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Unabridged Version
ERISA's passage in 1974 was literally the opportunity of a lifetime for Charnley & Røstvold - for with the official recognition of institutional investment management and its special requirements came the need for a whole new way of professional marketing and client service for investment management.
But first, Charnley & Røstvold had to learn what a stock and bond were.
Jackie Charnley and Christine Røstvold were both early 70s graduates of the University of California at Irvine, although neither was destined to meet there. The future business partners were on clearly distinctive career paths.
1970 (Back to top)
Jackie Charnley was immersed in the limitless world of fiction - studying under the likes of E. Doctorow and Oakley Hall with aspirations of following in their footsteps as successful contemporary novelists.
Christine Røstvold, an avid student of world history, was evaluating the pros/cons of becoming an attorney.
Fortunately for both and for clients-to-be, these paths failed to materialize.
1975 (Back to top)
Johnson O'Connor Human Engineering tests led Charnley to move from writing fiction to non-fiction, which in turn led to a free-lance editor/writer position at Collins Associates, a pension consulting firm established in 1975.
It was an exciting time as Collins began advising Southern California Edison, Safeway, Wisconsin Electric, The Mead Corporation, the Charles F. Kettering Foundation, and Philip Morris. Wells Fargo was just starting to promote index funds, and international equity was a specialty investment. Ahead of his time, Collins was promoting multi-asset, multi-manager platforms for institutional investors and seeking exceptional managers who could deliver strong performance consistently.
1976 (Back to top)
The swift growth of Collins Associates and Charnley's own advancement, led Charnley to interview candidates for a research position. The victorious candidate who had been working at a law firm was Christine Røstvold. She joined the firm to help with manager evaluation and to head up the firm's research on alternative investments which at the time was index funds, real estate and international equities. Thus began a decades-long friendship, career path and business partnership for the two.
The years at Collins Associates proved to be a fascinating education - in institutional investment management, in sales and marketing strategies, and in running a small business. Reviewing hundreds of prospect presentations and dozens of final presentations, it was evident to the pair that the correlation between investment skills and communication skills was low. They approached Budge Collins, asking if they could start a new division, one focused on helping the investment managers. He cited conflict of interest and desire to stay focused on meeting plan sponsor needs.
That decision proved to be opportune.
1978 (Back to top)
In June 1978, Jackie Charnley and Christine Røstvold launched their own firm - focused exclusively on helping the investment management community achieve success with institutional investors.
But where to begin? How to sell? Mentor Ben Robinson, an investment manager with Crowell Weedon, advised, "Simply tell your prospects what you want to do…you don't have to "sell" them. There will either be a fit or not." That sounded like good advice. They took it.
July 12, 1978, Robert Kirby, Chief Investment Officer at Capital Guardian Trust Company, took time to visit with the two …in the 125-square foot garage-attached office behind Christine's mom's home in Corona del Mar. As he sat on the lop-sided used couch across two beat-up metal desks from the 1950's offices of Christine's dad, Kirby asked, "Can I loosen my tie?" In the summer heat, with no relief from air-conditioning or even a fan, his three-piece suit kept the meeting short. He encouraged the two to focus on what they could offer investment managers - an objective perspective, clarity in communications and an experienced resource. More good advice they took.
They also learned about the most expensive tie in the world - Bob wore a navy blue tie dotted with the number 24. His award from participating in the 24-hour auto race called Le Mans, it truly was the most expensive tie in the world.
Charnley & Røstvold set up prospect files for each financial center - New York, Boston, Minneapolis, Denver, San Francisco, Los Angeles, Chicago, and Philadelphia. Using the 1978 Money Market Directory, they contacted every manager in the target cities with more than $10 million under management, wrote introductory letters, called to introduce their services and set up meetings.
They supplemented cold call efforts with a direct mail campaign and built a database of 200 firms. They used Joe Griffin's, of Century Capital Advisors', database management system - a wooden box with 5x8 index cards. Every phone call, every correspondence was logged on the index cards, and the next time they phoned, they pulled the card. "How did your last presentation go?" "Did your son win his tournament?" "How was your vacation in Hawaii?" "Did you get to the finals with Oregon?"
Criss-crossing the country, they flew on Sundays to the target cities - set up breakfast meetings at 7:30 and met with seven to eight firms a day, including cocktail meetings with one firm and dinners with others. Sometimes they flew home late Friday nights, and other times, the following Friday evening. They were on a mission.
Chemical Bank in New York became their first client - as John Carroll likes to say, the sales pitch was a little desperate - "Please, please let us work for you…we'll even pay." And one prospect in San Francisco mused, "How would two young girls be able to tell me what to do?"
Christine's mom, Virginia, was the firm's first employee. She did billing and bookkeeping; and brought fresh-baked cookies when there were no checks in the mail.
Despite the requisite early struggle to attract clients, it didn't take long once the results of their merits of their work became known.
1979 (Back to top)
Western Asset was the first of many notable successes. Within three months of Charnley & Røstvold repositioning their investment products, firm distinctions and communication approach, Western Asset had its first new piece of business in over a year. A $900 million piece of business! The press interviewed Jack Sullivan who had hired them at Western Asset to learn what had attracted the business. Jack graciously credited the contributions of Charnley & Røstvold, and Pensions & Investments published an article on the fledgling firm, attracting even more beneficial attention.
1980 (Back to top)
Nearly a dozen completed client projects later, the Frank Russell Company also recognized a difference in some of the investment manager communications coming their way.
The managers acknowledged to Russell's professionals that Charnley & Røstvold was helping to make a difference.
Richard Lothrop, then head of the Frank Russell manager consultant group, invited the two to Tacoma to present Charnley & Røstvold's services to his team. Proudly presenting all their work for seven different investment firms - brochures, presentation books, excerpts from Competitive Positioning Analyses - to a conference room full of senior Russell executives, Charnley & Røstvold hoped for approval.
The result was even better - Russell consultants referred business!
Institutional Investor took note of the new "Professor Higgins" in the industry and published an article.
Russell was hosting the Russell Conference in May, which was to become AIMSE, and invited Charnley & Røstvold to speak - on the "Seven Deadly Sins of Presenting," a speech you may still find valid all these thirty plus years later. (Link to speech handout).
John Seiter, then of Lionel D. Edie, and Tony Correnti, of Waite + Correnti, both familiar with the Charnley & Røstvold team through Collins Associates, offered coaching help to the two first-time investment industry presenters. Again, the result was better than anticipated. Audience members asked if the two could train their sales and investment professionals to give team presentations the way they gave presentations.
