David D. Spaulding, DPS, CIPM Founder and CEO of TSG, Inc.

David Spaulding, DPS, CIPM, is an internationally recognized authority on investment performance measurement. He’s the Founder and CEO of TSG, Inc., and founder and publisher of The Journal of Performance Measurement®.

He consults to clients throughout the world on investment performance and risk issues. In addition, he teaches classes on performance measurement and attribution, and regularly conducts GIPS® verifications.

Dave is a prolific writer, having written numerous articles for various publications. He’s also the author of four books: Measuring Investment Performance (McGraw-Hill, 1997), Investment Performance Attribution (McGraw-Hill, 2003), The Handbook of Investment Performance (TSG Publishing, 2005),and The Handbook’s second edition (2011); co-author of TSG’s Guide to the Performance Presentation Standards: Second Edition (TSG Publishing, 2012); contributing author of Performance Measurement in Finance (Butterworth-Heinemann, 2002); and is a co-editor and contributing author of Readings in Fixed Income Attribution (TSG Publishing, 2007) and Classics in Investment Performance Measurement (TSG Publishing, 2009).

He has served on numerous industry committees including the USIPC (United States Investment Performance Council, formerly the North American Investment Performance Committee; and prior to that, the AIMR-PPS Implementation Subcommittee), the Investment Performance Council (IPC), the IPC’s Interpretations Subcommittee, and the Performance Measurement Forum’s Hedge Fund and IIR Working Groups.

Dave served in the United States Army for five years, where he earned the rank of Captain. He held various leadership positions with the Field Artillery while serving with the 25th Infantry Division (Schofield Barracks, HI) and the Field Artillery School (Ft. Sill, OK). In addition, he served as an operations research analyst at the Field Artillery School (Ft. Sill, OK).

He earned a BA in Mathematics from Temple University, an MS in Systems Management from the University of Southern California, an MBA in Finance from the University of Baltimore, and a doctorate in Finance and International Economics from Pace University.

Dave spent six years in local politics including a four-year term as Mayor for the Township of North Brunswick (NJ), a community of 38,000 people. As the chief executive officer for the township, he was responsible for over 250 employees and a budget in excess of $30 million.

Dave was blessed with a marriage to a wonderful woman for nearly 48 years. In addition to his two sons, Chris and Doug, he has three grandchildren (Brady, Caden and Sonia). Dave is an avid reader, with rather eclectic tastes. He also enjoys listening to books on Audible, while driving and exercising. He remains a hopeful (hoping to find time to play; hoping to improve) golfer and tennis player. 

DSpaulding@tsgperformance.com

Read Dave’s recent blog posts

Patrick W. Fowler President and Chief Operating Officer

Patrick is the President and Chief Operating Officer for TSG, and has been with the company since 1998. He is also the Managing Editor of The Journal of Performance Measurement. Patrick oversees the firm’s research efforts, training programs, conferences, the Performance Measurement Forum, as well as other operational areas.

Patrick is a 1998 graduate of Cook College, Rutgers University, as well as a mini-MBA certificate holder in the Business Essentials Program from Rutgers Business School. Patrick received the 2011 Dietz Award for excellence in performance measurement literature for his article with Stephen Campisi, “Getting to the Heart of Investing – Financial Stewardship that Meets Client Objectives.” He is a retired member of the NJ Army National Guard and a soccer trainer. 

PFowler@tsgperformance.com

JOHN D. SIMPSON, CIPM Executive Vice President and Chief Verification Officer (CVO)

John has been with TSG since 2005 where he heads up our firm’s Global Investment Performance Standards (GIPS®) verification practice. He also teaches classes on performance measurement, attribution, risk, and GIPS, and conducts software searches, operations, and technology related consulting assignments. John is a regular speaker at industry conferences and society programs. He is the co-author of TSG’s Guide to the Performance Presentation Standards (TSG Publishing, 2012) and has written numerous articles. John crafted and conducted TSG’s CIPM prep courses (no longer offered). John is currently a member of the GIPS Verification Subcommittee, and has previously served on the United States Investment Performance Committee’s After-Tax Working Group and the Advisory Committee to the GIPS Pooled Fund Working Group.

Prior to joining TSG, John spent 20 years with Integrated Decision Systems, a New York-based software vendor that provided portfolio accounting and performance measurement solutions to the investment industry. He was the Product Manager for their GIM Performance and CALiPER investment performance & analytics systems. John was responsible for the enhancement “road maps” for the performance systems with the primary responsibility of aligning the product’s goals with customer needs and market demands. He also acted as chief business analyst in specifying performance analytics and portfolio accounting functionality. John holds a BS in Applied Mathematics from UCLA, where he was a member of their 1987 NCAA national championship volleyball team.

JSimpson@tsgperformance.com

ASHLEY REEVES, CIPM Executive Vice President and Chief Ethics Officer (CeO)

Ashley Reeves, CIPM is a Senior Vice President and Senior GIPS verifier. Ashley regularly conducts GIPS and non-GIPS verifications, as well as GIPS examinations.

