Emmanuel Hatzakis
Teaching Professor and Director of the Masters Program in Finance & the Masters Program in Financial Engineering
School of Business
Education
- PhD (1993) Wharton, University of Pennsylvania (Operations Research)
- MS (1992) Wharton, University of Pennsylvania (Decision Sciences)
- MS (1987) National Technical University of Athens (Mechanical Engineering)
Research
- Management of market and concentration risk in portfolios of equities and options
- Quantitative equity portfolio management strategies for individuals and institutions
- Forecasting modeling for global macroeconomic and investment strategy, and tactical asset allocation
- Development of innovative market-based instruments for sovereign and other public entity funding
- Risk management in commodity supply chains using physical and financial instruments
- Operations in financial services, especially asset management and securities brokerage
- Funding, capitalization, and treasury liquidity risk management of financial institutions
- Integer and combinatorial optimization methodology and applications
- Quantitative equity portfolio management strategies for individuals and institutions
- Forecasting modeling for global macroeconomic and investment strategy, and tactical asset allocation
- Development of innovative market-based instruments for sovereign and other public entity funding
- Risk management in commodity supply chains using physical and financial instruments
- Operations in financial services, especially asset management and securities brokerage
- Funding, capitalization, and treasury liquidity risk management of financial institutions
- Integer and combinatorial optimization methodology and applications
General Information
Educator and industry professional specializing in risk, macro strategy & thought leadership and analytics with a highly reputable university and top-tier firms in finance, energy and transportation. Built portfolio construction frameworks, quantitative investment strategies, and award-winning risk management models; developed/validated sovereign debt restructuring proposals; and has both buy-side and sell-side experience, including a fast-paced trading floor environment. Core skills include optimization, simulation, econometric modeling, statistical analysis of huge datasets, and communicating them to intelligent non-experts.
Experience
STEVENS INSTITUTE OF TECHNOLOGY
March 2019 – present
Director – Finance (MFIN) and Financial Engineering (MFE), School of Business, Hoboken, NJ
Responsible for enrollment, placement, and academic quality of the school’s fastest growing graduate programs.
Led an 11-spot rise in the Financial Engineering program's QuantNet rank: #19 in 2024 from #30 before 2019 via better placement outcomes, focus on quality student recruitment, and improved global reputation.
Developing the Graduate Student Managed Investment Fund (GSMIF) course, where students are taught to manage a live currency (USD) asset class portfolio in which funds are a portion of the Stevens endowment.
Managing the School’s Finance Board of Advisors, which consists of reputable industry professionals, and ensuring its members represent industries and companies that can use the skills we provide to our students.
Attracting high-quality students through yielding activities and active pursuit of dual-degree agreements in my Master's programs. Financial Engineering program enrollments increased 232% to 73 (= 64 FT + 9 PT) in Fall 2024 from 22 (= 19 FT + 3 PT) in Fall 2023. Finance program enrollments increased 6% to 53 (= 52 FT + 1 PT) in Fall 2024 from 50 (= 49 FT + 1 PT) in Fall 2023. With total Fall 2024 enrollments of 160, the Financial Master's programs group, which also includes Financial Technology & Analytics and Accounting & Analytics is now the largest in the School of Business.
Diversifying our student body through existing and new degree agreements under development with schools in the European Union, Latin America, East and South Asia as well as in the United States.
Helping organize student clubs, seminars, career advising & alumni networking events and other activities.
Mentoring students for career success and connecting them with industry contacts, having them join corporate affinity groups and introducing them to hiring managers; helped more than 300 students in the last year.
Recruiting high-profile adjuncts to teach courses and mentor students, including a Managing Director at a large bank, a Portfolio Manager at a quantitative asset management firm, and the owner of a valuation firm.
Creating a placement platform in collaboration with the Corporate Outreach and Professional Advancement (COPA) office. The target is to have 500 Campus Recruiting / Early Careers Teams onboarded at companies in all sectors of the economy, primarily in Financial Services firms.
Revamped the Finance curriculum to be relevant and responsive to current industry needs; designed a new Wealth Management concentration and refocused existing courses toward a new program in FinTech.
Continuously reviewing the MFIN and MFE curricula to ensure that they meet industry needs and comply with AACSB accreditation standards.
