A well-known industry research analyst and leading portfolio manager, Michael Giliberto heads a real estate consulting business, S. Michael Giliberto & Co., Inc., and is an adjunct professor at Columbia University's Graduate School of Business. From 1996 until 2010, he was a managing director responsible for real estate multi-strategy products at JP Morgan, overseeing portfolios totaling $30 billion in gross assets. In 1993, he established the Giliberto-Levy Index, a highly-regarded and often cited industry benchmark for measuring the quarterly returns of institutional, commercial grade whole mortgage loans. Before joining JP Morgan, Mr. Giliberto had been head of real estate research at Lehman Brothers and Salomon Brothers. Previously, he was a business management professor at Southern Methodist University.