Roundtable on Fair Value Accounting Standards
R. Harold Schroeder
Director of Relative Value Arbitrage, Carlson Capital
Mr. Schroeder has over 28 years of business experiences in a variety of capacities, as a hedge fund manager, sell-side analyst, chief financial officer and partner in a major international accounting firm. In his current position at Carlson Capital, Mr. Schroeder oversees a team of portfolio managers, analysts and traders managing a portfolio over $8 billion (equally divided between longs and shorts) on a capital base of $2.4 billion. The market-neutral strategy centers on a universe of 1,800 companies and has generated annual returns on capital (before fees) between 26% and 28% during the last three years. The portfolio holds an average 350 paired positions with a net beta of zero and an annualized turnover of six times. From 2000 to 2005 Mr. Schroeder was Carlson Capital's Relative Value portfolio manager focusing on the financial services sector. Prior to joining the firm, he was a sell-side analyst at Schroeder & Co. covering equity research of U.S. banks, and a senior analyst for Keefe, Bruyette & Woods, Inc. Mr. Schroeder spent 13 years with Ernst & Young, where he was a partner in the financial services division of the New York office. Additionally, he spent two years working for the primary development bank of the Mexican government, leading its effort to establish a U.S.-registered securities firm based in New York. Mr. Schroeder holds a B.S. in accounting from the University of New Orleans and an M.B.A. in finance and management sciences from Tulane University. He has earned the CPA designation from the American Institute of Certified Public Accountants and is a member of the Financial Accounting Standards Board's Emerging Issues Task Force.