Another new service was born!
Jennison Associates selected Charnley & Røstvold to help with market research and firm communications. The firm had $350 million under management then. Working closely with the firm and John Hobbs, Chief Executive Officer for more than 20 years, the Charnley & Røstvold team contributed to Jennison's growth to over $100 billion and proudly served as an extension of the industry leader's marketing staff.
1980 was the same year that the team began work with Gary Pilgrim and Harold Baxter at Philadelphia National Bank - an assignment memorable for many reasons, not the least of which was the great joy with which that investment team approached its work. MacKay Shields, Girard Bank, Republic National Bank of Dallas, Southland Trust, Argus, Criterion - all became clients.
Charnley & Røstvold was also invited to speak at an A.G. Becker conference in Meadowlands, New Jersey - meeting Martin McKerrow, David Booth, Randy Springer, Rollie Woltjen, Ross McAdam, Richard Boggs and Robert Thomas. The start of many great, long friendships and many more referrals.
1981 (Back to top)
The Charnley & Røstvold duo faced an important decision with increasing demand for services and limited supply. Did they want to become a high growth company and add staff/professionals to take on all the inquiries they were now getting? Or, did they want to stay exclusive and work directly with the clients themselves? They chose the latter, raised their fees and continued to work as a team on every client project. File cabinets in the shower, however, were an indication - it was time to move!
Charnley & Røstvold bought a shabby fixer-upper mobile home in El Morro on the cliffs of North Laguna Beach overlooking the Pacific Ocean and converted it into a sleek, efficient office. Harold Baxter of Pilgrim Baxter drove up, made it to the door and said, "What were you thinking??" As Harold strode through the cramped entry and walked into the renovated offices, he turned and smiled, "Brilliant - absolutely brilliant." Spacious, with an unmatchable view, it proved to be the perfect place to build a team and meet and work with clients for more than 16 years.
Long bonds peak in October 1981 @ 14.68%
1982 (Back to top)
Florence, Italy. Jody Strakosch, an account executive for Metropolitan Life Insurance Company, was on her honeymoon in Italy, and sat across from some fellow tourists in a family style restaurant in Italy. Jody, in her outgoing way, peppered the two women with questions - where are you from? What do you do? And then halfway through the conversation, Jody leaped up from the table - "You're the girls from California! You're the girls from California!"
Turned out, Metropolitan Life Insurance Company was looking for a marketing consultant, and although people in New York couldn't recall the exact name of the firm, they had encouraged Met to contact the "girls from California." After a delightful dinner in Florence with Jody and her new husband, the "girls from California" flew to New York, and another unforgettable business relationship was struck.
Over the next five years, the team would train the Metropolitan Life Insurance Company GIC sales force into one of the most successful investment management selling teams in the industry. Graduates of that program, and now long-time friends, include - Peter Jenks, Chuck Blair, Chris Blair, Terry Reynolds, Nancy Campbell, Marie Mattie, Brian Hamel, Emil Hunter, and those who have moved - Jeffrey Lagarce at Fidelity; Doug VanderLinde previously from Putnam; John Wylie who went on the join Nicholas-Applegate and now invests with Catherine Nichols at Nicholas Partners; Jim Wakefield at Aeltus; Rick Fee at Trinity Investment Management; Steve Paddon who went to State Street Research & Management and is now with INVESTEC; and George Jamgochian to Credit Suisse and is now with Principal.
David Booth, while at A.G. Becker, called Charnley & Røstvold to see if they would be interested in helping with a new company he wanted to start - Dimensional Fund Advisors. Small cap indexing was a whole new concept - one that proved to be the perfect foundation for a suite of products. The program at Dimensional Fund Advisors was also the introduction to Roz Hewsenian, later with Wilshire Associates, and now with The Helmsley Foundation, and it was also the opportunity to work with Rex Sinquefield, a well-respected friend from the Collins Associates' days.
1983 (Back to top)
A high point of the team's career was a call from John Seiter at Capital Guardian Trust Company, which in turn led to many projects over the years. From materials to competitive positioning analyses to surveys, it has been a special pleasure to contribute to this outstanding firm's success. Working on Capital Guardian materials was also the beginning of many successful collaborations with The Alvarez Group - a talented design firm in Los Angeles.
This was also a year where managers in Toronto, Canada, noticed Charnley & Røstvold's work, and Toronto became a regular destination.
On February 18, David Booth and Jackie Charnley switched houses - with Jackie moving to a Brooklyn Heights three-story renovated brownstone and David moving to a townhouse in sunny Southern California. The two only moved their clothes. After three weeks, David called and told Jackie, "When you get tired of living there, sell it. I am never coming back." And that's how Dimensional Fund Advisors came to move their headquarters to Santa Monica, California.
1984 (Back to top)
While at AIMSE in Florida, Fred Applegate asked Charnley & Røstvold to hold a day in the summer to work on a project he couldn't talk about. Later that summer, Fred, along with Art Nicholas, drove up from San Diego, and the four shook hands, then sat down to plan how Nicholas-Applegate could start its firm and launch its small cap product. It proved the beginning of a long, highly successful relationship, one that has turned into a long-standing friendship. In 1984, Nicholas-Applegate consisted of five people, and grew to more than 300 people, with $50 billion under management, and Charnley & Røstvold providing counsel. It was an exciting journey.
At the same time, Brian Fitzgibbon had left Metropolitan Life Insurance Company to join Nomura Capital Management. He called Charnley & Røstvold. The Japanese company wanted help in targeting the U.S. pension market. A two-year program ensued with great results as Nomura became the investing industry leader in Pacific Basin equity investments, and one of the first Japanese firms to have measurable success in the U.S. institutional markets.
Missing the California lifestyle, Charnley sold David Booth's brownstone in Brooklyn Heights and returned to warmer climes.
1985 (Back to top)
Paribas, one of France's largest, most successful banks, started work with Charnley & Røstvold, seeking to enter the U.S. institutional market. ABDI International, German-based, also engaged the firm. The team's work took on an international flair. NWQ in Los Angeles was just a start-up, and Charnley & Røstvold helped define the value process that would prove so successful over the next decades.
1986 (Back to top)
Jeff Miller at Provident Investment Counsel sought the firm's help, and a competitive positioning analysis and fresh new materials, produced with the help of Nita Alvarez, helped Provident reach new growth objectives. Mike Fisher, a true friend from the Collins Associates era, while at Chase Investors, shop-within-a-shop, became a new client! The Frank Russell Company invited the consultant team to speak in the wine country on "How to Stand Out From the Crowd in the Sales Process" at their investment manager conference. The team was also invited back to AIMSE to give the famous "Seven Deadly Sins" speech once again. The two spoke at the Investment Counsel of America that year as well.