Developed and teaching courses in Investment Management, Derivatives and Wealth Management, which expose students to portfolio management, options trading, and wealth advisory industry practices alongside the theory. Course & teacher evaluations by students rank consistently among the top across the university.
BANK OF AMERICA CORP.
September 2014 – March 2019
Director, Chief Investment Office, Global Wealth and Investment Management, New York, NY
Responsible for delivering investment guidance and portfolio strategies, positioning and implementation advice, thought leadership and due diligence content to the firm’s financial advisors, portfolio managers and clients.
Led the content production and review process of the CIO Weekly Letter on topics of current interest.
Authored several white papers on macro themes and investment trends across all asset classes.
Developed and managed hedging programs and factor-based single stock strategies for client portfolios.
Provided customized solutions for special portfolio needs of Ultra High Net Worth clients.
UBS AG
May 2012 – September 2014
Director, Client Strategy Office, Wealth Management Americas, Weehawken, NJ
Led several initiatives to optimize client experience by leveraging the organization's analytical capabilities.
HELLENIC REPUBLIC
November 2011 – May 2012
Advisor – Finance Ministry, Athens, Greece, and New York, NY
Consulting on mechanisms to align stakeholder interests for sovereign debt restructuring and other matters.
Private Sector Sovereign Debt Restructuring (PSI): Provided research, independent assessments and opinions on incentives aligning the interests of Greece, its creditors, and other stakeholders. Proposed GDP-linked warrants for the bond exchange package that successfully reduced debt by €106 billion.
Post-PSI Activities: Proposed new GDP-linked securities with superior risk/return characteristics for an official sector restructuring, and for the Republic's permanent funding needs. Proposed pro-growth funding policies outlined in Financial Times (in German), The Banker, and The New York Times articles. Assisted with a report for the office of the Greek Prime Minister on opportunities for investors in Greece.
GOLDMAN, SACHS & CO.
2008 – 2011
Vice President – Investment Management Division (IMD), New York, NY
Led quantitative modeling in support of product teams, sales, and infrastructure groups across IMD.
Liquidity Risk Analytics for Unfunded Commitments: Consulted for the firm’s Corporate Treasury on modeling of reserves for a $50 billion portfolio of commitments by borrower sector and creditworthiness.
Trade Confirmations Process Reengineering: Analyzed IMD’s trade confirms to find economically material sources of system bottlenecks to remediate, and “best practice” clusters to adopt system wide.
Fund-of-Funds (FOF) Risk Profile Analysis: Examined FOF risk profiles as PWM client investments.
Portfolio Management Strategies: Developed multi-factor equity model overlays to fundamental equity strategies with significant absolute and relative outperformance in active management and back-tests.
Brokerage Relationship Analytics: Automated the Relationship Asks database across all product groups.
MERRILL LYNCH & CO.
2000 – 2008
Vice President – Global Equities Trading, New York, NY (2007-2008)
Supported sales traders and executives with business analytics in a fast-paced setting on extremely tight real-time deadlines. Developed new methodologies and metrics for client profitability management.
Commission Sharing Agreements (CSA) Analytics: Analyzed profitability impact of CSA on groups of clients. Discovered a contribution margin lift of more than 10% among clients that enrolled in a CSA.
Pro-forma Profitability Assessment: Built and ran models to quickly and accurately assess profitability of pricing, trading volume, and channel mix scenarios of institutional clients that improved negotiating leverage during renewals of 12 annual client contracts valued at more than $70 million in total.
Electronic and Derivatives Trading Propensity Modeling: Built clustering and targeting models that improved accuracy of forecasting and uncovered more than $25 million in annual revenue opportunity.
Vice President – Global Wealth Management, Princeton, NJ (2000-2007)
Conceived and led high-end modeling and analysis that impacted strategic decision making. Built and supported quantitative models to enhance the tactical management of processes in business units.
Revolving Credit Facility Liquidity Risk Simulation: Built a Monte Carlo simulation model that enabled ML Bank to release $4 billion in excess liquidity from its revolving credit line portfolio reserve, and expand the portfolio from 80 to 100 borrowers and from $8 to $13 billion in commitments, resulting in over $40 million in annual pretax income and growth to $20 billion in commitments since 2002. ML Bank USA uses the model monthly for portfolio stress analysis. This work won the Wagner Prize (2004) and the Alexander Hamilton Award (2005).
