Exchange (2024) - Tippie College of Business

2024
THE BEAUTIFUL GAME
pg 10
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.
EDITOR
Amanda May
2024 1
DEPARTMENT NEWS
2
TIPPIE RESEARCH
SEC RULE HOLDS BACK STARTUP FUNDING
3
NOT YOUR FATHER’S RISK MANAGER
Jim Lewis (BBA83)
4
JUGGLING FINANCE AND SPORTS
6
ALUM FEATURE
PLASTIC-FREE AND PLANET POSITIVE
Heather Moore (BBA94)
8
ALUM FEATURE
VALUES-BASED INVESTING
Seth Rosenthal (BBA96)
ASSISTANT EDITOR
Tory Brecht
DEPARTMENT EXECUTIVE OFFICER
Erik Lie
Amelia Tippie Chair in Finance
DESIGN
The Williams McBride Group
CONTRIBUTING WRITERS
Lynn Anderson Davy
Amanda May
Suzi Morales
Jennifer Seter Wagner
Tom Snee
PHOTOGRAPHY
Jon Allegretto
Luca Amadeo Bizzarri | Parma Calcio 1913
Tory Brecht
Business Record
Andrea Cantini | Parma Calcio 1913
Amanda May
Mary Rafferty
New York Giants
Parma Calcio 1913
Justin Torner | University of Iowa
University of Iowa Athletics
Nic Wynia
CONNECT WITH US
TippieIowa
Tippie College of Business
@TippieCollege
@tippiebiz
10
COVER STORY
THE BEAUTIFUL GAME
Q&A with soccer club owner Kyle Krause (BBA85)
14
PARTY LIKE IT’S 1999
Hawkinson Institute and Krause Fund turn 25
18
ALUMNI UPDATES
21
3 PEOPLE / 3 QUESTIONS
@TippieIowa
DIRECT CORRESPONDENCE TO
Amanda May
Tippie College of Business
S210 PBB
University of Iowa
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319-467-1694
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DEPARTMENT NEWS
CONNECT WITH US TippieIowa Tippie College of Business @TippieCollege @tippiebiz @TippieIowa
EXTRA
Credit
stack-of-books
Add these recently
published books
by Tippie finance
faculty to your
reading list:
Wealth Management
Professor Erik Lie’s book
empowers individuals
with practical knowledge
to manage their financial
wealth from their first job
until retirement and beyond.
Would Your
Boomerang Return?
What Birds, Hurdlers,
and Boomerangs Can
Teach Us About the
Time Value of Money
Lecturer Brent Pritchard’s
book is a user manual for
the mathematics of finance
and also includes real-life
stories that you won’t find in
a traditional textbook.
“The career advice,
networking opportunities,
and financial knowledge
intake will pay dividends for
all of us who attended.”
—CREDE WERNKE (BBA24)
Tippie took 23 students to the Undergraduate Investment
Conference in Ann Arbor, Michigan last October thanks to
a donation from David Tentinger (BBA85).
New Look!
graduation-cap
The University
of Iowa has new,
on-brand regalia for
commencement and
even has rental options
available through
the Hawk Shop.
Share your graduation
pics with us at
tippie-exchange@uiowa.edu

TIPPIE
RESEARCH
SEC RULE HOLDS BACK
STARTUP FUNDING
BY TOM SNEE
An SEC rule change in 2011 intended to protect angel investors
has instead sharply reduced startup funding for new ventures,
according to a new study from the University of Iowa.
According to Jiajie Xu, assistant professor of
finance, the rule change asserted that angel
investors could no longer count the value
of their house as an asset to be accredited
by the SEC. They made this change in 2011
with the intention of protecting marginal
angel investors after the “Great Recession”
of 2008 and 2009 when many lost their
primary residence.
Xu said the agency’s assumption was that
angel investors were not very sophisticated
and needed regulators to look out for
them. But she said the agency’s rule
change ignores the fact that most angel
investment happens in the investor’s
immediate geographical area, so they know
the neighborhood well and have enough
information to know if a business is likely
to succeed or fail.
“They’re actually sophisticated investors,”
she said. “If they weren’t, they’d have a
history of investing in bad firms or dead
firms—and they don’t. They know the local
community and the local demand for a
business very well.”
Xu said angel investors play an important
role in venture funding, as they’re often the
initial source of cash to help a founder get
their startup off the ground. Most invest
small amounts in any single business—
she said the typical size is about $10,000,
though some can reach into the hundreds
of thousands of dollars. •
earth
REAL-WORLD
impacts
The number of potential angel investors
decreased by 20% and led to an 11%
decrease in the amount of angel
investments in the most affected cities.
The greatest effect has been seen in
smaller cities away from the coasts, places
that most need angel investors because
they’re generally ignored by venture
capitalists and investment funds.
The number of patents issued to companies
based in the most affected cities dropped
in the decade after the rule change, as did
retail sales and number of jobs at angel
investor-supported businesses.
Founders have been forced to rely more
on SBA loans and second mortgages to
finance their startups.
HOT
TIP
Looking for startup funding for your new venture? Go to your next college class reunion.
A recent study by Professor Jon Garfinkel has found that investors and entrepreneurs are
statistically more apt to connect and work together if they share a collegiate alma mater.
2 EXCHANGE 2024
More here!

