Alan Seigerman, COO ReFlow
Managing Investor Flows and Improving Fund Efficiency
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Drawing on over seventeen years’ experience planning, implementing and leading product development strategies, Alan has overseen ReFlow’s development and operations for the last four years. Previously, he was the director of E*TRADE's internal consulting group focused on new business opportunities, including selecting and integrating third party affiliations, joint-ventures and acquisitions. Prior to E*TRADE, Alan was a principal consultant at Price Waterhouse LLC, assisting clients with managing and valuing their intellectual property, as well as maximizing their revenue and profit contribution. Earlier, at IDD Information Services, he developed the first online global mergers and acquisitions information service, now owned by SDC, a division of the Thompson Corporation.

Russel Kinnel, Director of Mutual Fund Research, Morningstar and Editor of FundInvestor, Morningstar, Inc.
Trading Costs From The Outside: A Look at The Bloat Ratio
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Russel Kinnel is director of mutual fund research for Morningstar, Inc. and editor of Morningstar FundInvestor ™, a monthly print newsletter for individual investors. He also writes the Fund Spy column for Morningstar.com, the company’s investment Web site.

Since joining the company in 1994, Kinnel has covered the Fidelity, Janus, T. Rowe Price, and Vanguard mutual fund families. He helped develop the new Morningstar Rating™ for funds and the new Morningstar Style Box™ methodology. He also is co-author of the company’s first book, The Morningstar Guide to Mutual Funds: 5-Star Strategies for Success, which was published in January 2003.

Born in New York City, Charles earned a BA degree from Brooklyn College and an MBA from Harvard Business School. He began his career as Alan Abelson's assistant at Barron's from 1971 to 1973. There he predicted the collapse of real estate investment trusts (REITs). After Barron's, he worked in the Wall Street short selling community and recommended shorting REITs on their way to perdition. After much of the REIT industry went bust, Biderman became a successful real estate entrepreneur, putting together various deals in Tennessee and New Jersey. In 1990, Biderman founded Market TrimTabs in Santa Rosa, California.

Market TrimTabs originally specialized in short selling, but Biderman began tracking mutual funds flow twice each week in 1994. As the firm developed into the only independent research service that publishes detailed daily coverage of U.S. stock market liquidity, including daily mutual funds flow and withheld income and employment tax collections, it became known as TrimTabs Investment Research. The premise of TrimTabs' approach is that stock prices are a function of liquidity rather than fundamental value.

Greg Kadlec, Ph.D, Echo Investment Advisor; Research & Development Consultant, ReFlow
The Visible Impact of Invisible Costs: Mutual fund Trading and Performance
(co-editors: Richard Evans, Ph.D and Roger Edelen, Ph.D)
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Along with conducting research, educating and advising on fund flow, trading costs, and risk management at ReFlow, Greg is the R. B. Pamplin Professor of Finance at Virginia Tech. He is regarded as a leading expert on mutual funds and transaction costs, and his research is published in top academic journals, widely cited in government proceedings, and has been featured in the New York Times and Wall Street Journal. Greg’s study on the pricing of mutual fund shares (fund timing), published in the Journal of Finance, was presented to the SEC and at a special conference held by the ICI. He has played a prominent role advising mutual fund companies on policies to address the fund timing problem. His thesis, published in the Journal of Finance, examines the economic gains from reducing transaction costs. Greg is a member of the American Finance Association and the Western Finance Association.

Christian Gellerstad, CEO Pictet & Cie (Europe) SA
Protecting Alpha: Operational Integrity Counts
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Christian has worked for the Pictet Group for the last 12 years. The Swiss-based Pictet Group is one of the largest independent asset management firms in Europe with over USD 180 billion in assets under management. Christian is currently CEO of the Group's banking hub in the European Union (Pictet & Cie (Europe) S.A., in Luxembourg) with subsidiaries in Frankfurt, Paris, Madrid and Turin. In addition, he acts as a member of the Executive Committee of Pictet Funds SA, the investment fund arm of the Pictet Group. Christian holds an MBA from the University of St. Gallen (HSG), with majors in Finance and Banking. He is also a Certified European Financial Analyst (CIIA).

