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>> My name is Bob Edmiston.

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I'm an investment officer for Hirtle Callaghan.

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Hirtle Callaghan is an outsourced
chief investment officer.

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It's our only line of business, and we
replicate the same solution that the largest,

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which correlates with the most
successful programs in the world utilize.

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Which is with an independent CIO and
a fully staffed investment department.

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We work with endowments, foundations,
pensions, high net worth individuals.

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So, you know, the, when you
think about the investment world,

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when you think about the
financial services industry,

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typically you have either a bank broker's model

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where they're both selling you
advice on what products to buy.

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And then they're selling you their products.

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So that's a conflicted model.

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On the other hand, you have an investment
consulting model where there's a, you know,

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kind of a mandate where, and a general asset
allocation, and this consultant's going

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to bring you managers to fill these
different, as a class mandates.

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We think the bank broker's
model is completely conflicted.

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And lacks the independence necessary
to really make sure that your,

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that you have an appropriate investment process.

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And that you're utilizing the, you know,
the best investment vehicles that you can.

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On the consulting side, it used to be okay to,
you know, to have that that consultant approach

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where quarterly, you know,
you kind of get an update.

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And manager's selection is where
most of the value is derived.

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You know, with the complexity in the marketplace
now, the explosion of technology, communication,

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and general globalization, the marketplace
has become entirely too complex to have kind

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of a just a quarterly, making investment
decisions on a quarterly meeting.

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So what Hirtle Callaghan does is in outsource
CIO is replicate the same solution that a Yale

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or a Harvard or a Bill and Melinda
Gates Foundation would have.

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They don't have a consultant
that's bringing managers to them.

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They have a CIO that goes out, finds the
best managers, speaks with those managers,

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and then really derives additional
value on the capital allocation sites.

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So, you know, when am I overweight equities?

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Within equities, am I, am I underweight large
cap value relative to international right now.

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Or, you know, do I want to overweight
commodities relative to real estate.

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That's where true performance differential
comes in within the investment marketplace.

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And we take discretion within a, we go up
prescribed discretion, which is discretion

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within a, you know, an overall
asset allocation that's given

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to us by board members or individuals.

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As an, as an investment officer, I work
hand-in-hand with a portfolio manager.

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And work with clients.

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So a busy day would be, A, I'm probably driving
out, you know, to Central PA, or, you know,

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whether it be Harrisburg or Lancaster.

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Maybe I'm here in Philadelphia.

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But, you're meeting with clients,
so maybe you have a quarterly update

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that you have to a board meeting.

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You probably have one or two prospect meetings.

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So you're basically bringing your book,
going through the structure, the process,

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the size and experience that we bring to bear
for, you know, for a particular organization.

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And then being on the development
side, this is business development,

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so you're making your phone calls.

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You're sending out emails.

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You're trying to fill up your schedule
for, you know, for the next couple of weeks

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and next month and make sure you always
have that pipeline as full as it can be.