Swiss Finance Institute Activity Report 2019 Expertise Guide 2020 Growing Knowledge Capital for the Swiss Financial Marketplace : Introduction Swiss Finance Institute Our Founding Members The Swiss Finance Institute (SFI) gratefully acknowledges the precious support of its founding members—the Swiss banking industry, the Swiss Confederation, and leading Swiss universities. Without their support the Swiss Finance Institute would not be able to fulfill its important mandate. a b Our Partner Universities: Università della Svizzera italiana 2 Introduction : About Swiss Finance Institute Nurture Knowledge – Cultivate Talent – Create Expertise Growing Knowledge Capital for the Swiss Financial Marketplace Never before has the Swiss financial center As a result, the Swiss banking and finance undergone such rapid and fundamental industry profits from the expertise created by change. Digital disruption and abrupt SFI, embodied both by the thousands of changes in regulation are challenging graduates from our continuing education established business models. In order to activities and the Banking and Finance remain competitive, the Swiss banking and programs of our partner universities and by finance industry must nurture innovation and the thousands of readers of our publications its most valuable asset: the expertise of its and the numerous participants at our labor force—its knowledge capital. events and workshops. Mandated by the Swiss financial sector and Research and development leads to new the Swiss Confederation, the Swiss Finance technologies and innovations, and in turn Institute (SFI) makes an important promotes competitiveness, prosperity, contribution to each through its close and employment. SFI contributes important integration of research and practice, its economic added value that will enable up-to-date continuing education courses for future generations to build upon others' finance professionals, and the access it achievements and guarantee that provides to a unique pool of outstanding Switzerland's financial center will continue Swiss-based academics. This unique to thrive. combination is based on a systematic exchange of knowledge and expertise, nurtured by the fundamental research Find out more about the vast range of the conducted at our six partner universities activities we engaged in from January to across three language regions in Switzerland. December 2019 in this year's Activity Report. 3 : Introduction A Word from the Board At the end of 2018 the SFI Foundation Board decided on • SFI industry conferences feature industry speakers a major reorientation for the Institute. Since its creation of very high seniority as well as world-renowned in 2006 SFI, together with its partner universities, academics. They are attended by hundreds of has successfully grown a world-class faculty in banking participants. The SFI Annual Meeting focused on and finance. Under its new strategy, SFI builds on Debt, Growth, and Resilience, and featured the internationally recognized strength of its faculty Mr. Sergio Ermotti of UBS, Nobel Laureate Prof. Bengt to organize industry-oriented activities for the Holmström, Mr. Herbert Scheidt of Vontobel and Swiss banking and financial center. At the same time, the Swiss Bankers Association—as well as SFI Head SFI keeps supporting a faculty of the highest academic of Research Prof. Jean-Charles Rochet. caliber at its partner universities. • The Digital Pulse Check applied research special In 2019 SFI has developed a portfolio of industry- project has assessed the degree of digitization of oriented activities, based on the principle of knowledge Swiss banks relative to their European competitors. exchange between academia and practice: At the same time as SFI vastly increased the scope of • SFI Master Classes attract experienced professionals its industry-oriented activities, in 2019 the SFI faculty and address frontier topics in a short, interactive and has continued its academic successes. SFI academic flexible format. They are co-led by an SFI professor research remains at a stellar level and compares favorably and an industry expert, and they are free for with the most renowned international academic employees of Swiss banks. Master Class topics in institutions. The network of co-authors of SFI professors 2019 included Data & Technology in Finance, encompasses the best-known universities in the world. Application of Machine Learning and Artificial This activity report also includes an expertise guide Intelligence to Banking, Factor-Based Allocation, of the SFI faculty. among others. We have experienced strong participation and have received excellent feedback. The teaching activities of SFI professors also bring Master Class participants greatly appreciate the significant