Gary P. Brinson: Difference between revisions

Gary P. Brinson
Gary P. Brinson
Born	1943; Seattle, Washington
Alma mater	Seattle University (BA, 1966); Washington State University (MBA, 1968)
Occupation	Investment management
Employer(s)	UBS (Retired); Brinson Partners (Prior); First National Bank of Chicago (Prior)
Known for	Research on asset allocation; Founder of Brinson Partners

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Gary P. Brinson is a former investor and money manager. He is the founder of Brinson Partners a Chicago-based asset management firm acquired in 1994 by Swiss Bank Corporation, the predecessor of UBS, and Adams Street Partners. Prior to retiring in 2000, Brinson would run the asset management division of Swiss Bank Corporation and later UBS Global Asset Management.

He is the co-author of two books on global investing and has authored numerous articles on an array of investment topics. Brinson has been called one of the investment field's "Living Legends" alongside investors such as George Russell, Jr., Warren Buffett, and Bill Gross.^[1]

Career

Brinson was born in Seattle, Washington in 1943. His father worked as a bus driver and his mother worked at Sears as a clerk. He graduated from Seattle University in 1966 and would go on to receive an MBA from Washington State University in 1968.^[1]

Brinson entered the investment management business in the late 1960s as an analyst at Travelers Insurance Company. In 1979, Brinson left Travelers to join the trust department of First National Bank of Chicago as chief investment officer. By 1981, Brinson had assembled the team that would become First Chicago Investment Advisors and later Brinson Partners.^[2]

First Chicago Investment Advisors became a separate money management company in 1983. Through the 1980s, Brinson established himself as a pioneer in the development of the theory of asset allocation.^[3] Brinson pushed for allocation across stocks, bonds, cash, real estate, venture capital and other alternative asset classes using simple cost effective investment strategies. This would largely become conventional wisdom among money managers in the 1990s.^[4]

In 1989, Brinson led a US$100 million management buyout of his firm from First Chicago Corporation, acquiring approximately 75% of the company with a large group of partners and investors. Over the next five years, he built up the firm to approximately US$36 billion of assets under management. Brinson focused on providing access for U.S. institutions to global markets. The firm, which also managed a series of mutual funds, had emerged as one of the largest managers of pension plans in the U.S.^[4]

In 1994, Swiss Bank Corporation was in the midst of a series of acquisitions that included O'Connor & Associates, S.G. Warburg & Co., Dillon Read & Co. and culminated in the bank's merger with the Union Bank of Switzerland in 1998. Swiss Bank announced the acquisition of Brinson Partners and brought in Brinson to run the bank's asset management unit.^[5] Swiss Bank Corporation paid US$750 million to acquire Brinson Partners, resulting in a profit to Brinson and his partners of US$460 million on the sale of their 75% stake in the company.^[4]

Following the acquisition of Brinson Partners, Gary Brinson ran Swiss Bank's asset management business and after the merger with UBS, Brinson was named chief investment officer of UBS Global Asset Management.^[6]

Brinson retired from UBS in early 2000 just prior to the crash of the dot-com bubble. Brinson had grown disenfranchised over the previous years with the runaway internet bubble and its detachment from fundamentals and value investing.^[7]

Influence on investment and finance

Brison is acknowledged for helping to establish the foundations of investment portfolio Performance Attribution by introducing the Brinson model, through two articles written by Brinson and Fachler (1985) and Brinson, Hood, and Beebower (1986).^[8]

Other affiliations

Brinson established the Brinson Foundation as non-profit organization focused on supporting educational, public health, and scientific research programs.^[9]

References

Brinson, Gary P., and Nimrod Fachler, “Measuring Non-US Equity Portfolio Performance,” Journal of Portfolio Management, Spring 1985, pp. 73-76.
Brinson, Gary P., Randolph Hood, and Gilbert Beebower, “Determinants of Portfolio Performance,” Financial Analysts Journal, 1986, vol. 42, no. 4(July–August), pp. 39-44.

