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UNIVERSITà DEGLI STUDI DI TORINOPIEMONTE
the University of Torino An upper level Master of the University of Torino An upper level Master of the University of Torino An upper
Des
ign
PeV
med
ia.c
om
Collegio Carlo AlbertoVia Real Collegio, 30Moncalieri (Torino), Italy
www.carloalberto.org/master
Tel +39 011 6705200Fax +39 011 6407976
MASTERinFINANCEAn upper level Master of the Univers ity of Tor inoAn upper level Master of the Univers ity of Tor inoMASTERinFINANCE
2010-2011
MAS
TER
FI
NAN
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XIII Edition
MASTERinFINANCEAn upper level Master of the Univers ity of Tor inoAn upper level Master of the Univers ity of Tor inoMASTERinFINANCE
tit
olo
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1. MessagefroMthedirector 04
2. testiMonial 05
3. prograMstructure 06
4. candidateprofile 08
5. faculty 09
6. fees&scholarships 11
7. placeMent 12
8. scientificcoMMittee 13
9. sponsors 14
10. aluMnicareers 16
11. thecollegio 45
CoNTENTScontents
MES
SAG
Efro
mTH
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ECTo
r
1. MESSAGEFRoMTHEDIRECToRmessagefromthedirector
theMasterinfinanceaimsatpreparingqualifiedstudentsforhighlevel careers in derivatives pricing and hedging, risk management,investment management, mutual and pension fund management andsecurities trading. their profile is very well suited for investment andcommercialbanks,insurancecompaniesaswellasresearchdepartmentsofgovernmentagencies,centralbanksandregulatoryauthorities.
theprograMisaresultofthetraditionandprestigeoftheuniversityoftorino,foundedin1404, through itsschoolofeconomics,created in1906.this tradition iscombinedwith theflexibilityandinternationalenvironmentofcollegiocarloalbertoaswellastheover-decennialexperienceofcoripe,whichistheuniversityconsortiumthatrantheprogrambeforethecreationofthecollegio.
theMasterinfinanceisapostgraduate(iilevel)Masterwhichistaughtentirelyinenglish. it isopentostudentswhohaveafourorfive-yearundergraduatedegree,either ineconomicsandfinanceorinengineering,physics,Mathematics,statistics.theco-existenceof students of different nationalities and background guarantees a lively environment fordebateandcomprehension.
thefaculty is comprisedof bothacademic andnon-academicmembers. the former -whocomefromamerican,europeananditalianuniversities-shareextensiveexperienceinteachingandresearchinvolvementinfinance,whilstthelatterarehighlyqualifiedandleadingprofessionalswhounveilinternationalbestpracticestoourstudents.
anactiveJobplaceMentservicefostersandbuildsrelationshipsbetweenourstudentsandnationalaswellasinternationalcompaniesandinstitutions.itorganizescareerdays,colloquiaandinternships.theMastersprogramhasanexcellenttrackrecordintermsofplacement.
the professional experience of our aluMni network is the major testimony of ourcommitmentandreputation:whichiswhywehavedecidedtopresentsomeoftheirstorieshere.wecongratulatethemfortheirsuccesses.weareconfidentthatthenextgenerationsofstudentswillbeabletochallengethemandjointheircommunity,ofwhichweareallsoproud.
Elisa Luciano professor,universityoftorinofellow,collegiocarloalberto
Tes
Tim
on
ial
Tes
Tim
on
ial TesTimonialTESTIMoNIAl2.
theMasterinfinanceprogrammehasbeenakeyfactor in my post-graduateeducation.
itgavemedeepandmeaningfulinsights inmost relevantfinancial
topics,alongwithstrongquantitativeskillswhich reallymadethedifferenceinacompetitivejobmarket.
ontopofthat,workinginaninternationalenvironmentpreparedmetointeractwithcolleaguesfromallovertheworld.icouldnothavedoneabetterchoiceformyfuture!
Lorenzo Pinardi
headoffinancialriskManagementatenelsparome,italy
ProgramStructure3. PRoGRAMSTRUCTURE
pro
gra
mst
ruct
ure
The Master in Finance objective is to create specialists with a solid background in:• financialModellingandassetpricing• riskmeasurement• assetallocation• derivativepricingandhedging
The program runs for 10 months full-time (from September to June).
StrengthS of the ProgrAM
• atrulyinternationalMaster’sdegreeprogramtaughtentirelyinenglishinapremierresearchinstitution,collegiocarloalberto.
• theawardofasecondlevelMasterinfinancedegreefromtheuniversityoftorino.
• ahighlyexperiencedfacultyfromitalianandforeignuniversities,alongside the experience of leading finance and bankingprofessionals.
• everydaycontactwiththescholarsandresearchersofcollegiocarloalbertoandaccesstothemanyscientificactivitiesandeventshostedatthecollegio.
• the availability of a fully equipped computer lab. in additionto the electronic resourcesofferedbycollegiocarloalberto,studentsoftheMasterinfinancehaveaccesstothebloombergdatabase. training sessions are provided and certification ofknowledgecanbeofficiallyobtained.
• career days and the opportunity to establish contacts withmajorfinancialorinsurancecompaniesandresearchcentersattheendoftheprogram.
• thereputationandtheextensivenetworkofouralumni.
PRO
GRA
MST
RUCT
URE
thirdterMderivatesii
bankingregulation
assetallocation
nuMericalMethodsforfinance
hedgefunds
corporatefinance
riskManageMenttoolsandapplications
itforfinancialinstitutions
internationalseMinarsadvancedoptionpricing
theeconoMicsofriskininsurance
finalguestlecture
introductorycoursesstatisticalandprograMMingtoolsforfinance
MatheMaticsforfinance
probabilisticMethodsforfinance
firstterMportfoliochoiceandassetpricing
econoMetrics
insurance
derivativesi
secondterMfiXedincoMe
econoMetricsforfinancialMarkets
creditrisk
Marketrisk
operationalrisk
Candidate Profile4. CANDIDATEPRoFIlE
can
did
atep
rofi
le
applicantsfortheMasterprograminfinancemustbeuniversitygraduatesorundergraduateswithafourorfiveyeardegreeandabackgroundineithereconomicsorMaths,engineering,statistics,physics.agoodcommandoftheenglishlanguageisrequired.
preferencewillbegivento:• graduateswhosefinalaggregatemarkisatleast9/10ofthehighestgrade;
• undergraduateswhocompletedalloftheirexamswithanaveragemarkasabove.
the electronic application form for admissionmust be submitted by June 30, 2010. latesubmissions canbe accepted, if they come fromstudentswhoapply also for an inpdap
scholarship.
