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Investment Managers

United Church Funds' (UCF) family of investment funds is actively managed by a group of carefully selected professionals and management firms, led by Chief Investment Officer Catherine Waterworth (bio below). With extensive experience and strong track records, the professional managers highlighted below bring a range of management styles to UCF that strengthens fund performance.

Aberdeen Asset Management
Based in London, Aberdeen Asset Management has managed the emerging markets portfolio of the International Equity Fund since June 16, 2007. Aberdeen manages over $140 billion dollars of equity, fixed income and property assets from offices around the world, including over $7 in emerging markets, Aberdeen utilizes a bottom-up investment style that emphasizes company fundamentals, with managers located in regions where Aberdeen invests.

Dimensional Fund Advisors
With offices in California and Texas, Dimensional Fund Advisors (DFA) has managed the small cap value portfolio of the Small Cap Equity Fund since January 19, 2007. Using an investment model based on decades of academic research and analysis, DFA's strategy is to buy stocks in proportions that provide greater exposure to the risk premiums associated with size and value.

Friess Associates
Based in Delaware, Friess Associates has managed the small cap growth portfolio of the Small Cap Equity Fund since May 21, 2004. Friess focuses solely on earnings-driven, growth equity management that emphasizes bottom-up intensive fundamental research of individual companies. Friess manages over $9 billion of assets for over 150 accounts and the Brandywine Mutual Funds.

LSV Asset Management
Based in Chicago, LSV has managed the international large cap value portfolio of the International Equity Fund since August 16, 2006. LSA specializes in value equity management using proprietary investment models for institutional investors around the world. LSV manages $35 billion in value equity portfolios for over 400 clients.

Neuberger Berman
Based in New York City, Neuberger Berman has managed the international large cap growth portfolio of the International Equity Fund since April 15, 2008. Neuberger Berman's strategy uses a bottom-up investment philosophy based on identifying quality companies at a reasonable price, while employing a disciplined risk management process. Neuberger Berman has more than $154 billion of assets under management, of which $1.3 billion are represented by the large cap value strategy.

Pension Boards United Church of Christ
Managing nearly $2 billion of assets on behalf of the clergy and staff of the United Church of Christ, the investment division of the Pension Boards UCC manages the Fixed-Income Fund. A group of seasoned in-house professionals have managed this portfolio since its inception.

Quantitative Management Associates (QMA)
Based in New Jersey, QMA has managed the Domestic Core Equity portfolio since May 1, 2006. Wholly owned by Prudential Securities, QMA has offered enhanced index funds since 1997 and manages more than $55 billion in domestic and international assets across a broad range of strategies. Using a proprietary quantitative portfolio construction methodology to neutralize the effect of style (value versus growth) and size (large versus small capitalization), QMA has established a strong and consistent record of exceeding index performance.


In addition to its managers, UCF engages the services of a highly regarded investment consulting firm —

Summit Strategies Group
Dedicated to providing a comprehensive range of conflict-free services to a nationwide client base of pension funds, trusts, hospitals and charitable foundations and endowments, Summit Strategies offers investment strategy development, implementation, and monitoring of UCF's portfolio.

Catherine Waterworth

Chief Investment Officer
Kate joined The Pension Boards UCC in April of 2004 to serve as Chief Investment Officer of both The Pension Boards and United Church Funds, leaving her role as Managing Director in the fixed income group of Neuberger Berman. Kate has worked at various investment firms since 1974, and is a graduate of Trinity College in Washington DC. She is a Chartered Financial Analyst and a member of the CFA Institute and the New York Society of Security Analysts.