Our Clients

Since inception, Galliard has successfully delivered consistent long-term investment performance and exceptional service to our institutional clients.

Why choose Galliard for institutional investment needs?

Galliard serves more than 230 institutional clients.

  • Corporate retirement and benefit plans
  • Foundations and Endowments
  • Healthcare
  • Insurance reserves
  • Operating funds
  • Public entities
  • Taft-Hartley plans



ORGANIZATIONAL STABILITY—consistent ownership structure since firm inception and entrepreneurial culture foster development and retention of talent and leaders

EXPERIENCE & EXPERTISE—seasoned team of senior professionals dedicated to delivering service excellence and innovative solutions

CONSISTENT PERFORMANCE—employing a conservative and disciplined investment philosophy has resulted in a long-term track record of consistent benchmark outperformance

Access to client relationship management team

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  • Karl Tourville, Founding Managing Partner

    Karl Tourville
    Founding Managing Partner

    Karl Tourville is a Founding Managing Partner, President, and Chairman of Galliard’s Executive Operating Committee. Karl has nearly 30 years of experience in fixed income and stable value management. As Chair of the Executive Operating Committee, he is responsible for all facets of the firm’s management. Karl is a recognized thought leader on stable value investing and he has significantly influenced the evolution of stable value as an asset class. We believe that Karl’s steady leadership has shaped Galliard into one of the nation’s leading stable value managers. Karl earned a B.A. in Economics from the University of St. Thomas and an MBA from the University of St. Thomas.

  • Leela Scattum, Partner

    Leela Scattum
    Partner

    Leela is a Partner and Head of Stable Value Investment Contract Strategy and Issuer Placement. As a lead stable value architect, Leela integrates and aligns the demands of the stable value contract environment with the specific needs of clients. Leela works closely with client portfolio managers and analysts on strategy implementation and is a named portfolio manager for Galliard’s flagship Wells Fargo Stable Return Fund. Leela earned a B.Sc. in Statistics from the University of Bombay, a B.Ed. in Education from the University of Bombay, and an MBA in Finance from the University of St. Thomas.

  • Richard Merriam, CFA, Founding Managing Partner

    Richard Merriam, CFA
    Founding Managing Partner

    Richard is one of Galliard’s Founding Managing Partners. He is Co-Head of the Investment Committee and is responsible for overseeing asset selection and strategy formulation for the firm’s fixed income portfolios. Richard also heads the Corporate Sector Team. Richard serves on the firm’s Executive Management Team, and is also a key leader on the Fixed Income Committee. Under Richard’s guidance since the firm’s inception in 1995, Galliard’s investment team has established a consistent and value-added approach across all investment strategies. Richard earned a B.A. in Economics and English from the University of Michigan and an MBA from the Carlson School of Management at the University of Minnesota.

  • Carrie Callahan, Managing Partner

    Carrie Callahan
    Managing Partner

    Carrie is part of the Executive Management Team. As one of four Managing Partners, Carrie is integrally involved in defining the firm’s overall business strategy and setting the firm’s direction for future growth and success. With more than 20 years of experience in the investment management industry, Carrie contributes to Galliard’s ability to architect successful investment solutions for institutional investors. Carrie oversees client service, consultant relations, new business, and marketing and communications, and has partial responsibility for client portfolio management. She continues to be actively involved in new business development and also serves key client and consultant relationships. Carrie earned a B.A. in Economics from the University of Central Florida.

  • David Lui, Principal

    David Lui
    Principal

    David leads the Contract Strategy and Negotiation Team at Galliard. The Contract Team is responsible for implementing management initiatives with respect to stable value investment contracts and other client contracts. In addition to his role at Galliard, David is a nationally recognized speaker on compliance issues. David earned a B.A. in History from Brown University and a Juris Doctor from the University of California, Hastings College of the Law.

