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Meet the Global Investment Committee profiles

The Global Investment Commit- JEFF APPLEGATE, CHAIRMAN* Committee and the tee is made up of senior profes- Jeff Applegate is the chief investment Smith Barney Management Commit- officer of Morgan Stanley Smith Barney, tee. He is also a member of the New sionals from Morgan Stanley & responsible for strategic and tactical York Society of Analysts and Co. Incorporated Research, asset allocation advice to clients. He the CFA Institute. leads the investment strategy team and Morgan Stanley Smith Barney, chairs the Global Investment Commit- HUSSEIN ALLIDINA, CFA Citi Investment Research & tee. Previously, Mr. Applegate was the Hussein Allidina, head of commodity chief investment officer at research at Morgan Stanley, is responsible Analysis and outside financial Global Wealth Management and, before for fundamental research and analysis market experts. The Global In- that, Franklin Templeton. Earlier in of a broad range of commodities, from his career, he was chief investment energy to metals and foods. Prior to vestment Committee provides strategist for and joining Morgan Stanley in 2006, he was advice to Morgan Stanley Credit Suisse. Mr. Applegate has also part of the Goldman Sachs commodity been a senior investment advisor on research team and also spent time as a Smith Barney Financial Advisors both the sell side and the buy side at commodities analyst with the Inter- and our clients through a disci- institutions such as Lehman national Monetary Fund. Mr. Allidina Hutton, E.F. Hutton and Smith Barney. earned a BA, with honors, in economics plined process of fundamental He began his career as an analyst from the University of Western Ontario. research and a comprehensive with H.C. Wainwright & Company in 1974. Mr. Applegate earned a BA MICHAEL BRANDES analysis of economic, market and in international studies from Ameri- Michael Brandes is head of global fixed political conditions. The mem- can University and a B. Litt. in poli- income strategy at Citi Private Bank and is tics from Oxford University. He is on on its Global Investment Committee. His bers of the committee are: the Morgan Stanley Retirement Plan responsibilities include market strategy,

*Voting member of the GIC market strategists / global investment committee

relative value analysis and portfolio rec- national governments and central banks. Art of Asset Allocation; and Benjamin ommendations. His views are featured in Mr. Buiter has been a senior advisor Graham on Investing. He also wrote Bond Market Weekly and Bond Market to Goldman Sachs International and The Little Book That Saves Your Assets, Monthly, Citi’s flagship reports for high a member of the Academic Advisory which ranked on the bestseller lists net worth fixed income investors, and Board of APG Investments. He wrote of and Business- he is a regular contributor to Portfolio Maverecon, an economics blog, for the Week. He is also a frequent guest on Strategist, Citi’s weekly research report. Financial Times. CNBC, Bloomberg, FOX and PBS. Mr. Mr. Brandes authored the book Naked Darst earned a BA in economics at Guide to Bonds: Stripped Down to the james caron Yale University and an MBA at Har- Bare Essentials. He has 18 years in the Jim Caron is a senior member of the vard Business School. He has lectured industry and earned a BA from the State Morgan Stanley Investment Manage- at Wharton, Columbia, INSEAD and University of New York and an MBA ment Global Fixed Income team, which New York University business schools; from the Graduate focuses on macro and global interest rate for nine years, he served as a visiting School of Business. strategies. He joined Morgan Stanley in faculty member at Yale College, Yale 2006 and has more than 20 years of School of Management, and Harvard Robert Buckland investment industry