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Management Team |
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At Forward Management, we believe our investors are entitled
to a different, better breed of investment management. That’s why our senior
management brings both a deep level of experience to the table, and also
a deep passion for responsible investing. |
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 J. Alan Reid, Jr., CIMA, CEO
Mr. Reid is CEO and a founder of ReFlow Management and Forward Management,
the investment advisor for the Forward Funds and the Sierra Club Mutual Funds.
With 21 years of experience in the financial services industry, Mr. Reid is
known for his innovative approach to developing strategic alliances and pioneering
technological solutions. He was formerly a principal and executive director
of the private wealth management team at Morgan Stanley, and a senior vice
president and director of business delivery at Morgan Stanley Dean Witter Online.
In this capacity, he designed and implemented the company’s mutual fund
platform and aggregation strategy, in addition to designing and building the
online firm’s call centers, product delivery, human resources and mutual fund
supermarket. Along with serving on many industry committees, Mr. Reid is a
member of the board of FolioFn, as well as the vice president of the board
of directors of Centerpoint, a non-profit health and human services organization.
Mr. Reid holds a BS in Business Administration from Menlo College, where he
was awarded The Faculty Award for leadership, character, and service. |
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 Jeffrey P. Cusack, President
Mr. Cusack is president of Forward Management and provides the day-to-day management of the company’s business. He has more than 20 years of financial-services experience in sales, marketing, product development and training. Prior to Forward Management, he was managing director of sales at REX & Co., where he headed the sales efforts in the financial planning, charitable organization and direct-to-consumer channels. Prior to REX & Co., Mr. Cusack was executive vice president of sales and marketing for JP Morgan Private Client Services where he led a group of more than 370 professionals that generated approximately $1 billion in revenue. Prior to JP Morgan, he was senior vice president and head of managed accounts at Charles Schwab, where he was responsible for designing and launching what became the industry's leading managed accounts platform serving the independent financial advisor and private client markets. Mr. Cusack also spent 12 years in the consulting group of Smith Barney. As senior vice president and a member of the operating committee, he helped grow the firm's revenues from less than $100 million to $1.6 billion. Mr. Cusack received a BA in business administration from New England College and has obtained the CIMA designation. |
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 Mary Curran, Chief Legal Officer
Immediately prior to joining Forward Management, Ms. Curran was associate general counsel of Morgan Stanley and chief legal officer of Morgan Stanley Online. In this position, she directed all aspects of the firm’s legal affairs, from its origin as a small start-up until its successful merger with Morgan Stanley’s Individual Investor unit in 2002. She was previously senior vice president and associate general counsel at Morgan Stanley Dean Witter, with responsibility for litigation and regulatory matters for all retail offices in the western half of the United States. Before joining MSDW, Ms. Curran was a litigation associate with McCutchen, Doyle, Brown & Enersen. She has served on a number of American Bar Association and FINRA committees, and is currently an arbitrator for FINRA. Ms. Curran is a graduate of Yale Law School. |
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 Darrell Davis, Chief Technology Officer
Prior to joining Forward Management, Mr. Davis served as the chief technology officer and executive vice president at Morgan Stanley Online, directing a team that was responsible for new development, research and technical direction for the award-winning Internet brokerage. Prior to being promoted to CTO, Mr. Davis was senior vice president and director of technical operations, where he played an integral role in the strategy and implementation of the firm's technology since 1995. He helped define and execute the technology that earned Morgan Stanley Online the distinction of being the only online brokerage accorded a four-star rating by Barron's four years in a row (1996-1999). In addition, Mr. Davis played an integral role in a large-scale expansion of two production data centers, as well as technology migration and integration with trading systems. Prior to Morgan Stanley Online, he headed the Unix support group for Lawrence Berkeley Laboratory. |
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 Jim O’Donnell, CFA*, Chief Administrative Officer
Mr. O‘Donnell is the chief administrative officer of Forward Management and has held this position since July 2006. He oversees product development and internal portfolio management for Forward. Prior to joining Forward, Mr. O‘Donnell was an analyst with Meisenbach Capital, conducting fundamental and financial analysis for a hedge fund portfolio as well as being involved in trading, operations and risk management. Earlier, Mr. O‘Donnell was a portfolio manager for Nicholas-Applegate Capital Management, responsible for stock selection and financial analysis for large cap, mid cap and small cap separately managed account portfolios from 1993 until 2001. Mr. O‘Donnell began his career as an institutional options trader. He is a Chartered Financial Analyst and holds a BS from Cornell University as well as an MBA from the University of San Diego. |
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 Judith M. Rosenberg, Chief Compliance Officer