NOT YOUR
FATHER’S
RISK MANAGER
Alumnus and entrepreneur
Jim Lewis becomes Vaughan
Institute executive director
BY SUZI MORALES
When he was a student at the University
of Iowa, Jim Lewis (BBA83) didn’t want to
pursue a career in insurance. “My father
was encouraging me to get into insurance,
so I did the exact opposite,” he recalls.
Lewis, the new executive director of
the Emmett J. Vaughan Institute of Risk
Management and Insurance at Tippie,
majored in finance and wanted to become
a stockbroker, but a down market changed
that plan. “Shortly before I graduated,
the market tanked, and they were laying
off brokers. The job that I had lined up
went ‘bye-bye.’”
Instead, Lewis spent much of his career
as an entrepreneur in—you guessed it—
the insurance industry, most recently as
the founder and CEO of insurance claims
analysis platform Benjamin.
In the fall of 2023, Lewis came back to
his alma mater to lead the institute. “I’m
used to being in a startup/entrepreneur
kind of mode,” he says, and he’s brought
that attitude to his new position. He’s
already tapped into his alumni and industry
connections to mentor and provide
opportunities for current students.
Lewis has also enlisted help from the School
of Journalism and Mass Communication
for a social media marketing campaign
to engage students and address the
preconceptions of insurance and risk
management that he’d held as a student.
“Students want to make a difference or an
impact. It’s really strong in this particular
generation. It aligns very nicely with our
external stakeholders, helping students find
their path in risk management, so they can
become a part of creating a safer, smarter,
more secure world,” he says.
The recruitment efforts are paying
off. According to Lewis, Tippie’s Risk
Management and Insurance (RMI)
major that launched last fall has fully
surpassed enrollment expectations of
around 100 students, and already has 192
undergraduate majors enrolled, along
with 51 certificate students, 16 MBA
concentrations, and one Ph.D. candidate.
Lewis doesn’t regret his career in an
industry he once snubbed. In fact, he now
embraces the creativity he’s found there.
“The world’s risky out there. It’s interesting.
It’s complex,” he says. “And it’s fun to solve
problems.” •
ABOUT THE
VAUGHAN
INSTITUTE
The Emmett J. Vaughan
Institute of Risk Management
and Insurance was founded in
2002 and in 2004 was named in
honor of industry luminary and
longtime Tippie professor and
administrator Emmett Vaughan.
His daughter, Terri Vaughan,
also became an insurance
industry leader and served
as director of the institute
before Lewis.
All students pursuing the
RMI major or certificate
at Tippie can benefit from
Vaughan Institute offerings,
including networking events,
RMI-exclusive scholarships,
mentorship from industry
professionals, and experiential
learning opportunities like
training for case competitions
and company-sponsored
research projects.
UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 3

JUGGLING FINANCE AND SPORTS
30 student athletes to cheer for
4 EXCHANGE 2024
Joe Connolly

As the largest major on the University of Iowa campus,
it should come as no surprise that finance students
participate in almost every extracurricular out there.
Baseball? We’ve got a guy. Rowing? We’ve got a girl.
Track and field? Yep, we’ve got finance majors there too.
Here’s a crib sheet of who to cheer for in Hawkeye sports.
baseball-glove
BASEBALL
#47–Joe Connolly
#37– Rowan Donels
#7–Connor Hennin
VOLLEYBALL
#14–Jacqlyn Caspers
BASKETBALL
#23–Ben Krikke
#20–Payton Sandfort*
#24–Pryce Sandfort
FOOTBALL
#71–Jack Dotzler*
#5–Joe Labas
#49–Andrew Lentsch*
#58–Kade Pieper
#55–Jeremiah Pittman*
#98–Chris Reames
#97–Liam Reardon*
#25–Kelby Telander*
#81–Cael Vanderbush
gym-shoes
TRACK &
FIELD
MEN’S
Jordan Johnson
WOMEN’S
Jamie Kofron
WRESTLING
Tony Cassioppi
Cullan Schriever
tennis-racquet
TENNIS
Jessica Matthews
canoe
ROWING
Liz Blewett
SOCCER
#31–Addie Bundy*
CROSS
COUNTRY
Brayden Burnett*
Duke Faley
Ian Geisler
Carson Houg*
Hayden Kuhn*
Caleb Levy
Miles Wilson
*Fall 2023 Academic All-Big Ten Honorees
UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 5

PLASTIC-FREE
AND PLANET POSITIVE
ALDI VP Heather Moore’s recipe
for greener groceries
BY LYNN ANDERSON DAVY
PORTRAIT BY NIC WYNIA
6 EXCHANGE 2024