She has more than 25 years of industry experience, with 21 directly involved in GIPS standards verifications. Before joining TSG, Ashley was with Total Performance Solutions LLC, where she provided a variety of performance-related services, including systems selection and implementation, operational reviews, and GIPS standards consulting and support. Previously, Ashley spent more than seven years working at Vincent Performance Services LLC, where she provided consulting and verification services to clients in North America, Europe, Asia, and Australia.

Ashley also has extensive experience working for an asset manager: Western Asset Management Company, one of the world’s leading fixed income managers. She was the Supervisor of Performance where she managed the team that was responsible for, on a global basis, the performance measurement function, including the calculation, review, and analysis of performance and risk measures, performance reporting, and GIPS standards compliance.

Ashley began her career at Deloitte, providing audit and verification services to Southern Californian clients. She has presented at GIPS standards workshops, and has spoken on the GIPS standards and performance-related topics at various conferences throughout the United States. She has been an advisor to CFA Institute, serving on the CIPM Examination Review Panel intermittently since 2017. In addition, she served on the GIPS Standards Interpretations Subcommittee. Ashley received her B.A. in Business Economics from the University of California, Santa Barbara.

AReeves@tsgperformance.com

JENNIFER BARNETTE, CIPM Vice President

Jennifer has deep knowledge and substantial experience in all aspects of investment performance measurement and reporting, with particular expertise in the Global Investment Performance Standards (GIPS®).

As a member of TSG’s verification practice, she conducts GIPS and non-GIPS reviews, helping asset managers and asset owners have confidence in their reported returns. Jennifer partners with her clients to tackle various challenges they face, including creating meaningful composites, designing policies and procedures, and identifying solutions across a wide range of front, middle and back office scenarios.

Prior to joining TSG, Jennifer was immersed in performance measurement, portfolio analytics, and client reporting at a high net worth investment advisor, and an affiliated institutional asset manager where she was a member of the management committee. She led the teams responsible for measuring, managing, and reporting performance and analytics across diverse asset classes, and for GIPS compliance. She also has extensive experience in investment operations, including managing the administration of investment systems at several firms. She started her career as an equity research analyst, where she published numerous reports for Wall Street investment banks. She has been asked to speak on topics related to performance, client reporting, and investment operations at various industry conferences, and is an active volunteer for CFA Institute supporting the CIPM Program. She is a graduate of Old Dominion University, and has earned the CIPM designation from CFA Institute, and has held FINRA Series 7 and 63 licenses.

JBarnette@tsgperformance.com

Todd Jankowski, CFA, CIPM Vice President

Todd brings over 30 years of industry experience to our firm. Prior to joining TSG, Todd was the Partner, Head of Performance Reporting and Analysis for Adams Street Partners, the Head of the CIPM Program at CFA Institute, and the Head of Investment Research for Northwestern Mutual.

Todd spent nine years at CFA Institute where he served in various Head/Director roles dedicated to all aspects of the Certificate in Investment Performance (CIPM) designation, including examination and curriculum development, program, and operational strategy, including the Global Investment Performance Standards (GIPS). He was co-editor of Investment Performance Measurement: Evaluating and Presenting Results (Wiley & Sons, 2009).

Todd has been active as a volunteer, beginning in 2000, as a member of the GIPS Investment Performance Council, where he worked alongside TSG’s founder and CEO, Dave Spaulding. He is currently serving on the GIPS standards Technical Committee, and recently served on both the GIPS standards Alternative Strategies Working Group and the CFA Institute SEC Private Funds Working Group. Jankowski served as CFA examination essay grader for eight years, and as Vice President and Programming Chair board member on the CFA Society of Milwaukee. He is a member of the advisory board of The Journal of Performance Measurement®, and received the 2012 Top Reviewer award.

Todd earned a Master of Business Administration (MBA) from the University of Wisconsin-Milwaukee, and a Bachelor of Business Administration (BBA) with an Accounting major from the University of Wisconsin-Oshkosh.

TJankowski@tsgperformance.com

LINDA BURK Vice President, Administration

Linda joined TSG in February 2012 as an Office Manager. Linda received an Associate’s Degree in Communication from Union County College in 2000, and a Bachelor’s Degree in Journalism from Rutgers University in 2002. Prior to joining TSG, Linda worked in administrative roles at Union County College and as an Editorial Reviewer with Lexis Nexis Martindale-Hubbell.

​LBurk@tsgperformance.com

MAIREAD THOMPSON Executive Assistant

Mairead joined TSG in June 2024 as an Executive Assistant to David Spaulding. She holds a Bachelor of Science in Fashion Apparel Management from Jefferson University in Philadelphia. Before joining TSG, Mairead had numerous production roles within the fashion industry, and more recently held an administrative role within a local municipal government entity.

MThompson@tsgperformance.com

ANDREW TONA

Vice President, Marketing and Business Development

Andrew joined TSG in July 2014. He has been involved with sales and marketing for the firm, as well as assisting with the production of The Journal of Performance Measurement® and other publications produced by TSG Publishing. Andrew also acts as the firm’s Event Planner. Prior to joining TSG, he spent eight years at NetJets Inc., as a manager on their marketing team focusing on event marketing for high-net-worth clients as well as providing sales support to the Sales Team. Andrew supports sales efforts for Asset Owners and Institutional Asset Managers. Andrew holds a B.A. in Political Science from Rider University.

​ATona@tsgperformance.com