The Exchange (2019) - Tippie College of Business

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Exchange, the magazine from the Department of Finance, provides insight into the people and programs of the department.

2019

THE HART FUND

Introducing Tippie’s student-managed

fixed-income investment fund

UNIVERSITY OF IOWA • TIPPIE COLLEGE OF BUSINESS • DEPARTMENT OF FINANCE


Exchange is an annual publication for

alumni and friends of the Department

of Finance, Tippie College of Business,

University of Iowa.

TABLE OF CONTENTS

1

FROM THE CHAIR

2

DEPARTMENT NEWS

6

ALUMNI NEWS

10

SPOTLIGHT

THE HADLEY FINANCE LAB

COMING FALL 2019

12

FEATURE STORY

SEVEN SUNDAYS

This former consumer-investment banker

is flipping the breakfast aisle on its head.

14

FEATURE STORY

SERIES A.I.

With $33 million in series A funding, Tippie alumni

and student consultants are moving the world’s first

A.I. medical diagnostic system to the marketplace.

EDITOR/WRITER

Rebekah Tilley

DEPARTMENT EXECUTIVE OFFICER

Thomas A. Rietz

Soumyo Sarkar Professor of Finance

DESIGN

The Williams McBride Group

CONTRIBUTING PHOTOGRAPHERS

Marc Bryan-Brown Photography

Fresh Coast Collective

Betsy Hafke

Ellie Klein Photography

Miranda Meyer

Bella Volfson Photography

PHOTOGRAPHY

D.J. Freesmeier | Frees Frame

Dan Kempf | IMPACT Photo

Jonathan Chapman Photography

Justin A. Torner | University of Iowa

Tim Schoon | University of Iowa

DIRECT CORRESPONDENCE TO

Rebekah Tilley

Tippie College of Business

S210 PBB

University of Iowa

Iowa City, IA 52242-1994

319-335-1554

rebekah-tilley@uiowa.edu

ADDRESS CHANGES

Email your changes to:

alumni-records@uiowa.edu

or mail to:

Alumni Records

Office of the Registrar

University of Iowa

2 Jessup Hall

Iowa City, IA 52242-1797

RECEIVE TIPPIE NEWS EMAIL

Email us at tippie-news@uiowa.edu to

subscribe to our monthly e-newsletter.

Copyright @ 2019 Tippie College of

Business, University of Iowa

All rights reserved.

16

COVER STORY

THE HART FUND

Introducing Tippie’s student-managed fixed-income investment fund.

CONNECT WITH US

@TippieIowa

TippieIowa

Tippie College of Business

@TippieCollege

20

3 PEOPLE / 3 QUESTIONS


FINANCE IS A

YES PROFESSION.

I was talking to a CFO the other day who told

me, “My job is to say yes, not no.” It’s about

managing resources and capital in a way that

allows you to promote your mission.

GO OUT AND SAY YES.

Tom Rietz

Department of Finance

Executive Officer and

Soumyo Sarkar Professor

of Finance

1 EXCHANGE 2019 UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 1


DEPARTMENT NEWS

COME TO IOWA

see the world.

QUOTED

NOTED

During my study abroad experience,


I was surrounded by a community of

people who were really challenging

themselves to be open-minded about new

experiences in a new place. Everyone

wanted everyone to succeed in this new

environment, and we built a really cool

community among ourselves.


2 EXCHANGE 2019

Trevor Jansma (BBA19), pictured here at Roys Peak,

reflecting on his semester at the

University of Otago in New Zealand.


RESEARCH CHALLENGE

finance undergrads win

CFA INVESTMENT

RESEARCH CHALLENGE

INVEST/HER

Undergraduate finance

students John Duzansky,

Michael Gerot, and Brian

Kearney won the local

round of the CFA Investment

Research Challenge, an

annual global competition

that provides university

students with hands-on

mentoring and intensive

training in financial analysis.

The team advanced to the

Americas Regional Challenge

in New York where they

competed against the best

teams from North and

South America.

HAWKINSON INSTITUTE

HAWKINSON INSTITUTE

celebrates

YEARS

1999-2019

QUOTED

NOTED

John Hawkinson’s


legacy has been

putting Iowa students

on super-steep

career trajectories in

banking and investing

for 20 years now.