ALUM
FEATURE
“My team is always looking for ways to positively impact
the world around us—from recycling to trash cleanup.
Our goal is to be model citizens and to encourage others
to join us in our actions for a cleaner environment.”
As a top executive at ALDI, Heather Moore
(BBA94) is serious about sustainability and
combating climate change.
She’s also a fierce advocate for food
pantries, a commitment she exercises
daily as vice president of operations
for ALDI, USA. Instead of throwing out
unused food at ALDI stores, Moore and
her team take fresh produce and canned
goods to local food pantries and homeless
shelters. Their efforts reduce landfill use
and food scarcity simultaneously.
This is one example of the many ways ALDI,
the disruptor grocery chain famous for
European delicacies and American staples
at rock-bottom prices, is creating a more
sustainable business model. Earlier this year,
CEO Jason Hart announced that the chain
is eliminating all plastic shopping bags and
transitioning to natural refrigerants in all
U.S. stores by 2035. ALDI already uses 100%
renewable energy sources at all distribution
centers and corporate campuses, a move
that has cut carbon emissions by 85%.
Moore, a 29-year veteran of the grocery
chain, is proud of the company’s
sustainability efforts. She’s witnessed
many changes since she started as an ALDI
district manager in Eastern Iowa, just a few
months after receiving her finance degree.
Today, Moore leads operations across the
Gulf Coast region, from Tallahassee, Fla., to
Lafayette, La., and meeting sustainability
goals while also keeping groceries
affordable for customers is critical for her.
FUN FACT
ALDI’s first US store opened
in Iowa City in 1976!
“I am proud of ALDI’s commitment to
tackling complex sustainability issues while
still keeping prices low,” says Moore. “My
team is always looking for ways to positively
impact the world around us—from recycling
to trash cleanup. Our goal is to be model
citizens and to encourage others to join us
in our actions for a cleaner environment.”
Moore believes that corporations,
regardless of size, play an essential role
in moving the global economy toward a
sustainable future. ALDI is committed to
eliminating all waste headed to landfills
by 2025 and cutting food waste in half by
2030. The national grocery chain already
works with hundreds of food pantries
nationwide but is stepping up its efforts to
ensure that quality food does not wind up
in the dumpster.
This last sustainability goal sits
particularly well with Moore.
“I’m a big advocate for food pantries because
I have seen their good work—in the Gulf
Coast and the Midwest,” says Moore.
“My daughter has picked up the bug, too,
because she volunteers at a food pantry
on her college campus. In our family, finding
ways to help our neighbors and our planet
is important.” •
Paper > Plastic
By eliminating plastic grocery bags across the nation, ALDI has averted 9 million
pounds of plastic waste and reduced their carbon footprint by 60 percent.
recycle
UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 7

VALUES-BASED
INVESTING
BY JENNIFER SETER WAGNER
PORTRAIT BY MARY RAFFERTY
Seth Rosenthal (BBA96) is quick to point
out the people he works with are heroes.
Rosenthal has served as the chief investment
officer for Academy Asset Management in
Chicago since 2022. It is the first disabled
veteran-owned institutional investment
management firm in the country to be
established post-9/11. A primary goal: To
invest in and support the nation’s veterans.
“We mentor, train, and hire veterans to
be successful in their careers on Wall
Street at Academy Asset Management and
its sister company, Academy Securities,”
Rosenthal said.
8 EXCHANGE 2024

ALUM
FEATURE
“We will take a close look at businesses
that are owned and operated by
veterans. We take pride in helping
them succeed.”
“
I work with folks who have received a Purple
Heart, or veterans who bear visible signs of
their experience,” he said. “They raised their
hand to defend our country, risking their
lives in the process. Now they are taking
the opportunity to give back to their fellow
veterans. To me, that’s truly inspiring.”
In addition to employment, another way
the company is giving back is through the
recently launched Academy Veteran Impact
ETF, which is listed with the trading symbol
“VETZ” on the New York Stock Exchange.
State Farm and Virtu Financial are two of
the founding investors. VETZ is the first
publicly traded ETF that invests mainly in
initiatives that support veterans and activeduty
U.S. military service personnel.
“We will take a close look at businesses that
are owned and operated by veterans,” says
Rosenthal. “We take pride in helping them
succeed.”
Further, the company works with the
Bob Woodruff Foundation to donate a
percentage of its management fees to
charities that champion pro-veteran
and military causes.
The effort has not gone unnoticed:
“We are proud to say we were a finalist in
the etf.com awards for ‘Best New ESG ETF,’
which means we are recognized for our
values-based investing,” said Rosenthal. “Our
clients actively pursue investments that
directly align with their values and ours—
and that means supporting veterans.”
Before joining Academy Asset Management,
the St. Charles, Ill. native ran the proprietary
investment portfolio at Northern Trust
where he managed approximately $100
billion in global assets; prior to that, he
worked for the Bank of Montreal in a similar
role. “My background is managing large
institutional portfolios,” he said. “Where I’m
at today is a little different because I’m at the
point where I’ve had a successful career, and
now I have the ability to contribute to the
veteran community.”
Rosenthal points out that his father and
both his grandfathers were veterans; he
was raised in an environment where the
love of country and service were paramount.
“This mission is really important to me,”
he said. “For me, wanting to give back was
a later-in-life realization. In my current role,
Wall Street veterans like me are paired
with younger military veterans to teach
them the ropes. It’s deeply satisfying
to me. I’ve had success. Now I can help
others succeed.” •
UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 9

