Team | Aperio

Darshan Ahluwalia

Senior Software Engineer

What are your key responsibilities?
I am a member of Aperio’s internal software development team, responsible for developing and maintaining software that enables Aperio to manage several billions of dollars. I am currently working on a Python web application that helps Aperio’s portfolio managers rebalance accounts. This application in particular will allow Aperio to continue to grow its assets under management and enable portfolio managers to do more in less time.

Describe your key previous work experience.
In my prior role at the Petaluma-based solar startup Enphase Energy, I built Python applications to automate the testing of Enphase’s microinverter products. In my seven years at Enphase, as we ramped from producing several hundred inverters per week to several thousand, I honed my software development, testing, and debugging skills. In the visible role of manufacturing Enphase’s products, I came to highly value test-driven development and continuous integration to ensure I produced quality software.

What is the most interesting aspect of the job to you?
The most interesting aspect of this role is the learning opportunities it provides. In the past year and a half since joining Aperio’s small startup-like software development team, I’ve been challenged to develop new skills like front-end development (JavaScript!) and DevOps (Ansible!). In addition, I’ve had the enjoyment of learning about the Aperio domain: investment strategy, after-tax investing, indexing, portfolio optimization, and factor/risk modeling.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
Within the software development team, our clients are Aperio’s employees. Because we develop following the Agile methodology, we’re in constant engagement with our internal customers. In fact, during our development of the new Python web application, we have a standing one-hour window where we work with the portfolio managers directly to make sure we’ve got it right.

What do you like most about working at Aperio?
In addition to the learning opportunities, I really love the culture here. We have a good work-life balance. There are plenty of clubs, so you can participate in activities with your coworkers. I particularly enjoy exploring new trails in the Marin headlands with our biking group.

List any committees or organizations you are a member of outside Aperio.
On occasion, I give talks and workshops with SF Python, the San Francisco Python meetup.

What are some non-work-related things we should know about you?
I love adventure! I rock climb, backcountry ski, and mountain bike. Name a formation in Yosemite: I’ve probably climbed it!

What postsecondary degrees and/or professional certifications do you possess?
BS in Computer Engineering from the University of California, Irvine.

Nick Arnold

Head of Aperio Legal

What are your key responsibilities?
Broadly, I am responsible for the operations of Aperio’s legal and compliance department, managing complex cross-functional initiatives and ensuring that delivery of service is the highest quality. As one might expect, my day-to-day activity often involves drafting, reviewing, and analyzing documents: client and vendor agreements, written policies and procedures, client due diligence questionnaires, etc. I also act as the firm’s Data Privacy Officer and sit on our Information Security Management Committee, which is responsible for maintaining and implementing Aperio’s information security program to protect client and corporate data.

Describe your key previous work experience.
Prior to joining Aperio, I worked for several years in private practice as an attorney and legal consultant, servicing clients in a variety of industries, including asset management, technology, and education. I started my legal career in Hollywood, providing guidance to production companies, and I was general counsel for a startup in education technology.

What is the most interesting aspect of the job to you?
I’m a true member of the business team, supporting strategic initiatives and improving operational efficiency, so I have a tremendous amount of autonomy to drive change within my department and the firm. I’m able to constantly assess current processes and recommend improvements—and often, take ownership of implementing those changes from start to finish.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I managed the project to evaluate, select, and implement an enterprise contract management solution here at Aperio, increasing efficiency of and improving client experience with our onboarding process. I also designed and implemented a formal data privacy program to enhance oversight of our clients’ data and facilitate our ability to comply with new regulations, such as the California Consumer Privacy Act.

What do you like most about working at Aperio?
Aperio still operates like a small organization in some respects, and senior management has no problem rolling up their sleeves and getting involved with initiatives throughout the firm. I interact with and work alongside C-level personnel on nearly a daily basis, providing ample opportunities to make a large impact on the firm, as well as learn and grow professionally.

What previous role(s) did you serve at Aperio?
I started as a Compliance Officer and Legal Counsel.

What are some non-work-related things we should know about you?
I was born and raised in Detroit and maintain my roots by playing ice hockey, skiing, and spreading the gospel of Detroit-style pizza and Coney dogs.

What postsecondary degrees and/or professional certifications do you possess?
BA from the University of Michigan, Ann Arbor and JD from Boston University.

Mark Bateman

Director of ESG/SRI Research (Salem, OR)

What are your key responsibilities?
I work on the ESG/SRI team, performing two main functions: First, I collaborate with clients to develop a customized values policy document. This document serves as the road map for aligning their portfolios with their values on environmental, social, and governance (ESG) issues. Second, I stay on top of developments in the ESG research industry to understand what data are available to use in client portfolios.

Describe your key previous work experience.
I have been in the ESG industry for more than 25 years. I started at the Investor Responsibility Research Center (IRRC) and held various roles—research analyst on military and political issues, director of the Environmental Information Service, and Vice President of Research and Operations. During that time, I served on the original steering committee of the Global Reporting Initiative (GRI), helping to develop standards for sustainability disclosure. More recently, I served as the Director of Research for IW Financial.

What is the most interesting aspect of the job to you?
I enjoy working with our clients—to understand their values and worldviews and help create criteria that reflect those values in their investment portfolios. No two clients have exactly the same values, so every conversation is different.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I helped create the original SRI offerings available on the Aperio SRI/ESG Menu. These offerings can be an off-the-shelf solution for a client or the starting point for a more detailed conversation. I also helped create the online survey that we often use with clients to help identify the issues that matter most to them.

What do you like most about working at Aperio?
I like talking with our clients about what matters most to them. These conversations can be incredibly personal. I often hear a cross section of world views that gives me a better understanding of humanity.

List any committees or organizations you are a member of outside Aperio.
I serve on the board of directors for the Sustainable Investments Institute (Si2), a proxy research firm. I also serve in a number of church governance roles at the local, state, and regional levels.

What are some non-work-related things we should know about you?
I’m a photographer, mostly nature and my kids’ sporting events. I also like to play—and create—board games.

What postsecondary degrees and/or professional certifications do you possess?
BA from Johns Hopkins University; MA from George Washington University.

Recent Blog Posts

December 15, 2020 Aperio’s DEI Journey

Addressing Diversity, Equity, and Inclusion in Public Equity Portfolios

Until January 20, 2021, Condoleezza Rice will have been the highest-ranking African American woman to serve in the executive branch of the US government, having served as secretary of state from 2005 to 2009. With Kamala Harris’ assumption of the vice presidency...

August 4, 2020 Values-Aligned Investing

An Open Letter to ESG Vendors (and others who may care)

Dear ESG Vendor: Having recently completed a comprehensive review of the ESG data offerings from most of the prominent ESG vendors, we want to share some of what we learned about the state of ESG research and data...

June 16, 2020 Aperio’s DEI Journey

It’s Not Enough but Should Be Part of the Solution

The national dialogue on racial inequality brought about by the death of George Floyd at the hands of Minneapolis police officers has resulted in more questions from Aperio’s clients: How can we reflect our concerns about racial inequality in our investments?...

Sandrine Beddow

Receptionist and Administrative Assistant

What are your key responsibilities?
As a Receptionist and Administrative Assistant, my focus is first to welcome the clients, guests, and staff in our office. I am the first person they meet in the office, and that can be a shock as I greet them with a French accent! Most of my days will involve scheduling meetings, booking travel, and making catering arrangements.

Describe your key previous work experience.
During my work career, I have been mainly involved with the hospitality and travel fields. I worked in several hotels abroad (in France, Ireland) and in the United States, and in my last travel position, for 17 years, I rented villas and apartments in Europe.

What is the most interesting aspect of the job to you?
My favorite aspect of the job at Aperio is the challenge to complete work when needed on short notice, as sometimes travel and meetings are set up at the last minute, and I like my guests, clients, and staff to be satisfied with their arrangements. Working with a large number of people, it is very interesting to learn about each person and work with them at their own pace. I would rather schedule travel and meetings in advance, but I know how to work under pressure when needed. And of course, I love to work as a part of a team, as usually I am the only one at the front desk.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
A few years ago, we set up multiple conferences/road shows in several cities, and it was fulfilling to know the meetings were positive. Our clients and staff were pleased with the results and the arrangements before and during the road shows.

What do you like most about working at Aperio?
I like to work with people, and being in a large firm gives me the opportunity to have no regular daily routines. My work is always challenging, and I am pleased to help people. I appreciate that Aperio gives us the opportunity to be involved in clubs, walks, and special gatherings like the JPMorgan run challenge.

What previous role(s) did you serve at Aperio?
I started as a Front Desk Receptionist.

What are some non-work-related things we should know about you?
I like to hike, travel, and use my native language (French). As for hobbies, I enjoy baking for family and friends and work colleagues and swimming with stingrays while snorkeling in Tahiti.

Nicole Bellefeuille

Manager of Marketing Projects

What are your key responsibilities?
As a Marketing Project Manager, I work with project owners to help accomplish tasks in a timely, coordinated manner while keeping clients in mind all the time. I plan and manage both marketing and select business development and internal communication projects according to predefined processes; and communicate expectations to internal subject matter experts and other stakeholders.

Describe your key previous work experience.
Some of my most recent experience includes working as a consultant providing legal and financial analysis related to disputes involving financial institutions. Prior to my time in consulting, I worked for two large West Coast asset managers, Farallon Capital Management and Makena Capital Management, doing primarily investor relations and marketing. I credit my health law background for my getting a job at Farallon Capital working as a Research Associate for an MD (doctor) on a Healthcare/Biotech/Pharma team, an unforgettable experience. I obtained my law degree, with a certificate in health law, from St. Louis University—the No. 1–ranked law school for this specialty. Before law school, I worked for Smith Barney as a Registered Investment Advisor.

List any committees or organizations you are a member of outside Aperio.
Having a son born with a disability, I have become an advocate for him and others, primarily by working side by side with organizations such as the CHARGE Syndrome Foundation and California Deafblind Resources. I also currently am a member of the California State Bar.

What are some non-work-related things we should know about you?
Global citizenship is the fiber of who I am. Growing up in a military family, I spent half my childhood living abroad and treasure the time spent traveling and having the opportunity to immerse myself in other cultures. I feel fortunate to have been able to move with my family to Madrid, Spain, and experience living and traveling overseas as an adult.

What postsecondary degrees and/or professional certifications do you possess?
JD, Health Law Studies, from St. Louis University; BS in Corporate Finance from the University of Colorado Colorado Springs.

Lawrence Bevir

Associate Portfolio Manager

What are your key responsibilities?
As an Associate Portfolio Manager, my primary responsibilities include analyzing and rebalancing client accounts to ensure they’re on track to meet the clients’ investment goals. This effort involves balancing the requirements of the investment strategy, tax sensitivity, and SRI objectives to construct a cohesive portfolio.

Describe your key previous work experience.
Before Aperio, I was a Senior Wealth Strategy Associate at UBS, where I helped build portfolios for high-net-worth clients, with a particular focus on socially responsible investing. Before that, I worked in the trading department at Natixis Investment Managers.

What is the most interesting aspect of the job to you?
I enjoy the challenge of finding different investment solutions that suit each client’s unique financial and tax circumstances. Aperio’s investment process is customized to each client, and that means there’s constant variety in my work.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I helped develop a step-by-step procedure to streamline our morning high-cash review process so that any account with a significant cash buildup can be rebalanced as efficiently as possible.

What do you like most about working at Aperio?
I enjoy the collegial culture and the opportunities to partner with colleagues to develop process improvements and trading strategies.

List any committees or organizations you are a member of outside Aperio.
I am a member of the CFA Society San Francisco and the San Francisco Security Traders Association.

What are some non-work-related things we should know about you?
I enjoy hiking, sailing on the San Francisco Bay, skiing, and playing chess with friends and over the Internet.

What postsecondary degrees and/or professional certifications do you possess?
BA in Economics with a minor in Philosophy from the University of California, Davis.

Beyza Black

Client Operations Supervisor

What are your key responsibilities?

As the Client Operations Supervisor, I manage the day-to-day team activities and requests, as well as own and drive initiatives to improve efficiencies, reduce errors, and scale processes and systems with a focus on automation within the department. I also support various requests from clients, oversee the group’s new accounts queue, assign requests to the team, manage and participate in key team initiatives, and supervise the Client Onboarding Team. In addition, I train new hires and cross-train team members.

Our team’s function is important because we are the first point of contact and the introduction to the firm for our clients. We have a big responsibility to represent the firm once a client decides to partner with us.

Describe your key previous work experience.
My career spans years of client management experience in various sectors.

What is the most interesting aspect of the job to you?
The most interesting features of my job are the opportunities to interact with clients, provide good client service, and solve problems.

What do you like most about working at Aperio?
The company’s attitudes regarding people, culture, diversity, transparency, and putting our clients’ needs first match my values.

What previous role(s) did you serve at Aperio?
I have been with Aperio since 2014, where I started as a Client Operations Analyst. Following that, I was a Senior Operations Analyst and then Client Operations Lead.

What are some non-work-related things we should know about you?
I love traveling and spending time with my husband and twins, as well as being involved with their sports and activities. I also enjoy photography, yoga, and cooking.

What postsecondary degrees and/or professional certifications do you possess?
BA in Business Administration from Galatasaray University in Istanbul, Turkey.

Michael Branch, CFA

Manager of Portfolio Research

What are your key responsibilities?
I lead a team of researchers responsible for supporting the policies, procedures, and tools used to standardize decision-making and enhance our investment strategies.

Describe your key previous work experience.
Prior to Aperio, I was a Fund Operations Specialist at California Investment Trust (now Shelton Capital Management), where I managed the daily liquidity for 12 mutual funds. At CIT, I learned the fundamentals of equity index portfolio management, performance assessment, reporting, and compliance.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I’ve been working with a team to develop investment decision-making algorithms that translate client preferences for risk, taxes, and factors/ESG into optimal portfolios. The project has enhanced our ability to provide customized solutions to clients, while also improving the efficiency and standardization of our internal operations.

What do you like most about working at Aperio?
I’m surrounded by very intelligent and curious-minded colleagues who care deeply about improving our investment strategies and furthering our understanding of portfolio optimization, risk modeling, and performance. The atmosphere is engaging and challenging, which I find highly motivating.

What previous role(s) did you serve at Aperio?
I started at Aperio in 2007 as a Performance Analyst. In addition to handling monthly performance reporting and assessment, I worked with the systems development team to build a new performance tool and bring Aperio’s performance into compliance with Global Investment Performance Standards. In 2011, I transitioned to portfolio management, where I provided analytical support in the research, portfolio management, and trading of client portfolios. That role has evolved over time, shifting to more project-based work that supports the standardization of investment decision-making.

List any committees or organizations you are a member of outside Aperio.
I’m a member of the CFA Institute, the CFA Society San Francisco, and the Long Now Foundation.

What are some non-work-related things we should know about you?
I love hiking, biking, stair climbing, weight lifting, and other grueling activities.

What postsecondary degrees and/or professional certifications do you possess?
BS magna cum laude in Finance from the University of Arizona; Chartered Financial Analyst (CFA) charterholder.

Published Articles

"A Guide to ESG Portfolio Construction" – Journal of Portfolio Management, April 2019
"Factoring Profitability" – Risk-Based and Factor Investing, 2015
"The Case for Global Stock Portfolios" – Journal of Indexes, November/December 2011

Caleb Brejda

Business Development Associate

What are your key responsibilities?
As part of our West Coast client relationship team, I am the first point of contact for our clients. I work with our various business groups, from portfolio management to operations and onboarding, to provide an outstanding client experience. Our focus is on building long-term partnerships with our clients, whom we support with our responsiveness and creative problem-solving.

What is the most interesting aspect of the job to you?
The continued evolution of the industry fascinates me and is one of the reasons I was drawn to Aperio. Our highly tailored solutions allow us to adapt to an evolving industry. Recently, I have enjoyed seeing how Aperio continues to produce creative solutions to various ESG/SRI issues our clients come to us with.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I provide daily support to our clients. I particularly enjoy finding tailored solutions to each client’s unique issues.

What do you like most about working at Aperio?
I enjoy working with such dedicated individuals. Everyone at Aperio puts the client first and goes above and beyond to create an excellent experience. I also like that every day there is something new to learn. It is amazing to be challenged and pushed to grow day-to-day.

What are some non-work-related things we should know about you?
In my free time, I enjoy hiking with my dog, finding great restaurants to try, and reading. I also love traveling—my fiancée and I explored Zion in May this year.

What postsecondary degrees and/or professional certifications do you possess?
BA in Economics and Finance from Gonzaga University; Series 7, 63, and SIE licenses; and Level II candidate in the Chartered Financial Analyst (CFA) curriculum.

