2018
FINANCE DEPARTMENT UPDATE
FINANCE
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IN THIS ISSUE Message from the Chair
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Finance at Isenberg
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Department News
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Faculty News
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CISDM Conference
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Alumni Highlight
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Beyond the Classroom
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Student Profile
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Faculty Listing
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Advisory Board
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Isenberg News
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Business Innovation Hub Learning Commons, rendering courtesy of BIG
MESSAGE FROM THE CHAIR DEAR FINANCE ALUMNI AND FRIENDS, This newsletter captures a department on the upswing. First and foremost, we will again be welcoming a large and growing class of new Finance majors. This fall, our undergraduates will number 550; about 280 will graduate in May of 2019. Our choice of course concentrations is expanding as well, as we add an Insurance track to our current offerings in Corporate Finance, Financial Analyst, Risk Management, and Alternative Investments. One of our outstanding lecturers, Ginnie Gardiner, will coordinate the new track in Insurance. We also look forward to additional courses in real estate, an important, formerly overlooked topic area. Speaking of alternative investments, we are poised to launch our alternative investments masters program—one of our nationally acknowledged strengths. We await the program’s final approval, with its curriculum and faculty set to go. Our faculty continues to excel. Mila Getmansky Sherman, whose teaching and research span the gamut of alternative and traditional investments,
has just received full professor status, while Fousseni Chabi-Yo has just achieved the rank of associate professor. Congratulations to both. Matthew Linn and Fousseni were recipients of Isenberg’s top research awards: Fousseni was Isenberg’s 2018 Outstanding Researcher and Matt was one of two faculty members honored school-wide for his Research Excellence. I am also delighted to welcome Simon Huang to our faculty. A PhD graduate of Yale, Simon focuses on research in behavioral finance and investments. Finally, this newsletter recounts our annual CISDM research conference, headlined by Nobelist Robert C. Merton last November in Boston. With the school’s iconic 72,000 square-foot Business Innovation Hub set to debut in January, things are looking up for both Isenberg and the Department of Finance. Sincerely, Nelson Lacey Finance Department Chair & Professor
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FINANCE AT ISENBERG Finance students don’t just study money, they study how money interacts with risk and time. Understanding this relationship is critical to helping individuals, companies, and governments make wise decisions about managing capital, investing or borrowing funds, optimizing returns, and staying financially sound. It’s no small task, and at Isenberg we prepare our students for the job.
WE DO THIS BY OFFERING: • Hands-on experiences with case method teaching, real-time data access though Bloomberg terminals, internships with the best financial firms, and student club activities that develop core competencies for tackling complex financial problems. •R igorous, progressive curriculum that exposes students to current issues and prepares them for new challenges and opportunities in the financial industry.
• Specializations that build skills and expertise in core competencies, leading to employment in areas like corporate finance, investment banking, financial risk management, and alternative investments. • Financial support to travel and network with alumni, participate in case competitions, manage real money, and obtain scholarships to take industry certification exams.
Our internationally prominent faculty members are renowned for research in investments, including hedge funds, mutual funds, risk management, stock market anomalies, international investments, tax evasion, options, fixed income derivatives, and financial econometrics. Isenberg’s high-profile Center for International Securities and Derivatives Market (CISDM) underscores our longstanding leadership in alternative investments education and research. Through CISDM, students gain access to the Morningstar Database, the oldest hedge fund and commodity trading advisor database on the market. And they gain an “inside industry” edge into how those markets perform and evolve. Visit Isenberg.umass.edu/finance to learn more about our bachelor, master, and doctoral degrees in finance.
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DEPARTMENT NEWS New Master of Finance in Alternative Investments Launching Fall 2019 As the global financial markets become increasingly complex and investors seek greater diversification, there has never been greater demand for expertise in the field of alternative investments (AI). Isenberg created the Master of Finance in Alternative Investments to help fill a void in this speciality. Working with the world’s leading experts in alternative investments, students will learn to apply real-world solutions and practices through a progressive curriculum, team-based learning, small classes, and hands-on problem-solving.