^ ^a ^b Gary P. Brinson. Horatio Alger Society
^ Gary Brinson Archived 2010-11-01 at the Wayback Machine. CFA Journal Interview, 1999
^ Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower, Determinants of Portfolio Performance, The Financial Analysts Journal, July/August 1986. Determinants of Portfolio Performance II: An Update, The Financial Analysts Journal, 47, 3 (1991)
^ ^a ^b ^c Merger in Switzerland Creates a Star in Chicago. New York Times, December 14, 1997
^ SBC Warburg Company History. Funding Universe, Retrieved August 10, 2010
^ UBS-SBC Would be Largest Manager Yet: Gary Brinson May Lead Institutional Side. Pensions & Investments, December 8, 1997
^ How market's shift dislodged Gary Brinson: `Value investor' retiring from money management biz. Crains Chicago Business, March 13, 2000
^ "Return Attribution". CFA Institute. 2012. Retrieved 2020-05-11.
^ "Gary P. Brinson". Inside Philanthropy. 2019-12-19. Retrieved 2023-08-28.

External links

The Brinson Foundation - non-profit organization supporting educational, public health and scientific research programs

[alger-1] Gary P. Brinson. Horatio Alger Society

[2] Gary Brinson Archived 2010-11-01 at the Wayback Machine. CFA Journal Interview, 1999

[brinson1-3] Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower, Determinants of Portfolio Performance, The Financial Analysts Journal, July/August 1986. Determinants of Portfolio Performance II: An Update, The Financial Analysts Journal, 47, 3 (1991)

[chicagostar-4] Merger in Switzerland Creates a Star in Chicago. New York Times, December 14, 1997

[SBC-FUHistory-5] SBC Warburg Company History. Funding Universe, Retrieved August 10, 2010

[6] UBS-SBC Would be Largest Manager Yet: Gary Brinson May Lead Institutional Side. Pensions & Investments, December 8, 1997

[7] How market's shift dislodged Gary Brinson: `Value investor' retiring from money management biz. Crains Chicago Business, March 13, 2000

[8] "Return Attribution". CFA Institute. 2012. Retrieved 2020-05-11.

[9] "Gary P. Brinson". Inside Philanthropy. 2019-12-19. Retrieved 2023-08-28.

