BOSTON, MA, April 18, 2012— Independent investment firm Windham Capital today announced the appointment of Robert L. Bernstein as Managing Director for Institutional Sales.

“Robert brings more than 20 years of experience and a wide range of institutional relationships to Windham,” said Stan Shelton, Managing Partner of Windham Capital. “He joins Windham at a time when we are seeing growing interest in our innovative, research-based approach to constructing and managing portfolios based on defined risk regimes.”

Prior to joining Windham Capital, Mr. Bernstein served as Head of Business Development and Managing Director of BNP Paribas Investment Partners in Boston, where he designed and executed a U.S. business strategy for multiple client segments. Before BNP Paribas, he was Head of Institutional Sales and Managing Director at AG Asset Management in Boston and a Senior Vice President for GE Asset Management in San Francisco.

Risk regime investing is different – in both philosophy and process – from traditional approaches. Windham’s innovative process puts risk first by identifying the current risk regime and using it to define the investment opportunity set and drive asset allocation decisions. This proprietary approach features a highly integrated system of risk measures to assess financial turbulence and market fragility or systemic risk – vulnerability to shocks causing widespread selling. Using these measures, Windham seeks to identify shifts in the risk climate as they occur and to position portfolios defensively when markets are fragile and aggressively when markets are resilient.

About Windham Capital Management
Boston-based Windham Capital Management was founded in 1988 as an SEC-registered investment advisor. Windham is widely known for its pioneering research and its impact on the way institutional investors manage assets. Windham provides investment management for institutional investors, intermediaries and private clients. Armed with innovative research and proprietary risk management, Windham creates and manages portfolios and single-strategies to increase the probability of investment success in both calm and turbulent markets. Key inputs to this process are Windham’s proprietary risk measures, which reflect financial market sensitivity to changes in levels of market turbulence and provide an early warning signal to fragile markets. For more information, please visit