients, and developing research and insights into DC trends for the benefit of clients and the industry. Lori is a member of Callan's Management Committee and is a shareholder of the firm.

Formerly, Lori was Director of Retirement Research at Hewitt Associates. Lori has also served as a vice president at Ibbotson Associates, a pension fund consultant at J.H. Ellwood & Associates, and an analyst and product development leader at Morningstar, Inc.

Lori received a Bachelor of Arts from Indiana University and earned a Masters from the University of Illinois. Additionally, she earned the right to use the Chartered Financial Analyst® designation. Lori's views have been featured in The Wall Street Journal, The Chicago Tribune, Pensions & Investments, Plan Sponsor Magazine, The Washington Post, USA Today, Bloomberg, CNN, CFO-TV, The New York Times, Newsweek, Money Magazine, the Baltimore Sun, The Boston Globe, and WGN, among others. Lori's writings have been published in Benefits Quarterly and the Pension Investment Handbook, among others. She is a columnist for Workforce Management online magazine.  Lori is Executive Chair of the Defined Contribution Institutional Investment Association's Research and Surveys Committee, and Executive Vice Chair of the Employee Benefit Research Institute's Retirement Research Committee. She is also a frequent speaker at pension industry conferences.

James C. McKee, Senior VP & Manager

James C. McKee, Senior Vice President and Director, Hedge Fund Research Group. Jim specializes in hedge fund research addressing related issues of asset allocation, manager structure, manager search, and performance evaluation for Callan's institutional clients. Jim is a shareholder of the firm.

Jim joined Callan Associates in 1989. Prior to his career at Callan Associates, Jim worked with the Pacific Stock Exchange (PSE) from 1982 to 1989. Until 1985, Jim worked on the PSE's options trading floor. Thereafter, as manager of the PSE's securities research department, he was responsible for developing and monitoring new stock, bond, and option listings.

Jim earned a B.A. in Economics/Environmental Studies from Dartmouth College in 1982. He received his M.B.A. in Finance from Golden Gate University in 1987. His graduate studies focused particularly on publicly traded securities and capital markets.

Julia A. Moriarty, Vice President

Julia A. Moriarty, CFA, is a Vice President and Consultant in the Capital Markets Research Group. Julia is responsible for assisting plan sponsor clients with their strategic planning, conducting asset/liability studies, developing optimal investment manager structures, and providing custom research on a variety of investment topics. Julia joined Callan in 1990 as an analyst in the Client Report Services group, working on the production of comprehensive performance measurement reports and the implementation and testing of new products. Prior to joining the Capital Markets Research Group, she was a Software Solutions Consultant in the Client Software Department. Julia is a shareholder of the firm.

Julia earned a B.S. in Finance from California Polytechnic State University at San Luis Obispo and an M.B.A. in Finance from the University of California at Berkeley's Haas School of Business. She earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco and CFA Institute.

Jay Nayak, Associate Consultant

Jay Nayak, Associate Consultant, Real Estate Consulting Services. Jay is responsible for supporting the real estate consulting group. His role includes the evaluation of managers and their respective real estate products for plan sponsor clients. This due diligence process includes meeting and coordinating with investment managers regarding various strategies, investment processes, track records and organizational structures. Jay also assists in conducting research and generating real estate-related reports and projects. Additionally, he tracks the global real estate securities universe, as well as, all real estate investment products that are open for commitment for clients and the Callan database.

Jay joined Callan Associates in September of 2008. Before joining Callan, he was employed as an Analyst with International Partners. He provided acquisitions and asset management analysis for a portfolio of multifamily properties in California and Texas.  Prior to that, Jay held internships with Chhatrala Capital, where he assisted in the formation of a real estate private equity fund and Capstar Realty Group, where he provided analytical and marketing support.

Jay received his B.A. in Economics from the University of California, San Diego.

Gary W. Robertson, Senior VP & Manager

Gary W. Robertson, Senior Vice President and Manager of Callan's Private Equity Research Group. Gary is responsible for Alternative Investments consulting services at Callan Associates Inc. He is currently Secretary of Callan's Client Policy Review Committee and is a shareholder of the firm.

Prior to joining Callan in 1991, Gary spent five years as a Vice President with Robertson & Co., a San Francisco-based, family-owned investment bank engaging in mergers and acquisitions. Prior to joining Robertson & Co., he was a financial analyst with Atherton Advisory, a Silicon Valley-based financial services firm. He has also worked with Morgan Stanley & Co. Inc. in San Francisco in the operations and administration areas, and with Spear, Leeds & Kellogg and A. G. Becker, members of the Pacific Stock Exchange.

Gary earned an M.B.A. from Golden Gate University and a B.A. in Economics from the University of Colorado.

Avery A. Robinson, Consultant

Avery A. Robinson, Consultant, Real Estate Consulting Services. Avery is responsible for supporting the real estate consulting group. His role includes the evaluation of managers and their respective real estate products for plan sponsor clients. This due diligence process includes meeting and coordinating with investment managers regarding various strategies, investment processes, track records and organizational structures. Avery also assists in the compilation of search packages and the generation of various client-driven analyses and projects. Additionally, he tracks various real estate investment products that are open for commitment for clients and for the Callan database.

Avery joined Callan Associates in April of 2008. Before joining Callan, he was employed with the Real Estate Equity Group at Principal Global Investors. He was an Asset Manager for numerous property types throughout the Southeast.