Ms. Rosenberg has been involved in the legal and compliance end of the securities business since 1984, working in the law division of Dean Witter and Morgan Stanley. As director of compliance at Morgan Stanley Online from 1997-2002, she developed compliance policies and procedures and supervised registration, litigation, customer complaint response and regulatory reporting. She also worked with regulators on the national and state level in advisory and audit contexts in developing a model of conduct for the online brokerage business. As senior attorney in Morgan Stanley’s law division, Ms. Rosenberg worked with the individual investor group and represented the firm in a variety of litigation, arbitration, and regulatory matters in addition to supervising staff attorneys and paralegals. Prior to joining Morgan Stanley, Ms. Rosenberg worked as a litigation attorney at Steefel, Levitt & Weiss from 1983 to 1984, and as a litigation attorney for Morrison and Foerster from 1979 to 1983. She holds a BA from New York University and JD from Hastings College of the Law, where she was managing editor of the Hastings Law Review and a member of Order of the Coif. |
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 Paul Schaeffer, Director of Strategic Planning
Mr. Schaeffer is director of strategic planning for Forward Management. He is well known in the financial services industry as a business strategist, speaker and author with a knack for anticipating emerging trends and innovations. Mr. Schaeffer came to Forward Management from SEI, where he was managing director of the investment manager services group, a provider of operating services to mutual fund, alternative investment and separate account management organizations. He led that unit’s business strategy, product development and thought leadership initiatives. Prior to SEI, Mr. Schaeffer was managing partner of Investment Counseling, Inc. (IC), where he advised investment management firms on competitiveness and performance issues. It was during his tenure at IC that he pioneered-along with partner Chas Burkhart-the comprehensive annual survey “Competitive Challenges,” which remains the leading monitor of best practices in the industry. Widely published and quoted in major industry publications, Mr. Schaeffer is a frequent speaker at conferences held by the ICI, ABA, AIMR, IAA and U.S. Institute. He is active in the ICI Research committee and the Money Management Institute and serves on the board of directors of Epic Bancorp and as chairman of the board of Tamalpais Wealth Advisors. Earlier in his career, Mr. Schaeffer worked in publishing, the entertainment industry, government and public policy. |
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 Clay Smudsky, Director of Sales and Managing Director
Mr. Smudsky is currently managing director of Forward Management. Previously, Mr. Smudsky was vice president of institutional sales at RS Investments. He was responsible for leading the sales efforts that successfully expanded the sub-advisory, retirement plan and consultant-driven businesses. Prior to RS Investments, Mr. Smudsky served as a divisional sales manager for Salomon Brothers Asset Management. At Salomon, he helped develop the managed account business and led a new effort to distribute their mutual funds through the broker-dealer community. Mr. Smudsky received a BA from Ohio Wesleyan University and an MBA from the University of San Francisco, and he has attained the CIMA designation from the Wharton School at the University of Pennsylvania. |
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 Barbara Tolle, Director of Fund Accounting and Operations
Ms. Tolle joined Forward Management as the director of fund accounting and operations in March 2006. She also is the treasurer and CFO of the Forward Funds. Ms. Tolle is directly responsible for the oversight of fund accounting, administration, tax, regulatory and distribution services for the funds. Previously, Ms. Tolle was at PFPC Inc. (formerly First Data Investor Services Group, and FPS Services, Inc.), where she was vice president and director of fund accounting and administration with servicing responsibilities for numerous mutual fund families including the Forward Funds. During her tenure (1988-2006) at PFPC, Ms. Tolle was responsible for maintaining strong client relationships and managing staff providing financial, administration, tax, regulatory, transfer agent and distribution services for PFPC clients. She began her career in the mutual fund industry with the Vanguard Group of Investment Companies (1973-1988) where she progressed to assistant controller and officer of the Vanguard Group of Investment Companies. Earlier, Ms. Tolle served in Saigon, Vietnam, as research assistant and business manager for Control Data Corp., under contract to the U.S. Military Command. Ms. Tolle attended the Georgetown University School of Language and Linguistics in Washington, D.C. (1967-1969) and Strayer Business College (1969-1970). She completed her requirements in Business Administration, major in Finance, at Ursinus College Evening School Division (1974-1980), and was on the National Dean‘s List in 1980. |
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*Jim O’Donnell has earned the right to use the Chartered Financial Analyst designation. CFA Institute marks are trademarks owned by the CFA Institute. |
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J. Alan Reid, Jr., CIMA, CEO |
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Jeffrey P. Cusack , President |
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Mary Curran, Chief Legal Officer |
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Darrell Davis, Chief Technology Officer |
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Jim O’Donnell, CFA, Chief Administrative Officer |
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Judith M. Rosenberg, Chief Compliance Officer |
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Paul Schaeffer, Director of Strategic Planning |
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Clay Smudsky, Director of Sales and Managing Director |
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Barbara Tolle, Director of Fund Accounting and Operations |
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