1 of Torino An upper level Master of the University of Torino A MASTERinFINANCE An upper level Master of the University of Torino An upper level Master of the University of Torino MASTERinFINANCE XIII Edition PIEMONTE UNIVERSITà DEGLI STUDI DI TORINO
2 MASTERinFINANCE An upper level Master of the University of Torino MASTERinFINANCE An upper level Master of the University of Torino
4 contents Contents 1. Message from the director testimonial program structure candidate profile faculty Fees & scholarships placement scientific committee sponsors alumni careers THE COLLEGIO 45 titolo CONTENTS
6 1. messagefromthedirector MESSAGEfromTHEDIRECTOR The Master in Finance aims at preparing qualified students for high level careers in derivatives pricing and hedging, risk management, investment management, mutual and pension fund management and securities trading. Their profile is very well suited for investment and commercial banks, insurance companies as well as research departments of government agencies, central banks and regulatory authorities. The program is a result of the tradition and prestige of the University of Torino, founded in 1404, through its School of Economics, created in This tradition is combined with the flexibility and international environment of Collegio Carlo Alberto as well as the over-decennial experience of Coripe, which is the University consortium that ran the program before the creation of the Collegio. The Master in Finance is a postgraduate (II level) Master which is taught entirely in English. It is open to students who have a four or five-year undergraduate degree, either in Economics and Finance or in Engineering, Physics, Mathematics, Statistics. The co-existence of students of different nationalities and background guarantees a lively environment for debate and comprehension. The Faculty is comprised of both Academic and non-academic members. The former - who come from American, European and Italian universities - share extensive experience in teaching and research involvement in Finance, whilst the latter are highly qualified and leading professionals who unveil international best practices to our students. An active Job Placement service fosters and builds relationships between our students and national as well as international companies and institutions. It organizes career days, colloquia and internships. The Masters program has an excellent track record in terms of placement. The professional experience of our Alumni network is the major testimony of our commitment and reputation: which is why we have decided to present some of their stories here. We congratulate them for their successes. We are confident that the next generations of students will be able to challenge them and join their community, of which we are all so proud. Elisa Luciano Professor, University of Torino Fellow, Collegio Carlo Alberto Program Director MESSAGEfromTHEDIRECTOR
7 Testimonial 2. Testimonial Testimonial The Master in Finance programme has been a key factor in my post-graduate education. It gave me deep and meaningful insights in most relevant financial topics, along with strong quantitative skills which really made the difference in a competitive job market. On top of that, working in an international environment prepared me to interact with colleagues from all over the world. I could not have done a better choice for my future! Lorenzo Pinardi Head of Financial Risk Management at Enel SpA Rome, Italy
8 3. ProgramStructure ProgramStructure The Master in Finance objective is to create specialists with a solid background in: Financial Modelling and Asset pricing Risk measurement Asset allocation Derivative pricing and hedging The program runs for 10 months full-time (from September to June). Strengths of the PROGRAM A truly international Master s degree program taught entirely in English in a premier research institution, Collegio Carlo Alberto. The award of a second level Master in Finance degree from the University of Torino. A highly experienced Faculty from Italian and foreign universities, alongside the experience of leading finance and banking professionals. Everyday contact with the scholars and researchers of Collegio Carlo Alberto and access to the many scientific activities and events hosted at the Collegio. The availability of a fully equipped computer lab. In addition to the electronic resources offered by Collegio Carlo Alberto, students of the Master in Finance have access to the Bloomberg database. Training sessions are provided and certification of knowledge can be officially obtained. Career days and the opportunity to establish contacts with major financial or insurance companies and research centers at the end of the program. The reputation and the extensive network of our Alumni. programstructure
