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Wealth Management Systems for Individual Investors Conference


Arthur Berd

Arthur M. Berd, is the Founder and CEO of General Quantitative LLC, an emerging diversified financial services firm whose GQ Asset Management division focuses on systematic investment strategies including risk-based asset allocation, tactical trading and security selection, GQ Analytics offers institutional advisory services in risk management and structured product design, and Wealth Technologies division provides systematic wealth management and financial planning services and solutions.

Earlier, Arthur was the Head of Macro Volatility Strategies at Capital Fund Management, and held senior strategy and research positions at BlueMountain Capital Management, Lehman Brothers and Goldman Sachs Asset Management. Dr. Berd is the Editor-in-Chief of the Journal of Investment Strategies, and is also the co-founder and coordinator of the quantitative finance section of http://arxiv.org, a global electronic research repository with over 2000 papers covering topics from portfolio and risk management, to trading and market microstructure, to securities pricing and mathematical and statistical finance methods. An author of more than 30 publications and a frequently invited speaker at major industry conferences, Dr. Berd edited the book “Lessons from the Financial Crisis” (RiskBooks, 2010, 2013). He holds a Ph.D. in Physics from Stanford University.

Thomas Bauerfeind

Thomas Bauerfeind is managing director and founder of PROTINUS Consulting in Munich. Mr. Bauerfeind works since more than 20 years in finance, asset allocation and risk management. Since the mid-90ies he consults very large institutional investors worldwide and supports in developing their strategic asset allocation. His focus lays in applying methods for stochastic simulation combined with complex optimization techniques, common in modern asset liability modeling. With PRTOINUS he also develops software concepts and applications which are licenesed by renowned investors to optimize their own portfolio or which are used successfully to optimize large numbers of retail clients’ portfolios with robo advisors or automatically in database environments. Mr. Bauerfeind holds a master’s degree in business administration from Ludwig-Maximillians-University in Munich specialized in capital market research and finance.

John Bogle

John C. Bogle, 87, is Founder of The Vanguard Group, Inc., and President of the Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as Chairman and Chief Executive Officer until 1996 and Senior Chairman until 2000. He had been associated with a predecessor company since 1951, immediately following his graduation from Princeton University, magna cum laude in Economics. He is a graduate of Blair Academy, Class of 1947.

Vanguard is the largest mutual fund organization in the world. Headquartered in Malvern, Pennsylvania, Vanguard comprises approximately 170 mutual funds with current assets totaling more than $2 trillion. Vanguard 500 Index Fund, the largest fund in the group, was founded by Mr. Bogle in 1975. It was the first index mutual fund. The story of his life and career is told in John Bogle and the Vanguard Experiment: One Man's Quest to Transform the Mutual Fund Industry, by Robert Slater (1996) and The House That Jack Built, by Lewis Braham (2011).

In 2004, TIME magazine named Mr. Bogle as one of the world's 100 most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award. In 1999, Fortune designated him as one of the investment industry's four "Giants of the 20th Century." In the same year, he received the Woodrow Wilson Award from Princeton University for "distinguished achievement in the Nation's service." In 1997, he was named one of the "Financial Leaders of the 20th Century" in Leadership in Financial Services (Macmillan Press Ltd., 1997). In 1998, Mr. Bogle was presented the Award for Professional Excellence from the Association for Investment Management and Research (now the CFA Institute), and in 1999 he was inducted into the Hall of Fame of the Fixed Income Analysts Society, Inc.

Mr. Bogle is a best-selling author, beginning with Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (1993); Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (1999); John Bogle on Investing: The First 50 Years (2000); Character Counts: The Creation and Building of The Vanguard Group (2002); Battle for the Soul of Capitalism (2005); The Little Book of Common Sense Investing (2007); Enough: True Measures of Money, Business, and Life (2008); Common Sense on Mutual Funds, Fully Updated 10th Anniversary Edition (2009); and Don't Count On It! Reflections on Investment Illusions, Capitalism, "Mutual" Funds, Indexing, Entrepreneurship, Idealism, and Heroes (2010). His tenth book, Clash of the Cultures: Investment vs. Speculation, was released in August of 2012.