AverAge clASS Profile age: 25-30
undergraduatedegreeheld: economics,financeandbanking,engineering,
Mathematics,physics,statistics.
yearseXperiencerange: 0-3
italian: 83%
nonitalian: 17%
countriesrepresented: argentina,australia,azerbaijan,bangladesh,bulgaria, cameron,china,georgia,ghana,india,iran,ireland, kuwait,Macedonia,portugal, Republic of Kazakhistan, Romania, Russia, Serbia & Montenegro, Ukraina, Vietnam.
facu
lty
Faculty5. FACUlTy
Directorelisaluciano,universityoftorino
ADMiniStrAtive coorDinAtorfedericagai
fAcultyforthepreliminarycoursesandthefirsttwotermsthefacultymembersare:
davidbates universityofiowa
terenziocozzi universityoftorino
pierpaolodeblasi universityoftorino
Marcofrittelli universityofMilano
gianlucafusai universityofeasternpiedmont
giaMpieroM.gallo universityoffirenze
MassiMoguidolin Manchesterbusinessschool
Marcgoovaerts catholicuniversityofleuven
elisaluciano universityoftorino
claudioMattalia universityoftorino
igorprünster universityoftorino
laurarondi polytechnicuniversityoftorino
alessandrosbuelz catholicuniversityofMilano
fabiotroJani universityoflugano
facu
lty
the faculty members of the third term (andrea berardi, university of verona, paolobrandiMarte, polytechnic university of torino) are supported by leading, highly qualified
guestlecturers:
lucaagostini Managingdirector-headofitalianinvestmentbanking,
barclayscapital
davidealfonsi headofriskManagement,intesasanpaolo
enricobagnasco headofdevelopment,organizationalMonitoring,intesasanpaolo
groupservices
nicolasbertrand directorderivativesMarkets,borsaitalianaspa
dariobrandolini chiefexecutiveofficer,db&bconsulting
robertocascella headofgrouprecruitmentandselection,intesasanpaolo
andreaconti headofeconomicstrategies,eurizon
fulviocornero operationsdirector,eurizon
Marcocravario executivevicepresident-chieffinancialofficer,yapikredibank
Michaeldacorogna headoffinancialanalysisandgroupriskmodeling,
winnerofriskMagazine’s”insuranceriskManageroftheyear
2009”award,scorreinsurance
Monicadefend headofglobalassetallocationresearch-investmentdivision,
pioneerinvestmentManagementsgrpa
vivianagisiMundo institutionaladvisoryManager-financialengineering,pioneer
investmentManagementsgrpa
andrealaurent seniorportfoliomanager,bnpparibas
MichelangeloMargaria vicepresident-seniorcreditofficer,Moody’s
giulioMignola headofoperationalriskManagement,intesasanpaolo
pietroModiano chairman,carlotassaraspa
paoloMontiferrari leadfinancialengineer,algorithmicsltd
andreanascè chiefinvestmentofficer,erselsgr
fabriziorestione headoffinancialandtechnicalriskManagement,fondiaria-sai
andrearotti assetManagementdirector,erselsim
Marioseghelini headofriskManagement,bancaesperia
lucavaiani headofabsolute-returnfundsandhedgefunds,fondacosgr
president,fondacolux
claudiovanzan headoffinancialMarketsarea,bancaintermobiliare
robertovillareale chiefexecutiveofficer,Quantrapartnerssa
robertovioli director-portfolioManagementdept.,bancad’italia
raffaelezenti headoffinancialstrategy,ideasiM(ideacapitalgroup)
claudiozucca seniorloanofficer,europeaninvestmentbank
fee
s&sc
ho
lars
hip
s
6. Fees & scholarships FEES&SCHolARSHIPS
annual tuition feesfor theMasterprogrammeare€10,000.a limitednumberof tuition feewaiversandscholarshipsisavailable.tuitionfeewaiversandscholarshipswillbeawardedtoapplicantsaccordingtotheadmissionsranking.
PlacementPlACEMENT7.
. pla
cem
ent
placementrecordforpreviousgraduatesisexcellent.itincludesalargevarietyoffirms,banks,consultancyandfinancialorganizationssuchas:
adb spa • aib bank • allianz bank • banca iMi • banca d’italia • biM • bnp paribas •
commerzbankag•bancaaletti•bancoambrosianoveneto•bancaantonveneta•banca
centrale europea • banca leonardo • banca profilo • banca di roma • banca sella •
banca121•capitalia•citigroup•cofiri•créditagricole•deutschebank•enel•ersel•
eurizonvita•europeanbankforreconstructionanddevelopment•fiatfinance•fideuram•
finanziariainternazional•kpMg•Mediolanum•Ministryoffinance•Montedeipaschidi
siena•nextrasgr•pioneerinvestments•pricewaterhousecoopers•prometeia•republic
ofMacedonia•royalbankofscotland•ubi•ubM•tlXspa•unicredit.
Other Companies and Istitutions
Banks
Research Centers
PhD Programs
30%
57%
2%
11%
scien
tificc
om
mit
tee
scientificcommittee8. SCIENTIFICCoMMITTEE
davidealfonsi headofriskManagement,intesasanpaolo
fabiobagliano professor,schoolofeconomics,universityoftorino
paolobrandiMarte professor,ivschoolofengineering,polytechnicuniversityoftorino
terenziocozzi professor,schoolofpoliticalsciences,universityoftorino
elisaluciano professor,schoolofeconomics,universityoftorino
MassiMoMarinacci professor,bocconiuniversity
pietroModiano chairman,carlotassaraspa
giovannanicodano professor,schoolofeconomics,universityoftorino
davidetinelli ceo,fondacosgr
gabrielevigo partner,Mckinsey
. spo
nso
rs
Divisione Generale per le Politicheper L’Orientamento e la Formazione
sponsors9. SPoNSoRS
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alumniCareers10. AlUMNICAREERS
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ExPEr iEncE
Jobtitle: MultiassetportfolioManagerorganisation: pioneerinvestments,irelandMf: iiedition(1999-2000)
Salvatore buono
april2008-present: Multi Asset Portfolio Manager, pioneerinvestments
Multi-assetportfolioManager ina32billion€auMteam.theproduct range includesafundoffunds,almost100differentsegregatedaccounts(7billion€auM)investingindifferentinstrumenttypesandmultimanagerportfolios(3billion€auM)bothwithrelativeandabsolutereturntargets.amongthemainachievements:• settingupaMatlabplatformlinkedwithaccesstodecomposeabsoluteandrelative
performanceofmanagedportfolios,basedonafactorlineardecompositionmodel;• activeroleindefiningandimplementingtheinvestmentprocess;• support in evaluating, developing and managing structured products with capital
protection(a.k.a.formulafund).