A new Tippie student organization, InvestHer, was

launched fall 2018 led by finance undergraduate student

Maeve McGonigal (BBA20). Advised by Cathy Zaharis,

director of professional/employer development in

the college’s Undergraduate Program, InvestHer is a

community of students committed to building knowledge

and networks in finance, exploring careers, developing

leadership, and investing in women.

Brian Richman, director of

the Hawkinson Institute of

Business Finance

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 3


DEPARTMENT NEWS

ONE OF THE

FIRST

student-managed

INVESTMENT

FUNDS AT A

U.S. UNIVERSITY

70+

SCHOLARSHIPS

AWARDED

with earnings from

the Henry Fund

HENRY FUND

25

YEARS

1994-2019

QUOTED

NOTED


In my experience,

there’s a big difference

between paper [money]

and the real McCoy.


293

HENRY FUND

alumni

fund named for

HENRY B. TIPPIE &

HENRY ROYER

Henry B. Tippie

$11.5 million

Current value of the graduate

student-managed equity portfolio

(March 21, 2019)

$842,755

Henry Fund distributions to support student

scholarships and athletic administration

over the last six years alone.

LEARN MORE

biz.uiowa.edu/henry/


$1,500

HENRY FUND RELATIVE PERFORMANCE

(Apr. 30, 1994 - Jan. 31, 2019)

Henry Fund

$1,000

S&P 500

$500

$0

APR-94

OCT-94

APR-95

OCT-95

APR-96

OCT-96

APR-97

OCT-97

APR-98

OCT-98

APR-99

OCT-99

APR-00

OCT-00

APR-01

OCT-01

APR-02

OCT-02

APR-03

OCT-03

APR-04

OCT-04

APR-05

OCT-05

APR-06

OCT-06

APR-07

OCT-07

APR-08

OCT-08

APR-09

OCT-09

APR-10

OCT-10

APR-11

OCT-11

APR-12

OCT-12

APR-13

OCT-13

APR-14

OCT-14

APR-15

OCT-15

APR-16

OCT-16

APR-17

OCT-17

APR-18

OCT-18

$50,000

Initial Investment

(Spring 1994)

11.01%

Henry Fund Average Return

(4/30/94-1/31/2019)

9.89%

S&P 500 Average Return

(4/30/94-1/31/2019)

36.58%

Largest one-year increase in value

(2003)

20/25

Years of Positive Return

ACADEMIC ADVISORS over the years

1994-1997

F. DOUGLAS FOSTER

Now a Professor of

Finance at the University

of Sydney

1997-1999

TIM LOUGHRAN

Now the C.R. Professor of

Finance at the University of

Notre Dame

1999 to present

TODD HOUGE

Professor of Instruction and

Director, Undergraduate Studies

in Finance

Curt and Carol Lane Research

Fellow

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 5


ALUMNI NEWS

FROM LEFT TO RIGHT

Dean Sarah Fisher Gardial

Mark Buthman (BBA82)

Jon Raftis (BBA10/MBA15)

Kevin Velovitch (BBA12)

FINANCE GRADS

NAMED TIPPIE ALUM

& YOUNG ALUMS OF

THE YEAR

TIPPIE ALUM OF THE YEAR

Mark Buthman (BBA82)

Retired CFO, Kimberly-Clark

For several years, Buthman was an active and engaged

member of the Tippie Advisory Board. In partnership with

human resources leadership at Kimberly-Clark, he shared

the company’s efforts and his personal experience with the

benefits of building more diverse and inclusive leadership

teams. In recent years, Buthman has been instrumental in

helping the college establish recruiting relationships with

outside companies. Since his retirement as CFO of Kimberly-

Clark, he has devoted time to mentoring finance professionals,

especially those working in CFO roles.

6 EXCHANGE 2019


TIPPIE YOUNG ALUMS OF THE YEAR

Jon Raftis (BBA10/MBA15)

Account Executive, The Dana Company

Raftis served on the college’s Young Alumni Board for five

years and assumed an unofficial chair role on the board.

This leadership position was critical to formalizing the

board’s organizational structure and laid the foundation

for the board and its programs, which include a mentoring

program and its annual fundraising efforts. Raftis also cofounded

and served six years on the Vaughan Institute’s

Young Alumni Board.

