FOSTER CITY, Calif.--(BUSINESS WIRE)--Bailard—an independent, values-driven wealth and investment management firm based in the San Francisco Bay Area—today announced that Sonya Mughal, CFA, has transitioned into the role of Chief Executive Officer from Chief Operating Officer and Chief Risk Officer. Sonya has spent the entirety of her 27-year financial career at Bailard, including previously serving as the firm’s Chief Investment Officer.
“My philosophy as CEO is to keep an eye towards growth while maintaining our emphasis on excellence,” said Mughal. “How we define excellence will evolve over time. Now, as throughout our 52-year history, we can continually learn and improve everything that we do. Investment performance, client service, diverse investment strategies, talent acquisition and retention, training and development, leadership coaching, the list goes on. We pursue excellence across every function and facet of our business.”
Preceding CEO Peter Hill is transitioning into the position of Executive Chairman and will continue to focus on corporate strategy as well as investment management, as a senior member of the international equity portfolio management team. Joining Bailard in 1985 from the UK, Hill has played a critical role in Bailard’s growth, particularly in leading the firm’s institutional asset management and, more recently, in the formation of the Bailard Foundation.
“The culture of Bailard has been since its founding one where hard work, talent, and drive are strongly recognized. We hire young employees who intend to stay and grow their careers at the firm – not just as candidates to fill an entry-level position,” said Hill. “Bailard was built on the values of accountability, compassion, courage, fairness, independence, and excellence. I have the utmost confidence that Sonya will be a steadfast steward of this legacy.”
Mughal joined Bailard in 1994, and has been a dedicated employee since the beginning, serving in numerous roles at the firm. Outside of the firm, Mughal is a member of the Forbes Finance Council and previously served on the Schwab Advisor Services Advisory Board and on the Silicon Valley Community Foundation investment committee. She earned her Chartered Financial Analyst® designation in 1997 and is a member of the CFA Institute and the CFA Society of San Francisco.
At nearly $5 billion in assets under management, Bailard manages money for high-net worth and ultra-high net worth individuals and families, endowments and foundations, as well as institutional investors seeking specific single-asset strategies. Tapping into momentum created by her predecessor, Mughal hopes to grow Bailard to $10 billion in assets across all strategies and business lines. In her new role as CEO, she will remain a portfolio manager for the all-cap growth/technology and science equity strategy. Her focus on growth is not limited to Bailard’s strategies but also includes the personal and professional growth of Bailard’s team. This includes expanding Bailard’s recruiting with a special focus on diversity and expanding the remit of the Bailard Foundation, which supports the community in which Bailard and its employees live, work, and engage.
Mughal’s transition to CEO marks the second leadership transition in Bailard’s 52-year history. The first leadership change from Tom Bailard to Peter Hill in 2008 marked Bailard’s transition from a founder model to employee-ownership. Hill, Mughal, and Bailard’s employees have a long commitment to remaining independent, with 70% of its employee base owning company stock as of 2020 year-end.
Bailard also announces the transition of Burnie Sparks, Jr., CFA, from the role of President to Vice Chairman. Sparks, who has been with the firm for 39 years, has been instrumental in Bailard’s success and culture. Bailard is pleased to share additional recognitions reflecting enhanced responsibilities, effective today:
- Mike Faust, CFA, who has 19 years of service with Bailard, will assume the new title of President of the Wealth Management Group. Mike began his Bailard career as a member of the research team and since 2009 has very successfully directed the growth of the Wealth Management practice.
- Kim Aquino, CFP®, a senior investment Counselor with 25 years at Bailard in the Wealth Management Group, has grown to take on many responsibilities for the firm. In recognition of this, Kim has been promoted to Director of Operations for the Wealth Management Group.
- Jon Manchester, CFA, CFP®, joined Bailard over four years ago from Wells Fargo’s ESG asset management firm Nelson Capital Management and will become Chief Strategist in the Wealth Management Group.
- Dave Harrison Smith, CFA, who is the lead portfolio manager on the all-cap growth/technology and sciences equity strategy, will become an Executive Vice President in recognition of his major contributions to Bailard’s success. Dave has been with Bailard for 12 years.
About Bailard Inc.
With over 50 years of experience, Bailard is an independent wealth and investment management firm that combines proven, proprietary methodologies with innovative new strategies to drive success for clients. For individuals and institutions alike, Bailard proudly serves as a trusted partner focused on achieving long-term results aligned with client values and goals. An independent firm since our founding in 1969, we stand committed to our values and, most importantly, our clients. With nearly $5 billion AUM as of March 31, 2021, Bailard’s high-touch client service and proven track record are grounded in the firm’s core values of accountability, compassion, courage, excellence, fairness, and independence. To learn more about Bailard, please visit: https://www.bailard.com/.
* All investments involve a risk of loss. There is no guarantee any strategy will achieve its objectives. Bailard will not offer advice in any jurisdiction where it is prohibited from doing so.