Taotao Cai

Quantitative Researcher and Research Infrastructure Lead

What are your key responsibilities?
As a Quantitative Researcher and member of the Aperio research team, I am responsible for supporting our research efforts in general investment issues and portfolio management topics. I work with the team to perform quantitative analyses, simulations, and back-tests used in maintaining current strategies, developing new product ideas, and creating publications to support our clients.

Describe your key previous work experience.
Prior to joining Aperio, I worked as an Equity Option Trader and Quantitative Researcher at Bluefin Trading LLC.

What is the most interesting aspect of the job to you?
The most exciting aspect of my job is the explorative and open-ended nature of research. I also get to work with experienced and talented team members to tackle complex and challenging problems.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I participated in the development and implementation of the ATBAT system: Aperio’s in-house after-tax back-testing analysis tool. ATBAT provides valuable insights that have helped us solving many portfolio manager, research, and client questions. Working on this project has been an exceptionally educational and fascinating experience for me.

What do you like most about working at Aperio?
Apart from the exciting role and the learning opportunities, I really like the people and the culture here at Aperio. Everyone is kind, dedicated, highly seasoned, and a joy to work with. The Aperio culture puts great focus on respect, honesty, responsibility, and the search for truth, which resonates with me on both personal and professional levels.

List any committees or organizations you are a member of outside Aperio.
I am a member of the University of Chicago Alumni Association.

What are some non-work-related things we should know about you?
I like reading sci-fi and history books, pulling espresso shots, and building Lego sets.

What postsecondary degrees and/or professional certifications do you possess?
BCom in Finance and Economics from the University of Toronto’s Rotman School of Management; MS in Financial Mathematics from the University of Chicago.

Recent Blog Posts

May 5, 2021 Active Tax Management

A Concentrated Stock Position Is a Lottery Ticket

An investor might hold on to concentrated stock for a variety of reasons. A position may carry a substantial tax overhang, or perhaps it has emotional value, representing the fruits of hard work building a successful business. Investors are subject, in greater or lesser degrees, to the “endowment effect,” which is our tendency to...

February 23, 2021 Active Tax Management

Highfliers Drive Market Returns. Losers Drive Tax Alpha.

The S&P 500 Index return was up 18.4% in 2020, even though 95% of its constituents experienced a drawdown of more than 10%. This is not, however, just another crazy thing that happened in 2020...

Published Articles

"Tax-Managed Factor Strategies" – Financial Analysts Journal, Second Quarter 2019
"Rewards and Risks of Loss-Harvesting Strategies" – Investments & Wealth Monitor, May/June 2019

James Carlassare

Investment Operations Associate

What are your key responsibilities?
As a member of the investment operations team, my key responsibilities include daily monitoring and reconciliation of accounts; data processing in our accounting system; carrying out various monthly and quarterly closing processes; working on projects to streamline operations and automate processes; and communicating with our assorted vendors and partners to resolve any issues related to daily processes, data delivery, and trade settlement.

Describe your key previous work experience.
Prior to joining Aperio, I was a Financial Analyst at Goldman Sachs, where I worked in operations for physical settlements. Before that, I held a range of positions at a paint factory.

What is the most interesting aspect of the job to you?
Learning the new systems and functions, and how Aperio works from the inside, has been interesting.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I am working on creating an in-depth procedure for one of our functions to be used as a guide so newcomers can more easily both navigate the function and process key client requests. I also work on reconciling many new accounts, which is part of welcoming new clients to the firm.

What do you like most about working at Aperio?
I like how everyone is very welcoming and transparent. You always feel included, and your input is always heard and taken seriously. No matter how senior or how long you have been with the company, everyone is treated as an equal.

List any committees or organizations you are a member of outside Aperio.
I am a student member of the CFA Society San Francisco.

What are some non-work-related things we should know about you?
I love watching and playing sports. Most weekends, you will find me on the golf course.

What postsecondary degrees and/or professional certifications do you possess?
BS in Finance from Purdue University; MBA from Washington State University's Carson College of Business, with a Certificate in Finance.

Martina Carter

Senior Investment Operations Associate

What are your key responsibilities?
As a member of the investment operations team, my key responsibilities include daily monitoring and reconciliation of accounts; data processing in our accounting system; carrying out various monthly and quarterly closing processes; working on projects to streamline operations and automate processes; and communicating with our assorted vendors and partners to resolve any issues related to daily processes, data delivery, and trade settlement.

Describe your key previous work experience.
When I joined Aperio, I had 20 years of dedicated experience in the investment management industry, beginning my career at Franklin Templeton and Invesco Capital Management, where I was charged with performing middle- and front-office duties for assigned separately managed portfolios. Those tasks included daily reconciliation of security holdings and cash positions to the custodian; updating performance and comparing portfolio performance with industry benchmarks, along with investigating any variances; preparing comprehensive quarterly reports; handling trade reconciliation and settlement; billing; new client onboarding; responding to client requests; and participating in miscellaneous projects. I also provided leadership to fellow colleagues through systems and operational procedures training.

List any committees or organizations you are a member of outside Aperio.
I am an active volunteer, consultant, and board member to a nonprofit organization, I Beat A.L.L. Inc. The organization is dedicated to serving the community through mentorship, education enrichment, and recreational basketball programs.

What are some non-work-related things we should know about you?
In my spare time, I enjoy socializing and spending time with friends and family. I also like keeping up with the local real estate market, taking short trips, and traveling to watch my son's Amateur Athletic Union basketball games. Lastly, I LOVE to help people find their ancestral roots and missing family through DNA analysis.

What postsecondary degrees and/or professional certifications do you possess?
BS in Accounting from Florida Metropolitan University, Fort Lauderdale; licensed REALTOR®.

Julie Enderson

Co-Head of Client Relationship Management Team (Denver)

What are your key responsibilities?
I co-head Aperio’s Client Relationship Management team responsible for developing, building, and maintaining the firm’s client and prospect relationships throughout the United States. Our team remains focused on client service and partnering with our advisors to build hypercustomized, cost- and tax-efficient portfolios that meet their clients’ unique needs. We devote a large portion of our time engaging in deep, consultative dialogs with advisors and their clients.

Describe your key previous work experience.
I did investor relations, relationship management, and marketing at ZAIS Group, LLC, a structured-credit hedge fund in New Jersey. Prior to that, I was at Bloomberg LP in New York City, doing sales and account management. I started my career in their Equity & Fixed Income Analytics program.

What is the most interesting aspect of the job to you?
Getting to know our advisors and partnering with them to build tailored solutions for their end clients. I learn something new every day and enjoy the challenge of problem solving in partnership with our clients. Our “client-first” culture is refreshing and our high-touch, white glove approach to servicing clients is something I will always prioritize. Thinking outside of the box and welcoming the “messy” is something I enjoy.

What do you like most about working at Aperio?
The community of people. It is an entrepreneurial culture that applauds intellectual curiosity, kindness, and creativity. We are constantly reminded to enjoy the journey!

What previous role(s) did you serve at Aperio?
I started as a Business Development Associate, transitioned to a Client Relationship Manager, and then a Senior Client Relationship Manager and Head of the Central Region. When I joined Aperio, I was the first Business Development Associate and the Client Relationship Manager position did not exist, nor did explicit territory coverage.

What are some non-work-related things we should know about you?
I played Women’s Division I Lacrosse at Villanova. As a resident of Golden Colorado, I love taking advantage of the amazing hiking and skiing options with my husband, daughter, and son. We also love cooking and trying new recipes together.

What postsecondary degrees and/or professional certifications do you possess?
BS in Economics from the Villanova School of Business.

Frances Fang

Legal Operations Analyst

What are your key responsibilities?
I provide project management of cross-functional initiatives to identify technology, workflow, and other solutions that aim to increase efficiency and service delivery for the Legal & Compliance department, ensure regulatory compliance, and mitigate risk.

Describe your key previous work experience.
Prior to joining Aperio, I was a Contract Specialist at an SaaS company, where I autonomously managed the contract database and worked on multiple cross-functional projects. I like to work with different people from various backgrounds as I believe everyone brings something different to the table.

What is the most interesting aspect of the job to you?
The most interesting aspect of my job is challenging myself every day to do things outside my comfort zone. Also, this job pushes me to grow and expand my skill set.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
The most noteworthy project thus far has been the Compliance Training Wiki Page. This training sets guidelines about best practices for Aperio’s employees. It provides guidance regarding whether employees need to disclose personal trading activities and on best social media practices, to name just a couple of examples.

What do you like most about working at Aperio?
Aperio’s culture and its people appeal to me. You get to work with a lot of bright-minded people who are extremely humble and willing to teach you. Also, my colleagues at Aperio have the highest ethical standards and treat everyone with respect, which is very important to me.

List any committees or organizations you are a member of outside Aperio.
I am a member of San Francisco Toastmasters.

What are some non-work-related things we should know about you?
I was born and raised in San Francisco and studied abroad in the United Kingdom for my undergraduate and graduate degrees. I love to travel to explore, travel gives me the opportunity to explore with an open heart and an open mind.

What postsecondary degrees and/or professional certifications do you possess?
BBA from the University of Bath and GDL from the City University London.

Tori Ferguson

Senior Business Development Associate

What are your key responsibilities?
As a Senior Business Development Associate, I focus on client and prospect relationships in the central part of the country. My role includes building customized solutions with clients and working closely with our ESG/SRI, portfolio management, and client experience teams. As a company that strives to create lasting partnerships with our clients, Aperio focuses on maintaining these client relationships as an important part of providing a high-touch client experience.

Describe your key previous work experience.
Prior to joining Aperio, I worked for a private wealth management team at Morgan Stanley. During my time there, I focused on business development and marketing for our team, as well as providing client service to our ultra-high-net-worth clientele.

What is the most interesting aspect of the job to you?
I consider myself a people person, so I really enjoy getting to interact and develop relationships with our client base on a daily basis! I also find it interesting to research potential new clients and pinpoint opportunities where we could be a good fit as a partner.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I work with Aperio’s clients on a day-to-day basis, so learning each client’s nuances and needs is critical to providing a high level of client service

What do you like most about working at Aperio?
I enjoy the collaborative work environment at Aperio and how willing everyone is to help you succeed. I have also enjoyed learning more about the ESG/SRI space and am excited to see it continue to gain traction and become more frequently utilized in the investment world.

What are some non-work-related things we should know about you?
I enjoy spending as much of my free time as I can outdoors—whether it’s hiking, finding a new running path, or relaxing at a beach! I also am a huge “foodie,” so I have enjoyed exploring the restaurant scene in the Bay Area over the past few years.

What postsecondary degrees and/or professional certifications do you possess?
BS in Economics from the University of Colorado Boulder; Series 7 and 66 licenses.

Marc Fiore

Head of Aperio Marketing

What are your key responsibilities?
I often am asked the question, “What’s the role of marketing in a space where relationships and technical issues drive decisions?” My simple answer is that reputations matter in decision-making. As Head of Marketing, my job is to manage our reputation proactively and intentionally—by ensuring that our brand and offerings are competitively positioned in the market and that prospects, clients, prospective employees, and staff value our unique proposition. To that effect, I drive the strategy and execution of marketing activities—communications, content marketing, product marketing, digital marketing, public relations and social media, business intelligence, and events—with our business development, research, product, and technology teams, in sync with other BlackRock marketing teams.

Describe your key previous work experience.
Although I am a French native, I have spent more than half of my 25-year international B2B marketing and business development career in the United States. Most recently, I was Head of Strategic Marketing at MSCI for nine years and Global Head of Marketing at Parametric for three. Prior, I worked at AXA, Bankers Trust, American Express, and Danone across Europe and North America. When I look back, what I enjoyed most was combining creative strategic thinking with effective cross-team execution to develop a business or a function, elevate brand power, grow revenues, or enhance the client experience.

What is the most interesting aspect of the job to you?
As someone who has always embraced data in decision-making, I have enjoyed the decade-long evolution of marketing from art to science. The time of Mad Men is long gone! Marketing is now both data and content driven, where success comes from marketers’ abilities to combine disciplines and use data to deliver relevant content to the right individual at the opportune time. Aperio affords me the opportunity to follow this approach.

What do you like most about working at Aperio?
Aperio has a truly unique culture that I have not seen anywhere else—an intellectually challenging environment where I work alongside the best brains in the business with a culture that emphasizes genuine and respectful interactions.

What are some non-work-related things we should know about you?
As a single dad with four children ranging from 6 to 19 years, I have my hands full. So “spare time” mostly consists of doing things together—from biking, hiking, and cooking to traveling around the world. I also enjoy volunteering, preferably with my kids. And when I get a bit of free time, I love going to the opera and attending any form of art performance.

What postsecondary degrees and/or professional certifications do you possess?
BBA in Economy and Finance from the Institut d’études politiques de Paris (Sciences Po Paris); MBA from the New York University Stern School of Business.

Igor Fisl, CFA

Software Engineering Manager

What are your key responsibilities?
I head a software engineering team at Aperio. We are responsible for the software development life cycle of Aperio’s proprietary software—trading, operations, and reporting systems.

Describe your key previous work experience.
Throughout my career, I have worked at the crossroads of finance and technology. I began as a software engineer in startups in Amsterdam (Netherlands). My focus was to design and develop real-time market data distribution and trading software systems. Then I moved to MarketXS (which was later acquired by IHS Markit and is now part of S&P Global), where I was the product owner for an internally developed trading platform.

After Markit, I moved to the US and worked at PricewaterhouseCoopers (New York) in transaction services as an expert on intangible asset valuation. After, I founded a software development outsourcing company, where I was able to use my network to source software development projects in the US and execute them in Serbia, where I am originally from. Finally, in 2017, I joined Aperio and moved to California, which has proven to be a great choice.

What is the most interesting aspect of the job to you?
Every day, I get to wear many hats and be involved in both (quantitative) investment management and technology—something I look forward to.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I worked on scaling the account rebalancing process and increasing the efficiency of the portfolio management team.

What previous role(s) did you serve at Aperio?
I started working at Aperio in November 2017 as a Senior Engineer in the systems development group. My role has since grown to manager of software development.

What are some non-work-related things we should know about you?
I can be found on my bike—climbing Mount Tamalpais and the Marin Headlands—trying to keep up with Darshan.

What postsecondary degrees and/or professional certifications do you possess?
MSc in Computer Science from the University of Novi Sad, Serbia; MBA from Emory University; Chartered Financial Analyst (CFA) charterholder.

Lincoln Fleming, CFP, CPA, PFS

Senior Tax Economist

What are your key responsibilities?
At Aperio, I focus on the intersection of taxes and investing and have three main responsibilities: I am a part of the research team and assist with tax-related research. I am a resource to aid internal colleagues and clients with tax-related questions and training. And I help come up with innovative tax strategies and solutions for our clients.

Describe your key previous work experience.
I started my career in the PricewaterhouseCoopers (PwC) private client group, advising ultra-high-net-worth individuals, corporate executives, and owners of closely held businesses on comprehensive tax and wealth planning solutions. I worked in PwC’s San Francisco office and also spent two years in its London office. From there, I joined the Wealth Strategist Services team at Goldman Sachs in the Bay Area, where I provided tax and wealth transfer planning services and modeled out sophisticated wealth planning strategies for Goldman’s Private Wealth Management clients. I left Goldman to join Canopy Tax, a venture-funded tax software startup company near Salt Lake City, where I scaled and led a team of about 75 tax subject matter experts and helped build one of the first cloud-based professional tax preparation software products. Joining as an early employee and helping to scale the company to several hundred employees and raise more than $60 million in venture funding was a fantastic experience. After Canopy, I joined Squire Wealth Advisors, a boutique accounting and wealth management firm, where I helped individuals and families reach their financial goals through sophisticated tax planning and evidence-based investment strategies.

What is the most interesting aspect of the job to you?
No two days at Aperio are alike. I also love the challenging projects and opportunities that help me to grow and develop as a person and as a professional.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I have assisted Aperio clients and prospects with a wide variety of issues. Examples include qualified small business stock planning, cross-border tax planning, wealth transfer planning, charitable giving planning, and planning for potential tax reform. I have also aided with research about the benefits of tax-loss harvesting for different types of taxpayers.

What do you like most about working at Aperio?
I am surrounded by brilliant colleagues and wonderful clients I learn so much from every day. I also value being a part of an ethical organization that strives to always do what is right and puts the interests of the client first. Finally, I love being a member of such a close-knit, high-performing team.

List any committees or organizations you are a member of outside Aperio.
I am a member of the American Institute of Certified Public Accountants (AICPA) and the Salt Lake Estate Planning Council.