experience. Prior Business School. He is a Chartered Robert Buckland is the chief global equity to his current role, he was the global Financial Analyst and a member of the strategist for Citi Investment Research head of interest rates, foreign exchange New York Society of Security Analysts & Analysis. Mr. Buckland was previously and emerging markets strategy. Mr. and the CFA Institute. the head of pan-European equity strategy. Caron and his team authored the inter- Before joining the firm in 1998, he was est rate publication Global Perspectives Gabriel de Kock an equity strategist with HSBC for four (published monthly) and Interest Rate Gabriel de Kock is the head of US foreign years. Prior to that, Mr. Buckland was a Strategist (published weekly). Before exchange (FX) strategy at Morgan Stanley. sector analyst, economist and strategist joining the firm, he was a director at As a member of Morgan Stanley’s currency for NatWest Securities starting in 1989. Lynch, where he headed the strategy team, Mr. de Kock contributes US interest rate strategy group. Prior to to its outlook on the major currencies WILLEM BUITER that, he headed the US options trading and briefs clients and the sales and trad- Willem Buiter, CBE, FBA, is the chief desk at Sanwa Bank, was a proprietary ing desks on prospects for the global economist of Citi since January 2010. trader at Tokai Securities and traded economy and currency markets. His previous appointment was profes- US Treasuries at JP Morgan where he Before joining Morgan Stanley in sor of political economy at the London began his career in 1992. November 2010, Mr. de Kock worked School of Economics. He has a BA from Mr. Caron received a BA in physics at J.P. Morgan, Citigroup, Warburg Dil- Cambridge University and a PhD from from Bowdoin College, a BS in aeronau- lon Read, and the Bank Yale University. He has held academic tical engineering from the of New York. In his most recent role at appointments at Princeton University, the Institute of Technology and an MBA J.P. Morgan he was a senior FX strate- University of Bristol, the London School in finance from New York University, gist. At Citigroup, he led the currency of Economics, Yale and Cambridge. He Stern School of Business. research team, which is responsible for has published on macroeconomics, mon- the firm’s exchange-rate forecasts and etary and exchange-rate management, DAVID M. DARST, CFA, authored the flagship publication FX financial markets and institutions, fiscal VICE-CHAIRMAN* Chartbook. Prior to that appointment, policy, social security reform, economic David M. Darst is the chief investment he was a senior international econo- development, emerging markets and strategist for Morgan Stanley Smith Barney mist and the lead author and editor of transition economics. In addition, Mr. and vice-chairman of the Global Investment International Market Roundup. Buiter was a member of the Monetary Committee. He joined Morgan Stanley At Warburg Dillon Read, his respon- Policy Committee of the Bank of England in 1996 from Goldman Sachs, where sibilities included the analysis of global from 1997 to 2000 and chief economist he served as a senior executive in economic trends, the formulation of and special counselor to the president at the equities division and as resident foreign exchange strategy and cover- the European Bank for Reconstruction manager of the firm’s private bank in age of the Canadian economy. At the and Development from 2000 to 2005. Zurich. Mr. Darst is the author of The Federal Reserve Bank of New York, he He has also been an advisor to the In- Complete Bond Book; The Handbook had primary responsibility for analyzing ternational Monetary Fund, the World of the Bond and Money Markets; The economic developments in Western Eu- Bank, other multilateral institutions, Art of Asset Allocation; Mastering the rope, with special emphasis on Germany.