february2003-March2008: Head of Wrap Funds & Investment Solutions Unit,capitaliaaM
inchargeofa teamofportfoliomanagers (3)dedicatedto13fundof funds (4billion€auM)andalmost50segregated individualsaccount (4billion€auM).products rangeextends tomulti-manager approach (3.7billion €auM–2.5billion €auM in fundsoffunds)andincludesbothabsoluteandrelativereturntargets.settingupofaMatlabbasedplatforminordertocollectdailyflexible,structured,completeandreliabledatarelativetofundsandassetclasses.• fundoffundsoptimisationtoolprovidingestimationofactiverisksplitrelativetoasset
allocationandfundselectionactivities;• matlab based performance attribution tool mainly used for monthly meeting with
financialadvisorsnetwork;• constructionandperformanceevaluationofaportfoliomodel,thoughtasrepresentative
of capitalia aMmonthlymajor active risk target allocation to different performanceengines (taa on equity vs. bonds, equity size and sectors, within equity and bondregions,forex).
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EDuc at iOn
• 1999-2000:Master in Finance, coripepiemonte,universityoftorino• 1999:Technical Analysis for Financial Markets,luissManagement• 1991-1998:Laurea in Economics,universityofnapoli“federicoii”
June2000-february2003: Asset Allocation and Fund Selection,commerzbanksgr
involvedinthestart-upofcompanyassetManagementdepartment.themainfeaturesofthisexperienceare:• developinganinternalassetallocationmodelbasedonblacklittermannapproach;• quantitativemanagerselectionandfundoffundsportfoliomanagement;• contribution to company research documents for investment committee covering
marketdevelopmentsandportfoliostrategies;• significant contribution to company documents covering portfolio construction for
financialadvisorsnetwork.
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EDuc at iOn
• 2006-2009:Laurea in Sociology,universityoffirenze• 2001-2003:Master in Finance,universityofsvizzeraitaliana• 2000-2003:PhD in Statistics - Financial Econometrics,universityoffirenze• 1999-2000:Master in Finance, coripepiemonte,universityoftorino• 1993-1998:Laurea in Economics and Banking,universityofsiena
ExPEr iEncE
Jobtitle: seniorinterestratederivativestraderorganisation: Mpscapitalservices,florence,italyMf: iiedition(1999-2000)
andrea gigli
september2007-present: Senior Interest Rate Derivatives Trader,Mpscapitalservices
Market-making,tradingandhedginginplainandexoticsinterestratederivatives.bothotcandexchangemarkets.
february2003-september2007: Interest Rate Derivatives Trader,Mpsfinance
inchargeofmarket-makingforirstructuredbondsandbookrunningforplainvanillaandexoticirderivatives.september2001-february2003: Research/Teaching Assistant in Finance,universityofsvizzeraitalianateaching assistant in financial theory, research assistant in derivatives pricing andfinancialeconometrics.
february2000-august2000: External Advisor,prometeia
developmentofpricingModelsforoptionpricing.
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EDuc at iOn
• 1999-2000:Master in Finance, coripepiemonte,universityoftorino• 1991-1995:Laurea in Economics,universityoftorino
ExPEr iEncE
october2009-present: Market Risk Management Head,bankMed
inchargeforthedevelopmentoftheriskmanagementdepartmentofthealternativefunds.Mainactivities:• definitionofageneralriskpolicy;• reverseengineering,reviewandvalidationofthebacktestinglibraryforthealgorithmic
tradingfunds;• developmentofariskcontrollibrary;• definitionofreportingstandardsforthebanktopmanagementandtheregulators.July2002-october2009: Senior Quantitative Analyst and Developer, structuredproductsdepartment,abaxbank• Quantitative analyst and developer of Montecarlo simulations library for the exotic
equityderivativesdesk;• quantitativeanalystanddeveloperofthecreditderivativespricinglibraryfortheinterest
ratesandcreditarbitragedesk;• analyst and developer of the riskmanagement and capital adequacymodels under
liquidityconstraints;• portfolioinsurance;• riskmanagementforafixedincomearbitragefund;• portfoliooptimizationforfundsofhedgefundsselection;• developerofarelativevaluemodelforcorporatebonds;• pricingofinflationhybridsecurities.
July2000-July2002: Quantitative Analyst Research,nextra
• Quantitativeanalyst:portfolioconstructionandoptimization;• c++ routines to estimate the optimal duration position of the fixed income flexible
fundswithasignalprocessingapproachandtheoptimalcurvepositioningwithatermstructuremodelingapproach.
January1998-Jannuary1999:Risk Management Consultant, KpMG
analystinthefinancialengineeringservice.
Jobtitle: riskManagementheadorganisation: bankMed.,geneva,switzerlandMf: iiedition(1999-2000)
Simone pilozzi
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ExPEr iEncE
Jobtitle: QuantitativewealthManagerorganisation:fourpartnersadvisorysiM,Milan,italyMf: iiiedition(2000-2001)
valerio sullo
June2008-present: Quantitative Wealth Manager,fourpartnersadvisorysiM
• fundselection(longonlyandalternative);• macro-financialeconometricmodels(equity,fixedincome,commodity,etc.)forglobal
assetallocationprograms;• non-Markovitzportfoliooptimization(focusonrobustandbayesianones);• derivativesvaluation;• elliptical copula-based framework for ex ante portfolio risk estimation, with specific
modellingofthemarginaldistributionofeach.
september2006-June2008: Quantitative Analyst,eurizoncapitalsgr
• development of bond strategies implemented through interest rate swaps: thesestrategies aimed at constructing factor-neutral bond portfolios which, being almostsurelycointegrated,wereexpectedtoshowmean-revertingbehaviour,improvingtheirpredictability;
• developmentof long/shortequitystrategies,basedonassetsmis-pricingas inferredfrommultifactorfama-french-typemodel,augmentedbymultivariategarchmodelsforconditionalsecondmomentanalysis.
