TSG Time with Pat and Doug

In Episode 38 of TSG Time, Pat and Doug sit down with Sean Gilligan, founder of Longs Peak Advisory Services. Sean has 25 years of experience in investment performance measurement, including the past 20 years focused on GIPS® compliance. He talks about what he’s learned from building a niche business in our industry, discusses the culture at Longs Peak, and explains the practices that will help protect that culture as the firm grows.  He also explores the biggest data challenges firms face on the path to GIPS compliance and where AI is headed in performance measurement: “We’re already seeing impressive tools at large organizations using AI and massive data sets to analyze how portfolio managers perform across every part of the decision-making process. It will be interesting to see how those capabilities expand to smaller firms across the industry.” In the lightning round, Sean names the actor who would play him in the movie about his life, recommends books, and tells us about the best meal he’s ever eaten.

Michael Ervolini joins Pat and Doug for Episode 37 of TSG Time. Mike founded and was CEO of both Cabot Investment Technology, Inc. and Charter Research LLC, and he now spends his time as a writer and thought leader on the topics of active fund management, behavioral finance, and decision making. Mike is the author of the newly released book, Skill Versus Luck: Taking the Guessing Out of Equity Fund Selection. He talks about what first sparked his interest in finance and analytics, reflects on an investing belief from early in his career that he no longer holds , and explains the problem he set out to solve for investors with his new book. Mike also shares what he hopes attendees will think differently about after his upcoming PMAR Conference presentation, "You Can’t Find Skill in Returns: Distinguishing Performance from the Decisions That Generate Them." In the lightning round, he tells us what he’s most grateful for right now, a family story that still gets told, and the historical moment he’d most like to experience firsthand. 

In the first episode of 2026, Pat and Doug interview Kate Baird. Kate is the Managing Director of the Wealth Management Platform at First Rate, where she has spent 31 years. She talks about her role and what she enjoys most about working at First Rate, and shares why she sees investment performance as a helping profession at its core. Kate also explores the reasons women dominate helping professions but continue to be underrepresented in finance, and highlights the many ways professionals can build careers in performance measurement without being quants. "This field needs empaths, people who deeply relate to other people. We need communicators and visual thinkers because you are trying to tell a story with numbers. That's ultimately what you are trying to do: communicate meaning behind those numbers." In the lightning round, Kate shares the historical figure she’d most like to have dinner with, the fictional world she’d love to visit, and the theme song of her life. 

In Episode 35, Pat and Doug celebrate TSG’s 35th anniversary with special guest, Christopher Spaulding. Chris is Managing Director and Chief Growth Officer (CGO) at TSG and has been with the firm since 2002. In this role, he oversees all client-facing operations, including sales, marketing, and client relations. Chris takes us through his 22-year journey at TSG, explains why TSG has remained relevant in the industry, and talks about the biggest growth opportunities ahead, building on what the company has spent the past 35 years developing. He also shares the advice he’d give 25-year-old Chris about taking on a leadership role at TSG, and what he hopes the company accomplishes between now and year 40. In the lightning round, Chris reveals the movie prop he’d take home from a set, a film he loves, and the best concert he’s ever attended. 

In Episode 34, Pat and Doug interview Shifat Hasan. Shifat is the Head of Investment Performance and Compliance at California State Teachers' Retirement System (CalSTRS), and she has over 17 years of experience in the performance industry. She shares her origin story, tells us about her current role at CalSTRS, and reflects on the aspects of her career she finds most rewarding. In 2020, Shifat was recognized as a 40 Under 40 honoree in the Sacramento Business Journal, and in 2023, she received the Outstanding Women in Performance & Risk Measurement Award. She tells us what these recognitions mean to her and how they’ve influenced her journey. “The Outstanding Women in Performance Award gave me pause and took me back to the days when I first started my career. In my current role, I get pulled into so many different directions on various topics, and my responsibilities are really broad, so when I think about that award, it takes me back to my roots and keeps me connected to wear I started.” Shifat also discusses the keys to her professional growth and impact, what she likes most about her career, and how technology will impact what we do in performance measurement. In the lightning round, she shares the theme song of her life and dream vacation destination. 