Mr. Bogle served as Chairman of the Board of Governors of the Investment Company Institute in 1969-1970, and as a member of the Board in 1969-1974. In 1997, he was appointed by then-U.S. Securities and Exchange Commission Chairman Arthur Levitt to serve on the Independence Standards Board. In 2000, he was named by the Commonwealth's Chamber of Commerce as Pennsylvania's Business Leader of the Year.

He served as Chairman of the Board of the National Constitution Center from September 1999 through January 2007, and was a Director of Instinet Corporation until December 2005. He was a member of The Conference Board's Commission on Public Trust and Private Enterprise, and is a Fellow of the American Philosophical Society, and the American Academy of Arts and Sciences. A Trustee of Blair Academy, he served as Chairman in 1986-2001. He has received honorary doctorate degrees from the University of Delaware, University of Rochester, New School University, Susquehanna University, Eastern University, Widener University, Albright College, Pennsylvania State University, Drexel University, Immaculata University, Princeton University, Georgetown University, Trinity College, and Villanova University.

Mr. Bogle was born in Montclair, New Jersey, on May 8, 1929. He now resides in Bryn Mawr, Pennsylvania, with his wife, Eve. They are the parents of six children and the grandparents of twelve.

Woo Chang Kim

Woo Chang Kim is associate professor in the Industrial and Systems Engineering Department at the Korea Advanced Institute of Science and Technology (KAIST) and Head of KAIST Center for Wealth Management Technologies. He serves on the editorial boards for several journals, including Journal of Portfolio Management, Optimization and Engineering, and Quantitative Finance Letters. He is an expert on financial optimization and portfolio management, and has published many papers in leading academic and practitioner journals in the related fields as well as a textbook on robust portfolio management. He is a member of voting rights committee for Korea’s National Pension System and an advisor for Samsung Asset Management. He was a visiting professor in Department of Economics and Finance at LUISS Guido Carli in Rome in 2014, a visiting fellow in Department of Operations Research and Financial Engineering at Princeton University in 2013-2014, and a guest researcher for Hausdorff Research Institute for Mathematics at University of Bonn in 2013. He has earned doctoral degree from Princeton University’s Operations Research and Financial Engineering Department, and master’s and bachelor’s from Industrial Engineering at Seoul National University.

Jang Ho Kim

Jang Ho Kim is an assistant professor at Kyung Hee University. He received a doctoral degree at Korea Advanced Institute of Science and Technology (KAIST) in the Industrial and Systems Engineering Department with a focus in Financial Engineering. His disseration is concentrated on understanding robust optimization by analyzing robust portfolios. He has a Master of Engineering and a Bachelor of Science in Computer Science, both from Cornell University. Prior to his doctoral program, he was an associate in the electronic trading unit of Bank of America Merrill Lynch in New York City.

Fred Glover

Fred Glover is Distinguished Professor, Emeritus, at the University of Colorado, Boulder, associated with the College of Engineering and Applied Science, the Applied Mathematics Department and the Leeds School of Business. He also serves as the Chief Technology Officer in charge of algorithm design and strategic planning initiatives for OptTek Systems, Inc., a provider of optimization software to the simulation industry. He has authored or co-authored more than 450 published articles and eight books in the fields of mathematical optimization, computer science and artificial intelligence, and his adaptive memory optimization algorithm, Tabu Search, returns more than 490,000 results on Google. Glover’s principal areas of research are in a number of fields, including: applications of computers to the fields of optimization, applied artificial intelligence, systems design, multicriteria analysis, decision support, logistics, natural resources planning, large scale allocation models, transportation, financial analysis and industrial planning.

Dr. Robert Härtl

Dr. Robert Härtl (Dipl.-Kaufmann, MBR) has been working as consultant for PROTINUS Consulting since 2005. He is advisor for ALM topics in numerous mandates, for companies, public authorities, family offices and start-ups. He is a specialist for capital market topics with relevance to ALM and is responsible in particular for building expectations for assets and creating scenario spaces accordingly. Besides that he’s involved in optimization aspects as well as technical developments / coordination with IT-developers.