december2001-august2006: Funds of Funds Manager,arcasgr
developmentoftheprojects:• filteredhistoricalsimulation (fhs) fornon-gaussianscenariogeneration: thiswasan
integrated framework conceived for fund of funds management, which allowed tooptimizefundallocationaccordingtospecificexantebudgetrisk;
• fundsselectionbasedontime-varyingparametercapM:thepurposewastocapturethetime-varyingcapabilityofthedifferentfundmanagersindeliveringalpha,tryingtoinferhowtheirbehaviourchangesaccordingtomarketconditions;
• bayesianportfolioapproaches:particularly,implementationofblack-littermanmodeltointegratemarketviewswithinvestmentcommitteeviews;performingofMontecarlosimulation to calculate riskmeasures (var, expectedshortfall, shortfall probability,etc.)associatedtodifferentassetallocationdecisions.
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EDuc at iOn
• 2004 - 2007:PhD in Applied Statistics, university of firenze (supported by nationalresearchcouncil)
• 2000-2001: Master in Finance,coripepiemonte,universityoftorino• 1992-1999:Laurea in Political Sciences,universityofpisa
• globalassetallocationmodelsfortotalreturnfunds:fortheequityclass,vectorerrorcorrectionModelsandMultifactorapt-typemodels(backtestperformingonboththeapproaches);forthebondclass,latentmulti-factormodels(diebold&lianddiscretizedcontinuous timemodels, likecir,vasicek, and soon) andmultivariate cointegratedmodelswithmacroeconomicvariables;
• sector allocationmodel for the european equity desk: this was a two-stage engle-grangercointegratedmodel;thefirststeprequiredtheestimationofafairvaluemodel(apartiallymodifiedgordonmodel foreachsector), thesecondonewasdevoted totheestimationoftheshort-runequilibrium,takingintoconsiderationtheeffectofsomeimpactvariables(macroeconomic,fundamentalandmomentum-like).
July2001-november2001:Research Analyst,prometeia
• developmentofdelta-gammavarforcurrencyderivatives(particularlycrosscurrencyoptions);
• out-of-samplebacktestingonexpost realizedoption returns toevaluate theexantevarforecastaccuracy.
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ExPEr iEncE
Jobtitle: assistantprofessoroffinanceorganisation:Queen’sschoolofbusiness,ontario canadaMf: ivedition(2001-2002)
Fabio Moneta
July2009-present:Assistant Professor of Finance,Queen’sschoolofbusiness,Queen’suniversity,ontarioresearchinterests:• empiricalassetpricing;• Mutualfunds;• investmentperformanceevaluation;• fixedincomeMarkets;• forecasting.
July2002-august2003: Economist Statistician,europeancentralbank,frankfurt
• internshipinthecapitalMarketsandfinancialstructuredivisionandtemporarypositionaseconomiststatisticianintheexternaldevelopmentsdivision;
• conductedeconomicsresearch;• wrote two european central bank (ecb)working papers and one ecb occasional
paper.
EDuc at iOn
• 2003-2009:PhD in Finance,wallacee.carrollgraduateschoolofManagement,bostoncollege
• 2001-2002:Master in Finance,coripepiemonte,universityoftorino• 1996-2001:Laurea in Economics,universityofpisa
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ExPEr iEncE
november2004-present: Quantitative Portfolio Manager,ubipramericasgrspa
• developmentofmarkettiming,tacticalassetallocationandstockpickingmodels;• equity,bondandcurrencyportfoliomanagement,mainlyapplyingquantitativemethods.april2004-november2004: Wealth Manager,bancaintermobiliarediinvestimentiegestionibiMspasupportandadvisoryactivitiesonportfoliomanagement,mainlyfortheprivatebankingnetwork.
september2002-april2004: Junior Risk Manager,cofiri
• performanceanalysis,basedonrisk-adjustedperformancemeasures;• applicationofanalysisandcontrolinstrumentsinordertoassessthecomprehensive
portfoliorisk,toevaluateex-anteassetallocationorstockpickingstrategiesanddefineex-postperformanceattribution;
• creditriskvaluationonquantitativebasis;• skillsdevelopmentonthecreditderivativessubject,withparticularreferencetocdo
structuredproducts.
EDuc at iOn
• 2001-2002:Master in Finance,coripepiemonte,universityoftorino• 1996-2001:Laurea in Economics,universityofpavia
Jobtitle: QuantitativeportfolioManagerorganisation: ubipramericasgrspa,Milan,italyMf: ivedition(2001-2002)
antonella Morabito
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ExPEr iEncE
Jobtitle: headoffinancialriskManagementorganisation:enelspa,rome,italyMf: ivedition(2001-2002)
lorenzo pinardi
december2009-present: Head of Financial Risk Management,enelspa
analysisandmanagementoffinancialrisksatgrouplevel(market,liquidity,counterpartyrisk).
september2008-november2009: Financial Engineer,enelspa
financialmodelingandMureximplementation.
January2004-august2008: Senior Consultant, kpMgadvisory-fs
consultingmainly on the following subjects: financial engineering,riskManagement,asset Management, financial packages customization/implementation, complexderivativespricing.
2002-2003: Risk Manager,finecoassetManagement
fundsriskanalysismonitoringwithbarratotalrisk,performanceattribution, reporting,fundmanagersquantitativesupport.
January2001-July2001: Internship,bancadiroma
Junior project team member working on a multivariate garch model estimation forexchangerateforecasting.
