Banco Popular de Puerto Rico

Paul Brunswick is a Senior Managing Principal of CEG Worldwide. Paul brings proven sales, coaching and leadership skills to the CEG team. He has extensive financial services experience and a proven track record working with both institutional and ultra-high-net-worth clients, as well as with financial advisors and branch managers. Brunswick has both field and corporate expertise in developing talent at all levels within a financial services organization.\nBrunswick has had more than 20 years of success in the financial services industry. Most recently, he was the director of national business development for Smith Barney, where he provided strategic and tactical direction to the firm’s entire private client distribution channel. He led campaigns designed to increase advisor net asset flow, grow fee-based revenue and improve advisor competency in such key areas as investment and wealth management. He also had responsibility for internal communications, new product approval and the research strategy group.\nEarlier, he worked at Smith Barney in a variety of management positions across the country. He started his financial career as a financial consultant for Merrill Lynch in St. Louis, Missouri.

Meir Statman is the Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University and Visiting Professor at Tilburg University in the Netherlands. His research focuses on behavioral finance. He attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets.The questions he addresses include: What are the cognitive errors and emotions that influence investors? What are investor aspirations? How can financial advisors and plan sponsors help investors? What is the nature of risk and regret? How do investors form portfolios? How successful are tactical asset allocation and strategic asset allocation? What determines stock returns? What are the effects of sentiment? How successful are socially responsible investors?Meir’s research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and many other journals. The research has been supported by the National Science Foundation, the Research Foundation of the CFA Institute, and the Investment Management Consultants Association (IMCA). Meir is a member of the Editorial Board of the Financial Analysts Journal, the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management and the Journal of Investment Consulting, an Associate Editor of the Journal of Financial Research, the Journal of Behavioral Finance, and the Journal of Investment Management and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, a Bernstein Fabozzi\/Jacobs Levy Outstanding Article Award, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, two Baker IMCA Awards, and three Graham and Dodd Scroll Awards. Meir consults with many investment companies and presents his work to academics and professionals in many forums in the U.S. and abroad.Meir received his Ph.D. from Columbia University and his B.A. and M.B.A. from the Hebrew University of Jerusalem.

Saundra Davis is a financial coach, educator and consultant. Saundra holds a B.S. in Management and a M.S. in Financial Planning from Golden Gate University. As founder and CEO of Sage Financial Solutions, Inc., a nonprofit agency dedicated to increasing access to financial planning for underserved population, she develops financial education programs for community based organizations and their clients. Saundra is an adjunct professor in the Golden Gate University and University of California at Berkeley Financial Planning programs and serves on the University of California at Berkeley Financial Planning Program Advisory Committee. She is the Secretary of the Financial Therapy Association and an active member of the FPA San Francisco Chapter Pro Bono Committee.Saundra lives in the San Francisco Bay Area (she is a native) with her partner, John. She is a marginal golfer and a wonderful grandmother.

Rob Lutts serves as President and Chief Investment Officer for Cabot Money Management, Inc. He is head of the company’s Investment Policy Committee and oversees a select group of client accounts. Rob has taken a strong interest in global research, particularly China and India, and emerging markets in general. He is a regular contributor on CNBC, Bloomberg, and FOX Business News. He has also been quoted in leading publications, such as The New York Times, The Wall Street Journal and Barron’s.He received his MBA degree in investments and finance from the University of Massachusetts in Amherst and his bachelor of science degree in finance and management from Babson College.In addition to his business pursuits, Rob is active in many community organizations, including acting as treasurer of the North Shore Chamber of Commerce, trustee of the Tabernacle Church, member of the Board of Directors of Salem Rotary Club. Rob is an overseer of the North Shore Medical Center Foundation, treasurer of the Board of Commissioners of the City of Salem Trust Funds, and member of the board of Partners Healthcare System Corporation. He is also the president of the Salem State College Foundation as well as a sponsor of Babson College’s Mentor Program and Babson’s Consulting Alliance Program.