  • Ajay Mirza, CFA, Managing Partner

    Ajay Mirza, CFA
    Managing Partner

    Ajay is a Managing Partner of Galliard. He is Co-Head of the Investment Committee and is responsible for overseeing asset selection and strategy formulation for the firm’s fixed income portfolios. Ajay heads the Structured Product Team, while also overseeing Galliard’s Quantitative Analytics Team. He is a member of the firm’s Executive Management Team. Ajay earned a BE in Instrumentation from Birla Institute of Technology (India), an MA in Economics from Tulane University, and an MBA from the Carlson School of Management at the University of Minnesota.

  • Kristin Daniels, CPA, Principal

    Kristin Daniels, CPA
    Principal

    As Head of Stable Value Operations, Kristin manages stable value investment contract administration and oversees fund accounting. In this role, Kristin is responsible for aligning Galliard’s support capabilities with the needs of stable value clients and external stakeholders. Kristin also acts as project manager for firm-wide initiatives. Kristin earned a B.S. in Accounting and Finance from the University of Wisconsin-Eau Claire.

  • Mike Norman, Partner, Chief Administrative Officer

    Mike Norman
    Partner, Chief Administrative Officer

    As Chief Administrative Officer, Mike oversees the client administration teams. In this role, he helps to assure consistency of service delivery across all investment products at Galliard. Mike oversees the coordination and execution of client reporting and related required client communications. He also oversees major initiatives within the client facing teams, including new product development. Mike assists with the oversight and coordination of the Stable Value Client Portfolio Management Team. As a Senior Relationship Manager, Mike also coordinates service for certain key clients. Mike earned a B.A. in Economics from the University of Notre Dame and an MBA from the Carlson School of Management at the University of Minnesota.

  • Taylor Benson, Principal

    Taylor Benson
    Principal

    Taylor is a member of the Client Service Team and serves as the team leader for consultant relations. She is responsible for working closely with consultants and serving as a liaison between Galliard’s investment professionals and clients to articulate portfolio and relationship goals. In addition to her client service duties, Taylor oversees the RFP (Request for Proposal) process for new business opportunities at Galliard. Taylor earned a B.S. in Finance and Mathematics from Providence College.

  • Matthew Bentley, Principal

    Matthew Bentley
    Principal

    As a senior credit analyst, Matt manages Galliard’s portfolios of banks, REITs, finance, consumer, and retail bonds. Matt is a member of the Credit Sector Team at Galliard. Matt participates on the Contract Provider Credit Committee, and works closely with the stable value portfolio managers to keep apprised on any developments related to Galliard’s stable value contract issuers. Matt earned a BBA in Finance from the University of Wisconsin-Eau Claire and an MBA from the Carlson School of Management at the University of Minnesota.

  • Nick Gage, CFA, Senior Director

    Nick Gage, CFA
    Senior Director

    As Head of Stable Value Separate Account Strategy, Nick oversees the design, implementation, and management of customized stable value investment solutions to meet the unique needs of Galliard’s institutional clients. In this role, he is responsible for contributing to Galliard’s views on stable value contract issuers, underlying fixed income strategies, and liquidity management and applying those views to best serve each account’s objectives. He also serves as a named portfolio manager for the Wells Fargo Stable Return Fund and Galliard Managed Income Fund and maintains client portfolio management responsibility for certain key stable value separate account clients. In addition, he is actively involved  in product development initiatives and provides industry leadership as a member of the Stable Value Investment Association’s Executive Committee. Nick earned a B.S. in Economics from Vanderbilt University.

  • William Weber, Senior Director

    William Weber
    Senior Director

    As a member of the Client Service and Stable Value Portfolio Management Teams, William serves primarily as an Institutional Relationship Manager. He works with clients and their consultants to develop strategy and ensure expectations and objectives are met. In addition, William is a member of the Consultant Relations team, serving as a liaison between Galliard’s investment professionals and clients to articulate portfolio and relationship goals. He also supports Galliard’s Fund Direct business, working with advisors and trading partners to serve investors in the Wells Fargo Stable Return Fund and the Galliard Managed Income Fund. William earned a B.S. in Business, Finance, and Accounting from the Carlson School of Management at the University of Minnesota.