Christmas Eve brought a phone call from Robert Mersky of Peregrine Capital Management, a newly formed subsidiary of Norwest, who inquired about the Charnley & Røstvold services. After a memorable two-hour exchange, the $300 million assets under management Peregrine hired Charnley & Røstvold to start a full competitive positioning analysis program in February 1987. A 20-year consulting relationship paralleled Peregrine's expansion to over $10 billion under management and 45 people.
1987 (Back to top)
1987 was a year characterized by "growth" and "crash." Charnley and Røstvold helped several managers - Nicholas-Applegate Capital Management, Jennison Associates, Provident Investment Counsel and Peregrine Capital Management - position their growth strategies for growth. Programs also included a revamp of Metropolitan Life's Real Estate investment positioning and presentation, and "Top Gun" training for the sales force.
October 19 - or "Black Monday" - brought the stock market crash that was heard around the world. The Federal Reserve had swiftly raised short-term interest rates to moderate inflation. As interest rates rose, many money managers hurried to hedge their portfolios. The futures market was inundated with sell orders totaling billions of dollars at virtually the same time. Simultaneously, many common stock investors attemted to sell, which caused the market to implode. The Dow lost 22.6% or $500 billion in one day. In order to prevent a recession and banking crisis, the Federal Reserve immediately lowered interest rates. Amazingly, the markets were resilient and rebounded quickly from the worst one-day stock market decline.
The year ended with a sigh of relief. The holidays saw Jackie jetting off to Paris with friends, and Christine and the rest of the C&R team staying local to celebrate the holidays and restored calm with family and friends.
1988 (Back to top)
In September, Charnley & Røstvold made a presentation on Product Positioning at the Callan Investments Institute Fall Investment Management Business Conference in Pebble Beach, CA. The most exciting event of the year was on November 7th when Jackie became a mom to Jordan William Charnley!
1989 (Back to top)
The year began with a focus on bonds - Charnley & Røstvold helped Jennison with a piece promoting the merits of long bonds. This at a time when long bond rates were 8.93%, a return then comparable to historic equity returns. August 16, 1989 saw Charnley & Røstvold speaking at the Columbine Conference in Colorado Springs.
1990 (Back to top)
The biggest event of the year was Christine’s marriage to Dennis Neff and wedding celebration. A weekend-long, drought-breaking rainstorm couldn’t dampen the joyous occasion. Christine and Dennis honeymooned in Hawaii, and happily began their new life together.
Prudential, Weiss, Peck & Greer, PruAsia, U.S. Trust Company of New York - all kept the consulting firm busy. One of the highlights of 1990 was working with Dwight Churchill at Capital Supervisors - tackling a turn-around as the firm recovered from negative publicity, and rebuilt their team and image. Another highlight was a trip to Asia, which included working with PruAsia in Hong Kong and Nomura Asset Management in Tokyo. The relationships with Jennison and Nicholas-Applegate continued strong, as both firms continued to expand their franchises. In October 1990, Charnley & Røstvold spoke at Financial Analysts Federation (FAF) in San Francisco.
1991 (Back to top)
More resources were needed, and Christine’s sister, Ellen, joined the Charnley & Røstvold team that summer to focus on market research and client service. Ellen’s prior experience working work Dimensional Fund Advisors and Metropolitan Life Insurance Company enabled her to hit the ground running. Ellen also brought a delightful sense of humor and soon became known as the office prankster, famous for her practical jokes.
1992 (Back to top)
Patricia Holmes joined the team in the spring of 1992, contributing much-needed support and organizational skills. This also was the beginning of managers moving more to new technologies and desktop publishing in their presentations. With the addition of Pat, Charnley & Røstvold was able to progress quickly into developing effective, appealing presentations for our clients.
1993 (Back to top)
The year entailed a bit of globe trotting for the consulting duo. Assignments stretched from San Diego to Los Angeles to Chicago to New York to London and Paris.
1994 (Back to top)
Another rewarding year of new and old relationships - working in Boston with Scudder; San Diego with Chandler Liquid Asset Management; in Denver with INVESCO; Reich & Tang in New York, and return clients calling - Prudential in New Jersey, Nicholas-Applegate in San Diego, Peregrine Capital Management in Minneapolis, Jennison in New York, MetLife, but this time with a program in London for an international subsidiary. Monthly trips to London prove challenging!
Charnley & Røstvold welcomes a new team member, Chela Mitchell.
1995 (Back to top)
First quarter 1995 was the start of Sally Stalcup's career with Charnley & Røstvold. Sally brought a fresh new perspective to the firm and great energy to our research effort. Berry, Hartell, Evers & Osborne became a new client, while programs with Allmerica, Jennison, Nicholas-Applegate, and Peregrine continued.
1996 (Back to top)
The best part of 1996 was meeting and collaborating with Ted Voss, a veteran of traditional marketing research and consulting. Not only was a working relationship born, but a lasting friendship as well. Charnley & Røstvold was again closed to new business for the better part of the year, working on multiple projects for their retainer client base. A speech at the Institute for International Research was well received.
In May, Ellen underwent a life-saving heart and double lung transplant necessitated by a congenital heart defect. Initial complications required an extended hospital stay, but Ellen made an amazing recovery and gave us all reasons to celebrate.
1997 (Back to top)
Charnley & Røstvold moved from the now-renowned mobile home office in Laguna Beach to an office in Data Point on a bluff overlooking Dana Point Harbor, five minutes south of the famous Ritz Carlton Hotel in Laguna Niguel. The team began to help managers with more sophisticated ways of presenting, including the use of multimedia and laptops.
Anna Røstvold began her career with the firm, and with the benefit of summer intern experience, moved quickly into working on the Nicholas-Applegate relationship.
The C&R team happily welcomed Ellen back to work with much fanfare and celebration. Ellen captured the miracle of her new lease on life in the following poem:
A Sparrow’s Flight
Born a small and fragile bird,
Not expected to fly;
Instead, she quickly spread her wings,
And flew up in the sky.
The times that she would falter,
God would hold her in his hands;
And gently place her back on earth,
For her to rest on land.
And when her breath was nearly gone,
And she could soar no more;
He breathed new life into her soul,
And opened a new door.
Today she soars to heights above,
That before she could not know;
And praises God each day of life,
For the gift that he bestowed.
