Founder Ronald J. Ryan explains: In answer to several requests and obvious confusion, I would like to clarify the difference between Ryan ALM, Inc. and Ryan Labs, Inc.

I was the Director of Fixed Income Research and Strategy at Lehman Bros. from 1977 thru 1982. There I designed the popular Lehman bond indexes, which became the industry benchmarks (and still are as Bloomberg Barclay indexes). In 1983, I started my first company Ryan Financial Strategy Group (RFSG) to continue doing fixed income research and helping investment advisors understand the Lehman indexes and bond math. We created an on-line research system called The Knowledge Network which analyzed the bond market thoroughly. RFSG was sold to Sanwa Bank in 1987.

In 1988 I founded Ryan Labs as a fixed income investment advisor specializing in bond index fund management. We did quite well and when I left in 2004, we had nearly $19 billion in fixed income assets under management. Ryan Labs was dear to my heart but overtime I knew that my future was in asset liability management. I strongly believe that the true objective of a pension is asset cash flows versus liability cash flows. Given our great success I knew it would be difficult and not fair to our investors to change the focus of our firm.

So, I left Ryan Labs and started on June 15, 2004 Ryan ALM, Inc. which as the name implies is dedicated to asset liability management (ALM). Our mission is to fund liabilities and secure benefits in a cost-efficient manner. We have built a series of innovative products to become a turnkey system to best achieve the true client liability objective. Our Liability Beta Portfolio (LBP) is a cost optimization model that will cash flow match liabilities at low cost and low risk. Our Custom Liability Index (CLI) will calculate all of the data needed for the LBP to work effectively. The CLI is truly the proper benchmark for any liability objective. The Ryan ALM web site is full of our topical research and newsletters to better explain how we solve many of the issues facing pensions and endowments & foundations today.

Sincerely,

Ronald J. Ryan, CFA