“Isenberg’s MFAI is designed to immerse students in the world of alternative investments from their earliest days in the program. We accomplish this in many ways, including by introducing them to the same Bloomberg terminals that financial professionals rely on daily. This kind of experiential learning equips students with the tools to realize their goals.” Bing Liang, PhD
MFAI Program Director Charles P. McQuaid Endowed Professor of Finance
What It Is
Our 12-month, 10-course program prepares students for all aspects of AI, including managing risk across a broad array of asset classes such as hedge funds, private equity, venture capital, commodities, sustainable finance, real estate, and more. A smart investment, the Isenberg MFAI is comprehensive, relevant, and responsive to both student needs and the rapidly changing marketplace.
Who It’s For
The MFAI will attract undergraduates, those looking to switch careers, or those simply seeking to deepen their knowledge of alternative investments. The program provides the skills necessary to thrive in the field of AI and access to a network of finance professionals. The program is designed for those with a background in finance or some quantitative experience in subjects such as calculus and statistics.
Why It’s a Good Choice
Alternative investments are a rapidly growing but complicated asset class requiring cutting-edge information about best practices, ethics, and regulations as well as a full range of strategies. Firms, institutions, and government agencies are increasingly investing in people with this expertise, and the MFAI delivers the specialized knowledge you need to distinguish yourself in the industry.
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FACULTY NEWS
Professor Liang Appointed Charles P. McQuaid Endowed Professor
Professor Sherman Honored with Full Professor Status
Isenberg finance professor Bing Liang will serve as the first Charles P. McQuaid Endowed Professor. The new professorship is the gift of Isenberg finance graduate Charles P. McQuaid ’74, a retired 35-year veteran of Columbia Wanger Asset Management in Chicago. Professor Liang’s research explores hedge and mutual funds, decisions by institutional investors, risk management, and anomalies in capital markets. His writing has graced the Review of Asset Pricing Studies, Management Science, Journal of Finance, and other leading journals.
Mila Getmansky Sherman, a member of Isenberg’s finance faculty since 2004, has achieved full professor status. Professor Sherman’s diverse research interests include empirical asset pricing, hedge funds, performance of investment trading strategies, financial institutions, systemic risk, and system dynamics. She teaches courses in corporate finance, financial modeling, and alternative investments to MBA students and undergraduates.
Professor Liang teaches bachelor’s, master’s, and doctoral students, offering courses and seminars in financial analysis and decisions, empirical asset pricing, personal finance, international finance, and capital markets and institutions. He engages students through hands-on experience, analysis of current issues, and projects that balance teambased learning with individual decision making. A PhD graduate in finance from the University of Iowa, Professor Liang has been a key architect and driver of Isenberg’s forthcoming Master of Finance program in Alternative Investments. The curriculum—the first of its kind worldwide—will leverage the school’s strengths in derivatives teaching and research. Professor Liang has been editor of The Journal for Alternative Investments since 2013. He works with finance alumni on Isenberg’s Finance Advisory Board and maintains strong ties with many of his former students.
Her work has appeared in the Journal of Financial Economics, Review of Financial Studies, Financial Analysts Journal, Journal of Investment Management, and other leading journals. Professor Sherman also coauthored the influential 2015 report, Hedge Funds: A Dynamic Industry. Her honors include the Graham and Dodd Award for Excellence (2016) and the Midwest Finance Association Best Paper award in the area of financial institutions (2012). In 2016, she received a $196,518 NSF grant for a three-year research project, “Digging into High Frequency Data.” An associate director of Isenberg’s Center for International Securities and Derivatives Markets, Professor Sherman earned her Ph.D. degree from MIT’s Sloan School of Management. Her undergraduate degree in chemical engineering is also from MIT. Before joining Isenberg, she worked in the quantitative research group at Deutsche Asset Management in New York and was a postdoctoral fellow at the MIT Lab for Financial Engineering.
ISENBERG PROFESSOR ADVOCATES DATA-DRIVEN ANALYTICS “All financial research must ultimately come to terms with the trade off between risk and return. In research and in practice, risk needs to be managed. It’s a balancing act,” observes Matthew Linn, an assistant professor of finance at Isenberg. Linn’s own research, which focuses on empirical asset pricing, explores timely topics like price kernel estimation methods, volatility and its term structure, and impact estimations of systematic risk on financially constrained firms.
relationships. “Isenberg’s students are amazing,” he remarks. “I want them to graduate with problemsolving skills that further their value as business professionals. In that, gaining a comfort level with analytics and databases is critical. It’s ultimately a differentiator in their own career competitiveness and success.”
