Investment Committee

Brandon Thomas, Chief Investment Officer

Mr. Thomas is responsible for all aspects of PMC's investment management and research capabilities. Primary among those responsibilities include the development of PMC's investment policy, implementation of the firm's investment management and research offerings, and the development of new investment products, including alternative investment strategies. Mr. Thomas is a member of the PMC Management Committee and also serves on PMC’s Investment Committee.

Prior to joining the firm in 1999, Mr. Thomas was Director of Equity Funds for The John Nuveen Company. For five years, Mr. Thomas was responsible for managing the firm's equity fund activities and served on the firm's New Products Committee. Prior to that, he was a portfolio manager with a Chicago-based money manager, and started his career as a securities analyst with a Wall Street investment management firm.

Mr. Thomas received an AB in Economics from Brown University, an MBA in Finance and Accounting from the University of Chicago, and a JD from DePaul University. He holds the FINRA Series 7, 24, and 63 securities registrations and the Series 65 investment advisor registration.

Articles By This Author

Diversification: An Expensive Lunch Recently, But Free Over Time PMC Weekly Review - February 3, 2017 Economic and Market Overview: Fourth Quarter 2016 PMC Weekly Review - December 2, 2016 Post-Election, Will Markets and Portfolios Emerge Winners or Losers? Webinar Replay: Post-Election Winners and Losers PMC Weekly Review - November 4, 2016 Money Market Reform: What Does it Mean for Investors? PMC Weekly Review - October 7, 2016 Economic and Market Overview: Third Quarter 2016 PMC Weekly Review - September 2, 2016 PMC Weekly Review - August 5, 2016 Economic and Market Overview: Second Quarter 2016 PMC Weekly Review - July 1, 2016 Managing Volatility—A Little Planning Goes a Long Way A Surprise Brexit Leaves the Markets in Uncertain Territory Once Again PMC Weekly Review - June 3, 2016 PMC Weekly Review - May 6, 2016 Economic and Market Overview: First Quarter 2016 PMC Weekly Review - April 1, 2016 The Value of Value PMC Weekly Review - March 4, 2016 PMC Weekly Review - February 5, 2016 PMC Weekly Review - January 8, 2016 Economic and Market Overview: Fourth Quarter 2015 PMC Weekly Review - December 4, 2015 PMC Weekly Review - November 6, 2015 Economic and Market Overview: Third Quarter 2015 PMC Weekly Review -October 2, 2015 Smart Thinking PMC Weekly Review - September 4, 2015 Turmoil in Global Markets: China’s Currency Devaluation PMC Weekly Review - July 31, 2015 PMC Weekly Review - July 10, 2015 Economic and Market Overview: Second Quarter 2015 PMC Weekly Review - June 26, 2015 PMC Weekly Review - June 5, 2015 PMC Weekly Review - May 1, 2015 PMC Weekly Review - April 10, 2015 Economic and Market Overview: First Quarter 2015 Video: The PMC Spotlight: Quantitative Portfolios: Factor-Enhanced Series PMC Weekly Review - March 6, 2015 PMC Weekly Review - February 6, 2015 PMC Weekly Review - January 16, 2015 Economic and Market Overview: Fourth Quarter 2014 PMC Market Commentary: January 2, 2015 PMC Market Commentary: December 5, 2014 PMC Market Commentary: November 21, 2014 PMC Market Commentary: November 7, 2014 PMC Market Commentary: October 24, 2014 Economic and Market Overview: Third Quarter 2014 PMC Market Commentary: October 3, 2014 PMC Market Commentary: September 5, 2014 PMC Market Commentary: August 29, 2014 PMC Market Commentary: August 1, 2014 PMC Market Commentary: July 18, 2014 PMC Market Commentary: July 11, 2014 Economic and Market Overview: Second Quarter 2014 PMC Market Commentary: June 20, 2014 PMC Market Commentary: June 6, 2014 PMC Market Commentary: May 30, 2014 PMC Market Commentary: May 2, 2014 PMC Market Commentary: April 4, 2014 Economic and Market Overview: First Quarter 2014 PMC Market Commentary: March 7, 2014 Tracking Error Primer A Guide to PMC Quantitative Portfolios New Choices for New Challenges – The Case for Liquid Alternatives

Tim Clift, Chief Investment Strategist

Mr. Clift serves as Chief Investment Strategist at Envestnet | PMC and is responsible for research and consulting services for the organization. He leads a team of analysts who are responsible for the selection and monitoring of investment managers and a team of consultants who support institutional and advisory clients. Mr. Clift serves on PMC’s Investment Committee and is instrumental in setting investment policy for the Company.

