>> My name is Bob Edmiston.
I'm an investment officer for Hirtle Callaghan.
Hirtle Callaghan is an outsourced chief investment officer.
It's our only line of business, and we replicate the same solution that the largest,
which correlates with the most successful programs in the world utilize.
Which is with an independent CIO and a fully staffed investment department.
We work with endowments, foundations, pensions, high net worth individuals.
So, you know, the, when you think about the investment world,
when you think about the financial services industry,
typically you have either a bank broker's model
where they're both selling you advice on what products to buy.
And then they're selling you their products.
So that's a conflicted model.
On the other hand, you have an investment consulting model where there's a, you know,
kind of a mandate where, and a general asset allocation, and this consultant's going
to bring you managers to fill these different, as a class mandates.
We think the bank broker's model is completely conflicted.
And lacks the independence necessary to really make sure that your,
that you have an appropriate investment process.
And that you're utilizing the, you know, the best investment vehicles that you can.
On the consulting side, it used to be okay to, you know, to have that that consultant approach
where quarterly, you know, you kind of get an update.
And manager's selection is where most of the value is derived.
You know, with the complexity in the marketplace now, the explosion of technology, communication,
and general globalization, the marketplace has become entirely too complex to have kind
of a just a quarterly, making investment decisions on a quarterly meeting.
So what Hirtle Callaghan does is in outsource CIO is replicate the same solution that a Yale
or a Harvard or a Bill and Melinda Gates Foundation would have.
They don't have a consultant that's bringing managers to them.
They have a CIO that goes out, finds the best managers, speaks with those managers,
and then really derives additional value on the capital allocation sites.
So, you know, when am I overweight equities?
Within equities, am I, am I underweight large cap value relative to international right now.
Or, you know, do I want to overweight commodities relative to real estate.
That's where true performance differential comes in within the investment marketplace.
And we take discretion within a, we go up prescribed discretion, which is discretion
within a, you know, an overall asset allocation that's given
to us by board members or individuals.
As an, as an investment officer, I work hand-in-hand with a portfolio manager.
And work with clients.
So a busy day would be, A, I'm probably driving out, you know, to Central PA, or, you know,
whether it be Harrisburg or Lancaster.
Maybe I'm here in Philadelphia.
But, you're meeting with clients, so maybe you have a quarterly update
that you have to a board meeting.
You probably have one or two prospect meetings.
So you're basically bringing your book, going through the structure, the process,
the size and experience that we bring to bear for, you know, for a particular organization.
And then being on the development side, this is business development,
so you're making your phone calls.
You're sending out emails.
You're trying to fill up your schedule for, you know, for the next couple of weeks
and next month and make sure you always have that pipeline as full as it can be.