About Us

Mitchell Shames

Mitchell Shames is a leading expert in fiduciary practices and investment products for domestic and global institutional clients. He was the General Counsel for State Street Global Advisors (SSgA), the $1.8 trillion global investment management unit of State Street Corporation and he was an Executive Vice-President of State Street Corporation.

Defined SSgA’s Fiduciary Structures, Relationships, Policies and Best Practices

Over the course of his tenure at SSgA, Mr. Shames (and his staff) structured a variety of fiduciary relationships for corporate and institutional clients, ranging from investment management and company stock management to broader fiduciary oversight engagements. He served as a member of SSgA’s Independent Fiduciary Committee that provided fiduciary services for the benefit plans of Enron, United Airlines, Cargill, WR Grace, and other major benefit plan sponsors. His expertise in the establishment of fiduciary policies and procedures contributed to State Street’s victories in significant class action lawsuits, including United Airlines and WR Grace. Based upon his fiduciary expertise, he structured SSgA’s firm-wide Fiduciary Review Committee for purposes of overseeing all fiduciary matters within SSgA.

Mr. Shames received an A.B. from the University of Chicago in 1979, a J.D. from Boston College Law School in 1983, and an Ll.M. in taxation from New York University in 1984.

Harrison Fiduciary Group is a team of seasoned professionals on pension plan investment management and fiduciary practices.

Under the leadership of Mitch Shames, the HFG Team, represents collectively close to 75 years of fiduciary experience servicing institutional and global clients. Each member of the team has expertise in solving “real world” fiduciary and investment challenges while always following best fiduciary practices. Few fiduciary firms can match the breadth of experience of the HFG Team.


A senior consultant to Harrison Fiduciary Group, Dr. Susan Mangiero is a managing director with Fiduciary Leadership, LLC. She is a CFA charterholder, certified Financial Risk Manager, Accredited Investment Fiduciary Analyst and Professional Plan Consultant. She is trained as an appraiser and has both rendered and reviewed opinions of private and public company stock, stock options, bonds, foreign exchange contracts, structured products and derivatives. As a forensic economist, Dr. Mangiero has assessed investment committee decisions, calculated alleged loss damages and testified in a variety of cases relating to investment governance, investment performance, portfolio construction, fiduciary duties, prudence, risk and valuation matters.

Dr. Mangiero has provided advice about asset allocation, fiduciary duties, risk management, modeling, hedge effectiveness, hedge funds, private equity fund, valuation and industry best practices for consulting clients and employers that include The General Electric Company, Prudential Retirement, PricewaterhouseCoopers, Mesirow Financial, Bankers Trust, Bank of America, Chilean pension regulator, World Bank, Pension Benefit Guaranty Corporation, RiskMetrics, U.S. Department of Labor, Northern Trust Company and the U.S. Securities and Exchange Commission. Dr. Mangiero is the author of Risk Management for Pensions, Endowments and Foundations (John Wiley & Sons, 2005), a primer on risk and valuation issues, with an emphasis on fiduciary responsibility and best practices. She is a contributor to the 401(k) Plan Bundled Provider Request for Proposal (RFP), published by the Association for Financial Professionals.

Some recent engagements include: (a) analysis of DB plan funding status for a private equity buyer of a closely-held company (b) review of annuity terms for DB and DC plans (c) analysis of an investment manager’s actions by a group of union plans, (d) review of investment policy language of in the aftermath of bank downgrades, and (e) assessment of damages attributable to improperly hedged positions.

Dr. Mangiero is a frequent speaker at conferences and workshops for organizations such as the Stable Value Investment Association, Florida Public Pension Trustees Association, New York State Department of Insurance, and Association of Public Pension Auditors. She can be reached at contact@fiduciaryleadership.com.


David Nolan has worked in the investment management industry for more than twenty five years. Mr. Nolan was a Senior Portfolio Manager at PanAgora Asset Management, Inc. where he managed international equity portfolios across the Emerging and Developed Markets. He also conducted quantitative research on these markets and applied quantitative techniques to performance attribution and analysis.

Previously, Mr. Nolan held senior portfolio management positions with Independence Associates and Boston International Advisors, which was acquired by Independence Associates which, in turn, was acquired by PanAgora. Mr. Nolan was solely responsible for the transition of funds from Independence to PanAgora. Prior to this experience, he held positions within the operations departments of The Boston Company and State Street Bank & Trust Co.

In addition, Mr Nolan is currently working as a Peer Counselor in the Office of Pastoral Support and Outreach at the Archdiocese of Boston.

Mr. Nolan received a B.S. in Business Administration from Boston College in 1983 and a M.B.A. in Finance from Suffolk University in 1992. He received his Certified Financial Analyst designation in 1996.