History of PMI

A brief history of the Portfolio Management Institute® [PMI]:

The Portfolio Management Institute® (PMI) was founded in 2004 as an independent, membership-supported association of legacy Smith Barney Portfolio Managers, now Morgan Stanley Portfolio Managers. PMI is the only organization of its type, providing a peer-led resource for every MS Portfolio Manager regardless of length of service or assets under management. "For Portfolio Managers, By Portfolio Managers” is the goal as PMI members value the professional education and networking opportunities PMI provides.

In 2003, several PM’s at Smith Barney attended the annual Director’s Council meeting, and at the cocktail party, decided to act upon a long batted-around idea that there should be an organization of PM’s to act as an educational and support group. Tony Gallea lost the coin toss and so, became the organization’s first President. He asked a number of PM friends to help out and a Board of Directors was put together, Bylaw’s adopted, Officers elected and PMI chartered as an educational organization. Then, hundreds of PM’s around the country [in an almost spontaneous way] joined the organization, finding a need for networking and sharing as all have a common challenge: Managing client portfolios with discretion on a daily basis.

An organization needs to meet, so the concept of an Annual "Forum” each spring led everyone to a field in Dallas at a new hotel and the first Forum [2005] became a success. Currently PMI’s membership is close to 300 with over 200 members attending the Annual Forum. PMI Forum has become a "must-attend” meeting. The 2010 Forum was the first encompassing membership from both Smith Barney and Morgan Stanley Portfolio Managers. 

Several crucial details were decided by the Board at an early stage. First, that the organization would be a big tent, open to all. This was perhaps the most important decision made, and one that reverberates today. Second was not to engage in business advocacy with the firm…education would be the primary mission of the organization. This lack of distraction has been a driving force in attracting and maintaining membership.

PMI does not receive corporate financial support, rather the organization is voluntary and completely member-funded. Our website www.pminstitute.org and a management company in Denver, Colorado keep PMI in touch with members and others. PMI is led by an 18-member Board of Directors. A four-member Executive Committee, made up of the immediate Past President, current President, the President-Elect and the Secretary-Treasurer, govern the day-to-day workings of the association. Directors serve three-year terms and are elected each spring, taking office at the Annual Forum.

In 2008 PMI began the industry’s first-ever professional certification in portfolio management (Certified Portfolio Manager®) in co-sponsorship with Columbia University in New York City. There are now more than 200 CPM® designees, and the certification is now managed by an independent organization, the Academy of Certified Portfolio Managers®. Several ACPM leaders remain PMI members, and have served as leaders of both organizations.

The specific purposes of PMI are as follows:

A. To provide a source of education and a venue for the open exchange of ideas pertaining to investment and portfolio management, professional conduct, and sound business practices for its members and associates.

B. To contribute to and enhance the actual and the acknowledged capabilities of its active members and associates through the exchange of ideas and sharing of experience and knowledge at PMI conferences and through other forms of education and outreach.

C. To enable its members and associates to effectively distinguish themselves within and outside the organization through their participation, their dedication and their contribution to the furtherance of its educational and entrepreneurial goals.

PMI Past Presidents:

  • 2004 - 2005: Anthony Gallea
  • 2005 - 2006: Anthony Gallea
  • 2006 - 2007: Michael Ross
  • 2007 - 2008: Michael Ross
  • 2008 - 2009: Stephen Stribling
  • 2009 - 2010: Jerry Tepper,
  • 2010 - 2011: Rick Grimshaw
  • 2011 - 2012: Kevin Anderson
  • 2012 - 2013: Gary Klingner
  • 2013 - 2014: Dennis Verity
  • 2014 - 2015: Ronnie Lapinsky Sax
  • 2015 - 2016: Paul McCauley
  • 2016 - 2017: Kathy Mohney
  • 2017 - 2018: Mike Lacey

Please note that PMI in an independent organization and is not a subsidiary of Morgan Stanley.  Please note that no MS business, client contact or correspondence can be received at PMI, it's location, phone or email address. PMI's contact info is strictly for use regarding PMI programs and services. It cannot be used to conduct MS business in any way nor can it be identified to clients or the public as such.