State Street Global Exchange’s Will Kinlaw and David Turkington Honored with Peter L. Bernstein Award
October 29 2013 - 1:17PM
Business Wire
Article on Integrating Liquidity with Expected Return and Risk
Tackles the Portfolio Construction Problem
Institutional Investor Journals and State Street Corporation
(NYSE: STT) announced today that Global Exchange employees Will
Kinlaw and David Turkington have been selected as the winners of
the 2013 Peter L. Bernstein Award for their article, “Liquidity and
Portfolio Choice: A Unified Approach.” The article was co-authored
with Mark Kritzman, chief executive officer of Windham Capital
Management and founding partner of State Street Associates, and
appeared in the Winter 2013 issue of The Journal of Portfolio
Management, published by Institutional Investor Journals.
The article illustrates how managers can employ simulation
techniques to quantify how much their unique portfolios benefit
from liquidity or suffer from illiquidity. It also shows how they
can use this information to construct portfolios that take
liquidity considerations into account. The winning paper was chosen
through a blind review process by an independent committee that
included Gary Gastineau (ETF Consultants), William Goetzmann (Yale
School of Management) and Ronald Kahn (BlackRock).
“Will Kinlaw, David Turkington and Mark Kritzman take on the
daunting task of integrating liquidity into the portfolio
construction problem, in a fashion that recognizes the need for a
theoretically strong foundation, analytic tractability, and a
practical, practitioner-friendly framework,” said Robert Arnott,
chairman and chief executive officer of Research Affiliates.
“We’re so excited for Will and Dave and honored to have them
recognized by Institutional Investor Journals,” said Jessica
Donohue, head of research and advisory services, State Street
Global Exchange. “Their insight and expertise on addressing
liquidity with clarity helps our clients manage their portfolios
with precision.”
The award is named for Peter L. Bernstein, the celebrated
economic historian, consultant, and founding editor of The Journal
of Portfolio Management. The Peter L. Bernstein Award honors
extraordinary and compelling research published in any of
Institutional Investor’s market-leading journals over the past
year.
Institutional Investor Journals will present the winners with a
$5,000 award provided by Research Affiliates, LLC.
State Street Global Exchange brings together research,
analytics, electronic trading and derivatives clearing capabilities
to provide solutions addressing clients’ data, analytics and
trading challenges. State Street Associates is an innovative
partnership with academia that bridges the worlds of financial
theory and practice and delivers industry leading insights and
technologies to all of State Street’s client sectors.
The winning article can be found here.
About Institutional Investor Journals
Institutional Investor Journals offers in-depth, original and
practical research in key areas of investment management and
finance including retirement, fixed income, index investing,
derivatives, trading, private equity, portfolio management,
structured finance, and wealth management. Written and edited by
world-renowned practitioners and academics, the journals are
extensively read and highly regarded in the industry.
www.iijournals.com
About Research Affiliates, LLC
Research Affiliates, LLC, is a global leader in innovative
indexing and asset allocation strategies. Dedicated to solving
complex investment issues, Research Affiliates creates innovative
strategies that respond to the current needs of the market.
Approximately $50 billion in assets are managed worldwide using
investment strategies developed by Research Affiliates.
www.researchaffiliates.com
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $26 trillion in assets under
custody and administration and $2.2 trillion in assets under
management* at September 30, 2013, State Street operates in more
than 100 geographic markets worldwide, including the U.S., Canada,
Europe, the Middle East and Asia. For more information, visit State
Street’s web site at www.statestreet.com.
* This AUM includes the assets of the SPDR Gold Trust (approx.
$39 billion as of September 30, 2013), for which State Street
Global Markets, LLC, an affiliate of State Street Global Advisors,
serves as the marketing agent.
State Street CorporationAnne McNally,
+1-617-664-8576www.statestreet.com@StateStreet
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