EDuc at iOn
• 2001-2002:Master in Finance,coripepiemonte,universityoftorino• 1996-2001:Laurea in Economics,universityofroma“lasapienza”
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ExPEr iEncE
december2009-present: HHF Business Development Specialist,unicredit
Market analysis & research for cee countries with unicredit presence. setting up amacroeconomicinformationdbforthesecountries.april 2009 -november 2009: Pricing, Modeling and Value Sharing Specialist, unicreditfamilyfinancingbankspa• participated in updating and integration of Mortgages pricing and value sharing
modelling following themergerbetweenunicreditbancaper lacasaandunicreditconsumerfinancingbank;
• partecipated in developing of calculation engine and db for mortgages profitabilityanalysis;
• updated the pricing for salary loan (cQs) product offer, conducted re-pricing andfollowinganalysisnecessaryafternewisvapregulationintroduction;
• continuoussupporttomortgagesdevelopmentprojectforunicreditbankrussia.June2008-december2008: International Credit Projects Specialist,unicreditbancaperlacasaspa• partecipated in the project of mortgage dedicated division creation in unicredit
bankrussia;• providedsupporttotheprojectregardingallcreditrelatedissues.offeredalsocross-
competencesupporttoorganisationanditsub-projects;• responsibleforco-workingwithunicreditbankrussiariskManagementdept:mortgage
portfolioqualityreporting,mortgagescoringimplementation,creditpoliciesrevision.
october2007-May2008: Risk Manager/Developer,unicredit
partecipatedindevelopmentofthecreditvarmodelfortheentiregroup.
January2004-september2007: Risk Manager/Programmer,capitaliaspa
participatedindeveloping/testingoftheMatlabbasedcalculationengineforthecreditportfolioriskofcapitaliabankinggroup.directly responsiblealso for itsperformanceoptimization.
Jobtitle: hhfbusinessdevelopmentspecialistorganisation: unicredit,Milan,italyMf: ivedition(2001-2002)
alexei popov
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EDuc at iOn
• 2001-2002:Master in Finance,coripepiemonte,universityoftorino• 1995-2001:BA in National Economy,sankt-peterburgskijgosudarstvennyj
politehniceskijuniversitet
June2002-January2004: Junior Trader/Developer,Mastronome
traded electronically bund, bobl, daX and eurostoXX futures using pats tradingplatformandcQgquotescreen.
January2000–July2001: Market Adviser Assistant,swedishtradecouncil
performed various market surveys for local and international clients. participated inpartnersearchandconsultingofswedishcompanies.
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ExPEr iEncE
March2007-present: Financial Services Practice Senior Consultant,pricewaterhouseco-opersadvisory• developcreditandmarketriskmodels;• designstresstestsbasedonmacroeconomicscenariosandforecasts;• performintegrationbetweencapitalandstrategicplanning;• co-manageprojects, leading teamsof juniorconsultantsandensuringprojectswere
deliveredontimeandwithinbudget;• developedaportfoliomodel formeasuringsector concentration risk, in cooperation
withtheitalianbankingassociation.
december2005-february2007: Revenue Management Analyst,alitalia
areamanagerforaportfolioofeuropeanroutes.in charge of joint projectswithMckinsey&company aimed at elasticity-based pricing,promotionalfare-mixmanagementandoverbookingleveloptimizationbythemeansofanew theoretical scheme,which reduced the level of denied boarding rate and relativecompensations.april2008-May2008: Lecturer in Monetary Economics, School of Economics,universityofviterboseptember 2005 - february 2007: Research fellow in Applied Mathematics, school ofeconomics, universityofroma“lasapienza”
EDuc at iOn
• 2002-2007:Phd in Economics,universityofrome“lasapienza“• 2004-2005: Visiting Research Student,universityoftechnologyofsydney• 2001-2002:Master in Finance,coripepiemonte,universityoftorino• 1996-2001:Laurea in Economics,universityofrome“lasapienza“
Jobtitle: seniorconsultantorganisation: pricewaterhousecoopersadvisory, rome,italyMf: ivedition(2001-2002)
aleSSandro sansone
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ExPEr iEncE
Jobtitle: riskManagerorganisation:allianzbank,Milan,italyMf: vedition(2002-2003)
eliSabetta caneparo
april2008-present: Risk Manager,allianzbank
inchargeof:• icaapcoordinationforbaseliisecondpillarcapitaladequacy;• stresstesting(memberofabi“laboratoriostresstest”workinggroup);• definition of internal risk models, tools and controls to meet risk and compliance
requirements;• developmentofoperationalandreputationalriskframework,riskassessment,lossdata
collection;• coordinationofperiodicalbankandgroupriskreporting.
January2004-March2008: Wealth Planning, Marketingdepartment,ras
definition of a strategic and innovative selling approach, through the in-house itdevelopment of a wealth planning advisory model for the bank’s financial advisorsnetwork.thekeyobjectivewastoprovidehighnetworthcustomerswithadvancedwealthmanagementadvisory,withtailoredretailbankingservices,welfare, insuranceplanningandinvestmentmanagement,withthegoalofsustainingandgrowinglong-termwealthwhilecontrollingtheoverallcustomerriskprofile.focuson:• retailriskmanagementandquantitativeportfoliomanagementmodels;• measurementofcustomersinvestmentaptitudeandriskprofile;• strategicandtacticalassetallocation,portfoliooptimization;• investmentsandwelfareplanning;• financial/insuranceproductsdevelopmentanddistribution(funds/sicavopenplatform,
unit/indexlinkedpolicies,pensionfunds);• relationswithfinancialadvisorsnetwork:supporttoinstitutionaltrainersandnetwork
topmanagement,commercialmeetingsandtrainingactivities.
august2003-december2003: Internship,rasbank
wealthplanningprojectstart-up.focusonfinancialalgorithmsengineeringandportfoliomanagement quantitativemodels, tomanage affluent customer’s asset allocation andportfolioriskprofile.
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July2002-august2002: Internship,sellaholdingbanca
operations,backofficedesk.
EDuc at iOn
• 2002-2003:Master in Finance,coripepiemonte,universityoftorino• 1998-2002:Laurea in Economics,universityofpiemonteorientale“amedeoavogadro”
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ExPEr iEncE
Jobtitle: QuantitativeManagementand researchManagerorganisation:fondacosgrMf: vedition(2002-2003)
GiUlio casuccio
september2004-present: Quantitative Management and Research Manager,fondacosgr
• research inquantitativeassetallocation,socially responsible investmentsandassetallocation;
• manageroffondacoeusriequitybeta;• manageroffondacoeurogovbeta;• manageroffondacoeurocash;• support for the investment committee participation in start-up development and
supportfortheriskmanagementdevelopment.
July2003-september2004:Financial Management Function,compagniadisanpaolo
• treasuryandmanagementofthebondportfolio;• quantitativeanalysisforexternalfundmanagerselection;• investmentanalysisandriskreportprovision.
october2001-december2001: Finance Division,bancadelpiemonte
• internshipintheassetManagementdivision.
