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2019

THE HART FUND Introducing Tippie’s student-managed fixed-income investment fund

U NIVERSIT Y O F IOWA • TIPPIE CO LLEG E O F BUSIN ES S • D EPARTM ENT O F FINAN CE


Exchange is an annual publication for alumni and friends of the Department of Finance, Tippie College of Business, University of Iowa. EDITOR/WRITER Rebekah Tilley

TABLE OF CONTENTS 1

FROM THE CHAIR

2 DEPARTMENT NEWS

6 ALUMNI NEWS

10 SPOTLIGHT

THE HADLEY FINANCE LAB COMING FALL 2019

12 FEATURE STORY

SEVEN SUNDAYS This former consumer-investment banker is flipping the breakfast aisle on its head.

14 FEATURE STORY

SERIES A.I. With $33 million in series A funding, Tippie alumni and student consultants are moving the world’s first A.I. medical diagnostic system to the marketplace.

16 COVER STORY

THE HART FUND

Introducing Tippie’s student-managed fixed-income investment fund.

20 3 PEOPLE / 3 QUESTIONS

DEPARTMENT EXECUTIVE OFFICER Thomas A. Rietz Soumyo Sarkar Professor of Finance DESIGN The Williams McBride Group CONTRIBUTING PHOTOGRAPHERS Marc Bryan-Brown Photography Fresh Coast Collective Betsy Hafke Ellie Klein Photography Miranda Meyer Bella Volfson Photography PHOTOGRAPHY D.J. Freesmeier | Frees Frame Dan Kempf | IMPACT Photo Jonathan Chapman Photography Justin A. Torner | University of Iowa Tim Schoon | University of Iowa DIRECT CORRESPONDENCE TO Rebekah Tilley Tippie College of Business S210 PBB University of Iowa Iowa City, IA 52242-1994 319-335-1554 rebekah-tilley@uiowa.edu ADDRESS CHANGES Email your changes to: alumni-records@uiowa.edu or mail to: Alumni Records Office of the Registrar University of Iowa 2 Jessup Hall Iowa City, IA 52242-1797 RECEIVE TIPPIE NEWS EMAIL Email us at tippie-news@uiowa.edu to subscribe to our monthly e-newsletter. Copyright @ 2019 Tippie College of Business, University of Iowa All rights reserved.

CONNECT WITH US @TippieIowa TippieIowa Tippie College of Business @TippieCollege


FINANCE IS A YES PROFESSION. I was talking to a CFO the other day who told me, “My job is to say yes, not no.” It’s about managing resources and capital in a way that allows you to promote your mission.

GO OUT AND SAY YES.

Tom Rietz Department of Finance Executive Officer and Soumyo Sarkar Professor of Finance

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EXCHANGE 2019

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS

1


DEPARTMENT NEWS COME TO IOWA see the world.

QUOTED

NOTED

my study abroad experience, “I During was surrounded by a community of

people who were really challenging themselves to be open-minded about new experiences in a new place. Everyone wanted everyone to succeed in this new environment, and we built a really cool community among ourselves.

Trevor Jansma (BBA19), pictured here at Roys Peak, reflecting on his semester at the University of Otago in New Zealand.

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RESEARCH CHALLENGE

finance undergrads win

CFA INVESTMENT RESEARCH CHALLENGE Undergraduate finance students John Duzansky, Michael Gerot, and Brian Kearney won the local round of the CFA Investment Research Challenge, an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis. The team advanced to the Americas Regional Challenge in New York where they competed against the best teams from North and South America.

INVEST/HER

HAWKINSON INSTITUTE

20

HAWKINSON INSTITUTE celebrates

YEARS

1999-2019

QUOTED

NOTED

Hawkinson’s “ John legacy has been

putting Iowa students on super-steep career trajectories in banking and investing for 20 years now.