9 PROGRAMSTRUCTURE INTRODUCTORY COURSES STATISTICAL AND PROGRAMMING TOOLS FOR FINANCE MATHEMATICS FOR FINANCE PROBABILISTIC METHODS FOR FINANCE THIRD TERM DERIVATES II FIRST TERM BANKING REGULATION PORTFOLIO CHOICE AND ASSET PRICING ASSET ALLOCATION ECONOMETRICS NUMERICAL METHODS FOR FINANCE INSURANCE HEDGE FUNDS DERIVATIVES I CORPORATE FINANCE SECOND TERM RISK MANAGEMENT TOOLS AND APPLICATIONS FIXED INCOME IT FOR FINANCIAL INSTITUTIONS ECONOMETRICS FOR FINANCIAL MARKETS INTERNATIONAL SEMINARS CREDIT RISK ADVANCED OPTION PRICING MARKET RISK THE ECONOMICS OF RISK IN INSURANCE OPERATIONAL RISK final guest lecture
10 4. CandidateProfile Profile Candidate Applicants for the Master program in Finance must be university graduates or undergraduates with a four or five year degree and a background in either Economics or Maths, Engineering, Statistics, Physics. A good command of the English language is required. Preference will be given to: graduates whose final aggregate mark is at least 9/10 of the highest grade; undergraduates who completed all of their exams with an average mark as above. The electronic application form for admission must be submitted by June 30, Late submissions can be accepted, if they come from students who apply also for an INPDAP scholarship. AvErage class profile Age: Undergraduate degree held: Economics, Finance and Banking, Engineering, Mathematics, Physics, Statistics. Years Experience range: 0-3 Italian: 83% Non Italian: 17% Countries represented: Argentina, Australia, Azerbaijan, Bangladesh, Bulgaria, Cameron, China, Georgia, Ghana, India, Iran, Ireland, Kuwait, Macedonia, Portugal, Republic of Kazakhistan, Romania, Russia, Serbia & Montenegro, Ukraina, Vietnam. candidateprofile
11 5. Faculty Faculty faculty DIRECTOR elisa luciano, University of Torino ADMINISTRATIVE COORDINATOR federica gai Faculty For the preliminary courses and the first two terms the Faculty members are: David Bates Terenzio Cozzi Pierpaolo De Blasi Marco Frittelli Gianluca Fusai Giampiero M. Gallo Massimo Guidolin Marc Goovaerts Elisa Luciano Claudio Mattalia Igor Prünster Laura Rondi Alessandro Sbuelz Fabio Trojani University of Iowa University of Torino University of Torino University of Milano University of Eastern Piedmont University of Firenze Manchester Business School Catholic University of Leuven University of Torino University of Torino University of Torino Polytechnic University of Torino Catholic University of Milano University of Lugano
12 The Faculty members of the third term (Andrea Berardi, University of Verona, Paolo Brandimarte, Polytechnic University of Torino) are supported by leading, highly qualified guest lecturers: Luca Agostini Managing Director - Head of Italian Investment Banking, Barclays Capital Davide Alfonsi Head of Risk Management, Intesa Sanpaolo Enrico Bagnasco Head of Development, Organizational Monitoring, Intesa Sanpaolo Group Services Nicolas Bertrand Director Derivatives Markets, Borsa Italiana SpA Dario Brandolini Chief Executive Officer, DB&B Consulting Roberto Cascella Head of Group Recruitment and Selection, Intesa Sanpaolo Andrea Conti Head of Economic Strategies, Eurizon Fulvio Cornero Operations Director, Eurizon Marco Cravario Executive Vice President - Chief Financial Officer, YapiKredi Bank Michael Dacorogna Head of financial analysis and group risk modeling, winner of Risk Magazine s Insurance Risk Manager of the Year 2009 award, SCOR Reinsurance Monica Defend Head of Global Asset Allocation Research - Investment Division, Pioneer Investment Management SGRpA Viviana Gisimundo Institutional Advisory Manager - Financial Engineering, Pioneer Investment Management SGRpA Andrea Laurent Senior portfolio manager, Bnp Paribas Michelangelo Margaria Vice President - Senior Credit Officer, Moody s Giulio Mignola Head of Operational Risk Management, Intesa Sanpaolo Pietro Modiano Chairman, Carlo Tassara SpA Paolo Montiferrari Lead Financial Engineer, Algorithmics Ltd Andrea Nascè Chief Investment Officer, ERSEL Sgr Fabrizio Restione Head of Financial and Technical Risk Management, Fondiaria-Sai Andrea Rotti Asset Management Director, ERSEL Sim Mario Seghelini Head of Risk Management, Banca Esperia Luca Vaiani Head of Absolute-Return Funds and Hedge Funds, Fondaco Sgr President, Fondaco Lux Claudio Vanzan Head of Financial Markets Area, Banca Intermobiliare Roberto Villareale Chief Executive Officer, Quantra Partners SA roberto violi Director - Portfolio Management Dept., Banca d Italia Raffaele Zenti Head of Financial Strategy, IDeA SIM (IDeA Capital Group) Claudio Zucca Senior Loan Officer, European Investment Bank faculty
13 fees&scholarships 6. & Scholarships Fees Fees&Scholarships Annual tuition fees for the Master programme are 10,000. A limited number of tuition fee waivers and scholarships is available. Tuition fee waivers and scholarships will be awarded to applicants according to the admissions ranking.