Avery received his B.S. in Engineering and his M.B.A. from the University of Iowa.

Matthew E. Schmelzer, Investment Consultant

Matthew E. Schmelzer, CFA, is an International Equity Investment Consultant in the Global Manager Research Group. He is responsible for the research and analysis of international and global equity investment managers along with emerging equity and issues surrounding currency management. In this role, he meets regularly with investment managers to develop an understanding of their strategies, products, investment polices and organizational structures.

Prior to this role, Matt served as a Domestic Equity Investment Consultant as well as Operations Manager of the Global Manager Research Group. Matt joined the Global Manager Research Group in June 2005 as an Investment Analyst.

Matt graduated from the University of California, Berkeley with a BA in International Trade and Development and also was a member of the Cal Swim Team.   He earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco.

Jamie K. Shen, Senior Vice President

Jamie K. Shen, Senior Vice President and Practice Leader of Alternative Investments Consulting, has overall responsibility for real asset consulting services at Callan Associates. While Jamie's particular focus is on real estate, she oversees research and implementation of real estate, timber, infrastructure and agricultural asset classes. She works directly with Boards and/or Staff in the development and implementation of client specific strategic and tactical plans, as well as provides ongoing oversight in the control and monitoring of clients' real estate portfolios. Additionally, Jamie is responsible for the oversight of Callan Real Estate Performance Measurement Reports.  She is also a shareholder and a member of Callan's Management Committee.

Prior to joining Callan, Jamie was a Principal with The McMahan Group, a San Francisco based-management consulting firm specializing in real estate enterprises. Specifically, Jamie consulted to a number of real estate investment advisors on organizational structure and investment vehicle design. She also assisted in preparing testimony for the Department of Labor on fiduciary standard of care relating to real estate investments. Jamie has worked in the real estate consulting groups of both Arthur Andersen and Ernst & Young.

Jamie received her B.S. in Business Administration from the Walter A. Haas School of Business at the University of California, Berkeley. She is a member of the Pension Real Estate Association (PREA).

Mark N. Stahl, Senior Vice President

Mark N. Stahl, CFA, is a Senior Vice President and Manager of Callan's Domestic Equity Manager Research Group. Mark joined Callan in 1995, and is a shareholder of the firm. He researches and analyzes money management firms with various investment styles for pension fund plan sponsors. He meets with general consultants and oversees manager searches, conducts on-site visits, and attends final presentations. Mark regularly interviews and visits portfolio managers and marketers to discuss products, strategies, and organizational issues.

Prior to joining the Domestic Equity Group, Mark was a member of Callan's Fixed Income Research Group where he gathered, analyzed, and verified data on domestic and international fixed income investment managers.

Mark earned a B.A. in Managerial Economics from the University of California at Davis and earned the right to use the Chartered Financial Analyst designation.

Inga B. Sweet, Senior VP & Manager

Inga B. Sweet is a Senior Vice President and is co-lead and Manager of the Global Manager Research group. She is responsible for the group's operational functions and oversees the quantitative and qualitative analysis of investment managers and the production of client reports.  Inga is responsible for the research and analysis of target date funds.  In addition, Inga oversees the Published Research Group and contributes to the development of white papers, statistical surveys and quarterly periodicals created by Callan's general and research consultants. She is the author of the Style, Trend, Analysis and Research (STAR) report. Inga is a shareholder of the firm.

Inga joined Callan Associates in 1991 as an analyst in the International Consulting Services group, and until 1998, was responsible for manager research, analysis and manager structure work. From 1998 through 2007, she held several positions within the Institutional Consulting Group where she provided consulting and research services to investment manager clients. Inga has managed the Published Research Group since its formation in 2007. Inga graduated from George Washington University with a B.A. in International Relations.

James W. Van Heuit, Senior Vice President

James W. Van Heuit, Senior Vice President in the Capital Markets Research group. Jim is responsible for assisting clients with their strategic investment planning, conducting asset allocation studies, developing optimal investment manager structures, and providing custom research on a variety of investment topics. Jim speaks regularly at both the "Callan College" and the Callan Investments Institute. Jim was originally with Callan in the Capital Markets Research group from 1989 to 1997 and returned in 2001.  From 2001 through 2004, he was a general consultant in the San Francisco office. From 1997 to 2001 Jim was with consulting firms Watson Wyatt and R.V. Kuhns.

Prior to joining Callan Associates in 1989, Jim participated in the Ph.D. program in Economics at the University of Michigan where he studied microeconomics and international economics. Jim's previous experience includes four years as an independent consulting engineer and two years as a design engineer for Ford Aerospace and Communications Corp.

He received a B.S. in Mechanical/Aeronautical Engineering from the University of California, Davis, a B.A. in Economics from California State University at Sacramento, and an M.A. in Economics from the University of Michigan.

James Veneruso, Consultant

James Veneruso, is a Consultant in the Defined Contribution Group, Chicago Office. Jimmy joined Callan in 2007 and is responsible for providing analytical support to Callan's DC clients and consultants including DC record keeping searches, fee analyses, and the implementation of the record keeping database.

Prior to joining Callan Associates, Jimmy served over two years as a United States Peace Corps Volunteer in the Kingdom of Tonga. He served as project manager for the Future Farmers of Tonga program and taught at Queen Salote College.

Jimmy graduated with departmental honors earning a B.S. in Computer Science and Economics at Vanderbilt University. He received his Master's in Economics from University of Illinois.