The award will be presented to Dr. Vasicek on February 3, 2005, at the United Nations in New York City, during the 2004 IAFE/SunGard FEOY Award Gala Dinner.
The annual IAFE/SunGard FEOY Award, established in 1993, recognizes individual contributions to the advancement of financial engineering technology. Nominations are submitted by a nominating committee of 100 people, consisting of all the IAFE governing boards. They are then reviewed by a selection committee of 25 members, including the IAFE board of directors and senior fellows. This year's selection committee was chaired by Dr. Jonathan Ingersoll, an IAFE senior fellow and 2002 FEOY award recipient, and a professor at Yale University.
Dr. Vasicek said, "I am greatly honored by this award. The IAFE is an excellent organization that has throughout its existence done an outstanding job of promoting and supporting the development of financial theory, and the implementation of new research in practice."
Richard Lindsey, chair of the IAFE, said, "Dr. Vasicek is a most distinguished scholar and practitioner in the field of credit risk. All of us have benefited immensely from his work in this area. It is fitting that he should join the past recipients of the FEOY award, and we are delighted to name him."
David Rowe, group executive vice president, risk management, SunGard Trading and Risk Systems, said, "It is our honor to continue to be associated with this prestigious award. This year, we are delighted to present the FEOY Award to Dr. Vasicek, whose seminal conceptual contributions to financial engineering have had such a profound influence on practice."
Biographical Information: Dr. Oldrich Alfons Vasicek
Oldrich is a founding partner of KMV Corporation and currently advises Moody's KMV. In his early career, he was a Vice President in the Management Science Department of Wells Fargo Bank. His academic career includes teaching graduate finance at the University of Rochester, the University of California at Berkeley and at Ecole Superieure des Sciences Economiques et Commerciales (ESSEC) in France. A native of the Czech Republic, he holds a Ph.D. in probability theory from Charles University in Prague. Oldrich works in mathematical finance, particularly on development of quantitative models of firms, financial instruments and financial markets. His work is extensively cited and used in applications. He has published over 30 articles in financial and mathematical journals and has received a number of honors, including the Graham and Dodd Award, the Roger F. Murray Prize, the Award of the Institute for Quantitative Research in Finance and the Risk Magazine Lifetime Achievement Award. He has been inducted into the Derivatives Strategy Hall of Fame, the Fixed Income Analysts Society Hall of Fame and the Risk Hall of Fame. His equilibrium model of the term structure of interest rates is generally recognized as a genesis of this field in finance.
Previous Award Recipients
Dr. Vasicek joins a prestigious list of recipients of the IAFE/SunGard Financial Engineer of the Year Award. They include: Darrell Duffie, Jonathan Ingersoll, Andrew Lo, Emanuel Derman, John Hull, John C. Cox, Robert Merton, Fischer Black, Mark Rubinstein, Stephen Ross, and Robert Jarrow. Myron Scholes received a lifetime achievement award in 2001.
About the International Association of Financial Engineers (IAFE)
The IAFE is the not-for-profit, professional society dedicated to fostering the profession of quantitative finance by providing platforms to discuss cutting-edge and pivotal issues in the field. Founded in 1992, the IAFE is composed of individual academics and practitioners from banks, broker dealers, hedge funds, pension funds, asset managers, technology firms, regulators, accounting, consulting and law firms, and universities across the globe.
Through frank discussions of current policy issues, sponsoring programs to educate the financial community and recognizing the outstanding achievements in the field, the IAFE acts as a beacon for the development of quantitative finance. Throughout its history, the IAFE's pre-eminent leadership has positioned it to respond with savvy to the evolving needs of the financial engineering community. The IAFE's programs - from area-specific committees to monthly panel discussions to the Financial Engineer of the Year Award - are designed to provide its members with uniquely valuable activities to enhance their work in the field and opportunities to network and socialize with their colleagues.
About SunGard Trading and Risk Systems
SunGard Trading and Risk Systems provides integrated, enterprise-wide solutions for financial and energy trading, risk management and operations, as well as asset liability management and financial planning and forecasting. Serving over 900 clients, it offers web-enabled solutions for achieving straight-through processing, and for managing market, credit and operational risk. Clients include financial institutions, energy companies, government agencies and corporations of every size, geographical reach and operational complexity. SunGard Trading and Risk Systems also offers systems integration, project management and consulting services.
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