Dr. Härtl has been granted a doctorate and a Master of Business Research during several years of academic research and teaching at University of Munich (LMU).

Russ Hovanec

Russ Hovanec – SVP, Global Business Development, Product Manager - WealthBalancer

Russ joined Northfield in 2001 and is responsible for building and managing strategic alliances with content and access partners and fostering existing distribution relationships on a global basis. Other assignments include serving as product manager for Northfield’s enterprise risk and private wealth product lines of business.

Russ has 35 years of experience in the financial markets including 14 years managing software development supporting trading and risk management at several investment banks. Prior to Northfield, he was SVP of Business Development for Redpoint Software where he was responsible for sales, product and corporate development. He was involved in the sale of Redpoint to Barra Inc. where he became Director of Business Development for their TotalRisk product line. Prior to Wall Street he was a research meteorologist working on development and analysis of weather models at NOAA’s Geophysical Fluid Dynamics Laboratory at Princeton University.

Russ has a BS degree in aeronautical engineering and economics from Miami University and an MS in meteorology and mathematics from the University of Wisconsin, Madison.

Lisa Huang

Lisa Huang, Ph.D., is the Director of Quantitative Investing at Betterment. In her role at Betterment, she oversees a team responsible for portfolio optimization, investment fund selection, risk modeling and trading strategies design. She holds a degree in mathematics and biochemistry from UCLA, and a Ph.D. in theoretical physics from Harvard University. Prior to Betterment, Dr. Huang was a quantitative strategist at Goldman Sachs, leading research collaborations and building models for fixed income strategies.

Pierre Laroche

Pierre Laroche is Vice President – Business Strategy, Wealth Management, at the National Bank of Canada.

Pierre joined the National Bank of Canada in January 2007 and currently is in NBC’s Financial Markets (NBCFM) Group as Managing Director of the Equity and Commodity Derivative Products R&D team. His duties mainly consist in developing and implementing quantitative alternative investment strategies for the bank and its clients. In 2012, one of his team’s strategies won the William F. Sharpe Indexing Achievement – Most Innovative ETF Award. Mr. Laroche is also in charge of NBCFM’s Rotation Program.

Before joining NBCFM, he was Managing Director, Financial Engineering, at Desjardins Global Asset Management (2002 – 2006) and professor of Finance at HEC Montréal (1989 – 2002) where he primarily taught Derivatives, Risk Management and Financial Engineering.

He authored and co-authored several research papers, articles and four books. He headed HEC’s Finance Department from 1999 to 2002 and co-founded HEC’s M.Sc. in Financial Engineering in 1997. Shortly after, he implemented and ran HEC’s Trading Room, the first full-featured trading room in a Canadian business school. While teaching, he was also a consultant for financial institutions, corporate treasuries and governmental entities.

Changle Lin

Changle Lin is an assistant professor in Tsinghua University. He now leads the wealth management technology research & development in Tsinghua-Ant Financial FinTech lab and NetEase robo-advisor collaborative research. His specialty is asset allocation models and applications to institutional & individual investors. Before joining Tsinghua, he worked for Merrill Lynch and was responsible for building the investment engine for Merrill Edge Guided Investing -- Merrill Lynch's own robo-advisor. Aside from application to individual investors, he has also developed theoretical framework and applications for institutional investors, including Sovereign Wealth Funds, pension plans and family offices. He also worked shortly as a quantitative strategist in trading division of Credit Suisse and as a data scientist analyzing clients' data for Merrill Lynch Wealth Management. He has earned PhD degree in Operations Research & Financial Engineering from Princton University and bachelor degree in Mathematics & Physics from Tsinghua University.