January 8, 1997
A May 28, 1997 luncheon in Los Angeles at Engine Company #28 restaurant with Joanne Weckbacher and Prenecia Parnell of Capital Guardian Trust Company was the official start of PAICR - the Professional Association for Investment Communications Resources. The ideas and brainstorming at the lunch then set in motion a plan of action to form the non-profit association that gives the investment community a forum for education, networking and professional recognition for the "invisible" workers in the investment field. Jackie, Christine, Patricia Holmes and Chela Mitchell became founding board members and directed the firm to support the association in every way possible.
1998 (Back to top)
A major success this year was a collaborative survey on behalf of Capital Guardian Trust Company, Jennison Associates, Nicholas-Applegate and Stong Capital Management with more than 230 plan sponsors providing their input on what they expected in terms of using new technologies in client service.
UBS/Brinson became a client through the familiarity of former Charnley & Røstvold clients - George Jamgochian, Jim McCaughan, Obie McKenzie and Wayne Thornbrough, all colleagues at UBS/Brinson. Jim Fox, also a former client, now headed Clifford Associates and enlisted the firm's services. When Clifford became a client, Sally Stalcup spearheaded an intensive market research effort into the not-for-profit investment arena.
Linda Sherman joined our team in 1998, and proved to be an invaluable addition, as members broadened the scope of their work and travels. Linda became the lead on market share analytics and handled the travel arrangements for the entire team.
Also in 1998, Patricia Holmes' expertise expanded to include project management of Web Site development, as the PAICR web site developed under her leadership. Christine's fund-raising and sponsorship management efforts helped ensure PAICR's future, while the rest of the team focused on building the fledgling organization's communication and education programs and membership.
1999 (Back to top)
C&R's marketing plans, formalizing the strategies for identifying and supporting different distribution channels into different target markets, was a key focus throughout 1999 as clients diversified their businesses. Christine and Jackie criss-crossed the country, both on client trips and speaking at an IMI Conference in New York and AIMSE in Florida.
On a sad note, Christine’s dear sister Ellen succumbed to complications from her heart/lung transplant. Her lively spirit, keen intelligence and quick wit are truly missed by all.
Ryan Ortuno, a recent bright, hard-working UCLA graduate and aspiring politician joined the C&R team. His exceptional work ethic and keen intelligence brought instant value to Charnley & Røstvold.
2000 (Back to top)
The foray into Web Site development continued, as Charnley & Røstvold collaborated with different resources to build new and innovative communication platforms for clients.
As Prudential moved its active equity management to Jennison, John Hobbs hired the Charnley & Røstvold team to oversee the new client communications and reporting. A communication platform, both in written and web form, was developed for providing informative and timely portfolio updates on the firm's expanded product line-up to the clients and distribution partners.
Sally Stalcup was invited to the PAICR Board in recognition of her efforts to grow membership and support the organization. She immediately became a member of the Educational Committee and was targeted to head up the 2001 Conference in San Francisco.
2001 (Back to top)
Jaime Sigillo joined the Charnley & Røstvold team in March 2001, bringing a wealth of energy and enthusiasm. Jaime's was the warm, welcoming voice you heard when you called our offices in 2001.
2001 brought exciting new projects with Cadence Capital Management in Boston and Metropolitan West Asset Management in Los Angeles, as well as an experience that has forever changed the lives of Christine and Jackie.
On September 11, 2001, Christine and Jackie, along with their colleague, Ryan Ortuno, experienced first-hand the horror in Tower Two of the World Trade Center. For the full story of the terror, odyssey and acts of kindness, click here.
Terror, Odyssey and Acts of Kindness
Anna and Sally changed their status from "Miss" to "Mrs." - Joachim and Stalcup, respectively.
2002 (Back to top)
Old friendships with Gary Lisenbee and Steve Borowski turned into a rewarding relationship and a series of projects for Metropolitan West Capital Management in Newport Beach - and a much-desired client in our own neck of the woods.
Sally Stalcup led PAICR to new heights in 2002 as the organization's President.
2003 (Back to top)
The business partners raise the same question every year - and every year Jackie Charnley & Christine Røstvold reevaluate what they individually want to do - the answer continues to be the same - work directly with clients. Client work is challenging, rewarding and ever evolving. Just like the firm.
The Charnley & Røstvold consulting team collaborates on every client project. Every member knows what a client wants to accomplish and has input as to how best to accomplish that objective. Every member applies their individual strengths to achieve a successful outcome. When you are a client, you can call and receive prompt, personal service and useful information every time.
In their ACT database, the firm keeps tabs on 3,000+ contacts - including clients and former clients from nearly 200 investment management firms, prospects representing over 1,200 investment companies, search consultants, research contacts, resources for design, web site creation, advertising, public relations, database systems and other services necessary to investment managers.
Services emphasize competitive positioning, strategic communications and training. Collaborating with resources across the country, the firm's focus remains the same today as it did in 1978 - helping investment management firms be the best in the business.
2004 (Back to top)
Institutional client and investment management firm employee surveys, along with assignments in the rapid growth alternative space enriched the work projects at Charnley & Røstvold in the first half of 2004. Documenting selection criteria for hedge funds and funds of funds helped the firm position alternative investment clients competitively and ensured presentation content covered all the bases. Demands for training programs accelerated in the summer, as investment firms across the country prepared for high activity in the latter part of the year.
Ryan moved to New York and became a full-time employee of long-term client, Jennison Associates. While we were sorry to lose Ryan, we knew he couldn't have found a better new home.
April 1, 2004 brought Jacob Craig Joaquim instead of April Fool’s! Anna and her husband Mike became proud parents, and we were all so happy for them.
2005 (Back to top)
Charnley & Røstvold celebrated their 27th anniversary of serving the investment community. The stork brought a baby girl, Sophia, to Sally and her husband Karl on March 14, 2005. Anna, husband Mike and son Jacob moved to Monument, Colorado as Mike became a Colorado Highway Patrol Officer. Pat and her husband, Charles, happily celebrated with family and friends the marriage of their daughter, Jessica, to John Vertin.
In April, we were excited to welcome Rick Shaughnessy to our team. Having worked together during his eight-year tenure with Nicholas-Applegate, we knew our clients would benefit from his broad experience, valuable perspective and exceptional writing skills. Regrettably, the commute from Coronado to Dana Point proved daunting for Rick, and at year-end, Rick launched his own consulting practice out of Coronado. Rick is pleased to have more time for family and to pursue his other passion - competitive sailing.