What are some non-work-related things we should know about you?
I love spending time with my wife and six children. I also enjoy reading, spending time in the mountains, attending Broadway performances, and following college sports.

What postsecondary degrees and/or professional certifications do you possess?
BS in Accounting from Brigham Young University; Master of Taxation from Brigham Young University; Graduate Certificate in Estate Planning from Golden Gate University; Certified Public Accountant (CPA), Certified Financial Planner (CFP®), and Personal Financial Specialist (PFS) designations.

Recent Blog Posts

November 3, 2022 Active Tax Management

When Philanthropy Meets Portfolio Tax Management

For many people, the end of the year is a season for giving, a time to focus less on ourselves and more on our communities and the causes that are important to us. Many of us also find ourselves looking for ways to save on taxes at year-end...

September 6, 2022 Tax Regime Change

Tax Policy Update for Wealthy Investors: The Inflation Reduction Act and Beyond

Ben Franklin once stated that “nothing is certain except death and taxes.” Clearly, he had never experienced a political environment like what we faced in 2021 and 2022—the revolving door of tax proposals meant there was very little certainty about taxes...

April 5, 2022 Active Tax Management

The Shifting Sands of Wealth Transfer Planning

After the challenging planning environment of 2021, wealth advisors might do well to regroup with clients to ensure that decisions made under the constraints that prevailed late in the year are best positioned for implementation. Across today’s dynamic tax, political, and economic landscapes...

Sebastian Frei

Investment Operations Associate

What are your key responsibilities?
As a member of the investment operations team, my key responsibilities include daily monitoring and reconciliation of accounts; data processing in our accounting system; carrying out various monthly and quarterly closing processes; working on projects to streamline operations and automate processes; and communicating with our assorted vendors and partners to resolve any issues related to daily processes, data delivery, and trade settlement.

Describe your key previous work experience.
I was previously employed as a Data Analyst at Private Market Connect, an East Coast private equity firm. There, I worked with a group of analysts to ensure we had entered within our proprietary reporting system as much accurate data from our partners as possible. During my time there, we were able to almost double our client base, leading to many of our projects revolving around scaling and automating our processes.

What is the most interesting aspect of the job to you?
The most interesting aspect of the job for me is the ability to constantly learn from a variety of well-qualified individuals. In my short time here, I’ve been able to learn more than I ever could have expected—and in a variety of fields I’d never expect to learn about.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I’m working on developing my Python skills so I can more effectively automate some low-level processes within operations. This will allow other operations employees and I to focus more time on ad hoc and evolving requests, letting us serve our clients better.

What do you like most about working at Aperio?
The thing I like the most about working at Aperio is how accepting and inclusive the culture can be. Enjoy running, reading, biking, or gardening? You’ll get added to a group before you can finish mentioning it! Everyone here does a great job at making you feel accepted and part of the culture from the moment you walk in the door.

What previous role(s) did you serve at Aperio?
I was previously a Junior Operations Associate.

List any committees or organizations you are a member of outside Aperio.
I’m a member of the Alumni Association of Barrett at Arizona State University.

What are some non-work-related things we should know about you?
I enjoy (almost) everything outdoors. I’m fortunate enough to own a dog, and I strive to be more like her. I also love everything about soccer: watching, talking, lamenting about my team’s continued lack of success, and of course playing it.

What postsecondary degrees and/or professional certifications do you possess?
BS in Finance and Economics from Arizona State University.

Michelle Friedman

ESG/SRI Investment Strategist

What are your key responsibilities?
My primary responsibility is working with clients to help them express their values in hypercustomized public equity portfolios. In doing so, I work with clients to understand the issues they care about most, in order to develop approaches for aligning their portfolios with their values on environmental, social, and governance (ESG) and climate issues. I also stay on top of developments in the ESG research industry to understand what data are available to use in client portfolios and what the latest trends are in ESG and climate investing.

Describe your key previous work experience.
I have been in the ESG industry for more than 22 years. Prior to joining Aperio, I headed MSCI’s commercial and product development strategy on impact, sustainable finance, screening, and custom ESG research solutions. During my time at MSCI, I had various roles including the development of ESG portfolio reporting tools, custom research projects and indexes, faith-based screening research, Sustainable Development Goals alignment tools, and most recently, European Union Sustainable Finance Disclosure Regulation and Taxonomy data and reporting solutions.

I started my career at SRI research pioneer KLD Research & Analytics, where I was the Managing Director of Consulting Services for institutional investors including pension funds, foundations, and religious institutions. I also led the MSCI Boston office for five years, guiding the office through the transition to working from home during the height of the COVID-19 pandemic.

What are some non-work-related things we should know about you?
I love to spend my downtime with my husband, two daughters, and our dog. I also enjoy traveling, spending as much time as I can near the ocean, haphazardly gardening, and cooking what I aspire to be Pinterest-worthy decorated cakes and cupcakes with my kids.

What postsecondary degrees and/or professional certifications do you possess?
BA in International Relations, with a focus on environmental economics and a minor in Italian, from Tufts University.

Antonius Gan

Quality Assurance and Data Manager

What are your key responsibilities?
My responsibilities on the data team include managing the main data infrastructure that undergirds all our business activities—including data sourcing, ingestion, transformation, and availability. The QA team is responsible for securing the quality of our in-house portfolio management tools. Through our testing activities, the QA team ensures that requirements are accurate and implementation is correct.

Describe your key previous work experience.
I’ve worked at multiple startup companies, a few of which were acquired by bigger a company (e.g., Cisco) or became a public company (e.g., Enphase). I have served in a variety of positions, from laboratory-bound roles to managing entire production lines. This range of experience has allowed me to expand my horizons—taking a highly detailed technical view to a high-level business process lens. It also trained me to adjust my strategies depending on whether I need to “get it done yesterday” or “make this run like a sausage machine.”

What is the most interesting aspect of the job to you?
By working on Aperio’s key internal application, I have the opportunity to learn many aspects of portfolio management. In addition, I have been able to sharpen my software development and verification skills.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
My direct clients are the product owners and users. However, everything we deliver directly impacts their ability to produce results for Aperio’s clients. Personally, I felt honored to have been involved with multiple major technology projects at Aperio: cloud migration, test automation, and establishing a partially outsourced model for the QA team.

What do you like most about working at Aperio?
I most enjoy the nearly conflict-free, highly collaborative environment. This is a quality that most companies tout but rarely achieve. I also like the great work-life balance, giving me a new perspective on life, in contrast to the frantic high-tech lifestyle.

What are some non-work-related things we should know about you?
My family and I love downhill skiing, which is balanced by our passion for delicious food.

What postsecondary degrees and/or professional certifications do you possess?
BS in Interdisciplinary (Math, Physics, and Engineering) Studies from Calvin College in Grand Rapids, Michigan.

Patrick Geddes

Senior Advisor and Chief Tax Economist

What are your key responsibilities?
I analyze cash flows for complicated tax situations facing our clients and their tax advisors, including charitable donations, incentive options, and estate/gift tax scenarios.

Describe your key previous work experience.
Prior to co-founding Aperio, I was the Research Director and CFO at Morningstar. I also taught graduate-level portfolio theory, which has proven quite applicable to constructing client portfolios at Aperio. Likewise, I’ve applied learnings from building complex, risk-adjusted after-tax cash flow models at an oil company to my work here, doing the same thing for taxable investors.

What is the most interesting aspect of the job to you?
As I try to help taxable investors understand how their pre-tax returns aren’t relevant, I continuously observe how resistant the investment industry remains to focusing on after-tax returns. It’s fascinating how much the industry’s stance reflects financial incentives—particularly from the lucrative revenue streams of the least tax-efficient strategies. More generally, the challenge of complicated investment problems continues to stimulate and satisfy my intellectual curiosity.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I’ve been closely involved in a wide range of new strategies and portfolio features, and often meet with many of our clients. I’ve particularly enjoyed balancing how to operate a for-profit business while emphasizing the fair treatment of clients and providing an exacting level of transparency and honesty, including taking full ownership when we make mistakes.

What do you like most about working at Aperio?
It’s an incredible honor to work with such smart people who take pride in doing the right thing.

What previous role(s) did you serve at Aperio?
Before assuming the roles of CEO and Chief Tax Economist in 2014, I was Aperio’s Chief Investment Officer for 15 years.

What are some non-work-related things we should know about you?
I love to cook, which proves gratifying since I spend so much of my work time in my head and cooking is such a physical experience, especially the olfactory delights of spices. My other interests include reading, bicycling, hiking, and listening to Renaissance/early baroque music.

What postsecondary degrees and/or professional certifications do you possess?
BA in History from Yale University; MBA in Finance from the University of Chicago.

Recent Blog Posts

January 26, 2021 Observations

Free Is a Dangerous Word (Especially during a Pandemic)

In the past 18 months, we’ve witnessed some extraordinary changes in how retail stock investors trade, from the broad shift for many brokerage firms toward zero commissions to the jump in trading by individuals in 2020, presumably a result of the pandemic...

September 19, 2019 Active Tax Management

The Opportunity to Learn about Opportunity Zones

At Aperio, we’ve been asked by many wealth advisors and family offices about our views on opportunity zones (OZs), a tax incentive that allows for deferral and even elimination of some capital gain for taxable investors. In our view, the best way to look at these structures requires incorporating three different angles...

March 18, 2019 Active Tax Management

Tax Awareness Is The Next Big Thing

Heightened investor sophistication that took decades to evolve has finally forced the financial services industry to come to terms with how much fees can eat into returns. Naturally, the industry has resisted fee pressure since....

Published Articles

"What Would Yale Do If It Were Taxable?" – Financial Analysts Journal, July/August 2015
"Restoring Value to Minimum Variance" – Journal of Investment Management, Second Quarter 2014 (received a Harry M. Markowitz Special Distinction Award)
"The Pursuit of After-Tax Returns: Indexed Exchange-Traded Funds vs. Indexed Separately Managed Accounts" – Investments & Wealth Monitor, September/October 2011

Lisa Goldberg, PhD

Director of Research

What are your key responsibilities?
I work with our strategists, portfolio managers, and fellow researchers to develop and enhance Aperio’s investment strategies. I am responsible for communicating our research externally, and I collaborate with Aperio’s relationship managers to support our clients.

Describe your key previous work experience.
I began my professional life as a professor of mathematics, but my career in finance launched in 1993 when I joined Barra. I spent 19 years developing Barra’s factor-based risk models and portfolio management tools and supporting clients as they incorporated risk into their investment processes. My work generated five patents. Following Barra’s acquisition by Morgan Stanley in 2004, I moved to a more client-facing role, which gave me the opportunity to work with global asset and wealth managers, pension funds, investment banks, and hedge funds.

What is the most interesting aspect of the job to you?
I am fascinated by personalized investing and how technology and data science are transforming financial markets. Aperio is at the center of this revolution, and it’s great to be a part of it.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
Early in 2016, we launched ATBAT, our After-Tax Back-Testing Analysis Tool. ATBAT has transformed the way we evaluate investment strategies and communicate with clients. By measuring performance over tens or even hundreds of historical periods, ATBAT provides a broad, detailed picture of a tax-managed strategy’s return/risk profile. Every Aperio client has benefited from ATBAT’s insights.

What do you like most about working at Aperio?
Aperio’s emphasis on transparency, integrity, and excellent communication fosters nontraditional thinking and great ideas.

List any committees or organizations you are a member of outside Aperio.
I am a Professor of the Practice of Economics at the University of California, Berkeley, where I co-direct the Consortium for Data Analytics in Risk (CDAR). CDAR is an industry partnership that supports research at the intersection of financial economics and data science. Also, I am an expert judge for the Kellogg School of Management’s Moskowitz Prize, which is awarded each year for the best research paper on sustainable investing, and I moderate the quantitative finance section on arXiv. Previously, I served on the editorial board of the Financial Analysts Journal and on the Employment Opportunities and Porter Public Lecture Committees of the American Mathematical Society.

What are some non-work-related things we should know about you?
I spend as much time as I can with my husband and daughters. I participate in two book groups and am an avid swimmer, on track to complete a lap around the equator—40,075 kilometers—by 2042. I am interested in behavioral economics, and I dabble in basketball statistics.

What postsecondary degrees and/or professional certifications do you possess?
BA in Mathematics from the University of Rochester; PhD in Mathematics from Brandeis University.

Recent Blog Posts

September 22, 2022 Active Tax Management

Boom or Bust? Managing Expectations for Concentrated Positions and Risk

Diversification is a foundational principle of risk management. By deploying wealth across a range of securities, an investor becomes less susceptible to a disaster that may result from holding a concentrated portfolio. Historically, investors who had a large portion of their wealth invested in...

April 18, 2022 Values-Aligned Investing

Divesting from Energy: A Biased Approach?

Divesting from oil and gas companies has long been an approach favored by investors concerned about climate change and the environment. While there are conflicting opinions as to the effectiveness of this approach in affecting change, divestment offers...

May 5, 2021 Active Tax Management

A Concentrated Stock Position Is a Lottery Ticket

An investor might hold on to concentrated stock for a variety of reasons. A position may carry a substantial tax overhang, or perhaps it has emotional value, representing the fruits of hard work building a successful business. Investors are subject, in greater or lesser degrees, to the “endowment effect,” which is our tendency to...

Published Articles

"Rewards and Risks of Loss-Harvesting Strategies" – Investments & Wealth Monitor, May/June 2019
"A Guide to ESG Portfolio Construction" – Journal of Portfolio Management, April 2019
"Tax-Managed Factor Strategies" – Financial Analysts Journal, Second Quarter 2019
"Optimizing Value" – Journal of Portfolio Management, Winter 2016
"What Would Yale Do If It Were Taxable?" – Financial Analysts Journal, July/August 2015
"Factoring Profitability" – Risk-Based and Factor Investing, 2015
"Restoring Value to Minimum Variance" – Journal of Investment Management, Second Quarter 2014 (granted a Harry M. Markowitz Special Distinction Award)

Matthew Johnson, CFA, CFP®

Tax Economist and Investment Strategist

What are your key responsibilities?
As a Tax Economist and Investment Strategist at Aperio, I support and advise clients in conversations focusing on the intersection of taxes and investments, including asset allocation, risk management, and other complex investment questions. As part of the research team, I also assist with tax-related research and help develop innovative strategies and solutions for our clients.

Describe your key previous work experience.
Prior to Aperio, I worked as a Multi-Asset Associate Portfolio Manager in BlackRock’s managed account business within the Portfolio Management Group (PMG). In this role, I partnered with financial advisors and financial professionals to build customized and model-based portfolios and wealth management solutions for high-net-worth and institutional clients. My clients included individuals, foundations, charitable and religious organizations, and corporations, as well as trust portfolios. Before joining BlackRock, I worked as a Portfolio Manager and Wealth Advisor for a Boston-based RIA, Wellesley Investment Partners, and began my career as a Relationship Manager and Trust Officer within the Private Bank at Bank of America.

List any committees or organizations you are a member of outside Aperio.
I am a member of the CFA Institute, the CFA Society Boston, the Financial Planning Association, and the Business Associates Club of Boston.

What are some non-work-related things we should know about you?
I live in a suburb of Boston with my wife and three children. When we’re not building forts or playing hide-and-seek with our kids, my wife and I love to travel. I also enjoy running, pickup basketball, golf, and any summer night that ends with an ocean swim.

What postsecondary degrees and/or professional certifications do you possess?
BBA in Trust and Investment Management and MBA with concentration in Finance and Marketing from the Lundy-Fetterman School of Business at Campbell University; Certified Financial Analyst (CFA) and Certified Financial Planner (CFP®) designations.

Recent Blog Posts

November 21, 2022 Active Tax Management

Tax Economics in Action: When—and When Not—to Take Gains

We at Aperio systematically tax-loss harvest throughout the year for our clients who have selected strategies with tax-loss harvesting, as we believe that realizing losses and avoiding (or deferring) realizing gains is usually economical. But should realizing gains always be avoided...

Alex Kancov

Head of Aperio Technology

What are your key responsibilities?
I head the technology teams at Aperio Group responsible for software engineering, research and development, database management, and quality assurance.

Describe your key previous work experience.
I have spent the vast majority of my career focused on software product development and architecture, managing diverse technology teams within the financial services industry. I began as a Systems Engineer at The MITRE Corporation, a federally funded research and development company in Washington, DC. I quickly learned that my interest was in the private sector, with a passion for financial services technologies.