Lionel Martellini

Lionel Martellini is a Professor of Finance at EDHEC Business School, the Director of EDHEC-Risk Institute and Senior Scientific Advisor for ERI Scientific Beta. Lionel holds Master’s Degrees in Business Administration, Economics, Statistics and Mathematics, as well as a PhD in Finance from the Haas School of Business, University of California at Berkeley. He is a former member of the faculty at the Marshall School of Business, University of Southern California, and has been a visiting fellow at the Operations Research and Financial Engineering department at Princeton University. Lionel is a member of the editorial board of The Journal of Portfolio Management, The Journal of Alternative Investments, and The Journal of Retirement. He conducts active research in a broad range of topics including long-term asset allocation decisions, equity and fixed-income portfolio construction, risk management and derivatives valuation. His work has been published in leading academic and practitioner journals and has been featured in major European and global dailies such as The Financial Times and The Wall Street Journal. He has co-authored reference textbooks on topics related to Alternative Investment Strategies and Fixed-Income Securities.

John Mashey

John Mashey is a semi-retired Bell Laboratories / Silicon Valley computer scientist & corporate executive. After earning his Ph.D. at the Pennsylvania State University, 1973-1983 he worked on the PWB/UNIX operating system at Bell Labs, then managed data mining projects and applied research work. He joined MIPS Computer Systems in early 1985, managing operating systems development, helping design the MIPS RISC architecture, visiting customers and building alliances. He continued similar work at Silicon Graphics (SGI 1992–2000), ending as VP and Chief Scientist, spending half his time with customers. He initiated an SGI effort for operations research customers that led to substantial sales and contacts on Wall Street. Starting in 1993, he began using the phrase Big Data in his numerous talks, and it became a standard SGI marketing theme. He often helped salespeople with Big Data customers. Since 2001, he has consulted for venture capitalists and technology companies, and continues to give occasional invited talks at Stanford, Penn State, Princeton, Cambridge and other venues. Big Data – Yesterday, Today and Tomorrow offers a brief history of the phrase’s meaning and applications at various times, starting with the 1890 Hollerith machines, consider the current state of the art and where it might go. Dr. Mashey is a long-time Trustee of the Computer History Museum in Mountain View, CA. He has given over 500 public lectures during his career, 1,000 sales pitches. He has published about 20 articles on computing and currently has 3 patents.

John M. Mulvey

John M. Mulvey is a Professor in the Operations Research and Financial Engineering Department and a founding member of the Bendheim Center for Finance at Princeton University. His specialty is financial optimization and advanced portfolio theory. For over thirty-five years, he has implemented asset-liability management systems for numerous organizations, including PIMCO, Towers Perrin/Tillinghast, AXA, Siemens, Munich Re-Insurance, and Renaissance Re-Insurance. His current research addresses regime identification and factor approaches for long-term investors, including family offices, and pension plans, with an emphasis on optimizing performance and protecting investor wealth (and surplus wealth). He has published over 150 articles and edited 5 books. He is currently editing a book “Machine Learning in Finance,” and is a senior consultant for the California Public Employees Retirement System.

Dr. Yuan (Alan) Qi

Dr. Yuan (Alan) Qi is Vice President and Chief Data Scientist of Ant Financial Service Group. He works on large scale machine learning, Bayesian inference, and big data analytics. He obtained his PhD from MIT Media Laboratory in 2005 and worked as an postdoctoral associate at MIT Computer Science and Artificial Intelligence Laboratory until 2007. He joined Purdue University in 2007 and was tenured in 2013 as associate professor in Department of Computer Science and Department of Statistics. He has given numerous invited talks at universities and conferences, and collaborated with researchers in IT, financial and pharmaceutical industries on machine learning and data analytics problems. He is an associate editor of Journal of Machine Learning Research and served as area chair of International Conference on Machine Learning. He has received Microsoft's Newton Breakthrough Research Award in 2008 and USA NSF Career award in 2011. At Alibaba and Ant Financial he has built large-scale machine learning and speech recognition teams and worked on applications in customer service, Ads, and microloan.

Amy Resnick

Amy Resnick is the editor of Pensions & Investments, based in the paper's New York City office.

She joined P&I in 2012 as executive editor.

