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For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.


Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.


Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

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Fund Operations

Press Release, On Strategy

Thornburg Appoints Ben Kirby and Jeff Klingelhofer as Co-Heads of Investments

17 Oct 2019
5 min read

Thornburg Investment Management announced that Ben Kirby and Jeff Klingelhofer each have been appointed to the newly created position of head of investments.

SANTA FE, NM — October 17, 2019 — Thornburg Investment Management (“Thornburg”), a global investment firm that oversees $43 billion in assets,1 today announced that Ben Kirby and Jeff Klingelhofer each have been appointed to the newly- created position of head of investments.

In their expanded roles, Messrs. Kirby and Klingelhofer will lead Thornburg’s investment process, deepen the firm’s risk management platform, and guide the implementation of ESG analysis across the entire suite of investment solutions. Both Messrs. Kirby and Klingelhofer will continue their existing portfolio management responsibilities. They will report to Thornburg President and CEO Jason Brady and join Thornburg’s executive management team.

Brian McMahon, who currently serves as Thornburg’s chief investment officer, will assume the new title of chief investment strategist. Mr. McMahon will continue to serve as a portfolio manager on multiple global equity strategies and hold the role of vice chairman on Thornburg’s Board of Trustees and Board of Directors.

“Ben and Jeff are exceptional leaders, and their contributions and success as investors on multiple investment strategies along with their embodiment of team-centric collaboration have been significant to our firm and clients,” said Mr. Brady. “Aligning the team under Ben and Jeff brings more transparency and clarity to the investment team reporting structure, and helps position Thornburg for its next phase of growth.”

“I am honored to help continue Thornburg’s nearly 40-year history of using a collaborative structure and unsiloed approach to investing,” said Mr. Kirby. “It’s an incredible opportunity to work with, and learn from, Brian, Jeff, and such a diverse investment team. I look forward to helping drive continued positive outcomes for investors.”

“I feel privileged to help lead such a strong team, and along with Ben, further implement an expansion to Thornburg’s risk management platform,” said Mr. Klingelhofer. “As we meet the complex and evolving needs of investors, particularly global institutions, it’s more important than ever to empower our investment team to understand, measure, and assess risk at all levels of the portfolio construction process.”

Mr. Kirby joined Thornburg in 2008 as an equity research analyst and was promoted to associate portfolio manager in 2011. He was named portfolio manager and managing director in 2013. Mr. Klingelhofer joined the firm in 2010, then was promoted to associate portfolio manager in 2012. In 2015, he was made portfolio manager and managing director.


Ben Kirby, CFA, is head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013.

Ben holds a BA in computer science from Fort Lewis College and an MBA from Duke University’s Fuqua School of Business. Prior to graduate school, Ben was a software engineer at Pinnacle Business Systems in Oklahoma City, Oklahoma. He is a CFA charterholder.

Jeff Klingelhofer, CFA, is head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Jeff is also a portfolio manager on multiple strategies. He joined the firm in 2010, then was promoted to associate portfolio manager in 2012. In 2015, Jeff was made portfolio manager and managing director.

Jeff earned a BA in economics with a minor in business from the University of California at Irvine, and an MBA from the University of Chicago Booth School of Business in 2010. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Jeff spent four years with PIMCO, where he was responsible for monitoring portfolio leverage and risk tolerances. Jeff also worked as a commercial mortgage-backed securities intern with ratings agency DBRS and interned with the CalPERS alternative assets team.

Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios.

Brian joined Thornburg in 1984 as chief investment officer, a role he held until 2019. Brian served as president of the firm from 1997 to 2015 and CEO from 2008 to 2015 and was promoted to vice chairman in 2016. He managed Thornburg’s laddered bond portfolios from their inceptions from 1984 until 2000 and remains actively involved in securities analysis for various Thornburg portfolios.

Brian holds an MBA from Tuck School of Business at Dartmouth College and a BA in economics and Russian studies from the University of Virginia. After receiving his MBA, Brian joined Norwest Bank in 1979, and held various corporate finance positions.

Jason Brady, CFA, is president and CEO of Thornburg Investment Management. He is responsible for the company’s overall strategy and direction. He is also a portfolio manager on multiple strategies. Jason joined the firm in 2006, was made portfolio manager and managing director in 2007, and president and CEO in 2016. His book Income Investing: An Intelligent Approach to Profiting from Bonds, Stocks and Money Markets is a step-by-step guide to income investing.

Jason holds a BA with honors in English and environmental biology from Dartmouth College, and an MBA with concentrations in analytical finance and accounting from Northwestern’s Kellogg Graduate School of Management. He is a CFA charterholder. Prior to joining Thornburg, Jason was a portfolio manager with Fortis Investments in Boston and has held various positions at Fidelity Investments and Lehman Brothers.

About Thornburg

Thornburg Investment Management is a privately-owned global investment firm that offers a range of multi-strategy solutions for institutions and financial advisors. A recognized leader in fixed income, equity, and alternatives investing, the firm oversees $43 billion1 as of August 31, 2019 across mutual funds, institutional accounts, separate accounts for high-net-worth investors, and UCITS funds for non-U.S. investors. Thornburg was founded in 1982 and is headquartered in Santa Fe, New Mexico.

At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our culture is collaborative, and our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding value for our clients, it’s more than what we do, it’s how we do it: how we think, how we invest, and how we’re structured.

For more information, visit qa.thornburg.com or call 877 215 1330.

Media Inquiries
Michael Corrao
Director of Global Communications
Thornburg Investment Management
Tel: +1 505 467 5345
Email: mcorrao@thornburg.com

1 Includes $41.5 billion in assets under management and $1.4 billion in assets under advisement as of August 31, 2019

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