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    429 Santa Monica Boulevard
    Suite 650 Santa Monica, CA 90401
    T (310) 393-6300
    F (310) 393-6200

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    Sandra Kridel, Partner
    T (310) 393-6300

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    Sandra Kridel, Partner
    T (310) 393-6300

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  • Careers

    Angeles Investment Advisors is a growing, independent investment consulting firm providing strategic investment advice to institutional clients. We seek to deliver superior investment results through independent thinking, critical analysis and rigorous research in a collegial and team-oriented environment. We look for individuals who share these values.

    Angeles currently has no specific openings but we are always interested in learning about talented investment professionals that may wish to join our team. If interested, we would welcome your sending your resume with a cover letter expressing your area of interest at any time.

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  • Our Clients

    Angeles serves a diverse and sophisticated group of clients that includes many highly respected educational institutions, charitable foundations, non-profit organizations, governments and municipalities, corporations and select private investors.

    We provide outsourced investment solutions, as well as full service customized investment consulting.

  • Endowments & Foundations

    Foundations, endowments, and other non-profit institutions represent approximately two-thirds of our client count.

    We work with our non-profit clients to structure customized portfolios that take advantage of their status as long-term investors, while balancing the spending and liquidity needs of the institutions they support.

    In our longstanding relationships, we have implemented innovative and thoughtful investment programs and delivered successful results over time.

  • Governments

    We have been working with public pension plans, government agencies and permanent wealth funds for years and understand the challenges that public investors face. We provide comprehensive consulting and research services, designing portfolios that seek to achieve longer-term performance objectives while managing the scale and liability considerations of these investors.

    Our public fund clients have been among the most forward-thinking in the market, adopting a more specialized and diversified approach to their portfolios, that we believe are years ahead of their peers.

  • Corporations & Insurance

    Angeles Investment Advisors has worked with corporate and insurance clients since the inception of our firm, customizing defined benefit and defined contribution plans as well as tax-efficient insurance portfolios.

    We work with our clients to structure portfolios that are sensitive to the impact of portfolio performance on corporate financial statements and address each entity’s unique asset/liability profile.

  • Defined Benefit Plans

    We work with boards, investment staff, committees and trustees on all aspects of managing a defined benefit investment program. Our works includes investment policy development, asset allocation, investment structure analysis, manager selection and evaluation, and performance evaluation and measurement.

    At Angeles Investment Advisors, our teams work closely with our clients to ensure that day-to-day operations of the portfolios are smooth, efficient and cost effective, and that investment policy is aligned appropriately with pension objectives and liabilities.

  • Defined Contribution Plans

    We have provided advisory services to defined contribution plans for many years.

    In addition to working with plan sponsors to build customized investment menus that address the needs of a broad range of plan participants, we have built sophisticated balanced fund portfolios and designed multi-asset class options, bringing institutional management options and cost structures to an often underserved market.

  • Private Clients

    We provide institutional-quality advice to select private investors and family offices.  We work closely with our private clients to understand each investor’s unique considerations (ranging from near-term liquidity needs to longer-term investment goals to generational planning and family dynamics to tax considerations) as we build sophisticated and customized comprehensive investment programs. For more information on our services for private clients, click here.

  • Investment Services

    Angeles Investment Advisors builds customized portfolios for each client.  In partnership with our clients, we set investment goals and establish a long-term asset allocation framework. We augment traditional asset allocation with an opportunistic and fundamental view of markets, allocating to niche opportunities and mispriced asset classes as market conditions unfold.

    We turn the traditional portfolio construction process on its head and start by building a portfolio with what we believe are the most exceptional investment managers, regardless of asset class. Rather than reflexively filling each asset class bucket with mediocre active managers, we achieve our asset allocation goals by filling the gaps with low-fee passive instruments.

    We manage risk by monitoring underlying manager positions and measuring overall portfolio exposures to various fundamental and macroeconomic risks and mitigating unintended exposures.

  • General Consulting

    Angeles has been providing customized general consulting services to institutional plans sponsors since the inception of our firm. Today, we serve as investment consultants to approximately $47 billion in consulting assets.

    We believe in a proactive approach and consistently aim to find the best investment opportunities and investment managers regardless of conventional thinking or traditional categorization.

    We work with clients to develop a customized forward-looking asset allocation policy that is tailored to meet each client’s individual investment objectives and unique institutional considerations and is typically broadly diversified across multiple asset classes and opportunistic in its implementation.

    We scour the investment universe, seeking to identify best-in-class managers in traditional equity and fixed income as well as hedge funds, private equity, real assets and other niche strategies.

