The Progress Team

Thurman V. White, Jr., Chief Executive Officer - Since 1992

Our Progress business model allows us to build our business by helping our clients to achieve their investment objectives, and providing opportunities for other investment managers to deliver value for our clients. In this way we all work in partnership to achieve our vision to “change the face of the investment management industry.

Thurman is responsible for the vision and values of Progress, as well as leadership to achieve all the firm’s operational, financial and strategic goals. He chairs the Management Committee and serves as a voting member of the Investment Committee. From 1992 to 1994, Mr. White served as chief operating officer of Progress, with day-to-day oversight of the firm’s operations, and he was responsible for developing and maintaining several key client relationships during a time of rapid business growth. From 1994 to 2001, Thurman served as managing director, where he took on a variety of senior leadership responsibilities, including product development, new business development and client retention. He served as the firm’s product manager, leading its private-equity fund-of-funds strategy for investment in emerging private-equity partnerships. In 2000, he led the firm’s effort on behalf of CalPERS to manage a $40 million venture capital fund making direct investment in emerging investment management firms, and placing assets to manage with those firms from a $1 billion pool. In 2001, Thurman was named president of Progress. In 2004, he guided senior management as it teamed with an outside investor in a successful management buyback of the firm, at which time he also became CEO. Since the management buyback, Mr. White has piloted the firm as it has continued its steady growth in assets under management, expanded the firm’s employee ownership and implemented a values-centric leadership model.

Mr. White has had previous line management and operating company experience with profit/loss responsibility, as well as public policy experience at the state legislative and federal agency levels. He holds an undergraduate degree in public and international affairs from the Woodrow Wilson School at Princeton University, a master’s degree in communications from Stanford University and a law degree from Boalt Hall, University of California, Berkeley. He has been a member of the California Bar since 1981.

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Beverly Pasley-Harrison, Chief of Administration and Operations - Since 1999

A strong compliance foundation is the cornerstone that helps ensure trust and confidence from all of our stakeholders.

Beverly joined Progress in 1999 to oversee the Compliance Department. She is a current member of the Management Committee. Ms. Pasley-Harrison has extensive experience in the financial services industry. She began her career working on the institutional-trading desk at Bateman Eichler, Hill Richards in Southern California, which resulted in a relationship with a major asset management firm in northern California. She eventually left Los Angeles to pursue what became a 10-year-long tenure in San Francisco with RCM Capital Management as a portfolio and research assistant. Subsequently, she joined Harris Bretall Sullivan & Smith as its director of operations, Gardner Rich & Co. as managing director and Cazenave & Co. as vice president and principal. Beverly holds a bachelor of science degree in business administration and also holds NASD Series 7, 63 and 24 licensing. Beverly is a member of the Society and Corporate Compliance and Ethics.

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Sabrina Brutus, Vice President, Operations and Manager Compliance - Since 2011

Do what you love and enjoy the people you do it with, everything else will fall into place.

Sabrina is responsible for ensuring that the company’s middle office operations and manager compliance procedures are rigorously applied in order to prevent violations of client guidelines and federal securities laws. She works closely with Investments, Marketing and Client Service, Finance and the CCO to make impartial judgments on manager compliance and to mitigate operational risk for both the company and the managers. She is also responsible for monitoring legal and ethical business practices as defined by the SEC and other governing bodies.

Prior to joining Progress, Sabrina served as chief compliance officer at Bivium Capital Partners, where she was responsible for leading the firm’s compliance efforts, including designing and implementing internal controls, policies and procedures to assure compliance with applicable local, state and federal laws and regulations and third-party guidelines; administering the Code of Ethics; monitoring sub-advisers for compliance with portfolio and client investment guidelines; conducting compliance training; performing initial and continuing due diligence of sub-advisers, including on-site visits; managing audits and investigations into regulatory and compliance issues; and responding to requests for information from regulatory bodies. Sabrina was also responsible for the daily operations of the firm. She is a member of the National Association of Securities Professionals and the National Society of Compliance Professionals. Sabrina received a bachelor of arts degree in English with a concentration in business administration from Rutgers, The State University of New Jersey.

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Rita Cai, Controller - Since 2004

The importance of money flows from it being a link between the present and the future.

