“Knowledge of alternative investments must accrue over time but evidenced all the time with a professional designation that says you care.”
In recognition of CAIA Association’s 20th anniversary in 2022, we celebrate a new era and our CEO, William Kelly joining thousands of elite investment professionals who have earned the CAIA Charter and joined Membership. We thought it fitting to now feature Bill as the Member Spotlight and asked him a few questions as a newly minted CAIA Member.
How has earning your CAIA designation and serving the Association as CEO contributed to your industry perspective?
As a frequent speaker, writer, and overall contributor to the craft of asset management, I felt it was important to back these views with a professional designation that would present a fullness and depth on the subject matter at hand. As the Endowment Model approaches the ripe old age of 60, there remains still significant gaps in the use and purpose of alternative investments as part of portfolio construction. I am proud to join the ranks of those who now fill that gap with the informed views you can only get through the CAIA curricula. Professionalism matters because our client has expectations.
What is the most impactful piece of industry content that you have read, listened to, or watched in the last year?
I have been a voracious consumer of The Memos penned by Howard Marks for a good part of my career. His more recent views on topics such as inflation, valuation, and international affairs provide perspective that is exceedingly practical, unbiased, and thoughtful. Regardless of your station in our industry, there are always some spectacular take-aways from his writings in an industry that is long on content that almost always has a commercial agenda or a short-term view.
What does it mean to you to think like an allocator?
An institutional allocator is the ultimate in what defines a true investor. They have a very complex set of obligations and expectations that must be managed over very long time periods. They need a plan that is often housed in an Investment Policy Statement and their planning and conviction allow them to ride through the inevitable periods of volatility and asset class drawdowns. Many of us try to emulate this approach, but behavioral biases often get in the way and this cohort ends up acting more like a market participant - destined to sub-par outcomes.
Describe a noteworthy or transformative experience you may have had working or volunteering in our industry.
The most transformative move I have made in my 40-year working career was the move to CAIA Association eight years ago. My broad experiences on the buy-side and working as an independent director, pointed me to a path of destiny and purpose, where the client must always come first.
About William (Bill) Kelly, CAIA.
Bill Kelly has been a frequent industry speaker, writer, and commentator on alternative investment topics globally since taking the CAIA Association’s leadership role in 2014. Previously, Bill was CEO of Boston Partners and one of seven founding partners of the predecessor firm, Boston Partners Asset Management which, prior to a majority interest being sold to Robeco Group in Rotterdam in 2002, was an employee-owned firm. Bill’s career in the institutional asset management space spans 30+ years where he gained extensive managerial experience through successive CFO, COO and CEO roles. He is a proud CAIA Member – inspired by CAIA Members globally who he has the honor of serving each day.