After several years working as a Senior Manager leading the e-commerce technology division of a Fortune 150 company, I became the Head of Technology at Lydian Data Services, a financial technology (fintech) firm. I spent five years providing conduit services to some of Wall Street’s most prominent firms—including Goldman Sachs, JPMorgan, Credit Suisse, and Deutsche Bank. Subsequently, I served as Senior Vice President, Global Technology and Operations, at Bank of America, where my teams were responsible for developing various risk modeling systems, customized risk applications, and predictive analytics platforms. These systems performed multiple probability simulations, generated various decision models, and provided top-of-house analytics for multiple lines of business. A role as Head of Economic Sanctions Technology followed, in which I managed financial crimes systems across Bank of America and Merrill Lynch and provided intelligence and audit controls to the bank and the Office of Foreign Assets Control.

I then co-founded a company that developed an artificial intelligence (AI)–based futures trading application, which utilized natural language processing, topic modeling, and machine learning facets of AI. Missing the camaraderie of a larger team, I joined Aperio Group in 2018 as Chief Technology Officer and have not looked back! One common thread throughout my career has been building high-performing technology teams focused on commercialization and scalable solutions. I’m grateful for the many lessons learned and for the talented teammates that I’ve had the opportunity to work with and learn from.

What is the most interesting aspect of the job to you?
Each and every day brings different challenges and unique opportunities—no two days are the same!

What do you like most about working at Aperio?
I value the relationships I’ve forged with my colleagues. Aperio has proven to be a perfect blend of challenge and reward in the service of our demanding yet thoughtful clients.

What are some non-work-related things we should know about you?
I’m originally from Miami, so I’ve really enjoyed the landscape and diversity of activities in California. I’m partial to playing basketball and tennis, some mountain biking and skiing, but lately, just keeping up with our toddler takes up most of my time!

What postsecondary degrees and/or professional certifications do you possess?
BS in Information Systems from Florida International University.

Brian Ko

Lead Portfolio Manager

What are your key responsibilities?
As a member of the portfolio management team, I am responsible for rebalancing our accounts, overseeing the day-to-day workflow of client requests, and analyzing client portfolios. I work closely with members of various teams—ranging from operations to business development and systems development—to address tasks or issues that may arise.

Describe your key previous work experience.
Prior to Aperio, I worked in fund accounting at State Street Bank and in investment operations at Lateef Investment Management.

What is the most interesting aspect of the job to you?
I enjoy providing investment solutions to our clients through our wide array of custom options. It’s always interesting to see how clients value different aspects of their portfolios (taxes, tracking error, strategies), and being able to provide solutions to their unique situations is gratifying.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
One of the projects I worked on was the Client Portal, which provides a better user experience for accessing and managing client requests.

What do you like most about working at Aperio?
Aperio has an entrepreneurial spirit. Some of our products are created from client requests, and others are derived from our research. It’s exciting to be a part of an evolution of ideas and strategies.

What are some non-work-related things we should know about you?
I enjoy being outdoors, traveling, and spending time with my wife and kids. I have found that while combining these three interests can be challenging, it’s always been rewarding. As they say here at Aperio, enjoy the journey!

What postsecondary degrees and/or professional certifications do you possess?
BS in Managerial Economics from the University of California, Davis; MS in Financial Analysis from Saint Mary’s College of California.

Mike Krystof

Senior Salesforce Architect (Boise, ID)

What are your key responsibilities?
I am the Senior Salesforce Architect at Aperio. My focus is on anything related to Salesforce, including streamlining business processes, enhancing user interfaces, creating useful tools using the force.com platform, and helping integrate apps and external systems within the Salesforce ecosystem. I also assist with managing DocuSign and will be a key cog in helping get our new Contract Management System, SpringCM, up and running.

Describe your key previous work experience.
Prior to joining Aperio, I served as a Salesforce Consultant, Salesforce Administrator, and Professional Services Engineer at various companies, such as CoverHound, YapStone, Inc., and TechExcel, Inc.

What is the most interesting aspect of the job to you?
I love the autonomy of the job and the ability to learn new things daily. Every problem/request that arises presents a fresh new way of thinking about a solution.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I am actively working on our new website and Client Portal project, which will directly affect all clients who visit our website and/or log in to manage their requests and create/manage accounts. This has been a very challenging and highly rewarding integration project with Salesforce.

What do you like most about working at Aperio?
I like the flexibility and laid-back culture.

What previous role(s) did you serve at Aperio?
I originally came on as a contractor through another company, and my tenure was supposed to be short-lived. However, after fulfilling my contract, Aperio decided to bring me on with a permanent position, and the rest is history.

List any committees or organizations you are a member of outside Aperio.
I’m a proud season ticket holder of the Golden State Warriors.

What are some non-work-related things we should know about you?
When I’m not watching sports, I’m playing them (as much as my old body will allow). My family encompasses the rest of my spare time. Whether it’s taking my daughter to gymnastics meets or softball games or taking the kids to the beach, my weekends are dedicated to the wife and kids.

What postsecondary degrees and/or professional certifications do you possess?
BS in Business Information Systems from California State University, Chico.

Petar Lalovic, CFA

Investment Strategist

What are your key responsibilities?
As an Investment Strategist, I am a portfolio manager who specializes in supporting and advising our relationship management teams and clients on asset allocation, risk management, and other complex investment questions. I also work closely with our portfolio management team to facilitate the implementation of more intricate client requests.

Describe your key previous work experience.
Before joining Aperio, I worked for some global financial companies (Swiss Re, MUFG) and for an early-stage startup (Autolist). In these jobs, I wore different hats, such as Senior Financial Analyst, Business Development Manager, or Marketing Analytics Manager. In its own way, each of these experiences helps me in my job today, be it when I talk to clients, try to understand capital gains taxation rules, or simply need to get things done efficiently.

What is the most interesting aspect of the job to you?
Every so often, we get unique requests from clients that require us to customize our approach in ways we have not done before. These can be for a new constellation of benchmarks, factor and ESG/SRI constraints, or can involve a complex optimization problem across multiple new client accounts. While these types of requests can be challenging at times, they always deepen my understanding of portfolio management and reveal the questions our clients face.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I developed a new approach to carving out an Aperio portfolio from an existing set of securities while minimizing tax costs and tracking error. Essentially, the process introduces “account size” as a third variable dimension—along with tax costs and tracking error—to our analysis approach, which offers some interesting customization options.

What do you like most about working at Aperio?
You often get to join members of the leadership team for lunch and talk about all kinds of topics. Aperio is still small enough that you know most of your colleagues by first name, yet it is big enough to offer different roles and opportunities along the way.

What previous role(s) did you serve at Aperio?
I was previously a Portfolio Manager for a year and a half and an Associate Portfolio Manager for two years.

List any committees or organizations you are a member of outside Aperio.
I am a member of the CFA Institute, the CFA Society San Francisco, and the London School of Economics Alumni Association–San Francisco Chapter.

What are some non-work-related things we should know about you?
Before settling in San Francisco, I lived in Sarajevo, Zurich, Cape Town, Geneva, London, and New York. This allowed me to pick up a few languages along the way.

What postsecondary degrees and/or professional certifications do you possess?
MA in International Relations from the University of Geneva, Switzerland; MSc in International Political Economy from the London School of Economics and Political Science; Chartered Financial Analyst (CFA) designation.

Kenneth H. Lassner, CFA

Senior Client Relationship Manager, Head of East Region (New York City)

What are your key responsibilities?
I am a Senior Client Relationship Manager overseeing the firm’s efforts in the Eastern United States and working with clients in the region.

Describe your key previous work experience.
I have more than 25 years of experience in the financial services industry, including working with this type of strategy for more than 15 years combined, both with Aperio and at US Trust and Columbia Management as a Senior Product Specialist, focusing on providing tax-efficient equity solutions to high-net-worth clients and wealth advisors. Prior to that, I was a Product Specialist for Deutsche Asset Management in the Advanced Research and Quantitative Strategies Group and an Investment Strategist at J.P. Morgan Investment Management Inc. I also spent nine years as a Plan Sponsor for the Federal Reserve System and the Interpublic Group of Companies, managing pension plan assets.

What is the most interesting aspect of the job to you?
Working with our clients and their clients to both consult and design strategies that best fit their needs is the most interesting part of my job. Every situation is different given our focus on customization. We sometimes like to say that Aperio can be thought of as the last piece of the client’s investment puzzle.

What do you like most about working at Aperio?
I value our laser focus on putting clients first and the culture that Aperio has developed to help us achieve that goal.

What previous role(s) did you serve at Aperio?
Having been the 15th employee at Aperio and the only employee on the East Coast (until recently) has given me a great deal of both perspective and autonomy to spend more time working with clients. There are many opportunities for employees at Aperio to pursue.

List any committees or organizations you are a member of outside Aperio.
I have been a Certified Financial Analyst (CFA) charter holder for more than 20 years, and I serve as Co-Chair of CFA Society New York’s Sustainable Investment Committee, which has a two-year term.

What are some non-work-related things we should know about you?
In addition to spending time with my kids (girl and boy), I enjoy playing ice hockey in leagues (bottom division) in New York City and specifically on an outdoor rink at the top of Central Park.

What postsecondary degrees and/or professional certifications do you possess?
BS in Finance from Babson College; MBA in Finance and Investments from the City University of New York (CUNY) Bernard M. Baruch College; Series 7 license (inactive).

Ashley Lech

Manager of Business Analytics & RFP

What are your key responsibilities?
I manage the data analytics and business processes that help transform client and market data into insights and action. I partner with our business development team to help them reach their goals and best serve Aperio’s clients. I also manage the process of sourcing, organizing, maintaining, and distributing answers to questions from prospects and clients through RFIs, RFPs, DDQs, and ad hoc requests across various departments.

Describe your key previous work experience.
I began my career at Bank of America in an internal communications role. I then joined Stockamp & Associates, a healthcare revenue cycle consulting firm, where I helped large New York City area hospitals increase cash flow and improve overall business process performance. From there, I joined NewYork-Presbyterian Hospital and managed the financial planning and business development process for the hospital’s clinical service lines. After completing my MBA at NYU’s Stern School of Business, I joined the corporate finance rotation program at American Express. I gained broad-based financial planning and business development experience in different areas of the company as part of this program.

List any committees or organizations you are a member of outside Aperio.
I am the Auction Solicitations Chair for my son’s elementary school. This campaign raises funds for vital enrichment programs such as art, music, and physical education as well as capital improvements to the campus.

What are some non-work-related things we should know about you?
I love being outdoors with my family. We enjoy hiking, camping, skiing, and many other activities. Our three young and very active children keep us on the go!

What postsecondary degrees and/or professional certifications do you possess?
MBA from the New York University Stern School of Business.

Ran Leshem

Co-Head of Aperio & Chief Investment Officer

What are your key responsibilities?
As Co-Head and CIO of Aperio, I directly oversee portfolio management, research, trading, and technology while working closely with Liz Michaels to oversee the day-to-day operations and set the overall strategic direction for Aperio. I divide my time among scaling Aperio’s customized investment portfolios, designing and improving investment strategies, and working with clients on addressing their needs with innovative, customized investment solutions.

Describe your key previous work experience.
I have a passion for solving business problems using mathematical techniques. I began my career as a management consultant at PricewaterhouseCoopers, where I modeled consumer markets and large complex decisions. From there, I satisfied my interest in software at Woosh!, a startup business that enabled merchants to sell their products through various web channels. I also spent three years at Orient Overseas Container Line and two years at The Gap, where I built decision-analysis systems using forecasting and optimization to improve operations and inventory management.

What is the most interesting aspect of the job to you?
I enjoy discovering new research insights and applying them to improve client portfolios. For example, an observation that minimum volatility strategies were trading at high valuations led us to add value guardrails to our lower-risk strategies. This insight had an impact on client portfolios and also led to a paper, “Restoring Value to Minimum Variance,” that won a Harry M. Markowitz Special Distinction Award by the Journal of Investment Management.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
Our clients’ questions and curiosity often stimulate new projects and research ideas. For example, a couple of years ago, several clients asked us to analyze their hedge fund portfolios to understand why they underperformed in down markets. Our risk and attribution models pointed to an anti-quality bias—the funds had exposure to volatile securities with unstable earnings and high leverage. In times of market distress, this exposure led to larger declines. The benefit was twofold: our clients gained clearer understanding of their hedge fund exposures and we explored a solution of employing a low-risk, quality strategy.

What do you like most about working at Aperio?
I like the people and the firm’s ethics. Aperio always places its clients and people ahead of other goals and objectives. We strive to have a culture that rewards an entrepreneurial spirit, client service, respect, and most importantly, truth.

What are some non-work-related things we should know about you?
I enjoy being in the middle of the San Francisco Bay with a board at my feet and a kite in the air.

What postsecondary degrees and/or professional certifications do you possess?
Bachelor’s degree in Mathematics from the University of Waterloo, Canada; MBA from the University of California, Berkeley.

Published Articles

"Optimizing Value" – Journal of Portfolio Management, Winter 2016
"Factoring Profitability" – Risk-Based and Factor Investing, 2015
"Restoring Value to Minimum Variance" – Journal of Investment Management, Second Quarter 2014 (granted a Harry M. Markowitz Special Distinction Award)

Jack Lindstrom

Head of Client Operations

What are your key responsibilities?
I am responsible for overseeing new account setups and transitions; onboarding new intermediaries, platforms, and custodians; facilitating the contract negotiation process; implementing complicated portfolio situations; and handling nonstandard account requests.

Describe your key previous work experience.
Before joining Aperio, I spent more than 26 years with BlackRock/Barclays Global Investors in a variety of roles. Most recently, I was Head of the Americas Fees Onboarding and Performance Fee teams, where I negotiated and reviewed custom institutional client contracts, provided guidance on structuring billing language, and ensured the accurate and timely setup and maintenance of accounts and the manual calculation of all performance fees across the Americas. Prior, I led BlackRock’s Americas Client Order Management Group, where I oversaw the team responsible for receiving, capturing, authenticating, translating, and delivering clients’ investment instructions and fund-of-funds activity to downstream groups for more than 100,000 transactions monthly with a value of more than $130 billion.

What is the most interesting aspect of the job to you?
Listening to clients and then partnering with them to find the right solutions for their operational challenges are the best parts of my job.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I’ve participated in many interesting projects directly impacting our clients, including the Client Portal and the contract management tool. For the Client Portal, we enhanced the user capabilities to include managing and submitting requests, viewing key data about their account(s), customizing the new account submission process, and managing access. For the contract management tool, we implemented a solution that allows us to collaborate better with clients and move to more efficient electronic signatures.

What do you like most about working at Aperio?
I really enjoy the continual learning opportunities that each department provides, the intellectual capital of my colleagues, the focus we put on clients and client service, and knowing we are helping clients create a better tomorrow.

What are some non-work-related things we should know about you?
In my free time, I enjoy traveling, attending concerts, relaxing with family and friends, and especially, bottomless mimosa weekend brunches.

Jialing Lu, CFA

Lead Portfolio Manager–Research, Performance, and Risk Management

What are your key responsibilities?
As a member of the portfolio management research team, I spend my time analyzing the performance of accounts and strategies and taking that information to enhance and reform our strategies and processes.

Describe your key previous work experience.
I was previously a Portfolio Management Analyst at Aon Hewitt Investment Consulting, a fund-of-funds firm focused on investment solutions for institutional investors.

What is the most interesting aspect of the job to you?
I most enjoy working with clients to find solutions.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I updated an analysis on American depositary receipt (ADR) fees—to exclude ADRs with fees above a certain threshold from our investment universes. This helps reduce the custody costs for our clients with global ADR portfolios.

What do you like most about working at Aperio?
The collaborative culture is one of the great things about working at Aperio. All of my colleagues are willing to help each other and work together.

What previous role(s) did you serve at Aperio?
I started as an Associate Portfolio Manager and transitioned to the portfolio management research team.

What are some non-work-related things we should know about you?
As someone who is a not-so-closet foodie, I try to eat out once a week (in part for the food, in part to cultivate content for my food Instagram). Thankfully, I can convince myself that I enjoy exercise and the occasional K-pop dance cover!

What postsecondary degrees and/or professional certifications do you possess?
BA in Economics and Statistics from the University of Chicago; Chartered Financial Analyst (CFA) charterholder.

Libett Magaña

Senior Business Development Associate

What are your key responsibilities?
I work with clients on the East Coast and liaise with our portfolio management, operations, and process engineering teams to drive responsive and high-touch client service.

Describe your key previous work experience.
Prior to joining the business development team at Aperio, I was a member of the client operations team for four years. Earlier, I was part of the Institutional Client Service group at RS Investments in San Francisco, primarily working with separate and subadvisory accounts. I was responsible for onboarding new accounts, preparing monthly and quarterly client reports, and completing questionnaires for both clients and prospects. Before RS Investments, I was an Operations Associate with Lateef Investment Management.

