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Investment Management - January 12, 2011

Sergio Focardi presenting co-authored CFA monograph on “Investment Management after the Global Financial Crisis” in a number of European cities


Sergio Focardi, Professor of Finance at EDHEC Business School, will be visiting a number of European cities to present the CFA Institute monograph entitled “Investment Management after the Global Financial Crisis”:

  • Zurich – 25 January, 2011
  • Geneva – 26 January, 2011
  • Frankfurt – 1 February , 2011
  • Amsterdam – 23 February, 2011
  • Brussels – 10 March, 2011
  • Milan – 6 April, 2011
The monograph, co-authored with Frank J. Fabozzi of the Yale School of Management, and Caroline Jonas of The Intertek Group, was commissioned by the Research Foundation of CFA Institute to ascertain how the financial crisis affected, and will continue to affect, investment management decisions and processes as well as the investment management industry itself, and contains the opinions of investment industry players, observers, recruiters, and academics and their ideas about what they think the most profound changes are going to be.

The investment industry was indeed severely impacted by the global financial crisis of 2007–2009, and changes will have to occur. From mid-2007 through the first quarter of 2009, financial markets were shaken by a series of shocks. The first was the shock in the summer of 2007 in which liquidity dried up and the subprime mortgage crisis began. Then, following the collapse of Lehman Brothers in September 2008, the financial markets began a slide that caused major indices, such as the S&P 500 Index and the MSCI Index, to lose more than half their value compared with their highs in 2007. By the end of the first quarter of 2009, most investors had suffered serious losses and asset management firms were in survival mode.

Sergio Focardi was previously a partner at the Intertek Group and managing director of the Italian subsidiary of Control Data Corporation. His research revolves around the econometrics of large equity portfolios and the modelling of interactions of multiple heterogeneous agents. His work has appeared in leading academic and practitioner journals. Professor Focardi has also authored and co-authored award-winning books and is a member of the editorial board of the Journal of Portfolio Management.