William Clark

Senior VP & CIO, Federal Reserve Office of Employee Benefits

William G. Clark has directed the investments for the Federal Reserve’s defined benefit and defined contribution plans since March 2010. In total, the plans have approximately $12 billion in assets under management and cover approximately 30,000 participants.

Prior to that, Mr. Clark oversaw the investments and operations of the New Jersey pension fund since March 2005. Prior to that, he served as Deputy Director from 1999 – 2005. One of the nation’s 15 largest public funds, the New Jersey pension fund provides retirement benefits for more than 700,000 current and future public retirees in seven public pension systems. Total assets under management by the Division were approximately $80 billion.

As director, Mr. Clark guided the fund’s transition from one primarily invested in domestic equities and fixed income securities to a fund that includes 22 percent international equities and 7 percent alternative investments (private equity, hedge funds, hedge fund of funds and real estate).

Immediately prior to joining the Division on Investment, he served as Senior Vice President of MBL Life Assurance Corporation, Newark, NJ, where he directed the company’s group pension and mutual fund businesses. He is a Certified Public Accountant in the State of New Jersey.

Mr. Clark received his Masters in Business Administration degree from Rutgers University, and a Bachelor of Science degree from Villanova University.

Josh Rosner

Managing Director, Graham Fisher & Co.

Joshua Rosner is managing director at independent research consultancy Graham Fisher & Co and advises regulators and institutional investors on housing and mortgage finance issues. Previously he was the managing director of financial services research for Medley Global Advisors and was an executive vice president at CIBC World Markets. Mr. Rosner was among the first analysts to identify operational and accounting problems at the government-sponsored enterprises and one of the earliest in identifying the peak in the housing market, the likelihood of contagion in credit markets and the weaknesses in the credit rating agencies CDO assumptions.

Mr. Rosner’s work on the government-sponsored housing enterprises, credit rating agencies and mortgage markets has resulted in invitations to present to the Forecasters Club of New York, Professional Risk Managers International Association, ABSummit Geneva, The National Association of Business Economists, Financial Roundtable, the American Enterprise Institute, the American Real Estate and Urban Economics Association, the Global Fixed Income Institute, CFA Institute, the Hudson Institute, The New America Foundation, The Chicago Fed Annual Bank Structure Conference, The Institutional Investor Legal Forum and the Fixed Income Forum. Privately, he regularly presents his research to leading global policy makers, legislators, central bankers and regulators. Mr. Rosner has authored several groundbreaking papers on housing, structured securities and rating agencies. He has been interviewed on PBS, CNBC, Bloomberg, NBC, CBS and is frequently quoted on major national press. He blogs for New Deal 2.0.

Peter Demirali

Managing Director, Cumberland Advisors

Peter Demirali joined Cumberland Advisors in 2002 as Portfolio Manager for the Taxable Bond style, and became a Managing Director in 2011. Mr. Demirali was a Senior Portfolio Manager at Smith Barney Asset Management from 1990 to 1999. In that position, he initiated a corporate bond component for taxable fixed-income portfolios.

From 1999 to 2002 he was a partner in Anval, Inc., a commercial real estate brokerage company, where he successfully developed new territories and clients for his firm. He traded zero-coupon bonds at Yamaichi International, a Japanese securities dealer, from 1987 to 1989. Mr. Demirali began his career at Chemical Bank where, from 1983 to 1987, he traded short and intermediate zero-coupon bonds and Treasuries.

His comments and analysis have appeared in Bloomberg Business News, Barron’s, the Wall Street Journal and The Bond Buyer. He has appeared on CNBC and Fox Business News as well as Bloomberg Television.

Mr. Demirali holds a B.S. degree in business administration from Georgetown University. He is a member of the Philadelphia Council of Business. Mr. Demirali resides in Mendham, New Jersey.

Michael Drury

Chief Economist, McVean Trading & Investments

Michael Drury is the chief economist for McVean Trading & Investments, LLC. He joined the firm in 1992, after serving for five years as senior economist with Allen Sinai at Shearson Lehman Brothers and its successor firms. Michael began his career in New York in 1982 as senior economist at A. Gary Shilling and Company. He received his B.S. in economics from the Georgia Institute of Technology and did his graduate work at the University of Wisconsin-Madison.

Michael assesses macroeconomic developments around the world to help develop hedging strategies using futures markets in interest rates, currencies and industrial materials. He travels extensively in the United States and China, as well as to Japan, Europe and Latin America. Michael is the author of McVean Trading’s “Weekly Economic Update.” He is the vice chairman and program chair for the Global Interdependence Center, president of the Economic Club of Memphis, was the founder and first President of the MidSouth Association for Business Economics (a chapter of NABE), and is a member of the National Business Economic Issues Council (NBEIC) and a non-resident member of the American Chamber of Commerce in Beijing. Michael lives in Germantown, Tenn. with his wife, Mahrou, and has three children.

Stephen Sexauer

Chief Investment Officer, Allianz Global Investors Solutions

Stephen Sexauer has been the Chief Investment Officer of AGI Solutions since inception in June, 2008, and has been a Managing Director of Allianz Global Investors of America LLC or one of its subsidiaries since May, 2003. Mr. Sexauer has overall responsibility for all investment functions at AGI Solutions and is directly responsible for portfolio risk profiles, asset allocation and fund selection. Mr. Sexauer is also a member of the AGI Fund Management Board. Prior to Allianz, Mr. Sexauer was a portfolio manager at Morgan Stanley Investment Management from July 1989-March 2002. Mr Sexauer worked at Salomon Brothers from November 1986-June 1989. Mr. Sexauer previously worked in Economic Consulting at Merrill Lynch Economics and at Wharton Econometrics. Mr. Sexauer holds an MBA from the University of Chicago with concentrations in economics and statistics and a BS from the University of Illinois in economics.

David Kotok

CIO of Cumberland Advisors and GIC Vice Chair of the Central Banking Series

David R. Kotok cofounded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. He holds a B.S. in economics from The Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from The School of Arts and Sciences at the University of Pennsylvania, and a masters in philosophy from the University of Pennsylvania.

Mr. Kotok’s articles and financial market commentary have appeared in The New York Times, The Wall Street Journal, Barron’s, and other publications.  He is a frequent guest on financial television including Bloomberg Television, CNBC, and Fox.  He also contributes to radio networks such as NPR and media organizations like Bloomberg Radio among others. He has authored two books including the best seller “From Bear to Bull with ETFs.”

Mr. Kotok currently serves as a Director and Program Chairman of the Global Interdependence Center (GIC) (www.interdependence.org), whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. Mr. Kotok chairs its Central Banking Series, and organized a five-continent dialogue held in Philadelphia, Paris, Zambia (Livingstone), Hanoi, Singapore, Prague, Cape Town, Shanghai, Hong Kong, Rome, Milan, Tallinn, and Santiago, Chile. He has received the Global Citizen Award from GIC for his efforts.

Mr. Kotok is a member of the National Business Economics Issues Council (NBEIC), the National Association for Business Economics (NABE), serves on the Research Advisory Board of BCA Research, and is also a member of the Philadelphia Council for Business Economics (PCBE).

Mr. Kotok has served as a Commissioner of the Delaware River Port Authority (DRPA) and on the Treasury Transition Teams for New Jersey Governors Kean and Whitman. He has also served as a board member of the New Jersey Economic Development Authority and as Chairman of the New Jersey Casino Reinvestment Development Authority.

Mr. Kotok hosts an annual Maine fishing trip, where, it is rumored, most of the nation’s important financial and economic decisions are actually made.