market strategists global investment committee Meet the Global Investment Committee profiles The Global Investment Commit- JEFF APPLEGATE, CHAIRMAN* Committee and the Morgan Stanley 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 Security 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 Citigroup 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 Lehman Brothers 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 Shearson 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 The New York Times 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 Columbia University 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. Merrill 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 Federal Reserve Bank Yale University. He has held academic tical engineering from the California 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. 2 morganstanleysmithbarney market strategists / global investment committee 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.