INSTITUTIONAL INVESTOR

In Memory of David Villa

DAVID VILLA

State of Wisconsin Investment Board

Our industry mourns a huge loss -- David Villa, the executive director and chief investment officer of the $120 billion State of Wisconsin Investment Board (SWIB), passed away last weekend.

As a tribute to this great leader, visionary, mentor, colleague and friend, here are some quotes from his allocator peers to remember his legacy.

David will be remembered as a crusading and visionary leader not only for his management of SWIB’s investment but also for his role in reshaping the design of the system.

As a relatively new CIO, I frequently reached out to David to seek his advice on various topics. He was always gracious with his time and provided valuable insight that has helped me personally and our plan through time. Despite the many personal successes throughout his career, David was consistently deferring all credit to his team and finding ways to recognize their efforts. It is this humility and focus on empowering others that I will remember the most when I think about him. He was a visionary investor, a selfless leader, and a great man. I feel so lucky to have been able to get to know him the past few years.

Scott Davis, CIO, Indiana Public Retirement System

I was lucky enough to know David in his role at UBS/Brinson, where he covered me when I was CIO at Levi’s. He was an exceptionally kind and professional and I came to understand how well he knew investments after he took the CIO job at SWIB. At SWIB, he got the big things right, and helped that portfolio attain unquestionable success on multiple levels. His cerebral, deep thinking was a joy to behold as he made major improvements. All the while, he was available and generous with his rationale and thoughts on portfolio management. He will be so missed, and my sympathies are with his family and friends.

Bill Lee, SVP & CIO, New York Presbyterian Hospital

David was always a quiet force whether he was on a panel with you or critiquing something you had written. Above all, he was dedicated to his constituents and stakeholders.

Cynthia Steer, Investment Committee Member, Hartford Healthcare

This is a sad loss for the investor community, my sincere condolences to David’s family.

Mohamed Farid, Principal Portfolio Manager, World Bank

I first met David when I was still a consultant at Wilshire and he transitioned to Brinson Partners. He was the client service officer for one of my clients. Since he already had an asset allocator background, working with him was very easy. Brinson’s performance wasn’t good and he had a very tough job dealing with me on behalf of my client. He understood what I was facing and he was straight-forward with me, which made my job easier with my client. His subsequent success at SWIB is not surprising. David was a true professional; I am so sorry we have lost him. My deepest sympathies to his family and to the staff and members of the State of Wisconsin Investment Board.

Roz Hewsenian, CIO, Helmsley Charitable Trust

I will always remember David as being so kind to everyone with whom he came in contact. He was never condescending and treated everyone with the utmost respect no matter their position. He was very bright and very thoughtful in his approach to investment management. He was a significant contributor to our organization as State Investment Officers. He regarded his fiduciary responsibility with utmost diligence and care. He regarded his position as extremely important because he knew how much he directly influenced the thousands of lives of others even though they would never know his influence. He was a well regarded and well respected representative of our profession. He made a very strong positive mark on the Wisconsin retirement system. I regarded him and respected him as an investment professional but I also regarded him as a friend. I will greatly miss him.

Bruce Cundick, CIO, Utah Retirement Systems

What I most remember and appreciated about David was his humility and unflappable, calm demeanor. He was always prepared to give a thoughtful and respectful opinion, no matter the circumstance. More importantly, David always made time to answer a question or respond to an email to share his insights with colleagues.

Mike Mueller, Alternatives Investment Officer, Opportunity Portfolio, Oregon State Treasury

I will never forget David at Delivering Alpha in a Wisconsin versus Illinois showdown. There was a back-and-forth debate about the simpler approach used by Illinois versus the complexity employed by David in Wisconsin. Marc Levine thought he had made a strong point when explaining his large move to passive management, and David quipped back to ask him about his funding ratio. It was about 40%, and David asked for a moment of silence for Illinois. The room roared with laughter. After that, he followed with a logical analysis of how even a small and persistent alpha by active management can make meaningful benefits for his state. Even though I had spent a good portion of my life in Illinois, I identified with this man from Wisconsin in that moment. I appreciated his style and courage to do what he thought was best even if it was not simple. I also appreciated his quick wit that was combined with thoughtful analysis.

Ron Virtue, Assistant Treasurer, JM Family Enterprises, Inc.