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He also published long-term research several top rankings in an Institutional edward m. KERSCHNER, CFA* on US monetary policy and exchange Investor poll. He was also the firm’s spe- Edward M. Kerschner, CFA, is senior rate regimes. cialist on the European Central Bank since strategy consultant for Morgan Stanley A South African national, Mr. de Kock the bank’s launch in 1998; he held this Smith Barney and a voting member of earned a Ph.D. in economics from Yale position until 2005. Mr. Fels is a mem- the Global Investment Committee. He University, an M.Sc. from the London ber of the German Banking Association’s began his career in 1974 with Cowen & School of Economics and a Bachelor of Economic and Monetary Committee and Co. and joined PaineWebber in 1982 as Commerce degree from the University of the Volkswagen Foundation’s Asset chief investment strategist and chair- of Stellenbosch. Allocation Advisory Board. From 1999 man of the Investment Policy Commit- to 2008, Mr. Fels advised the German tee. Following the acquisition of Paine RUI DE FIGUEIREDO Finance Ministry on international eco- Webber by UBS in 2000, Mr. Kerschner Rui de Figueiredo is a consultant who nomic policy and financial market issues. spent three years as the chief global provides investment leadership for Al- Before joining Morgan Stanley in 1997, strategist for UBS Investment Research. ternative Investment Partners’ (AIP) he worked at the Kiel Institute of World In 2004, he became chief investment Portfolio Solutions Group. He also leads Economics and at Goldman Sachs. He officer for Citi Investment Research & the hedge fund advisory business within was educated in Germany and Italy. Analysis and chief investment strategist AIP’s funds of funds business. Prior to for Citi Global Wealth Management. that, he oversaw the investment activities THOMAS D. GALLAGHER More recently, Mr. Kerschner founded of Graystone Research, an alternative- Thomas D. Gallagher is a consultant on E.M. Kerschner, LLC—“The Thematic investments advisory business within public policy to the Global Investment Research Group.” Institutional Inves- Morgan Stanley’s Global Wealth Man- Committee. Until 2010, he was the head tor has called Mr. Kerschner “one of agement division. Mr. de Figueiredo of policy research for the International the deans of thematic investing.” Since has worked with Morgan Stanley since Strategy and Investment Group (ISI). 2001, Mr. Kerschner has also been an 2007. Prior to that, he spearheaded re- He also ran ISI’s Washington office, adjunct professor of finance at New search at Citi Alternative Investments. which analyzes the financial market York University’s Leonard N. Stern He also worked at Boston Consulting implications of policy actions and po- School of Business. In addition, he is Group and Alliance Consulting Group. litical developments for institutional a member of the Board of Overseers In addition, Mr. de Figueiredo is an as- investors. ISI’s Washington team has of the Stern School of Business. Mr. sociate professor at the Haas School of been ranked No. 1 for six years on the Kerschner received a BS from the New Business at the University of California at Institutional Investor All-Star Team. Mr. York University School of Engineering Berkeley. His research focuses on game Gallagher’s 20 years on have and Science and an MBA from the New theoretic and econometric analysis of been spent at ISI and Lehman Brothers. York University Graduate School of organizations and institutions, and he Prior to that, he worked in the federal Business Administration. has published in finance, economics, government, mainly on Capitol Hill. law and political-science journals. Mr. He has degrees from the University of Govind Kilambi de Figueiredo earned a PhD and two South Dakota and the Kennedy School Govind Kilambi is the chief investment MA degrees from Stanford University, of Government, Harvard University. He officer of Morgan Stanley Smith Barney as well as a BA, summa cum laude, from is also a Chartered Financial Analyst. Alternative Investments group. Mr. Harvard University. Kilambi joined the firm in June 2003. JONATHAN GARNER Prior to this role, he headed the Alternative JOACHIM FELS Jonathan Garner is Morgan Stanley’s Investments Research and Due Diligence Joachim Fels coheads Morgan Stanley’s chief Asian and emerging market strate- team, which had oversight over fund of global economics team and is the firm’s gist. He joined the firm in 2006, having hedge funds, , real estate chief global fixed income economist. Based held similar positions at Robert Fleming, and special opportunity funds. Previously, in London, Mr. Fels focuses on monetary DLJ International and Credit Suisse. he was responsible