2006 (Back to top)
We continued our work with long-standing client Nicholas-Applegate Capital Management – helping to organize their sales training meetings, working with MetWest Capital Management through an ownership transition, and working with new clients: UBS Global Asset Management on an organizational assessment and repositioning; and start-up hedge fund managers Wagonhound and Investment Science Corporation to prepare for launch.
Pat Holmes, a 14-year veteran of Charnley & Røstvold, and her husband Charles, moved to Mount Holly, North Carolina to be near Pat’s five sisters and mother. Pat remained a valued member of the team working independently from her home office in Mount Holly. The stork visited Anna and Mike again in January with a bright, beautiful little girl, Riley. Brother, Jacob loved his new little sister.
2007
(Back to top)
Change. The ever present factor in all the seasons of all our lives. Invited by Margaret Towle, Chair of the Monitor Editorial Advisory Board, to author an article on our industry, Jackie and Christine wrote on "Change in the Industry: A Sea of Challenges and Waves of Opportunities." The Monitor serves as "the voice of the Investment Management Consultants Association." You can learn more about IMCA at www.imca.org. A copy of the article is available on our web site.
Moving offices onward and upward to San Juan Capistrano was a wonderful event at Charnley & Røstvold. We selected a brand new office complex in the beautiful village of San Juan, close to the Mission, the train station, the restaurants and shops, the parks. Yes, we miss the ocean views of Dana Point, but we enjoy the proximity to our homes and all that San Juan offers. We designed another open office environment, which fosters instant shared knowledge on all client work, as well as informed service that meets our clients' needs in a timely manner. Come visit and enjoy lunch at Tannin's, a wonderful Italian place, informal and delicious, or at the SunDried Tomato, a more contemporary California dining experience. Or of course, there is Richard M. Nixon's old haunt, his favorite Mexican food restaurant, El Adobe.
Entrepreneurial shops breed entrepreneurs - and we were sad to see Sally Stalcup leave the C&R team, but applauded her initiative in starting her own consulting practice. We also congratulated Rick Shaughnessy on his success with Coronado Pacific Group.
We also welcomed Pat Holmes back to sunny Southern California from her year in North Carolina. Yes, the real estate is better priced in "No" Carolina (as we call it), but family, friends and all that makes Southern California one of the greatest vacation spots in the world attracted the Holmes family back.
A lot of our children are starting new adventures of their own. Scott Sherman, Linda's son, finished his last year of middle school, and became an accomplished guitar and saxophone player. Christine's nephew, Brian Shiokari, started high school and continued to pursue his passion - soccer. Her niece, Hailey, started Montessori school right next door to C&R's new office and became a frequent after-school visitor! Jordan Charnley started his college career and was the offensive line of the Greenville Panthers, at Greenville College in Illinois. Kendall Pierce, Karen's daughter, moved north to California State University at San Luis Obispo.
Our work continued to center on alternatives, funds of funds and traditional long-only strategies. Repositioning mature firms, presentation training, and helping launch start-up firms were some of the interesting projects with which our team was involved this year. A highlight was helping Grail Partners with its Investor Conference, working with six of the Chalice Fund portfolio companies to ensure informative, well-delivered presentations. Working at the Cloister at Sea Island and participating in the Conference were both wonderful and extremely informative.
Seeing our clients succeed at winning more business as a result of our work together is always rewarding. Our clients included such diverse companies as Chandler Asset Management, Greenwich Investment Management, Nicholas-Applegate Capital Management and Rigel Capital LLC. Conducting a client survey for Systematic Financial Management, and talking through plans to grow the company with the CEO and the COO helped to develop a solid platform for the future for that company. Working on presentations and marketing plans for Connors Investor Services, Investment Science Corporation and Nicholas Investment Partners, formerly Wagonhound Investments, was especially meaningful to us as we had long-standing relationships with the principals of those firms at their prior shops. Serving as an extension of UBS Global Asset Management's marketing team was a pleasure and honor.
We finished the year in high demand. For the continued confidence of so many in the industry, we are grateful. For all the friendships we enjoy, we are blessed. And for the many accomplishments of our team, we are proud. As most of our clients know, we partner with different consultants in the industry whenever it can better meet our clients' needs, or we refer business to other groups when the project or the time frames warrant.
What remains constant is Charnley & Rostvold's commitment to client success. We endeavor to help our clients to prosper, to serve their own clients better, to reposition as needed, and to be rewarding, motivating, and enjoyable places to work. The industry has served our team well over the years, and Charnley & Røstvold intends to continue to be a valued resource to the industry.
2008 (Back to top)
Births, Weddings, Engagements, Anniversaries and a Sad Note
The year was filled with milestones, both professional and personal across our team. January started off with the birth of Derek Neff, a third nephew for Christine and her husband, Dennis Neff. Christine and Dennis are delighting in their expanding tribe of kids to love and care for.
Once Christine recovered from a back injury, we were off to Germany to work with a talented group of investment professionals committed to sharpening their presentations and strengthening their global marketing success. Although painful to travel with the Euro so high and the dollar depressed in the early spring, it was a wonderful experience. The people were exceedingly gracious, and instead of spending our open time (and hard-earned dollars) souvenir shopping, we explored Frankfurt and many interesting museums. A favorite was the Museum of Kommunikation (Communication), which presented the entire history of communication – from the Pony Express to the latest in technology.
It was a distinct pleasure to continue our work with the team at Metropolitan West Capital Management. The investment team, led by Howard Gleicher, continued to deliver outstanding returns in the value arena, whether U.S., International or Global. Investec Asset Management, another repeat-client, enjoyed a successful entrance to the U.S. institutional market. Founded in Cape Town, South Africa, the firm was growing worldwide with highly disciplined processes. New client assignments were a leading hedge fund-of-funds firm and activist manager.
A truly exciting event this year was the tenth anniversary of PAICR, which Christine and Jackie celebrated with other founders, supporters and current board members at the Tenth Annual Conference in New York City. The organization had grown to nearly six hundred members strong in 2008, with events all over the nation, and an increasing membership in Canada and Europe. The current leadership and board deserve special recognition for all their hard work, great enthusiasm and can do attitudes. They took the organization further than we as original founders could hardly imagine.
June marked another anniversary – Charnley & Røstvold’s 30th anniversary as marketing consultants serving the investment management industry. We celebrated quietly with the Charnley & Røstvold team (both current and former members), a few clients and families at the beachfront home of our friend, Nana Gregory. We met Nana while working with John Hobbs, then CEO of Jennison Associates, in the early 1980s. That is the beauty of this business – the lifelong friends you make.