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@@ Line 1: / Line 1: @@
+{{Short description|American businessman}}
-{{Infobox Person
+{{Infobox person
-|name          = Gary P. Brinson
-|image         =
+| name         = Gary P. Brinson
-|image_size    =
+| image        =
-|alt           =
+| image_size   =
-|caption       =
+| alt          =
-|birth_date    = 1943
+| caption      =
+| birth_date   = 1943
-|birth_place   = [[Seattle, Washington]]
+| birth_place  = [[Seattle, Washington]]
-|death_date    =
+| death_date   =
-|death_place   =
+| death_place  =
-|residence     = [[Chicago, Illinois]]
-|nationality   =
+| nationality  =
+| citizenship  =
-|ethnicity     =
+| other_names  =
-|citizenship   =
+| known_for    = Research on [[asset allocation]]<br />Founder of [[Brinson Partners]]
-|other_names   =
+| education    =
-|known_for     = Research on [[asset allocation]]<br>Founder of [[Brinson Partners]]
+| alma_mater   = [[Seattle University]] (BA, 1966)<br />[[Washington State University]] (MBA, 1968)
-|education     =
+| employer     = [[UBS]] (Retired)<br />[[Brinson Partners]] (Prior)<br />[[First National Bank of Chicago]] (Prior)
-|alma_mater    = [[Seattle University]] (BA, 1966)<br>[[Washington State University]] (MBA, 1968)
+| occupation   = [[Investment management]]
-|employer      = [[UBS]] (Retired)<br>[[Brinson Partners]] (Prior)<br>[[First National Bank of Chicago]] (Prior)
+| years_active =
-|occupation    = [[Investment management]]
-|years_active  =
 }}
-'''Gary P. Brinson''' is a former investor and money manager. He is the founder of '''Brinson Partners''' a Chicago-based asset management firm acquired in 1994 by [[Swiss Bank Corporation]], the predecessor of [[UBS]]. Prior to retiring in 2000, Brinson would run the asset management division of [[Swiss Bank Corporation]] and later [[UBS Global Asset Management]].
+'''Gary P. Brinson''' is a former investor and money manager. He is the founder of '''Brinson Partners''' a Chicago-based asset management firm acquired in 1994 by [[Swiss Bank Corporation]], the predecessor of [[UBS]], and [[Adams Street Partners]]. Prior to retiring in 2000, Brinson would run the asset management division of [[Swiss Bank Corporation]] and later [[UBS Global Asset Management]].
-He is the co-author of two books on global investing and has authored numerous articles on an array of investment topics. Brinson has been called on the investment field's "Living Legends" alongside investers such as [[George Russel (investor)|George Russell, Jr.]], [[Warren Buffet]], and [[William H. Gross|Bill Gross]].<ref name=alger>[http://www.horatioalger.org/members_info.cfm?memberid=BRI08 Gary P. Brinson]. Horatio Alger Society</ref>
+He is the co-author of two books on global investing and has authored numerous articles on an array of investment topics. Brinson has been called one of the investment field's "Living Legends" alongside investors such as [[George Russel (investor)|George Russell, Jr.]], [[Warren Buffett]], and [[William H. Gross|Bill Gross]].<ref name=alger>[http://www.horatioalger.org/members_info.cfm?memberid=BRI08 Gary P. Brinson]. Horatio Alger Society</ref>
 ==Career==
 Brinson was born in [[Seattle, Washington]] in 1943. His father worked as a bus driver and his mother worked at [[Sears]] as a clerk. He graduated from [[Seattle University]] in 1966 and would go on to receive an MBA from [[Washington State University]] in 1968.<ref name=alger />
-Brinson entered the [[investment management]] business in the late 1960s as an analyst at [[Travelers Insurance Company]]. In 1979, Brinson left Travelers to join the trust department of [[First National Bank of Chicago]] as chief investment officer. By 1981, Brinson had assembled the team that would become First Chicago Advisors and later Brinson Partners.<ref>[http://www.spauldinggrp.com/products/49-gary-brinson-cfa-interview.html Gary Brinson]. CFA Journal Interview, 1999</ref>
+Brinson entered the [[investment management]] business in the late 1960s as an analyst at [[Travelers Insurance Company]]. In 1979, Brinson left Travelers to join the trust department of [[First National Bank of Chicago]] as chief investment officer. By 1981, Brinson had assembled the team that would become First Chicago Investment Advisors and later Brinson Partners.<ref>[http://www.spauldinggrp.com/products/49-gary-brinson-cfa-interview.html Gary Brinson] {{webarchive|url=https://web.archive.org/web/20101101145358/http://www.spauldinggrp.com/products/49-gary-brinson-cfa-interview.html |date=2010-11-01 }}. CFA Journal Interview, 1999</ref>