“Sometimes my research stems from pure ideation. Other times I have to dig deeper as it emerges from trial-and-error testing of the data,” he says. In any case, he emphasizes, it is all driven by data and its statistical treatment. Earlier this year the Isenberg professor, along with Associate Professor Fousseni Chabi-Yo, received school-wide kudos for Research Excellence. For Linn, who holds PhDs in both finance and statistics from the University of Michigan, that M.O. is made to order. His bachelor’s degree, from the London School of Economics, is in mathematics and economics. Why join the finance faculty at Isenberg? “It’s a really accomplished group with research interests similar to my own, and the culture is extremely collegial,” says Linn, who is working on a research paper involving options trading with fellow Isenberg finance professor Nikunj Kapadia. Professor Linn’s teaching interests include risk management, fixed income, and derivatives. His senior-level course in risk management emphasizes statistics and analytics of financial data and their
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CISDM CONFERENCE
NOBELIST IN ECONOMICS HEADLINES ANNUAL CISDM EVENT Since the 1970s, innovation—conceptual and technological—has transformed finance. But “innovation itself doesn’t create growth,” ... it must be “translated into the general economy,” insisted 1997 Nobelist in economics Robert C. Merton. The MIT professor of finance and economics was keynoter at Isenberg’s Center for International Securities and Derivatives Markets’ (CISDM) annual research conference on October 6, 2017. Attended by 125 academics and practitioners, the event at Boston’s Seaport Hotel explored digitally enabled financial innovation, including cryptocurrencies, algorithmic trading, and other advances on the financial landscape.
Adopting a historical perspective, Merton made an irrefutable case for finance as a science. Finance passes muster, he said, because it offers “an organized structure of theories and hypotheses that can be rejected [i.e., proven false] and that makes serious attempts [to employ] data in a structured form.” Moreover, “the most advanced research actually gets used in the mainstream. That’s rather uncommon!” exclaimed Merton, whose Nobel Prize recognized his innovations in the valuation of derivatives. Financial theory and practice before the 1950s was prescientific, grounded largely on anecdotes with basically no data, noted Merton. That changed
with innovations in the 1950s through the 1970s. “Boy, did I get lucky,” mused Merton, who came of age as a young economist during that time. “Because of all this [enabling] innovation, to do finance science you needed models and computer technology,” he explained. The technology was crucial, given the complexities and variety of options and futures markets, as well as the speed of creating an exchange market where you might need to simultaneously track multiple related markets. To illustrate derivatives’ critical value, Merton offered several examples. Interest rate swaps by banks in the 1980s, Germany’s price ceiling options in the 1990s to limit risk exposure in a gas pipeline, and the Tennessee Valley Authority’s derivative contracts to buy power in place of building two generating plants—all, he said, demonstrated derivatives’ adaptive powers. The conference’s other presenters further explored technology-enabled financial research and practice. Johns Hopkins finance professor Jim Kyung-Soo Liew surveyed varieties and challenges in machine learning, including its role in predicting fraudulent credit card transactions and loan application viability. Robleh Ali, a research scientist at MIT Media Lab’s Digital Currency Initiative, discussed limitations and prospects for creating blockchain-based financial systems. Angela Walsh, a professor at St. Mary’s University of Law, called for greater circumspection and oversight with blockchain technologies. She noted that they have increasing influence on finance’s most critical systems, including clearing activities and settlements, central securities depositories, payments, central counterparties, and trade repositories. Nancy Wallace, a professor and chair of the real estate group at UCLA Berkeley’s Haas School of
Business, examined algorithmic underwriting in discriminatory mortgage pricing, revealing biases toward African-American and Hispanic borrowers. And drawing on his Greece-based research on tax evasion, strategic mortgage defaults, and a current study on bank runs tying sophisticated deposit withdrawals to political uncertainty, Isenberg finance professor Nikolaos Artavanis demonstrated how those activities had thrived in Greece’s socioeconomic milieu. Fintech, he observed, offers new ways to detect moral hazard—but it also offers new opportunities to engage in it.