Scotty Sherman, Linda and Scott’s son, becoming increasingly proficient on the saxophone, played in his high school marching band and jazz band at various events around Orange County, including concerts at the pier in San Clemente and at Disneyland. On August 8th, Pat and her husband, Charles, became first-time grandparents with the birth of Ellie Jean Vertin to their daughter, Jessica and her husband, John Vertin. Happy pictures have showered our office ever since.
Mid-summer brought an exciting development in Jackie’s life. Her son, Jordan, became engaged to Ty Covington, an incredible young woman from Springfield, Illinois. They met during Jordan’s first week of college in the fall of 2007, and it was love at first sight. They have been inseparable ever since.
On a sad note, Chrisine’s dear sister, Laura Ann Røstvold, after a long struggle with MS and short battle with cancer, passed away in late July. We carried sorrow over her passing, but found solace in that she was free from suffering and had found a peace in heaven, where she was in good company with their sister, Ellen. Their living spirits along with so many fond memories will be in our hearts forever.
In the late summer, Wayne Wagner, Co-Founder of Wilshire Associates and the Plexus Group, and Ralph Rieves, Managing Director of Farragut, Jones & Lawrence, Inc. invited us to write a chapter for their book, Investment Management: Meeting the Noble Challenges of Funding Pensions, Deficits and Growth. They asked us to expand our article, “Change in the Industry: A Sea of Challenges and Waves of Opportunities,” written for the Investment Management Consultants Association (IMCA) May/June 2007 issue of The Monitor. Little did we know that the challenges and opportunities we envisioned in 2007 and mid-2008 were going to erupt into a typhoon of challenges and limited opportunities by the end of 2008 and the start of 2009. We accepted their offer and composed draft after draft, adapting to the turmoil of change happening worldwide and of course, industry wide. The book was published by John Wiley & sons in August 2009. We are proud to be included among such distinguished authors as Peter Bernstein, Arnold S. Wood, Richard Bookstaber, Ron Surz and many others.
International travel was not limited to Frankfurt! Christine and her husband Dennis flew with members of her family to South America in October to celebrate her oldest nephew, Erik Røstvold’s marriage to Patricia Rodriguez in the Virgin of Fatima Chapel in Asuncion, Paraguay. Unlike Frankfurt, the US dollar went quite far in Paraguay, a poor, landlocked country still suffering from decades of political turmoil. Despite armed guards everywhere, a minimum of paved roads and tent cities housing so many families as constant reminders of the country’s poverty, the people could not have been more gracious and welcoming. The trip included a tour of the hydroelectrical power dam in Ciudad Del Este, which supplies more than 90% of Paraguay’s electricity and 20% of neighboring Brazil’s. A highlight was a visit the spectacular Iguazu Falls – a breathtaking array of 275 falls along the Iguazu River bordering Argentina and Brazil.
In the fall, Karen and Barry’s son, Eric Pierce, made the Dana Hills High School baseball team in the first round of tryouts. An impressive pitcher, it was a wonderful journey watching his career. His sister, Kendall, continued to do well at California State University at San Luis Obispo.
2008 marked the 24th year of our relationship with Nicholas-Applegate Capital Management. We are proud of our many years of service to so many there - from helping the firm launch in 1984, serving as its virtual marketing staff for years, working on messaging and positioning during the years of massive growth, and training generations of professionals, to these recent years organizing and producing the sales meetings.
As the year closed with the markets plummeting in the fourth quarter and no place to hide in the capital markets, we touched base with our clients and competitors. Having started in the industry in 1975, when the 73/74 Bear Market was still fresh on everyone’s minds, and then having lived through the junk bond and LBO crises in the 1980s, surviving Black Monday in 1987…pushing our business to survival shores after the ups and downs of the 90s, and worse the tech bubble and 9/11 in the 2000s…we knew the unfolding environment was going to hold more of a challenge than ever before. We told our team to expect our clients to undergo lay-offs, cancel or postpone projects and shift priorities. We encouraged our team members to spend more time with their families, take vacations, schedule doctor appointments, and complete spring cleaning. Because once a period like this is over, the phone rings off the hook, and Charnley & Røstvold is challenged to accommodate all the requests. We are generally an early indicator of the industry rebirths. We hoped that would come soon!
But there are always silver linings. We celebrated the close of 2008 with more time with our families than we have enjoyed in years. Most everyone hosted happy holiday events at their homes. Jackie enjoyed a month-long visit with her son Jordan and his fiancée, Ty Covington, home for the holidays from Illinois. Their growing love and respect for each other warmed Jackie’s heart.
2009 (Back to top)
“Learn from yesterday, live for today, hope for tomorrow”
~Albert Einstein
Hope. As world leaders united to develop solutions to the world economic crisis, as President Obama moved forward with his initiatives, as the markets began to find their bottoms and some in fact move to early signs of recovery, we had hope for the morrow.
It was interesting to see how investment firms were weathering the challenging times, with equal measures of perseverance, skepticism and optimism. While the phones had been quieter than usual, we were grateful to have projects underway for both ongoing and new clients. The smaller firms reached out by sending their presentations and materials and asking for perspectives. The larger firms were in the midst of continued lay-offs as we approached mid-year, the severity of which depended on the financial strength of the parent company and the management approach. The lean and mean firms were benefiting from fewer lay-offs.
Several firms, fortunately for us, took advantage of their competitors’ focus on cost controls and survival to bring on senior people and build out stronger institutional efforts. Reassessing competitive strengths and weaknesses, positioning for new strategies, sharpening key messages, refining presentation content and training programs were areas of greatest interest.
We took advantage of the slowdown to connect with long-time industry friends and new acquaintances to see how they are doing, hear their perspectives, contemplate the dramatic changes impacting our industry and envision our futures.
Reports from our clients that RFP and finals activity were picking up, and new mandates were being won and funded again werepositive signs of recovery. We all hoped that the worst was behind us and the balance of 2009 would bring more steps forward than back in our world economics.
Earlier this year, Pat and Charles celebrated their 35th wedding anniversary, still as much in love as ever. Makes all of us smile. We applaud their enduring commitment.
We also took a moment this year to honor the memory of a distinguished American Veteran, a 56-year Lifetime PGA Member and Jordan Charnley’s grandfather, Arthur Jacobus Berweiler, who lived to be 100 years young. “Jack” who peacefully died in his bed with family and friends around him on April 29, 2009, will be remembered for his gentleman-like ways. Thank you, Jack, for how much love you shared with all of us.