Mutual Fund Portfolio Optimizer: Designed, tested, and supported use of a Markowitz mean-variance methodology, currently used on a quarterly basis for automatic optimal rebalancing of $7 billion in annuity mutual fund portfolios by the Merrill Lynch Insurance Group.
Money Market Fund Balance Projection Model: Built a model for short (1 year) and long-term (5-10 year) balance projections for $65 billion in brokerage non-maturity deposits based on historical balances, market, macroeconomic and other variables, using statistical regression methods. Model correctly and accurately predicted a significant drop in balances during 2002.
Equity Commission Pricing Analysis: Performed statistical data analysis supporting an increase in ML’s equity commissions, expected to contribute $20+ million annually.
Sterile Reserve Minimization Model: Built simulation models that optimize timing, size and number of cash transfers between MMDA and transaction accounts to minimize client cash kept in these accounts and reduce the reserve required by the Fed. Annual benefit of $7.8 million.
Money Market Deposit Account (MMDA) Tier Pricing Analysis: Statistically estimated increased profitability of $150 million by pricing $70 billion of ML Bank deposits by asset tier.
Money Market Fund Liquidity Risk Analysis: Performed historical, market correlation, and stress event analysis to determine investment term structure of deposits for reviews with regulators Federal Deposit Insurance Corporation (FDIC) and Office of Thrift Supervision (OTS).
Optimal Portfolio Rebalancing Model: Built models to automate periodic and event-triggered rebalancing of retail client portfolios in Merrill Lynch Personal Advisor (MLPA) accounts. Portfolios are optimized with respect to criteria of choice, e.g., tracking error or information ratio, and transactions minimize taxes from realized capital gains or losses/carry forwards.
Financial Advisor (FA) Annuity Prospecting Model: Built a logistic regression model that identifies FAs most likely to increase annuities usage by their clients for the Merrill Lynch Insurance Group.
CDO Liquidity Risk Monte Carlo Simulation: Built simulation to help the Swaps Group of ML’s Institutional Division (GMI) establish liquidity requirement on Collateralized Debt Obligation securities backed by Commercial Paper Backstop Revolving Credit Facilities.
Money Market Fund Rate Model: Developed constrained regression model to set yields.
Financial Advisor Retention and Net New Money Analysis: Classified ML’s Financial Advisors (FAs) with respect to new and lost households and associated assets as well as net new money in 2001. Strategy Group used the results to initiate better FA team formation.
Client Investment Performance: Produced a comprehensive statistical analysis across all ML clients for year 2000. Studied client behavior aspects in connection with performance.
March 2019 – present
Director – Finance (MFIN) and Financial Engineering (MFE), School of Business, Hoboken, NJ
Responsible for enrollment, placement, and academic quality of the school’s fastest growing graduate programs.
Led an 11-spot rise in the Financial Engineering program's QuantNet rank: #19 in 2024 from #30 before 2019 via better placement outcomes, focus on quality student recruitment, and improved global reputation.
Developing the Graduate Student Managed Investment Fund (GSMIF) course, where students are taught to manage a live currency (USD) asset class portfolio in which funds are a portion of the Stevens endowment.
Managing the School’s Finance Board of Advisors, which consists of reputable industry professionals, and ensuring its members represent industries and companies that can use the skills we provide to our students.
Attracting high-quality students through yielding activities and active pursuit of dual-degree agreements in my Master's programs. Financial Engineering program enrollments increased 232% to 73 (= 64 FT + 9 PT) in Fall 2024 from 22 (= 19 FT + 3 PT) in Fall 2023. Finance program enrollments increased 6% to 53 (= 52 FT + 1 PT) in Fall 2024 from 50 (= 49 FT + 1 PT) in Fall 2023. With total Fall 2024 enrollments of 160, the Financial Master's programs group, which also includes Financial Technology & Analytics and Accounting & Analytics is now the largest in the School of Business.
Diversifying our student body through existing and new degree agreements under development with schools in the European Union, Latin America, East and South Asia as well as in the United States.
Helping organize student clubs, seminars, career advising & alumni networking events and other activities.
Mentoring students for career success and connecting them with industry contacts, having them join corporate affinity groups and introducing them to hiring managers; helped more than 300 students in the last year.