    Our General Investment Consulting work focuses on the following:

    Strategic Development:

    • Initial Fund Review
    • Investment Policy Development
    • Asset Allocation & Liability Studies

    Implementation:

    • Portfolio Structure
    • Manager Research & Monitoring
    • Operational Oversight
    • Fund Reporting & Review

    Board/Staff/Trustee Education
    Capital Market Research

  • Outsourced CIO

    Angeles has been providing discretionary “Outsourced CIO” investment services to our clients since 2002. Today, we work with more than two dozen clients, have more than $2.0 billion in discretionary assets under management, have built a 10-year discretionary track record and our firm is GIPS-compliant.

    Our discretionary clients find that investment outsourcing is a highly efficient approach to asset management as Angeles is responsible for the day-to-day execution of investment policy, while providing full transparency on all decisions. We enable our clients to focus on organizational priorities and issues that impact the long-term mission of their programs, rather than implementing investment policy.

    Angeles serves as an investment partner, acting as an extension of our clients’ staff and board resources, allowing our clients to shed internal costs while still leveraging Angeles’ expertise in portfolio strategy, construction and investment selection decisions.

    We believe in a proactive approach and consistently aim to find the best investment opportunities and investment managers regardless of conventional thinking or traditional categorization.

    We work with clients to develop a customized forward-looking asset allocation policy that is tailored to meet each client’s individual investment objectives and unique institutional considerations and is typically broadly diversified across multiple asset classes and opportunistic in its implementation.

    We scour the investment universe, seeking to identify best-in-class managers in traditional equity and fixed income as well as hedge funds, private equity, real assets and other niche strategies.

    We prepare documents, initiate wires for capital calls and distributions, and collect information for internal and tax reporting. We ensure accurate and timely execution of administrative services by coordinating the activities of client service, operations, and administrative personnel.

    Our discretionary services include the following:

    Strategic Development:

    • Initial Fund Review
    • Investment Policy Development
    • Asset Allocation

    Implementation:

    • Portfolio Structure
    • Manager Selection & Monitoring
    • Operational Implementation
    • Fiduciary Oversight
    • Reporting & Review

    Board/ & Staff Education
    Capital Market Research

  • Pooled Funds

    Angeles launched our first pooled fund in 2010 to provide access to a diversified portfolio of alternative managers to clients who might not otherwise have access based on client size, constrained client diligence resources and limited manager capacity.

    These strategies serve our customized portfolio clients and are selectively available to qualified institutional and individual investors. Customized portfolio clients pay no additional investment fees for utilizing these strategies.

  • About

    Angeles was founded in 2001 to provide institutional investors with independent investment advice. Today, we advise on approximately $47 billion across customized portfolios for many highly respected educational institutions, charitable foundations, non-profit organizations, governments, corporations and private investors. This total includes approximately $1 billion in discretionary assets and the remainder in non-discretionary advisory assets.

    We employ an investment philosophy that is built on fundamental research. We embrace the power of diversification across asset classes, but apply an opportunistic approach to portfolio positioning, seeking to capitalize on market dislocations, underfollowed asset classes and access to managers we believe to be exceptional.

  • Our Senior Team

    Angeles Investment Advisors is a privately-held investment organization.  Members of our team have backgrounds as consultants, plan sponsors, investment managers, economists and academics, bringing experience, access and expertise from all areas of institutional investing.  While our knowledge base is broad, our manageable size and collaborative approach allow for important cross-fertilization of ideas.

    Our senior investment professionals constitute our internal Investment Committee.  The Committee works together to synthesize our macroeconomic insights, evaluate asset managers and develop strategic investment ideas for implementation in each of our clients’ portfolios.   

  • Michael A. Rosen

    Michael RosenPrincipal & Chief Investment Officer

    Michael has more than 25 years experience as an institutional portfolio manager, investment strategist, and investment consultant.  From 1997 to 2001, he was a partner at Asset Strategy Consulting and its successor. From 1993 to 1997, Michael was the director of investments for Blue Cross of California/WellPoint, Inc.  Previous to 1993, he spent a total of 8 years as a bond and currency trader, and then as Chief Market Strategist with First Interstate Bank, Ltd. He started his career as a derivatives trader with Barclays Bank plc.

    Michael was an Adjunct Professor of Finance at Pepperdine University from 1991-2000 and at Loyola Marymount University.  He earned his Bachelor of Arts, magna cum laude, from Tufts University, and Master of Arts in Law and Diplomacy from The Fletcher School of Law and Diplomacy (Tufts/Harvard).  He currently serves as Chairman of the Los Angeles Chamber Orchestra.