Prior to joining Envestnet | PMC, Mr. Clift was the Chief Investment Officer and Chairman of the Investment Committee at FundQuest. He joined FundQuest in 1994 and maintained overall responsibility for the firm’s investment management programs for separately managed accounts, mutual funds, alternative investments, exchange-traded funds, and annuities. As Chairman of the Investment Committee, he led a team of analysts and portfolio managers that produced the firm's research and recommendations.

Mr. Clift possesses over 24 years of industry and investment management experience. He received an MBA in Finance from Boston University and a BA in Economics from Allegheny College.

Don Frerichs, CFA, Senior Vice President, Director Portfolio Management

Don Frerichs serves as lead portfolio manager for Envestnet | PMC’s discretionary managed mutual fund programs and is responsible for developing their asset allocation methodology. He serves on PMC’s Investment Committee and is a member of PMC’s Management Committee. He has been with the firm since 1993, starting with Portfolio Management Consultants (PMC) prior to its acquisition by Envestnet.

Prior to joining PMC, Mr. Frerichs served as a financial analyst with IPC, Inc., a California financial planning firm, from 1989 through 1993. He received a BS degree in Finance from California State University and is a CFA charterholder.

J. Gibson Watson III, CIMA, Vice Chairman

Mr. Watson is Vice Chairman, Envestnet with responsibilities for working with the firm’s Envestnet | PMC division and for driving growth for Envestnet | Retirement Solutions. Mr. Watson also serves on Envestnet | PMC’s Investment Committee. Previously, Mr. Watson had served as Group President of Envestnet | Prima following the acquisition of Prima Capital in April 2012. In that role, he coordinated the integration of Prima’s research, due diligence, advice, and technology into Envestnet | PMC and Envestnet’s Advisor Suite. Mr. Watson founded Prima Capital in 1999.

Before joining Prima, Mr. Watson served as National Managing Director of the Investment Advisory Services practice for KPMG LLP. Prior to his work there, he was Senior Vice President and Managing Director for Private Client Services at Portfolio Management Consultants (PMC). Previous to those roles, Mr. Watson served as Vice President of the Wealth Management division and the Denver Executive Financial Counseling office for Asset Management Group (AMG).

He is active in the industry as a member of the Investment Management Consultants Association (IMCA) Standards of Practice Committee, and he has earned the Association’s CIMA® designation through The Wharton School. Mr. Watson is a regular columnist for ThinkAdvisor, and is regularly quoted in industry publications, including Investment Advisor, InvestmentNews, and On Wall Street magazine. He also served on the Board of Trustees of Dividend Capital’s DCA Total Return Fund.

Mr. Watson is a graduate of Lafayette College, and earned his MA and MBA degrees from Wake Forest University.

Janis Zvingelis, PhD, CFA, Senior Vice President, Director of Quantitative Research

As Head of PMC’s Quantitative Research Group, Mr. Zvingelis is responsible for leading PMC's research efforts involving quantitative finance, such as capital market forecasts, asset allocation strategies, portfolio implementation, and tax optimization. He brings knowledge of a variety of quantitative and statistical techniques to the analysis of financial research projects. Mr. Zvingelis is a member of both the PMC and Envestnet Retirement Solutions Investment Committees.

Prior to joining Envestnet Asset Management, Mr. Zvingelis was a research consultant with Mesirow Financial and Ibbotson Associates. He earned his PhD in Finance from The University of Iowa. He also holds a MA degree in Economics/Econometrics and an MSc degree in statistics, both from the University of Iowa as well as an MSc in Financial Mathematics from The University of Chicago. Mr. Zvingelis obtained his BA degree summa cum laude in Economics from Central College in Pella, Iowa. He has written and published several research papers in finance and theoretical statistics. Mr. Zvingelis is a CFA Charterholder.

Erik Preus, CFA, Managing Director, Envestnet | PMC

Erik Prues

In his role, Erik Preus heads up a new Business Consulting initiative designed to bring Envestnet | PMC's institutional research, due diligence, investment solutions and consulting expertise to our clients to empower their financial advisors to enhance client outcomes. Mr. Preus joined PMC in 2014 via Envestnet’s acquisition of Placemark Investments, where he was head of enterprise sales and business development.