Rita is responsible for all finance and accounting operations at Progress, including financial planning, internal controls and treasury functions. She is also heavily involved with both clients and sub managers regarding fees, contracts and other financial arrangements. Much of Progress’ corporate planning and functional decision-making is based on information that Rita provides as a member of the Management Committee. Prior to joining Progress, Rita was a senior finance manager at Outsource, Inc., a venture investment company focused on infrastructure development projects in Asia. Previously, she was director of operations for Global Vision Technology, Inc., where she made a major contribution to the development and growth of a venture capital subsidiary during her nine years with the company. Prior to moving to the U.S., she worked as director of administration for the five-star Holiday Inn Yangtze Hotel, where she managed a staff of 15 and was responsible for budgeting and cost accounting. Rita holds a bachelor of science degree in finance from Chongqing University and a master of business administration degree in finance and accounting from Regis University.

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Alex Hsiao, Chief Investment Officer - Since 2006

We expect all of our investment professionals to contribute to the firm’s success, meaning they are rewarded for their contributions, but they are also expected to own the responsibility of their actions
and ideas.

Alex leads the investment team, overseeing all investment and fund-related activities at Progress, including quantitative evaluation and the monitoring of manager performance, portfolio monitoring and analysis, manager selection and communication. He chairs the Investment Committee and is a voting member. He is also a member of the Management and Strategy Committees. Prior to joining Progress, he served as the treasurer and chief investment officer of The California Endowment in Los Angeles. While there, he managed a portfolio of approximately $4 billion in various traditional equity, fixed-income and alternative investment strategies. During Alex’s tenure, the Endowment’s portfolio consistently outperformed its benchmark. Prior to his work with The California Endowment, Mr. Hsiao worked for Bankers Trust in Hong Kong, where he managed a staff of 10 and served as a risk management analyst and, later, as vice president of Fixed Income, managed a $2 billion proprietary debt portfolio focused on undervalued assets in China, Korea, Singapore and other countries in the Far East. Alex has an undergraduate degree in managerial economics from the University of California, Davis, and a master of business administration degree from the University of California, Irvine.

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Jose Balagot, Deputy Chief Investment Officer - Since 1996

The best part about the business we’re in is that, if we’re vigilant, we have the opportunity to learn something new every day--- about a business, an idea, the markets or, perhaps a colleague. If we’re especially careful and attentive, we can learn something about ourselves.

As a member of the firm’s Portfolio Management team, Jose is involved in client portfolio construction, monitoring and rebalancing, as well as leading the firm’s manager research function. He is a voting member of the Investment Committee and a member of the Management Committee. Prior to joining Progress, Jose was an international equity analyst for Bailard, Biehl and Kaiser, where he was responsible for database design, returns forecasting, performance measurement, attribution analysis and asset allocation modeling. Previously, he was an economic consultant for DRI/McGraw-Hill, building econometric forecasting models and market planning systems for Fortune 500 companies. Jose earned his bachelor of arts and master of science degrees in economics at the University of California, Santa Cruz.

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Evelyn Dravis, Senior Vice President, Investments - Since 2010

Investing is a dynamic process. By being focused and disciplined, we seek to provide our clients with unique solutions to address their needs.

Evelyn is a member of the company’s senior investment team, and co-manages the multiple-manager funds offered by Progress to its clients, including domestic equities, fixed income, non-U.S. and some alternative investments, such as hedge funds. Areas of accountability include investment research, quantitative fund analysis/investment analytics, multiple manager portfolio construction, new product development, and other portfolio management and investment related activities. Evelyn is a member of the Portfolio Management and Monitoring Team (PMT), and is a voting member of the Investment Committee (IC). She has over 25 years of financial services and investment management experience. Most recently she spent the last seven years as Director of Research at Allianz Global Investors where she was responsible for hedge fund research and selection covering a multiple of hedge fund strategies. Prior to joining Allianz, Evelyn spent fourteen years at Citigroup in multiple capacities with her latest role as Director of Private Equity and Hedge Funds. She holds a Masters of Business Administration from Columbia University and she received her Bachelor of Arts degree from Barnard College. Evelyn is also fluent in Spanish and conversant in French.

