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Resume

Executive Director, Master’s in Financial Engineering (“MFE”) Program

University of California, Berkeley

July 2000 to Present

Assumed directorship of the MFE program nine months prior to the start of the first class. Lead the admissions program to a very successful first class – 50 students, twice the initially expected number. Raised funds to build the school’s financial engineering laboratory. Worked with UCLA to establish a joint Berkeley/UCLA MFE program that will permit students on both campuses to take the same classes, from the same professors, at the same time, using distance learning technology.

Adjunct Professor, Haas School of Business

University of California, Berkeley

July 2000 to Present

Chairman, Curriculum Committee, Master's in Financial Engineering, and created and professor for the Master's course Financial Innovation: Successes and Failures.

Co-Director, Fund Management in the Age of Globalization

Tsinghua University, Beijing, China

December 2002

This executive program was sponsored by Tsinghua University and the China Securities Regulatory commission (CSRC). The program was designed for executives of the China fund management industry, and delivered by leading academics and practicing professionals from around the world. The program will be delivered again in 2003.

Consultant to the CEO of CSAM Americas

July 2000 to July 2001

Developed pilot programs to use the Internet and associated rich-media communication and collaboration technology for knowledge management, relationship management, cross-selling, and new-name new business qualification. These programs integrate investment professionals and technology to better, and more efficiently, deliver written and tacit knowledge, judgment, and advice to clients, consultants, and prospects around the globe. The knowledge management pilot is struggling, but the other applications are developing nicely.

Managing Director

1997 to June 30, 2000

Structured, staffed and managed the first client service function for this multi-billion dollar asset management company. Responsible for organizing and managing CSAM Americas’ first Risk Management department (1998 and 1999). Conceived, organized, and managed CSAM’s first Global Client Investment Management Conference (1999).  In mid-1999, I was asked to investigate, propose an implementation plan, and manage CSAM’s entry into e-commerce. This activity was successfully introduced to the market in March 2000.

Co-Founder, Chairman and CEO

Leland O'Brien Rubinstein Associates, Incorporated ("LOR")

1981 to 1997

Founded LOR with U.C. Berkeley Professors Hayne Leland and Mark Rubinstein.  As Chairman and CEO, developed LOR from startup to one of the most innovative firms in the financial services industry.

·        Created "CountryBaskets" – The first set of international, equity, open-end, traded, index mutual funds. Sold CountryBaskets to Deutsche Bank and assisted them to introduce a $300 million CountryBasket IPO (1996). CountryBaskets were traded on the NYSE. CountryBaskets led to Morgan Stanley’s World Equity Baskets (“WEBS”).

·        Created "SuperTrust" – The first open-end, exchange traded, multiple-share-class mutual fund.  Marketed one billion-dollar SuperTrust IPO (1992).  SuperTrust units were traded on the AMEX. The units could be separated into option-like SuperShares that were traded on the CBOE. Later, the SuperTrust’s equity units were “squeezed-out” of the market by the AMEX’s own “copy-cat” product S&P Depository Rights (“SPDR’s"). The SuperTrust, suggested by Hakkenson’s super fund concept, was the first-ever exchange traded fund (ETF).

·        Served as Chairman of the "Capital Markets Fund", the one billion dollar mutual fund that held the asset portfolios that collateralized the SuperTrust. SuperTrust and the Capital Markets Fund is the subject of a Harvard Business School case study (available upon request).

·        Created and advised the first "portfolio insurance" mutual fund -- The Merrill Lynch Growth & Guarantee Fund, and assisted in its $230 million IPO (1987).

·        Created the first institutional equity risk hedging business (“portfolio insurance”), using stock index options and futures, and built it to a level of five billion dollars in direct management, and 45 billion dollars under license (1984 to 1987).  This development is the subject of another Harvard Business School case study (also available upon request).

·        Introduced the first technology to replicate put option protection on equity portfolios using dynamic hedging between equities and U.S. treasury bills.  This technology predated stock index futures and options.  Built this "cash securities" hedging business to 150 million dollars (1981 to 1984).

Director

A.G. Becker Funds Evaluation Group (now SEI Investment, Inc.)

1975 to 1980

Created Becker's pension investment management structuring and selection business.  Introduced the first asset/liability simulation modeling services in the pension industry.  Created the first commercial S&P 500 Index Fund management software for First Chicago (1978).  Becker became the premier name in pension consulting. Later this business was sold to SEI Corporation.

Co-Founder, Chairman and CEO

1972 to 1975

Co-founded the company and served as Chairman and CEO.  Introduced modern portfolio theory and analytical risk management into the purely "Graham and Dodd" investment industry of the time.  Created first "beta" book of individual stock systematic risk, the first risk-adjusted investment performance measurement service, and the first Monte Carlo simulation of multi-asset-class return distributions for pension policy analysis.  Co-creator of the O'Brien 5000 Stock Index – after selling the company, the Index was re-named the Wilshire 5000 (to my regret…).

Director, Analytical Services Division

Jas. H. Oliphant & Co. (Member New York Stock Exchange)

1969 to 1972

Director, Investment Services Practice

Synergetic Sciences Incorporated

1967 to 1969

Senior Associate, Military Systems Analysis

Planning Research Corporation ("PRC")

1962 to 1967

1st Lieutenant, Airborne Electronic Systems

United States Air Force

1958 to 1962

Honors

"Graham and Dodd" Award, Financial Analysts Federation

Article “How Capital Market Theory Can Help Investors Set Goals, Select Investment Managers, and Appraise Investment Performance,” 1970

"Men of the Year" (1987), Fortune Magazine

Advisory Board, International Association of Financial Engineers

Advisory Board, Journal of Derivatives

Who's Who in Business and Finance

Who's Who in America

Education

MS, Engineering (Operation Research)

University of California, Los Angeles, CA

SB, Economics and Engineering (Electrical)

Massachusetts Institute of Technology, Cambridge, MA