for evaluating and policy, the global liquidity cycle and in- Before that, he was an academic in the selecting managers and funds, with an flation. He edits The Global Monetary economics department of the London emphasis on fixed income. Analyst, a weekly research publication. School of Economics. He is the author Before joining the firm, Mr. Kilambi Mr. Fels joined the firm in 1996 to cover of The Rise of the Chinese Consumer. Mr. worked at Goldman Sachs in the Invest- the German economy. Later, he coheaded Garner was ranked No. 1 in emerging ment Management Division of Goldman the currency economics team and the markets strategy in the 2008 Thomson Sachs Wealth Management, where he European economics teams, which won Reuters Extel survey. managed the fixed income business as

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a product manager. Prior to Goldman Mr. Nelson has had management respon- at the University of and Sachs, he worked at Salomon Smith sibility for the portfolio review group, subsequently taught MBA classes at Barney in the institutional fixed in- equity high net worth program, port- the University of Maryland Robert H. come research department as part of folio advisory program and portfolio Smith School of Business. the YieldBook Group. management program. He graduated from the University Mr. Kilambi earned a bachelor of of Venice, Italy in 1990 with degrees in engineering from McGill University Adam Parker Economics and Mathematics and earned and a master of science in mechanical Adam Parker is the chief US equity strat- his PhD in Economics from New York engineering from Stanford University. egist at Morgan Stanley. He joined the University in 1995. firm in 2010. Previously, Mr. Parker was Cyril Moullé-Berteaux chief investment strategist and director GREGORY PETERS Cyril Moullé-Berteaux is head of of quantitative research at Sanford C. Gregory Peters is Morgan Stanley’s the Global Asset Allocation team at Bernstein, where he spent more than global head of fixed income research Morgan Stanley Investment Manage- 10 years. In those roles, Mr. Parker was and chief US credit strategist, responsible ment. He re-joined the firm in 2011 named to Institutional Investor’s 2009 for research on investment grade, high and has 20 years of financial indus- All-America Team in both portfolio strat- yield, credit derivatives and structured try experience. Before returning to egy and quantitative research. His other products. He joined Morgan Stanley’s Morgan Stanley, Mr. Moullé-Berteaux roles at SCB included global director of investment-grade strategy group in 2000 was a founding partner and portfolio research, senior semiconductor analyst and also served as the firm’s high yield manager at Traxis Partners, a multi- and quantitative research associate. Pre- strategist. Mr. Peters, who started his strategy hedge fund firm. At Traxis viously, Mr. Parker was a financial and career as bank regulator at the Office of Partners, he managed absolute-return statistical analyst at Thrift Supervision, previously worked portfolios and was responsible for and a management consultant focused at Salomon Smith Barney. He has been running the firm’s quantitative and on the financial sector. He earned a PhD recognized by Institutional Investor fundamental research effort. Prior to in statistics from Boston University, an magazine for his efforts in both high co-founding Traxis Partners, in 2003, MS in biostatistics from the University yield and investment-grade strategy for Mr. Moullé-Berteaux was a manag- of North Carolina and a BS in statistics the past six years. He received a BA in ing director at MSIM, initially run- from the University of Michigan. finance from The College of New Jersey ning Asset Allocation Research and and earned an MBA at Fordham Univer- ultimately heading the Global Asset roberto perli sity. He is also a member of the Fixed Allocation team. Previously, he was an Roberto Perli is a managing director and Income Analyst Society and the Bond associate at Bankers Trust and worked analyst on International Strategy and Market Association. there from 1991 to 1995 initially in Investment Group’s (ISI)Policy Research corporate finance and eventually as Team in Washington DC. Charles Reinhard* a derivatives trader in the emerging Prior to joining ISI in 2010, Mr. Perli Charles Reinhard is the deputy chief markets group. Mr. Moullé-Berteaux spent eight years in the division of Mon- investment officer for Morgan Stanley earned a B.A. in economics from Har- etary Affairs at the Board of Governors Smith Barney. Prior to joining the firm vard University. of the Federal Reserve System—the last in 2008, he was the director of portfolio four of which, he was an officer and senior strategy and associate director of