A new Tippie student organization, InvestHer, was launched fall 2018 led by finance undergraduate student Maeve McGonigal (BBA20). Advised by Cathy Zaharis, director of professional/employer development in the college’s Undergraduate Program, InvestHer is a community of students committed to building knowledge and networks in finance, exploring careers, developing leadership, and investing in women.

Brian Richman, director of the Hawkinson Institute of Business Finance

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS

3


NOTED

QUOTED

LEARN MORE biz.uiowa.edu/henry/

Henry Fund distributions to support student scholarships and athletic administration over the last six years alone.

Current value of the graduate student-managed equity portfolio (March 21, 2019)

HENRY B. TIPPIE & HENRY ROYER

fund named for

alumni

HENRY FUND

293

$842,755

Henry B. Tippie

In my experience, there’s a big difference between paper [money] and the real McCoy.

25 1994-2019

YEARS

HENRY FUND

$11.5 million

with earnings from the Henry Fund

SCHOLARSHIPS AWARDED

70+

INVESTMENT FUNDS AT A U.S. UNIVERSITY

student-managed

FIRST

ONE OF THE

DEPARTMENT NEWS


APR-96

APR-95

OCT-95

APR-94

OCT-94

OCT-01

OCT-00

APR-99 OCT-99

APR-98 OCT-98

Henry Fund Average Return (4/30/94-1/31/2019)

APR-01

11.01%

APR-00

APR-97 OCT-97

OCT-96

OCT-07

APR-06 OCT-06

APR-05 OCT-05

APR-04 OCT-04

APR-15 OCT-14

APR-13

OCT-13

APR-12

OCT-12

APR-11

OCT-11

OCT-09

APR-08 OCT-08

APR-03 OCT-03

APR-02 OCT-02

TIM LOUGHRAN Now the C.R. Professor of Finance at the University of Notre Dame

APR-09

1997-1999

OCT-17

OCT-16

S&P 500

Henry Fund

APR-16

Curt and Carol Lane Research Fellow

TODD HOUGE Professor of Instruction and Director, Undergraduate Studies in Finance

1999 to present

Years of Positive Return

APR-17

20/25

OCT-18 OCT-15

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS

Largest one-year increase in value (2003)

APR-14

36.58%

OCT-10

F. DOUGLAS FOSTER Now a Professor of Finance at the University of Sydney

S&P 500 Average Return (4/30/94-1/31/2019)

APR-07

9.89%

APR-10

1994-1997

ACADEMIC ADVISORS over the years

Initial Investment (Spring 1994)

$50,000

$0

$500

$1,000

$1,500

(Apr. 30, 1994 - Jan. 31, 2019)

HENRY FUND RELATIVE PERFORMANCE

APR-18

5


ALUMNI NEWS

FROM LEFT TO RIGHT Dean Sarah Fisher Gardial Mark Buthman (BBA82) Jon Raftis (BBA10/MBA15) Kevin Velovitch (BBA12)

TIPPIE ALUM OF THE YEAR Mark Buthman (BBA82) Retired CFO, Kimberly-Clark

FINANCE GRADS NAMED TIPPIE ALUM & YOUNG ALUMS OF THE YEAR 6

EXCHANGE 2019

For several years, Buthman was an active and engaged member of the Tippie Advisory Board. In partnership with human resources leadership at Kimberly-Clark, he shared the company’s efforts and his personal experience with the benefits of building more diverse and inclusive leadership teams. In recent years, Buthman has been instrumental in helping the college establish recruiting relationships with outside companies. Since his retirement as CFO of KimberlyClark, he has devoted time to mentoring finance professionals, especially those working in CFO roles.


TIPPIE YOUNG ALUMS OF THE YEAR Jon Raftis (BBA10/MBA15) Account Executive, The Dana Company Raftis served on the college’s Young Alumni Board for five years and assumed an unofficial chair role on the board. This leadership position was critical to formalizing the board’s organizational structure and laid the foundation for the board and its programs, which include a mentoring program and its annual fundraising efforts. Raftis also cofounded and served six years on the Vaughan Institute’s Young Alumni Board.

