Paul has had a long and deep career in global financial markets, including institutional asset allocation, fixed income portfolio management, and economics.  He has worked in five countries in both public and private sector roles.  He is an accomplished public speaker and has experience managing diverse teams of professionals.  He maintains a wide set of contacts across global asset managers and institutional asset owners.

From 2009 through 2018 Paul worked at the Abu Dhabi Investment Authority (ADIA) as Head of Fixed Income Strategy and Deputy Chief Investment Officer.  Paul led a thorough review of the Authority’s strategic asset allocation from the development of capital market assumptions through optimization, benchmark selection, and implementation plans.   Paul co-headed a tactical asset allocation program across global bond and equity markets that added significant value.  He also led efforts to expand the Authority’s fixed income investments in high yield debt and private credit, and allocations to the Chinese and Indian bond markets.

Prior to ADIA, Paul managed institutional global bond portfolios for Morgan Stanley Investment Management.  He was Co-Head of the Limited Duration Team, responsible for MSIM’s short-duration bond portfolios.  Paul’s global clients included central banks, sovereign wealth funds, endowments, and pension funds.

Paul started his career as an economist at the Federal Reserve in Washington.  He frequently briefed the Board of Governors on developments in financial markets.  His final post at the Fed was Chief of the Money and Reserves Section, responsible for the compilation and publication of data on the monetary aggregates.  After the Fed, Paul worked for JP Morgan as economist first covering France and then as Head of European Economics.

Paul has a PhD in Economics from the University of Minnesota and an undergraduate degree in Economics from the Massachusetts Institute of Technology.