Stock-fund managers are off to a great start this year. Of diversified large-stock funds, Morningstar Inc. indicates 64% beat the Standard & Poor’s 500-stock index in the first two months of 2012, as opposed to 20% in 2011. Aaron Reynolds, associate director of asset-manager research at Milwaukee-based securities firm Robert W. Baird & Co. contends the sudden performance-enhancement has more to do with the cyclical pattern of managers beating a benchmark than anything the managers are doing. “Managers are adaptive, but they don’t change their stripes all that often,” says Mr. Reynolds. John Cochrane, a finance professor at the University of Chicago Booth School of Business, delivered another ego-blow to managers: investors can assemble their own portfolio of exchange-traded funds with the same market exposure, which raises the question of a manager’s value.
Rugel has been the senior vice president of life and annuity operations at Allstate.
One session topic was how to use health risk assessment data without coming off as creepy.
Martin recently ended a term as chair of the American Council of Life Insurers.
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