Kevin Velovitch (BBA12) Manager of International Network Planning, United Airlines

ALUM CO-PRODUCES EMMY-WINNING NETFLIX NATURE DOCUMENTARY The Netflix documentary Chasing Coral won an Emmy for Outstanding Nature Documentary in October 2018, and associate producers Kevin Gruneich (BBA80) and his wife, Donna (pictured at far left), were among the cast and crew who took the stage at Jazz at Lincoln Center in New York to accept the honor. The Gruneichs first became interested in producing films about 10 years ago when they moved to Park City, Utah—home of the Sundance Film Festival. Since then, they’ve helped fund close to 50 films about issues they’re passionate about, ranging from education and the environment to women’s rights, health care, and the arts.

Velovitch was elected to the college’s Young Alumni Board shortly after his graduation in 2012 and stepped into the board’s leadership role. During his tenure, fundraising efforts increased, the number of applications for the board grew significantly, and the mentor program expanded.

Service on boards, reviewing resumes, talking to students interested in your company, helping create a pipeline for internship opportunities and full-time interviews are all simple ways to pay back Tippie for the success you’ve achieved since walking across the stage to receive your diploma.”

— Kevin Velovitch (BBA12)

IN BUSINESS FOR GOOD Kyle Bogler (MBA13) is the senior general compliance manager-Asia with the VF Corporation in Hong Kong. His team verifies that VF contract factories abide by the company’s Code of Conduct, which covers a range of issues related to child labor, wages, and health and safety. Bogler was part of a team that recently built four water towers in village schools near one of VF’s large factories outside of Phnom Penh, Cambodia.

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS

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ALUMNI NEWS CURT HEIDEMAN (BBA95) was named regional president for US Bank. He has worked with US Bank for 15 years, most recently as president of the Iowa City market. ERIN L. DERBY HUNT (BBA03) is vice president of employee benefits and a voting shareholder of the Holmes Murphy insurance brokerage in Dallas.

GOLD MEDALIST PETER HLAVIN (BBA80) received a gold medal representing the U.S. in the high jump (men’s 60-64) at the World Masters Athletics Championships this past fall in Malaga, Spain.

BRIAN BAY (BBA10) is a digital business integration manager with Accenture. He lives in Houston, Texas.

MICHAEL CROWLEY (BBA09) is the digital content manager at the Augusta National Golf Club. He lives in Augusta, Georgia.

SCOTT GUNTHER (BBA18) is an associate in fund accounting with Northern Trust in Chicago.

VIGNESH DAS (BBA18) is a financial analyst at BMO Harris Bank. He lives in Chicago.

REGINA CARLS (BBA92) was named to the 2018 list of Chicago’s Notable Women in Commercial Banking by Crain’s Chicago Business. She is the managing director, employee stock ownership plan advisory group head at JPMorgan Chase. She lives in St. Charles, Illinois. SAM CHOZEN (BBA11) is an associate analyst, internal audit, with FirstBank in Lakewood, Colorado. He lives in Denver.

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EXCHANGE 2019

NATHAN ERWIN (MBA12) was named vice president of supply chain and operations with Consumer Safety Technology (Intoxalock) in January 2018. LEANDRA FELDMANN (BBA18) is an account executive with Holmes Murphy and Associates in Waukee, Iowa.

JENNIFER GUIDI (BBA00) was named to the 2018 list of Chicago’s Notable Women in Commercial Banking by Crain’s Chicago Business. She is a managing director at BMO Harris Bank. She lives in Chicago.

ANDREW JAMES (BBA14) is co-founder and partner of ABDB Designs LLC, a multidisciplinary lab founded in December 2016, to design and handcraft innovative contemporary furniture and interior décor. ABDB’s patentpending process creates table tops and decorative surfaces by embedding cross-cuts of wooden end grain into high-colored resin, as well as modern bases manufactured in-house.