research Dan Nelson* staff member. In that capacity, Mr. Perli for Neuberger Berman and served on Dan Nelson is head of the Morgan Stanley assisted the Board and the FOMC in the Lehman Brothers’ asset management Smith Barney Portfolio Strategy & Re- formulation of monetary policy, drafted division’s Asset Allocation Committee. He search Group. The group includes the FOMC statements, wrote speeches and was previously the senior US strategist at equity model portfolio team; exchange- testimonies for Chairman Bernanke and Lehman Brothers, where he managed the traded funds and models; fixed income other Governors, and lead one of the core, growth and value model portfolios, strategy and models; closed-end funds; Board groups that designed and imple- researched a wide array of investment and technical analysis. In recent years, mented the Federal Reserve’s response issues and served on the Investment Mr. Nelson oversaw the design and de- to the financial crisis. Policy Committee. Mr. Reinhard began velopment of the Portfolio Strategy & Before joining the Fed, he worked his Wall Street career in 1987 and has held Research Group’s expansion into Lon- in risk modeling at Capital One for fixed income, currency and commodity don and Hong Kong. Over the course of two years. Mr. Perli started his career strategy positions at other top firms. his 33-year career with Smith Barney, as an assistant professor of economics He served on the original committee

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that wrote the Series 86 and 87 exams. September 2000 through December in economics from the University of Mr. Reinhard received a BS in managerial 2005. Prior to that, Mr. Schindewolf Pennsylvania and an MBA from the economics with high honors at Carnegie held the position of financial economist University of Chicago. Mellon University and an MBA from in the firm’s research department since the New York University Stern School 1986. Before joining Citi, he worked at martyn surguy* of Business. He was the 2009 to 2010 the Federal Reserve Bank of New York as Martyn Surguy joined Morgan Stanley as president of the Money Marketeers of an associate economist. Mr. Schindewolf the chief investment officer for Private NYU and is involved in a wide variety received his BS in finance from Rider Wealth Management’s Europe, Middle of nonprofit activities. University and an MS in economics from East and Africa region in May 2012. New York University. Before joining Morgan Stanley, Mr. Vincent Reinhart Surguy spent 15 years at Deutsche Bank Vincent Reinhart joined Morgan Stanley GRAHAM SECKER Private Wealth Management, where he & Co., Inc. in October 2011 as chief US Graham Secker is a managing director was responsible for €12 billion in client economist. Mr. Reinhart and his team for Morgan Stanley Research’s European assets, first as chief investment officer of are responsible for the firm’s analysis strategy team based in London. Graham its UK unit from 1999 to 2004, then as of the US economy. joined Morgan Stanley Research in 2000 CIO for its International (Global ex US For the four years prior to joining with a specific focus on the UK market and Germany) business between 2004 Morgan Stanley, Mr. Reinhart was a resi- and in 2002 became chief UK strategist. and 2009. He was also the head of UK dent scholar at the American Enterprise Starting in 2006 Graham took on more Portfolio Management for Deutsche Bank Institute, a nonpartisan think tank lo- general pan-European responsibilities and was the longest serving member cated in Washington, DC. He previously and now splits his time between UK of its Global Investment Committee. spent more than two decades working and European strategy. The strategy Prior to joining Deutsche, Mr. Surguy in the Federal Reserve System, where team focuses on equity market direc- worked for Rothschild Asset Management he held a number of senior positions in tion, sector rotation and stock selec- for seven years, managing international the Divisions of Monetary Affairs and tion. Prior to joining Morgan Stanley private client portfolios. He qualified as International Finance. For the last six Research, Mr. Secker worked on the a Chartered Accountant with KPMG in years of his Fed career, he served as strategy team at UBS for three years. He 1989 and is a graduate in politics from secretary and economist of the Fed- graduated in 1995 with a BA in finance the University of York. eral Open Market Committee. In that from Bournemouth University. capacity, he was the senior staff member providing advice to Fed officials on the Andrew Slimmon* appropriate choice and communication Andrew Slimmon leads Morgan Stanley of monetary policy. Smith Barney’s Applied Equity Advisors In his research at the Fed and AEI, and is