-First Chicago Advisors became a separate money management company in 1983. Through the 1980s, Brinson established himself as a pioneer in the development of the theory of [[asset allocation]]<ref name="brinson1">Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower, ''Determinants of Portfolio Performance'', The Financial Analysts Journal, July/August 1986. ''Determinants of Portfolio Performance II: An Update'', The Financial Analysts Journal, 47, 3 (1991)</ref> Brinson pushed for allocation across stocks, bonds, cash, real estate, venture capital and other alternative asset classes using simple cost effective investment strategies. This would largely became conventional wisdom among money managers in the 1990s.<ref name=chicagostar />
+First Chicago Investment Advisors became a separate money management company in 1983. Through the 1980s, Brinson established himself as a pioneer in the development of the theory of [[asset allocation]].<ref name="brinson1">Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower, ''Determinants of Portfolio Performance'', The Financial Analysts Journal, July/August 1986. ''Determinants of Portfolio Performance II: An Update'', The Financial Analysts Journal, 47, 3 (1991)</ref> Brinson pushed for allocation across stocks, bonds, cash, real estate, venture capital and other alternative asset classes using simple cost effective investment strategies. This would largely become conventional wisdom among money managers in the 1990s.<ref name=chicagostar />
+In 1989, Brinson led a US$100&nbsp;million [[management buyout]] of his firm from [[First Chicago Corporation]], acquiring approximately 75% of the company with a large group of partners and investors. Over the next five years, he built up the firm to approximately US$36&nbsp;billion of [[assets under management]]. Brinson focused on providing access for U.S. institutions to global markets. The firm, which also managed a series of mutual funds, had emerged as one of the largest managers of pension plans in the U.S.<ref name=chicagostar>[https://www.nytimes.com/1997/12/14/business/investing-it-merger-in-switzerland-creates-a-star-in-chicago.html Merger in Switzerland Creates a Star in Chicago]. New York Times, December 14, 1997</ref>
-[[File:Brinson Partners.png|thumb|right|275px|Brinson Partners logo]]
-In 1989, Brinson led a $100 million [[management buyout]] of his firm from [[First Chicago Corporation]], acquiring approximately 75% of the company with a large group of partners and investors. Over the next five years built up the firm to approximately $36 billion of assets under management. Brinson focused on providing access for U.S. institutions to global markets. The firm, which also managed a series of mutual funds, had emerged as one of largest managers of pension plans in the U.S.<ref name=chicagostar>[http://www.nytimes.com/1997/12/14/business/investing-it-merger-in-switzerland-creates-a-star-in-chicago.html Merger in Switzerland Creates a Star in Chicago]. New York Times, December 14, 1997</ref>
-In 1994, [[Swiss Bank Corporation]] was in the midst of a series of acquisitions that included [[O'Connor & Associates]], [[S.G. Warburg & Co.]], [[Dillon Read & Co.]] and culminated in the bank's merger with the Union Bank of Switzerland in 1998. Swiss Bank announced the acquisition of Brinson Partners and brought in Brinson to run the bank's asset management unit.<ref name=SBC-FUHistory>[http://www.fundinguniverse.com/company-histories/SBC-Warburg-Company-History.html SBC Warburg Company History]. Funding Universe, Retrieved August 10, 2010</ref> [[Swiss Bank Corporation]] paid $750 million to acquire Brinson Partners, resulting in a profit to Brinson and his partners of $460 million on the sale of their 75% stake in the company.<ref name=chicagostar />
