Keybridge Research Statement on Role of Advisors
The relationship between Keybridge Research and its network of advisors was the subject of a February 14 New York Times blog post, which unfortunately implied that Professors David Laibson, Joseph Stiglitz, and Stephen Zeldes did not have a professional relationship with the company. That misperception was used by some to criticize our company and, by association, a survey analysis we conducted for the Coalition of Derivatives End-Users.
Keybridge has had long-standing professional relationships with each of these individuals, contracting work annually to Professor Laibson during 2006-2010; Professor Stiglitz during 2002-2009; and Professor Zeldes during 2004-2009. They have performed a range of services on pension and retirement saving issues, including participating in research meetings with clients and giving public and private presentations. In January 2009, each professor provided written consent to be listed on the Keybridge website as a consulting academic advisor. Prior to February 14, 2011, none of them informed Keybridge that they were unavailable to advise our clients. We consider each a valued colleague, and we appreciate the work they have provided for our clients over the years.
The misunderstanding centered around the role of advisors at our company. As stated on our website, “For longer-term projects and highly specialized topics, we leverage our network of advisors...to build project teams tailored to the client's unique needs." As such, advisors are engaged on a project-by-project basis; they do not participate in the company's day-to-day research activities. In instances in which an advisor participates in a specific research project conducted by the firm, they are clearly acknowledged in the final report. Our advisors did not contribute to, review, or endorse the derivatives survey analysis – and neither Keybridge nor our advisors ever represented otherwise. After being asked about the analysis, Professors Laibson and Zeldes requested that their names be removed from the website, and naturally we complied. At the same time, we removed another advisor who recently passed away.
At Keybridge, we pride ourselves on the quality of our work and our reputation for integrity. We are confident in the accuracy of our representations and our research, and we will continue to provide valuable analysis and insights to our clients.
Robert F. Wescott, Ph.D.
President, Keybridge Research
Washington DC 20007