Callan in a private, employee-owned U.S.-based company that focuses solely on institutional investment consulting. We consultant with multiple insurance asset pools, including captives and have no ties to commercial brokerages or reinsurance companies. We consult with our clients using a fiduciary, governance framework.
600 Montgomery Street
San Francisco, CA 94111
In 1973, Edwin Callan founded Callan as an employee-owned investment consulting firm with a primary focus on performance measurement. As our clients’ needs evolved, we quickly expanded our capabilities to include expertise in strategic planning, as well as manager and asset class research. From our inception, we have been working with all asset owners including insurance and pension plans. We continue to invest heavily in resources to support the changing demands of pension plans, insurance pools, endowments and foundations, and defined contribution plans.
In addition to our core fund sponsor consulting and investment research areas, we have dedicated teams that consult with investment managers (since 1988), as well as boutique consulting firms and independent financial advisors (since 1991). These services include providing research, education, performance measurement, data, and analytical tools. In 2006, we launched our discretionary consulting and asset management group to address our clients’ growing need for discretionary services.
Today, Callan has 191 employees, 98 of which are shareholders representing nearly 50% of our workforce. Callan advises more than $2.4 trillion in total assets, making us among the largest independently owned investment consulting firms in the U.S. Callan’s corporate headquarters are in San Francisco, CA. In addition we maintain five offices located in Atlanta, Georgia; Chicago, Illinois; Denver, Colorado; Portland, Oregon and Summit, New Jersey. Callan has no parent company, affiliated or subsidiary company, nor any business partners.
Callan has three lines of business that contribute to the overall strength and stability of the organization and fit well within our mission of helping institutional investors achieve their investment objectives. Callan derives the vast majority of its revenue from investment consulting retainers and projects. Callan is a registered investment adviser under the SEC Investment Advisers Act of 1940, first registered on April 16, 1973.
Callan has extensive experience working with multiple asset pools including captive insurance and risk retention groups (RRGs). We understand the unique needs supporting a single-parent captive and RRG including its liabilities, premiums /cash flows, claims / loss experience and investment portfolio. Following a well-documented governance framework is important to ensure prudence and proper due diligence. This includes asset allocation studies, manager structure, manager selection and monitoring, performance monitoring and fee benchmarking. The investment policy statement (IPS) and investment guidelines are a critical component of the governance framework and should be reviewed at least annually.
In addition, we believe the portfolio should be segmented to address the unique needs of the captive. This includes a liquidity sleeve to cover any immediate claims, a liability hedging sleeve to match liability duration as calculated from the actuarial report, and a surplus sleeve which can take on more risk within the portfolio. The allocations into each of these sleeves would be an outcome of the asset allocation study and the IPS would be updated to reflect the different segments in the portfolio and the respective benchmarks.
Areas of specialisation:
- Asset Allocation
- Investment Policy Statements
- Manager Research
- Manager Selection
- Performance Monitoring
- Fee Benchmarking
- Cayman Islands
Sara L. Hakim
Senior Vice President
Based in Summit, NJ office, Sara joined Callan in June 2019 and has experience providing investment advice to a variety of plan sponsor clients such as corporate defined contribution and defined benefit plans, captive insurance and nonprofits. Prior to joining Callan, she was responsible for growing insurance captive solutions for on-shore and off-shore captives for Aon.