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ALUMNI HIGHLIGHT
KRISTIN FAFARD, CLASS OF 1988
“I am a big-picture person. I want to know how everything fits together,” explains Isenberg graduate and Isenberg Finance Department Advisory Board member Kristin (Slusser) Fafard ’88. In January, Kristin joined the Weston, Florida investment advisor Community Capital Management (CCM) as its Chief Investment Strategist. Working in the firm’s Boston office, she is responsible for the partnership relationships between the firm and institutional investment consultants, the development of customized investment solutions for clients, and serves as the firm’s investment specialist. Before CCM, Kristin was the Chief Investment Officer at Pathstone Federal Street, a $9 billion wealth management firm in Boston where she was responsible for third party investment manager research and coordinated strategic thinking on asset allocation. Before Pathstone Federal Street, Kristin worked in a variety of financial services roles—first with Allmerica Financial in Worcester, and then with MassMutual in Springfield. She earned Chartered Financial Analyst designation in 2000. Kristin chose to bring her 28+ years of financial services experience to CCM because it is “truly a unique” firm, and because she is in a leadership role that is well-suited to her skills and personality. CCM manages over $2 billion in assets for its clients, and has an 18+ year track record in managing fixed income portfolios that deliver both exceptional risk-adjusted returns and positive impacts across society. The firm was an early player in the growing movement toward ESG (Environmental, Social, and Governance) and Impact investing. “If I were to offer any advice to my fellow Isenberg graduates, it is to embrace every opportunity that comes your way. You might be surprised at what you find out about yourself. Plus, you build valuable and diverse skills and relationships along the
way,” Kristin says. “In my career in the investment industry, I’ve played many roles—some that came naturally, and others that did not. For example, my tendency to focus on the big picture and not the details was not always consistent with my job description, but the work had to get done, so I did it. Through that process of trial and error, success and failure, I paid my dues, learned invaluable skills, and built relationships that brought me to where I am today.” When asked about how her gender played a role in an industry that remains heavily populated by men, Kristin responds, “For women in the financial industry, things are very different today than earlier in my career. While never a target of discrimination (at least that I was aware of), I witnessed a good deal of inappropriate behavior. My own M.O. was to keep plowing through the work. That ultimately helped me in navigating my career.” Since reconnecting with Isenberg and UMass a decade
ANATOMY OF A FORTY-YEAR RELATIONSHIP
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The opportunities are there for women, but you must make the most of your resources, and never let gender identity or the fear of discrimination stand in your way.
ago, Kristin—married and a mother of four— has focused on helping college-age women succeed in their careers. (Her daughter, Sydney Bushard ’19, majors in communications at UMass Amherst.) Kristin has given back to the school by volunteering at events such as Isenberg’s annual Women in Business conference, and by serving as Steering Committee Member for Women for UMass Amherst, which raises money for student-led initiatives on campus. A staunch advocate of proactive networking, she emphasizes its value to women in launching careers in finance. “The opportunities are there for women,” she says. “But you must make the most of your resources, and never let gender identity or the fear of discrimination stand in your way.”
A visit to campus by financial fund pundit Bruce Berkowitz ’80 in November 2017 celebrated the career of Isenberg finance professor Ben Branch, who has retired from Isenberg following 42 years of academic and intellectual leadership. Ben first met Bruce when he was an undergraduate economics major. Bruce became Ben’s teaching assistant and came to value the Isenberg professor as a mentor. Over the years, that relationship has deepened into a bond between colleagues. Ben and Bruce share much in common, including an appreciation of the influence of public policy on the economy and a measured, unvarnished attitude toward risk. In 1997, following managerial roles at Smith Barney and Lehman Brothers, Bruce founded the still-thriving Fairholme Capital. “I count cash; follow the cash. That’s all I do,” he told students in Ben’s Advanced Investments class last year. Fairholme’s portfolio, he emphasized, relies on picks that generate high liquidity, which cushions the fund from volatility. “I promise one-day liquidity, a function of cash on hand,” he continued. “I always run through worst case scenarios in my mind. The trick is to learn from them—to avoid making them more than once.” Professor Branch also espouses contrarian views. His passion for policy discussions—Brexit, monetary policy, exchange rates, you name it—reveals a cautionary approach to investments. Incorporating policy issues, his teaching shows how financial theory plays out in practice, while illuminating the financial landscape’s nuances and connectedness. True to contrarian form, Ben has explored bankruptcy and bankruptcy investments in his research, articles, and two books. And in a third book on personal investments—If You’re So Smart, Why Aren’t You Rich— he cautioned, “If you want to get rich quickly, marry well or play the lottery and pray. If you are willing to settle for a shot at getting rich slowly, read on.”
