Martin Leibowitz
Martin Leibowitz is the Managing Director and Vice Chairman of Research at Morgan Stanley, where he leads pioneering studies on asset allocation, portfolio policy, rebalancing strategies, and asset/liability management. A renowned figure in global finance, Leibowitz is widely regarded as one of Wall Street’s most influential thought leaders and a trailblazer in fixed income research. His groundbreaking work transformed the investment industry’s understanding of bond valuation, duration, and portfolio strategy. Leibowitz is best known as the co-author of the classic textbook Inside the Yield Book, a foundational work that remains the definitive reference in bond analysis and fixed income portfolio management. Prior to joining Morgan Stanley, he served as Vice Chairman and Chief Investment Officer at TIAA-CREF, overseeing the management of more than $300 billion in equity, fixed income, and real estate assets. Earlier in his career, he spent 26 years at Salomon Brothers, where he became Director of Global Research, led both fixed income and equity research teams, and served on the firm’s Executive Committee.
Martin Leibowitz Professional Experience / Academic History
Professional Experience
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Managing Director and Vice Chairman of Research
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Vice Chairman and Chief Investment Officer
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Director of Global Research
Academic History
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Bachelor of Arts
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Master of Science
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Ph.D., Mathematics
CURRENT AFFILIATIONS
Advisor Emeritus, GIC Investment Strategies
Board of Trustees, Institute for Advanced Study
Investment Advisory Committee, The Rockefeller Foundation
Investment Advisory Committee, The Carnegie Foundation
Investment Advisory Committee, The Institute for Advanced Study
Investment Advisory Committee, American Academy of Arts and Sciences
EARLY CAREER
Before joining Morgan Stanley as Managing Director and Vice Chairman of Research, Martin Leibowitz served as Vice Chairman and Chief Investment Officer at TIAA-CREF, where he oversaw more than $300 billion in equity, fixed income, and real estate investments.
Earlier, he was Director of Global Research at Salomon Brothers, where he led both fixed income and equity research and played a pivotal role in shaping the firm’s global investment strategies.
Over his career, he has authored more than 250 papers and articles on topics ranging from asset allocation and fixed income strategy to portfolio management and market dynamics.
His work has been featured extensively in leading publications such as the Financial Analysts Journal (FAJ) and the Journal of Portfolio Management (JPM), where he remains the most frequently published author.
Ten of his papers have been honored with the FAJ’s Graham and Dodd Award of Excellence, underscoring his lasting impact on modern investment theory and practice.
HONORS & RECOGNITIONS
FIASI’s Inaugural Hall of Fame
2021 Public Service Star Award - Singapore
2005 CFA Institute's Award for Professional Excellence
1998 CFA Institute's James R. Vertin Award
1995 CFA Institute's Nicholas Molodowsky Award
1995 The Fixed Income Analyst Society’s Hall of Fame