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Bio of Alan Richards

Twice nominated for the Insurance Hall of Fame of the International Insurance Society and the 2006 winner of the Mutual Fund Industry's Lifetime Achievement Award, Richards has had wide business experience in both the United States and the United Kingdom.

He attained national prominence in the life insurance and annuity business, following his successful creation of the Universal Life product, which has become a standard in the industry.

In 2005, Richards retired as Lead Trustee of the Pacific Select Funds and the Pacific Funds, both of Newport Beach, California. The two funds have total assets in excess of $30 billion. Until September 2001, he was Vice Chairman of the Independent Trustees of the PIMCO Funds - Multi-Manager Series. He is Chairman and 50% owner of Ibis Software Corporation which specializes in wealth management software and the growing business of reverse mortgages.

Until December 1986 Alan was Director of E.F. Hutton & Company Inc., New York, Chairman and CEO of E.F. Hutton Life Insurance Company, President and CEO of the E.F. Hutton Insurance Group, and Chairman of the World Wide Reassurance Company of Windsor, England.

Mr. Richards joined Life Insurance Company of California at its founding in 1963 as a wholly owned subsidiary of Insurance Securities Corporation. He became President and CEO of Life of California and then also of the parent company, subsequently renamed California Windsor Company.

California Windsor was acquired by E.F. Hutton in 1978 for $14.5 million and reconstituted as the E.F. Hutton Insurance Group. Life of California was renamed Hutton Life. The company was sold in 1987 for $300 million.

Under Richards' management, Hutton Life originated a new life insurance product, Universal Life, in 1978. This was the first of the so-called "interest sensitive" products that have achieved unparalleled success throughout the life insurance industry and, in various forms, have taken over a large share of the market formerly held by the conventional permanent life insurance product.

In 1991 he was nominated by the National Organization of Life and Health Guaranty
Association to be the CEO of Executive Life in connection with their bid for that company.

Alan has served as a Director of many industry and trade groups including the American Council of Life Insurance, Life Office Management Association, Association of California Life Insurance Companies, San Diego Chamber of Commerce, San Diego Taxpayer's Association, American Names Association (Alan Richards, et al v. Lloyd's of London - 1998 U.S. Supreme Court Decision), U.S. Names Tax Committee (Lloyd's of London 'Names").

From 1994-1998, he was a Director and member of the Executive and Compensation Committees of Western National Corporation (Houston) which was sold to American General Life in 1998 for $2 billion.

Richards is a Fellow of the Society of Actuaries (USA), Associate of the Institute of Actuaries (UK), and member of the American Academy of Actuaries serving on its Board of Directors from 1977-1980.

Alan has dual nationality. He is a naturalized citizen of the United States and has also maintained his British citizenship.

 
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