+In 1994, [[Swiss Bank Corporation]] was in the midst of a series of acquisitions that included [[O'Connor & Associates]], [[S.G. Warburg & Co.]], [[Dillon Read & Co.]] and culminated in the bank's merger with the Union Bank of Switzerland in 1998. Swiss Bank announced the acquisition of Brinson Partners and brought in Brinson to run the bank's asset management unit.<ref name=SBC-FUHistory>[http://www.fundinguniverse.com/company-histories/SBC-Warburg-Company-History.html SBC Warburg Company History]. Funding Universe, Retrieved August 10, 2010</ref> [[Swiss Bank Corporation]] paid US$750&nbsp;million to acquire Brinson Partners, resulting in a profit to Brinson and his partners of US$460&nbsp;million on the sale of their 75% stake in the company.<ref name=chicagostar />
 Following the acquisition of Brinson Partners, Gary Brinson ran Swiss Bank's asset management business and after the merger with UBS, Brinson was named chief investment officer of [[UBS Global Asset Management]].<ref>[http://www.pionline.com/article/19971208/PRINTSUB/712080756 UBS-SBC Would be Largest Manager Yet: Gary Brinson May Lead Institutional Side]. Pensions & Investments, December 8, 1997</ref>
-Brinson retired from UBS in early 2000 just prior to the crash of the [[dot-com bubble]]. Brinson had grown disenfranchised over the previous years with the runaway [[internet bubble]] and its detachment from fundamentals and [[value investing]].<ref>[http://www.highbeam.com/doc/1G1-60305872.html How market's shift dislodged Gary Brinson: `Value investor' retiring from money management biz]. Crains Chicago Business, March 13, 2000</ref>
+Brinson retired from UBS in early 2000 just prior to the crash of the [[dot-com bubble]]. Brinson had grown disenfranchised over the previous years with the runaway [[internet bubble]] and its detachment from fundamentals and [[value investing]].<ref>[https://archive.today/20120905172423/http://www.highbeam.com/doc/1G1-60305872.html How market's shift dislodged Gary Brinson: `Value investor' retiring from money management biz]. Crains Chicago Business, March 13, 2000</ref>
+==Influence on investment and finance==
+Brison is acknowledged for helping to establish the foundations of [[Portfolio (finance)|investment portfolio]] [[Performance Attribution]] by introducing the Brinson model, through two articles written by [[#Brinson1985|Brinson and Fachler (1985)]] and [[#Brinson1986|Brinson, Hood, and Beebower (1986)]].<ref>{{Cite web|url=https://www.cfainstitute.org/-/media/documents/support/programs/cipm/2019-cipm-l1v1r5.ashx|title=Return Attribution|publisher=CFA Institute|year=2012|access-date=2020-05-11}}</ref>
 ===Other affiliations===
-Brinson established the Brinson Foundation as non-profit organization focused on supporting educational, public health and scientific research programs.
+Brinson established the Brinson Foundation as non-profit organization focused on supporting educational, public health, and scientific research programs.<ref>{{Cite web |date=2019-12-19 |title=Gary P. Brinson |url=https://www.insidephilanthropy.com/wall-street-donors/gary-p-brinson.html |access-date=2023-08-28 |website=Inside Philanthropy |language=en-US}}</ref>
 ==References==
+* <cite id=Brinson1985>Brinson, Gary P., and Nimrod Fachler, “Measuring Non-US Equity Portfolio Performance,” Journal of Portfolio Management, Spring 1985, pp. 73-76.</cite>
+* <cite id=Brinson1986>Brinson, Gary P., Randolph Hood, and Gilbert Beebower, “Determinants of Portfolio Performance,” Financial Analysts Journal, 1986, vol. 42, no. 4(July–August), pp. 39-44.</cite>
 {{reflist}}
-{{refbegin}}
-* [http://articles.chicagotribune.com/2001-10-14/business/0110140095_1_stocks-at-low-prices-ubs-ag-investment Warnings from past ring true]. Chicago Tribune, October 14, 2001
-* [http://seattletimes.nwsource.com/html/businesstechnology/2001836896_brinson15.html Pioneer in global investments pays tribute to Seattle U prof]. Seattle Times, January 15, 2004
-* [http://www.qfinance.com/asset-management-thinkers/gary-brinson Gary Brinson: One of the world’s most influential investment managers]. QFinance
 ==External links==
 * [http://www.brinsonfoundation.org/ The Brinson Foundation] - non-profit organization supporting educational, public health and scientific research programs
-{{refend}}
 {{UBS AG}}
@@ Line 62: / Line 61: @@
 [[Category:Seattle University alumni]]
 [[Category:Washington State University alumni]]
-[[Category:UBS AG people]]
+[[Category:UBS people]]
 [[Category:American money managers]]
 [[Category:American investors]]
-[[Category:American businesspeople]]
+[[Category:American financial businesspeople]]
 [[Category:Living people]]