CFA Society Sacramento

A Member of the CFA Institute Global Network of Societies



 Board of Directors


Joseph Niehaus, CFA
SAFE Credit Union
Joseph “Joe” Niehaus is Treasurer for SAFE Credit Union. Joe has worked as a bank examiner for both the public and private sectors and served five years as an Electronic Intelligence Analyst with the U.S. Navy. Joe earned an MBA from the University of Nebraska, Lincoln and a BS in Business Administration from California State University, Sacramento. He is a CFA charterholder and President of the CFA Society Sacramento.

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 Vice President
Jane C. Delfendahl, CFA
Jane Delfendahl is an Investment Director at CalPERS, managing real estate investments primarily in the international sector.  Prior to CalPERS, Jane worked as a financial controller for Waste Management in Italy.  She earned her MA from the Johns Hopkins University School of Advanced International Studies and a BS from UC Berkeley. Jane is a CFA charterholder and Vice President for the CFA Society Sacramento.

Past President
Dianne Sandoval, CFA
Dianne is a Portfolio Manager at CalPERS and a member of the Asset Allocation and Risk Management team responsible for the development of strategic asset allocation targets with the CalPERS Board.  Prior to joining CalPERS, Dianne worked in High Yield/Distressed Debt Sales and Trading at Morgan Stanley in London and in private equity and mergers and acquisitions at JP Morgan in New York and in Mexico City.  Dianne earned an MBA from IESE in Spain and a BS from the University of California, Berkeley's Haas School of Business. Dianne is a CFA charterholder and Past President of the CFA Society Sacramento.

Wilbur Chan, PhD, CFA
Wilbur Chan is an Associate Investment Manager at CalPERS and a member of the Investment Risk and Performance group, where he performs analysis to provide transparency on individual portfolios and strategies within the context of the overall plan, helping to ensure that investment risks are intended, understood, and compensated. Prior to that, he was an Investment Officer in the Trust Level Portfolio Management group, where he performed research on strategic and tactical asset allocation, benchmark modeling, and portfolios rebalancing. Prior to that, Wilbur worked in the Quantitative and Research Group in the Fixed Income team at CalPERS. Wilbur received his PhD in Biomedical Engineering from McGill University in Montreal, Canada, and is a CFA charterholder.  Wilbur is the Treasurer for the CFA Society Sacramento.

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Rafael Garcia, CFA

Rafael Garcia is an Investment Manager over the Operational Risk team within Investment Compliance & Operational Risk (ICOR) Division.  He is responsible for managing the Operating Events escalation process, overseeing the Investment Office’s Target Operating Model and risk assessment, overseeing Investment policy and IPPG governance, and leading divestment compliance activities.  Rafael has been in various roles within the back and middle offices of the Investment office and prior to CalPERS, Rafael was an auditor for the California Bureau of State Audits.  Rafael has a BA in Economics and Political Science from the University of California, Davis and is also a CFA charterholder.  He serves as the
Secretary for the CFA Society Sacramento.

Paul Cheng, CCIM, CAIA
Paul Cheng is an Investment Officer on the Infrastructure team at CalPERS. Prior to CalPERS he was on the global metals and mining equity research teams at Deutsche Bank in New York and Citigroup in San Francisco. Paul earned his MBA from the University of Southern California and BA from the University of California, Los Angeles. Paul is the Industry Relations and Advocacy Chair of the CFA Society Sacramento.

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Roy Clothier, CFA
Roy Clothier is an Investment Officer with the California State Teachers’ Retirement System where he helps oversee the System’s Securities Lending and External Currency Management programs.  He has an MBA in Financial Management from City University and a BA in Finance and Quantitative Methods from the University of Washington.  Roy is a CFA charterholder and serves as Membership Chair for the CFA Society Sacramento.

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Nancy He, CFA

Nancy Ying He is an Investment Officer III in Trust Level Portfolio Management at CalPERS.  She is responsible for the build out of Strategic Overlay and Dynamic Asset Allocation portfolio
construction and participates in projects supporting the Total Fund Asset Liability modelling and implementation of the Strategic Asset Allocation. Nancy received an MBA from INSEAD as well as a M.S. in Physics from The Catholic University of America and a B.S. in Optoelectronics from Zhejiang University.  In addition, she also holds CFA, FRM, and CAIA professional certifications.

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Liliya Kamalova, CFA

Liliya Kamalova is an Investment Officer in the Private Equity group at CalPERS. Prior to that, she was a Private Equity Analyst at LP Capital Advisors (now part of Altius Associates). She began her career at Citigroup in Moscow after completing the securities analysis training program. Liliya is a CFA charterholder and received her bachelor’s degree with honors in Financial Management from the Russian Presidential Academy of National Economy.  Liliya is a CFA charterholder and serves as Public Awareness and Marketing Chair for the CFA Society Sacramento.


Lan Liu, PhD, CFA
California State University, Sacramento
Lan Liu is an Associate Professor of Finance in the College of Business Administration at California State University, Sacramento. She received her PhD in finance and MSc in economics and finance from the University of Warwick in England. Her research interests include theoretical and empirical portfolio risk management and forecasting, portfolio performance evaluation and asset pricing anomalies. Lan is a CFA charterholder and serves as the University Outreach chair for the CFA Society Sacramento.

Brian McQuade, CIPM, CRCP

Brian joined the California Public Employees’ Retirement System as Portfolio Manager of Investment Compliance in November 2011 to help lead the establishment of a centralized investment management compliance function modeled after best practices in the private sector.  Brian has worked in the investment management industry since 1994 and has a broad range of investment advisory and mutual fund experience within the areas of compliance, client service and performance reporting.  Brian graduated from the University of Vermont with a B.S. degree in Business Administration (Accounting).  He is chair of CFASS’ Social Events Committee and co-chair of its Programs Committee.

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Dmitry Pevzner, CFA


Dmitry Pevzner is an Investment Manager at CalPERS, responsible for the total portfolio investment risk function. Prior to CalPERS, Dmitry worked at the World Bank Treasury and provided advisory services in the areas of asset allocation, portfolio construction, and risk management for World Bank’s global clients. Dmitry has also worked for Canadian and Eastern European investment management firms, including the Canada Pension Investment Board. He holds an MBA from York University, Toronto, Canada and a PhD in applied mathematics from Moscow State Technological University. Dmitry is a CFA and CAIA charterholder and serves as the Programs chair for the CFA Society Sacramento.


Jamie Zhu, CFA

Jamie Zhu is an Investment Officer in the Real Asset group at CalPERS. Prior to that, she was a credit analysist for CalPERS. Jamie also worked for Rabobank and RBS in Shanghai before she received an MBA from UC Davis. In addition, she is a CFA charterholder and serves as director-at-large for the CFA Society Sacramento.