Richard Kang has served as our Chief Investment Officer and Director of Research since September 1, 2008. He has been active in both institutional and individual asset\/risk management for over thirteen years with extensive experience in alternative asset classes, especially hedge funds and managed futures, as well as strategies applying the use of passively managed instruments. Mr. Kang began his career in 1995 at Guardian Timing Services, a Toronto based hedge fund, spending over six years with such boutique investment firm whose services for institutional investors focused on: 1) tactical asset allocation strategies using index derivatives, 2) Long-short US equity programs, and 3) Structured products with underlying hedge fund strategies. Many of these strategies employed the use of the earliest ETFs.In 2001, Mr. Kang was hired to build and manage the investment management subsidiary for Affinity Financial Group, a private wealth management firm. In late 2002, Mr. Kang co-founded Meridian Global Investors (“Meridian”), an investment counseling firm managing globally diversified portfolios including both traditional and alternative asset classes primarily through the use of passive instruments. For private investors, mandates were global long-only asset allocation mandates with option overlays. For institutional investors (multi-strategy hedge funds and FOFs), mandates were primarily short-only "beta filtering" overlay programs to offset unwanted market risk\/exposures but also to advise on areas of new or alternative beta exposures to consider based on statistical analysis. In addition to running Meridian, in the summer of 2003, Mr. Kang was retained by a Toronto based start up fund-of-hedge-funds, Quadrexx Asset Management, for two years to oversee its operations in the role of Chief Investment Officer.Having departed from Meridian at the end of 2006, Mr. Kang then focused on work outside of Canada, consulting for various asset allocators as well as fund managers in the areas of hedge funds and ETFs. From the fall of 2007 to the fall of 2008, Mr. Kang helped start up and was the first CIO of ETFx Indexes LLC, a boutique index provider focused on alternative investments (alternative asset classes, alternative indexing methodologies, alternative themes and strategies).Mr. Kang is frequently engaged as a speaker on a broad array of topics ranging from instrument types (ETFs, hedge funds, derivatives), portfolio management (strategies involving asset allocation, use of alternative investments, Emerging Markets) as well as risk measurement\/management. He has been quoted in a number of publications including The Wall Street Journal, Reuters, Investors Business Daily, SmartMoney, CBS MarketWatch and BusinessWeek. In addition to business television appearances and writing articles for various industry publications and journ als, Mr. Kang has served as a chairman, moderator, panelist and advisory board member at numerous industry conferences in the United States, Canada, and Europe as well as more recently in the Mideast and Far East Asian regions.

Dr. Burton G. Malkiel is the Chairman of the Index Committee of AlphaShares, LLC and is the Chemical Bank Chairman’s Professor of Economics at Princeton University. He is the author of the investment classic, A Random Walk Down Wall Street, and more recently, From Wall Street to the Great Wall. He has long held professorships in economics at Princeton, where he was also Chairman of the Economics Department. He was Dean of the Yale School of Management and also the William S. Beinecke Professor of Management Studies at Yale. He has also served as a member of the Council of Economic Advisors under the administration of U.S. President Gerald R. Ford. He serves on the boards of directors of The Vanguard Group Ltd., Genmab A\/S and Theravance, Inc. \nHe is the Chairman of the New Products Committee of the American Stock Exchange and has served as Chairman of the Investment Committee of Prudential Financial and Chairman of the Pension Fund Committee of Southern New England Telecommunications. He received his B.A. degree in Economics from Harvard University, a Masters of Business Administration from Harvard Graduate School of Business Administration and a doctorate in Economics and Finance from Princeton University. Dr. Malkiel began his career in the investment banking department of Smith Barney & Co.

Joe Keefe is President %26 CEO of Pax World Funds (www.paxworld.com), which manages approximately $2.6 billion in mutual fund and ETF assets employing a Sustainable Investing approach - fully integrating environmental, social and governance (ESG) factors into investment analysis and decision making. Pax World Funds include the Global Women's Equality Fund (PXWEX), the only mutual fund in the United States focused on investing in companies that are global leaders in promoting gender equality and women's empowerment. Pax World also offers a Women %26 Wealth program aimed at helping financial advisors attract and retain women clients by better understanding and serving their needs. Joe was named by Ethisphere Magazine as one of the "100 Most Influential People in Business Ethics" for 2007, 2008 and 2011, and in 2012 was recognized by Women's eNews as one of "21 Leaders for the 21st Century," where he was the sole male honoree. Joe is also Chair of the Board of Women Thrive Worldwide (www.womenthrive.org), a Washington-based non-profit advocating for shaping U.S. development assistance and trade policy to benefit women and girls living in poverty around the globe; a member of the Leadership Group for the Women's Empowerment Principles, a joint initiative of UN Women and the UN Global Compact; and chairs the institutional investor committee of The Thirty Percent Coalition (www.30percentcoalition.org), which focuses on increasing the number of women on corporate boards.

