SIFMA Appoints Heidi Learner as Director of Research

New York, New York, October 27, 2025 - SIFMA today announced that Heidi Learner, CFA, has joined SIFMA as managing director, director of research, effective October 27. In this position, Heidi will oversee SIFMA's Research and Insights offerings, including SIFMA's extensive library of capital markets statistics, economic forecasts, and thematic reports that shed light on the forces shaping the U.S. capital markets and the securities industry. She will also oversee SIFMA's Chief Economist Roundtable and the SIFMA Directors of Research Roundtable.

"We are pleased to welcome Heidi to SIFMA," said Kenneth E. Bentsen, Jr., president and CEO of SIFMA. "She brings a deep understanding of macroeconomics and capital markets research, and her experience bridging data analysis, forecasting, econometric modeling, and market strategy will strengthen our capacity to deliver timely, rigorous insights that advance informed policymaking and promote efficient capital markets."

"Heidi brings extensive research expertise and industry knowledge to SIFMA," said Joseph Seidel, SIFMA chief operating officer. "She will enhance SIFMA's ability to provide members, policymakers, and regulators with comprehensive, data-driven analysis of market trends and investor behavior. Her background across both buy-side and sell-side institutions uniquely positions her to deepen our understanding of evolving market dynamics."

Heidi joins SIFMA from Altus Group, where she served as Head of Innovation at Altus Labs, directing research and product development to enhance valuation and risk analysis for institutional investors. Previously, she was Head of Americas Research at CBRE Investment Management, leading the U.S. research team in support of asset allocation, portfolio construction, and capital deployment across a $100 billion multi-asset platform. Earlier in her career, she was Chief Economist at Savills, serving as the firm's lead economic voice and providing analysis on monetary policy, fiscal trends, and capital markets.

She began her career at Salomon Brothers and proceeded to work as a fixed income macro strategist with several investment banks. She also held positions at MunichRe, where she actively managed interest rate exposure across a $38 billion portfolio, as well as with various macro hedge funds, where she conducted cross-asset research and supported asset and sector allocation decisions across G-7 markets. Her commentary has been featured in The Wall Street Journal, The New York Times, and Bloomberg, and she has appeared on CNBC and Fox Business news.

Heidi holds a Master of Arts in Mathematics (Mathematics of Finance) from Columbia University and dual Bachelor of Science degrees from the University of Pennsylvania, including Economics (Finance) from the Wharton School and Engineering (Bioengineering) from the School of Engineering.

Heidi will report to Cheryl Crispen, Executive Vice President at SIFMA.

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry's one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).