  • Chad Callahan, Principal

    Chad Callahan
    Principal

    Chad serves as the primary corporate trader at Galliard. He is responsible for day-to-day trading and portfolio management of Galliard’s investment grade corporate securities. Chad works closely with the credit team and other sector heads to optimize the corporate strategy for fixed income and stable value portfolios. Chad is a member of the Credit Sector Team at Galliard. Chad earned a B.A. in Finance from St. Cloud State University.

  • Matt Kline, Senior Director

    Matt Kline
    Senior Director

    Matt is a Director of Stable Value separate account client portfolio and relationship management. He is responsible for assisting in the formulation of customized stable value solutions for separate account clients. This includes determining the optimal portfolio structure and working directly with clients in order to meet their unique needs. Matt earned a B.S. in Finance from the Carlson School of Management at the University of Minnesota and a B.A. in History from the University of Minnesota.

  • Paula Novick, Senior Director

    Paula Novick
    Senior Director

    Paula is one of the leaders on Galliard’s Investment Contract Negotiation Team. She is responsible for leading stable value investment contract negotiations, and she oversees contract review and structure. Paula functions as the primary point person for internal and external questions on investment. She also participates on the committees responsible for overseeing subadvisors and for approving contract terms. Paula is the primary negotiator for Wells Fargo’s collective fund agreements and for the agency and service agreements. Paula earned a B.S. in Business Administration from the University of Wyoming and a Juris Doctor from the Hamline University School of Law.

  • René Hoogmoed, CFA, Principal

    René Hoogmoed, CFA
    Principal

    As a senior credit analyst, René focuses on corporate bond credit research covering the energy, basic materials, and utility industries. He trades high yield bonds and manages Galliard’s core plus portfolios. René is a member of the Credit Sector Team at Galliard. René earned a B.A. in International Marketing from HEAO University (Arnhem, The Netherlands) and an MBA from the Carlson School of Management at the University of Minnesota.

  • Tami Pearse, Senior Director

    Tami Pearse
    Senior Director

    As part of the Contract Negotiation and Issuer Management Team, Tami’s primary responsibility is managing relationships with Galliard’s stable value contract issuers. She maintains daily communication with the issuers to keep abreast of stable value market conditions, and shares that information across the firm. Tami also negotiates contract placements and deal terms with the contract issuers, communicating finalized aspects of the contracts with the Client Portfolio Management, Investment Management, Contract Legal, and Contract Administration teams. Tami earned a B.A. in Economics and International Relations from Lake Forest College.

  • Brandon Kanz, CFA, Senior Principal

    Brandon Kanz, CFA
    Senior Principal

    As Head of Credit, Brandon manages Galliard’s portfolios of taxable municipal and not-for-profit corporate bonds. He also has some oversight of other corporate and government bond sectors. Brandon is Chairman of the Contract Provider Credit Committee, and works closely with the stable value portfolio managers to keep apprised on any developments related to Galliard’s stable value contract issuers. Brandon earned a B.A. in Finance from Creighton University and an MBA from the Carlson School of Management at the University of Minnesota.

  • Laura Sell, CFA, Senior Director

    Laura Sell, CFA
    Senior Director

    Laura is Deputy Head of Stable Value Separate Account Strategy at Galliard. She is responsible for formulating strategic approaches to account management and overseeing the development of customized stable value investment solutions. In addition to her development role, Laura leads Galliard’s team of stable value portfolio management analysts and serves on the firm’s Investment Contract Review Committee, the group responsible for providing oversight for client contracts and agreements. Laura earned a B.A. in Accounting from the University of Minnesota and an MBA from the Carlson School of Management at the University of Minnesota.