Kevin Velovitch (BBA12)

Manager of International Network Planning,

United Airlines

ALUM CO-PRODUCES EMMY-WINNING

NETFLIX NATURE DOCUMENTARY

The Netflix documentary Chasing Coral won an Emmy for

Outstanding Nature Documentary in October 2018, and

associate producers Kevin Gruneich (BBA80) and his wife,

Donna (pictured at far left), were among the cast and crew

who took the stage at Jazz at Lincoln Center in New York to

accept the honor. The Gruneichs first became interested

in producing films about 10 years ago when they moved to

Park City, Utah—home of the Sundance Film Festival. Since

then, they’ve helped fund close to 50 films about issues

they’re passionate about, ranging from education and the

environment to women’s rights, health care, and the arts.

Velovitch was elected to the college’s Young Alumni Board

shortly after his graduation in 2012 and stepped into the

board’s leadership role. During his tenure, fundraising

efforts increased, the number of applications for the board

grew significantly, and the mentor program expanded.

Service


on boards, reviewing

resumes, talking to students

interested in your company,

helping create a pipeline for

internship opportunities and

full-time interviews are all

simple ways to pay back

Tippie for the success

you’ve achieved since

walking across the stage to

receive your diploma.”

—Kevin Velovitch (BBA12)

IN BUSINESS FOR GOOD

Kyle Bogler (MBA13) is the senior general compliance

manager-Asia with the VF Corporation in Hong Kong.

His team verifies that VF contract factories abide by the

company’s Code of Conduct, which covers a range of issues

related to child labor, wages, and health and safety. Bogler

was part of a team that recently built four water towers in

village schools near one of VF’s large factories outside of

Phnom Penh, Cambodia.

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 7


ALUMNI NEWS

CURT HEIDEMAN (BBA95) was

named regional president for US

Bank. He has worked with US Bank

for 15 years, most recently as

president of the Iowa City market.

ERIN L. DERBY HUNT (BBA03)

is vice president of employee

benefits and a voting shareholder

of the Holmes Murphy insurance

brokerage in Dallas.

GOLD MEDALIST

PETER HLAVIN (BBA80) received a gold medal representing the U.S. in the high jump

(men’s 60-64) at the World Masters Athletics Championships this past fall in Malaga, Spain.

BRIAN BAY (BBA10) is a digital

business integration manager

with Accenture. He lives in

Houston, Texas.

REGINA CARLS (BBA92) was

named to the 2018 list of Chicago’s

Notable Women in Commercial

Banking by Crain’s Chicago

Business. She is the managing

director, employee stock ownership

plan advisory group head at

JPMorgan Chase. She lives in St.

Charles, Illinois.

SAM CHOZEN (BBA11) is an

associate analyst, internal audit,

with FirstBank in Lakewood,

Colorado. He lives in Denver.

8 EXCHANGE 2019

MICHAEL CROWLEY (BBA09) is

the digital content manager at the

Augusta National Golf Club. He

lives in Augusta, Georgia.

VIGNESH DAS (BBA18) is a

financial analyst at BMO Harris

Bank. He lives in Chicago.

NATHAN ERWIN (MBA12) was

named vice president of supply

chain and operations with

Consumer Safety Technology

(Intoxalock) in January 2018.

LEANDRA FELDMANN (BBA18)

is an account executive with

Holmes Murphy and Associates in

Waukee, Iowa.

SCOTT GUNTHER (BBA18) is an

associate in fund accounting with

Northern Trust in Chicago.

JENNIFER GUIDI (BBA00) was

named to the 2018 list of Chicago’s

Notable Women in Commercial

Banking by Crain’s Chicago

Business. She is a managing

director at BMO Harris Bank. She

lives in Chicago.

ANDREW JAMES (BBA14) is

co-founder and partner of ABDB

Designs LLC, a multidisciplinary lab

founded in December 2016, to

design and handcraft innovative

contemporary furniture and

interior décor. ABDB’s patentpending

process creates table tops

and decorative surfaces by

embedding cross-cuts of wooden

end grain into high-colored resin,

as well as modern bases

manufactured in-house.

NORMAN E. JOHNSON (BBA71)

and his wife Barbara J. Bartlett

Johnson, have established the

Juanita J. Bartlett Professorship,

which is the first endowed position

at the UI to support a researchbased

neuroscience clinician.