2010 (Back to top)
2010 started with a wonderful opportunity for Jackie and Christine to speak at the San Diego Chapter of the CFA Institute and to meet Arthur Lipper, a prodigious, creative mind in our industry. Our clients ran the gamut from the newer entrants to institutional investments – hedge funds, family offices and implemented consulting – to traditional bank- or insurance-owned investment subsidiaries, and medium-sized independently owned investment firms. Interest from institutional investors was highest in investment approaches with low correlations to traditional stock and bond management. High yield, real estate, private placements, esoteric hedge funds were all in high demand. Defined contribution assets continued to outpace defined benefit plans.
Sarah Ortuno joined the Charnley & Røstvold team, and we were fortunate to attract her. Sarah is the very talented wife of Ryan Ortuno who worked with our team from 1999 to 2004 before he joined Jennison Associates and then on to law school. Sarah has extensive experience in message development, training, presentation skills, and a heavy dose of psychology and crisis management. Sarah obtained her Master's degrees in education and in counseling. She led a major corporation in revising its training platform and presentation techniques, and was instrumental in launching a new counseling program that resulted in increased student achievement and community satisfaction. Sarah has a tenacious work ethic and a natural curiosity that welcomes challenges. Sarah most importantly demonstrated strong initiative and commitment to client service, a hallmark of our team.
A highlight of the year for Christine was attending the Greenwich 2010 Competitive Challenges Conference. On October 25th and 26th, over 150 senior executives from the asset management industry joined Greenwich Associates at the Four Seasons Hotel in Boston, Massachusetts. The content-rich agenda included a roster of exceptional speakers addressing a broad range of timely, relevant topics. Insights shared included planning for growth in the post-crisis environment, and strategies for successfully penetrating new markets – both global and domestic.
Greenwich Associates presented the findings from its outstanding 2010 Competitive Challenges research, which encompassed investor trends and concerns, manager imperatives, as well as Greenwich’s outlook for the asset management industry in 2011. Investor priorities included de-risking their plans, closing funding gaps and a renewed appreciation for liquidity. A special emphasis was placed on the importance for managers to step up their client service to reduce outflows and to institute long-term incentives to retain talent. Future growth would require new strategies, new product development and above all, a commitment to excellence. It is always beneficial to attend this Conference, to both spend time with and learn from some of the industry’s greatest minds.
One of the highlights of 2010 for Jackie was staying at Cavallo Point Lodge, California during one of the ICMA-RC Board meetings. She recommends a visit highly to everyone. If you have never visited the Lodge, it is a unique experience. Cavallo Point Lodge is within the Golden Gate National Parks at the foot of the famed Golden Gate Bridge. The Lodge, once the site of the Fort Baker military base, lets you step back in time to enjoy beautifully restored turn-of-the-century officers’ quarters. Built between 1901 and 1915, Cavallo Point Lodge’s 68 rooms served as officers’ quarters for Army personnel. Now, the restored landmark boasts expansive foyers, beautiful staircases, authentic tin ceilings, fireplaces, panoramic windows, and spacious front porches, many with stunning views of San Francisco Bay. The grounds offer ample places to walk and enjoy those views. The food and service are wonderful. Opened in 2008, Cavallo Point Lodge has become an environmentally sustainable “base camp” where San Francisco’s urban edge meets the rugged Marin coast. The Lodge is now a true historic landmark that all can enjoy.
On June 26, Pat and husband, Charles celebrated the birth of their second granddaughter, Zoey May Vertin, sister to Ellie Jean Vertin. Their daughter, Jessica and her husband, John Vertin, are delighted to have two little girls afoot.
On a sad note, however, we said good-bye to a dear friend and a career-long mentor to both Jackie and Christine – John Hobbs, retired founder and Chairman of Jennison Associates. A life celebration was held in John’s honor at the Harvard Club in January. Among those who shared special memories of and tributes to John were: Sig Segalas, Chief Investment Officer at Jennison Associates; a lifelong friend of John’s, Ted Voss (another dear friend and a mentor to us as well); Karen Kohler, who had been COO at Jennison; and, most touching, John’s family. The accolades were many, the grief at his early departure was prevalent, and the memories across the decades we worked with and became such close friends with John comforting.
We post his obituary here in honor of this incredible individual who had such a profound and lasting impact on our lives and on many others.
John Howard Hobbs, a pioneer in the investment management industry and a philanthropist avid in his support of education and civil rights, died January 3 at his home in Charlemont, MA at the age of 73. John co-founded Jennison Associates, one of Wall Street's first independent institutional investment management firms, in 1969 with Spiros "Sig" Segalas, Jennison's current president and chief investment officer, and five other Wall Street investment professionals. At the time, institutional investment portfolios were managed primarily by large bank investment departments, insurance companies, and investment counselors. John and his colleagues built Jennison with the belief that in-house fundamental research and specialized investment teams would generate superior long-term investment returns. Jennison, now a subsidiary of Prudential Financial, manages more than $90 billion in assets for major institutions, mutual funds, and private individuals. Many of its existing client relationships were established while John was chief executive officer. John was instrumental in Jennison's expansion beyond equities into the institutional fixed income market with the 1975 acquisition of Carter, Doyle & Co. He was named Jennison's president and chief executive officer in 1976 and became chairman in 1994. In 1996, he took on added responsibilities as president of institutional asset management for the global money management group of Prudential. In 2000, he took the helm of Prudential's entire equity asset management business, including the active quantitative management firm Quantitative Management Associates. He served as Jennison's vice chairman from late 2002 until he retired in 2003. "John was the definition of magnanimous," Mr. Segalas said. "His work ethic was second to none. His humor was infectious, his laughter ever present, and his eyes always had a twinkle. He will be deeply missed by his many friends at Jennison." Most recently, John was vice chairman and chairman of the audit committee of the Madison Asset Management Group, a global infrastructure investment specialist. Madison is led by former CEOs and senior managing directors of some of Wall Street's most prestigious firms, as well as former cabinet officials, including a U.S. Secretary of Transportation.
John was born in Boston. His parents Howard and Anne (Williams) both worked at Simplex Wire & Cable in Cambridge. He lived in Somerville before the family moved to Newton Highlands, where he spent most of his youth. In 1954, John graduated from Newton High School, where he debated and played viola in the school orchestra. With his sisters, Eleanor and Margot, who played violin, he formed the Hobbs Trio, playing in the community. His leadership qualities made him president of the student body and many clubs. John attended Wesleyan University and earned an A.B. from Harvard College in 1960. In 1965, he received an M.B.A. with High Distinction from Harvard Business School. He served in the Air Force Reserve, and spent a year as a Harvard teaching assistant before joining Waddell & Reed, where he became vice president and manager of investment research.
