Board of Directors

Garrett Thornburg

Garrett Thornburg

Chairman

Garrett Thornburg is a recognized leader in innovative, actively managed, disciplined investment strategies and is chairman of Thornburg Investment Management, Inc., which he founded in 1982. Headquartered in Santa Fe, New Mexico, Thornburg Investment Management is an employee-owned investment firm that manages eight equity mutual funds, one alternative mutual fund, and 11 fixed-income funds for individual and institutional clients.

Before forming Thornburg Investment Management, Mr. Thornburg was a limited partner of Bear, Stearns & Co. and a founding member of that firm’s public finance department. He was also chief financial officer of New York State’s Urban Development Corporation, and served as financial advisor to the State of New Mexico’s Board of Finance.

He is a member of the Board of Governors of the Investment Company Institute and serves on the Board of Directors of the New Mexico School for the Arts – Art Institute. He is also chairman of the Thornburg Foundation and personally leads the company’s philanthropic efforts. Active in New Mexico philanthropy, in 2010 he received the Philanthropist of the Year award from the Journal Santa Fe, and in 2013 he was awarded the New Mexico Distinguished Public Service Lifetime Achievement Award. He is a former board member of the National Dance Institute of New Mexico, the Santa Fe Institute, and the Santa Fe Community Foundation. Mr. Thornburg received his BA from Williams College and his MBA from Harvard University.

Brian McMahon

Brian McMahon

Vice Chairman and Chief Investment Strategist

Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg.

Brian joined Thornburg in 1984 as chief investment officer; a role he held until 2019. Brian served as president of the firm from 1997 to 2015 and CEO from 2008 to 2015 and was promoted to vice chairman in 2016. He managed Thornburg’s laddered bond portfolios from their inceptions from 1984 until 2000 and remains actively involved in securities analysis for various Thornburg portfolios.

Brian holds an MBA from Tuck School of Business at Dartmouth College and a BA in economics and Russian studies from the University of Virginia. After receiving his MBA, Brian joined Norwest Bank in 1979, and held various corporate finance positions.

Jason Brady

Jason Brady, CFA

President and CEO

Jason Brady is president and CEO of Thornburg Investment Management. He is responsible for the company’s overall strategy and direction. He is also portfolio manager on multiple strategies. He joined the firm in 2006, was made portfolio manager and managing director in 2007, and president and CEO in 2016. His book Income Investing: An Intelligent Approach to Profiting from Bonds, Stocks and Money Markets is a step-by-step guide to income investing.

Jason holds a BA with honors in English and environmental biology from Dartmouth College, and an MBA with concentrations in analytical finance and accounting from Northwestern’s Kellogg Graduate School of Management. He is a CFA charterholder. Prior to joining Thornburg, Jason was a portfolio manager with Fortis Investments in Boston, and has held various positions at Fidelity Investments and Lehman Brothers.

Eliot Cutler

Eliot Cutler

Member, Board of Directors

Eliot Cutler helped create the first of the Thornburg mutual funds in 1983, served on the board of trustees of the Thornburg Investment Trust for more than 30 years, and is now a member of the board of directors of Thornburg Investment Management, Inc. Eliot is currently focusing on the development of the firm’s asset management portfolio in Asia.

In addition to his current responsibilities at Thornburg, Eliot is chairman of MaineAsia LLC, a company developing Asian markets for Maine food products, and is a principal investor in ArchSolar, a company developing more efficient solar electric technologies for sustainable year-round agriculture in northern latitudes. Earlier, he was a founder and principal in Maine Seafood Ventures LLC, a company that opened China and other foreign markets to exports of frozen Maine lobsters.

From 1968 to 1973, Eliot worked in Washington, DC, for U.S. Senator Edmund S. Muskie of Maine, where he helped craft the Clean Air Act, the Clean Water Act, Superfund, the National Environmental Policy Act, and other environmental laws. From 1977 to 1980, he was associate director of the White House Office of Management and Budget and the principal White House energy advisor to President Carter. As an attorney, he later grew the firm of Cutler & Stanfield LLP to be the second-largest environmental law firm in the United States. Cutler then lived in Beijing from 2006 to 2009, where he opened the first office in China for international law firm Akin Gump as the partner in charge of the firm’s Asia practice and represented Chinese clients in making investments outside China. He also served as a business advisor and lawyer for Skanska USA, the American subsidiary of one of the world’s largest construction companies, and he was the first American to serve on the board of directors of Skanska AB, the Swedish parent company.

