Callan Associates

Michael T. Bell, Vice President

Michael T. Bell, Vice President & Manager of External Equities, Trust Advisory Group. Michael helps manage the day-to-day functions of the Diversified Alpha Group Trust, working directly with its participants, sub-advisors, custodian, and cash management and transition managers.

Prior to joining Callan in April 2006, Michael worked for the Alaska Permanent Fund Corporation, a Callan client, as a Senior Investment Officer and was responsible for the APFC's equity portfolio. His experience includes development, implementation, and evaluation of investment policy; asset allocation; portfolio structure analysis; manager selection, contract negotiations, monitoring and performance evaluation; portfolio transitions; commission recapture; securities lending; custodian bank interaction; and as a portfolio manager and trader of cash equivalent securities for the APFC's short-term portfolio.

Michael has also held various marketing positions. His past employers include a computer services company, a manufacturer, a real estate holding firm and an advertising agency.

Michael graduated with a B.A. in Journalism from Louisiana State University, and earned an M.B.A. from the University of Alaska Southeast.

Warren R. Brown, Senior Vice President

Warren Brown, Senior Vice President & Manager of Investment Operations for Callan's Trust Advisory Group.  Warren helps manage the day-to-day functions of the Diversified Alpha Group Trust, working directly with the custodian, the sub-advisors, and the participants of the Trust. His responsibilities include report production, integration of customized performance analysis, implementation of risk-management procedures, and monitoring the sub-advisors of the investment program. He is a shareholder of the firm.

Warren joined the Client Report Services department of Callan Associates in 1993 in the Client Report Services group. He was promoted to Practice Manager of that department in 2000, where he supported all aspects of the performance reporting process until March, 2006.

Warren graduated summa cum laude in 1990 from Santa Clara University with a B.S. in Commerce.

Kelly S. Cliff, Senior VP & CIO

Kelly S. Cliff, CFA, is a Senior Vice President and Chief Investment Officer of the Trust Advisory Group (TAG), which provides full discretionary investment solutions for the institutional marketplace. Kelly oversees the management of the investment products and the ongoing due diligence and research. Kelly is a shareholder of the firm.

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 (GMR), which provides fundamental and statistical research on investment managers. Kelly oversaw the quantitative and qualitative analysis of investment managers and the production of research and client reports. He worked with the general consultants to tailor searches according to client guidelines.

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.