Mr. Preus has 24 years of experience in the investment services industry, with considerable time spent in both investment management and investment consulting firms. Prior to joining Placemark, Mr. Preus was President of the RBC Funds and Head of Strategic Relationships for RBC Global Asset Management. While at RBC, Mr. Preus also served as Director of Investment Consulting Services within RBC’s U.S. Wealth Management business. Prior to RBC, he held management and business development positions with Nicholas|Applegate, Delaware Investments, Jeffrey Slocum & Associates, and SEI Capital Resources.

Mr. Preus earned his Bachelor’s degree from the United States Air Force Academy, and he holds an MBA from the University of Dayton and an MA from the University of Hawaii. He is also a CFA charterholder.

Ron Pruitt, CFA, Executive Vice President, Envestnet | Placemark

Mr. Pruitt is responsible for the Envestnet | Placemark business as well as leading the portfolio management product organization.

Prior to Envestnet’s acquisition of Placemark Investments, he served as Chief Investment Officer of Placemark Investments and led the design and delivery of Placemark’s overlay management service. Mr. Pruitt graduated from the United States Military Academy at West Point and was a Kozmetsky scholar at the University of Texas at Austin’s Graduate School of Business where he received his MBA. He is a CFA charter holder and is the Inventor of US Patent number 7,668,773 that focuses on overlay portfolio management of taxable portfolios. Prior to founding Placemark Investments, Mr. Pruitt had five years of distinguished military service and subsequently held various roles within General Electric including leading the implementation of Six Sigma initiatives as a Black Belt and Master Blackbelt.

Zachary Karabell, Head of Global Strategies, Envestnet, Inc., Consultant to Investment Committee*

As Head of Global Strategies, Senior Consultant of Envestnet, Inc., Mr. Karabell helps shape and communicate Envestnet’s investment perspective and deep research capabilities to clients and the media alike, and frequently advises the PMC Investment Committee. He also consults with the senior management of Envestnet on corporate strategy, branding, and market position, and serves as portfolio manager of the Ascent Portfolios for PMC.

Mr. Karabell is President of River Twice Research, a consulting company. Previously, he was Executive Vice President, Chief Economist, and Head of Marketing at Fred Alger Management, a New York-based investment firm. He was also President of Fred Alger & Company, a broker-dealer; Portfolio Manager of the China-U.S. Growth Fund (CHUSX); and Executive Vice President of Alger’s Spectra Funds, a no-load family of mutual funds that managed the Spectra Green Fund. At Alger, he oversaw the creation, launch, and marketing of several funds, led corporate strategy for strategic acquisitions, and represented the firm at public forums and in the media.

Educated at Columbia, Oxford, and Harvard, where he received his PhD, Mr. Karabell has taught at several leading universities, including Harvard and Dartmouth, and has written widely on economics, investing, history, and international relations. He is the author of twelve books, most recently "The Leading Indicators: A Short History of the Numbers That Rule Our World," and sits on the board of the New America Foundation and the Carnegie Council on Ethics. In 2003, the World Economic Forum designated him a “Global Leader for Tomorrow.” He is a Senior Advisor for BSR, a membership organization that works with global corporations on issues of sustainability.

As a commentator, Mr. Karabell is a Contributing Editor for Politico Magazine and writes the regular “Wealth of Nations” column. Previously, he penned "The Edgy Optimist" column for Slate, Reuters, and The Atlantic. He is a commentator on CNBC and MSNBC, and also contributes to such publications as The Washington Post, Time Magazine, The Wall Street Journal, The Los Angeles Times, The New York Times, Foreign Policy, The Financial Times, Foreign Affairs, and Barron's.