14 7. Placement Placement Placement record for previous graduates is excellent. It includes a large variety of firms, banks, consultancy and financial organizations such as: ADB SpA AIB Bank Allianz Bank Banca IMI Banca d Italia BIM BNP Paribas Commerzbank AG Banca Aletti Banco Ambrosiano Veneto Banca Antonveneta Banca Centrale Europea Banca Leonardo Banca Profilo Banca di Roma Banca Sella Banca 121 Capitalia Citigroup Cofiri Crédit Agricole Deutsche Bank Enel ERSEL EurizonVita European Bank for Reconstruction and Development Fiat Finance Fideuram Finanziaria Internazional KPMG Mediolanum Ministry of Finance Monte dei Paschi di Siena Nextra Sgr Pioneer Investments PricewaterhouseCoopers Prometeia Republic of Macedonia Royal Bank of Scotland UBI UBM TLX SpA UniCredit. 57% 30% 11% 2% Banks Other Companies and Istitutions PhD Programs Research Centers. placement
15 scientificcommittee 8. scientificcommittee scientificcommittee Davide Alfonsi Fabio Bagliano Head of Risk Management, Intesa Sanpaolo Professor, School of Economics, University of Torino Paolo Brandimarte Professor, IV School of Engineering, Polytechnic University of Torino Terenzio Cozzi Elisa Luciano Massimo Marinacci Pietro Modiano Professor, School of Political Sciences, University of Torino Professor, School of Economics, University of Torino Professor, Bocconi University Chairman, Carlo Tassara SpA Giovanna Nicodano Professor, School of Economics, University of Torino Davide Tinelli Gabriele Vigo CEO, Fondaco SGR Partner, McKinsey
16 9. sponsors sponsors Divisione Generale per le Politiche per L Orientamento e la Formazione. sponsors
18 10. alumnicareers alumnicareers alumnicareers
19 alumnicareers E x p e r i e n c e Salvatore Buono job title: Multi Asset Portfolio Manager Organisation: Pioneer Investments, Ireland MF: II Edition ( ) April Present: Multi Asset Portfolio Manager, Pioneer Investments Multi-Asset Portfolio Manager in a 32 billion AUM team. The product range includes a fund of funds, almost 100 different segregated accounts (7 billion AUM) investing in different instrument types and multimanager portfolios (3 billion AUM) both with relative and absolute return targets. Among the main achievements: Setting up a Matlab platform linked with Access to decompose absolute and relative performance of managed portfolios, based on a factor linear decomposition model; active role in defining and implementing the investment process; support in evaluating, developing and managing structured products with capital protection (a.k.a. formula fund). February March 2008: Head of Wrap Funds & Investment Solutions Unit, Capitalia AM In charge of a team of portfolio managers (3) dedicated to 13 fund of funds (4 billion AUM) and almost 50 segregated individuals account (4 billion AUM). Products range extends to multi-manager approach (3.7 billion AUM 2.5 billion AUM in funds of funds) and includes both absolute and relative return targets. Setting up of a Matlab based platform in order to collect daily flexible, structured, complete and reliable data relative to funds and asset classes. Fund of funds optimisation tool providing estimation of active risk split relative to asset allocation and fund selection activities; matlab based performance attribution tool mainly used for monthly meeting with financial advisors network; construction and performance evaluation of a portfolio model, thought as representative of Capitalia AM monthly major active risk target allocation to different performance engines (TAA on equity vs. bonds, equity size and sectors, within equity and bond regions, forex).