Paul Farrar joins Pat and Doug for Episode 33 of TSG Time. Paul is Head of Investment Analytics at Railpen, a UK Defined Benefit pension fund.  With 16 years in performance, including nine at Railpen, he talks about his role and what he finds most rewarding about being part of the team. In September, Paul attended PMAR Europe in London, where he participated in a panel discussion on “The Future Role of Performance Professionals in a Modern AI World,” and shared practical use cases of AI in investment analytics. In this episode, he discusses some of the key insights and takeaways from the panel with our listeners.  He also talks about how AI is a game-changer in our industry, which aspects of performance measurement are likely to see the biggest advances in the near future, and the most rewarding aspects of his career so far.  In the lightning round, Paul answers fast-paced questions about his career, favorite travel destination, and a few of his pet peeves. 

Carol Penhale, a leader at Rimes focusing on the Canadian market, shares her insights on performance measurement and AI trends. She emphasizes the critical importance of data quality, timeliness, and granularity, especially as the industry integrates AI. Carol also discusses her unique side gig as a Santa Claus Parade clown and offers advice for newcomers in performance management. She reflects on the evolving landscape of finance, including the shrinking role of financial intermediation and the industry's direction towards 2025.

Nishimwe Goreth of First Rate joins Pat and Doug for Episode 31 of TSG Time. Nishimwe is an investment performance analyst at First Rate, where she has been serving wealth clients for the past five years, specializing in both performance and reporting systems. In 2024, Nishimwe received the Rising Star Award from the US Fintech Awards and was named to the 2024 “40 Under 40” by the Greater Arlington Chamber of Commerce. She tells us what these honors mean to her and how they've influenced her journey. "Being a rising star in US Fintech sounds okay now, but it was scary then, because there were requirements that we had to meet, and I enjoyed being a part of that process, and hearing that I won was such an incredible feeling. I get to think about that, and I continue to tell myself, 'The sky's the limit, keep going.'" She shares standout moments from the PMAR Conference and this year’s Women in Performance Measurement event, reflects on the value of mentorship, and explores key opportunities for innovation in performance measurement over the coming years.  In the lightning round, Nishimwe discusses her favorite childhood memory, recommends a few books, and reveals the superpower she wishes she had. 

In Episode 30, Pat and Doug sit down with Jonnathan DeJesus, SVP and Head of Operations at Members Trust Company. With over a decade at Members Trust, Jonnathan has played a key role in shaping the firm’s operational strategy and building a robust data ecosystem that enhances visibility and drives efficiency across portfolios. He discusses his professional journey and the transition into his new leadership role, reflecting on the lessons learned along the way. At PMAR 2025, Jonnathan was part of a panel on “AI Use Cases and Benefits for Performance Teams,” and he gives us a recap of the discussion and offers his take on how AI might impact the performance industry. In 2020, Jonnathan received the Dietz Award Honorable Mention for his article, “Python in the Performance Team.” He shares the inspiration behind the piece, how it evolved from a PMAR presentation, and offers insights into his writing and research process. In the lightning round, Jonnathan reveals the superpower he’d choose, a memorable travel experience, and the advice he’d give to his 18-year-old self.

In Episode 29, Pat and Doug sit down with 2025 Performance & Risk Measurement Hall of Fame inductee, Joe D’Alessandro. Joe is Director of Real Estate Performance Measurement for the National Council of Real Estate Investment Fiduciaries (NCREIF), and is primarily responsible for fund index and attribution products, including the launch of new data products. Joe has over 35 years of industry experience, and he takes us back to where it all started. He reflects on the journey that brought him to where he is today and tells us what induction into the Hall of Fame means to him. In addition to the Hall of Fame, Joe is a Dietz Award winner for the article he co-wrote with Jeff Fisher, “Risk-Adjusted Performance Attribution: A Synthesis of Approaches,” and he highlights some of the key takeaways from the article. Joe also shares insights into his writing process and offers advice for newcomers to the industry. In the lightning round, Joe shares who he'd cast to play himself in a film and names his favorite movie.