Foundation, Wisconsin Medical College, Marquette University, United Performing Arts. This is but antipasto to a table loaded with brilliant community service that does not stop. There is not a cause in the Wisconsin area that would not praise the name of our awardee this evening.
When I arrived as Archbishop of Milwaukee, we were in crisis. There were some scandals; very limited resources; a people somewhat disheartened; parishes, schools, charities and healthcare institutions within the embrace of the church struggling. I was told right off the bat that an aggressive capital campaign to revive spirits and the coffers with at least a $ 65 million goal was essential to renew and rebuild. But I said,“ Well, we have to find somebody to lead it.” Those I trusted said to me,“ Archbishop, there is one. She’ s a sincere woman of radiant faith. She’ s widely respected. The community would conclude that if she’ s behind this endeavor, it is well worth backing.”
But they went on that the chances of getting her might be slim. She’ s got a demanding executive position. She has to travel a lot. She’ s stretched with other commitments in the philanthropic area. And, first and foremost, she puts the needs of her husband and her three kids first in her life. But they said,“ No harm asking.” So I did.“ Of course, I’ ll lead the campaign,” she generously replied when I asked her, and it raised $ 95 million. The goal was $ 65 million, it raised $ 95 million and it helped restore the church’ s mission and confidence throughout Southeastern Wisconsin. She has since become a cherished friend, and I knew I’ d miss her when I came to New York.
So now you know why I am thrilled to introduce Mary Ellen Stanek, and to call her up to receive an award tailor made for her.
MARY ELLEN STANEK
Founder & Chief Investment Officer Emeritus, Baird Advisors and President, Baird Funds
Thank you, Cardinal Dolan, for your very kind remarks, and also for your friendship and leadership. And thank you to the Museum of American Finance Board and leadership for this incredible recognition. It is such an important organization and such an exciting time in the Museum’ s history. And we very much look forward to coming to Boston and celebrating the new Museum.
I must admit, when I got the call about a Lifetime Achievement Award, I was speechless. And those who know me well know that does not happen very often. At first, I thought I’ m not old enough. I’ ve got a lot more to do. And then I thought about it. And yes, maybe I am close to old enough. But I look around this room and my fully integrated life is fully on display tonight in this room. My family— my husband, Scott, and our three children and their partners— are here. I’ m also incredibly honored that my siblings are here. I’ m the third of six and all but one sister is here. I credit them for teaching me how to be collaborative, how to continue to be resilient no matter what and for my negotiating skills.
So many friends are here from so many corners of my life, and I’ m so grateful. You truly are a gift to me. And because this is a professional achievement award, I want to make sure I acknowledge my colleagues. Many of us have worked together for 30 to 40 years. We came to Baird and literally started over 26 years ago. Baird welcomed us with open arms and gave us $ 18 million in the pension plan so our track records could remain continuous. Today we manage $ 195 billion.
My professional journey started in 1979. I was hired at First Wisconsin Trust to do two things. One was to start the money market funds; that concept was brand new. And the second was to research a concept known as duration that had lived in actuarial science for decades, but had never been really practically used in the management of portfolios. Duration ended up being a very clear, concise measurement of the interest rate sensitivity or price sensitivity of a series of cash flows, like a bond portfolio or a liability stream. So very quickly, we came forward with a recommendation that we should launch products for our pension clients where we would do asset liability match portfolios.
We launched those products very successfully and tracked and beat those liability targets. And in 1985, we took our entire product line to a duration-based strategy, which it remains to this day. When we did the work in April of’ 79 and quickly started the practical launch of products six months later, much to our surprise, Paul Volcker and the Fed did what they did.
They took and inverted the yield curve to unprecedented levels and took short-term interest rates up over 20 %. As it turns out, we had a leg up because we already had a better tool than what was being used at the time in terms of measuring the price sensitivity of bond portfolios. So we quickly began launching the rest of the product line. Job number one was to track our investors’ benchmarks; job number two was to add value.
As I reflect on my career— which now spans almost five decades— there are a few enduring principles that have come to mind and really are stalwarts for me. At the core is an investment strategy and discipline where we select quality investments and strive to deliver consistent results. We’ ve succeeded by consistently hitting a lot of singles, and once in a while a double, but trying not to strike out or swing for the fences. While the tools have continued to evolve and change, our mindset, strategies and laser-like focus on managing risk has not wavered one bit in nearly five decades.
Humility is a big trait for our team. We try to control what we can control, and we are clear about what we believe we can’ t control. We align all of our interests, always, to prioritize clients first. When we interact with our clients, sometimes it’ s at a deli counter at the grocery store in Florida waiting to order turkey for the grandkids’ lunch. And I think about what an honor and a privilege it is to be the core bond manager for the people behind that counter that we work with. We never want to lose that honor and that privilege— the nobleness of what we’ re there to do.
And we are very much a team. Our team process prioritizes a variety of experiences and a diversity of backgrounds. Underlying everything is the people. It’ s the foundation of my broader belief and purpose, both in business and in life. The true measure of success is in building opportunities for others: our clients, our associates and the community at large. Our greatest returns— and my greatest returns— have come from investing in others.
And then, finally, timeless leadership is always about character and authenticity. For me, authentic leaders are driven with the desire to serve others. So, with deep gratitude on behalf of my family and all of us at Baird, thank you for this incredible honor.
32 FINANCIAL HISTORY | Spring / Summer 2026 | www. MoAF. org