Karl Mergenthaler, CFA is an Executive Director in the J.P. Morgan Investment Analytics & Consulting Group. His principal responsibility is to provide analytical and consulting services to pension funds and other institutional investors. Karl has more than 14 years of experience in the financial services industry. Prior to joining J.P. Morgan in 2007, Karl was an equity analyst and portfolio manager at Avatar Associates, where he was actively involved in the management of portfolios of Exchange Traded Funds (ETFs). Previously, Karl was an equity analyst at Banc of America Securities responsible for the machinery industry. Karl has published numerous articles including “Commodities – Where do They Fit?” (J.P. Morgan's Thought Magazine, Spring 2010), "Active Currency Management for Institutional Investors" (P&I Online, 2010), "How Quants Stack Up against Fundamentals" (Pensions & Investments, January 7, 2008) and "An ETF Solution for 401 (k) Plans" (Plan Sponsor, October 2006). Karl has been quoted by numerous publications including Bloomberg, Fundfire, and others. Karl is a Chartered Financial Analyst (CFA) and a member of the New York Society of Security Analysts (NYSSA). Also, he is a Certified Public Accountant (CPA).