What is the most interesting aspect of the job to you?
I appreciate working closely with our clients and providing them with the white glove service that Aperio is known for.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
While I was on the client operations team, I worked on the new Client Portal. Our team was instrumental in testing the system before we went live and coordinating client training.

What do you like most about working at Aperio?
I most enjoy my interactions with others across multiple teams. Providing great service to our clients means that I collaborate closely with folks from investment strategy, portfolio management, operations, systems, and compliance, to name a few. And, of course, I enjoy the fun company activities such as the annual Halloween contest, where I hold the distinct honor of being the inaugural winner. (I made Carmen Miranda proud—and have the hot-glue gun scars to prove it!)

What previous role(s) did you serve at Aperio?
I began my career at Aperio as a Client Service/Operations Specialist, then moved to a Manager of Client Onboarding and a Senior Client Implementation Analyst, followed by a Business Development Associate, all under the client experience umbrella.

What are some non-work-related things we should know about you?
In my spare time, I enjoy traveling with my family and trying to find the stamina to keep up with two boisterous young sons.

What postsecondary degrees and/or professional certifications do you possess?
BA in French from the University of San Francisco.

Nancy Malik

Chief of Staff

What are your key responsibilities?
I am responsible for all things people! My day-to-day activities involve culture keeping, recruiting, training, record keeping, compensation, payroll, benefits, employee relations, performance, policies, and compliance.

Describe your key previous work experience.
In my 20-plus-year career, I facilitated a financial services company’s growth from startup into a national enterprise with more than 1,000 employees. My final role there was Senior Vice President, Human Resources. Over the course of that journey, I built a broad and deep expertise in human resources strategy and people operations, with an additional skill set in financial management. Additionally, I have provided human resources consulting services for a broad array of companies, from high tech startups to financial services and nonprofits.

What is the most interesting aspect of the job to you?
The best part of my job is developing relationships in the organization to truly understand and build trust with colleagues so that I can add value. I enjoy identifying and growing those with potential through coaching and leadership development, one-to-one mentoring, and training. My proudest moments are when those whom I have helped guide along the way come back and share with me that I’ve made a difference not only in their careers but also in their lives.

List any committees or organizations you are a member of outside Aperio.
I volunteer in my community (Marin Food Bank, Glide, many Parent Association roles) and belong to the Society for Human Resource Management.

What are some non-work-related things we should know about you?
I enjoy traveling, cooking, hiking, being outdoors (especially at the beach), and participating in all that Marin has to offer with family and friends. Much of my spare time is spent on the sidelines watching my son play basketball and lacrosse!

What postsecondary degrees and/or professional certifications do you possess?
BS, with high honors, in Managerial Economics from the University of California, Davis.

Slava Malkin

Senior Quantitative Researcher

What are your key responsibilities?
As Senior Quantitative Researcher, I develop solutions to complex problems in quantitative portfolio management, attribution, and optimization; create informative visualizations of complex data as requested; and construct and analyze large, complex data sets to provide answers to research questions.

Describe your key previous work experience.
After completing my graduate works in Statistics, I was hired into a newly formed Global Research Center at Deutsche Asset Management (DeAM). The group was not attached to a product but was tasked with thinking “deep thoughts.” My manager used to say, “I am not interested in incremental research, only revolutionary thinking.” While deep thinking was fun and comfortable right after graduate school, I wanted to learn about the practical aspect of researching and running a quantitative investment strategy, so I started guiding my career from being a thinker to being a doer. I’ve researched asset allocation strategies and, later, ran a currency strategy at DeAM; I've managed a diverse suite of global macro strategies for various hedge funds. I tried my hand at CTA-type technical/trend following strategies as well as dabbled in stock selection strategies, and I built and launched products for both institutional and retail investors. After getting my wish in becoming a doer and gaining years of invaluable experience in day-to-day, do-or-die, all-hands-on-deck art and science of investment management, I, surprisingly, starting missing deeper thinking. Connecting with various folks on Aperio’s research team, it quickly became apparent that the group is a perfect marriage between high-brow academic research and practical application in investment management and is, undoubtedly, a perfect fit for me.

What is the most interesting aspect of the job to you?
Being a jack of all trades, I love the fact that Aperio affords me the opportunity to wear many research hats and encourages me to keep learning and evolving.

What do you like most about working at Aperio?
At the risk of sounding unoriginal, I very much appreciate the sense of comradery that is strong with Aperio. Even though I am based in New York and the group is on the West Coast, the firm’s warm, friendly embrace and culture are palpable even via Zoom meetings.

What are some non-work-related things we should know about you?
I love to split my time between urban New York City and rural Vermont. When in Vermont, it’s all about the simple pleasures of hiking in nature, cliff diving in a local granite quarry, cooking farm fresh ingredients over open fire, and watching the sun slip behind the mountains while sipping on a local IPA. When in NYC, it’s all about the sensory overload and urban intensity: theaters, live and electronic music, art exhibits, food, food, and more food! Oh, and I’ve been known to occasionally moonlight as a DJ.

What postsecondary degrees and/or professional certifications do you possess?
Bachelor’s degrees in Economics and Mathematics from Arizona State University; master’s degree in Statistics from Harvard University.

Kirsten Meder, CAIA, CMT

ESG/SRI Investment Strategist

What are your key responsibilities?
My role is multifaceted, but my primary focus is on working with clients to help them express their values in hypercustomized public equity portfolios. In doing so, I collaborate with our business development, portfolio management, and marketing teams to create portfolio analyses, impact reports, and other values-aligned investing resources. Additionally, I partner with our research team on projects like model ESG portfolios, ESG attribution, and measuring impact. I enjoy staying on top of industry trends and developments, engaging with our data vendors, and exploring new ESG data sets for ways to develop strategies and solutions to further support our clients.

Describe your key previous work experience.
Prior to joining Aperio, I was a Portfolio Manager at Lattice Strategies and Hartford Funds, where I was responsible for managing multi-asset SMA portfolios for high-net-worth clients. In this role, I focused on strategic and tactical asset allocation, risk management, multi-factor and macroeconomic modeling, alternative investment due diligence and manager selection, and client communications. I previously worked for Bank of America/Merrill Lynch as a Research Analyst on their fund-of-hedge-funds team, and also worked at Columbia University as a Research Staff Assistant in the Astronomy Department, studying infrared galaxy spectra from the Spitzer Space Telescope.

What is the most interesting aspect of the job to you?
I love the combination of breadth and depth my role affords. ESG issues are both global in scope and extremely personal to each client, allowing for many different interpretations of value and impact. I enjoy the cross collaboration among ESG, research, portfolio management, and our other teams in creating solutions for our clients. I love how the ESG and impact investing space is constantly evolving, and I’m always learning from my colleagues, our clients, and peers. It’s exciting being on the cutting edge of creating hypercustomized investment solutions that incorporate individual investment values and preferences.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
Since joining Aperio, I’ve worked with our team in developing new strategies focused on diversity, equity, and inclusion (DEI) and racial justice. Additionally, I’ve had the opportunity to explore issues ranging from deforestation and sustainable agriculture to incorporating Islamic values into a portfolio. Currently, I am exploring ways to create custom place-based tilts. I’ve compiled a comprehensive data dictionary spanning all of our data sources and have participated on projects related to impact reporting, ESG attribution, and upgrading our data and analysis systems.

What do you like most about working at Aperio?

Everyone is incredibly open-minded, comes from diverse backgrounds, and strives for personal growth. Aperio is also unique among the many investment firms in terms of the emphasis on truth, transparency, and how we can best serve our clients. It is one thing for a company to say it’s committed to these things, and quite another to experience it living up to these aspirations. I also love the Aperio book club and look forward to our discussions and intellectual sparring.

List any committees or organizations you are a member of outside Aperio.
I am on the PTA board at my children’s school—where I focus on fundraising and environmental/nature/garden projects—and the board of directors for Jasmine Blossom Thai Cuisine. I am a member of SPUR (the San Francisco Bay Area Planning and Urban Research Association) and am involved with the CAIA (Chartered Alternative Investment Analyst) and CMT (Chartered Market Technician) organizations.

What are some non-work-related things we should know about you?
When I’m not working, I’m an avid reader, gardener, baker, and gamer (video games, board games, logic puzzles). If you don’t find me with a book, shovel, spatula, or controller in hand, I’m likely out hiking around the Bay Area with my kids and three golden retrievers.

What postsecondary degrees and/or professional certifications do you possess?
BA in Astrophysics and Physics from the University of California, Berkeley; MA in Social Entrepreneurship and Change from Pepperdine University; and CMT (Chartered Market Technician) and CAIA (Chartered Alternative Investment Analyst) professional designations.

Recent Blog Posts

August 9, 2022 Values-Aligned Investing

From an ESG Perspective, Who Decides If a Company Is “Good?”

Tesla CEO Elon Musk recently criticized S&P for removing his company from its ESG indexes, tweeting that “ESG is a scam” and that S&P Global Ratings has “lost their integrity.” Did S&P err, or was the removal warranted? Is Tesla a “good” company or a “bad” company from an ESG perspective? As with many issues, good or bad is in the eye of the beholder...

April 18, 2022 Values-Aligned Investing

Divesting from Energy: A Biased Approach?

Divesting from oil and gas companies has long been an approach favored by investors concerned about climate change and the environment. While there are conflicting opinions as to the effectiveness of this approach in affecting change, divestment offers...

May 27, 2021 Aperio’s DEI Journey

Addressing Diversity, Equity, and Inclusion Outside of Public Equity Portfolios

Over the last year, Aperio has noted an increased interest in clients wanting to align their investments with their values around diversity, equity, and inclusion (DEI) and racial justice issues. Much of the data tied to DEI and racial justice issues is based on ...

Naitik Mehta

Salesforce Systems Manager

What are your key responsibilities?
I build and implement an architectural strategy for our Salesforce platform to integrate with multiple systems, including the Aperio Client Portal, various databases, and custom web-based applications to drive automation. More specifically, I implement Salesforce for BlackRock’s SMA business and scale client operations workflows for Aperio to support the expansion of new account onboarding and straight-through processing. I also implement and maintain Salesforce configuration, including custom objects, schema, and flows and their connections to enterprise business platforms within BlackRock.

Describe your key previous work experience.
I have spent the majority of my career leading product strategy, design, and engineering for customer relationship management (CRM) and sales enablement technologies. Particularly, I am passionate about automating sales, marketing, and servicing business processes to boost productivity by leveraging the Salesforce ecosystem. I began my professional career at Citi as a Technology Associate building applications for infrastructure monitoring and tracking related cost savings. Later, I served as a Vice President of Technical Program Management architecting and building CRM and sales analytics tools for Citi’s global transaction and securities services business. I was introduced to investment management when I joined Lazard Asset Management as Global Product and Engineering Head for Sales Technology. At Lazard, I managed a team to spearhead implementation of industry-tailored Salesforce CRM, sales analytics, and integrations with peripheral marketing and operations platforms, enabling global institutional, third-party distribution lines of business. Most recently, I served as a Lead Technical Product Manager at Whoop, a wearable-technology startup, where I led product strategy and engineering for direct-to-consumer membership service technology, managing Salesforce, Messaging/Chatbot, and other SaaS (software as a service) platforms.

What are some non-work-related things we should know about you?
I enjoy being in nature and try to visit one new national park each year to experience varied conservations, wildlife, and natural topographies. Growing up in Mumbai and being in New York City for the past 15 years, I equally enjoy the city lifestyle, trying different vegetarian cuisines, attending trance concerts, and being around family and friends.

What postsecondary degrees and/or professional certifications do you possess?
MS in Management Information Systems from the Stevens Institute of Technology; BS in Electrical Engineering from the University of Mumbai.

Liz Michaels

Co-Head of Aperio (Chicago)

What are your key responsibilities?
As Co-Head of Aperio, I wear many hats. Our management system is designed in recognition that no one has all the skills to lead the firm. Rather, a partnership between Ran Leshem and I allows for each of us to bring our best, balancing out each other’s strengths. I oversee the firm’s marketing and strategy functions, business development efforts, and SRI/ESG investment strategies. And, of course, I throw on the hat du jour when unexpected situations arise!

Describe your key previous work experience.
I model my approach to work after two disparate professional experiences. The seemingly relevant experiences were from my time spent at Morningstar and Ibbotson. There, I learned three important skills: building data sets and creating ways for investment professionals and researchers to thoughtfully utilize them; understanding financial advisors’ practices so we could best support their efforts in serving their clients; and communicating using words that engage and respect the audience and visuals that enhance understanding. The seemingly unrelated experience was from my time spent at Jellyvision, where I learned about business and a unique approach to interactive communication and education. The intersection of these two skill sets is communication, which built upon my training at the Little Red School House and the University of Chicago. These abilities have enabled me to help clients identify, articulate, and translate their values in their investment portfolios.

What is the most interesting aspect of the job to you?
It has been a privilege to engage with clients who hold strong values and offer unique perspectives and worldviews. I enjoy taking those learnings and collaborating with our researchers and portfolio managers to find solutions that exclusively reflect each client’s philosophy.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I try to stay connected with mission-aligned investors—to understand what is important to them and how they are thinking about reflecting their values across their wealth. I have found that immersing myself in the broader values and mission-driven ecosystem allows me to partner with my colleagues to evolve and improve our ability to support our clients in the public equity parts of their portfolios.

I have also been working closely with Ran as we think about continuing to deliver the Aperio mindset internally and externally as we grow.

What do you like most about working at Aperio?
It’s a bit cliché, but what I like most about working here is the people. Folks at Aperio have chosen to be part of this firm—buying into our approach, values, and mission. It is amazing to be part of a group that is striving to do better and to do the right thing for each other and for our clients. I learn from my colleagues on a daily basis—sometimes, it’s business-related; and other times, it’s about books to read, shows to watch, and recipes to try.

We are incredibly privileged to be chosen to partner with our clients on their journey to align their wealth with their values and missions. I am constantly learning about different faiths, issues, and viewpoints.

What previous role(s) did you serve at Aperio?
I have been at Aperio for 13 years, and my role has evolved as the firm has grown. Previously, I served as Head of the SRI team, now led by Nelli Oster and Mark Bateman. I was also responsible for our client relationships in the Chicago area, where I live. As Co-Head, I’ve branched out my connections—spending time with our clients across the country and ensuring we are in tune with their businesses and how Aperio can best partner with them.

What are some non-work-related things we should know about you?
I have three dogs running around my apartment (yes, that is barking you hear in the background!), so I spend a fair amount of time soaking up vitamin D and walking them. I also enjoy working on my bread baking and mah-jongg game—both of which are at the same stage: I have the equipment and the directions, but things don’t always turn out quite right!

What postsecondary degrees and/or professional certifications do you possess?
BA in Economics and an MBA from the University of Chicago.

Recent Blog Posts

April 25, 2018 Observations

ESG Data: Biases and Limitations

Months ago, I saved an issue of Journal of Environmental Investing fully intending to read it—and after carrying it with me for more than 50,000 air miles...

Evan L. Mizrachy, CFA, CAIA

Co-Head of Client Relationship Management Team

What are your key responsibilities?
I co-head Aperio’s Client Relationship Management team responsible for developing, building, and maintaining the firm’s client and prospect relationships. Client service has been core to the Aperio story for two decades and we strive every day to bring the best of the entire firm to our clients, hopefully making their lives a little easier in the process.

Describe your key previous work experience.
Prior to Aperio, I spent nine years working in a variety of roles at BlackRock. Having a seat at the world’s largest investment manager provided a wonderful 10,000-foot view of the asset management industry and the ways in which the industry is changing and evolving. It was this view that led me to Aperio, as I believe we sit at the intersection of so many of these industry trends (passive management, factor-based investing, values-aligned investing, etc.).

What is the most interesting aspect of the job to you?
Coming from a corporate strategy background, I have spent a lot of time thinking about the future of the asset management and wealth management industries. Talking to clients every day provides me with a wonderful front-row seat to the changes at the forefront of our industry and the challenges/opportunities these changes are creating for advisors and investors. I love getting the opportunity to work with clients and prospects who are looking to align their portfolios with their values. It’s a treat to see the lightbulb go on for clients and advisors who are interested in investing more responsibly but weren’t aware of all the possibilities and potential an approach like ours brings.

What do you like most about working at Aperio?
I value the honesty and transparency we bring to every discussion, whether internally or with clients. Being able to talk with institutions, advisors, and end clients about how investment portfolios can be aligned with one’s values is another rewarding feature of working here. While ESG/SRI/impact investing is all over the news, many in the industry are nevertheless scratching their heads about how to best tackle these issues, and being part of those discussions is a real privilege.

