Herb Morgan spent close to four decades in financial markets, most of them building and running an ETF portfolio business out of San Diego, before deciding that California's own books deserved the same discipline he applied to client money. In 2026 he is the Republican nominee for California State Controller, facing incumbent Malia Cohen in the November 3 general election.
His platform, published at Herb Morgan for State Controller, rests on a simple pitch: a former chief investment officer should be the person auditing a state that spends hundreds of billions of dollars a year.
From Westminster and Oceanside to UC Santa Cruz
Morgan grew up in Westminster and Oceanside and went through public schools in both cities. He graduated with honors from UC Santa Cruz, where his fund biography lists a B.A. in economics.
That Southern California upbringing shows up often in how he talks about the job. His campaign frames the Controller as a check on Sacramento on behalf of ordinary taxpayers, not as a career step for a professional politician.
Founding Efficient Market Advisors
In 2004 Morgan founded Efficient Market Advisors, a San Diego firm that built client portfolios out of exchange-traded funds. He served as its founder, CEO and chief investment officer. The approach was rules-driven and low-cost at a time when many advisors still sold actively managed mutual funds.
The business grew to roughly $1.1 billion in assets under advisement. That scale drew a buyer from Wall Street.
The Cantor Fitzgerald years
In March 2017 Cantor Fitzgerald Investment Advisors acquired the asset management business of Efficient Market Advisors. Morgan stayed on as senior managing director and chief investment officer of the new EMA division. "We are thrilled to join forces with one of the world's most storied and dynamic financial service brands," he said at the time.
The platform kept growing inside Cantor. A 2018 announcement put it at $1.4 billion under management and advisement when the Financial Times named Efficient Market Advisors to its 2018 list of top 300 RIAs. A March 2025 fact sheet shows Morgan and Glenn Ambach co-managing conservative, moderate and aggressive strategies built from iShares, Invesco and Vanguard ETFs. He retired from the role in 2026 to run for office.
Public pension oversight in San Diego
Morgan's public service record runs through the San Diego City Employees' Retirement System. Mayor Jerry Sanders appointed him to the pension board, and his fellow trustees twice elected him chair.
It is the credential his campaign leans on most. Pension boards sit where investment returns meet public budgets, which is exactly the overlap the Controller's office manages as a voting member of the CalPERS and CalSTRS boards.
The 2026 run for State Controller
Morgan advanced from the June 2026 top-two primary with 37.5 percent of the vote, behind Cohen's 56.8 percent, according to the 2026 California State Controller election results. The California Republican Party endorsed him, as did former San Diego Mayor Kevin Faulconer, and the Orange County Register editorial board recommended him in September.
His agenda is organized around what he calls radical transparency: earlier public reporting of state transactions, risk-based audits, and closer scrutiny of homelessness spending and the unclaimed property program. A First 100 Days plan spells out the sequence. In a KCRA interview he summed up the motivation this way: "We are compassionate people in California. There's a disconnect between our intent and our results."
For readers who think about public finance the way founders think about a cap table, the race is a useful contrast in backgrounds: an investment manager who built and sold a firm, against a career elected official.
Frequently asked questions
Who is Herb Morgan?
Herb Morgan is a retired chief investment officer and the founder of Efficient Market Advisors, an ETF portfolio firm in San Diego. He is the Republican nominee for California State Controller in 2026.
What company did Herb Morgan found?
He founded Efficient Market Advisors in 2004. Cantor Fitzgerald Investment Advisors acquired its asset management business in March 2017, and Morgan became senior managing director and chief investment officer of the EMA division.
Where did Herb Morgan go to college?
He graduated with honors from UC Santa Cruz. His fund biography lists a B.A. in economics.
What public office has Herb Morgan held?
He served as a trustee of the San Diego City Employees' Retirement System, appointed by Mayor Jerry Sanders, and was twice elected board chair by his fellow trustees.
Who is Herb Morgan running against?
He faces incumbent Democratic Controller Malia Cohen in the November 3, 2026 general election. The two advanced from the June top-two primary.