senior portfolio manager for all Mr. Reinhart worked on topics as varied Applied Equity Advisors strategies. Mr. as economic bubbles and the conduct of Slimmon joined Morgan Stanley in 1991. monetary policy, auctions of US Trea- He has served as chief investment of- sury securities, alternative strategies ficer of Morgan Stanley Trust Company for monetary policy, the long-lived con- and as a member of the Morgan Stanley sequences of financial crises, and the Trust Company Asset Allocation patterns of international capital flows. Committee. Mr. Slimmon first joined At AEI, he frequently commented in Morgan Stanley as an advisor in the the media on the economic outlook and Private Wealth Management unit. Prior macroeconomic and financial policies. to joining the firm Mr. Slimmon was a portfolio manager for the private bank douglas Schindewolf* of Brown Brothers Harriman. He began Douglas Schindewolf is the director his career in 1986 as a buy-side equity of asset allocation for Morgan Stanley research analyst with ARCO Investment Smith Barney. He joined Smith Barney’s Management in Los Angeles. Mr. Slimmon Consulting Group as a member of its As- has appeared on Fox Business and in set Allocation Committee in April 2000 , Bloomberg, and and served as committee chairman from Reuters. Mr. Slimmon earned a BA degree

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Marketeers, the US Monetary Policy Forum, the State of New York Economic Advisory Panel and the University of Global Investment Committee New Hampshire Foundation. Advisory Council ALEXANDER KINMONT Alexander Kinmont is Morgan Stanley’s The Global Investment Committee Advisory Council com- strategist for Japan. As part of the global prises senior professionals from Morgan Stanley Research, strategy team, he is responsible for for- Morgan Stanley Investment Management, Citi Research mulating and disseminating the firm’s & Analysis and Citi Alternative Investments. The Global view of the Japanese financial markets. Investment Committee meets with council members indi- He joined Morgan Stanley as a real es- tate and related sector analyst in 1991; vidually on an ongoing basis to elicit their views on current in 1993 he became the Japanese equity strategic and tactical asset allocation. The members of the strategist. Mr. Kinmont joined Nikko Global Investment Committee Advisory Council are: Salomon Smith Barney in 2001 and later worked at Prospect Asset Management and Babcock and Brown before returning to RONAN CARR, CFA Citigroup’s Global Wealth Management Morgan Stanley in 2009. Mr. Kinmont has Ronan Carr has been a member of group and a managing director at Citi an MA in Latin and Greek literature and Morgan Stanley Research’s European Alternative Investments. Earlier in his ancient history from Pembroke College, Strategy team since 1999. The team was career, Mr. Chappuis was a consultant Oxford University. Born in Yorkshire in voted the best pan-European strategy at the Boston Consulting Group, focus- the United Kingdom, he first came to team in the latest Extel and Institutional ing on the sector, and Japan in 1985 as a graduate trainee at Investor polls of investors, and has been an investment banker at Bankers Trust Dai-Ichi Securities Co. Ltd. He is fluent ranked number one in nine of the last Company. He received a BA in finance in Japanese. 11 years in each of these polls. The from Tulane University and an MBA in team focuses on equity market direc- finance, with honors, from the Columbia MARTIN L. LEIBOWITZ tion, themes, styles, sector rotation and University Graduate School of Business. Martin L. Leibowitz is director of the stock selection. Mr. Carr maintains the global strategy team for Morgan Stanley, teams’ Sellers’ Compendium, a report DAVID GREENLAW responsible for producing studies on that looks for sell ideas by combining David Greenlaw is the chief US fixed such topics as beta-based asset alloca- quantitative screens with some funda- income economist for Morgan Stanley. tion, long/short equity strategies and the mental stock picks. He became a CFA His primary duties involve analysis of need for greater fluidity in policy port- charterholder in 2002. Mr. Carr studied the US economy and credit markets, folios. Prior to joining Morgan Stanley, international commerce and French at including Federal Reserve and US Trea- Mr. Leibowitz was vice-chairman and University College Dublin, where he sury activity. He is also responsible for chief investment officer of TIAA-CREF, also won the Dean’s List Award. the projections of key economic indica- with responsibility for the management tors. Mr. Greenlaw was named “Best of more than $300 billion in equity, fixed JACQUES CHAPPUIS Fed Forecaster” in a Bloomberg Mar- income and real estate assets. Previ- Jacques