Stevens Student Managed Investment Fund Celebrates 10th Anniversary with Alumni Reunion

Those words from Dr. George Calhoun, the SMIF faculty advisor, were the theme of the evening when past and present recently met to celebrate the fund’s 10th anniversary.

In this immersive two-semester course, that includes a rigorous screening process, SMIF students take on roles such as analysts, risk advisors and quants, developing their skills while gaining hands-on experience in investment management. Serving as leaders, they are entrusted with the responsibility of managing a portion of the University’s endowment—a real-world opportunity that mirrors the dynamics of working at a top Wall Street firm.

The evening featured messages and updates from School of Business Dean GJ de Vreede, Calhoun, Anastasia Vatrenko, the current head of fund, Ohm Jariwala, the head of quantitative investment strategy, and Dr. Emmanuel Hatzakis, who will serve as the faculty advisor for the soon-to-be-launched Graduate Student Investment Fund.

Vanguard’s Principal, Head of Investment Management FinTech Strategies Warren Pennington gave the keynote address.

The inaugural SMIF alumni event provided the opportunity for graduates to reconnect and reminisce, including members of the “original” SMIF that helped establish the program in 2015.

“I still talk about the SMIF on a daily basis in my role at Goldman Sachs,” said Ashley Greenberg ’15, Goldman Sachs’ global head of regulatory engagement, reporting and governance for engineering and the fund’s original portfolio manager. “SMIF taught me how to present to senior level audiences and gave me the skills I need to present and work in high stress and high-risk situations.”

From the beginning, SMIF has helped students understand the skills and mindset necessary to succeed on Wall Street.

“SMIF was my first real world experience in fundamental equity analysis and investment,” said Ryan Giordano ’17, who works in institutional equity sales at Morgan Stanley and was a member of the Ducks’ lacrosse team. “I remember coming back from a late game, and we had an investment to recommend the next day. We were in the Hanlon Lab until midnight or 1 a.m., getting that analysis done, and then back up at 5 or 6 a.m. to get to practice. That helped level set the expectations and what it takes to succeed in the real world.”

The celebration also allowed current students the opportunity to meet industry leaders who were once in their shoes and learn more from the people doing the jobs they are preparing for.

“SMIF gives me an opportunity to do real-world work in fields that I'm interested in, and this event is a really great opportunity for me to network, to learn more from alumni, from graduates that are in places where I aspire to be,” said sophomore quantitative finance major and SMIF equity intern Gavin Ng. “I’ve met them through previous SMIF events like our visit to Goldman Sachs, and it's a great way for me to reconnect with some of them as well.”

Calhoun has had a front-row seat to the fund’s development and the success of its alumni.

“It's everywhere in the financial industry, in the insurance industry and the platforms that trade,” he told the audience while noting the list of companies where SMIF graduates work.

He recalled one example in the fund’s early days that demonstrates the educational value of the practical experience SMIF provides. On August 25, 2015, China devalued its currency and the market opened down 900, triggering all the stop-losses that were required by the investment committee.

“All of the sudden SMIF was out of the gate, and it was losing money,” he said. “However, this is what the SMIF was designed to do—create educational lessons. It's not just about making money. Fortunately, it's grown, but it's also about providing real world experience with the problems you face when you enter the real world.”