BROWN ADVISORY ANNUAL REPORT
PARTNERSHIP
“A Sense Check, a Sounding Board, a Way to Ensure We’re Seeing Another Angle”
Sid Ahl and Erika Pagel both serve as Co-CIOs for our private client, endowments and foundations clients. They each also manage their own significant client relationships with distinct teams. Together, their job is to make sure the firm’s best thinking and ideas are considered for each client, to communicate and provide context around recommendations made from research analysts across the firm, and to be a sounding board for individuals and teams who need an independent perspective. Sitting in New York and Boston, respectively, Sid and Erika have to be creative in finding the time to make sure they reflect a consistent voice and one that raises the bar for investment results for each and every client in their ecosystem.
Building Confidence
Sid: For me, partnership is first about having a second set of eyes. Whether it’s making big investment decisions or management calls, having Erika as a partner means we’re not operating in a vacuum. It’s a sense check, a sounding board and a way to ensure we’re seeing another angle. It’s also practical — our roles as portfolio managers and CIOs are demanding, and having someone who can step in when schedules conflict or personal matters arise is invaluable.
Erika: The complementary nature of our backgrounds is critical too. Sid comes from a manager research and asset allocation perspective, while my focus has been more on stock picking and sustainability. Together, we bring different lenses to the same challenges, which ultimately leads to better decisions. This partnership really solidified during COVID, when we were tasked with fine-tuning our CIO model and aligning the firm’s investment thought leadership. That period showed us how effective we could be as partners.
Driving Change
Erika: One of the most rewarding aspects of our partnership has been the ability to launch new initiatives that directly impact client portfolios. A great example is our work on infrastructure strategies. We saw the need early, particularly as inflation began to rise, and we were able to bring that perspective to the firm. Similarly, we’ve introduced new tools for portfolio managers and position papers to ensure everyone is aligned and informed.
Sid: Another example is the CIO trading block, something that has been incredibly effective in streamlining processes and ensuring consistency. These kinds of initiatives require a balance of perspectives to get right. It’s about leveraging our collective experience to create solutions that work across the firm.
Changing Minds
Sid: Disagreement is part of the process, and we lean into it. Take small-cap investing as an example. I’ve been less enthusiastic about it, while Erika has seen more potential. Those debates, whether in public forums like morning meetings or private discussions, push us to refine our views. Sometimes, the outcome is a compromise — like adjusting small-cap targets in portfolios. Other times, it’s about one of us coming around to the other’s perspective, as I eventually did with Erika’s views on China.
Erika: The key to our influence as CIOs is demonstrating that we’re receptive to each other’s ideas. Over time, the data and the dialogue shape our decisions. The process of debating in front of colleagues shows the firm that we’re not afraid to challenge each other, which reinforces the idea that debate and transparency are valued here and lead to stronger outcomes.
Mentoring Others
Erika: Mentoring is a huge part of what we do. Last year, together, we met with more than 100 portfolio managers to listen — trying to understand their needs and provide guidance. These meetings were a way to create a feedback loop, where we could hear directly from portfolio managers and then act on their input. For example, as a result, we’ve developed a team to own “The Big Picture” — which provides macroeconomic commentary for our colleagues and now serves as a mentoring platform for rising investment colleagues.
Sid: Having two of us in this role also allows for more personalized mentorship. Different portfolio managers resonate with different styles, and having both of us available means we can match the right mentor to the right person. It’s about creating an environment where everyone feels supported and empowered to grow. And it’s not just about individual mentorship — it’s about setting up structures that benefit the entire firm, like the investment education programs we’ve launched.
Keeping It Going
Erika: I think it comes down to alignment and trust. Sid and I have worked together for years, and there’s a natural rhythm to how we operate. We know our lanes, but we also know when to cross over and collaborate. It’s a relationship built on mutual respect and a shared commitment to the firm’s clients.
Sid: At the end of the day, our partnership allows us to be better leaders, better investors and better colleagues. It’s not about who takes credit for what — it’s about ensuring that the firm is always moving forward, always improving.