NORMAN E. JOHNSON (BBA71) and his wife Barbara J. Bartlett Johnson, have established the Juanita J. Bartlett Professorship, which is the first endowed position at the UI to support a researchbased neuroscience clinician.


Ashley Durham, Alumni Director tippie.uiowa.edu/alumni/update tippie-alumni@uiowa.edu Do you want to be in the next issue?

SEND US YOUR UPDATE

MICHAEL MAHONEY (BBA87) was named as Glassdoor.com’s Employee’s Choice number two top CEO of 2018. Mahoney joined Boston Scientific in 2012 and took over as CEO in 2013.

ANDREW NAMANNY (BBA17) is an associate sales representative with Medtronic. He lives in Chicago. IAIN O’CONNOR (BBA17) recently accepted a position with Goldman Sachs Private Wealth Management after reaching out to a fellow Tippie alum at the firm via LinkedIn.

NAVYA MANNENGI (BBA17) is an admission counselor with Drake University in Des Moines. ELIZABETH PHILIPP (BBA90) joined Capital Dynamics in New York City as a managing director and head of North American business development. She previously worked at Angelo, Gordon & Co. where she was a managing director on the marketing team.

ALI ROSENBERG (BBA15) received the Alumnus of the Year Award from the national Gamma Iota Sigma business fraternity. She is a senior associate broker with AmWINS Group in Dallas, Texas.

JAY REAVIS (BBA05/MBA11), vice president and shareholder of Holmes Murphy, was named 2018 Vaughan Institute Young Alum of the Year. AARON SECREST (BBA12) is an account manager of U.S. Channel Sale with Apple in San Francisco.

Tippie College of Business 108 John Pappajohn Business Bldg. Iowa City, IA 52242-1994

HEIDI (JACOBSON) SMITHSON (BBA90) was named to the 2018 list of Chicago’s Notable Women in Commercial Banking by Crain’s Chicago Business. She is the executive vice president and director of commercial real estate with First Midwest Bank. She lives in Northbrook, Illinois.

JORDYN STEINKRITZ (BBA18) is an investment banking analyst with Goldman Sachs in New York City. MATTHEW STEJSKAL (BBA07) is vice president of corporate development at Mutual of Omaha. KATELYN WHEELDON (BBA16) was recently promoted to senior associate at Riveron.

EDITOR’S NOTE

DEREK MAUNUS (BBA98) is the CEO of Gillig Corporation, which is headquartered in the San Francisco Bay area. Gillig is the leading manufacturer of transit buses in the U.S. including Cambus for the UI as well as buses for Iowa City and Coralville transit agencies.

PRESTON SCHNOOR (BBA10) is vice president and actuary with AIG in Woodland Hills, California.

Alumni Updates are submitted by alumni and are not verified by the editor. While we welcome alumni news, Exchange Magazine is not responsible for the information contained in these submissions.

EDEN SIMMER (BBA05) is head of global equity trading at PIMCO. She lives in New York City.

HEATHER (HAY) MOORE (BBA94) is vice president-Dwight division at Aldi Inc. She lives in Morris, Illinois.

DANA RAMUNDT (BBA74), founder of The Dana Company, an independent insurance agency in Des Moines, has transitioned from CEO to chairman.

9


The Hadley Finance Lab COMING FALL 2019

10

EXCHANGE 2019


Creating a sophisticated space where the next generation of Iowa finance students can access the tools and technology they need for success felt like the perfect synergy of honoring my time at Iowa and where Iowa took me in my career.” Philip Hadley (BBA8 4)

Executive Chairman, FactSet Research Systems Inc. UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS

11


SEVEN

Sundays This former consumerinvestment banker is flipping the breakfast aisle on its head.