  • Aaron M. Azelton, CFA

    Aaron AzeltonManager Research Consultant

    Aaron joined Angeles Investment Advisors as a Manager Research Consultant in 2012. Aaron is responsible for conducting manager research in public market equity and fixed income strategies. He also works with the Angeles Investment Committee to monitor and add to the firm’s approved list of investment manager products.

    Prior to business school, Aaron spent eight years at Fisher Investments, a Bay Area investment management firm. At Fisher Investments, Aaron was an equity research analyst covering the Energy and Technology sectors for all of the firm’s global strategies. He is a published author of the firm’s first investment book, an investment guide to the global energy sector.

    Aaron received his M.B.A. from the Haas School of Business at UC Berkeley, where he was co-president of the investment club. He graduated Phi Beta Kappa from UC Berkeley, majoring in Economics. Aaron is a CFA® Charterholder as well as a member of the CFA Institute and the CFA Society of Los Angeles.

  • Susan Yun Lee

    Susan LeePrivate Markets Consultant

    Susan joined Angeles Investment Advisors in 2013.  Susan works with institutional investment funds to develop and implement investment strategies.  In addition to strategic asset allocation work and policy development, she focuses on private equity due diligence and research.

    Prior to joining Angeles, Susan was an investment professional at Black Canyon Capital, a private capital firm investing equity and debt in middle market businesses.  Previously, Susan was an investment professional at Vintage Capital Group, a private capital firm investing equity and debt in middle market businesses.  Susan also worked at The Walt Disney Company, where she conducted business development, evaluated acquisitions, and developed strategy, and she began her career as a strategy consultant at Bain & Company.

    Susan received an M.B.A from Harvard Business School and graduated Phi Beta Kappa from Stanford University, where she earned a B.A. in Economics with a minor in History.

  • Michael J. Burlon

    Mike BurlonHedge Fund Research Consultant

    Michael joined Angeles Investment Advisors in 2010 as a Hedge Fund Research Associate. Michael began his career at Lehman Brothers Inc. in 2002, where he worked in risk management conducting due diligence on the firm’s Hedge Fund counterparties. Michael went on to become a Vice President in Bear Stearns’ Structured Funds group where he was responsible for due diligence on the group’s hedge fund investments. Most recently, Michael was a Due Diligence Analyst for Commerzbank’s Alternative Investment Strategies group, where he conducted research  and sourced new hedge fund managers for the firm’s $1.5 billion hedge fund of funds.

    Michael received a BA in Economics from New York University, where he was on the swim team.

  • Leslie B. Kautz

    Leslie KautzCFA, Principal

    Leslie was a founder of Angeles Investment Advisors in 2001 and of Asset Strategy Consulting in 1991. Leslie works directly with clients to develop and implement strategic investment policy, and provide practical perspective on all aspects of an institutional investment program.  This includes developing asset allocation policy and structure, selecting managers, providing trustee education, and monitoring investment results. As a founder of the firm, Leslie plays a role in overseeing the business of Angeles Investment Advisors.

    Prior to joining the investment industry, Leslie spent eight years working as a policy analyst in the legislative and executive branches in Washington, D.C.  Leslie received her B.A. from Carleton College, and her Masters in Public Affairs from Princeton University’s Woodrow Wilson School of Public and International Affairs.  She is a Chartered Financial Analyst® Charterholder and a member of the CFA Society of Los Angeles. Leslie is a trustee of a family foundation and of her alma mater, Carleton College, as well as a board member of the Spondylitis Association of America.

  • Peter Stein

    Picture 1014Senior Consultant

    Peter Stein worked previously as Managing Director at the Presidio Group in San Francisco and as a Managing Director at Pacific Alternative Asset Management Company (PAAMCO) in Newport Beach. He was Chief Investment Officer at the University of Chicago from 2005-2009, and a managing director at the Princeton University endowment from 2000-2005. He previously worked as a trader and an analyst at a variety of financial services firms.

    Peter received an A.B. in mathematics from Brown University and is a CFA Charter holder. He is a member of the investment committees of The Annenberg Foundation and the Rhode Island School of Design.

  • Howard D. Perlow

    Howard PerlowCFA, Principal

    Howard is one of the founding partners of Angeles Investment Advisors in 2001, and of Asset Strategy Consulting in 1991. Howard maintains an expertise in the research of investment managers and working with a variety of clients including Endowments, Foundations, Public and Private Pensions.  He has been researching managers for 23 years and has conducted hundreds of manager searches representing billions of dollars.

