portfolio selection and asset pricing. Lax also holds a B.S. in Economics summa cum laude from the Wharton School. Terence Lim, Vice President, is a Senior Research Analyst of the Global Quantitative Equity (GQE) group. Lim is responsible for developing and enhancing the group's quantitative models. He also sits on the GQE Investment Policy Committee. Lim joined Goldman Sachs Asset Management in June 1999. Previously, he was a visiting assistant professor of finance at Dartmouth College's Tuck School of Business, and an investment manager at Koeneman Capital Management in Singapore. Lim's research has been published in the Journal of Finance and awarded a Q Group grant in 1998. He graduated summa cum laude with dual B.Sc. degrees in engineering and economics from the University of Pennsylvania, and received a Ph.D. degree in financial economics from M.I.T Bob Litterman, Managing Director, is the Director of Quantitative Resources within the Investment Management Division of Goldman Sachs. He is the co-developer, along with the late Fischer Black, of the Black-Litterman Global Asset Allocation Model, a key tool in the Division's asset allocation process. During his 15 years at Goldman Sachs, Litterman has also headed the Firmwide Risk department and has been co-director, with Fischer Black, of the research and model development group within the Fixed Income Division's research department. Litterman has authored or co-authored many papers on risk management, asset allocation, and the use of modern portfolio theory. He is a member of the Risk magazine "Risk Hall of Fame." Before joining Goldman Sachs in 1986, he was an Assistant Vice President in the Research Department of the Federal Reserve Bank of Minneapolis and an Assistant Professor in the Economics Department at the Massachusetts Institute of Technology. Litterman received a B.S. from Stanford University in 1973 and a Ph.D. in Economics from the University of Minnesota in 1980. Jean-Pierre Mittaz is the Chief Operating Officer of Global Fixed Income and Currency. He is responsible for ensuring integrated investment infrastructure, continuous improvement of the control environment, and coordinating business financials across New York, London, and Tokyo. Prior to this role, he was the Co-Chief Operating Officer of GSAM's Risk and Performance Analytics Group, where he oversaw risk monitoring, performance analytics, and securities valuation oversight. Mittaz serves on GSAM's Valuation and Risk Committees. Prior to joining the Investment Management Division in 1997, he was a member of Goldman, Sachs & Co.'s Finance Division in Zurich, London, and New York. Mittaz received his Ph.D. from the University of Zurich in Switzerland, where he taught various courses in banking, finance, and accounting. He holds a Master's Degree in Business Administration from the University of Zurich, Switzerland, and is a Chartered Financial Analyst. Don Mulvihill, Managing Director, is the Senior Portfolio Manager responsible for development and implementation of tax-efficient investment strategies. He works with our investment professionals to integrate income and estate tax considerations into investment decisions. The goal is to enhance the long-term accumulation of