EDuc at iOn
• 2002-2003:Master in Finance,coripepiemonte,universityoftorino• 1997-2002:Laurea in Economics,universityoftorino
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eers
ExPEr iEncE
april2008-present: Vice President, alternativeassets&equitystructuringdivision,bancaiMispa,Milan• developmentofproprietoryalgorithmicinvestmentstrategieswithlowcorrelationwith
traditionalassetclasses;• wrappingandstructuringofalgorithmicinvestmentstrategiesforinstitutionalclients;• developmentandpricingofequitystructuredsolutionsforinstitutionalclients.
May2005-april2008: Equity Structured Products Trading Analyst,bancaiMispa,london
• developmentofpricingandhedging tools for exotic equityderivatives.Mainpricingmodelsused:black,scholes&Merton,heston;
• structuringandtradingofcppiequityandhybridderivatives.Mainunderlyingstraded:equityandfixedincomemutualfunds,equityandcommodityfutures;
• structuringofcppiderivativesoncredit(cppioncreditindices,cpdo);• structuringoffundderivativesforunit-linkedinsuranceproductsandmutualfunds.
august2003–May2005: Analyst, sanpaoloiMiinstitutionalassetManagementsgr
• structuringofindexandunit-linkedinsuranceproducts;• quantitativesupportfordevelopment,pricingandbacktestingoftheexoticstructures
underlyingtheinsurancepolicies;• developmentofastochasticmodelfortheassetandliabilityManagementofsanpaolo
vita’sportfolios.
EDuc at iOn
• present:Charterholder,cfainstitute• 2002-2003:Master in Finance,coripepiemonte,universityoftorino• 1998-2002:Laurea in Economics,universityoftorino
Jobtitle: vicepresident,alternativeassets&equity structuringdivisionorganisation: bancaiMispa,Milan,italyMf: vedition(2002-2003)
SteFano Martina
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ExPEr iEncE
Jobtitle: riskManagerorganisation: intesasanpaolospa,Milan,italyMf: vedition(2002-2003)
Chiara pecchioli
september2005-present: Risk Manager,intesasanpaolospa
structuredcreditproducts:• evaluationofcds;• cashandsyntheticcdos;• basketofcds;• estimationofcreditriskadjustmentforcds;• p&lofcredit indexesandonfixed incomeproducts (evaluationofplain instruments,
reversefloater,trigger,cMs).
september2004-september2005: Financial Consultant,prometeia
Marketrisksector:• functionalanalysisofclient’sportfolioandfinancialinfrastructure;• riskfactorsdefinition.
october2003-september2004: Market Supervisor,eurotlX
EDuc at iOn
• 2002-2003:Master in Finance,coripepiemonte,universityoftorino• 1995-2000:Laurea in Economics,universityoffirenze
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ExPEr iEncE
Jobtitle: headofQuantanalysis&Marketinginnov.
organisation:bnpparibas,rome,italy
Mf: vedition(2002-2003)
Filippo russo
July2008-present:Head of Quant Analysis & Marketing Innovation, cardif-investmentsolutions(bnpparibas)
2007-June2008:Senior Professional,eurizonvita
• Managementoffundsforguaranteedunit-linkedproducts(Multipremia,cppi,zerocoupon-equity);
• profitabilityandassessmentofinnovativefinancialstrategies;• coordinationofstrategicfirmprojects(progettoMimosa;progetticariromagnaand
prossima).July 2003 - october 2005: Senior Quantitative Bond Analyst, sanpaolo iMi assetManagementstrategyandQuantitativeproducts:• implementationofablack&littermanmodel;• developmentofcointegrationmodelsforthetermstructure;• forecastingofgovernmentbondyieldmodels;• Montecarlosimulationsandnelson-siegelmodelsforthetermstructure;• supportfortheassetallocationoffondibilanciatisanpaolosoluzione.
august2001-september2002:Junior Analyst,cc&g(borsaitalianagroup)
• clearing&operationsdepartment:supervisionofdaily/intradaycreditrisk;• development of a credit riskmodel and of a pricing algorithm for the future stock
Market.
april2001-august2001:Junior Analyst, researchdepartment, ubM
fixedincomeorigination,salesandresearcharea.developedaprojecton“thecentralcounterpartyroledevelopmentintheeuro-zone”.
EDuc at iOn
• 2002-2003:Master in Finance, coripepiemonte,universityoftorino• 2001:Laurea in Economics,universityofroma“lasapienza”
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ExPEr iEncE
Jobtitle: vicepresident&assistanttreasurer
organisation:fiatfinancenorthamerica,n.y.,usa
Mf: viedition(2003-2004)
Fabio dellaMalva
July2008-present:Vice President & Assistant Treasurer,fiatfinancenorth
• comprehensive financial experience, including treasury, corporate finance and riskmanagement;
• firsthandinternationalexposure;• soundexperienceindebtandequitycapitalmarkets.
november2005-June2008:Capital Markets,fiatfinance
september2004-october2005:Business Analyst,sanpaoloiMigroup
august2004-september2004:Junior Portfolio Manager,fondiaria-saigroup
EDuc at iOn
• 2003-2004:Master in Finance, coripepiemonte, universityoftorino• 1998-2003:Laurea in Economics,universityoftorino
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ExPEr iEncE
2008-present:Investment & Acquisitions Manager,natixiscapitalpartners
responsibleforinvestmentandacquisitionsinitalyoftheprivateequityfund.
2004-2008:Financial Analyst and Real Estate & Securitisation Associate,citigroupbank,london• financialinstitutionsM&ateam:adviceonanumberoftransactions(M&a,takeovers,
spin-offs,demergers)acrosseurope;• thenassociateintherealestatefinance&securitisationteam;• involvedinM&atransactionsofbanks,insurancecompaniesandreal-estatefinancing
withanumberofprivateequitysponsors.
