Group in January 2002. Vesval received a Master's in Mathematical Finance from New York University in 2001, as well as an M.S. in Applied Mathematics and a B.S. in Economics and Applied Mathematics from Ecole Polytech-nique (Paris) in 2002. Kurt Winkelmann, Managing Director, has been with Goldman Sachs since 1993, and is co-head of the Global Investment Strategy group in Goldman Sachs Asset Management. This effort focuses on strategic issues (including strategic asset allocation) that are of interest to institutional clients. Prior to joining GSAM, Winkelmann spent five years in London as part of the Fixed Income Research Group, where his focus was Global Fixed Income Portfolio Strategy. He has written (or co-authored) several papers with portfolio management themes. Before joining Goldman Sachs, he worked in the investment technology industry (Barra and Vestek) and as an Economist for First Bank Systems. He received a B.A. from Macalester College (St. Paul, Minnesota) in 1978 and a Ph.D. in Economics from the University of Minnesota in 1987. Peter Zangari, Vice President, is a Vice President in the Quantitative Resources Group at Goldman Sachs Asset Management and Head of the PACE group. The PACE (Portfolio Analysis and Construction Environment) group is responsible for designing, developing, and delivering applications and information to quantitative and active portfolio management teams that support their portfolio construction process, and that are used to measure and identify sources of risk and return in their portfolios. Zangari joined Goldman Sachs Asset Management in August 1998. Prior to joining Goldman Sachs, he was at J.P. Morgan where he was one of the original members of the RiskMetrics group. Later, he became a senior quantitative researcher in the bank's firmwide market risk department. In that capacity, he developed numerous methodologies for measuring market risk. Zangari has done extensive work in the area of financial risk research. He has written several published articles on measuring market risk and currently serves as an associate editor to the Journal of Risk. His academic training is in the area of applied econometrics and computational statistics, having earned a Ph.D. in Economics from Rutgers University in 1994.