20 June February 2003: Asset Allocation and Fund Selection, Commerzbank SGR Involved in the start-up of company Asset Management Department. The main features of this experience are: developing an internal asset allocation model based on Black Littermann approach; quantitative manager selection and fund of funds portfolio management; contribution to company research documents for investment committee covering market developments and portfolio strategies; significant contribution to company documents covering portfolio construction for financial advisors network. e d u c at i o n : Master in Finance, CORIPE Piemonte, University of Torino 1999: Technical Analysis for Financial Markets, LUISS Management : Laurea in Economics, University of Napoli Federico II alumnicareers
21 alumnicareers E x p e r i e n c e Andrea Gigli job title: Senior Interest Rate Derivatives Trader Organisation: MPS Capital Services, Florence, Italy MF: II Edition ( ) September Present: Senior Interest Rate Derivatives Trader, MPS Capital Services Market-making, trading and hedging in Plain and Exotics Interest Rate Derivatives. Both OTC and Exchange markets. February September 2007: Interest Rate Derivatives Trader, MPS Finance In charge of market-making for IR structured bonds and book running for plain vanilla and exotic IR derivatives. September February 2003: Research/Teaching Assistant in Finance, University of Svizzera Italiana Teaching Assistant in Financial Theory, Research Assistant in Derivatives Pricing and Financial Econometrics. February August 2000: External Advisor, Prometeia Development of Pricing Models for Option Pricing. e d u c at i o n : Laurea in Sociology, University of Firenze : Master in Finance, University of Svizzera Italiana : PhD in Statistics - Financial Econometrics, University of Firenze : Master in Finance, CORIPE Piemonte, University of Torino : Laurea in Economics and Banking, University of Siena
22 Simone Pilozzi Job title: Risk Management Head Organisation: BankMed., Geneva, Switzerland MF: II Edition ( ) E x p e r i e n c e October Present: Market Risk Management Head, BankMed In charge for the development of the risk management department of the alternative funds. Main activities: definition of a general risk policy; reverse engineering, review and validation of the back testing library for the algorithmic trading funds; development of a risk control library; definition of reporting standards for the bank top management and the regulators. July October 2009: Senior Quantitative Analyst and Developer, Structured products Department, Abaxbank Quantitative analyst and developer of MonteCarlo simulations library for the exotic equity derivatives desk; quantitative analyst and developer of the credit derivatives pricing library for the interest rates and credit arbitrage desk; analyst and developer of the risk management and capital adequacy models under liquidity constraints; portfolio insurance; risk management for a fixed income arbitrage fund; portfolio optimization for funds of hedge funds selection; developer of a relative value model for corporate bonds; pricing of inflation hybrid securities. July July 2002: Quantitative Analyst Research, Nextra Quantitative Analyst: portfolio construction and optimization; C++ routines to estimate the optimal duration position of the fixed income flexible funds with a signal processing approach and the optimal curve positioning with a term structure modeling approach. alumnicareers January Jannuary 1999: Risk Management Consultant, KpMG Analyst in the financial engineering service. e d u c at i o n : Master in Finance, CORIPE Piemonte, University of Torino : Laurea in Economics, University of Torino
23 alumnicareers E x p e r i e n c e Valerio Sullo Job title: Quantitative Wealth Manager Organisation: Four Partners Advisory SIM, Milan, Italy MF: III Edition ( ) June Present: Quantitative Wealth Manager, Four Partners Advisory SIM Fund selection (long only and alternative); macro-financial econometric models (equity, fixed income, commodity, etc.) for global asset allocation programs; non-markovitz portfolio optimization (focus on robust and Bayesian ones); derivatives valuation; elliptical copula-based framework for ex ante portfolio risk estimation, with specific modelling of the marginal distribution of each. September June 2008: Quantitative Analyst, Eurizon Capital Sgr Development of bond strategies implemented through interest rate swaps: these strategies aimed at constructing factor-neutral bond portfolios which, being almost surely cointegrated, were expected to show mean-reverting behaviour, improving their predictability; development of long/short equity strategies, based on assets mis-pricing as inferred from multifactor Fama-French-type model, augmented by multivariate GARCH models for conditional second moment analysis. December August 2006: Funds of Funds Manager, ARCA Sgr Development of the projects: filtered historical simulation (FHS) for non-gaussian scenario generation: this was an integrated framework conceived for Fund of Funds management, which allowed to optimize fund allocation according to specific ex ante budget risk; funds selection based on time-varying parameter CAPM: the purpose was to capture the time-varying capability of the different fund managers in delivering alpha, trying to infer how their behaviour changes according to market conditions; Bayesian portfolio approaches: particularly, implementation of Black-Litterman model to integrate market views with Investment Committee views; performing of MonteCarlo simulation to calculate risk measures (VaR, Expected Shortfall, Shortfall Probability, etc.) associated to different asset allocation decisions.
