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Indexing Hall of Fame
The IBA Indexing Hall of Fame is home to the winners of the prestigious William F. Sharpe Lifetime Indexing Achievement awards, which are recognized at the IMN Super Bowl of Indexing®. These awards are given to those individuals that have made major, groundbreaking contributions to the indexing industry. A number of them can be considered the “founding fathers” of the indexing industry, while others can lay claim to being responsible for unique innovations and strategies that led to the tremendous growth and success of the industry. The first Lifetime Achievement award was introduced in 2004, and that is the start of the IBA Indexing Hall of Fame. Please find below the inductees with a photo and a brief biography of their accomplishments.
2007 Lifetime Achievement Award Winners
John C. Bogle
Founder and Chief Executive Officer
The Vanguard Group
John C. Bogle is the founder and retired CEO of the Vanguard Group. A graduate of Princeton University, he started his career at Wellington Management Company. He left Wellington as chairman and founded Vanguard in 1974 which, under his leadership, became the second largest mutual fund company in the world. He was named as one of the “world’s 100 most powerful and influential people” by Time Magazine in 2004 and one of the investment industry’s four “Giants of the 20th Century” by Fortune Magazine in1999. Mr. Bogle is an advisory board member of the Millstein Center for Corporate Governance and Performance at the Yale School of Management. Mr. Bogle is renowned for his insistence, in numerous media appearances and through his writings, on the superiority of index funds over traditional actively-managed funds. He believes that it is folly to attempt to pick actively managed mutual funds and expect their performance to beat a well run index fund over a long time horizon.
Patricia C. Dunn
Former Chief Executive Officer
Barclays Global Advisors
Patricia C. Dunn led Barclays Global Investors, the world’s largest institutional investment management firm, from 1996 to 2002, having been with the firm and its predecessor companies since 1976. She served in a variety of portfolio management, trading, client service and sales positions before joining the firm’s senior management team in the mid-1980s. Ms. Dunn was appointed President of the firm in 1994, Co-Chairman in 1996, and Global Chief Executive Officer in 1998. As CEO, Ms. Dunn directed BGI’s growth into new global markets for the firm’s investment capabilities, and expanded its offerings into new product categories, including iShares, the market leader in Exchange-Traded Funds. Ms. Dunn joined the board of Hewlett-Packard Company in 1998 and was named Non-Executive Chairman in February, 2005. Ms. Dunn was named one of the top women business executives in the US by Fortune Magazine in 2000 and 2001, received the Annual Achievement Award of the Financial Women’s Association of San Francisco in 2001. She is a graduate of the University of California at Berkeley.
William L. Fouse
Chairman Emeritus
Mellon Capital Management
William L. Fouse has over 55 years of diversified experience in the investment management business. In May 2002, the Association for Investment Management and Research® presented Mr. Fouse with the James R. Vertin Award for his outstanding research contributions to the financial services industry. In 1999, Pensions and Investments recognized Mr. Fouse as one of the ten individuals who changed the face of investing. An early convert to modern capital market and portfolio theory, Mr. Fouse pioneered index fund management in 1969, linked the Dividend Discount Model to the Capital Asset Pricing Model in 1970, and created Tactical Asset Allocation in 1972. Mr. Fouse received the Graham and Dodd Award in 1976 for his work which demonstrated that market liquidity is systematically priced. Mr. Fouse is a Vice Chairman for the Institute for Quantitative Research in Finance. He received his M.B.A. from the University of Kentucky in 1952 and earned the Chartered Financial Analyst designation in 1967.
John A. Prestbo
Former Editor and Executive Director
Dow Jones Indexes
John A. Prestbo had responsibility for the development of new indexes for Dow Jones & Company, and for the maintenance and production of existing indexes, as well as client support, public relations and research. He also is chairman of the Dow Jones index oversight committee. In 1964, Mr. Prestbo joined the Wall Street Journal as a food, agriculture and commodities reporter in the Chicago bureau. He served as vice president and editorial director of Dow Jones Radio 2 in 1981 and became the Wall Street Journal markets editor in 1983. Mr. Prestbo wrote “The Market’s Measure” an Illustrated History of America Told Through the Dow Jones Industrial Average, published by Dow Jones Indexes in 1999. Mr. Prestbo won the University of Missouri Award for Distinguished Business Writing in 1967 and the George M. Loeb Achievement Award for Business Writing in 1968. Born in Northwood, North Dakota, he received his bachelor’s and masters degrees from Northwestern University.
