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Mr. Hammerstein directs our Firm's financial modeling and research. These efforts encompass capital markets research, asset/liability modeling, risk management, and alternative investments. The capital market research supports the Firm's development of risk and return assumptions for client's asset allocation decisions. The focus of our asset allocation work is to develop an optimal strategy given the nature of the claims against the investment pool. For pension plans, we have developed an integrated asset/liability management framework that directly links the investment strategy with benefit payments and pension fund contributions. Yanni Partners has also developed models for endowments and funded depreciation pools. The Firm's endowment model integrates investment management and spending policies. The risk management function helps the Firm's clients to measure and control risk more effectively. Mr. Hammerstein has authored several of the Firm's recent publications, covering topics such as capital market assumptions, endowment management, risk management, private equity, and investment manager mergers. | 