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Caroline L. Tsao, Senior Vice President, Investments (2011)

As a member of the firm’s senior investment team, Caroline is involved in investment research, multi-manager fund construction, and other portfolio management and investment-related activities. Caroline is a voting member of the Portfolio Management and Monitoring Team and the Investment Committee. Caroline has over fifteen years of investment management and financial services experience. Prior to joining Progress, Caroline spent six years at Charles Schwab Investment Management, where she was a managing director and portfolio manager for U.S., non-U.S. and balanced multi-manager mutual funds. In addition to conducting market- and style-cycle research, she was responsible for leading, managing, and proactively evaluating and monitoring the investment performance and risk/reward characteristics of the funds. Earlier in her career, Caroline was a fund manager at General Motors Asset Management, where she oversaw U.S. and non-U.S. equity products in a manager-of-managers structure. Caroline began her career as an analyst with GE Capital’s Financial Management Program. She holds a master’s degree in business administration from The Wharton School, University of Pennsylvania, and a bachelor of arts degree in history from Duke University.

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Laura K. Nickols, Vice President, Investments - Since 1993

For everything in life, there is a trade off.

Laura is responsible for conducting research on funded and prospective managers, preparing research reports and making manager recommendations. Furthermore, she assists in the monitoring, analysis and evaluation of funded accounts. Laura is a voting member of the Investment Committee. Prior to joining Progress, she was a senior analyst at the University of California, Berkeley, in the Benefit Programs department. Previously, she was a consultant/analyst at William M. Mercer Asset Planning, Inc., where she was responsible for investment style analysis, asset allocation studies, manager search/analysis, and performance measurement and evaluation. She began her investment career at Callan Associates as an investment analyst. Laura earned a bachelor of arts degree from the University of California, Santa Cruz, and a master of business administration degree in finance from Golden Gate University.

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Ho Hwang, Senior Investment Analyst - Since 2006

Let us not love in word or in tongue, but in deed and in truth.

Ho is responsible for manager research, sourcing and monitoring, quantitative analysis, performance measurement and evaluation, and portfolio analytics and risk analysis. Prior to joining Progress, he was a senior performance analyst in the Performance and Analytics department of State Street Corporation. Ho received a bachelor of arts degree in economics from the University of California, Davis.

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Christina Wang, Assistant VP & Associate PM - Since 2009

Investing is a combination of science and art, and maybe a little bit of luck.

Christina is responsible for manager sourcing, research and monitoring, performance measurement and evaluation, portfolio analytics, risk analysis, and research tools development. Prior to joining Progress, she was a Database Manager and Research Analyst at Freeman Associates Investment Management, LLC. She was responsible for database construction and monitoring, quantitative model analysis and research projects. Before joining Freeman, Christina worked at the Business and Economic Research Center at Middle Tennessee State University. She was responsible for the modeling of local economic leading indicators and other regional economic projects. She also made presentations at several economic research conferences. Christina holds a master of Economics from Middle Tennessee State University. She earned a bachelor of arts in Finance from Southwest University of Finance and Economics. Christina is currently in the PhD program of Economics at Middle Tennessee State University and is a CFA charter holder.

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Mona S. Williams, Executive Vice President - Since 2000

We do not own the client relationships. We are stewards, entrusted with the privilege of serving our clients at this moment in time. Recognizing this, we strive to live up to that privilege by maintaining the highest standards of quality, excellence and value in all aspects of our client service.

Mona is responsible for the creation and implementation of new business development strategies in the institutional marketplace, with specific emphasis on plan sponsors in the public, corporate and foundation/endowment areas nationwide. Under her leadership, her team develops all new client relationships and manages the firm’s existing client and consultant relationships. Mona is a member of the Progress Board of Directors and also serves on the Management Committee. She is a voting member of the Investment Committee. Prior to joining Progress, she was director of marketing for Albriond Capital Management, LLC, where she was responsible for new business development, client service and client retention. She also served as the director of marketing for Capital Insight Brokerage, Inc. Her earlier experience includes positions in the institutional equities department of Bear Stearns and in the retail division of Merrill Lynch. Mona received a bachelor of arts degree from the University of California, Berkeley. She is a board member of the National Association of Securities Professionals.

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Adrienne E. Gaines, Senior Vice President, Strategic Client Relations and Marketing - Since 2010

Coming together is a beginning. Keeping together is progress. Working together is success.

Adrienne is responsible for strategic relationship management and business development in the public fund market. Additionally, she works with the Progress team on strategic firm planning, new product development and distribution, and the development of new markets for the firm, namely Taft-Hartley. Prior to joining Progress, Adrienne was the founder and Managing Member of AMA Advisors, an independently-owned strategic advisory and consulting firm directed toward investment managers. From 2001-2007, Adrienne was a partner at the Yucaipa Companies where she held a variety of leadership positions. Before Yucaipa, Adrienne was a Managing Director at Pacific Corporate Group, a private equity advisory and investment management firm.

