Special Focus Advisory Board

The CFRM program is pleased to announce its new Special Focus Advisors:

  • Andrew Kalotay, President, Andrew Kalotay Associates

  • Mary Pugh, CEO and CIO, Pugh Capital

  • Chris Strickland, CEO and co-founder, Lacima

Andrew Kalotay, Mary Pugh and Chris Strickland have been appointed as special focus advisors to the MS-CFRM faculty. These advisors will assist the faculty with regard to evolution of the MS-CFRM program in the areas of fixed income and energy markets and derivatives. Dr. Kalotay and Ms. Pugh will provide advice on fixed income, and Dr. Strickland will provide advice on energy markets analytics.



Andrew J. Kalotay, Ph.D., President, Andrew Kalotay Associates

Andrew J. Kalotay, President of Andrew Kalotay Associates, is a leading authority on the management of corporate and municipal bonds. He has published extensively on a variety of bond-related topics, including valuation, debt management, and tax management. His innovations include the concept of refunding efficiency and the Ratchet Bond (a surrogate for conventional callable bonds that eliminates the transaction costs associated with refunding). Previously, Dr. Kalotay was with Salomon Brothers in the Bond Portfolio Analysis Group, and prior to that he worked at AT&T Treasury and at Bell Laboratories. On the academic side, he was the first director of the Center for Finance & Technology at Polytechnic University and has taught at Wharton, Columbia and Fordham University. He is a member of the Fixed Income Analyst Society's "Hall of Fame".

Education: B.Sc. and M.Sc. from Queen's University, and a Ph.D. from the University of Toronto.


Mary Pugh, CEO and CIO, Pugh Capital

Mary Pugh is CEO and CIO of Pugh Capital, a company she founded in 1991. Pugh Capital specializes in managing bond portfolios for institutional clients. The firm now manages $2.7 billion on behalf of its clients. Mary has over thirty years of institutional portfolio management experience. She has a long history of community service and is a Board Member of The Seattle Foundation and Chair of the Investment Committee. She also serves on the Investment Committees for the University of Washington and Seattle Academy.

Education: B.A. in Economics from Yale University.


Chris Strickland, Ph.D., CEO and Co-Founder, Lacima

Dr. Chris Strickland is CEO and co-founder of Lacima - a specialist provider of valuation, optimization, and risk management software to the global energy and commodities markets. Chris has also worked for over 15 years extensively with senior executives consulting on energy risk management and complex derivative valuation issues, and is a recognized expert for witness testimonials. Previously Chris worked for RBC Gilts Ltd. and Kitcat and Aitken & Co. in London, England.  Chris is the co-author (with Les Clewlow) of the books Energy Derivatives Pricing and Risk Management and Implementing Derivatives Models and co-editor of the book Exotic Options: The State of the Art.

In 2005, Chris was named in the Energy Risk Hall of Fame and in 2009, he was named in an elite international group of five by Energy Risk Magazine as a pioneering quantitative analyst who has made an outstanding contribution to energy trading and has shaped today's global energy markets. He is a Coordinator of the Risk Metrics Subcommittee of the Committee of Chief Risk Officers (CCRO) based in Houston, Texas, and a member of the Energy Oversight Committee for the Global Association of Risk Professionals (GARP) based in New York. Chris is an Honorary Fellow at Macquarie University in Sydney, Australia.

Education: BA, Pure Mathematics, 1st Class Honours, University of Liverpool. M.Sc., Mathematics, University of Warwick. Ph.D., Financial Mathematics, University of Warwick - Warwick Business School.