Ashley Durham, Alumni Director

tippie.uiowa.edu/alumni/update

tippie-alumni@uiowa.edu

Do you want to be in the next issue?

SEND US YOUR UPDATE

Tippie College of Business

108 John Pappajohn Business Bldg.

Iowa City, IA 52242-1994

MICHAEL MAHONEY (BBA87)

was named as Glassdoor.com’s

Employee’s Choice number two top

CEO of 2018. Mahoney joined

Boston Scientific in 2012 and took

over as CEO in 2013.

ANDREW NAMANNY (BBA17) is

an associate sales representative

with Medtronic. He lives in Chicago.

IAIN O’CONNOR (BBA17) recently

accepted a position with Goldman

Sachs Private Wealth Management

after reaching out to a fellow Tippie

alum at the firm via LinkedIn.

ALI ROSENBERG (BBA15)

received the Alumnus of the Year

Award from the national Gamma

Iota Sigma business fraternity. She

is a senior associate broker with

AmWINS Group in Dallas, Texas.

HEIDI (JACOBSON) SMITHSON

(BBA90) was named to the 2018

list of Chicago’s Notable Women in

Commercial Banking by Crain’s

Chicago Business. She is the

executive vice president and

director of commercial real estate

with First Midwest Bank. She lives

in Northbrook, Illinois.

NAVYA MANNENGI (BBA17) is an

admission counselor with Drake

University in Des Moines.

ELIZABETH PHILIPP (BBA90)

joined Capital Dynamics in New

York City as a managing director

and head of North American

business development. She

previously worked at Angelo,

Gordon & Co. where she was a

managing director on the

marketing team.

JAY REAVIS (BBA05/MBA11),

vice president and shareholder of

Holmes Murphy, was named 2018

Vaughan Institute Young Alum of

the Year.

AARON SECREST (BBA12) is an

account manager of U.S. Channel

Sale with Apple in San Francisco.

JORDYN STEINKRITZ (BBA18) is

an investment banking analyst with

Goldman Sachs in New York City.

MATTHEW STEJSKAL (BBA07)

is vice president of corporate

development at Mutual of Omaha.

KATELYN WHEELDON (BBA16)

was recently promoted to senior

associate at Riveron.

DEREK MAUNUS (BBA98) is the

CEO of Gillig Corporation, which is

headquartered in the San

Francisco Bay area. Gillig is the

leading manufacturer of transit

buses in the U.S. including Cambus

for the UI as well as buses for Iowa

City and Coralville transit agencies.

PRESTON SCHNOOR (BBA10) is

vice president and actuary with AIG

in Woodland Hills, California.

EDITOR’S NOTE

Alumni Updates are submitted by

alumni and are not verified by the

editor. While we welcome alumni

news, Exchange Magazine is not

responsible for the information

contained in these submissions.

EDEN SIMMER (BBA05) is head

of global equity trading at PIMCO.

She lives in New York City.

HEATHER (HAY) MOORE

(BBA94) is vice president-Dwight

division at Aldi Inc. She lives in

Morris, Illinois.

DANA RAMUNDT (BBA74),

founder of The Dana Company, an

independent insurance agency in

Des Moines, has transitioned from

CEO to chairman.

9


The Hadley Finance Lab

COMING FALL 2019

10 EXCHANGE 2019



Creating a sophisticated space

where the next generation of Iowa

finance students can access the

tools and technology they need for

success felt like the perfect synergy

of honoring my time at Iowa and

where Iowa took me in my career.”

Philip Hadley

(BBA84)

Executive Chairman,

FactSet Research Systems Inc.

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 11


SEVEN

Sundays

This former consumerinvestment

banker is flipping the

breakfast aisle on its head.

It started with an extended honeymoon in New

Zealand. Leaving behind her investment banking

job in New York, Hannah Barnstable (BBA04)

and her husband, Brady, took to the mountains

for unplugged days filled with hiking where

they were inspired by the landscape and fueled

with a new-to-them meal served at their bed and

breakfast: muesli.

After returning to New York City and their

“crazy jobs,” Barnstable found herself scouring

grocery store shelves looking to reclaim both the

wholesome new food that fueled her New Zealand

adventures, and the feelings and memories that

went with it. But she came up empty every time.