COVER
STORY

THE BEAUTIFUL GAME
Kyle Krause
Q&Awith
BY AMANDA MAY
In September of 2020, Krause Group founder and CEO Kyle Krause (BBA85)
purchased a 90% stake in Parma Calcio 1913, adding to the growing list of
North American-owned top tier soccer clubs in Europe. And it’s no wonder.
With World Cup champion Messi coming to play for Miami and shows like
Ted Lasso, the sport has caught on in a big way in the United States. Read
on to learn about how this Tippie alum has broken into “the beautiful game.”
Q
Why Parma Calcio?
A It all started with
a bit of investigation
into Italian soccer and
evolved into this fantastic
opportunity. Some of the
research was initiated
because of work I was
doing related to Pro Iowa
(which aims to build a
soccer stadium and global
plaza in Des Moines). I
was exploring clubs and
ownership structures,
trying to better
understand opportunities
and the process. But
networking in Italy for
Pro Iowa knowledge led
to me developing more
intentional interest in
purchasing a club in Italy.
When I discovered Parma
Calcio was for sale, I knew
it was the right choice.
The club has an incredible
brand and history and
celebrated its 110-year
anniversary in December.
Parma Calcio is the
fourth most successful
Italian team in UEFA
competitions having won
four national trophies
and four international
trophies. In addition,
Parma is a beautiful city
with rich history, cuisine,
culture, and soccer.
What’s not to love?
UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 11

Read extended
Q&A online
PARMA
Q
Why a
soccer club?
A I’m incredibly passionate
about the sport. My initial
love for the game grew from
watching my own children
play. I was the proud dad,
happy to serve as a mentor
and coach. I’ve owned
our two-time national
championship team, the
Des Moines Menace, since
1998 and was inducted into
the United Soccer League
(USL)’s Hall of Fame in 2011
for contributions made to the
sport. I also played locally.
Q How’s your Italian?
A I have ancestors from Italy and
have dual citizenship, so I’ve always
embraced everything Italian. I love
the language, culture, and people
of Italy. I don’t speak it as well as
I’d like to, but work on it daily and
am proud to share that recently,
I’ve been able to give a few short
speeches in Italian!
speech-bubble-world
DYK?
Calcio means
soccer in
Italian?
Q Matches get tense! Do you ever have to
look away? Or do you have the stomach for it?
A I’m a passionate yet calm supporter—but
soccer is a painful and difficult business to be in.
It is intense and can be very emotional with all the
highs and lows that can happen, sometimes all in
one weekend.
Q Speaking of highs and lows—soccer,
like business, often has ups and downs.
What’s your advice to other business
owners on how to weather the storms?
A I encourage other business owners to
define and follow their long-term vision,
avoiding shortsighted decisions that get in
the way of future growth and success.
Q What have you learned at Parma that you could apply in Iowa?
A We’ve seen the good that having a team in Parma has done
for the community. Experiencing these benefits firsthand makes
us all the more passionate about bringing men’s and women’s
professional soccer to Iowa. The Pro Iowa Stadium (and global plaza)
would offer unique opportunities to bring diverse groups of people
together while celebrating and embracing Des Moines’ heritage and
international community.
12 EXCHANGE 2024