It started with an extended honeymoon in New Zealand. Leaving behind her investment banking job in New York, Hannah Barnstable (BBA04) and her husband, Brady, took to the mountains for unplugged days filled with hiking where they were inspired by the landscape and fueled with a new-to-them meal served at their bed and breakfast: muesli. After returning to New York City and their “crazy jobs,” Barnstable found herself scouring grocery store shelves looking to reclaim both the wholesome new food that fueled her New Zealand adventures, and the feelings and memories that went with it. But she came up empty every time. “It was that entrepreneurial moment where you realize there’s kind of a gap here,” says Barnstable. “We all know the value of eating real foods, and breakfast is the most important meal of the day. Yet when you really look at the breakfast aisle, it’s pretty astonishing what qualifies as breakfast in our country.”

12

EXCHANGE 2018


“I decided at that point, I’m either going to be a banker forever, or I’m going to do something different.” This lightning bolt moment came as Barnstable was in the sweet spot of her career. The small investment bank she joined after graduation had grown rapidly in the six years Barnstable was with the company. And she was growing with it. She was one of the few internal candidates promoted to vice president where she was on the consumer group and worked on a number of food deals, which were her specialty.

“Cereal sales have been declining for well over a decade now, and that’s a problem for retailers because the breakfast aisle takes up a lot of space and it’s not growing,” explains Barnstable. “When I first started the company, it was good timing because retailers were trying to figure out what to put on store shelves for consumers who were sick of the artificial colors and the sugary processed cereals.”

“I decided at that point, I’m either going to be a banker forever, or I’m going to do something different,” says Barnstable. “And I had always intended to put my stamp on something in life instead of always working for someone else.”

Then Target Corporation approached Barnstable about moving Seven Sundays into their stores within a few months. She needed working capital to close the deal on a tight timeframe so she turned to a small network of people for seed funding. A third of Seven Sundays initial investors were fellow Tippie alumni.

Barnstable uprooted her New York City life and moved back home to Minnesota to launch Seven Sundays in 2011. Barnstable sourced and developed the original recipes herself working with small, organic farmers for the eclectic collection of grains like sorghum, rye, oatmeal and barley, seeds, nuts, and fruits that make up Seven Sundays “modern muesli.”

“When Hannah told me she was moving back to Minnesota to build Seven Sundays, I remember telling her, if you ever raise money, call me,” recalls Nicole Cook (BBA04), who invested in Seven Sundays along with fellow Hawkeyes Kate Brennan (BBA02), Sandy Pfeiler Davis (BBA04), and Emily Becker Zanios (BBA05). “When Hannah made that call a few years later, I was ready to invest after having made one other

seed stage investment along with Kate Brennan through our partnership, Five Island Ventures. Hannah is one of the smartest and most driven people I’d ever met, and I knew she was on a thoughtful path to building a successful company. Plus, I love Seven Sundays muesli and was a consumer too.” Seven Sundays is now available in a number of national retail stores including Costco, HyVee, Kroger, Lucky’s Market, and Jewel-Osco. The company has grown to seven employees, including her husband Brady and three unofficial employees: Louis (6), Emry (3), and baby June. And Barnstable finally recaptured both the muesli and New Zealand feeling she was hunting for in New York grocery stores by creating it for herself. “When I come back to Iowa, what I always tell students—especially women—is don’t select your jobs now based on some sort of lifestyle vision you might have for yourselves 20 years from now,” says Barnstable. “You’re all going to kick ass and then you’ll create some flexibility for yourselves down the road.” 

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS

13


SERIES

A.I.

With $33 million in series A funding, Tippie alumni and student consultants are moving the world’s first A.I. medical diagnostic system to the marketplace.

Gary Seamans has had two moments of profound intuition in his professional life. The first was in the early 1990s and involved the introduction of DSL. The second was when he sat across from Michael Abramoff, MD, PhD, and listened to him describe how autonomous artificial intelligence (A.I.) could diagnose the leading cause of blindness without a physician’s input. Seamans immediately saw the commercial potential.