24 global asset allocation models for Total Return Funds: for the equity class, Vector Error Correction Models and Multifactor APT-type models (backtest performing on both the approaches); for the bond class, latent multi-factor models (Diebold & Li and discretized continuous time models, like CIR, Vasicek, and so on) and multivariate cointegrated models with macroeconomic variables; sector allocation model for the European Equity desk: this was a two-stage Engle- Granger cointegrated model; the first step required the estimation of a fair value model (a partially modified Gordon model for each sector), the second one was devoted to the estimation of the short-run equilibrium, taking into consideration the effect of some impact variables (macroeconomic, fundamental and momentum-like). July November 2001: Research Analyst, Prometeia Development of Delta - Gamma VaR for currency derivatives (particularly cross currency options); out-of-sample backtesting on ex post realized option returns to evaluate the ex ante VaR forecast accuracy. e d u c at i o n : PhD in Applied Statistics, University of Firenze (supported by National Research Council) : Master in Finance, CORIPE Piemonte, University of Torino : Laurea in Political Sciences, University of Pisa alumnicareers
25 alumnicareers E x p e r i e n c e Fabio Moneta Job title: Assistant Professor of Finance Organisation: Queen s School of Business, Ontario Canada MF: IV Edition ( ) July Present: Assistant Professor of Finance, Queen s School of Business, Queen s University, Ontario Research interests: Empirical Asset Pricing; Mutual Funds; Investment Performance Evaluation; Fixed Income Markets; Forecasting. July August 2003: Economist Statistician, European Central Bank, Frankfurt Internship in the Capital Markets and Financial Structure Division and temporary position as Economist Statistician in the External Developments Division; conducted economics research; wrote two European Central Bank (ECB) Working Papers and one ECB Occasional Paper. e d u c at i o n : PhD in Finance, Wallace E. Carroll Graduate School of Management, Boston College : Master in Finance, CORIPE Piemonte, University of Torino : Laurea in Economics, University of Pisa
26 Antonella Morabito Job title: Quantitative Portfolio Manager Organisation: UBI Pramerica Sgr SpA, Milan, Italy MF: IV Edition ( ) E x p e r i e n c e November Present: Quantitative Portfolio Manager, UBI Pramerica Sgr SpA Development of market timing, tactical asset allocation and stock picking models; equity, bond and currency portfolio management, mainly applying quantitative methods. April November 2004: Wealth Manager, Banca Intermobiliare di investimenti e gestioni BIM SpA Support and advisory activities on portfolio management, mainly for the private banking network. September April 2004: Junior Risk Manager, Cofiri Performance analysis, based on risk-adjusted performance measures; application of analysis and control instruments in order to assess the comprehensive portfolio risk, to evaluate ex-ante asset allocation or stock picking strategies and define ex-post performance attribution; credit risk valuation on quantitative basis; skills development on the Credit Derivatives subject, with particular reference to CDO structured products. e d u c at i o n : Master in Finance, CORIPE Piemonte, University of Torino : Laurea in Economics, University of Pavia alumnicareers
27 alumnicareers E x p e r i e n c e Lorenzo Pinardi Job title: Head of Financial Risk Management Organisation: Enel SpA, Rome, Italy MF: IV Edition ( ) December Present: Head of Financial Risk Management, Enel SpA Analysis and management of financial risks at Group level (market, liquidity, counterparty risk). September November 2009: Financial Engineer, Enel SpA Financial modeling and Murex implementation. January August 2008: Senior Consultant, KPMG Advisory - FS Consulting mainly on the following subjects: Financial Engineering, Risk Management, Asset Management, Financial Packages Customization/Implementation, Complex Derivatives Pricing : Risk Manager, Fineco Asset Management Funds risk analysis monitoring with Barra TotalRisk, performance attribution, reporting, fund managers quantitative support. January July 2001: Internship, Banca di Roma Junior project team member working on a multivariate Garch model estimation for exchange rate forecasting. e d u c at i o n : Master in Finance, CORIPE Piemonte, University of Torino : Laurea in Economics, University of Roma La Sapienza
28 Alexei Popov Job title: HHF Business Development specialist Organisation: UniCredit, Milan, Italy MF: IV Edition ( ) E x p e r i e n c e December Present: HHF Business Development Specialist, UniCredit Market analysis & research for CEE countries with UniCredit presence. Setting up a macroeconomic information DB for these countries. April November 2009: Pricing, Modeling and Value Sharing Specialist, UniCredit Family Financing Bank SpA Participated in updating and integration of Mortgages Pricing and Value Sharing modelling following the merger between UniCredit Banca per la Casa and UniCredit Consumer Financing Bank; partecipated in developing of calculation engine and DB for mortgages profitability analysis; updated the pricing for Salary Loan (CQS) product offer, conducted re-pricing and following analysis necessary after new ISVAP regulation introduction; continuous support to mortgages development project for UniCredit Bank Russia. June December 2008: International Credit Projects Specialist, UniCredit Banca per la Casa SpA Partecipated in the project of mortgage dedicated division creation in UniCredit Bank Russia; provided support to the project regarding all credit related issues. Offered also crosscompetence support to Organisation and IT sub-projects; responsible for co-working with UniCredit Bank Russia Risk Management Dept: mortgage portfolio quality reporting, mortgage scoring implementation, credit policies revision. October May 2008: Risk Manager/Developer, UniCredit Partecipated in development of the Credit VAR model for the entire group. alumnicareers January September 2007: Risk Manager/Programmer, Capitalia SpA Participated in developing/testing of the Matlab based calculation engine for the Credit Portfolio Risk of Capitalia banking group. Directly responsible also for its performance optimization.