Q How are you using
analytics at the club?
A Performance and
analytics are embedded into
our decision-making, and I
believe are key to unlocking
success in soccer. Mathieu
Lacome, who came to us
from Paris Saint-Germain
in 2021, serves as our chief
performance and analytics
officer and oversees a staff
of more than 30 associates
who cover game analysis, data
analytics, and performance.
We use it for a few reasons,
the first being player and
coach recruitment. Using
data to optimize style of
play before recruiting staff
and players helps to ensure
we have alignment with our
system. The data can also
highlight players that scouts
might not have thought
about. Secondarily, we use
analytics to develop and
grow youth talent, ensuring
they can be ready to perform
and play in Serie A in future
years. And finally, we use
analytics to track and report
on talent development,
reviewing player progress
and developing action plans
and training for them—from
mental health and nutrition
support to injury prehab and
prevention guidance.
Q What player in history
would you sign if you
could?
A I’d say Megan Rapinoe.
She is an international
soccer icon and stands for
social justice and activism,
advocating for things like
equal pay structures for male
and female athletes, LGBTQ
initiatives, and treating all
with dignity and respect.
SERIE A
SERIE B
SERIE C1
SERIE C2
SERIE D
ECCELLENZA
PROMOZIONE
PRIMCATEGORIA
SECONDA CATEGORIA
TERZA CATEGORIA
Q Actors Ryan Reynolds
and Rob McElhenney
purchased Wrexham A.F.C.
a couple months after you
purchased Parma Calcio. In
the documentary Welcome
to Wrexham, Reynolds
says, “I’ve only been owner
of a football club for a short
time, but so far I’ve found it
to be very time consuming,
emotionally exhausting,
financially idiotic, and utterly
addictive.” Do you identify
with that?
A Ha, 100 percent. Well said.
I like what they’re doing. It’s
great to see more and more
people take notice of their
investment and engage with
soccer in the US.
Italian
Professional Leagues
Non-Professional
Leagues
Q You’ve referred to this as a
“multi-generational investment.”
How do you see Parma growing in
the next 50 years?
A I see our men and women being in
the top of the Serie A league every year
moving forward. It will require appropriate
investments in training centers, analytics,
and dedicated resources to drive equity.
We also have ambitious plans to give the
city of Parma a more modern and multifunctional
stadium (rendering on left) that
can be used by all, as well as modernizing
our training center in Collecchio and a
new women’s hub in Noceto, complete
with a gym, medical room, press room,
offices, and synthetic field.
Congratulations on promotion!
A Thanks! On May 1, the Parma men clinched promotion and
reclaimed our place in Serie A. This is a victory for all of us—
our players, coaching staff, associates, incredible fans, and the
entire community of Parma. The city is celebrating and there
are more celebrations to come. There has been an immense
amount of energy and enthusiasm leading up to this, and we are
grateful for the ongoing support as we approach next season.

PARTY LIKE IT’S 1999
Hawkinson Alumni Gathering,
Chicago, January 2024
Twenty-five years ago, the Tippie College
of Business was having a moment.
Henry B. Tippie had just pledged millions of dollars of support,
and the college was named after him in recognition. Our alumni
were killing it with the dot-com era booming, and new programs
were sprouting up left and right. Two of those offerings were in
the finance department and are celebrating a quarter century this
academic year. Let’s take a look at their impact.
BY AMANDA MAY
14

The Hawkinson Institute
Grows Up
WHAT IS IT?
Tippie’s undergraduate
investment banking program,
and a pipeline to Wall Street.
WHY IS IT UNIQUE?
Historically, entry-level analyst
positions were hired from a
pool of Ivy League students.
Iowa was one of the first public
universities to establish its
own pipeline and level the
playing field.
HOW DOES IT WORK?
Students apply by the end of
their freshman year, and those
accepted get career support in
three ways.
1 | A weekly class that exposes
them to advanced themes
in finance, speakers from
investment banking, private
equity, and related industries,
and 1:1 mentorship from
upperclassmen and Program
Director Brian Richman.
2 | Hard and soft interview
skills—students learn how to
tell their story to stand out and
how to work through technical
finance questions.
3 | Access to the Hawkinson
Institute’s network of
established relationships and
alumni. “Hawkinson alums
are great about mentoring
students and pulling them into
their firms. They are the whole
reason the program works,”
says Richman.
HOW IT STARTED
Dean Emeritus Gary Fethke
recognized that getting
students into high-profile jobs
would reflect well upon the
college, while while offering
more challenging, satisfying
opportunities for top students.
Who was Hawkinson?
The Institute was named in
honor of H. John Hawkinson
(BSC36), former president of
Kemper Financial Services.
HOW IT’S GOING
Hawkinson scholars have a
100% placement rate, and the
program is growing! From
three students its inaugural
year, the program now supports
25-30 undergraduates per
class. Richman reports he
even has high school and
transfer students reach out to
him because they are looking
forward to applying.
“I tell people I have the best job
in the college. All my students
are bright, motivated, and
ambitious. We get them on
these paths, and they go out and
make a name for themselves. It’s
definitely part of the job that I
love,” says Richman.
450
STUDENTS
have been through the
Hawkinson Institute
THE PROGRAM
NOW SUPPORTS
25-30
UNDERGRADUATES
per class
HAWKINSON
SCHOLARS—
100 %
PLACEMENT RATE
DYK?
To get hired today at an investment bank out of college, the internship between junior and senior year is key. Recruiting
for this internship has become so accelerated that interviews begin as early as sophomore year—16 months ahead! In response,
the college now offers first-year students an Intro to Investment Banking course.
UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 15