14

EXCHANGE 2019


“I remember telling him, ‘Michael, you should take this thing public,” Seamans recalls. Over a decade of efforts to get the technology into the marketplace would go by before Abramoff circled back to Seamans and asked him to come out of retirement to work “a few hours a week” as CEO of the company Abramoff decided to launch in 2010: IDx Technologies Inc. “There is no company that can succeed without bringing together the right products, the right people, the right customers, the right financial drivers of the company,” says Seamans. To find the right people, Seamans reached out to the Tippie College Department of Finance. Semester after semester, IDx gave teams of MBA and later Master of Finance students consultation projects as the company worked through each stage of the formidable process it takes to bring new medical devices to market. Along the way, it hired on those who demonstrated skillsets and passions that matched the needs of the growing company. This included Benjamin Clark (MBA13), now president and COO, whom Seamans convinced to drop out of the Full-time Iowa MBA Program and complete his degree in the part-time program instead. As of this printing, four members of the IDx executive leadership team are Tippie alumni. “There is something special about Tippie students,” says Seamans. “They are very smart people. They have a moral compass that points to true north. They have a work ethic that drives what they do, how they do it, why it’s important

to do it. When you bring people like that into a company, you do your best to support them and let them go run with their native set of skills and talent. That’s when magic happens.” After the Food and Drug Administration granted formal approval to market the IDx-DR diagnostic system in April 2018, IDx raised $33 million in series A funding to support its ability to scale and commercialize. After the series A funding round was completed in September 2018, IDx tapped Nick Viner (BBA07/MBA15) to join them as director of finance and controller.

“The consultation projects continue to expose us to some of that very special talent that exists in the business school,” says Seamans, who recently transitioned to the role of executive chairman. A small step closer to working the couple hours a week Abramoff originally promised him, made possible by a team of Tippie talent. 

FINANCE ALUMNI AT IDX

“I knew I liked the people, the mission, and what they’re trying to accomplish,” says Viner, who was part of an MBA consultant team during the company’s angel funding round. “Being able to be a part of something like that is hugely attractive. We’re working with the most forward-thinking institutions to bring a better treatment at a better cost base.” The tradition of working with Tippie finance students continues on at IDx. In the fall 2018 semester, Levi Howze (MBA19) and Elisa Suarez Gil (MFIN20) were part of a student consultation team that worked to develop a financial model so IDx salespeople can quickly compute a potential client’s return on investment. “It’s been a great opportunity to not only analyze numbers, but tell the story behind the numbers,” says Suarez Gil. “The key was ensuring the tools were flexible enough to provide real insight and actionable recommendations about an industry as complex as the US health care system,” Howze adds.

TOP LEF T

Benjamin Clark (MBA13) President and COO TOP RIGHT

Nick Viner (BBA07/MBA15) Director of Finance and Controller BOT TOM LEF T

John Casko (MBA13) Senior Vice President of US Sales and Business Development BOT TOM RIGHT

Eric Talmage (MBA13) Senior Vice President of Marketing and Customer Success

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS

15


the

HART FUND INTRODUCING TIPPIE’S STUDENT-MANAGED FIXED-INCOME INVESTMENT FUND BY REBEKAH TILLEY

“Offering a fixed-income fund is a brilliant mix of opportunity for finance students to gain hands-on experience in the whole portfolio management process for fixed income, and to provide it while at Iowa so they can leverage that experience as they begin their careers.” — LO R R A I N E H A R T ( M BA 7 5 ) 16

EXCHANGE 2019


Lorraine Hart (MBA75)

was part of the first wave of women who began bringing diversity to the financial industry. Now she is

leveraging her career success

to diversify experientiallearning programming

for a new generation of

Tippie finance students by

launching the college’s first

student-managed fixed-

income investment fund:

the Hart Fund.