List any committees or organizations you are a member of outside Aperio.
I’m a member of the CFA Institute, the CFA Society San Francisco, and the CAIA Association.

What are some non-work-related things we should know about you?
Spare time is a foreign concept when you have a toddler. When not at work, I can usually be found on a trail or in a park chasing after my dog or toddler. A native New Yorker, I moved out West more than a decade ago to enjoy the great outdoors and haven’t looked back.

What postsecondary degrees and/or professional certifications do you possess?
I have a BA in Economics from Colgate University and an MBA from Columbia Business School.

Rick Moreno

Senior Advisor

What are your key responsibilities?
I am responsible for advising on the development and execution of Aperio’s strategic business development plan. But most importantly, I am a partnership maker. At Aperio, when we say that every investor is unique, we do mean it. With my business development team, our most important role is to listen. We devote a large portion of our time engaging in deep, consultative dialogs with advisors and their clients. We then act like quarterbacks, coordinating Aperio’s experts to put together hypercustomized, cost- and tax-efficient portfolios that best fit the investor’s needs. My responsibility is not to grow our business at any cost. We know that things take time. We rely on solid, time-tested partnerships to grow our business in a sustainable manner.

Describe your key previous work experience.
Prior to Aperio, I held a variety of responsibilities at large public firms on the sell and buy sides. I began my career at Salomon Brothers as Director in the Fixed-Income Research division. I then joined Goldman Sachs as a Director of the Client Research and Strategy group. Later on, as a Managing Director at BlackRock, I was instrumental in establishing their family office, foundation, and endowment group. And as a Director at KKR, I headed up the firm’s family office business for the Western region.

What is the most interesting aspect of the job to you?
Looking back, I realize that I always focused on building solutions for clients. The most rewarding side of my job is to solve challenges with a team, one client at a time. This is why I joined Aperio. We are a truly unique firm with the most “client-first” culture I have ever experienced. We provide boutique, white-glove service allowing advisors to add outstanding value to their clients while scaling their business. I also enjoy training and mentoring the members of my team. Having worked in the financial industry for more than 30 years, I have been through many market cycles, and I like helping colleagues enjoy the journey by taking a long-term perspective to their jobs.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
We recently solved a very difficult challenge for a family office that had established a complex fund structure to serve more than 50 individuals across multiple generations. We’ve been able to deliver custom, high-performance, and tax-efficient solutions to each and every family member.

What do you like most about working at Aperio?
I would say the deep bench of experts, as well as the environment, are most appealing to me. Aperio has an amazing concentration of smart, low-ego, industry-leading experts who also are the most pleasant colleagues one could wish for. We extend this open and collegial spirit to the way we collaborate with clients, and they love it.

List any committees or organizations you are a member of outside Aperio.
My wife and I are involved with an organization called Dec My Room. My wife established the chapter for the UCSF Benioff Children’s Hospital in Oakland, California. This nonprofit organization decorates the rooms of seriously ill children who are hospitalized for extended periods. We are passionate about the organization as they do wonderful work helping the healing process of these children.

What are some non-work-related things we should know about you?
I enjoy traveling with my wife and kids. I am also an avid golfer and enjoy hiking.

What postsecondary degrees and/or professional certifications do you possess?
BS in Economics, with honors, from Santa Clara University.

Michael Nguyen

Investment Operations Analyst

What are your key responsibilities?
As a member of the operations team, my key responsibilities include archiving custodial statements, processing proxy voting, daily monitoring and reconciliation of accounts, and reviewing the setup of billing rates in our customer relationship management (CRM) program.

Describe your key previous work experience.
During my undergrad years at the University of California, Davis, I spent a majority of my time performing statistical analysis on real-world data. There, I worked with a team of prospective analysts exploring ticket sales of the 1989 Batman movie using time series methods. Together, we created a predictive model that accurately estimated trends, seasonal effects, and stationary sequences for sales. I also worked with categorical data examining the US automobile market, determining the odds of selling new vehicles given certain consumer characteristics.

What is the most interesting aspect of the job to you?
The most interesting aspect of the job for me is seeing how well the company has transitioned and adapted to the Covid-19 pandemic. As someone who joined Aperio at the start of the crisis, it is extremely interesting to see the company come together as a whole and consistently find ways to revamp old processes as well as create new ones.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
Currently, I am working on a project to convert trailing proxy ballots and custodial statements to a fully electronic environment. With more than 40 custodians and thousands of accounts, this effort has significantly reduced the processing time and manual labor involved in voting proxies and archiving custodial statements. This transition enables our clients’ time-sensitive materials to be handled quickly and efficiently, allowing more time to be allocated to the growing needs of our clients.

What do you like most about working at Aperio?
My favorite thing about working at Aperio is the work culture. Aperio is unlike any other financial firm you will find, focusing on the importance of respect and work-life balance, without compromising the quality of our work. Everyone here is extremely helpful, and they are some of the most down-to-earth people you will meet—a sought-after quality that is often hard to find in today’s workforce.

List any committees or organizations you are a member of outside Aperio.
I am a member of the Vietnamese Student Association at the University of California, Davis.

What are some non-work-related things we should know about you?
Since the age of 10, I spent most of my youth practicing and competing in Taekwondo! In particular, I competed in many state, national, and collegiate national competitions fighting in the men’s 68kg divisions. One of my most notable achievements was a bronze medal from the 2014 AAU Taekwondo Nationals in Fort Lauderdale, Florida.

What postsecondary degrees and/or professional certifications do you possess?
BS in Applied Statistics and BA in Economics with an emphasis in Data Analytics and Economic Analysis from the University of California, Davis.

Nelli Oster, PhD

Director of ESG/SRI

What are your key responsibilities?
As the Director of ESG/SRI, I lead a team of highly skilled ESG/SRI experts to support clients’ growing interest in aligning their portfolios with their personal missions and values. I work closely with the business development, research, portfolio management, and marketing teams, as well as our data vendors, to develop hypercustomized ESG/SRI strategies for our clients. I also liaise with our external industry partners to further enhance our client offering, including active ownership through proxy voting and the sponsoring of ESG/SRI-related shareholder resolutions.

Describe your key previous work experience.
Prior to joining Aperio, I headed ESG and defined contribution research and product development at Wells Fargo Asset Management. I started my investment management career at Barclays Global Investors, which later merged with BlackRock, where I served as a Researcher and Portfolio Manager in the firm’s quantitative stock selection strategies, and as a Senior Investment Strategist in the Global Investment Strategy and Model Portfolio Solutions group, while also spearheading the firm’s behavioral finance research and thought leadership. Earlier in my career, I was an Equity Research Analyst at Goldman Sachs, after beginning my career in the Mergers & Acquisitions group at Salomon Smith Barney.

What is the most interesting aspect of the job to you?
I particularly enjoy the challenge of figuring out how to structure investment strategies that align with our clients’ specific personal values; every client case is unique. My role is at the cross section of ESG, quantitative investing, strategy, and marketing. Against the backdrop of a rapidly evolving ESG industry, it is rewarding to be part of helping our clients have a positive impact, as they define it, through their portfolios.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I joined Aperio just as we were launching our new proprietary ESG system that allows for more flexibility and innovation in the space of Values-Aligned Investing. The close collaboration of teams across our firm, from ESG to research, portfolio management, marketing, and beyond, has been truly remarkable, especially given the sudden shelter-in-place orders related to the COVID-19 pandemic and the turbulent markets.

What do you like most about working at Aperio?
I like the people—highly skilled, respectful, and collaborative, with high integrity and a focus on learning—and the firm’s approach, a true partnership with our clients.

List any committees or organizations you are a member of outside Aperio.
In recent years, I have served to further diversity and inclusion in the investment management industry, with a specific focus on women, and to support public education.

What are some non-work-related things we should know about you?
I trained to be a professional dancer, and the athleticism, artistic expression, and quasi-meditative feeling in a ballet class is the perfect balance to my left-brain-focused professional life in quant investing.

What postsecondary degrees and/or professional certifications do you possess?
BSc (with honors) in Management Sciences from the London School of Economics; PhD in Finance from the Stanford Graduate School of Business, where my behavioral finance dissertation focused on expectations formation and learning in the financial markets.

Recent Blog Posts

April 16, 2021 Values-Aligned Investing

There Is More to Diversity Than Initially Meets the Eye.

How Intersectionality in Portfolios Is Limited by Data Availability

Earlier this year, I had the pleasure of attending GenderSmart’s Investing Summit. One of the topics that was discussed in several sessions was the concept of intersectionality—how gender intersects with other aspects of identity such as...

Pooja Parikh

Software Engineer

What are your key responsibilities?
I focus on the development and maintenance of Aperio’s back-end systems.

Describe your key previous work experience.
Prior to joining Aperio, I worked mainly for fintech companies, starting with RealTick LLC, part of Lehman Brothers in Chicago. We provided the trading platform for end clients, and I managed our in-house billing system. The QA department named me RealTick Employee of the Month for effective and continuous support during product walk-through and the testing cycle for a billing automation project. After RealTick, I moved to New Jersey and worked at Canon Financial Services as a Senior Software Developer. Being part of a small team, I wore multiple hats and grew my skills in the areas of designing and leading software development efforts, client communication, supporting QA, official release of software, and production maintenance. In my seven years at Canon, my project team was awarded Canon America’s Presidential Award three times. I then worked as a Lead Software Engineer at Defi Solutions, where I was responsible for mentoring new hires and junior developers, designing and developing microservice solutions, managing the Azure environment, and supporting test-driven development.

What are some non-work-related things we should know about you?
I love to swim and dance. As a self-taught swimmer, I’m either doing laps in the gym or dancing to the tune of some of my favorite music. I also enjoy taking long walks and traveling. During the past two years of the pandemic, I have traveled every corner of my home.

What postsecondary degrees and/or professional certifications do you possess?
MSc in Computer Science from Illinois Institute of Technology, Chicago; Azure Fundamentals certification.

Lucas Reisdorf, CFA, CQF

Lead Portfolio Manager

What are your key responsibilities?
As a Lead Portfolio Manager, my primary responsibilities include training new hires and ensuring a consistent approach to the portfolio management process. The portfolio management department handles the daily trading of client accounts as well as performing various tax-efficient analyses for our clients.

What is the most interesting aspect of the job to you?
The most interesting aspect of my job is the freedom I have to design and implement efficiencies. Due to the custom nature of our business, we are constantly looking for improvements to workflows to save time and ensure accuracy.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
As we are generally a tax-loss harvesting shop, I’ve become a go-to guy for trades and analyses on infrequent gains-taking. I’m also heavily involved in the onboarding and standardization of new custodian/platform offerings.

What do you like most about working at Aperio?
My favorite part is the relationships I’ve built with my coworkers. Everyone works well together, and we crack jokes throughout the day, making time fly.

What previous role(s) did you serve at Aperio?
I started my career working in the investment operations team, performing account reconciliations, trade settlements, and processing/researching corporate actions. After two years, I joined the portfolio management team as an Associate Portfolio Manager.

What are some non-work-related things we should know about you?
I’m originally from Buffalo, New York, so naturally I’m a part of the Buffalo “Bills Mafia”—Go Bills! In my spare time, I enjoy golfing and staying in shape for the occasional obstacle course race.

What postsecondary degrees and/or professional certifications do you possess?
BS in Mathematics with a minor in Finance from the State University of New York (SUNY) College at Brockport; Chartered Financial Analyst (CFA) charterholder; Certificate in Quantitative Finance (CQF).

Ellen Reynolds

Senior Client Relationship Manager, Head of Central Region (Kansas City)

What are your key responsibilities?
My primary responsibilities include overseeing the firm’s efforts to build and enhance client relationships in the central United States and leading business development in that region. As part of our high-touch client service, I also focus on educating existing advisors and prospects on Aperio’s complex and customizable public equity strategies, engaging our senior research and investment resources to develop unique solutions, with the twin goals of clearly communicating the value proposition of sophisticated tax-management solutions to intermediaries and being a partner to advisors in meeting their clients’ needs.

Describe your key previous work experience.
Before joining Aperio, I worked on a private banking team in Kansas City. My focus was managing current clients and cultivating new relationships while providing the highest level of client service.

What is the most interesting aspect of the job to you?
Every day is different! I enjoy working with clients to help them strategize solutions for their clients.

What do you like most about working at Aperio?
It is interesting to see new ESG strategies emerge in the space and see how current strategies evolve. I love having the opportunity to work with our ESG team and clients to build customized solutions that best reflect their values.

What previous role(s) did you serve at Aperio?
I started as a Business Development Associate, then became a Senior Business Development Associate, and was most recently a Client Relationship Manager.

What are some non-work-related things we should know about you?
Outside of work, you can find me lost in a good book or on a new running path.

What postsecondary degrees and/or professional certifications do you possess?
BS in Education from the University of Kansas in Lawrence, Kansas; MBA from Rockhurst University in Kansas City, Missouri.

Nicholas Riselli

Client Operations Lead

What are your key responsibilities?
As Client Operations Lead, my responsibilities include leading a team within the Client Operations group as well as assisting with the training of new hires. Our team serves as a primary point of contact for processing new accounts, which includes implementing complicated portfolio situations as well as handling nonstandard account requests, and ensuring white glove service for our clients. I also act as a liaison between clients and various Aperio functions including business development, trading, portfolio management, operations, billing, and performance reporting.

Describe your key previous work experience.
I was previously employed at State Street in Boston, where I worked in a client service role as the main point of contact between the firm and a number of mid-size to large asset managers and institutional clients. My responsibilities ranged from preparing and reviewing various client deliverables to overseeing daily custody operations and strengthening client relationships through in-person meetings and weekly service calls.

What is the most interesting aspect of the job to you?
The most interesting aspect of my job is being a part of the highly bespoke level of customization that we offer to our clients to help them best meet their needs.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I worked with the portfolio management and process engineering teams to help implement account setup automations for the Aperio Green REIT Strategy.

What do you like most about working at Aperio?
What I like most about working at Aperio are the people and the culture of the company. The environment at Aperio is incredibly collaborative, with constant opportunities to learn and grow.

What are some non-work-related things we should know about you?
In my free time, I enjoy being outdoors, whether that is exploring new hiking trails or going for a jog around the neighborhood. Also, sticking to my Boston roots, I love spending football Sundays cheering for the Patriots.

What postsecondary degrees and/or professional certifications do you possess?
BS in Resource Economics from the University of Massachusetts Amherst.

Sujay Sahoo

Software Engineer

What are your key responsibilities?
Being the newest member of Aperio’s internal software development team, I have joined at the most exciting time. Currently, we are in the process of moving many applications and other resources into the cloud. I am responsible for generating scripts to automate the process to set up a Windows environment for the supervisor project. In addition, I get to research and configure Terraform to automatically and efficiently do this in AWS (Amazon Web Services). In the near future, some of my responsibilities will be shifting to a Python web application that helps portfolio managers do their everyday jobs efficiently.

Describe your key previous work experience.
Prior to joining Aperio, I worked for a company that contracted with the government. My main responsibility was to work on the overhaul and upgrade of the Nosis application, which was used on all submarines and aircraft carriers in the United States Navy. This project required rebuilding the core modules from scratch, migrating existing data into the new schemas, and standardizing the data. In addition, I set up, upgraded, and maintained various classified suites in the classified lab. I also was first responder to any high-level issues that came in from the fleet.

What is the most interesting aspect of the job to you?
The most interesting aspect of the job is the freedom and creativity the team gives each individual to come up with unique solutions. With this flexibility comes the opportunity to learn about new and exciting technologies and how to implement them to provide a better service inside our internal applications. It seems I have joined at a very exciting time as we are upgrading and implementing new modern technologies into our processes/applications. One example is the migration to AWS, which is one space I want to learn more about and become an expert on.

What do you like most about working at Aperio?
Two of the most appealing things about Aperio are the work culture/environment and values. There is a big emphasis on both those aspects, and you see that being demonstrated every day in the office. The people you work with are not just some other colleagues but a second family. Each person truly cares for each other. They want you to learn and grow, which results in your striving to become the best possible version of yourself.

List any committees or organizations you are a member of outside Aperio.
When I used to live in North Carolina, I would organize an annual basketball tournament (Balling for Budgets) to raise money for various local charities. This project combined my passions for playing sports and being able to help my community. In addition, I would volunteer at local schools to help tutor students in math or science-related subjects (both in North Carolina and Virginia). After getting settled in the San Francisco area, I want to continue this volunteer work to give back to the community.