But the real testament to how
it’s going are the alumni of the
program. The students who
moved from Tippie right into
high-responsibility, highvisibility,
and high-earning
potential roles.
“Some of the students’ parents
work in finance, but many
others are first-generation
college students or come from
rural backgrounds—people who
might never have imagined
getting onto this career path
and finding success. Tapping
into this opportunity sets them
on steeper career trajectories,
opens up a wide range of
downstream career paths, and
enables them to potentially
create generational wealth for
their families. Those are some
of the great things this program
does,” Richman said.
“The Hawkinson
Institute made
me aware of
career paths and
opportunities
that I otherwise
never would have
known about.
Hawkinson also
helped me with
the preparation
and credibility to
pursue these paths.
My career journey
to date almost
certainly would
have been much
different without
the Hawkinson
Institute.”
We also now have several
alumni who are in senior
management positions at
important investment banks.
“It’s great seeing the program
come to maturity in this way,”
Richman said.
There are even more alumni
who went from the great
foundational job of analyst
and parlayed that into success
outside of investment banking.
Looking “ back and
now running a
$15B real estate
organization,
joining
Hawkinson
was likely one of
the best decisions
of my life.”
JESSICA THORSHEIM (BBA07)
Head of SFR Real Estate
Management, Amherst Group
party
The Hawkinson
Institute will
celebrate 25 years
with events in New
York and Chicago in
the coming year.
Stay tuned for
more information!
TIM LARSEN (BBA04)
Managing Director & Global
Co-Head of Consumer, Food, &
Retail Group, Houlihan Lokey
16 EXCHANGE 2024

ar-graph
The Krause Fund:
25 Years of Hands-On Experience
WHAT IS IT?
An undergraduate studentmanaged
investment fund
at Tippie.
It’s also an experiential learning
opportunity. “Our students
learn to apply industrylevel
valuation and financial
modeling techniques to live
companies in real time, which
leads to actual investment
decisions at the end of the
semester,” said Program
Director Todd Houge.
WHY IS IT UNIQUE?
“Many schools have studentmanaged
investment funds, but
some are run as clubs, where
students just get together,
talk about markets, and
make portfolio decisions. Our
program is a for-credit course
with in-depth analysis required.
Our students work hard, and we
have high expectations for the
quality of research output,” said
Houge. “We focus on making
sure that students emerge
with analytical skill sets that
employers want. That’s the
biggest difference.”
It’s also an open book. Holdings
and student research reports
are posted on the Krause Fund
website, marketing both the
program at the college as well
as the students to prospective
employers.
HOW DOES IT WORK?
Students in Applied Equity
Valuation work in teams of
four or five and are assigned
to monitor a holding in the
Krause Fund. The team spends
the semester researching the
company, along with potential
replacement investments from
the same economic sector.
At the end of the course, they
make a recommendation to
the Krause Fund Advisory
Board to keep, sell, or replace
the fund holding.
“We try to simulate the role of
an actual research analyst. We
replicate that environment, but
in a more controlled, academic
setting—with exams and
checkpoints along the way,”
Houge said.
Because “ there’s
more on the
line than just a
grade, it taught
me how to have
an opinion and
influence others.
I used all the skills
I developed in my
first job and every
subsequent job
thereafter!”
KAYLA KREMER (BBA11)
Senior Client Portfolio Manager,
Aegon Asset Management &
Krause Fund Advisory Board
Member
HOW IT STARTED
Bill Krause (BA57), of Kum
& Go fame, approached the
University of Iowa in the fall
of 1998, along with three
other universities in the state,
donating $100,000 each to
start an investment fund. Iowa
already had a course teaching
these concepts, Securities
Analysis, and created its
portfolio right away.
HOW IT’S GOING
The fund has grown from
$100,000 to $800,000, but
the 700+% return is not the
primary focus for Houge. It’s
the experience provided to
hundreds of students along
the way.
“The primary goal is that
we want students to walk
away from the class with
an understanding of how to
analyze a company, identify
core value drivers, forecast
financial statements, and
develop an integrated economic
and industry outlook. The final
step in the process requires
teams to deliver a professional
presentation and effectively
communicate their investment
thesis,” Houge said.
“Recruiters are consistently
impressed by Krause Fund
students’ research reports,”
said Houge. “Students tell
me they say ‘I’ve never seen
an undergraduate student
produce this level of work.’ And
that’s the kind of outcome we
are aiming for.” •
See Krause
Fund holdings
UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 17

