The Sub-Advisory Institute is recognizing 15 Next Gen and Industry Visionary Award Winners of the sub-advisory and manager research space this year for their leadership, innovation, and active participation in the investment industry. David Braham, Senior Executive Director, Thought Leadership & Market Intelligence at Institutional Investor, sat down with Industry Visionary Award Winner Anna Snider, Head of Investment Selection, Chief Investment Office, Bank of America.
Paul Yox is a Vice President in the External Investing Group (XIG), based in New York where he is a member of the XIG Public Strategies business. Previously, he worked in fixed income manager research at Rocaton Investment Advisors. Paul received a BA in Economics and BSBA in Finance, summa cum laude, from Valparaiso University. Paul is a CFA and CAIA charterholder.
The following is edited for length and clarity.
As you look back at 2025, what was the event that most surprised you and impacted your year?
What stood out most was the resilience of markets, amid (real and perceived) narratives of uncertainty and doomsday predictions. As an allocator focused on fixed income strategies, we saw continued benefit from tailwinds, as credit spreads continued to tighten YoY, despite beginning at already historically expensive levels, while interest‑rate volatility (as measured by the MOVE Index) fell to levels not seen since 2021.
What are you most excited about, personally or professionally?
This year, my personal and professional interests overlap more than usual. Like many, I’m excited for the opportunity to unlock AI’s potential as the technology becomes increasingly embedded in both workflows and daily life.
Innovations of this magnitude don’t come along often. At work, the ability to analyze and synthesize decades of accumulated research into more structured, actionable insights, while spending far less time on setup, creates more space (not less) for creativity and judgment.
What type of leader do you want to be, and what skills do you want the people above you to have to make you better leaders?
I’ve been very fortunate to work with and learn from many exceptional leaders (including 2026 II Visionary Betsy Gorton) who stay actively engaged in the day‑to‑day, while empowering others and providing strong support from the top.
Those role models have shaped how I think about leadership. For me, this means being present for others and focusing attention on enhancing our collective decision making.
What made you want to work in the investment sector?
Growing up in a small town in Texas, I didn’t know anyone who worked in finance.
I was first drawn to investing through time spent in the local public library, inspired by books on business leaders long before I understood Wall Street or had any real sense of how to break into the industry. What fascinated me then, and still does, is the inherently interdisciplinary nature of investing and the fact that our industry is always evolving. Markets have a way of keeping one humble, reminding you that there is always more to learn and other perspectives to consider.
As we look at 2026, what’s the one thing you want to achieve next year, and what’s the one thing you think is going to happen?
One personal focus for me is moving beyond using AI solely for individual productivity and instead, identifying use cases that scale across teams for greater collective benefit. Looking ahead to 2026, I expect to see greater differentiation among active credit managers – a trend that I believe is already beginning and likely to continue.
Who do you want to have dinner with this year?
Victor Wembanyama, partly because I’m a lifelong Spurs fan sensing a championship window opening again, but also because he comes across as remarkably thoughtful for a young star carrying extraordinary expectations. More broadly, I’d be interested in how he thinks about discipline, development, and staying grounded while performing at that level, topics that resonate well beyond sports.
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