Institutional Investor Journals and State Street Corporation (NYSE: STT) announced today that Global Exchange employees Will Kinlaw and David Turkington have been selected as the winners of the 2013 Peter L. Bernstein Award for their article, “Liquidity and Portfolio Choice: A Unified Approach.” The article was co-authored with Mark Kritzman, chief executive officer of Windham Capital Management and founding partner of State Street Associates, and appeared in the Winter 2013 issue of The Journal of Portfolio Management, published by Institutional Investor Journals. The article illustrates how managers can employ simulation techniques to quantify how much their unique portfolios benefit from liquidity or suffer from illiquidity. It also shows how they can use this information to construct portfolios that take liquidity considerations into account. The winning paper was chosen through a blind review process by an independent committee that included Gary Gastineau (ETF Consultants), William Goetzmann (Yale School of Management) and Ronald Kahn (BlackRock). “Will Kinlaw, David Turkington and Mark Kritzman take on the daunting task of integrating liquidity into the portfolio construction problem, in a fashion that recognizes the need for a theoretically strong foundation, analytic tractability, and a practical, practitioner-friendly framework,” said Robert Arnott, chairman and chief executive officer of Research Affiliates. “We’re so excited for Will and Dave and honored to have them recognized by Institutional Investor Journals,” said Jessica Donohue, head of research and advisory services, State Street Global Exchange. “Their insight and expertise on addressing liquidity with clarity helps our clients manage their portfolios with precision.” The award is named for Peter L. Bernstein, the celebrated economic historian, consultant, and founding editor of The Journal of Portfolio Management. The Peter L. Bernstein Award honors extraordinary and compelling research published in any of Institutional Investor’s market-leading journals over the past year. Institutional Investor Journals will present the winners with a $5,000 award provided by Research Affiliates, LLC.