EDuc at iOn
• 2003-2004:Master in Finance, coripepiemonte,universityoftorino• 1999-2003:Laurea in Economics, universityoftrento
Jobtitle: investment&acquisitionsManager
organisation: natixiscapitalpartners,rome,italy
Mf: viedition(2003-2004)
Giovanni ravelli
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ExPEr iEncE
Jobtitle: fundofhedgefundsManagerand hedgefundanalystorganisation: erselhedgesgr,turin,italyMf: viiedition(2004-2005)
eUGenio raiteri
august 2005 - present: Fund of Hedge Funds Manager and Hedge Fund Analyst, erselhedgesgr
hedgefundanalyst:• coveringthefollowinghedgefundstrategies:cta,globalMacro,l/sequityandrelative
value;• identifyingandperformingduediligenceonprospectivehedgefundinvestments;• monitoringexistinginvestmentsandmaintainedrelationshipswithfundmanagers;• memberoftheinvestmentcommittee:presentinginvestmentideastoothermembers
oftheinvestmentcommitteeforoverallvoteontheinvestment;• establishingandenforcinginvestmentpolicyforthefirm:necessaryqualitativeanalysis
stepsintheduediligenceprocess.fundofhedgefundsportfolioManager:• assetallocationdecisionbasedonquantitative,qualitativeandmacroeconomicsanalysis;• buildingoptimalbasketofhedgefunds;• dealtwithdifferentadvisorsandtopqualityfof;• writingthemonthlycommentaryonersel’sfundofhedgefundsfor investorrelations
communications;• assistinginclientrelationseducationandbusinessdevelopment.Quantitativeanalyst:• developedquantitativeanalysisandtoolsforfundofhedgefundsandsinglemanager:
econometric analysis, portfolio stress testing and simulation, var computation, riskfactoridentificationthroughmultipleregressionandkalmanfilter;
• enforcingriskpolicyforthefirm,portfolioconstructionlimitsforthefundofhedgefundsandguidelinesformonitoringinvestedhedgefunds:liquidity,var,leverage,volatility,betaetc.;
• riskmanagement:assetliabilitymanagement,leveragemonitoring,hedging;• delvedintotheoreticalliteratureonhedgefunds:returns’distribution,replicaetc.
EDuc at iOn
• present:CFA Level 3 candidate• 2004-2005:Master in Finance, coripepiemonte,universityoftorino• 1999-2004:Laurea in Economics,universityoftorino
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ExPEr iEncE
Jobtitle: analyst,westernbalkansand turkeyteamorganisation:ebrd,london,u.k.Mf: viiiedition(2005-2006)
nikolay angelov
october 2007 -present:Analyst Western Balkans and Turkey Team, europeanbank forreconstructionanddevelopmentresponsiblefor:• developmentandimplementationofafacilityforrenewableenergyandenergyefficiency
financing;• administrationofafacilityforequityandquasi-equityinvestments;• preparationofcompanyanalyses,financialmodelsandvaluations,monitoringreports.september 2006 - october 2007: Investment Banking Analyst (M&A), new europecorporateadvisory• responsible for preparing company financial analyses and sector reports, developing
financialmodelsandvaluations,preparingandpresentingpitchestopotentialclients,etc.
february2003–august2003:Corporate Clients Manager,hebrosbankad
responsible forevaluationof loanproposalsoflargecorporatecustomers,executionandmonitoringofloantransactions.
december2000–January2003:Loan Analyst,hebrosbankad
responsible for evaluation of loan proposals in the sMe sector, loans accounting,preparationofqueries,accountingreports,etc.
EDuc at iOn
• present:CFA level 3 candidate• 2005-2006:Master in Finance,coripepiemonte,universityoftorino• 2003-2005:MA in Economics,centraleuropeanuniversityofbudapest• 1997-2000:Laurea in Applied Computer Science,universityofeconomicsofvarna,
bulgaria• 1996-2000:BA in Banking,universityofeconomicsofvarna,bulgaria
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eers
Jobtitle: associate,financialsystemdepartment
organisation:Ministryoffinance,skopje,Macedonia
Mf: iXedition(2006-2007)
eli zabevska
ExPEr iEncE
september2007-present:Associate, financialsystemdepartment,Ministryoffinance,skopje,Macedonia• draftingregulationsrelatedtothefinancialsysteminMacedonia;• overseeimplementationoftheleasingcompanieslaw;• monitoringandconsolidatingfinancialstatementsintheleasingarea;• preparation of different analyses and reports regarding the financial sector per the
needsoftheMinistryoffinance;• overseeregulationsanddirectivesfromeuandadjustMacedoniantoeulegislation;• draftand/orimplementstrategiesintermsofthelawimplicationsonthelegalsystem
inMacedonia;• trainandsupervise internswithinthefinancialsystemdepartmentoftheMinistryof
finance;• trainingcoordinatorforbankingandfinancial institutionsvia jointcollaborationofthe
Ministry of finance ofMacedonia and the luxembourgMinistry of finance throughtheagencyfortransferoffinancialtechnologyfromluxembourgascontractorandsupplieroffinancialexpertsandconsultants;
• memberofseveralworkinggroups(Movementofcapital,financialservices,economiccriteria,consumerprotection,foreignpolicy,etc)withresponsibilityforpreparationofthenpaanationalplanforadoptingtheacquis;
• member of several working groups (payment cards, legal support, etc.) withresponsibilityforimplementationofthepaymentsystemdevelopmentstrategy;
• member of the Macedonian delegation responsible for negotiating the bilateralagreementsonpromotionandreciprocalprotectionofinvestments;
• memberoftheinter-ministerialexpertworkinggroupforindustrialpolicy.
august2006:Internship, accountingdepartment,tutunskabankaadskopje,nlbgroup
January2000-January2004:Administrative Support,bearingpoint,llc
EDuc at iOn
• 2006-2007:Master in Finance, coripepiemonte, universityoftorino• 2002-2006:BA in Science in Financial Management,schoolofeconomics,university
ofskopje“st.cyril&Methodious”,Macedonia
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Gabriele balagna
ExPEr iEncE
Jobtitle: insuranceanalystorganisation:bnpparibasinvestmentsolutions rome,italyMf: Xedition(2007-2008)
2009-present:IS Italia Insurance Analyst,bnpparibasinvestmentsolutions,rome
Maintasks:• workingonthelifeinsuranceforbnlintermsofproducts,structuresandinvestment
strategies;• testing of new products and structures by providing Montecarlo simulations for
commercialpurposes;• buildingafinancialengineeringplatformbylinkingMatlabexcelandbloomberg.
2008:Internship, lehmanbrotherseurope,london
Main tasks: support in sales of equity derivatives, either plain vanilla or embedded instructuredproducts.
EDuc at iOn
• 2007-2008:Master in Finance, coripepiemonte,universityoftorino• 2002-2007:Laurea in Business Administration,universityoftorino.