The Hart Fund joins the college’s portfolio of student-managed funds: the Henry Fund, an equity fund managed by a select group of graduate students, and the Krause Fund, an equity fund managed by undergraduate students enrolled in the upper-level Applied Equity Valuation course. Similar to the Henry Fund, the Hart Fund will be managed by graduate students enrolled in the college’s Master of Finance program. “Offering a fixed-income fund is a brilliant mix of opportunity for finance students to gain hands-on experience in the whole portfolio management process for fixed income, and to provide it while at Iowa so they can leverage that experience as they begin their careers,” says Hart, who leveraged her MBA from the university to launch her own career in investment management.

“I didn’t leave Iowa saying, ‘I want to spend my career as a fixed-income manager.’ But when I was offered a position in investments, I said yes. And it just happened to be an excellent fit, and I stuck with it throughout my career,” Hart explains. Hart took early retirement from her role as vice president of investment with Ameriprise Financial in 2006 and since then has devoted her time to nonprofits and foundation boards as a volunteer. This included a sixyear term as an advisor to Tippie’s Krause Fund. When she began a conversation with the college’s Department of Finance about how she could best support its goals, Hart found the opportunity to launch a fixed-income fund incredibly compelling.

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS

17


Madison Hauge (MFIN19), above, is part of the inaugural Hart Fund class along with Bailey Westfall (MFIN/ MSBA20) and Ravi Bhatt (MFIN19), seen on the following page.

“Just to put it all on the table, I’m tired of hiring Badgers. I’m tired of hiring Illini. This is a great opportunity for Hawkeyes to get a leg up during recruiting and get involved in the fixed-income markets.” — D E R E K F O S T E R ( B BA 1 3)

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EXCHANGE 2019


HART FUND BOARD

“The world of fixed-income investing is an important part of any diversified portfolio,” says Hart, who is on the inaugural advisory board for the Hart Fund. “I thought this is a terrific opportunity to add fixed income to the equity experience Iowa students are already getting.” While the stock market provides a popular backdrop for Hollywood films about finance, the bond market has quietly been in a period of explosive growth. According to the Motley Fool, the bond market has more than tripled over the last 15 years and now exceeds $100 trillion globally. There is a crucial industry need for analysts who have already connected classroom theory to a trade desk. The Hart Fund rounds out an exceptional educational portfolio equipping Master of Finance students with the hard and soft skills needed to succeed. “Every time we’ve put out the call for alumni support, whether financial, experiential, or advisory, it’s been answered,” says Tom Rietz, Department of Finance Executive Officer and Soumyo Sarkar Professor of Finance. “Lorraine is an incredible role model on a number of levels, and the department is stronger because of it.” The Hart Fund is just wrapping up its first semester under the direction of Dirk Laschanzky, CFA (BBA88/MBA97), who has taught in the Professional MBA Program since 2001 and retired from portfolio management with Principal Global Investors in 2016 to teach fulltime. Laschanzky says that while there are hundreds of business schools that offer hands-on equity management experiences, there are considerably fewer opportunities in fixed income even though bonds are a significant component of the marketplace.

“In the bond world, buying a security is not like buying IBM or Apple stocks, because securities are not always available,” explains Laschanzky. “So you have to look at what’s available in the marketplace, what’s tradable, and what kind of market impact you have when you trade those securities. The very act of buying a bond is a critical part of the students’ learning, and the Hart Fund experience will differentiate our students to employers.” It’s a differential that Derek Foster (BBA13) hopes Tippie students will leverage when they are interviewing for jobs. Foster is a member of the Hart Fund advisory board and a research analyst with Allstate Investments. “In my job, I make investment decisions regarding our fixed income investments in the power, oil and gas, and chemical space,” says Foster, who, after graduating from Tippie, declined a full scholarship to the Full-time MBA Program and opted for a Master of Science in Finance degree from the Eller College of Management for its CFA and fixed income focus. “What I’m hoping for the Hart Fund and the opportunity I wish I had been given is for students to employ option-adjusted spread, duration, portfolio construction, liability matching, and other themes that are learned from a textbook, and apply them with real money on the line.” With the Hart Fund experience in their back pocket, Foster anticipates Tippie students will be able to walk into any interview room and close the deal. “Just to put it all on the table, I’m tired of hiring Badgers. I’m tired of hiring Illini. This is a great opportunity for Hawkeyes to get a leg up during recruiting and get involved in the fixed-income markets,” says Foster. 