What are some non-work-related things we should know about you?
I have three main hobbies. First, I play and watch sports, which have always been a big part of my life, from playing with friends to competing at the highest level in tournaments or other leagues. Second, I picked up a new interest in hiking various trails in Virginia and hope to continue trekking in the Bay Area to get away from all the technology and just take in the views Mother Nature provides. The peace and quiet are tranquilizing, allowing me to reflect on my thoughts. Third, I model out sports games. I am a stats-driven individual and enjoy the Moneyball approach to sport, so I play around with various statistics and additional factors to see if I can predict outcomes of games, form a budget-friendly superteam, and predict when regression is going to occur.

What postsecondary degrees and/or professional certifications do you possess?
BS in Quantitative Biology and Computer Science from the University of North Carolina at Chapel Hill.

Katie Salvaterra

Senior Client Relationship Manager, Head of West Region

What are your key responsibilities?
My primary responsibilities include building and enhancing client relationships in the western United States, developing new relationships, and identifying strategic business opportunities.

Describe your key previous work experience.
I joined Aperio in 2008 and have worn many different hats over the years. Prior and directly after graduate school, I worked as a Client Services Representative at Quantum Capital Management LLC.

What is the most interesting aspect of the job to you?
Getting to know our clients and collaborating with them to deliver customized solutions reflecting each investor’s unique risk profile, tax situation, ESG values, and factor objectives is the most interesting part of my job.

What do you like most about working at Aperio?
I love Aperio’s commitment to our clients. One of the company’s values is “the client is sacred,” and that is true in practice across the company. It’s awesome to work with people who are committed to going above and beyond for each and every one of our clients.

What previous role(s) did you serve at Aperio?
I started at Aperio in an Operations Specialist role in 2008, then became Manager of Operations and Client Service before moving to Senior Manager of Business Development Operations. Now, I am a Senior Client Relationship Manager, working with our West Coast clients and prospective clients.

What are some non-work-related things we should know about you?
As the mother of two young children, I love spending time with my kids. In my very limited alone time, I enjoy the silence with a good book or a glass of wine.

What postsecondary degrees and/or professional certifications do you possess?
BA in International Studies and Spanish from the State University of New York (SUNY) College at Brockport; MBA in International Management from the Middlebury Institute of International Studies at Monterey.

Ben Schneider, CFA

Senior Investment Strategist and Tax Economist

What are your key responsibilities?
As an Investment Strategist and Tax Economist at Aperio, I support and advise clients on asset allocation, taxes, risk management, and other complex investment questions. I also work closely with the portfolio management and research team to develop analytical tools and materials that help our clients understand the trade-offs of various investment decisions.

Describe your key previous work experience.
Before Aperio, I worked as an Investment Strategist for BlackRock, Inc.’s systematic global macro hedge fund and discretionary tactical asset allocation teams, where I supported BlackRock’s strategic institutional partnerships in the United States, Asia, and South America. I was also responsible for developing software to support signal research and target risk optimization for multi-asset, long/short investment strategies. Previously, I worked as an Investment Banking Analyst at Lazard Ltd.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
While strategists typically focus on the non-investment support we provide clients, sometimes we get to contribute to the investment process too. One example is the work we’ve done on American depositary receipt fees. In addition to providing some insight into the trade-offs among the different ways to get exposure to non-US companies, we also use the output of that work to shape our investible universe and reduce transaction costs for our investors.

What are some non-work-related things we should know about you?
I enjoy yoga, swimming, and kiteboarding.

What postsecondary degrees and/or professional certifications do you possess?
BS in Business Administration from the University of Southern California; Master of Accounting from the USC Marshall School of Business; MFE from the University of California, Berkeley, Haas School of Business.

Authorship

International Equity for US Investors

Harrison Selwitz

Quantitative Researcher

What are your key responsibilities?
I am responsible for supporting our research efforts in general investment issues and portfolio management topics. I work with the team to perform quantitative analyses, simulations, and back-tests used in maintaining current strategies, developing new product ideas, and creating publications to support our clients.

Describe your key previous work experience.
Prior to Aperio, I was a Senior Middle Office Associate at Citco Fund Services. At Citco, I worked with hedge funds to provide services such as pricing, net asset values (NAVs), and performance analysis.

What is the most interesting aspect of the job to you?
The most interesting aspect of the job is that there is always more to learn. Portfolio management is a deep and constantly evolving field, so there is never any shortage of opportunities to keep challenging myself and keep learning new things at Aperio.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I worked on a process to improve our transaction cost modeling, helping clients make the right pricing decisions for their portfolios. I also help out with our business continuity efforts to make sure we can still serve our clients even if disaster strikes.

What do you like most about working at Aperio?
What I like most about working at Aperio is the pace of innovation and willingness to try new ideas. Things move quickly here, and keeping up with the latest developments keeps things exciting and challenging.

What previous role(s) did you serve at Aperio?
Prior to joining the Research team, I was a Lead Portfolio Manager.

What are some non-work-related things we should know about you?
In my free time, I enjoy playing the guitar and watching basketball.

What postsecondary degrees and/or professional certifications do you possess?
BSM in Finance from Tulane University.

Recent Blog Posts

September 22, 2022 Active Tax Management

Boom or Bust? Managing Expectations for Concentrated Positions and Risk

Diversification is a foundational principle of risk management. By deploying wealth across a range of securities, an investor becomes less susceptible to a disaster that may result from holding a concentrated portfolio. Historically, investors who had a large portion of their wealth invested in...

Nate Sewell

Quality Assurance Engineer

What are your key responsibilities?
I’m a member of Aperio’s information technology team. As a software Quality Assurance Engineer, I ensure that our internal software application, WASAP (Web-Based Active Service Access Point), is always working as expected and 100% free of defects for our internal customers. However, due to the inherent nature of developing software … being 100% defect free is pretty much a fairy tale. Being a part of a software development team means learning to be at peace with something that is always in a state of evolution and, therefore, never truly “finished.” As long as we’re enhancing our customers’ experience with the software, there will always be “bugs” (aka defects) to fix. So, I guess you could say I’m the team’s “Pest Control.” My job is to hunt down those bugs and squash them before they inconvenience the customer.

Describe your key previous work experience.
Working as a QA Engineer and Business Analyst since 2004, I’ve served on software development teams at a number of different firms. They’ve ranged from small startups to mature midsize companies and global corporate behemoths. I’ve worked in several different fields within the information technology industry as well, such as financial services, mortgage banking, hospitality, and healthcare. All these experiences have contributed to my success here at Aperio in some way.

What is the most interesting aspect of the job to you?
Working at Aperio has been my introduction to the investment industry. The first thing I learned here was … there’s a lot to learn. I’ve become acquainted with the myriad of intricacies and complexities inherent to investing, tax-loss harvesting, portfolio optimization, socially responsible investing (SRI), and environmental, social, and governance (ESG) factors. In addition to learning industry-specific topics, I’ve also been given the opportunity to expand my skill set by learning how to automate my tests using the Python programming language. So, not only am I learning a new industry, I’m learning valuable skills within my own domain as a QA Engineer! I think that’s pretty awesome!

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
My clients are the internal users here at Aperio who use our internally developed WASAP software application. I’m leading the manual testing effort for the portfolio manager rewrite project within the WASAP application. This is exciting to me because this module allows the users to move away from their legacy application and instead use the features built into our updated web-based application. If my clients are happy, then life is good!

What do you like most about working at Aperio?
I LOVE the culture here! Aperio is one of those rare gems amongst the typical and all-too-common “fool’s gold” employers out there. We may not have an arcade, nap pods, or beer on tap in the office, but this is a place where everyone—and I mean EVERYONE—has a voice and is treated as an equal. Everyone here treats each other with well-mannered and respectful courtesy. To not do so would not be tolerated here. In addition, we share a work-life balance that is uncommon in the typical Bay Area workplace. I really enjoy being a part of Aperio’s Book Club, where we read and discuss a thought-provoking new title every two to three months.

What are some non-work-related things we should know about you?
I’m a father, and I’m also an entertainer. So, when I’m not here, I’m usually hanging with my kids playing/coaching soccer, singing, practicing hip hop routines, playing guitar, playing video games, watching movies, and best of all, making my kids laugh. During the summer months, we get our adventure on in a serious way! We head to Lake Sonoma with my water jetpack and WaveRunner and fly around the lake 50 feet above the water!

Michelle Shkedi

Lead Portfolio Manager – Research, Process, and Systems

What are your key responsibilities?
My role involves working at the intersection of investment research, portfolio management policies, and technology. As a member of the portfolio management research team, I am primarily responsible for developing the portfolio management processes for managing our 5,000-plus accounts, creating custom strategies for clients, and refining our off-the-shelf strategies. My role also involves analyzing a significant amount of data, finding patterns, building prototypes of tools, and determining which courses of action we should undertake. I focus a lot on understanding how we can better utilize our risk models. Much of my role is dedicated to implementing our research by developing portfolio management processes and collaborating with our technology team to innovate our tools. I lead the firm’s Standards Committee, which focuses on creating investment and client communication policies for the portfolio management team, and serve as Chair of the Customization Committee, which focuses on the implementation of nonstandard portfolio management requests.

Describe your key previous work experience.
I previously was a Junior Investment Analyst at Alternative Investment Group, a fund of hedge funds focused primarily on investing in emerging hedge fund managers. Prior to my role at Alternative Investment Group, I was an Econometric Analyst at Omnicom, where I focused primarily on building multivariate linear regression models for allocating media investments. In college, I was a co-founder of a B2B startup that focused on improving the presentation experience for presenters and audience members.

What is the most interesting aspect of the job to you?
I enjoy problem-solving from multiple angles. We regularly approach problems theoretically, empirically, and using feedback from live accounts to tailor our research.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I helped develop a utility function to determine the optimal trades for clients. This has enabled us to better customize how we manage risk and harvest losses across client portfolios.

What do you like most about working at Aperio?
The entrepreneurial spirit at Aperio offers so many opportunities to learn about all aspects of Aperio’s business. I collaborate on projects with investment strategists, business development, and systems development.

What previous role(s) did you serve at Aperio?
I began my career at Aperio as an Associate Portfolio Manager. I then transitioned into portfolio management research after undertaking (and greatly enjoying) a project with the research team.

List any committees or organizations you are a member of outside Aperio.
I am a member of the Wellesley College Alumnae Association.

What are some non-work-related things we should know about you?
I am an avid skier and swimmer. In the winter, I’m typically in Tahoe or the Rockies over the weekends. Otherwise, I’m at the pool or in the Bay long-distance swimming (and occasionally escaping Alcatraz).

What postsecondary degrees and/or professional certifications do you possess?
BA in Economics from Wellesley College.

Recent Blog Posts

September 23, 2021 Factor Tilts

The Risk of Low-Beta Investing

In this blog post, we explore some of the questions that clients invested in low-beta strategies have asked us: What should I do? Have the benefits of low beta been arbitraged away, or was 2020 driven by idiosyncratic reasons rather than structural changes?...

Christine Sinicrope, CFA

Associate Portfolio Manager – ESG Implementation

What are your key responsibilities?
As an Associate Portfolio Manager, I spend the first half of my day trading client accounts and the second half of the day running analysis.

Describe your key previous work experience.
In my previous roles at Raymond James and Edward Jones, I was responsible primarily for investment research and recommendations for fixed-income mutual funds. However, I have always had an interest in sustainable investing and spent much of my spare time building out sustainable investing resources and the foundation of the sustainable investing platform at Edward Jones. I finally decided to turn this side project into my core work and joined Aperio as an ESG APM to help clients align their portfolios to their values and sustainability goals.

What is the most interesting aspect of the job to you?
I enjoy interacting with our clients when working on analysis and gifting requests to help find the best scenarios for what the client is looking to achieve.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I have generated ESG and SRI reports to show Aperio clients the impacts of their tilts and screens on their portfolios relative to the benchmarks. I also helped with the annual SRI data update transitions analyses to help clients consider their best courses of action, such as gifting opportunities, for realigning their portfolios to the refreshed ESG and SRI scores and metrics following the annual data update by our vendors.

What do you like most about working at Aperio?
I love being part of a firm that not only enables clients to tailor their portfolios to fit their values but also provides engagement opportunities in partnership with As You Sow to allow clients to influence the companies they invest in to facilitate positive change.

List any committees or organizations you are a member of outside Aperio.
Before moving to New York City, I was involved with the CFA Society St. Louis, serving on the board and leading the Women in Investment Management committee. I hope to get involved with the CFA Society New York once I am settled. I also currently serve as an Industry Specialist at SEO (Sponsors for Educational Opportunity), a nonprofit organization focused on professional development and mentorship for Black, Latinx, and Native American undergraduate students pursuing careers in finance.

What are some non-work-related things we should know about you?
I love to bake, run, and watch live sports, especially football! I also love to travel, and my fiancé and I consider ourselves foodies and love trying new restaurants. Having just moved to NYC, outside of work hours, you can find me eating at a new restaurant, looking up what place to try next, or maybe even both. I am a Big Sister with Big Brothers Big Sisters and enjoy volunteering with various organizations throughout the year.

What postsecondary degrees and/or professional certifications do you possess?
BBA in Business Management from the University of Miami; Chartered Financial Analyst (CFA) charterholder; SASB FSA credential holder; Series 7 and 66 licenses

Penelope Sipila

Senior Data Architect

What are your key responsibilities?
As Senior Data Architect, I lead a small team within the systems development group that designs, implements, and maintains database functionality, data layer management, and processes to continually improve the data environment for internal users and development teams. Data is an integral part of Aperio, and my team is focused on making sure that high-quality, timely data is available to users; creating self-healing processes to help manage our day-to-day operations; and planning for future data needs.

Describe your key previous work experience.
In my previous role as Senior Web Applications Developer/Data Artist, I developed front- and back-end tiers for secure online case management systems for government and nonprofit agencies. The second part of my title was jokingly given to me by my supervisor after I rewrote the core product’s back-end and data layers from the ground up. My experience there and in prior positions is wide-ranging and also includes desktop and mobile application programming, network engineering, security analysis and penetration testing, server builds, systems engineering and administration, and data mining and analysis … to name a few.

What is the most interesting aspect of the job to you?
I enjoy writing code, working on cross-functional teams, and I find data (and the patterns within) fascinating. It’s a perfect fit.

What do you like most about working at Aperio?
It’s not enough to work on interesting projects. Working in a tight, collaborative environment with good, smart people on interesting projects—that’s what I enjoy most about working at Aperio.

What previous role(s) did you serve at Aperio?
I joined Aperio as a Senior Full Stack Developer, working on our internal web-based tools, but soon I took on responsibilities outside development and began managing our data and databases and helping develop more optimized data processes. In my current role, I have more opportunity to leverage my background to set strategy but still get my hands dirty writing code.

What are some non-work-related things we should know about you?
I continually try to trick my cats into wearing Wi-Fi cameras, so far to no avail. I also enjoy traveling with my partner to tropical locations to relax, scuba dive, and learn interesting science trivia.

Robert Tymoczko

Director of Portfolio Management

What are your key responsibilities?
As Director of Portfolio Management, I oversee portfolio management, trade execution, and strategy implementation of all the investment products and separately managed accounts at Aperio. I am also heavily involved in many of our quantitative research, process, and automation projects.

Describe your key previous work experience.
Prior to joining Aperio, I was a Managing Partner at AlphaStream Capital Management, LLC, where I was responsible for quantitative research and portfolio management. Before AlphaStream, I served as Lead Portfolio Manager and Co-Head of US Quantitative Equity Products at Zurich Scudder Investments.

What is the most interesting aspect of the job to you?
The most interesting aspect of my role is the balance between quantitative research and day-to-day portfolio management. Many of our research ideas come from our portfolio management group, and it is always exciting to see the ideas go from research initiatives to implementation into our portfolio construction process.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
In collaboration across our portfolio management and research, process engineering, and systems development teams, Aperio recently implemented a new internal portfolio management system that has led to continued improvements in the efficiency and scalability of our investment management processes, as well as additional flexibility in customizing client portfolios.

What do you like most about working at Aperio?
Aperio’s emphasis on cross-departmental projects offers the opportunity to collaborate with other teams at the firm. This creates tremendous learning opportunities with respect to the different functions outside portfolio management. I believe that the insights from having these varied perspectives can lead to better investment products and processes.

What are some non-work-related things we should know about you?
In my spare time, I enjoy kitesurfing, hiking, and camping, as well as spending time with my three pugs.

What postsecondary degrees and/or professional certifications do you possess?
BA in Quantitative Economics from Stanford University; MBA with concentrations in Finance and Econometrics from the University of Chicago.