ALUMNI UPDATES
CONNECT WITH US TippieIowa Tippie College of Business @TippieCollege @tippiebiz @TippieIowa
new role as an associate for
Revelstoke Capital Partners
in Denver.
PARESH BHANDERI
(BBA05) is a senior finance
advisor at Chevron in
London, England.
DANIEL G. BROWN
(BBA13/MBA23) is CFO
of Acterra Group in Marion,
Iowa. He was formerly the
VP controller at Ruffalo
Noel Levitz.
CHARLIE BULLEN (BBA08)
accepted a position as
outside linebackers coach
for the New York Giants.
He has 11 years of NFL
coaching experience and
got his start as a student
assistant for the Hawkeye
football team.
ELIZABETH SIERK
CORRIDAN (BBA83)
retired as CEO of Kappa
Alpha Theta, Inc. after 25
years in the position and a
total of 39 years on staff.
She has since been elected
chairman of the Herbert
Hoover Presidential Library
Foundation board
of trustees.
MICHAEL CROSS (BBA91)
was honored at the Dallas
Business Journal’s 2023
CFO of the Year awards.
Cross is CFO of Toyota
Connected North America,
based in Plano, Tex.
LAUREN EASTMAN
(BBA18) is a financial service
specialist at One Source
Advisory in Tampa, Fla.
MAYURI FARLINGER
(BBA04) is the new president
of Alliant Energy. She began
her career at the company in
2004 as an intern.
JOE FREEDLUND (BBA22)
competed at the North
American Grappling
Association’s Chicago
Grappling Championship
in May 2023 and won first
place in the absolute division
for no-gi (ununiformed)
beginners and second in his
weight division.
ISABEL GOMEZ (BBA22)
is an analyst at Deloitte in
Chicago.
BRANDON GREENLY
(MBA22) was promoted
to engineering program
manager for Aruba, a Hewlett
Packard Enterprise company.
KEVIN GRUNEICH (BBA80) received the 2023
Hancher Finkbine Alumni Medallion from the University
of Iowa. He retired from a senior leadership position
at Bear Stearns in 2004 and remains actively engaged
in private business ventures and on several corporate
and philanthropic boards. Gruneich and his wife, Donna,
(center couple pictured here) have also helped open
doors for many students at Iowa, supporting programs
across the university.
RICHARD GRIMLEY
(BBA80) was appointed
board director for the Kaiser
Aluminum Corporation. He
will also serve on the board’s
compensation and ESG
committees.
MAXWELL HEDGES
(MSBA22/MFIN22) started
a new role with Wells
Fargo as a risk analytics
consultant.
baby
Is there a new
baby in your life?
Send us an update and
we’ll send you a bib!
tippie.uiowa.edu/update
RILEY CALLAHAN
(BBA20/MAc21) started a
RACHAEL EISENREICH
(BBA18/MBA23) is a senior
financial analyst with Wells
Fargo in Minneapolis. She
also serves on the board for
the Twin Cities Iowa Club.
JESSE HALL (BBA16) is a
certified financial planner
and joined the wealth
management team at The
Grandview Capital Group at
Morgan Stanley in Peoria, Ill.

Do you want to be
in the next issue?
Send us your update!
Lindsey Drilling,
Assistant Director of Alumni Engagement
tippie.uiowa.edu/alumni/update
tippie-alumni@uiowa.edu
Tippie College of Business
108 John Pappajohn Business Bldg.
Iowa City, IA 52242-1994
DENIZ JOHNSON (MBA93)
was recognized, along
with two colleagues, with a
team Rising Star Award at
the BAI Global Innovation
Awards for their leadership
in shaping financial services
and capacity to foster
positive change in their
organizations. She was
also recognized—for the
second time—as an Inspiring
FinTech Female by NYC
FinTech Women. Johnson
is the COO at Stratyfy in
Boston.
ANTHONY LEHNERTZ
(BBA16) was promoted to
an executive director at the
University of Iowa Center for
Advancement, focusing on
fundraising for the Tippie
College of Business.
CHUCK SWANSON (BBA75/MBA76) received a Distinguished “Forevermore” Staff
Award at the 2023 Hawkeye Distinguished Alumni Awards. Swanson worked at Hancher
Auditorium for 37 years, first as its business manager, then associate director, and as
executive director from 2002 until his retirement in 2022.
CHRIS KLEIN (BBA85) was
named to W.W. Grainger’s
board of directors.
ELIZABETH (MCCANNON)
KOHLHAAS (BBA10) is
the finance manager for
NA operations at Corteva
Agriscience in Des Moines,
Iowa.
LURA MCBRIDE (BBA93)
was named the 2023
National Association of
Electrical Distributors
(NAED) Women in Industry
Trailblazer honoree. She
was also the Cedar Rapids
Economic Alliance’s 2023
recipient of the Howard
Hall Excellence in Business
Award. McBride is the
president and CEO of Van
Meter in Cedar Rapids, Iowa.
IAIN O’CONNOR (BBA17)
began a new position as vice
president with J.P. Morgan
Private Bank.
ALLISON PENDROY
(BBA99) is the COO at
WesleyLife in Johnston, Iowa.
Upon retirement, Peppers
volunteered with many
outreach programs and
frequently gave speeches to
veterans’ groups at patriotic
celebrations.
CHARLES SCHALLER
(MBA17) is now the vice
president of planning and
analytics and medical policy
at UnitedHealth Group in the
Twin Cities.
JOHN KOOLSTRA (BBA82)
retired in January, 2024
after a 30-year career at the
Vermeer Corporation in Pella,
Iowa working in a variety of
finance roles, the latest as
treasurer for the company.
JOHN MICKELSON
(BBA03/MBA07/JD07) is
co-founder and managing
partner of Midwest Growth
Partners in West Des Moines,
Iowa. The private equity firm
completed fundraising for
its third investment fund,
exceeding its initial goal and
reaching $170M.
ANAND PATEL (BBA23)
is a business applications
associate in the consulting
practice of RSM in Dallas.
MAJOR GENERAL JOHN
PEPPERS (BBA59/MA72)
posthumously received a
2023 Hawkeye Distinguished
Alumni Service Award. He
served in the U.S. Army for
31 years and was awarded
the Distinguished Service
Medal, the Legion of Merit,
and Bronze Star Medal.
CHRIS SNYDER (BBA92) is
the new president of Folience
in Cedar Rapids, Iowa.
UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 19