    Howard has worked in the investment consulting industry since 1986.  Prior to the formation of Angeles, he was a founding partner and Chief Operating Officer of Asset Strategy Consulting.  He developed the firm’s proprietary performance measurement and analytics software, and managed the firm’s growth to 50 employees. His career in the investment business began at Wilshire Associates where he was a member of the consulting team and was in charge of the firm’s international and fixed income manager search activities.  Howard also spent two years as a performance measurement analyst and designed the performance measurement and manager database systems of Asset Strategy Consulting.

    Howard received his BA in Economics from the University of California, Irvine.  He is a Chartered Financial Analyst® Charterholder (since 1996) and is a member of the CFA Society of Los Angeles.

  • Anna L. McGibbons

    CFA, Consultant

    Anna joined Angeles Investment Advisors at its founding in 2001, and is a partner of the firm.  Anna works with foundations, endowments and pension plans on formulating and implementing strategic asset allocation, investment portfolio structure, and policy development.  Prior to joining Angeles, Anna worked with the principals of Angeles at Asset Strategy Consulting and its successor firm.   Anna joined Asset Strategy Consulting in 1999, as a performance measurement analyst and in 2000, moved to the manager research team to engage in the analysis and due diligence process involved in hiring and terminating money managers.  Anna spent approximately 3 years in manager research before becoming a consultant at Angeles.

    Anna received a BA in Business/Economics with Honors from the University of California, Santa Barbara.  She is a Chartered Financial Analyst® Charterholder (since 2002) and is a member of the CFA Society of Los Angeles.

  • Shana Mulkerin

    Shana MulkerinConsultant

    Shana joined Angeles Investment Advisors in 2005 from Wilshire Associates.  Shana works with many types and sizes of institutional investment funds to develop and implement investment strategies. In addition to strategic asset allocation work, investment structure reviews and policy development, she focuses on real assets due diligence and research.

    Prior to her investment career, Shana spent four years as an advertising executive, developing television, print and radio campaigns for multinational companies at Saatchi & Saatchi and BBDO West.

    Shana is an honors graduate of the Anderson School at UCLA, where she earned an M.B.A. with concentrations in Finance and Emerging Market Economics.  She received her Bachelor’s degree in Philosophy from Harvard University, where she was a National Honor Scholar and captain of the varsity women’s lacrosse team. She currently serves on the Finance Committee of the Young Literati of the Los Angeles Library Foundation.

     

  • Stephen T. Smetana

    Director of Funds Management & Chief Compliance Officer

    Steve joined Angeles Investment Advisors in 2008 as the Director of Funds Management and Chief Compliance Officer.  Prior to joining Angeles, Steve was CFO at Rosehill Capital Management, a Los Angeles hedge fund complex focused on Japanese securities.   He also served as CFO/CCO for Mikles Miller Management, another Los Angeles based hedge fund complex.  From 1996 until 2004 he was CFO/CCO of the Windward Capital Management Group. While at Windward, Steve helped to create and manage both an SEC registered investment adviser and an SEC/NASD registered broker/dealer.  Prior to joining Windward, Steve spent seven years in public accounting at Coopers & Lybrand and Ernst & Young specializing in the financial services industry.

    Steve received his BBA in Accounting from the University of Notre Dame, graduating with honors, and is registered as a certified public accountant, (CPA, inactive) with the state of California. Steve is also a member of the investment advisory committee to the city of El Segundo, where he has lived since 2003.

  • Philosophy

    Angeles builds customized global portfolios designed to generate superior risk-adjusted performance over time across multiple asset classes while adding value through what we believe to be exceptional manager selection. We tolerate short-term volatility for long-term growth.

    Proactive

    We actively identify investment strategies that are not currently present in client portfolios and tactically implement them in the face of faster moving market environments.

    Thorough and Intellectually Honest

    Our senior professionals are involved in all stages of the research process, from the germ of a new idea, through analysis, and into a client portfolio.  While portfolios are customized, our advice is intellectually consistent across clients and seeks to minimize conflicts. We are results-oriented and continuously question our own recommendations and diligently track the performance of our advice.

    Accountable Fiduciaries

    We never forget that we are co-fiduciaries by your side, and Angeles will be your advocate in every sense of the word.

