New York, NY (August 8, 2012)  
Heidi Learner has joined Studley as Chief Economist, announced Chairman & CEO Mitchell S. Steir. Having spent 18 years on Wall Street, Ms. Learner will develop real-time measures of supply and demand for commercial space to assist Studley’s clients in understanding the continually evolving economics of the real estate markets. Ms. Learner will be based in the firm’s New York City headquarters.

“Heidi’s arrival elevates our service capabilities,” said Studley President Michael Colacino. “Her proven ability to measure real-time economic variables and assess their impact on markets will help our clients make better real estate decisions. She will enhance Studley’s reputation for having the best analytics in our industry.”

A former fixed income strategist and portfolio manager, Ms. Learner most recently served as a vice president with New York-based State Street Corporation creating quantitatively-based global fixed income trading strategies. While there, she created a proprietary flow-based model, which integrated investor behavior with measures of statistical unusualness, and which successfully forecast the direction of ten year U.S. treasury yields.

Before that she was a bond portfolio manager at MEAG New York Corporation where she directed interest rate trading for Munich Re’s $38 billion portfolio of assets. Prior to that she was an associate director at Barclays Bank. She began her career at Salomon Brothers.

A Chartered Financial Analyst, Ms. Learner has an in-depth background in macroeconomic analysis and forecasting, and recently authored a paper entitled “An Examination of Transparency in European Bond Markets” for the CFA Institute.

“I am thrilled to be a part of such a well-respected, dynamic organization,” said Ms. Learner. “I believe my experience, coupled with an ability to take local-level macro indicators and determine their potential impact, will add value across all Studley service lines.”

Ms. Learner currently serves as a board member with the American Friends of the Israel Philharmonic Orchestra, where she sits on the organization’s investment committee.

She attended the University of Pennsylvania where she studied bioengineering and finance, and earned a Master’s degree in mathematical finance from Columbia University.