Amy C. Adams (BBA91) Senior Vice President and Treasurer CNA Financial Ryan Baue, CFA (BBA14) Senior Investment Analyst University of Iowa Center for Advancement Bradley E. Dyslin (MBA90) Senior Managing Director, Global Investments; Global Head of Credit and Strategic Investment Opportunities; Global Co-Head of External Manager Platform Aflac Global Investments Derek Foster, CFA (BBA13) Research Analyst Allstate Investments Lorraine Hart (MBA75) Community Volunteer and Retired Investment Professional Former VP Investment, Ameriprise Financial Robert E. (Bob) Larson Assistant Treasurer Deere & Company Christine McElvania, CFA, CFP (MBA14) Partner, Investment Advisor Quad Cities Investment Group Dennis J. Menken (MAc86) SVP & Chief Investment Officer Principal Financial Group Todd Nelson (MBA07) Director, Head of Insurance Debt Capital Markets Wells Fargo Securities Sarvjeev Sidhu Global Head, Emerging Markets Aegon Asset Management


3 PEOPLE / 3 QUESTIONS

JOSE MANUEL DIAZ BBA 17 Analyst, JPMorgan Chase & Co.

AMRITA NAIN Associate Professor and Director, Finance Academy Henry B. Tippie Research Fellow

Q1

What are you reading? The Rise and Fall of American Growth:

Who is inspiring you? I am always inspired by the stouthearted who soldier on to defy the odds.

What is the best part of your day? Bedtime reading with my kids.

NICHOLAS J. HENTGES

What are you reading? The Defining Decade

Q2

Who is inspiring you? I’m based in Chicago

Q3

What is the best part of your day?

by Meg Jay, which I think every twenty-somethingyear-old should read at some point for light inspiration.

The US Standard of Living Since the Civil War by Robert Gordon and The Flame: Poems, Notebooks, Lyrics, Drawings by Leonard Cohen

Q2 Q3

Q1

now and there is a large Hawkeye network here. Getting updates from my friends and colleagues advancing their impact throughout the city is inspiring. Knowing we are the future of the city keeps me motivated to do good at work and within my community.

Best part of my day has to be my daily walk to the Belmont Stop before getting on the “L.” The early sunrise and crisp air of the morning is my favorite time to focus on the day ahead as well as using the brisk walk to get a kick start on my walk activity.

BBA81 Co-CEO, Captive Resources

Q1

What are you reading? The Billionaire Who Wasn’t by Connor O’Clery. It is the story

Q2

Who is inspiring you? My brother-in-law, Scott Langel. He fought cancer for 10

Q3

What is the best part of your day? Spending time with my wife of 38 years,

of Chuck Feeney, the founder of Duty Free Shops, who made billions but has vowed to give it all to charitable organizations in his lifetime. He is a great example of how successful business people can and do positively impact our society.

years while raising a beautiful family, doing great things for the city of LeMars, Iowa, as its city administrator, and living life to the fullest up until the day he passed away. I never once heard him complain or feel sorry for himself despite many very difficult days.

Mary. I am also thankful for the opportunity to interact with our employees, clients, and vendor partners in building a business I am very passionate about.

20

EXCHANGE 2019


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MASTER OF FINANCE A three-semester program that offers real-world fund management and consulting experience.

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ELISA SUAREZ GIL (MFIN20)

Profile for amandamay1234

Exchange | 2019  

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