  • History

    2001: Michael Rosen, Leslie Kautz and Howard Perlow launch Angeles Investment Advisors, LLC in Santa Monica, CA with $23 billion in non-discretionary advisory assets.
    2002: Angeles begins offering discretionary “Outsourced CIO” investment services.
    2003: Discretionary “Outsourced CIO” assets under management reach $100 million.
    2006: Discretionary “Outsourced CIO” assets under management reach $1 billion.
    2007: Angeles gains our 50th client.
    2010: First pooled vehicle is launched to provide access to a diversified portfolio of hedge fund strategies.
    2012: Hedge fund pooled vehicle reaches $200 million in AUM.
    Today: Angeles Investment Advisors has approximately $47 billion in total assets, consisting of approximately $2.0 billion in discretionary assets, with remainder in non-discretionary advisory assets.
  • Advantages

    There are four basic characteristics that differentiate Angeles:

    Forward Looking

    We continuously strive to identify new investment ideas and are not afraid to be early adopters of emerging investment themes and opportunities, based on our rigorous and disciplined research.

    Independence and Focus

    We are 100% employee-owned. We are an independent advisor and aim to minimize conflicts in asset and manager selection.

    Experience

    We have been building customized investment programs for sophisticated investors for more than 20 years, including time spent at our previous firm. As stewards of client portfolios over the course of several market cycles, we bring perspective and judgment to each investment decision.

    Service

    We pride ourselves on maintaining longstanding relationships with our clients. Outstanding client service is a priority. We strive to be proactive, accessible, transparent and results-oriented.

  • News & Events

    Angeles Investment Advisors creates customized research material, based on our assessment of capital market opportunities.

    Angeles’ research is proprietary and our publications are available to our clients.

  • Video

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    3rd Quarter 2014 Market Commentary

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    VIDEO ARCHIVE

    3rd Quarter 2014 Market Commentary

    2nd Quarter 2014 Market Commentary

    1st Quarter 2014 Market Commentary

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    4th Quarter 2013 Market Commentary

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  • White Papers

    Macro Thoughts: Investment Grade Bonds?

    2013 Asset Allocation Report – Capital Market Assumptions

    Globalization of Equity Portfolios

    View From Middle Kingdom

    Hedge Fund Portfolio Education – Structure and Implementation

    Currency Overlay

    Opportunistic strategies: Activist Investing

    Opportunistic strategies: Public-Private Investment Program (PPIP)

  • Conferences

    Upcoming conference(s):

    Michael Rosen – Speaker
    Roundtable for Consultants & Institutional Investors
    Chicago, IL – October 2014

    2014

    Michael Rosen – Speaker
    Fixed-Income Forum
    Santa Barbara, CA – July 2014

    Michael Rosen – Speaker
    Global ICON Investment Consultant Dialogue
    Boston, MA – July 2014

    Michael Rosen – Speaker
    RFK Compass 2014 Conference
    Hyannis Port, MA – June 2014

    Michael Rosen – Speaker
    II Public Fund Roundtable
    Beverly Hills, CA – April 2014

    Michael Rosen – Speaker
    RFK Compass 2014 Conference
    Half Moon Bay, CA – March 2014

    2013

    Michael Rosen – Speaker
    RFK Compass Conference
    Hyannis Port, MA – June 2013

    Michael Rosen – Speaker
    Institutional Investor Institute’s Endowment & Foundations Roundtable
    Boston, MA – June 2013

    Michael Rosen – Speaker
    Institutional Investor Institute’s Roundtable for Consultants
    Chicago, IL – October 2013

    2012

    Jonathan Foster – Panelist
    Financial Times Investment Management Summit
    New York, NY – October 17, 2012

    Michael Rosen – Speaker
    Institutional Investor Conference
    “Low Yield Environment, High Price for Return”
    Chicago, IL – October 16, 2012

    Jonathan Foster – Panelist
    Schwab Advisors Transitions Conference
    Dana Point, CA – September 12, 2012

    Michael Rosen – Speaker
    Institutional Investor Hedge Fund Conference
    New York, NY – June 20, 2012

    Michael Rosen – Speaker
    Institutional Investor Endowments and Foundations Roundtable
    Boston, MA – June 4-6, 2012

    Michael Rosen – Panelist
    SACRS
    “Risk or Risqué in the Endowment Model?”
    Lake Tahoe, CA – May 11, 2012

    Michael Rosen – Panelist
    Institutional Investors Public Funds
    Beverly Hills, CA – April 18, 2012

    Michael Rosen – Speaker
    RFK Conference
    Los Angeles, CA – April 10, 2012

    Michael Rosen – Speaker
    Institutional Investor Conference
    New York, NY – March 28, 2012

    Michael Rosen – Speaker
    Family Office Conference
    Los Angeles, CA – January 18, 2012

  • Press

    Press Releases

    Newspaper Quotes