  • Matthew Robertson, CFA, Senior Principal

    Matthew Robertson, CFA
    Senior Principal

    Matt oversees investment research, valuation, and monitoring of structured financial products. In this role, he covers traditional asset securitizations such as commercial mortgage-backed securities (CMBS), and consumer and industrial receivables/asset-backed securities (ABS). In addition, he covers structured government securities, such as SBA loans, Ginnie Mae Reverse Mortgages, EXIM Bank guaranteed bonds, and OPIC guaranteed bonds. Matt is also involved with the research and monitoring of Galliard’s covered bond investments. Matt earned a B.S. in Finance from Minnesota State University-Mankato and an MBA from the Carlson School of Management at the University of Minnesota.

  • Erol Sonderegger, CFA, Principal

    Erol Sonderegger, CFA
    Principal

    Erol is head of Galliard’s Fixed Income Client Portfolio Management Team. He is responsible for analyzing clients’ unique investment needs and ensuring that client portfolios draw maximum benefit from the investment team's strategy decisions and trade ideas. In addition to his analytic role, Erol helps to provide input on investment strategy for both fixed income and stable value. He is actively involved in new product development initiatives and leads the external manager oversight program. Erol is a named portfolio manager for the Wells Fargo Stable Return Fund and the Managed Income Fund. Erol earned a B.A. in International Business with a concentration in Finance from The George Washington University.

  • Andrea Johnson, CFA, CIPM, Senior Director

    Andrea Johnson, CFA, CIPM
    Senior Director

    As a member of the Client Portfolio Management Team, Andrea is involved in the management and oversight of Galliard’s fixed income and stable value portfolios. She is responsible for analyzing clients’ unique investment needs and ensuring that client portfolios draw maximum benefit from the investment team’s strategy decisions and trade ideas. In addition to her portfolio management responsibilities, Andrea is also actively involved in collaborating with Galliard’s relationship managers and provides her expertise when communicating with clients on portfolio strategy. Andrea also contributes to new product development and investment communications. Andrea earned a B.A. in Economics and Spanish from Ripon College and an MBA from the University of St. Thomas.

  • Marco Perzichilli, Senior Director

    Marco Perzichilli
    Senior Director

    Marco is the head of Galliard’s Quantitative Analysis team. In this role, he oversees the team responsible for providing risk, analytic, and positioning data, as well as decision support tools for Galliard’s investment analysts, traders, and portfolio managers. His team specializes in data-intensive and technically demanding research and analysis, including performance attribution, scenario analysis, tracking error estimation, and portfolio optimization and immunization exercises. Marco also oversees the development and operation of proprietary databases and software packages used by the investment team to unearth context-specific investment insights. Marco earned a B.A. in Economics from the University of Minnesota.

  • Doug Rangel, CFA, Director

    Doug Rangel, CFA
    Director

    As a part of the Client Portfolio Management Team, Doug assists in the management of Galliard’s fixed income and stable value portfolios. Doug is responsible for strategy implementation in client portfolios, ensuring that each client’s specific needs are met. He has extensive experience in fixed income analytics and performance attribution. In addition to his portfolio management responsibilities, Doug works closely with Galliard’s relationship managers to communicate portfolio strategy to clients. He also contributes to new product development and investment communications.

  • Pete Schmit, CFA, Director

    Pete Schmit, CFA
    Director

    As a fixed income product specialist and member of the Client Portfolio Management Team at Galliard, Pete is responsible for understanding and meeting the customized informational needs of Galliard’s institutional fixed income clients and consultants. In addition to working closely with clients and consultants, he also contributes to client communications and product positioning materials.

  • Chad Foote, Chief Operating Officer

    Chad Foote
    Chief Operating Officer

    Chad is Chief Operating Officer of Galliard. In this role, he oversees all back-office, middle-office, and risk management functions, including accounting, operations, compliance, technology, and performance. These oversight responsibilities include developing robust controls throughout Galliard to ensure processes are operating effectively. Chad chairs the Fixed Income Valuation Committee and also coordinates firm-wide goal setting and monitoring through the Executive Operating Committee. Chad earned a B.S. in Management from the Carlson School of Management at the University of Minnesota.