“It was that entrepreneurial moment where you

realize there’s kind of a gap here,” says Barnstable.

“We all know the value of eating real foods, and

breakfast is the most important meal of the day.

Yet when you really look at the breakfast aisle, it’s

pretty astonishing what qualifies as breakfast in

our country.”

12 EXCHANGE 2018


“ I decided at that point, I’m

either going to be a banker

forever, or I’m going to do

something different.”

This lightning bolt moment came as

Barnstable was in the sweet spot of

her career. The small investment bank

she joined after graduation had grown

rapidly in the six years Barnstable was

with the company. And she was growing

with it. She was one of the few internal

candidates promoted to vice president

where she was on the consumer group

and worked on a number of food deals,

which were her specialty.

“I decided at that point, I’m either going

to be a banker forever, or I’m going to do

something different,” says Barnstable.

“And I had always intended to put my

stamp on something in life instead of

always working for someone else.”

Barnstable uprooted her New York City

life and moved back home to Minnesota

to launch Seven Sundays in 2011.

Barnstable sourced and developed the

original recipes herself working with

small, organic farmers for the eclectic

collection of grains like sorghum, rye,

oatmeal and barley, seeds, nuts, and

fruits that make up Seven Sundays

“modern muesli.”

“Cereal sales have been declining for

well over a decade now, and that’s

a problem for retailers because

the breakfast aisle takes up a lot of

space and it’s not growing,” explains

Barnstable. “When I first started the

company, it was good timing because

retailers were trying to figure out what

to put on store shelves for consumers

who were sick of the artificial colors

and the sugary processed cereals.”

Then Target Corporation approached

Barnstable about moving Seven

Sundays into their stores within a few

months. She needed working capital to

close the deal on a tight timeframe so

she turned to a small network of people

for seed funding. A third of Seven

Sundays initial investors were fellow

Tippie alumni.

“When Hannah told me she was

moving back to Minnesota to build

Seven Sundays, I remember telling

her, if you ever raise money, call me,”

recalls Nicole Cook (BBA04), who

invested in Seven Sundays along with

fellow Hawkeyes Kate Brennan

(BBA02), Sandy Pfeiler Davis

(BBA04), and Emily Becker Zanios

(BBA05). “When Hannah made that

call a few years later, I was ready to

invest after having made one other

seed stage investment along with Kate

Brennan through our partnership, Five

Island Ventures. Hannah is one of

the smartest and most driven people

I’d ever met, and I knew she was on a

thoughtful path to building a successful

company. Plus, I love Seven Sundays

muesli and was a consumer too.”

Seven Sundays is now available in

a number of national retail stores

including Costco, HyVee, Kroger,

Lucky’s Market, and Jewel-Osco. The

company has grown to seven employees,

including her husband Brady and three

unofficial employees: Louis (6), Emry

(3), and baby June. And Barnstable

finally recaptured both the muesli and

New Zealand feeling she was hunting

for in New York grocery stores by

creating it for herself.

“When I come back to Iowa, what

I always tell students—especially

women—is don’t select your jobs now

based on some sort of lifestyle vision

you might have for yourselves 20 years

from now,” says Barnstable. “You’re all

going to kick ass and then you’ll create

some flexibility for yourselves down

the road.” •

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 13


SERIES

A.I.

With $33 million in series A funding,

Tippie alumni and student consultants

are moving the world’s first A.I. medical

diagnostic system to the marketplace.

Gary Seamans has had two moments of profound

intuition in his professional life. The first was in the

early 1990s and involved the introduction of DSL. The

second was when he sat across from Michael Abramoff,

MD, PhD, and listened to him describe how autonomous

artificial intelligence (A.I.) could diagnose the leading

cause of blindness without a physician’s input.

Seamans immediately saw the

commercial potential.

14 EXCHANGE 2019


“I remember telling him, ‘Michael,

you should take this thing public,”

Seamans recalls.

Over a decade of efforts to get the

technology into the marketplace

would go by before Abramoff circled

back to Seamans and asked him to

come out of retirement to work “a few

hours a week” as CEO of the company

Abramoff decided to launch in 2010: IDx

Technologies Inc.