Recruiting high-profile adjuncts to teach courses and mentor students, including a Managing Director at a large bank, a Portfolio Manager at a quantitative asset management firm, and the owner of a valuation firm.
Creating a placement platform in collaboration with the Corporate Outreach and Professional Advancement (COPA) office. The target is to have 500 Campus Recruiting / Early Careers Teams onboarded at companies in all sectors of the economy, primarily in Financial Services firms.
Revamped the Finance curriculum to be relevant and responsive to current industry needs; designed a new Wealth Management concentration and refocused existing courses toward a new program in FinTech.
Continuously reviewing the MFIN and MFE curricula to ensure that they meet industry needs and comply with AACSB accreditation standards.
Developed and teaching courses in Investment Management, Derivatives and Wealth Management, which expose students to portfolio management, options trading, and wealth advisory industry practices alongside the theory. Course & teacher evaluations by students rank consistently among the top across the university.
BANK OF AMERICA CORP.
September 2014 – March 2019
Director, Chief Investment Office, Global Wealth and Investment Management, New York, NY
Responsible for delivering investment guidance and portfolio strategies, positioning and implementation advice, thought leadership and due diligence content to the firm’s financial advisors, portfolio managers and clients.
Led the content production and review process of the CIO Weekly Letter on topics of current interest.
Authored several white papers on macro themes and investment trends across all asset classes.
Developed and managed hedging programs and factor-based single stock strategies for client portfolios.
Provided customized solutions for special portfolio needs of Ultra High Net Worth clients.
UBS AG
May 2012 – September 2014
Director, Client Strategy Office, Wealth Management Americas, Weehawken, NJ
Led several initiatives to optimize client experience by leveraging the organization's analytical capabilities.
HELLENIC REPUBLIC
November 2011 – May 2012
Advisor – Finance Ministry, Athens, Greece, and New York, NY
Consulting on mechanisms to align stakeholder interests for sovereign debt restructuring and other matters.
Private Sector Sovereign Debt Restructuring (PSI): Provided research, independent assessments and opinions on incentives aligning the interests of Greece, its creditors, and other stakeholders. Proposed GDP-linked warrants for the bond exchange package that successfully reduced debt by €106 billion.
Post-PSI Activities: Proposed new GDP-linked securities with superior risk/return characteristics for an official sector restructuring, and for the Republic's permanent funding needs. Proposed pro-growth funding policies outlined in Financial Times (in German), The Banker, and The New York Times articles. Assisted with a report for the office of the Greek Prime Minister on opportunities for investors in Greece.
GOLDMAN, SACHS & CO.
2008 – 2011
Vice President – Investment Management Division (IMD), New York, NY
Led quantitative modeling in support of product teams, sales, and infrastructure groups across IMD.
Liquidity Risk Analytics for Unfunded Commitments: Consulted for the firm’s Corporate Treasury on modeling of reserves for a $50 billion portfolio of commitments by borrower sector and creditworthiness.
Trade Confirmations Process Reengineering: Analyzed IMD’s trade confirms to find economically material sources of system bottlenecks to remediate, and “best practice” clusters to adopt system wide.
Fund-of-Funds (FOF) Risk Profile Analysis: Examined FOF risk profiles as PWM client investments.
Portfolio Management Strategies: Developed multi-factor equity model overlays to fundamental equity strategies with significant absolute and relative outperformance in active management and back-tests.
Brokerage Relationship Analytics: Automated the Relationship Asks database across all product groups.
MERRILL LYNCH & CO.
2000 – 2008
Vice President – Global Equities Trading, New York, NY (2007-2008)
Supported sales traders and executives with business analytics in a fast-paced setting on extremely tight real-time deadlines. Developed new methodologies and metrics for client profitability management.
Commission Sharing Agreements (CSA) Analytics: Analyzed profitability impact of CSA on groups of clients. Discovered a contribution margin lift of more than 10% among clients that enrolled in a CSA.
Pro-forma Profitability Assessment: Built and ran models to quickly and accurately assess profitability of pricing, trading volume, and channel mix scenarios of institutional clients that improved negotiating leverage during renewals of 12 annual client contracts valued at more than $70 million in total.
Electronic and Derivatives Trading Propensity Modeling: Built clustering and targeting models that improved accuracy of forecasting and uncovered more than $25 million in annual revenue opportunity.