Authorship

Simge Ulucam

Quantitative Researcher

What are your key responsibilities?
I work as a Quantitative Researcher within the research team. My job involves assessing current investment strategies; developing new tax-efficient, factor, and ESG offerings; and creating brand-enhancing academic articles. In my day-to-day roles, I address complex tax and risk-modeling problems that arise in both academic and practical contexts.

Describe your key previous work experience.
Prior to Aperio, I worked for a hedge fund manager, Mathematica Capital Management, where I was responsible for portfolio management, data analysis, and equity research. I oversaw three enhanced-index long-only strategies (Swiss, Europe, and Global; $500 million-plus in AUM). I also managed portfolios for four long-short market-neutral strategies: US small-cap, US micro-cap, Europe small-cap, and Japan micro-cap strategies ($30 million-plus in AUM). My educational background is focused in mathematics and engineering.

What is the most interesting aspect of the job to you?
The most appealing aspect of my job at Aperio is that I get to work with the thought leaders of our industry, who make me aspire to always bring intellectual rigor to my work. However, what mainly brings me to work every day is the pastries that Sandrine makes.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
From time to time, I collaborate with other departments on automation projects to improve processes and reporting functionalities to provide a better client experience.

What do you like most about working at Aperio?
I like that Aperio’s values align well with my personality and worldview. I also like the friendly company culture here. And the book club, of course! But mainly Sandrine’s baked goods.

What previous role(s) did you serve at Aperio?
I have worn many hats at Aperio since I started working here in 2012. I worked in almost every department and with almost everyone—including client experience, portfolio accounting, performance reporting, portfolio management, and lastly, portfolio management research—before moving into research full time. It is important to mention that whatever your career goals are, they will be heard. This company rewards ambition and hard work and does its best to meet your career growth expectations.

What are some non-work-related things we should know about you?
I am the proud mom of a young daughter who is a big J.K. Rowling (and Tolkien) fan. I love joining in on her adventures, “geeking out” and experiencing the world through her eyes.

What postsecondary degrees and/or professional certifications do you possess?
BSc in Mathematical Engineering from Yildiz Technical University in Istanbul; Master of Financial Engineering degree from the Haas School of Business at the University of California, Berkeley.

Recent Blog Posts

September 22, 2022 Active Tax Management

Boom or Bust? Managing Expectations for Concentrated Positions and Risk

Diversification is a foundational principle of risk management. By deploying wealth across a range of securities, an investor becomes less susceptible to a disaster that may result from holding a concentrated portfolio. Historically, investors who had a large portion of their wealth invested in...

April 18, 2022 Values-Aligned Investing

Divesting from Energy: A Biased Approach?

Divesting from oil and gas companies has long been an approach favored by investors concerned about climate change and the environment. While there are conflicting opinions as to the effectiveness of this approach in affecting change, divestment offers...

Authorship

Nick Walsh

Client Operations Associate

What are your key responsibilities?
I serve as a primary point of contact for processing new accounts, responding to a variety of requests, handling varied administrative functions, and participating in special projects. I also act as a liaison between clients and various Aperio functions, including business development, trading, portfolio management, operations, billing, and performance reporting.

Describe your key previous work experience.
Most recently, I worked as a Loan Closing Administrator for First Republic Bank. Before that, I spent several years on the investor operations team at LendingClub.

What is the most interesting aspect of the job to you?
Delivering exactly what our clients want is an interesting challenge. It requires a depth of knowledge about our business and capabilities, as well as investigative and precise thinking. This makes each day and each request interesting.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I wouldn’t single out a particular project yet. I’ve been getting up to speed on the day-to-day responsibilities of the job.

What do you like most about working at Aperio?
Every day at Aperio is different. The high customizability of our accounts means that no two accounts I’m working on are exactly alike. Because of this, I’m learning new things and facing new challenges daily.

What are some non-work-related things we should know about you?
I’m an avid tennis player, a huge fan of live music, a terrible golfer, and I spend too much of my free time on fantasy sports.

What postsecondary degrees and/or professional certifications do you possess?
BS in Business and Technology from the Stevens Institute of Technology; MA in Sport Management from the University of San Francisco.

Austin Wilson

Head of Active Ownership and Associate ESG/SRI Investment Strategist

What are your key responsibilities?
As an ESG/SRI Investment Strategist, I help clients identify and express their values in their portfolios. As the Head of Active Ownership, I manage Aperio’s proxy voting and shareholder advocacy services, which offer clients the opportunity to directly impact the companies in which they invest.

Describe your key previous work experience.
I led the Environmental Health Program at As You Sow, the nation’s leading nonprofit practitioner of shareholder advocacy. I also led the organization’s shareholder relations efforts.

What is the most interesting aspect of the job to you?
Every portfolio we build is unique, and every day is different. I am constantly learning from our clients and from my team as we uncover the capabilities and limitations of ESG data.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I worked with our engineering team to create technical systems that support shareholder advocacy (the sponsorship of shareholder resolutions with individual companies). This allowed us to scale and streamline this service, bringing opportunities to all interested clients and making participating easier than ever.

What do you like most about working at Aperio?
I appreciate the culture of honesty, humility, and kaizen.

What are some non-work-related things we should know about you?
I love the great outdoors, especially on a mountain bike, and cooking my way across the globe.

What previous role(s) did you serve at Aperio?
I started at Aperio as an ESG/SRI Investment Associate.

What postsecondary degrees and/or professional certifications do you possess?
Magna cum laude from the University of California, Santa Cruz, with a combined BA in Politics and Mathematics/Economics.

Recent Blog Posts

July 14, 2022 Values-Aligned Investing

SEC as Arbiter: To Exclude or Not to Exclude Shareholder Resolutions, That Is the Question

Every year, US shareholders file 400 to 500 resolutions that ask companies to address environmental and social (E&S) issues. If a company believes the shareholder resolution does not comply with procedural requirements or otherwise fits within an exception of Rule 14a-8 under the Securities Exchange Act of 1934, it requests...

January 12, 2022 Values-Aligned Investing

Employment Contracts and the Struggle for Social Justice

Are nondisclosure agreements (NDAs) and mandatory arbitration standard employment procedures or barriers to workplace diversity, equity, and inclusion?...

July 22, 2021 Values-Aligned Investing

Proxy Season Recap: Record-Breaking Votes

Wrapped up in the rise of values-aligned investing and stakeholder capitalism is an increase in active ownership. One way to measure this rise is in the vote totals in support of shareholder resolutions on environmental and social issues...

Hilda Wong

Senior Investment Operations Analyst

What are your key responsibilities?
My key responsibilities include daily monitoring and reconciliation of SMAs; handling assorted monthly and quarterly closing processes; setting up new intermediaries, custodians, platforms, and interfaces; communicating with custodians, banks, brokers, and vendors to resolve issues related to daily processes, data delivery, and trade settlements.

Describe your key previous work experience.
I have more than 25 years of investment operations experience in handling individual wealth portfolios, universities’ and colleges’ endowment foundations, and public and private corporate institutional pension funds. I spent 15 years in my last role with Progress Investment, where I was responsible for managing, implementing, and maintaining the fund administration activities, including the day-to-day operations workflow, reconciliation processes, and oversight of the firm-wide accounting system, along with the daily trade transactions, security reorg corporate action, cash positions, security holdings, and portfolio performance calculation. I also supported the investment team by executing the operational aspect of the portfolio rebalancing, such as opening new accounts at the custodian; completing foreign currency markets documentation; transferring assets from fund to fund; and evaluating domestic, non-US, global, and international securities and fixed income.

What are some non-work-related things we should know about you?
In my free time, I love to hike, read, and listen to music for relaxation. I also like international travel and have creative pursuits like knitting, cooking, and baking.

What postsecondary degrees and/or professional certifications do you possess?
BS in Business Administration, with an emphasis on Accounting, from San Francisco State University.

Eugene Yim

Senior Investment Operations Associate

What are your key responsibilities?
As a member of the investment operations team, my key responsibilities include daily monitoring and reconciliation of accounts; data processing in our accounting system; carrying out various monthly and quarterly closing processes; working on projects to streamline operations and automate processes; and communicating with our assorted vendors and partners to resolve any issues related to daily processes, data delivery, and trade settlement.

Describe your key previous work experience.
I have more than 20 years of experience in investment operations encompassing account management, reconciliation, corporate actions, risk management, pricing, fund administration, compliance, project management, and financial reporting. Prior to joining Aperio, I spent nine years at Nuveen, a TIAA Company, overseeing a team that was responsible for corporate actions in more than 65 markets globally as well as benchmark rebalancing of worldwide equity indexes.

List any committees or organizations you are a member of outside Aperio.
I have been an active volunteer with Meals on Wheels and San Francisco-Marin Food Bank here in San Francisco delivering meals and groceries to the elderly and families in need. Connecting with people and doing my small part in giving back to my community have been very satisfying experiences.

What are some non-work-related things we should know about you?
I’m an avid golfer and love spending time with my wife hiking, visiting museums, trying new restaurants, and discovering new Sonoma Pinot noirs. We are very passionate about exploring new destinations around the world. Most recently, we visited Guanajuato and San Miguel de Allende, Mexico, and Valencia and Menorca, Spain.

What postsecondary degrees and/or professional certifications do you possess?
BA, magna cum laude, in Business Management from Curry College in Milton, Massachusetts.

James Yoon

Manager of Marketing Communications

What are your key responsibilities?
I oversee the production of all external-facing marketing materials, blast email communications, and the company website content. If you’ve read any of our research papers, presentation decks, fact sheets, e-newsletters, blogs—you get the picture—my fingerprints will most likely be all over them.

Describe your key previous work experience.
I began my career at Charles Schwab Corporation, where I held various project manager and marketing positions in finance and marketing, including website administration and content publishing for Schwab Institutional’s very first client website, back when the Internet as we know it was just a few years old (yes, I often date myself). My career then took a 90-degree turn into the health care field, where I spent more than 10 years at institutions such as California Pacific Medical Center and the University of California, San Francisco Medical Center. Although health care may be a very different industry from financial services, significant parts of my roles in that field included marketing and web content management responsibilities. My desire to return to finance led me to Aperio in 2015.

What is the most interesting aspect of the job to you?
My marketing role provides me the opportunity to collaborate with just about every department at Aperio. A common frustration heard at many companies is how departments tend to work in “silos,” but this is one complaint you will never hear from me because it definitely does not apply! On any given day, I may go from working on a project with the client relationship team to the research people to our senior leaders to the human resources department.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
Well, you can say that most of the projects I work on impact our clients as they are the end users of the materials, but if I had to highlight one recent project, it would be our new website. I provided input during the design phase, published all of the content for the public site, and assisted with user testing before launch.

What do you like most about working at Aperio?
While this may sound like I’ve been drinking too much of the Aperio Kool-Aid (I’m more of a Hi-C guy anyway), it is the people here that make my job enjoyable—a smart, friendly, humble, and respectful group of folks. I also like that a couple of them even recognize, and appreciate, my ’80s pop culture references (have I mentioned that I often date myself?).

What previous role(s) did you serve at Aperio?
I started at Aperio as a Marketing Coordinator and transitioned into my current role of Manager of Marketing Communications in January 2018.

What are some non-work-related things we should know about you?
Outside of work, I enjoy a good walk spoiled (google “Mark Twain” for more information). I also enjoy snorkeling in the warm Caribbean waters, with the operative word being “warm,” as I refuse to dip my toes in anything less than 80 degrees Fahrenheit. And I hope to one day finish writing my coffee table book about coffee tables.

What postsecondary degrees and/or professional certifications do you possess?
BA in Economics from the University of Michigan, Ann Arbor.

Dorian Young, CFA, CAIA

Senior Investment Strategist

What are your key responsibilities?
As a Senior Investment Strategist, I am a senior portfolio manager who specializes in working with our relationship management team and clients. Frequently, I support our relationship managers in client discussions where we drill down into the complexities of Aperio portfolio management or analyze a client’s complicated portfolio situation.

Describe your key previous work experience.
I was Head of the Quantitative Analytics & Risk Strategy group at RCM Capital Management (now part of Allianz Global Investors), which gave me a front-row seat to the ups and downs of active portfolio management, despite working alongside a very talented group of professionals. Perhaps this experience made me destined to pursue passive investment management—or at least drew me toward structural alpha. Addition roles included investment consulting at Milliman Investment Consulting, where I performed asset allocation studies and manager research; multi-factor back-testing and simulation research projects at Vestek Systems; management consulting at A.T. Kearney; and operations research (routing and scheduling optimization) at United Parcel Service.

What is the most interesting aspect of the job to you?
Some of the most enjoyable (and challenging) aspects of my role are the frequent discussions with clients about their complex situations—and talking through how different management strategies may offer them attractive customized solutions.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I’ve participated in many interesting projects that directly impact our clients, including building a “white label” multi-factor strategy for one client and developing a tax management strategy for another whose legacy portfolio had the lowest cost-to-market-value ratio I have ever seen—4% (i.e., a 25-fold increase in market value since purchase!). Perhaps the most interesting project, however, was for a large client with two pooled vehicles where Aperio would be one of five managers in each pool. The client wanted to customize the sector and industry weights, and the factor and beta exposures, to control the overall risk of the entire pool (talk about the tail wagging the dog)! The client is extremely appreciative of our customization and the flexibility it affords them.

What do you like most about working at Aperio?
Everybody is positive! I have never seen this before in my career. I also like the Lunch and Learns (depending on the lunch!).

What previous role(s) did you serve at Aperio?
Although my role hasn’t officially changed, it has evolved as each year brings new opportunities to get involved. Whether it’s contributing to a big client project, or working on factor strategies and tax-loss harvesting marketing decks, or giving a Lunch and Learn, the interesting opportunities have continuously flowed.

List any committees or organizations you are a member of outside Aperio.
I’m a member of the CFA Institute, the CFA Society San Francisco (and former member of the board of directors and Chair of Continuing Education Committee), and the CAIA Association.

What are some non-work-related things we should know about you?
My typical day begins with my wife and I enjoying homemade cappuccinos before donning our bike gear and cycling our 30-minute loop through the Presidio national park and Crissy Field. (The hot coffee rarely wins the temperature battle against the cold and windy San Francisco seasons.) We also enjoy international and domestic travel to check out the world.

What postsecondary degrees and/or professional certifications do you possess?
AB cum laude in Applied Mathematics from Harvard University; MBA, with honors, in Financial Management and International Business from the University of Chicago Booth School of Business; Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) charterholder.

Recent Blog Posts

August 22, 2018 Observations

Hotly Revamped GICS Communications Sector Gets Some FAANGs

The Global Industry Classification Standard (GICS®) will be revamping its shrunken Telecommunication Services sector (now just 1.9% of the S&P 500 Index) into a hot, newly renamed Communication Services sector...

Monica Zhuang

Business/Financial Analyst

What are your key responsibilities?
As a member of Aperio’s finance team, my primary responsibilities include board reporting; budgeting; forecasting; developing a systematic, custom-focused fee strategy; offering improved transparency in product costs; and streamlining business processes.

Describe your key previous work experience.
At my recent role with Morrison & Foerster LLP (MoFo), I worked as a Financial Data Analyst offering data insights for pricing, billing, and collections, as well as the firm’s overall financial performance, while developing business intelligence (BI) reporting solutions. A major project I accomplished was the MoFo Tableau partner dashboard, for which I was the lead developer. I also had previous years of experience in financial reporting, analysis, budgeting, and forecasting with the American Academy of Ophthalmology and Motorola (China) Electronics Ltd.

What is the most interesting aspect of the job to you?
Other than the typical financial analysis functions, there’s an entrepreneurial and explorative aspect in this role, which gives me the opportunity to view and evaluate Aperio’s operation and performance as a whole from both business and technical perspectives. This is exciting and gratifying to me, in the sense that I can dig in deep as much as I want while also taking a step back to look at the big picture.

Describe some noteworthy projects you have worked on that directly impact Aperio’s clients.
I work closely with our business development team to offer a more comprehensive pricing strategy that allows Aperio to stay competitive while maintaining its unique quality investment product solution.

What do you like most about working at Aperio?
I like working with a group of intelligent and driven people from whom I can learn things, while it’s also a fun and friendly workplace in which coworkers can share hobbies after hours.

List any committees or organizations you are a member of outside Aperio.
I hold a license from the California Department of Real Estate.

What are some non-work-related things we should know about you?
I’m an avid runner and traveler, constantly contemplating where to run and travel next.

What postsecondary degrees and/or professional certifications do you possess?
Bachelor’s degree in Economics from the University of International Business and Economics in Beijing and MBA in Finance and Decision & Information Sciences from the University of Florida.