BRUCE BERKOWITZ ’80
BEN BRANCH
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$57,000 AVERAGE STARTING SALARY FINANCE GRADUATES, 2017
86% PLACEMENT RATE
FINANCE GRADUATES, 2017
GETTING STUDENTS READY TO LAUNCH PROFESSIONAL TRAINING
SPECIALIZED FINANCE CLUBS
The Isenberg experience goes beyond our rigorous classroom curriculum. Students participate in a wide range of experiential activities and training that brings data and theory to life, including professional skills training that incorporates organizational skills, business meal etiquette, meeting etiquette, and more. Program mentor Robert Feingold, formerly with Babson (Managing Director, Group Head – Global Event Driven Investing/Alternative High Yield, Babson), encourages student participation in Pitch Competitions, modeling boot camp, Bloomberg training and certification, and advanced networking training.
What’s more, Isenberg’s finance department simulates the challenges students will face on the job so they are ready to tackle complex, realworld issues. Case in point: Students selected to participate in our three finance clubs—Minutemen Fixed Income Fund (MFIF), Minutemen Equity Fund (MEF), and Minutemen Alternative Investment Fund (MAIF)—learn concrete money management and fund administration skills. They have achieved a nearly 100% placement rate for internships and employment upon graduation, including at the companies highlighted here:
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“Being involved in a student-managed fund allowed me to explore, practice, and learn more about what I had chosen as my future career path. It also exposed me to other students and alumni who shared the same passion that I did for investments, while teaching me the basic technical skills necessary in my field. I was able to graduate and move directly into a research role, confident in my ability to execute and secure in the fact that I was in the correct career for me.”
KATHARINE GELDART ’16
Credit Research, Loomis Sayles Former Member, Minutemen Fixed Income Fund 15
STUDENT PROFILE COLLEEN COLLINS, CLASS OF 2020, FORGES PATHWAY FOR WOMEN STUDENTS IN FINANCE After two years at Isenberg, Colleen Collins ’20 has much to be proud of. Now a junior, the Isenberg finance major has maintained a 3.86 grade point average. She has found an exceptional mentor in finance professor Mila Getmansky Sherman. And, she recently completed a summer internship in investment analytics with Wellington Investment Management, a Boston-based investment management firm. With those accomplishments, you might think that Colleen would take a well-deserved breather. But she remains relentless in her own continuous improvement and in improving opportunities at Isenberg for women in her traditionally maledominated discipline. Fortunately, she notes, asset management firms are hiring women and minorities in unprecedented numbers. Historically, many women have avoided careers in finance owing to industry-related barriers and a near absence of role models. That, she says, has changed. “My generation will not have the same barriers that women faced in the past thirty years, because the women before us paved the path.” In that spirit, Colleen has founded Isenberg’s Women in Finance Society. With guidance from its advisor, Professor Sherman, Colleen hopes “to empower, encourage, and educate young women to learn about the financial industry and its opportunities.” That entails creating a welcoming, supportive environment where women can gain the right technical skills—differentiators in a hyper-competitive industry. At the same time, she says, “We are calling on alumnae to participate in webinars and
COLLEEN COLLINS ’20
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My generation will not have the same barriers that women faced in the past thirty years, because the women before us paved the path.
in person—to share their stories and help us build a robust network.” Networking can prove decisive in securing competitive internships. To that end, Colleen expanded her horizons through Isenberg’s Women in Business organization. At the group’s networking event in February, she met many alumnae with marketing and accounting degrees, but few asset managers. Although there are networking and internship resources for women finance majors at Isenberg and beyond, you have to dig for them, she says. Unfortunately, many women students don’t discover those resources until it’s too late. Isenberg’s Women in Finance Society, she says, “will allow us to accelerate that learning process, giving our students an edge in an extremely competitive profession.” During her own internship, Colleen gained firsthand exposure to trading, technology, competitive intelligence, portfolio management, and cuttingedge technologies. “The keys to landing an internship are to be real about your skill set and acumen,” she advises. “Choose an organization where you can truly learn and contribute. Determine how committed an organization is to providing interns with a path for long-term employment after the summer. Network in local and national financial organizations. And seek out executive mentors.”
