“Draft:Bennett Golub”的意思、由来-开放百科全书

Bennet Golub is Chief Risk Officer (CRO) for BlackRock Inc., a role he has held for the past nine years. Besides, he is in charge of the Enterprise Risk Management Committee (ERMC) at BlackRock. Earlier, while at BlackRock, Golub founded and co-headed BlackRock Solutions, which is the company’s risk advisory division since 1995. In addition, Golub was the acting Chief Executive Officer (CEO) Trepp LLC, which was a former subsidiary of BlackRock Inc. that first introduced and distributed collateralized commercial-supported securities models and data in 1996. Golub was among those who founded Blackstone Financial Management (BFM) LP in 1988 that later grew to become BlackRock. Before launching BlackRock, Golub served as the Vice President (VP) of First Boston Corporation (FBC) in 1985 and played a pivotal role in establishing the Financial Engineering Group (FEG). In the course of his tenancy as the Vice President, the group controlled bonds worth over USD 25 billion.

Education

Golub graduated from the MIT in 1978 with an SB degree in Management. He also completed his SM degree in Finance from the same institution in 1982. In 1984, he earned his PhD in Applied Economics and Finance from MIT – Sloan School of Management.

Career growth in BlackRock Inc.

1988-2009

In 1988, Dr. Golub was one of the eight founding partners of Blackstone Financial Management LP which evolved into BlackRock Inc. He served as a Senior Managing Director until 2008^[1]. In 1995, Golub was a co-founder of BlackRock Solution, which is the analytics and risk management, and served as a co-head of Risk & Quantitative Analysis Group^[2]. As a co-head of Risk & Quantitative Analysis Group in BlackRock Solutions until 2009, Golub is responsible to lead the team to ensure portfolio risks that are consistent across mandates, reflect current investment themes within particular strategies, and comply with client-specific risk guideline. Also, by leveraging [https://www.blackrock.com/aladdin/offerings/aladdin-overview Aladdin Platform], the industry-leading operating system within BlackRock Solutions, to integrating risk, investment and client management to assess and process manager investment, market and liquidity risk^[2].

2009-present

Dr. Golub is the chair of BlackRock’s Enterprise Risk Management Committee and served as the Chief Risk Officer at BlackRock Inc. since 2009^[3]. He kept the risk management as a core piece of BlackRock Inc.'s fiduciary culture. Golub is also responsible for the investment, counterparty, technology and operational risk of all assets managed by BlackRock. Being a Chief Risk Officer, Golub insisted on a research and development project to study data from the bottom, understand the underlying assumptions, and refine the model as needed. Even though it was expensive and unpopular, Golub still pushed hard because of the considerable exposure. And this push led to pulling back some of the investments, refining the strategies and enabling BlackRock to navigate the storms better than just about anyone else during the ensuing financial crisis^[5]. Golub made his reputation through his critical thinking and analytical skills in risk management. He helped BlackRock to grow $4.72 trillion assets under management in 2015. In the post-crisis period alone, the company have almost quadrupled and now represent roughly 13% of total assets under management in the US^[4].

Previous Career

First Boston Corporation

Before founding BlackRock, Bennet Golub was the Vice President at the First Boston Corporation in 1985. First Boston Corporation was an Investment Bank that was founded in 1932 and was later obtained by Credit Suisse. The headquarters was located in New York. Eventually Credit Suisse phased out First Boston Corporation in 2006. While working there, Dr. Golub established the Financial Engineering Group. The corporation structured over $25 billion of bonds, along with many innovative collateralized mortgage obligations and asset-backed securities while he was the Vice President.

Larry Fink, Roberts S Kapito, and Barbara Novick worked together with Bennet Golub at First Boston Corporation. Due to a failure which resulted in a $100 million by Larry Fink. This failure motivated them to create a risk management and fiduciary practices called Blackstone Financial Management.

Select bibliography

Bennet Golub has authored and co-authored several articles and books, mostly in relation to risk. Some of his books and articles are:

Achievements and Rewards

Ben Golub has served as Chief Risk Officer since 2009 where his primary responsibility is managing the risk of investment, counterparty, technology and operational in BlackRock. He is also the chair of BlackRock's Enterprise Risk Management Committee and one of the co-heads of the Risk and Quantitative Analysis team (RQA) of BlackRock.

Golub has played a key role in developing BlackRock's risk and Quantitative Analysis capabilities as well as the firm's Aladdin platform during his career. Because of him, BlackRock has stuck to its legacy and emphasized risk management as the heart of its fiduciary culture.

During the financial crisis, it was his early insight of the significance of liquidity, which decided by cash, and his effort to meet the client' delegation requirements to the maximum extent that had ensured sustainable growth on the assets that are under management in BlackRock for the firm to to get through the financial crisis. Furthermore, the assets under management had been almost four times as that in 2015 and now the amount has been stable at nearly 13% in the U.S.

The most influential achievement in his life till now is Lifetime Achievement award by Risk magazine in 2016 for his great contribution to the promotion of effective risk management. Before in 2001, Golub and his best friend and former colleague, Charlie Hallac were honored as Asset Management Risk Managers of the year award by Risk magazine.

In 1978, he earned a Bachelor of Management degree and a Master of Management degree in 1982 in MIT Sloan School of Management. Later in 1984, he earned a Doctor of Philosophy degree in Applied Economics and Finance in the same school.

Golub has written a ton of articles, and a book, about risk, including "Risk Management: Approaches for Fixed Income Markets" (J. Wiley & Sons, Inc., 2000), which also has Japanese and Chinese editions and "New Benchmarks for Debt Instruments: No Room for Nostalgia in Fixed Income."

He has authored or co-authored many articles, including“Reflections on Buy-Side Risk Management After (or Between) the Storms”(The Journal of Portfolio Management),“Risk Management Lessons Worth Remembering from the Credit Crisis of 2007-2009” (The Journal of Portfolio Management), “Composite Portfolios Present Challenges”(Pension and Investments Magazine),“Mark-to-Market Methodology, Mortgage Servicing Rights, and Hedging Effectiveness”(The Handbook of Mortgage-Backed Securities, 6th Edition), “Approaches for Measuring the Duration of Mortgage-Related Securities”(The Handbook of Mortgage-Backed Securities, 6th Edition), “Measuring Yield Curve Risk Using Principal Components Analysis and Value At Risk”(The Journal of Portfolio Management), “New Benchmarks for Debt Instruments: No Room for Nostalgia in Fixed Income”(Risk Magazine), and “Asset Allocation and Risk Management for Sovereign Wealth Funds”(Sovereign Wealth Management).

References

1. ^{{Cite web|url=https://www.blackrock.com/corporate/about-us/leadership/ben-golub|title=Ben Golub, PhD|website=BlackRock|language=en|access-date=2018-12-18}}
2. ^¹{{Cite web|url=https://www.businesswire.com/news/home/20160128005716/en/Bennett-Golub-Awarded-Risk-Magazine%E2%80%99s-Lifetime-Achievement|title=Bennett Golub Awarded Risk Magazine’s Lifetime Achievement Award|date=2016-01-28|website=www.businesswire.com|language=en|access-date=2018-12-18}}
3. ^{{Cite web|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=22073062&privcapId=4509970|title=Bennett W. Golub: Executive Profile|last=|first=|date=|website=Bloomberg.com|archive-url=|archive-date=|dead-url=|access-date=2018-12-18}}
4. ^¹{{Cite web|url=https://www.risk.net/node/2443388|title=Lifetime achievement award: Bennett W Golub|date=2016-01-27|website=Risk.net|language=en|access-date=2018-12-18}}