At Rydex|SGIAs managing director, portfolio strategist for the firm’s asset allocation and\ntarget beta fund line-up, Carl provides strategic guidance with respect to product management, new business development and product-line profitability within the institutional marketplace. In this role, Carl is responsible\nfor developing, marketing and positioning the firm’s asset allocation and\ntarget beta fund line up, as well as training key sales personnel on the use\nof the funds.\nWith more than 17 years of experience in the financial services industry,\nCarl is frequently called upon to provide industry expertise on the topics\nof asset allocation, ETF investment strategies and marketing and distribution\nstrategy.BACKGROUNDPrior to this role, Carl served as National Sales Manager of ETF and\nInstitutional sales, where he was responsible for managing ETF distribution resources throughout the firm. Carl began his career as a\nvariable trust wholesaler, where he managed the sales of variable trust\nfunds and variable annuity partnerships. He also worked in a national sales\nmanager capacity for specialty sales distribution, managing the sales of the\nvariable trust funds available through 401(k)s and managing variable\nannuity and 401(k) partnerships.\nPrior to joining the firm, he worked in several capacities at Fidelity Investments.\nHe received a bachelor’s degree in business from Austin College\nin Texas and an MBA from The University of Dallas and holds FINRA series\n6, 7, 24 and 63 licenses.

Stephen Solaka is a Managing Partner and co-founder of Belmont Capital Group. Prior to founding Belmont, Stephen was a Director at Dorchester Capital Advisors where he marketed the firm’s fund of hedge funds to institutional and high-net worth investors. Stephen previously advised clients at UBS Private Wealth Management, a division of UBS focused on families with over $10 million in investable assets.Prior to UBS, Stephen was a VP of Equity Derivatives at TD Options, a division of Toronto Dominion Bank. At TD he held responsibility for the firm's media and telecom options portfolio. This involved proprietary trading and market making on over 200 individual equities and sector ETFs. Stephen also held equity, ETF and index option market making positions at Bear Wagner Specialists and Stafford Trading. He was formerly a member of the Chicago Board Options Exchange, Chicago Board of Trade and American Stock Exchange.Stephen holds a B.A. in finance from the Eli Broad College of Business at Michigan State University

Peng Chen, Ph.D., CFA, is president at Ibbotson Associates, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc.. Chen was selected to the Chicago Crain’s Business “40 under 40s” in 2007 and the InvestmentAdvisor magazine’s 25 most influential individuals in and around the planning profession in 2008.Chen has been with Ibbotson for almost twelve years, and is one of the foremost authorities on asset allocation. He has played a key role in the development of Ibbotson’s investment consulting and 401(k) advice\/managed retirement account services. Prior to Morningstar’s acquisition in March 2006, Chen served as managing director and chief investment officer for Ibbotson. Entrusted to create asset allocation models for many of the largest companies in the finance and investment industries, Ibbotson Associates is a leading provider of retirement advice programs and investment consulting services to institutions.A respected researcher, Chen has expertise in asset allocation, portfolio risk measurement, nontraditional assets, and global financial markets. Chen co-authored the asset allocation curriculum material for the CFA Institute. He currently serves as editorial board member for the Financial Analyst Journal, as well as an advisory board member for the Retirement Income Industry Association (RIIA). His writings have appeared in the Financial Analysts Journal, Journal of Portfolio Management, Journal of Investing, Journal of Financial Planning, Bank Securities Journal, the American Association of Individual Investors Journal, Consumer Interest Annual, and the Journal of Financial Counseling and Planning. He received the “Articles of Excellence” award from the Certified Financial Planner Board in 1996 and the “Graham and Dodd Scroll” award from the Financial Analyst Journal in 2003 and 2007. Chen received a Bachelor’s degree in industrial management engineering from Harbin Institute of Technology and his master’s and doctorate in consumer economics from Ohio State University.