Adrienne has over 25 years of experience in investor relations, corporate affairs, marketing and business development. Her innovative and consultative approach to client relationship management and her depth of industry knowledge and experience has cemented her reputation as a prominent professional in a variety of marketplaces, most notably the public and Taft-Hartley sectors. She has been professionally active in the investment community her entire career and has developed an extensive global network in the institutional investment industry.

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Johnita Walker Mizelle, Head of Corporate, Foundation and Endowment Sales - Since 2008

Pressure either creates diamonds or dust...

Johnita is responsible for the development, coordination and implementation of the strategic marketing and sales plans for the products offered to Progress’ clients or prospects within the corporate pension plan, endowment and foundation sectors. Prior to joining Progress, Johnita worked for over 10 years in financial services. Most recently, she was principal of The Williams Capital Group, a boutique investment-banking firm, where she was responsible for all aspects of business development in the Midwest region, including corporate finance activity and brokerage operations. In August of 2002, she opened and managed the firm’s Midwest office in Chicago.

Prior to joining Williams Capital, Johnita worked at Goldman Sachs in the equities division. As an analyst, she served on a team that was responsible for sales and marketing of all equity offerings, marketing of Goldman’s equity research products to the investment community, and facilitating the underwriting process that included the allocation and distribution of shares. Johnita currently serves as Chair of the Council of Urban Professionals’ Leadership Board and is a member of the National Association of Securities Professionals. She received a bachelor of science degree from Spelman College and an MBA from Harvard Business School.

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Linda D. Cornett, Assistant Vice President, Marketing and Client Service - Since 2004

My best day at work is when I satisfy a client’s need in a way that exceeds his or her expectation.

Linda is responsible for all aspects of internal client service. Linda’s team ensures that all client reports are delivered accurately and on time. She is responsible for the production of all marketing material, including the firm’s quarterly newsletter. She completes all requests for proposals. Linda is an affiliate of the State Association of County Retirement Systems (SACRS). Prior to joining Progress, she was an assistant vice president at State Street Corporation, where she was responsible for client relationship management in the Master Trust division. Linda received a bachelor of science degree from the University of Phoenix. She is the treasurer of the National Association of Securities Professionals, San Francisco Chapter.

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Hilda Wong, Assistant Vice President, Fund Administration - Since 2005

Fund accounting accuracy ensures data integrity and the confidence of our clients.

Hilda joined Progress in November 2005 as a senior fund accountant, and she was promoted to assistant vice president in June 2008. Hilda primarily focuses on all aspects of investment operations, including fund account reconciliation, performance calculation and maintenance of fund transition in the accounting system. She also acts as a liaison between Progress, sub managers and custodians. She has been in the investment portfolio/fund accounting business since 1993, beginning her career as an operations analyst with The Boston Company Asset Management, LLC (a subsidiary of Mellon Financial Corporation), in Greenbrae, California, where she gained valuable knowledge and experience in handling institutional pension fund accounts. Afterwards, she joined Gamboa & Company as a portfolio accountant, providing support of daily trading, monthly reconciliation, appraisal, performance and capital gains reporting of individual accounts. She then moved on to Kaspick & Company (a subsidiary of TIAA-CREF) in Palo Alto to serve as a portfolio-reporting analyst. At Kaspick, Hilda was responsible for trust accounting, client appraisal and performance reporting for the planned-giving services of colleges, universities and other non-profits and foundations. Prior to Progress, she spent eight years in managing portfolio accounting and performance evaluation for the high-net-worth-individual accounts of Shuman & Schneider Investment Counsel. Hilda holds a bachelor of science degree in business administration and accounting from San Francisco State University.

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Richa Sharma, Director of Information Technology - Since 2006

Extraordinary leaders create a vision, articulate that vision, passionately own the vision, and relentlessly drive it to completion.

Richa is responsible for all of the information technology-related initiatives at Progress, including projects and operations. Richa provides technical design and architecture guidance, as well as management for information-technology projects.

Richa has vast experience in software development; she has led a variety of complex software projects for large, multinational organizations. Her core strengths include software-requirements design and development; configuration management; project management; and quality management. Richa completed her bachelor’s degree in mathematics and her master’s degree in computer applications, both at Himachal Pradesh University in India.

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