ALUMNI UPDATES
CONNECT WITH US @TippieIowa TippieIowa Tippie College of Business @TippieCollege
THEN & NOW
1985 2024
ARE YOU A
published
author?
Let us know!
It’s ok to brag a little.
Update your info at:
tippie.uiowa.edu/update
heart
MARC SWERDLOW (BBA85) is the president of
the real estate investment firm Grand Peaks and the
founder of EMES Real Estate Advisors in Denver.
JOE VENS (BBA13) was
named to the Corridor
Business Journal’s Forty
Under 40 list for 2023. Vens
is a risk advisor with First
MainStreet Insurance in
Cedar Rapids, Iowa.
COLONEL KEVIN W.
TECHAU (BBA81/JD84)
received a 2023 Hawkeye
Distinguished Veterans
Award from the University
of Iowa. Techau served for
seven years in the U.S. Air
Force and 19 years in the
Iowa Air National Guard,
after which he was awarded
the Legion of Merit for his
service. He also served as
the U.S. Attorney for the
Northern District of Iowa
from 2014 to 2017 and
received the Iowa Public
Health Heroes Award from
the UI College of Public
Health for his work in opioid
overdose death prevention
in Iowa.
MOLLIE THOMSEN
(BBA08) was named to the
Corridor Business Journal’s
Forty Under 40 list for 2023.
She is COO, wealth advisor,
and principal at United Iowa
Financial.
TERRI VAUGHAN (BBA79)
was recognized as a 2023
Woman of Influence by the
Des Moines Business Record.
EMILY VORLAND (BBA07)
welcomed a son, Lewis, in
December 2021. Vorland is
an emergency room nurse
in Denver.
KATELYN WHEELDON
(BBA16) graduated with
an MBA from the Wharton
School at the University of
Pennsylvania.
LINDSEY (DOTY) LOWRY (BBA19) and JASON
LOWRY (BBA19) were married in August of 2023. They
met in a database management class their junior year
at Tippie. Lindsey is a senior process analyst in risk
management for Target and Jason is an associate
portfolio manager at BMO in Minneapolis.
Your Name Here
(BBA/MBA/PhD)
New job?
New grand/baby?
Retirement?
It’s ok to brag a little.
Send your update to:
tippie.uiowa.edu/update
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.
20 EXCHANGE 2024

SEPEHR ROUDINI
Finance Ph.D. Student | Tippie College of Business
1 What are you reading? The Code Breaker by Walter
Q Isaacson. It is an incredible book that explores the
groundbreaking research of Nobel Prize winner Jennifer
Doudna in genome editing and its potential impact on the
future of humanity.
2 Who is inspiring you? I’m inspired by those who
Q courageously fight for truth and freedom, whether it’s
journalists uncovering corruption, activists advocating for
human rights, or individuals challenging oppressive systems.
After all, the core of social science research is to shed light on
the truth.
3 What is the best part of your day? The best part of my
Q day is the evening when I can be with loved ones, whether
it’s sharing a meal or simply enjoying each other’s company.
NATALIE COSTELLO
BBA87 | Former Vice President, BP
1 What are you reading? If you asked my husband, Tom, he might say “What
Q is she not reading?!” Seriously, on my nightstand is the book Les Parisiennes
by Anne Sebba. It’s a fascinating non-fiction account of how women in Paris
lived, loved, and died during and after the Nazi occupation in the 1940s. It’s about
choices and decisions they faced daily to survive and either collaborate or resist
the powers of the era.
2 Who is inspiring you? My children, Anna and JD, who are in their early and
Q mid-twenties, respectively. Watching them navigate young adulthood, build
their independent lives, develop their careers, and live on their own and support
themselves financially is a joy.
3 What is the best part of your day? Early in the morning shortly before the
Q sun starts rising. Living on the east coast of Florida, we have some of the
most beautiful sunrises I’ve ever seen. I love to wake early, meditate, read, learn,
contemplate, and dream for an hour or so.
LAWRENCE COOK
Professional Director, Master
of Finance program; Associate
Professor of Practice | Tippie
College of Business
1 What are you reading? The Fountainhead by Ayn Rand.
Q An interesting novel from years back challenging the
reader to think through some of the basic concepts of our time.
2 Who is inspiring you? My son, Cameron. As a naval
Q officer, Cam’s currently on deployment in the Middle
East. His experience puts everything in context!
3 What is the best part of your day? Watching
Q television at day’s end on the couch with Peanut Butter,
our English Bulldog. She’s a good girl!

Department of Finance
108 John Pappajohn Business Bldg.
Iowa City IA 52242-1994
tippie.uiowa.edu
Soccer fans are nothing short of passionate, but
Kyle Krause (BBA85) took it to a whole new level
when he bought a club! Read his story on page 10.