There is no company that can succeed

without bringing together the right

products, the right people, the right

customers, the right financial drivers of

the company,” says Seamans.

To find the right people, Seamans

reached out to the Tippie College

Department of Finance. Semester

after semester, IDx gave teams of MBA

and later Master of Finance students

consultation projects as the company

worked through each stage of the

formidable process it takes to bring new

medical devices to market. Along the

way, it hired on those who demonstrated

skillsets and passions that matched the

needs of the growing company.

This included Benjamin Clark

(MBA13), now president and COO,

whom Seamans convinced to drop out

of the Full-time Iowa MBA Program and

complete his degree in the part-time

program instead. As of this printing,

four members of the IDx executive

leadership team are Tippie alumni.

There is something special about Tippie

students,” says Seamans. “They are

very smart people. They have a moral

compass that points to true north. They

have a work ethic that drives what they

do, how they do it, why it’s important

to do it. When you bring people like

that into a company, you do your best to

support them and let them go run with

their native set of skills and talent.

That’s when magic happens.”

After the Food and Drug Administration

granted formal approval to market

the IDx-DR diagnostic system in April

2018, IDx raised $33 million in series

A funding to support its ability to

scale and commercialize. After the

series A funding round was completed

in September 2018, IDx tapped Nick

Viner (BBA07/MBA15) to join them as

director of finance and controller.

“I knew I liked the people, the mission,

and what they’re trying to accomplish,”

says Viner, who was part of an MBA

consultant team during the company’s

angel funding round. “Being able to be

a part of something like that is hugely

attractive. We’re working with the most

forward-thinking institutions to bring a

better treatment at a better cost base.”

The tradition of working with Tippie

finance students continues on at

IDx. In the fall 2018 semester, Levi

Howze (MBA19) and Elisa Suarez

Gil (MFIN20) were part of a student

consultation team that worked to

develop a financial model so IDx

salespeople can quickly compute a

potential client’s return on investment.

“It’s been a great opportunity to not only

analyze numbers, but tell the story

behind the numbers,” says Suarez Gil.

The key was ensuring the tools were

flexible enough to provide real insight

and actionable recommendations about

an industry as complex as the US health

care system,” Howze adds.

The consultation projects continue to

expose us to some of that very special

talent that exists in the business

school,” says Seamans, who recently

transitioned to the role of executive

chairman. A small step closer to

working the couple hours a week

Abramoff originally promised him, made

possible by a team of Tippie talent. •

FINANCE ALUMNI AT IDX

TOP LEFT

Benjamin Clark (MBA13)

President and COO

TOP RIGHT

Nick Viner (BBA07/MBA15)

Director of Finance and Controller

BOTTOM LEFT

John Casko (MBA13)

Senior Vice President of US Sales

and Business Development

BOT TOM RIGHT

Eric Talmage (MBA13)

Senior Vice President of Marketing

and Customer Success

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 15


the

HART FUND

INTRODUCING TIPPIE’S STUDENT-MANAGED

FIXED-INCOME INVESTMENT FUND

BY REBEKAH TILLEY

“Offering a fixed-income fund is a brilliant mix of

opportunity for finance students to gain hands-on

experience in the whole portfolio management process

for fixed income, and to provide it while at Iowa so they

can leverage that experience as they begin their careers.”

—LORRAINE HART (MBA75)

16 EXCHANGE 2019


Lorraine Hart (MBA75)

was part of the first wave of

women who began bringing

diversity to the financial

industry. Now she is

leveraging her career success

to diversify experientiallearning

programming

for a new generation of

Tippie finance students by

launching the college’s first

student-managed fixedincome

investment fund:

the Hart Fund.

The Hart Fund joins the college’s

portfolio of student-managed

funds: the Henry Fund, an equity

fund managed by a select group of

graduate students, and the Krause

Fund, an equity fund managed by

undergraduate students enrolled

in the upper-level Applied Equity

Valuation course. Similar to the

Henry Fund, the Hart Fund will

be managed by graduate students

enrolled in the college’s Master of

Finance program.

“Offering a fixed-income fund is a

brilliant mix of opportunity for

finance students to gain hands-on

experience in the whole portfolio

management process for fixed income,

and to provide it while at Iowa so

they can leverage that experience as

they begin their careers,” says Hart,

who leveraged her MBA from the

university to launch her own career in

investment management.