Paul A. Samuelson*
Professor of Economics, Emeritus, and Nobel Prize Laureate
Massachusetts Institute of Technology
Paul A. Samuelson was born in Gary, Indiana, in 1915. He received a B.A. from Chicago University in 1935, an M.A in 1936 from Harvard and a Ph.D in 1941, also from Harvard. He was awarded the David A. Wells Prize in 1941 by Harvard University, and the John Bates Clark Medal by the American Economic Association in 1947, as the living economist under forty “who has made the most distinguished contribution to the main body of economic thought and knowledge.” His Economics: An Introductory Analysis, first published in 1948, has become the best selling economics textbook of all time. In 1965 he was elected president of the International Economic Association. He won the Nobel Prize in Economic Sciences in 1970. His contribution to the world of indexing came in two seminal papers. His “Challenge to Judgment” appeared in the first edition of the Journal of Portfolio Management, in the Fall of 1974. He followed up on that work with “The judgment of economic science on rationale portfolio management: indexing, timing, and long horizon effects,” which appeared in the Fall 1989 edition of the Journal of Portfolio Management.
*Note that Paul A. Samuelson’s award reads, “The Paul A. Samuelson Indexing Lifetime Achievement Award.”
2006 Lifetime Achievement Award Winners
Burton G. Malkiel
Chemical Bank Chairman’s Professorship
Professor, Economics Department
Princeton University
Burton Malkiel is a member of the American Finance Association and was its President in 1978. Mr. Malkiel serves as a Director on the Board of The Vanguard Group of Investment Companies and is Chairman of the New Products Committee for the American Stock Exchange. From 1975-1977 he served as a member of the Council of Economic Advisors. Mr. Malkiel is an editorial board member for Emerging Markets Review and applied Financial Economics. He has authored numerous books and papers and his best know for his book, A Random Walk Down Wall Street, now in its eighth edition. It was the first edition, in 1973, where Mr. Malkiel espoused the use of indexing as the most efficient way to capture the returns of the stock market in a low cost, low transaction manner.
Ronald J. Ryan, CFA
Founder and Chief Executive Officer
Ryan ALM
Ronald “Ron” Ryan has a long and distinguished career in the fixed income markets where he led a team that developed the flagship benchmark for the asset class, the Lehman Aggregate Bond Index. He has designed and built hundreds of fixed income indexes, many of which have become standards in the industry. Among his accomplishments, in 1974 Mr. Ryan built the first municipal bond index, in 1985 the first real time bond index, in 1987 the first international bond index, and in 1991 the first liability index. He also performed the first style analysis for bonds in 1993. He was Director-Research & Strategy for Lehman Brothers Kuhn Loeb from 1977-1982, President and Founder of Ryan Financial Strategy Group from 1982-1988 and President & Founder of Ryan Labs, Inc. from 1988-2004.
2005 Lifetime Achievement Award Winners
William F. Sharpe
STANCO 25 Professor of Finance, Emeritus
Stanford University Graduate School of Business
Professor Sharpe is one of the originators of the Capital Asset Pricing Model. He developed the Sharpe Ratio for investment performance and risk measurement, the binomial method for the valuation of options, the gradient method for asset allocation optimization, and the returns-based style analysis for evaluating the style and performance of investment funds. Among his many research papers is a seminal piece on market structure, titled “The Arithmetic of Active Management.” It is one of the most powerful arguments presented for the use of indexed strategies. Professor Sharpe has authored six books and is past President of the American Finance Association. In 1990 he received the Nobel Prize in Economic Sciences. He is the co-founder of Financial Engines, a firm that provides online investment advice and management for individuals. The Indexing Achievement Awards were named in his honor at the 2005 Super Bowl of Indexing®.
Nathan Most
Former Consultant
Barclays Global Investors
Nathan “Nate” Most retired from the American Stock Exchange (AMEX) in January, 1996, with the title of Senior Vice President, in charge of new product development. During his 19 years at the AMEX, he designed and ran two futures exchanges and a number of derivatives-based stock indexes. Mr. Most is widely recognized as the creator of the modern exchange-traded fund (ETF), and he designed the first ETF in the US, the S&P Depository Receipts (SPDRS), which started trading in 1993. Upon retirement from the AMEX, he began consulting for the Pacific Stock Exchange and then for Barclays Global Investors to assist in the development of the iShares program. Mr. Most passed away in late 2004 at the age of 90.
2004 Lifetime Achievement Award Winner
Timothy B. Harbert
Former Chairman and Chief Executive
State Street Global Advisors
Timothy “Tim” Harbert joined State Street Corporation in 1987 and rose through the ranks by leading the firm’s overseas expansion. In 2001, he became chairman and chief executive of State Street Global Advisors (SSGA), the fund management arm of State Street Corporation. It was under Mr. Harbert’s leadership that SSGA’s assets grew from $800 billion in 2001 to $1.2 trillion in 2004. The bulk of those assets were in indexed strategies. At its peak, SSGA was ranked at the top of Institutional Investor’s list of the best money managers. Mr. Harbert passed away in 2004 at the age of 53. He was born in Los Angeles and graduated with a bachelor’s degree in accounting from Bentley College in Waltham, Massachusetts. Mr. Harbert was a co-chair of the inaugural Super Bowl of Indexing® and kept that role for the first five years of the event.