Callan Associates

Gregory C. Allen, President

Gregory C. Allen, President and Director of Research. As President, Greg is responsible for overseeing Callan's Fund Sponsor Consulting Group, the Trust Advisory Group, and all of the firm's research groups which include: Global Manager Research, Alternative Investment Research, Capital Market Research, Database, Client Report Services, and Operations. Greg is also a member of Callan's Management Committee, the Alternatives Review Committee, and the Client Policy Review Committee.  He is also a member of the Investment Committee which has oversight responsibility for all of Callan's discretionary multi-manager solutions.

Greg joined the San Francisco Office of Callan Associates in 1988 as an analyst in the Capital Markets Research Group where he focused on capital market research, quantitative analysis, product development, and asset allocation liability analysis. In 1993, Greg took over the Operations and Capital Markets Research groups. He has managed a wide variety of projects for Callan, including the development of the firm's performance measurement service, the development of Callan's web site and web-based performance reporting capabilities, and the development and launch of Callan's PEP for Windows software. In 2000, Greg was promoted to Manager of Specialty Consulting (Now Director of Research) and in 2007 was promoted to President.  Greg is a shareholder with the firm.

Greg earned an M.S. in Applied Economics and a B.A. in Economics (Honors, Phi Beta Kappa) from the University of California at Santa Cruz. He is a frequent speaker on investment related topics, and has numerous publications. These include "Performance Attribution for Global Portfolios" published in the Fall 1991 issue of the Journal of Portfolio Management, "The Active Premium in Small-Cap U.S. Equities" published in the Spring 2005 issue of the Journal of Portfolio Management, and "Does Size Matter?" published in the Spring 2007 issue of the Journal of Portfolio Management.

David Bonnette, Executive Vice President

David Bonnette, Executive Vice President. He is a member of the Management Committee and is a shareholder of the firm. Dave joined Callan in 1986 after seven years at Castle & Cooke in their corporate tax department. Prior to that, he was employed by Shell Oil Company in Los Angeles. Dave earned his B.S. from San Jose State University.

Edwin C. Callan, Chairman Emeritus

Edwin C. Callan, Founder and Chairman Emeritus of Callan Associates Inc. Mr. Callan is considered to be one of the founders of the investment measurement business in 1966 when investment monitoring tools were first being developed.

Prior to founding Callan Associates in 1973, he was Senior Vice President and Director of Mitchum, Jones & Templeton, and has investment experience dating back to 1946.

Mr. Callan received his B.A. in Economics from the University of California at Berkeley.

Ivan Cliff, III, Executive Vice President & Director

Ivan "Butch" Cliff, CFA, is an Executive Vice President, Director of Investment Research & Operations. Butch is responsible for the following groups: Global Manager Research, Client Report Services, Database, Custodial Data Services, Programming, IT Systems, Client Software Solutions (PEP for Windows), and Institutional Consulting Group Production. Butch is also a member of Callan's Management Committee and is a shareholder of the firm.

Butch joined the Programming Group of Callan Associates in 1989 and was instrumental in developing sophisticated performance analytics as well as solutions to data processing and management problems. In 1993 he became the Manager of the Database Group with responsibility for coordinating the design and implementation of performance measurement operations as well as overseeing the development and maintenance of Callan's databases. Butch was made Director of Operations in 2000 and has responsibility for the management and development of all Callan's performance monitoring systems and personnel. In 2007 Butch became the Director of Investment Research & Operations with responsibilities expanded to include oversight of Callan's Global Manager Research activities.

Prior to joining Callan Associates, Butch worked for two years at Gifford Fong Associates developing analytical software for fixed income money managers.

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

Ann C. De Luce, Executive Vice President & Manager

Ann C. De Luce, Executive Vice President.  Her responsibilities include managing the company's legal affairs, contributing to Callan's published research, and acting as a resource on the firm's strategic issues.  Ann is a member of Callan's Management Committee and is a shareholder of the firm.

Since joining Callan in 1989, Ann has managed many of the firm's divisions, including Callan's educational services which include the Callan Investments Institute, the "Callan College", and internal training programs.  In addition, she directed the firm's published research efforts and corporate marketing and communications functions.  Ann was instrumental in developing several of Callan's research and specialty consulting groups, including Global Manager Research and International Consulting. Prior to joining Callan, she spent several years with Wilshire Associates where she was responsible for conducting asset/liability studies and building the firm's manager search efforts.

Ann earned an M.B.A. in Finance/Investments from the University of Southern California and a B.A. in Mathematics/Applied Science from the University of California at Los Angeles.

Ronald D. Peyton, Chairman & CEO

Ronald D. Peyton is Chairman and Chief Executive Officer for Callan Associates Inc., a privately held, employee-owned firm whose mission is to deliver superior consulting solutions that help clients achieve their investment and business objectives.

Mr. Peyton joined Callan Associates in 1974.  Since that time, he has worked with many large institutional investors to effectively plan, structure, and evaluate investment programs, products and organizations.  He is a frequent speaker at industry investment conferences and meetings.

Mr. Peyton is a member of the Kelley School of Business Dean's Council at Indiana University and an advocate of the Peninsula Center for the Blind and Visually Impaired.  He was past President of the Governing Board of the Filoli Center (a National Trust for historic preservation property) where he still serves on the Board, former member of the Advisory Board of the University of California at Berkeley Extension and The Castilleja School Investment Committee.  From 1990 to 1999, Mr. Peyton served on the AIMR Performance Standards Implementation Committee.

Mr. Peyton is Chairman of Callan's Management Committee.  He is Chairman of the Board of Directors and a shareholder of the firm.

Prior to joining Callan Associates, Mr. Peyton worked with Marathon Oil Company's pension investments, in addition to handling other financial responsibilities.  Mr. Peyton earned a B.S. degree in Accounting and an M.B.A. degree in Finance at Indiana University.

Susan L. Taylor, Senior VP & Chief Financial Officer

Susan L. Taylor, Senior Vice President, Chief Compliance Officer, and Chief Financial Officer. Susan joined Callan Associates in 1985 and is a shareholder of the firm. Her prior accounting experience included two years with Petite Boulangerie and six years with Phonic Ear, Inc.

Susan earned a B.S. in Economics from the University of California at Berkeley.