A veteran financial journalist, she previously worked as Americas Editor of IFR magazine a Thomson Reuters capital markets publication focused on capital formation.

Prior to that, she spent 15 years at The Bond Buyer, the paper of record for the municipal bond market, including her last 10 years there as the Editor in Chief. She was the first woman ever to hold that job in the 124-year history of the publication. She also served as a reporter and tax reporter in the paper's Washington, DC bureau and as the paper's managing editor.

Ms. Resnick was a Knight Wallace Journalism Fellow at the University of Michigan, where she studied politics, taxation and infrastructure finance. She is a self-described public policy nerd.

She has appeared on CNBC, Nightly Business Report, CNNfn and C-SPAN speaking on financial markets issues.

She is a member of the board of directors of the Journalism and Women Symposium and a mentor-editor for the OpEd Project.

She has a master’s degree in journalism from the Columbia University Graduate School of Journalism and a bachelor’s degree in international relations and history from Tufts University.

Anil Suri

Anil Suri is Head of Portfolio Construction & Investment Analytics at Merrill Lynch Wealth Management. He has been with Merrill Lynch since 2004, where he previously led investment strategy development & analytics in the Alternative Investments area and worked as a Senior Investment Strategist on the Merrill Lynch Research Investment Committee (RIC). Anil earned an M.B.A. with honors from the Wharton School of the University of Pennsylvania, an M.S.E. from Princeton University and a B. Tech. from the Indian Institute of Technology at Delhi.

Mengdi Wang

Mengdi Wang is interested in data-driven stochastic optimization and applications in machine and reinforcement learning. She received her PhD in Electrical Engineering and Computer Science from Massachusetts Institute of Technology in 2013. At MIT, Mengdi was affiliated with the Laboratory for Information and Decision Systems and was advised by Dimitri P. Bertsekas. Mengdi became an assistant professor at Princeton in 2014. She received the Young Researcher Prize in Continuous Optimization of the Mathematical Optimization Society in 2016 (awarded once every three years) and the NSF Career Award in 2017.

Wei Xu

Wei Xu is an assistant professor at the Institute for Interdisciplinary Information Sciences of Tsinghua University in Beijing. He is a recipient of the National Youth 1000 Program (青年千人计划) in 2013.

He has a broad research interest in distributed system design and big data. His current projects include data center networking, system management and debugging, large scale system for machine learning and data mining, as well as various big data applications.

He received his Ph.D from UC Berkeley in 2010. He was in the RAD Lab in EECS Department. His advisors are Prof. David Patterson and Prof. Armando Fox. His dissertation is on analyzing free text console logs for problem detection. He worked for Google for 2.5 years as a software engineer before joining Tsinghua University.

He is the director of Open Compute Project (OCP) Certification Lab in China. He is also the director of international partnership for the MOE Research Center for Online Education.

Andrew Chi-Chih Yao

Andrew Chi-Chih Yao is a Chinese-American computer scientist and computational theorist. He is currently a Professor and the Dean of Institute for Interdisciplinary Information Sciences (IIIS) at Tsinghua University. He completed his undergraduate education in physics at the National Taiwan University, before completing a Doctor of Philosophy in physics at Harvard University, and a second PhD in computer science from the University of Illinois. From 1982 to 1986, he was a full professor at Stanford University. From 1986 to 2004, he was the William and Edna Macaleer Professor of Engineering and Applied Science at Princeton University, where he continued to work on algorithms and complexity. In 2004, he became a Professor of the Center for Advanced Study, Tsinghua University (CASTU) and the Director of the Institute for Theoretical Computer Science (ITCS), Tsinghua University in Beijing. Since 2010, he has served as the Dean of Institute for Interdisciplinary Information Sciences (IIIS) in Tsinghua University. He is also the Distinguished Professor-at-Large in the Chinese University of Hong Kong. In 1996 he was awarded the Knuth Prize. He received the Turing Award, the most prestigious award in computer science, in 2000, “in recognition of his fundamental contributions to the theory of computation, including the complexitybased theory of pseudorandom number generation, cryptography, and communication complexity”.