About the Firm

Texas Institutional maintains a true strategic advantage for its clients through a
portfolio management "process" designed and implemented by the co-portfolio
managers. Together, the management team has over 60-years of investment
management experience.   

The portfolio management team and the advisory committee members are
introduced below...  



The Management Team




Eric M. Efron, CFA   

Co-portfolio Manager

eme@texiim.com

Mr. Efron brings over 30 years of experience to the firm.  He began his career in New
York as research analyst for Arnold Bernhard & Co. (Value Line).  Most recently Mr.
Efron worked for USAA Investment Management Co. in San Antonio serving as a
co-portfolio manager for many of USAA's top performing funds including the
Aggressive Growth Fund, which grew from $283 million to over $2 billion earning a
5-star rating from Morningstar.  Mr. Efron has appeared on CNBC and Bloomberg
Television and has been quoted widely by The Wall Street Journal, The New York
Times, and BusinessWeek.  Mr. Efron earned a Masters in Asian Studies from the
University of Michigan and an M.B.A. from New York University.  He is a Chartered
Financial Analyst (CFA) and has served as the President of the San Antonio Financial
Analysts Society.  Mr. Efron focuses on fundamental analysis.

Mr. Efron co-managed the USAA Aggressive Growth Mutual Fund (ticker: USAUX)
from February 1995 through March 2002.  During this volatile period, the fund grew at
a compounded annual growth rate (CAGR) of 12.0%.  Mr. Efron's performance is
depicted in the Morningstar report linked below.  Please note the "Manager Change"
arrows above the graph indicating the period Mr. Efron managed the fund.              











Stephen P. Arnold    

Co-portfolio Manager    

spa@texiim.com

Mr. Arnold has been an investment management professional for over 20 years,
serving both private and public institutions with assets ranging from $100 million to
over $13 billion.  His experience includes over 12 years with The Employees'
Retirement System of Texas (ERS) in Austin, including seven years as the Assistant
Investment Officer.  As the Assistant Investment Officer, he was responsible for all
internally managed investment portfolios.  Following ERS, Mr. Arnold worked for
Norwest Investment Management and Trust of Texas as a Vice President and Trust
Investment Officer specializing in Trust investment management.  Mr. Arnold
graduated from Texas A&M with a degree in Agricultural Economics.  He has also
received a certification in Trust Investments from the University of North Carolina in
Charlotte.  Mr. Arnold focuses on technical analysis.

Mr. Arnold developed and maintains a proprietary Interest Rate Forecasting Model.  
The model interprets specific data and provides a running six-month interest rate
outlook based on the historic relationship between current interest rates and the fear
of inflation.  The model has proven to be reliable and helpful in analyzing interest rate
sensitive investments.  The model is provided for informational purposes only and
should not be solely relied upon for any investment decision.  Past performance or
accuracy is no guarantee of the performance or accuracy of the model's current
forecast.  The Interest Rate Forecasting Model can be found on the Consultants' and
Investors' Corner page.   (You may experience a short delay when opening.)        

                 

Advisory Committee  

Texas Institutional is privileged to benefit from the expertise and experience of a
"Blue Ribbon" advisory committee, which will provide guidance, insight, and
perspective to better serve our clients.  The advisory committee consists of:

Andrew A. Davis, CEO of Rock Island Securities, and the Vice Chairman of the
Chicago Stock Exchange

Dr. Donald Lien, Professor of Economics at the University of Texas at San Antonio

Dr. David Vequist, H-E-B School of Business, University of the Incarnate Word

Thomas Ramos, CFA, former Research Director and Portfolio Manager for USAA
Investment Management Co., and former Chief Investment Officer for South Texas
Money Management, Ltd.  

LTC Robert C. Barron, CPA, locally-based  sole practitioner, retired US Army Infantry
Commanding Officer

Melinda Cardenas, JD, commercial business & litigation attorney for the Law Firm of
Stumpf Craddock Massey and Farrimond