Dr Stefano Cavaglia PhD

External Adviser

Stefano Cavaglia completed a PhD in Finance at the University of Chicago in 1990.  Since then he has been applying state of the art theory in the investment management profession.  In 1998, under the mentorship of Gary Brinson and Jeff Diermeir, he led the restructuring of UBS Asset Management’s Global Equity investment platform with a view to emphasize the importance of industry factors in the construction of global equity portfolios.  His team’s research work supporting the initiative was featured in the Financial Analyst Journal and is now referenced in the CFA curriculum.  Subsequently, he founded and managed a $1.3b hedge fund at UBS O’Connor, Chicago that corroborated his empirical findings.

His last assignment was as Head of Investment Research at Findex where he managed multi-asset class portfolios ($16b) for endowments and family offices.  His team developed factor-based tools for evaluating managers and for building fund of funds portfolios both long-only and long/short mandates. 

Some of his recent work aims to quantify and measure the importance of downside protection embedded in the factor attributes of portfolios; this was featured in the Journal of Portfolio Management and the CFA Annual Convention. Presently, he is co-developing – with Invesco, Boston - novel multi-asset, factor-based completion portfolios and goals-based strategies.  He runs his own consulting practice called Virtual Asset Management (VAM) servicing Mas and Pas, Family offices, Foundations, and Pension Plans.

Qualifications

  • PhD – International Finance and Economics University of Chicago.  Merit based University fellowships and Central Bank of Italy Research Fellowships
  • MBA – University of California, Berkeley.  Merit based University fellowship
  • B. Commerce – Joint Honors Economics-Finance, Concentration in Mgt. Science, McGill University.  First Prize in Finance and in Economics, merit-based University fellowships

Qualifications

  • PhD – International Finance and Economics University of Chicago.  Merit based University fellowships and Central Bank of Italy Research Fellowships
  • MBA – University of California, Berkeley.  Merit based University fellowship
  • B. Commerce – Joint Honors Economics-Finance, Concentration in Mgt. Science, McGill University.  First Prize in Finance and in Economics, merit-based University fellowships