Bailard Appoints Dave Harrison Smith, CFA, as CIO

Continuity and Growth Across Our Investment Team.

SAN FRANCISCO – July 1, 2025 – Bailard is pleased to announce that, as of today, Dave Harrison Smith, CFA, has been promoted to Chief Investment Officer. He succeeds Eric Leve, CFA, who held the role for more than a decade and will continue with the firm as a portfolio manager, fully focused on international markets.

Bailard remains firmly rooted in our core values—accountability, compassion, courage, excellence, fairness, and independence—while continually positioning the firm and our clients for what’s ahead. This leadership evolution reflects both continuity in our investment philosophy and a forward-looking vision for growth.

Dave joined Bailard in 2009 and most recently served as Executive Vice President of Domestic Equities. As CIO, he now oversees all investment strategies across the firm. Eric, who helped shape Bailard’s research efforts for more than three decades, will remain a key part of the investment team, focusing on the global markets he knows so well.

“Throughout Bailard’s 50-plus-year history, we’ve approached leadership transitions with a deep respect for our values and a focus on continuity,” said Sonya Mughal, CFA, Chief Executive Officer. “Today’s news is no different. Dave’s appointment is yet another example of our ability to grow strong talent from within and our commitment to thoughtful succession. He understands who we are and where we’re going.”

A deep bench of professionals—many with years of shared experience—continues to shape Bailard’s investment process. Dave’s appointment builds on that foundation, and reflects our commitment to steady leadership, clear thinking, and delivering meaningful outcomes.

“I’ve been honored to work alongside Dave for more than a decade,” said Leve. “He brings clarity and consistency to everything he does, and I look forward to watching him shape the CIO role. For me, it’s a great moment to return my focus to international equities, a long-time passion of mine. It’s a space that demands close attention and, as recent headlines remind us, remains full of potential and complexity.”

“It’s an honor to step into this role,” said Smith. “We’ve built a disciplined process and a team that’s deeply invested in doing the work. My focus is on carrying that forward by staying curious, thinking critically, and keeping our clients’ goals front and center.”

As of the end of the second quarter, Bailard surpassed $7 billion in assets under management—marking a new high for the firm and highlighting the continued momentum Dave referenced.

Our history has been shaped by principled leadership and the courage to do what’s right for our clients. We invite you to revisit our firm’s journey as we look ahead to this exciting new chapter: https://bailard.com/our-story/.

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About Bailard, Inc.

Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions. The firm delivers comprehensive wealth management alongside institutional investment strategies across public and private markets.

Bailard’s wealth management offering includes personalized financial and wealth planning, investment portfolio management, and advanced strategies for special situations. Its asset management capabilities span domestic and international equities, fixed income, sustainable and responsible investing, private real estate, and customized solutions designed to meet a diverse range of client needs.

Headquartered in the San Francisco Bay Area, Bailard is a majority employee-owned, woman-led firm with $7.1 billion in assets under management as of June 30, 2025. A Certified B Corporation™ and a signatory to the UN Principles for Responsible Investing, Bailard is proudly independent—built to put clients first, with clear values, extensive experience, and a long-standing commitment to accountability.