A Framework for Portfolio Decumulation
Orlando, FL (Vocus) May 19, 2010
Investment Management Consultants Association (IMCA®) presented four prestigious industry awards at its 2010 annual conference in Orlando earlier today.
William L. Fouse and Peter L. Bernstein (1919–2009), each received the 2010 Matthew R. McArthur Award for their outstanding contributions to the profession of investment management consulting. Mr. Fouse, co-founder and chairman emeritus of Mellon Capital, is widely recognized as the “Father of Indexing” and creator of quantitative tactical asset allocation. He pioneered index fund management (1969); linked the dividend discount model with the capital asset pricing model (1970); and created tactical asset allocation (1972). Mr. Bernstein was honored posthumously, and was the founder and president of Peter L. Bernstein, Inc., which he established in 1973 as economic consultants to institutional investors and corporations around the world. He was the first editor of the Journal of Portfolio Management and the author of nine books about economics and finance.
John C. Bogle received the 2010 Richard J. Davis Ethics Award for his article, “The Fiduciary Principle: No Man Can Serve Two Masters” (Journal of Portfolio Management 36, no. 1, fall 2009: 15–25). The award honors the author of an article that has made a significant contribution to advancing the understanding and knowledge of investment management consulting and/or private wealth management in the area of ethics, and/or the fiduciary, legal, or regulatory issues that affect these professional practices. Mr. Bogle is the founder of The Vanguard Group, Inc., and president of Vanguard's Bogle Financial Markets Research Center.
Richard K. Fullmer, CFA®, received the 2010 Edward D. Baker III Journal Award for his article, “A Framework for Portfolio Decumulation” (Journal of Investment Consulting 10, no. 1, summer 2009: 63–71). The award honors the author of an original article that represents the best writing for the previous year and is germane to the investment management consulting and/or private wealth management professions. Mr. Fullmer wrote this article as senior portfolio strategist for retirement income investing for Russell Investments in Tacoma, Wash.
Rex P. Macey, CIMA®, CFA®, received the 2010 Stephen L. Kessler Writing Award for his article, “Of Tulips and Trumpets: Is Time Diversification a Myth or Reality? Does Time Horizon Affect the Tolerance for Risk?” (Investments & Wealth Monitor 24, no. 1, January/February 2009: 41–43). The award honors IMCA members for their excellent editorial contributions the previous year to IMCA’s Investments & Wealth Monitor. Mr. Macey is chief investment officer for Wilmington Trust in Atlanta, Ga.
Based in Denver, IMCA was established in 1985 to deliver the premier investment consulting and wealth management credentials and world-class educational offerings—membership, conferences, research, and publications. The cornerstone of IMCA is the Certified Investment Management AnalystSM or CIMA® certification, the only advanced certification designed specifically for investment consultants. IMCA also delivers the advanced credential for wealth management professionals working with high-net-worth clients, the Certified Private Wealth AdvisorSM or CPWA® designation.
IMCA® is a registered trademark and Investment Management Consultants AssociationSM and Certified Investment Management AnalystSM are service marks of Investment Management Consultants Association Inc. and denote the highest quality of standards and education for financial professionals. CIMA®, CIMC®, CPWA® are registered certification marks of Investment Management Consultants Association Inc. Certified Private Wealth AdvisorSM is a pending certification mark of Investment Management Consultants Association Inc. Investment Management Consultants Association Inc. does not discriminate in educational opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, or any other characteristic protected by law.