Barbra A. Byington

Provides investment banking services

Independent Fiduciary Services (IFS) provides three primary product/service lines of service including retainer investment consulting, operational review/fiduciary audit projects and fiduciary decision-making transactions. IFS structures and monitors institutional investment programs including: (1) analyzing and proposing asset allocations (2) controlling investment risk and expenses (3) selecting investment managers (4) measuring and evaluating investment returns (5) analyzing non-traditional investments including private equity, hedge funds and real estate and (6) instituting investment best practices and prudent procedures. Though not limited by sector, Independent Fiduciary Services tends to invest in the stocks of US small-cap and large-cap companies in the process industries, non-energy minerals and finance sectors.

PBGC's investment policy is established by the agency’s Board of Directors, composed of the US Secretaries of Labor, Treasury, and Commerce. The Board has established an investment policy that, for the Single-Employer Program, uses a Liability Driven Investment (LDI) approach. Under that approach, the firm employs an asset allocation glidepath under which the investment portfolio risk is reduced as funded status improves. The agency’s Multiemployer Program assets are invested solely in US government securities. PBGC established the Smaller Asset Managers Pilot (SAMP) Program to provide opportunities for smaller investment management firms to manage some of the agency’s fixed income assets. The Pilot Program has been successful in achieving its objectives and PBGC has established the Smaller Asset Managers Program as an ongoing program.

Functions as a College/University