*non-voting member of the PMC Investment Committee

Articles By This Author

The Envestnet Edge, March 2017 Video: Bull Or Bear: Should Investors Still Care? PMC Weekly Review - March 10, 2017 The Envestnet Edge, February 2017 Video: Separating markets from politics, is it really a "Trump rally"? The Envestnet Edge, January 2017 Video: Investing in Trump’s Economy? Proceed With Caution The Envestnet Edge, December 2016 Video: Have We Only Just Begun? The Envestnet Edge, November 2016 Video: Rotations, Reversals, Rising Rates: A Time to Reposition Post-Election, Will Markets and Portfolios Emerge Winners or Losers? Webinar Replay: Post-Election Winners and Losers The Envestnet Edge, October 2016 Video: In a 2-2-2 world, look for modest economic growth and expansion PMC Weekly Review - September 16, 2016 The Envestnet Edge, September 2016 Video: Diversification is working in 2016 (so far) The Envestnet Edge, July/August 2016 Video: Valuations: it's all relative Brexit: Plunging into the Unknown? The Envestnet Edge, June 2016 Video: Equity valuations and bond yields: reach no further PMC Weekly Review - June 17, 2016 The Envestnet Edge, May 2016 Video: Hitting singles: a measured approach for this investing season The Envestnet Edge, April 2016 Video: Investing with impact: increasingly a matter-of-fact Video: In this election cycle, will investors be winners or losers? The Envestnet Edge, March 2016 PMC Weekly Review - March 11, 2016 Video: In a low-growth world, less could be more The Envestnet Edge, February 2016 The Envestnet Edge, January 2016 Video: Markets are a mess, but don't jump to conclusions yet A Most Challenging Year Video: Interest Rates and Energy: The Highs and Lows of Year-End The Envestnet Edge, December 2015 The Envestnet Edge, November 2015 Video: We'll always have Paris The Envestnet Edge, October 2015 Video: Politics and the markets: déjà vu all over again? Video: China, Commodities, and Crisis: What's Next for Emerging Markets? The Envestnet Edge, September 2015 PMC Weekly Review - September 11, 2015 Is This The Big One (Financially Speaking)? Probably Not. The Envestnet Edge, August 2015 Video: In a "meh" market, look again at U.S. stocks The Envestnet Edge, July 2015 Video: Is this the Big One? What to do in a financial crisis Don't Worry About China Don’t Believe the Hype About Greece The Greek Catastrophe Is Finally Here (Unless It Isn’t) The Envestnet Edge, May/June 2015 Video: When Following the Herd is Risky, Where is the Safety? The Envestnet Edge, April 2015 Video: The End of Short-Termism is Long Overdue PMC Weekly Review - April 24, 2015 The Envestnet Edge, March 2015 Video: Keep Your Friends Close and Your Robo-Advisor Closer The Envestnet Edge, February 2015 Video: The Return of the Comeback: Is 2015 the Year for International Stocks? PMC Weekly Review - February 13, 2015 Why the Jobs Report Means Diddly Don’t Turn America Into Europe PMC Weekly Review - January 23, 2015 Video: Active and Passive: The Yin and Yang of Investing The Envestnet Edge, January 2015 PMC Weekly Review - January 9, 2015 Will Politics in 2015 Catch Up with the Economy? Video: Our Perspective on 2015: Maintain Yours The Envestnet Edge, December 2014 PMC Market Commentary: December 12, 2014 No, This Is NOT the '90s Economy Again PMC Market Commentary: November 14, 2014 Video: 2014 U.S. Midterms: A Win for Stocks? The Envestnet Edge, November 2014 Whose Economy Will It Be in 2016? PMC Market Commentary: October 17, 2014 Video: Special Video Commentary: Market Volatility and Fundamentals The Envestnet Edge, October 2014 Video: You Know What’s Not Sustainable? Ignoring the Opportunity in Impact Investing Don’t Panic! PMC Market Commentary: October 10, 2014 Greenberg’s Folly Naomi Klein Is Wrong PMC Market Commentary: September 26, 2014 Subprime Loans Are Back! Video: When it Comes to Interest Rates, Who Says What Comes Down Must Go Up? The Envestnet Edge, September 2014 PMC Market Commentary: September 12, 2014 Why Indie Bookstores Are on the Rise Again The Fed Is Not As Powerful As We Think PMC Market Commentary: August 22, 2014 Americans' Sour Mood on the Economy Doesn't Square with the Fact The Envestnet Edge, August 2014 Video: The World is in Crisis... the Markets are not PMC Market Commentary: August 8, 2014 PMC Market Commentary: July 25, 2014 Punitive Damages Video: Market Valuations and The Theory of Relativity The Envestnet Edge, July 2014 Don’t Kill the Export-Import Bank. Clone It. How India’s Economic Rise Could Bolster America’s Economy Video: Separating Risk from Reality PMC Market Commentary: June 27, 2014 No Sex Please, We're French PMC Market Commentary: June 13, 2014 The Envestnet Edge, June 2014 PMC Weekly Market Review, May 23, 2014 The Envestnet Edge, May 2014 Don't Bet on Rising Wages PMC Market Commentary: May 9, 2014 The Sharing Economy: Why Are So Many So Afraid? PMC Market Commentary: April 25, 2014 The Obsession with CEO Pay Won't Help the Middle Class PMC Market Commentary: April 11, 2014 Time to Face Reality: Our Unemployment Problems Are Structural PMC Market Commentary: March 28, 2014 In Defense of Relentless Optimism The "Made in China" Fallacy Forget GDP - Use Big Data