Roger Edelen, Ph.D, Echo Investment Advisors; Research & Development Consultant, ReFlow
Client Tailored Equitization: A New Tool For Cash Management From ReFlow
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Recognized by the financial services industry as an expert on market liquidity and mutual fund performance, particularly as relates to operations, Roger is responsible for directing, managing, and implementing ReFlow’s economic research and development. As a professor at Wharton Business School, Roger conducted extensive research analyzing the trading decisions of mutual fund managers and evaluating topics such as portfolio risk, fair value of market-pricing, portfolio turnover and efficiency. More recently, as the director of enhanced equities at Mellon Capital Management, Inc., he oversaw development of the firm’s enhanced indexing strategy. Roger holds a PhD from the University of Rochester, and an MBA from the University of Texas at Austin.

Wayne Wagner, Chairman and Co-Founder of Plexus Group
Total Transaction Costs: Market Trends in Equity Transaction Costs
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Wayne Wagner is a Co-founder and Chairman of Plexus Group, a Los Angeles-based firm that provides implementation evaluation and advisory services to U.S. and Global money managers, brokerage firms and pension plan sponsors. Wayne and Plexus Group were chosen as the 1999 Consultant of the Year by Plan Sponsor Magazine. Investment News named him one of the Power Elite 25 for 2001. Plexus Group is an independent subsidiary of JPMorgan Investor Services Company , a division of JPMorgan Chase. Mr. Wagner is author and editor of The Complete Guide to Securities Transactions: Improving Performance and Reducing Costs (John Wiley & Sons, 1989). His most recent publishing effort is a popular investment book written with friend Al Winnikoff entitled MILLIONAIRE: the simplest explanation of how an index fund can turn your lunch money into a fortune (Renaissance Books, 2001). Wayne has received two Graham and Dodd Awards from the Financial Analysts Journal for excellence in financial writing. He served as a Regent of the Financial Analysts Seminar and served on the AIMR text-blue Ribbon Task Force on Soft Dollars and the AIMR Best Execution Task Force. Mr. Wagner was a founding partner of Wilshire Associates and served as Chief Investment Officer of Wilshire Asset Management. Earlier, Mr. Wagner participated in the design and operation of the first index funds at Wells Fargo Bank. Wayne holds an MS in Statistics from Stanford University and a BBA in Management Science/Finance from the University of Wisconsin.

Richard Evans, Ph.D, Assistant Professor, Boston College
Investor Flows and Fund Performance: Evidence From Twin Funds
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Richard B. Evans is an assistant professor of finance at Boston College’s Carroll School of Management. He earned his Ph.D. in Finance at the Wharton School of Business where he was a Dean’s Fellow and taught in the executive education program. His current research examines optimal decision-making by mutual fund management companies and the role of short-selling costs in asset pricing. His research has been cited by The New York Times and Forbes magazine.

Larry Harris , Ph.D, Chief Economist, Madison Tyler; Fred V. Keenan Chair in Finance, Marshall School of Business, USC; Former Chief Economist, SEC
Keynote Speaker

Larry Harris holds the Fred V. Keenan Chair in Finance at the USC Marshall School of Business. His research, teaching, and consulting address trading and investment management issues. He has written extensively about trading rules, transaction costs, index markets, and market regulation. His introduction to the economics of trading, Trading and Exchanges: Market Microstructure for Practitioners (Oxford University Press: 2003), is widely regarded as the definitive treatment of the subject. Professor Harris received his Ph.D. in Economics from the University of Chicago in 1982.

Chairman Harvey Pitt appointed Dr. Harris Chief Economist of the U.S. Securities and Exchange Commission in July 2002. He continued serving under Chairman William Donaldson through June 2004. As Chief Economist, Harris was the primary advisor to the Commission on all economic issues that came before it. He contributed extensively to the development of regulations implementing Sarbanes-Oxley, to the resolution of the mutual fund timing crisis, to the specification of the proposed Regulation NMS (National Market System), and to numerous legal cases. Harris also directed the SEC Office of Economic Analysis in which 35 economists, analysts, and support staff engage in regulatory analysis, litigation support, and basic economic research.

Professor Harris has been an associate editor of the Journal of Finance, the Review of Financial Studies, and the Journal of Financial and Quantitative and Analysis, and a member of the editorial board of the Financial Analysts Journal. His past professional service includes two years spent at the U.S. Securities and Exchange Commission and at the New York Stock Exchange immediately following the Stock Market Crash of 1987. He currently serves as the research coordinator of the Institute for Quantitative Research in Finance (the Q-Group).