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Training in Modern Quantitative Methods and High-Performance Computing for Finance

Objective

HPCFinance, a 4-year multi-site Marie Curie Initial Training Network in modern quantitative methods and High-Performance Computing for Finance, provides solutions to managing financial risks by high-performance computing. HPCFinance will help improve the financial strength of banks, pension funds, insurance companies, other financial institutions and households in Europe. The main goal of the network is to enhance the career development of 12 early-stage researchers and 2 experienced ones in finance-related sectors.

Currently, while recovering from the financial crisis, the European financial world and academic researchers are facing major challenges to create and apply more reliable quantitative models and methods to manage risks. Simultaneously, computationally challenging new hybrid products combining traditional financial investments with insurance policies are gaining popularity. Consequently, demand for experts in finance with superior computing skills is growing rapidly.

HPCFinance consists of 7 universities and 8 companies, representing investment and insurance companies, banks, consultants, and high-performance computing solution providers. The network’s US partners provide invaluable experience for benchmarking and knowledge transfer into Europe. This world-class network provides training in robust financial models and numerical methods on high-performance computing platforms with emphasis on variable annuities and asset and liability management. The intended research is not only academically but also practically relevant as the program is built around real life challenges identified together by the academic and private sector partners. To bridge research and practice, all researchers contribute to the private sector via secondments. The major societal impacts of HPCFinance are to provide the European finance community with specialists with state-of-the-art skills in computational finance and to ease the adoption of reliable models in the industry.

Field of science

  • /natural sciences/mathematics/applied mathematics/numerical analysis

Call for proposal

FP7-PEOPLE-2011-ITN
See other projects for this call

Funding Scheme

MC-ITN - Networks for Initial Training (ITN)

Coordinator

TTY-SAATIO
Address
Korkeakoulunkatu 10
33720 Tampere
Finland
Activity type
Higher or Secondary Education Establishments
EU contribution
€ 1 142 649,05
Administrative Contact
Sonja Kokkonen (Ms.)

Participants (7)

SCOTTISH WIDOWS INVESTMENT PARTNERSHIP LIMITED

Participation ended

United Kingdom
Address
Old Broad Street 33
EC2N 1HZ London
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Administrative Contact
Erik Vynckier (Mr.)
AARHUS UNIVERSITET
Denmark
EU contribution
€ 889 444,60
Address
Nordre Ringgade 1
8000 Aarhus C
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Yadigar Akbulut (Ms.)
UNIVERSITEIT MAASTRICHT
Netherlands
EU contribution
€ 504 167,40
Address
Minderbroedersberg 4-6
6200 MD Maastricht
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Antoon André Jean Pelsser (Prof.)
TECHILA TECHNOLOGIES OY
Finland
EU contribution
€ 277 079,01
Address
Itsenaisyydenkatu 2
33100 Tampere
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Administrative Contact
Rainer Wehkamp (Mr.)
Cambridge Systems Associates Limited
United Kingdom
EU contribution
€ 473 277,19
Address
Portugal Place 5-7
CB5 8AF Cambridge
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Administrative Contact
Elena Medova (Dr.)
THE UNIVERSITY OF MANCHESTER
United Kingdom
EU contribution
€ 275 500,50
Address
Oxford Road
M13 9PL Manchester
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Liz Fay (Ms.)
ABERDEEN ASSET MANAGERS LIMITED
United Kingdom
EU contribution
€ 538 900,91
Address
10 Queens Terrace
AB10 1YG Aberdeen
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Administrative Contact
Andy Orr (Mr.)