PANEL AND NETWORKING EVENT HIGHLIGHT WOMEN IN FINANCE Advice for women considering careers in finance and networking opportunities highlighted Isenberg’s first Women in Finance Luncheon on December 1. Presented by State Street and coordinated by Isenberg’s MBA program and the school’s undergraduate Women in Business student group, the event at the UMass Club in downtown Boston attracted students from Isenberg, Boston College, Brandeis, Northeastern, Suffolk, and Worcester Polytech. A panel of finance industry professionals described challenges and shared strategies for success in a male-dominated profession. Moderated by Isenberg sophomore Mikaela Hensen ’20, the panelists included a vice president of university relations and recruitment with State Street, a financial advisor with Prudential (Isenberg alumna Ellen Goodman ’85), and a financial services professional with New York Life. They offered advice on career advancement, emphasizing the importance of corporate mentors. And they discussed overcoming career roadblocks and sharpening skill sets. Following the panel, students networked with one another and with corporate representatives from State Street, Liberty Mutual, New York Life, Prudential, Fidelity, People’s United Bank, NFP, CAIA Association, and MassMutual. Isenberg plans to hold the event annually.
COLLEEN COLLINS ’20
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FACULTY LISTING NEW HIRE
SIMON HUANG Assistant Professor
ROBERT FEINGOLD Lecturer
PhD Financial Economics, Yale University / MA Statistics, & BA Applied Mathematics, Computer Science, Economics, Statistics, University of California, Berkeley
MBA, Northwestern University / BSBA, Georgetown University
NIKOLAOS ARTAVANIS
GINNIE GARDINER
Assistant Professor
Lecturer
PhD Finance, Virginia Tech / MS Mathematics, Virginia Tech / MA Economics, Virginia Tech / MS Banking & Financial Management, University of Piraeus / BS Banking & Financial Management, University of Piraeus
PhD Business Administration, The University of Georgia / MBA, University of Southern Mississippi / BSBA, University of Southern Mississippi
BEN S. BRANCH
NIKUNJ KAPADIA
Professor
PhD Coordinator & Professor
PhD Economics, University of Michigan / MA Economics, University of Michigan / MA Economics, University of Texas / BA Mathematics, Emory University
PhD Finance, Stern School of Business, New York University / Post-graduate diploma in Management (MBA), Indian Institute of Management, Bangalore / BE Chemical Engineering, Maharaja Sayajirao University, Baroda
FOUSSENI CHABI-YO
HOSSEIN B. ZAZEMI
Assistant Professor PhD Economics, University of Montreal / MSc Applied Economics and Statistics / MSc Applied Mathematics / BSc Mathematics / BSc Mathematics-Physics
Director, CISDM & Michael and Cheryl Philipp Endowed Professor PhD, University of Michigan / MA, Eastern Michigan University / BA, NIOC School of Accounting & Finance
NELSON LACY
MILA GETMANSKY SHERMAN
PhD, Pennsylvania State University / MBA, Arizona State University / BS, Pennsylvania State University
PhD, Massachusetts Institute of Technology / BS, Massachusetts Institute of Technology
BING LIANG
HUAN YANG
Chair & Professor
MFAI Program Director & Charles P. McQuaid Endowed Professor PhD Finance, University of Iowa / MS Quality Management and Productivity, University of Iowa / MS Applied Statistics, Chinese Academy of Science / BS Maritime Meteorology, Ocean University of China
MATT LINN
Assistant Professor PhD Finance, Ross School of Business, University of Michigan / PhD Statistics, University of Michigan / BS, Mathematics and Economics, London School of Economics
SANJAY NAWALKHA Professor
PhD Finance, University of Massachusetts / MBA Finance, University of Massachusetts Amherst / BS Mathematics, St. Xavier’s College, University of Mumbai, India
Professor
Assistant Professor PhD Finance, University of Georgia / PhD Chemistry, Brown University / MA Chemistry, Brown University / BS Chemistry, University of Science & Technology of China
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ONLINE MBA IN THE WORLD
FINANCIAL TIMES, 2018
PUBLIC UNDERGRADUATE BUSINESS SCHOOL IN THE NORTHEAST
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U.S. NEWS & WORLD REPORT
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ADVISORY BOARD FINANCE ADVISORY BOARD MEMBERS GARY CAMERON
Managing Director, JP Morgan Chase
MICHAEL CARNE
JIM HYATT Senior VP of Personal Lines, Arbella Insurance Group
GORDON JOHNSON
CFA, Senior Investment Management Executive, Portfolio Manager, NWQ Investment Management
Managing Director, Global Equities, LMCG Investments
DAVID CARUSO
CHUCK MCQUAID
Founding Chairman, Coastal Capital Group
HARJEET CHOPRA
Managing Director & Country Risk Officer, Citi Singapore
TONY COLATRELLA
Chief Investment Officer, Columbia Wanger Asset Management, Retired
NANDAN MER Group Executive, Global Consumer Credit, Mastercard Worldwide
Chief Financial Officer, BMX Technologies
DAVID NAGLE
KRISTIN FAFARD
Managing Director & Head of Investment Grade Portfolio Management, Baring
Chief Investment Strategist, Community Capital Management
JAY GELB
Managing Director, Equity Research-US InsuranceNonlife & Life, Barclays
PETER HADELMAN
Principal, Copper Rock Capital Partners
DAVID HARRIS
Senior Fixed Income Portfolio Manager, Schroders
JERRY HONG
President, Qfour Inc.