value to the Swiss financial center. exposure to the latest thinking in banking and Each year Swiss banks hire hundreds of banking and finance, as well as the opportunity for peer exchange. finance graduates trained by SFI professors in the first- education programs of our partner universities. • SFI Knowledge Exchange Seminars bring together SFI PhD graduates enjoy top placements in academia, industry experts and SFI professors in an exclusive banks and in policy institutions. roundtable setting. Topics in 2019 included Value Reporting, ETF Liquidity, Cybercrime and Cybersecurity, We warmly thank our industry partners, our academic Negative Interest Rates, among others. partners, our faculty and our staff for making these achievements possible. 4 Introduction : Dr. Romeo Cerutti Prof. Dr. François Degeorge Chairman of the Foundation Board Managing Director 5 : Introduction 6 Introduction : Table of Contents 3 About Us 4 A Word from the Board 7 Table of Contents 8 SFI Knowledge Exchange Activities 12 14th Annual Meeting of SFI—Debt, Growth, and Resilience 14 SFI Partner University Faculty Achievements 2019 18 SFI PhD Program in Finance 20 SFI PhD Graduate Placements 22 SFI Commercial Continuing Education 24 SFI Alumni Association 25 Overview of SFI Master Classes 2019 26 Overview of Knowledge Exchange Seminars 2019 27 Overview Special Projects and Publications 2019 29 Overview of SFI Events Organized in 2019 31 Overview of SFI Commercial Continuing Education 2019 34 Swiss Finance Institute Faculty 35 The SFI Expertise Matrix 36 Our Faculty's Areas of Expertise 36 Expertise Index 40 SFI Faculty Profiles Expertise Guide 2020 Expertise 69 Faculty Departures in 2019 70 SFI Adjunct Professors 72 Governing and Advisory Bodies 76 Summary of Swiss Finance Institute Financial Accounts 2019 7 : SFI Knowledge Exchange Activities SFI Knowledge Exchange Activities SFI Master Classes SFI Master Classes are short learning units in which SFI Feedback professors discuss topics relevant to banking and The feedback collected from participants shows that finance. With this offering, SFI builds on its USP—that there is a very high satisfaction rate (average of 85%) is, its faculty and its proximity to the industry—which with regard to the quality of the Master Classes. enables the early identification and dissemination of The target group and seniority level aimed for has been key topics. Topics are selected by SFI in cooperation reached. The Master Classes were attractive for all bank with its interest groups. categories. Results are shown in the two graphs below. SFI is the only Swiss education provider able to combine academic and practical expertise at such a Participant age groups (in %) high level. Master Classes are aimed at experienced 25% professionals with at least 10 years of professional 22% 21% 19% experience in the banking and finance sector. Access to 20% 17% Master Classes is free for employees of SFI stakeholders, 16% but a formal application is required in order to ensure 15% the quality of the offering. Corresponding admission criteria apply. 10% 5% Facts and Figures 2019 5% SFI held its first Master Class in June 2019. During the 0% year, a total of 14 Master Classes across eight different 30–35 years 36–40 years 41–45 years 46–50 years 51–55 years 56–60 years topics were conducted at locations in Zurich, Geneva, and Pfäffikon (SZ). The Master Classes were held in English, French, and German. Associations and Companies 50% 48.7% A Master Class lasts half a day, begins in the early 45% afternoon, and is rounded off by a networking aperitif. 40% Classes are conducted with up to 50 participants. 35% In 2019, 455 individuals participated. 30% All Master Classes are acknowledged SAQ re-certification 25% measures. Over 40 participants not only benefited 20% 15% 13.5% from an exchange of knowledge and expertise but also 11.1% 10.4% collected SAQ re-certification credits. 10% 7.5% 4.0% 5% 1.3% 1.5% 1.1% 0.7% 0.2% 0% Partnerships ASPB AM BB OTH FB IN KB DB SBA SIX VAV A partnership with finews.ch, the industry's leading Swiss portal for financial news, is based on the idea ASPB Members of the Association of Swiss Private Banks BB UBS, CS that knowledge imparted through SFI should be made FB Members of the Association of Foreign Banks in Switzerland available in a condensed form to the entire financial KB Members of the Association of Swiss Cantonal Banks community. SFI also offers a special Master Classes DB Other domestic banks VAV Members of the Association of Swiss Asset and Wealth Management Banks series in close cooperation with the Office for Economy SBA Swiss Bankers Association Canton Schwyz, focusing on the local financial industry which is an important sector in Canton Schwyz, IN Insurance SIX SIX Group and its