Chappuis, head of Alter- kets magazine survey. Before joining ously, he had a 26-year association with native Investment Partners, joined Morgan Stanley in 1986, he spent four Salomon Brothers, where he became Morgan Stanley in 2006 as head of alter- years working on the staff of the Federal director of global research, covering native investments for the firm’s Global Reserve Board. Mr. Greenlaw holds an both fixed income and equities. Mr. Wealth Management group. There he MBA from New York University and a BA Leibowitz has written more than 150 was responsible for all aspects of the from the University of New Hampshire. articles on various financial and invest- alternative-investments platform, including He has also done extensive graduate work ment-analysis topics and has been the the firm’s managed-futures fund of funds at the University of Chicago and The most frequently published author in and customized hedge fund portfolios. George Washington University. In ad- both the Financial Analysts Journal and Prior to joining the firm, Mr. Chappuis dition, he serves on the boards of vari- the Journal of Portfolio Management. was head of alternative investments for ous organizations, including the Money Ten of his articles have received the

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Graham and Dodd Award for excellence greater China. Prior to that, he spent in financial writing. He also has written six years as an economist with the In- several books—his first, Inside the Yield ternational Monetary Fund (IMF) in Book, is considered an investment stan- Washington, DC, covering member dard. The CFA Institute has presented countries in Asia, Eastern Europe and him with three of its highest awards. the Middle East. In this position, he Mr. Leibowitz received an AB and MS was responsible for strengthening and from the University of Chicago and a implementing the IMF’s surveillance PhD in mathematics from the Courant policy framework. Mr. Wang holds a Institute of New York University. PhD in economics from the University of Maryland, where he concentrated Tobias M. Levkovich in international economics and public Tobias M. Levkovich is a managing di- finance. He also holds a BA in economics rector and the chief US equity strategist and an MA in macroeconomic manage- for Citi Investment Research & Analysis ment from Renmin University of China. and is a member of Citi’s Investment Strategy Committee. Among other STEVEN WIETING duties, he is responsible for assessing Steven Wieting is a managing direc- the direction of the market, setting the tor of Citigroup’s Economic & Market firm’s investment sector allocations and Analysis team, which is responsible for compiling its Recommended List, a list of the firm’s global economic forecasts specific investments that he expects to and policy analysis. Mr. Wieting, based appreciate in value. Prior to assuming in New York, serves as the lead econo- his current role in 2001, Mr. Levkovich mist for the US institutional equities spent 13 years analyzing the engineering, business. In addition to forecasting construction and machinery industries. and interpreting economic develop- Mr. Levkovich began his career as an ments, Mr. Wieting’s research focuses assistant vice-president in the research heavily on financial market dynamics department of L.F. Rothschild. He holds a and investment risks and opportuni- bachelor’s in commerce from Concordia ties. He publishes his research in the University in Montreal and attended weekly Portfolio Economics and also Boston University’s Graduate School contributes to the firm’s Comments of Management. on Credit and Portfolio Strategist. His quarterly Inside the S&P 500 provides GERARD MINACK projections of corporate earnings for Gerard Minack is head of developed- the S&P 500 and its industry sectors. market strategy at Morgan Stanley. He Prior to joining Smith Barney in 1996, joined the firm in 2005 as an Australian Mr. Wieting was an economics cor- market strategist. Prior to that, he respondent with Dow Jones for three worked at ABN AMRO, BZW and at years and a contributor to The Wall Syntec Economic Services, a market- Street Journal’s “Credit Markets” col- forecasting firm. He previously worked umn. Previously, he worked for the US in government and earned an MA from Department of Commerce. Mr. Wieting the University of Melbourne. received an MS in quantitative economics at Baruch College. He also has acquired QING WANG credits toward a PhD in economics at Qing Wang is Morgan Stanley’s chief the City University Graduate Center. economist for greater China. Mr. Wang joined Morgan Stanley in 2007 from Bank of America, where he was the head of economics and investment strategy for

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