KERRY HUESTON
SUDHIR NANDA Head of Quantitative Equity Group, Portfolio Manager, T. Rowe Price
CLIFFORD NOREEN President, Baring
MICHAEL PHILIPP Chairman, Reykjavik Geothermal
CHARLES ROBINSON Vice Chairman, Rogers & Gary Insurance Agency, Inc.
RUPINDER SIDHU
Analyst, Surveyor Capital, Citadel, Inc.
Co-Founder & Managing Director, Arena Capital Partners, Retired
ELIZABETH HUSTED
KRISTEN WALTERS
Managing Director, Goldman Sachs, Retired
Managing Director, Risk & Quantitative Analysis, Black Rock Inc.
YOUNG ADVISORY BOARD MEMBERS ALEX AMBROZ
TED MORTON
JONATHAN BARRON
ARPIT PATEL
NICOLE BISSON
KRISTIN PETERS
ADAM FERRARINI
CHAD RUBIN
MARTIN GREENBERG
OZI SANDER
RYAN HARWOOD
ANDY TOUSSAINT
Director of Risk, Cleveland Clinic Foundation
Director , John Hancock Financial Services
Analyst, Client & Partner Group , KKR
Principal, Ares Management
CEO & Co-Founder, Launchpad
Launch Research Associate, Wellington Management
SAM LAORENZA
Financial Advisor, Northwestern Mutual Financial Network
Vice President, Wellington Management, Boston
Business Associate, Wellington Management
Associate, Fixed Income, J.P Morgan
CEO, Skubana
Associate, Citi
Credit Research Analyst, PIMCO
BRIAN YOUNG
Associate, Miller BUCKFIRE/A stifel Company
AARON LIEBHABER
Director, Credit Suisse
MARTIN LINDBERG
Associate Director, Research, The Millburn Corporation
SEAN MCDAVITT
Manager, Special Projects, CIOX Health
MICHAEL MCDONOUGH
Manager - Finance Strategic Projects, Wayfair
DANIEL MIS
Vice President, Fidelity Investments
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ISENBERG NEWS 6,000 SQ FT LEARNING COMMONS
INSIDE THE INNOVATION HUB GRAND OPENING CEREMONY
SAVE THE DATE: APRIL 12, 2019
EVENTS
CAREER
ACADEMICS
COLLABORATION
LEARNING COMMONS AND COURTYARD PROVIDE SPACE FOR UP TO 500 GUESTS
CHASE CAREER CENTER WILL NOW HAVE 15 INTERVIEW ROOMS AND 8 ADVISING OFFICES
3 STATE-OF-THE-ART CLASSROOMS WITH MODULAR FURNITURE TO SUPPORT GROUP WORK
8 NEW BREAKOUT ROOMS AND 9 ADDITIONAL CONFERENCE ROOMS FOR MEETINGS
37 NEW VIDEO SCREENS FOR CLASSROOMS AND SIGNAGE
72,000 SQ FT OF STUDENTCENTRIC SPACES
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“We are nearing completion on the new Business Innovation Hub and look forward to soon being able to house all our departments under one roof, bring students into our new state-of-the-art classrooms, and introduce the new Learning Commons as a dynamic public space used for guest speakers, awards ceremonies, banquets, and studying.” Thomas P. Moliterno Interim Dean
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Finance Department | 121 Presidents Drive Amherst, MA 01003
News, notes, and inspiring examples of Isenberg students and alumni driven to reshape the world through finance.
WE DRIVE THE DRIVEN. ÂŽ
isenberg.umass.edu/finance