FOR RELEASE
May 18, 2010

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Kate Hendrickson
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IMCA Honors William Fouse and Peter Bernstein at Annual Conference
“Father of Indexing” winner of one of four industry awards

ORLANDO, Fla.—May 18, 2010—Investment Management Consultants Association (IMCA^®) presented four prestigious industry awards at its 2010 annual conference in Orlando earlier today.

William L. Fouse and Peter L. Bernstein (1919–2009), each received the 2010 Matthew R. McArthur Award for their outstanding contributions to the profession of investment management consulting. Mr. Fouse, co-founder and chairman emeritus of Mellon Capital, is widely recognized as the “Father of Indexing” and creator of quantitative tactical asset allocation. He pioneered index fund management (1969); linked the dividend discount model with the capital asset pricing model (1970); and created tactical asset allocation (1972). Mr. Bernstein was honored posthumously, and was the founder and president of Peter L. Bernstein, Inc., which he established in 1973 as economic consultants to institutional investors and corporations around the world. He was the first editor of the Journal of Portfolio Management and the author of nine books about economics and finance.

John C. Bogle received the 2010 Richard J. Davis Ethics Award for his article, “The Fiduciary Principle: No Man Can Serve Two Masters” (Journal of Portfolio Management 36, no. 1, fall 2009: 15–25). The award honors the author of an article that has made a significant contribution to advancing the understanding and knowledge of investment management consulting and/or private wealth management in the area of ethics, and/or the fiduciary, legal, or regulatory issues that affect these professional practices. Mr. Bogle is the founder of The Vanguard Group, Inc., and president of Vanguard's Bogle Financial Markets Research Center.

Richard K. Fullmer, CFA^®, received the 2010 Edward D. Baker III Journal Award for his article, “A Framework for Portfolio Decumulation” (Journal of Investment Consulting 10, no. 1, summer 2009: 63–71). The award honors the author of an original article that represents the best writing for the previous year and is germane to the investment management consulting and/or private wealth management professions. Mr. Fullmer wrote this article as senior portfolio strategist for retirement income investing for Russell Investments in Tacoma, Wash.

Rex P. Macey, CIMA^®, CFA^®, received the 2010 Stephen L. Kessler Writing Award for his article, “Of Tulips and Trumpets: Is Time Diversification a Myth or Reality? Does Time Horizon Affect the Tolerance for Risk?” (Investments & Wealth Monitor 24, no. 1, January/February 2009: 41–43). The award honors IMCA members for their excellent editorial contributions the previous year to IMCA’s Investments & Wealth Monitor. Mr. Macey is chief investment officer for Wilmington Trust in Atlanta, Ga.

Two authors also were recognized with Stephen L. Kessler Writing Award honorable distinctions: Fred Bruckner, CIMA^®, AIF^®, for his article, “Performance Measurement Challenges for Investors Who Live in a Perpetual Time Horizon World” (Investments & Wealth Monitor 24, no. 1, January/February 2009: 25–27), and Jack Gardner, CIMA^®, AIFA^®, for his article, “Structuring Distribution Strategies for Retirees in a Bear Market” (Investments & Wealth Monitor 24, no. 6, November/December 2009: 22–25). Mr. Bruckner is a vice president and portfolio specialist in the investment management consulting group for Wells Fargo Advisors in St. Louis. Mr. Gardner is a managing director of Thornburg Investment Management and president of Thornburg Securities Corporation in Santa Fe, N.M.

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