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ExPEr iEncE
Jobtitle: JuniorQuantitativeanalyst
organisation: bancaiMi,Milan,italy
Mf: Xedition(2007-2008)
lorenzo ferMi
august2009-present:Junior Quantitative Analyst,bancaiMi
technicalsupporttotheinterestratedeskofthecapitalMarkets–risktradingdivision.inparticular:• theoreticalaspectsinthepricingofinterestratederivatives;• implementationinthec++librarymaintainedbythedeskofnewirmodels;• stress-testing;• development andmaintenance of the spreadsheets used in the trading activity and
poweredbytheproprietarylibrary.
June2008-July2009: Internship, structuring–financialengineeringoffice,banca iMi
implementationofan interest ratemodel yieldingaclosed-form formula forcapletandswaptionprices.
EDuc at iOn
• 2007-2008:Master in Finance, coripepiemonte, universityoftorino• 2001-2007:Laurea Specialistica in Theoretical Physics,universityofpavia
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ExPEr iEncE
december2009-present:Risk Management Division,fondiaria-saispa
• preparationofdataconcerningtheriskprofileofthecompany;• analysisofthestrengthofthecompanyitselfagainstthedifferentrisksrelatedtolife
insurances;• studyandimplementationofinternalmodels;• theresultsoftheanalysisaresubjecttocontrolsbythesupervisoryauthority.
EDuc at iOn
• 2008-2009:Master in Finance, coripepiemonte, universityoftorino• 2006-2008:Laurea Specialistica in Mathematics,universityofnapoli“federicoii”• 2003-2006:Laurea Triennale in Mathematics, universityofnapoli“federicoii”
Jobtitle: riskManagementdivision
organisation: fondiaria-saispa,turin,italyMf: Xiedition(2008-2009)
adele anna acanfora
thecollegio11. THECollEGIo
MiSSioncollegio carlo alberto was created in 2004. it is a foundation jointly established by thecompagniadisanpaoloandtheuniversityoftorino.itsmissionistofosterresearchandteachingineconomics,financeandpoliticalscience.thecollegiosharesthevaluesandbestpracticesoftheinternationalacademiccommunity.
DeScriPtionthefacultyandfellowsofthecollegiocontributetoadynamicresearchenvironmentinvolvingresidentialfacultyoftheuniversityoftorino,juniorfacultyhiredontheinternationalacademicjobmarket,senior research fellowsandvisitingscholars.policy-orientedresearchactivitiesarecarriedoutbytheresearchunitsofthecollegio,eachwithitsownmissionandidentity.
the collegio promotes and coordinates the allievi program. the allievi are outstandingstudentsoftheuniversityoftorinowho,inadditiontofulfillingtheiruniversityrequirements,participatetotheactivities(coursesandseminars)atthecollegio.
thecollegioorganizes twoMasterprograms: theMaster ineconomics and theMaster infinance.Moreover,twodoctoralprogramsoftheuniversityoftorinoarehostedatthecollegio.
thecollegiohasinstitutedthecarloalbertoMedal,tobeawardedonannualbasistoanitalianeconomist (resident in italyorabroad)undertheageof40forher/hisoutstandingresearchcontributionstothefieldofeconomics.therecipientdeliversthecarloalbertolecture.
each year in mid-June two distinguished scholars deliver the vilfredo pareto lectures ineconomicsandsocialsciencestohonorvilfredopareto,analumnusoftheuniversityandofthepolitecnicooftorino.collegioapertoisalectureseriesopentothepubliconcurrenteconomic,social,andpoliticaltopics.guestspeakersareleadinginternationalscholarsandprofessionals.
theannualonoratocastellinolecturehonorsthememoryofthefirstpresidentofthecollegioandmemberoftheresearchunitcerp,wholedtheinstitutionwithvision,integrityandgrace.thelectureserieshostsdistinguishedscholarsandintellectuals.
researchinteractionisalsofosteredbytheseminarseriesandconferencesthatthecollegioanditsresearchunitsorganizeandhosteachyear.
th
eco
lleg
io
reSeArch coMMunity
c.A. fellowScristianoantonelli
ugocoloMbino
danieladelboca
pietrogaribaldi
paologhirardato
elisaluciano
giovannanicodano
igorprünster
alessandroseMbenelli
riccardozecchina
c.A. AffiliAteSfilippobarbera
giangiacoMobravo
pierpaolodeblasi
francescodevicienti
stefanofavaro
andreagallice
aldogeuna
letiziaMencarini
tiziananazio
Mariopagliero
silviapasQua
Mariacristinarossi
stefanosacchi
davidevannoni
elenavigna
c.A. chAirSdinogerardi
Junior fAcultyAssistant Professorscristianbartolucci
theodorosdiasakos
estebanJaiMovich
giovanniMastrobuoni
filippotaddei
alekseytetenov
Mathiswagner
Post-Doctoral Fellowsrebeccachen
tetyanadubovyk
christinehauser
JaiMelluch
Senior reSeArch fellowSchristopherflinn
Maurizioviroli
Senior honorAry fellowSbrunocontini
elsafornero
honorAry fellowSMarcobattaglini
enricoMoretti
nicolapersico
th
eco
lleg
io
foradditionalinformationyoucaneithersee
http://www.carloalberto.org
orwriteto
orcall
+390116705200
t h e c o l l e g i o t h i n k S A b o u t t h e e n v i r o n M e n t
The Collegio is committed to develop and maintain a sustainable and environmentally responsible way of working and minimizing waste.Each of us can reduce the impact of the Collegio on the environment by adopting simple low-cost and even no-cost measures.
visit www.carloalberto.org/collegiogreen
This handbook is printed on Ecolabel certified ecological paper http://ec.europa.eu/environment/ecolabel
UNIVERSITà DEGLI STUDI DI TORINOPIEMONTE
the University of Torino An upper level Master of the University of Torino An upper level Master of the University of Torino An upper
Des
ign
PeV
med
ia.c
om
Collegio Carlo AlbertoVia Real Collegio, 30Moncalieri (Torino), Italy
www.carloalberto.org/master
Tel +39 011 6705200Fax +39 011 6407976
MASTERinFINANCEAn upper level Master of the Univers ity of Tor inoAn upper level Master of the Univers ity of Tor inoMASTERinFINANCE
2010-2011
MAS
TER
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NAN
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XIII Edition