29 alumnicareers June January 2004: Junior Trader/Developer, Mastronome Traded electronically Bund, Bobl, DAX and EuroSTOXX futures using PATS trading platform and CQG quote screen. January 2000 July 2001: Market Adviser Assistant, Swedish Trade Council Performed various market surveys for local and international clients. Participated in partner search and consulting of Swedish companies. e d u c at i o n : Master in Finance, CORIPE Piemonte, University of Torino : BA in National Economy, Sankt-Peterburgskij Gosudarstvennyj Politehniceskij Universitet
30 Alessandro Sansone Job title: Senior Consultant Organisation: PricewaterhouseCoopers Advisory, Rome, Italy MF: IV Edition ( ) E x p e r i e n c e March Present: Financial Services Practice Senior Consultant, PricewaterhouseCoopers Advisory Develop credit and market risk models; design stress tests based on macroeconomic scenarios and forecasts; perform integration between capital and strategic planning; co-manage projects, leading teams of junior consultants and ensuring projects were delivered on time and within budget; developed a portfolio model for measuring sector concentration risk, in cooperation with the Italian Banking Association. December February 2007: Revenue Management Analyst, Alitalia Area manager for a portfolio of European routes. In charge of joint projects with McKinsey&Company aimed at elasticity-based pricing, promotional fare-mix management and overbooking level optimization by the means of a new theoretical scheme, which reduced the level of denied boarding rate and relative compensations. April May 2008: Lecturer in Monetary Economics, School of Economics, University of Viterbo September February 2007: Research fellow in Applied Mathematics, School of Economics, University of Roma La Sapienza e d u c at i o n : Phd in Economics, University of Rome La Sapienza : Visiting Research Student, University of Technology of Sydney : Master in Finance, CORIPE Piemonte, University of Torino : Laurea in Economics, University of Rome La Sapienza alumnicareers
31 alumnicareers E x p e r i e n c e Elisabetta Caneparo Job title: Risk Manager Organisation: Allianz Bank, Milan, Italy MF: V Edition ( ) April Present: Risk Manager, Allianz Bank In charge of: ICAAP coordination for Basel II Second Pillar capital adequacy; stress testing (member of ABI Laboratorio Stress Test working group); definition of internal risk models, tools and controls to meet Risk and Compliance requirements; development of operational and reputational risk framework, risk assessment, loss data collection; coordination of periodical Bank and Group Risk reporting. January March 2008: Wealth Planning, Marketing Department, RAS Definition of a strategic and innovative selling approach, through the in-house IT development of a Wealth Planning advisory model for the Bank s Financial Advisors network. The key objective was to provide high net worth customers with advanced wealth management advisory, with tailored retail banking services, welfare, insurance planning and investment management, with the goal of sustaining and growing long-term wealth while controlling the overall customer risk profile. Focus on: retail risk management and quantitative portfolio management models; measurement of customers investment aptitude and risk profile; strategic and tactical asset allocation, portfolio optimization; investments and welfare planning; financial/insurance products development and distribution (funds/sicav open platform, unit/index linked policies, pension funds); relations with Financial Advisors network: support to institutional trainers and network top management, commercial meetings and training activities. August December 2003: Internship, RasBank Wealth Planning project start-up. Focus on financial algorithms engineering and portfolio management quantitative models, to manage affluent customer s asset allocation and portfolio risk profile.
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