Eliot is a graduate of Deerfield Academy, Harvard College, and the law school of Georgetown University. He and his wife live in Maine and have two adult children.

Hon. Joshua Gotbaum

Hon. Joshua Gotbaum

Member, Board of Directors

Josh Gotbaum, a guest scholar in economic studies at the Brookings Institution, is an advocate for reforming pension law/regulation and expanding retirement saving & investment options. At Brookings and previously as director (CEO) of the federal Pension Benefit Guaranty Corp., he helped bring about changes in regulations of private pension investments and expanded coverage through use of automatic payroll deduction programs. He currently chairs Maryland’s Small Business Retirement Savings Board, which is setting up such a program. Institutional Investor twice cited him as one of the 40 most influential players in the battle to decide the future of U.S. Pensions.

Gotbaum has also been an advocate for greater attention to corporate governance, environmental and social factors in investing. In the Obama administration, he was one of two government members on the G-7 U.S. Advisory Committee on Impact Investing. He was also an active advocate for the successful elimination of regulatory prohibitions on economic-targeting and ESG investing. During the Clinton Administration, he was a member of the interagency working group on climate change. Josh was previously a partner of Blue Wolf Capital, an early subscriber to the UN Principles of Responsible Investing. He has worked with investors seeking to improve corporate governance and has been a director of several companies.

Gotbaum’s career has spanned work in business, government and non-profits. He was the CEO of The September 11th Fund, a $500+ million charity. Thereafter, he led the successful reorganization of Hawaiian Airlines (NASDAQ: HA). He was a managing director of Lazard advising on finance, acquisitions, and restructuring for businesses, governments, and unions. In addition to being a member of the board of directors for Thornburg Investment Management, he has been a director of TD Bank, of Safety-Kleen Systems, and of Pultegroup (NYSE: PHM). He has also been a consultant to various major investment firms.

During the Clinton administration, Josh was confirmed on a bipartisan basis to senior presidential appointments in the Treasury, Office of Management & Budget, and Defense. During the Carter Administration he worked in the Department of Energy and on the White House staff, and thereafter the Senate Budget Committee.

Josh has degrees from Stanford, Harvard Law School and Harvard’s Kennedy School of Government. He is married and the father of three. In his spare time, he sings.

Julia Sze

Julia Sze

Member, Board of Directors

Julia started her career in Hong Kong managing portfolios in Asian equity markets and leading several award-winning funds in the region for over a decade at Cameron Global Investments, Credit Lyonnais Asset Management, and Indosuez Asset Management. Subsequently, she served as senior investment strategist and chief investment officer at Wells Fargo Family Wealth Group (now Abbot Downing) and provided sales support and education for private bank teams serving high-net-worth individuals, foundations and endowments at Bank of America’s Alternative Investments Group. Starting in 2008, Julia began working with foundations, families and individuals to develop and implement custom impact investing strategies across sectors and geographies to build better environmental, social and corporate governance (ESG) standards in businesses at all stages.

In addition to Thornburg’s Board of Directors, Julia serves on the board and audit committee of Cavco Industries (Nasdaq: CVCO) and the board of Tern, a Taiwan-based folding electric bike company. She is also a member of the investment committee of the Santa Fe Community Foundation and serves on the board of the Amalgamated Bank Foundation.

Since 2018, Julia has taught investment management, impact investing and social entrepreneurship at University of California, Berkeley’s Haas School of Business. She serves as faculty for the Haas Impact Fund, the Haas Sustainable Investment Fund, and Impact Startup Launchpad and is part of the founding leadership team for the Sustainable and Impact Finance initiative.

Blair Naylor

Blair Naylor

Member, Board of Directors

Blair Naylor started her career in investments at Bear Stearns & Co. in Atlanta, GA, before relocating to Santa Fe in 1988 and becoming a financial consultant for Merrill Lynch and subsequently Smith Barney. In 2002, she founded Palace Capital Management, a registered investment advisor and family office serving accredited investors and specializing in the management of alternative investments, primarily hedge fund and private equity partnerships.

Ms. Naylor earned a BA from Newcomb College of Tulane University and currently serves as vice president of Thornburg Foundation, director of Pecos River Management and director of Century Bank. She has been active in philanthropy as a trustee of her family’s charitable foundation since 1987 and has served on numerous nonprofit boards and investment committees.