“I didn’t leave Iowa saying, ‘I want to

spend my career as a fixed-income

manager.’ But when I was offered a

position in investments, I said yes.

And it just happened to be an excellent

fit, and I stuck with it throughout my

career,” Hart explains.

Hart took early retirement from her

role as vice president of investment

with Ameriprise Financial in 2006

and since then has devoted her time

to nonprofits and foundation boards

as a volunteer. This included a sixyear

term as an advisor to Tippie’s

Krause Fund. When she began a

conversation with the college’s

Department of Finance about how

she could best support its goals, Hart

found the opportunity to launch

a fixed-income fund incredibly

compelling.

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 17


Madison Hauge (MFIN19), above, is

part of the inaugural Hart Fund class

along with Bailey Westfall (MFIN/

MSBA20) and Ravi Bhatt (MFIN19),

seen on the following page.

“Just to put it all on the table, I’m tired

of hiring Badgers. I’m tired of hiring Illini.

This is a great opportunity for Hawkeyes

to get a leg up during recruiting and get

involved in the fixed-income markets.”

—DEREK FOSTER (BBA13)

18 EXCHANGE 2019


HART FUND BOARD

The world of fixed-income investing

is an important part of any diversified

portfolio,” says Hart, who is on the

inaugural advisory board for the

Hart Fund. “I thought this is a terrific

opportunity to add fixed income to the

equity experience Iowa students are

already getting.”

While the stock market provides a

popular backdrop for Hollywood films

about finance, the bond market has

quietly been in a period of explosive

growth. According to the Motley Fool,

the bond market has more than tripled

over the last 15 years and now exceeds

$100 trillion globally. There is a crucial

industry need for analysts who have

already connected classroom theory to

a trade desk. The Hart Fund rounds out

an exceptional educational portfolio

equipping Master of Finance students

with the hard and soft skills needed

to succeed.

“Every time we’ve put out the call for

alumni support, whether financial,

experiential, or advisory, it’s been

answered,” says Tom Rietz, Department

of Finance Executive Officer and Soumyo

Sarkar Professor of Finance. “Lorraine

is an incredible role model on a number

of levels, and the department is stronger

because of it.”

The Hart Fund is just wrapping up its

first semester under the direction of Dirk

Laschanzky, CFA (BBA88/MBA97),

who has taught in the Professional MBA

Program since 2001 and retired from

portfolio management with Principal

Global Investors in 2016 to teach fulltime.

Laschanzky says that while there

are hundreds of business schools that

offer hands-on equity management

experiences, there are considerably

fewer opportunities in fixed income even

though bonds are a significant component

of the marketplace.

“In the bond world, buying a security

is not like buying IBM or Apple stocks,

because securities are not always

available,” explains Laschanzky. “So you

have to look at what’s available in the

marketplace, what’s tradable, and what

kind of market impact you have when

you trade those securities. The very act

of buying a bond is a critical part of the

students’ learning, and the Hart Fund

experience will differentiate our students

to employers.”

It’s a differential that Derek Foster

(BBA13) hopes Tippie students will

leverage when they are interviewing for

jobs. Foster is a member of the Hart Fund

advisory board and a research analyst

with Allstate Investments.

“In my job, I make investment decisions

regarding our fixed income investments

in the power, oil and gas, and chemical

space,” says Foster, who, after graduating

from Tippie, declined a full scholarship

to the Full-time MBA Program and opted

for a Master of Science in Finance degree

from the Eller College of Management for

its CFA and fixed income focus. “What

I’m hoping for the Hart Fund and the

opportunity I wish I had been given is

for students to employ option-adjusted

spread, duration, portfolio construction,

liability matching, and other themes that

are learned from a textbook, and apply

them with real money on the line.”

With the Hart Fund experience in their

back pocket, Foster anticipates Tippie

students will be able to walk into any

interview room and close the deal.

“Just to put it all on the table, I’m tired of

hiring Badgers. I’m tired of hiring Illini.