John, with his late wife Liz, had a lifelong commitment to making things better for others. He supported education, one of his greatest passions, through numerous educational institutions and philanthropic organizations, especially the Harvard Graduate School of Education. In the 1990s, as co-chairs of the Harvard Graduate School of Education capital campaign steering committee, John and Liz helped raise $111 million dollars, the largest sum ever raised by a school of education. They endowed the John H. and Elisabeth A. Hobbs Chair of Cognition and Education held by Prof. Howard Gardner. They also helped many students cover education costs through the Hobbs Fellowship. John continued his involvement as a member of the dean's advisory board. He also supported Harvard University and the Harvard Business School, serving on the executive committee of the Harvard University committee on university resources and as a member of the board of directors of the associates of the Harvard Business School. John was a trustee of Wesleyan University, a trustee of Milano the New School for Management and Urban Policy, a trustee and president of the board of the Hewitt School in New York, a trustee and chairman of the board of Proctor Academy in Andover, NH, and a trustee of the Academy at Charlemont in Charlemont, MA. His devotion to child education and development extended beyond his support of academia. He was chairman of the board of Common Cents, a non-profit organization that creates and manages service-learning programs for young people. Its best-known program, the Penny Harvest, is the largest child philanthropy program in the U.S. John was also a director and chairman of the board of the Foundation for Child Development and the William T. Grant Foundation.
John's generousity and foresight were also instrumental in the founding of PAICR (Professional Association for Investment Communications Resources), which seeks to raise communication standards in the investment management industry. Jennison Associates was PAICR's largest initial sponsor. John had an affinity for political affairs, as well. He and former U.S. Sen. Don Riegle were office mates at Harvard Business School. John supported Sen. Riegle's first Congressional campaign in 1966 and continued to support him over the years as a counselor and friend, including serving as financial chair in several campaigns. John supported and contributed to other well-known Democratic political leaders, as well. Reflecting on his friend, Sen. Riegle remembers "His encouragement, faith and active help were solid rock under my feet. John was a truly selfless man. Everything he did over the span of his life was directed at helping others. Liz, his wife, was just as giving. My wife Lori and I feel profoundly blessed to have been in their circle of friends."
All of us at Charnley & Røstvold agree with Senator Riegle that we were “profoundly blessed to have John in our lives.”
2011 (Back to top)
“You know you're in love when you can't fall asleep because reality is finally better than your dreams.” Dr. Suess
After many years of singlehood, Jackie met Gary Good in May 2009 on Match.com (a global trend in case anyone has not noticed). Lo and behold, Jackie and Gary became engaged in the spring of 2011, and they and all of us could not be happier. Gary leads the Special Campaigns and Major Gifts initiative at the world-class Pacific Symphony. A former classical violinist, jazz trombonist and conductor, a “Culture Vulture” for all performing arts, Gary brings a whole new world of music, theater, dance, comedy and art appreciation to all of us. Bravo! Wedding plans are happily in the making.
Clients started actively hiring, training more, recasting their branding and key messages, and broadening their distribution channels. RFP and Finals activity increased as well. It was a year of great activity for Charnley & Røstvold, working with some outstanding leading firms in the industry. A year that was highly productive and dynamic. Some of our traditional, long-only clients achieved their peak years of assets under management growth. New businesses were launched successfully, and innovation and creativity abounded.
Jackie’s participation in the IMI Consultant Congress in San Francisco in April proved to be a highly worthwhile experience. Jackie presented on Winning Finals, but even more valuable was the chance to spend time with the consultant community. Russ Mason attracted quite a roster of senior consultants, all who shared their advice and insights with the attendees. The conference circuit continued with an outstanding program at AIMSE’s 34th Annual Conference at the Biltmore in Phoenix, Arizona. Energy and attendance was high, as was morale. Plan sponsors and the consultant community were generous with time, insights and networking. What great events!
On September 10, Christine was excited to welcome a new family member – great niece Raissa Maren. The first baby for nephew, Erik, and is wife Patty, who live in Phoenix, where Erik works for REIT manager, Cole Companies. In November, Christine, her husband, Dennis, and Christine’s Mom made a road trip to Phoenix to meet little Raissa, and to visit with Erik and Patty. It was a special time, and Raissa is a source of great joy for the entire family.
In October, Christine was privileged to attend the Greenwich Competitive Challenges 2011 Conference, which was equally as valuable as the 2010 Conference – reconnecting with former clients and friends, being enlightened by Greenwich’s timely and relevant market research, and learning from outstanding speakers. George Walker’s forthright description of Neuberger Berman’s journey through and recovery from the financial crisis was as inspiring as Robert Fiarbairn’s description of BlackRock’s mighty global distribution platform was impressive.
Linda attended the 13th Annual PAICR Conference in New York; for which she was an active member of the planning committee. As always, the agenda was outstanding, and it was good to see familiar faces and meet new people. The session on retaining clients in "the new normal" was of particular interest, key take away – "sales begins after the win." The outsourcing panelists shared the functions their firms will and will not outsource and why. Sessions on technology are always popular, and the discussion on how institutional managers (not just retail advisors) can benefit from social media was a hot topic. The consultant panel, always of great interest, took an exciting turn with an East-Coast earthquake mid-session. While as a California native, Linda is used to earthquakes, she shared they are much less ominous when in a one-story building than on the third floor of a high-rise building in the middle of Wall Street. Seasoned professionals, the consultants simply picked up where they left off. No doubt the 14th Annual PAICR Conference will be equally informative, but hopefully less eventful.
Jackie enjoyed another exceptional educational opportunity, attending the 2011 National Association of Corporate Directors’ Board Leadership Conference in Washington, DC with Joan McCallen, President and CEO of ICMA-RC, and Tom Lundy, ICMA-RC Board member and Chair of the Administration & Compensation Committee. After two and a half days of networking and powerful dialogue with nearly 800 world-leading directors, influential political figures, and the sharpest governance experts in the country, Jackie returned to the office energized and with great information on succession, corporate governance and board structure.
On December 20, Sarah and Ryan Ortuno welcomed their second child, Luke Jeffrey, who joins doting sister, Madison. Sarah retired (for the time being!) to be a full-time mother, and we all miss her!
And finally,
“Here's to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They're not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can't do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do.”
Apple Inc.
Here’s to Steve Jobs. So grateful he helped to change our world.
2012 (Back to top)
“Live as if you were to die tomorrow. Learn as if you were to live forever.” Mahatma Gandhi
Ongoing education is a prevailing theme...
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