This is a great opportunity for Hawkeyes

to get a leg up during recruiting and get

involved in the fixed-income markets,”

says Foster. •

Amy C. Adams (BBA91)

Senior Vice President and

Treasurer

CNA Financial

Ryan Baue, CFA (BBA14)

Senior Investment Analyst

University of Iowa Center for

Advancement

Bradley E. Dyslin (MBA90)

Senior Managing Director,

Global Investments;

Global Head of Credit

and Strategic Investment

Opportunities;

Global Co-Head of External

Manager Platform

Aflac Global Investments

Derek Foster, CFA (BBA13)

Research Analyst

Allstate Investments

Lorraine Hart (MBA75)

Community Volunteer and

Retired Investment Professional

Former VP Investment,

Ameriprise Financial

Robert E. (Bob) Larson

Assistant Treasurer

Deere & Company

Christine McElvania,

CFA, CFP (MBA14)

Partner, Investment Advisor

Quad Cities Investment Group

Dennis J. Menken (MAc86)

SVP & Chief Investment Officer

Principal Financial Group

Todd Nelson (MBA07)

Director, Head of Insurance

Debt Capital Markets

Wells Fargo Securities

Sarvjeev Sidhu

Global Head, Emerging Markets

Aegon Asset Management


3 PEOPLE / 3 QUESTIONS

JOSE MANUEL DIAZ

BBA17

Analyst, JPMorgan Chase & Co.

AMRITA NAIN

Associate Professor and Director, Finance Academy

Henry B. Tippie Research Fellow

1 What are you reading? The Rise and Fall of American Growth:

Q

The US Standard of Living Since the Civil War by Robert Gordon and

The Flame: Poems, Notebooks, Lyrics, Drawings by Leonard Cohen

2 Who is inspiring you? I am always inspired by the stouthearted

who soldier on to defy the Q odds.

3 What is the best part of your day?

Q Bedtime reading with my kids.

NICHOLAS J. HENTGES

BBA81

Co-CEO, Captive Resources

1 What are you reading? The Defining Decade

Q by Meg Jay, which I think every twenty-somethingyear-old

should read at some point for light inspiration.

2 Who is inspiring you? I’m based in Chicago

Q now and there is a large Hawkeye network here.

Getting updates from my friends and colleagues advancing

their impact throughout the city is inspiring. Knowing we are

the future of the city keeps me motivated to do good at work

and within my community.

3 What is the best part of your day?

Q Best part of my day has to be my daily walk to the

Belmont Stop before getting on the “L.” The early sunrise and

crisp air of the morning is my favorite time to focus on the day

ahead as well as using the brisk walk to get a kick start on my

walk activity.

1 What are you reading? The Billionaire Who Wasn’t by Connor O’Clery. It is the story

Q of Chuck Feeney, the founder of Duty Free Shops, who made billions but has vowed to give it

all to charitable organizations in his lifetime. He is a great example of how successful business people

can and do positively impact our society.

2 Who is inspiring you? My brother-in-law, Scott Langel. He fought cancer for 10

Q years while raising a beautiful family, doing great things for the city of LeMars, Iowa, as its

city administrator, and living life to the fullest up until the day he passed away. I never once heard him

complain or feel sorry for himself despite many very difficult days.

Q

3 What is the best part of your day? Spending time with my wife of 38 years,

Mary. I am also thankful for the opportunity to interact with our employees, clients, and

vendor partners in building a business I am very passionate about.

20 EXCHANGE 2019


The University of Iowa prohibits discrimination in employment, educational programs, and activities on the basis of race, creed, color,

religion, national origin, age, sex, pregnancy, disability, genetic information, status as a U.S. veteran, service in the U.S. military, sexual

orientation, gender identity, associational preferences, or any other classification that deprives the person of consideration as an

individual. The university also affirms its commitment to providing equal opportunities and equal access to university facilities. For

additional information on nondiscrimination policies, contact the Director, Office of Equal Opportunity and Diversity, the University of

Iowa, 202 Jessup Hall, Iowa City, IA 52242-1316, 319-335-0705 (voice), 319-335-0697 (TDD), diversity@uiowa.edu. W37459


Department of Finance

108 John Pappajohn Business Bldg

Iowa City IA 52242-1994

MASTER OF

FINANCE

A three-semester program that

offers real-world fund management

and consulting experience.

tippie.uiowa.edu/mfin

ELISA SUAREZ GIL (MFIN20)

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