Vice President – Global Wealth Management, Princeton, NJ (2000-2007)
Conceived and led high-end modeling and analysis that impacted strategic decision making. Built and supported quantitative models to enhance the tactical management of processes in business units.
Revolving Credit Facility Liquidity Risk Simulation: Built a Monte Carlo simulation model that enabled ML Bank to release $4 billion in excess liquidity from its revolving credit line portfolio reserve, and expand the portfolio from 80 to 100 borrowers and from $8 to $13 billion in commitments, resulting in over $40 million in annual pretax income and growth to $20 billion in commitments since 2002. ML Bank USA uses the model monthly for portfolio stress analysis. This work won the Wagner Prize (2004) and the Alexander Hamilton Award (2005).
Mutual Fund Portfolio Optimizer: Designed, tested, and supported use of a Markowitz mean-variance methodology, currently used on a quarterly basis for automatic optimal rebalancing of $7 billion in annuity mutual fund portfolios by the Merrill Lynch Insurance Group.
Money Market Fund Balance Projection Model: Built a model for short (1 year) and long-term (5-10 year) balance projections for $65 billion in brokerage non-maturity deposits based on historical balances, market, macroeconomic and other variables, using statistical regression methods. Model correctly and accurately predicted a significant drop in balances during 2002.
Equity Commission Pricing Analysis: Performed statistical data analysis supporting an increase in ML’s equity commissions, expected to contribute $20+ million annually.
Sterile Reserve Minimization Model: Built simulation models that optimize timing, size and number of cash transfers between MMDA and transaction accounts to minimize client cash kept in these accounts and reduce the reserve required by the Fed. Annual benefit of $7.8 million.
Money Market Deposit Account (MMDA) Tier Pricing Analysis: Statistically estimated increased profitability of $150 million by pricing $70 billion of ML Bank deposits by asset tier.
Money Market Fund Liquidity Risk Analysis: Performed historical, market correlation, and stress event analysis to determine investment term structure of deposits for reviews with regulators Federal Deposit Insurance Corporation (FDIC) and Office of Thrift Supervision (OTS).
Optimal Portfolio Rebalancing Model: Built models to automate periodic and event-triggered rebalancing of retail client portfolios in Merrill Lynch Personal Advisor (MLPA) accounts. Portfolios are optimized with respect to criteria of choice, e.g., tracking error or information ratio, and transactions minimize taxes from realized capital gains or losses/carry forwards.
Financial Advisor (FA) Annuity Prospecting Model: Built a logistic regression model that identifies FAs most likely to increase annuities usage by their clients for the Merrill Lynch Insurance Group.
CDO Liquidity Risk Monte Carlo Simulation: Built simulation to help the Swaps Group of ML’s Institutional Division (GMI) establish liquidity requirement on Collateralized Debt Obligation securities backed by Commercial Paper Backstop Revolving Credit Facilities.
Money Market Fund Rate Model: Developed constrained regression model to set yields.
Financial Advisor Retention and Net New Money Analysis: Classified ML’s Financial Advisors (FAs) with respect to new and lost households and associated assets as well as net new money in 2001. Strategy Group used the results to initiate better FA team formation.
Client Investment Performance: Produced a comprehensive statistical analysis across all ML clients for year 2000. Studied client behavior aspects in connection with performance.
Institutional Service
- Director of the Master's in Finance Program Chair
- Director of the Master's in Financial Engineering Program Chair
- Director of the Master's in Finance Program Chair
- Director of the Master's in Financial Engineering Program Chair
- Student Career Placement Platform Architect Member
- Extended Non-Tenure Track (NTT) Committee Member
Appointments
1. Board Member, Bhargava Capital, a U.S. broker dealer firm, Franklin Lakes, NJ (April 2021 - January 2022)
2. Advisory Board Member, DeWitt Capital Management, Wayne, PA (March 2021 - March 2023)
2. Advisory Board Member, DeWitt Capital Management, Wayne, PA (March 2021 - March 2023)
Innovation and Entrepreneurship
Submitted a proposal to NSF on developing a novel risk management system for equity and options portfolios.
Honors and Awards
Alexander Hamilton Award: Technical lead of team that won Gold in Corporate Finance and Cash Management, and helped Merrill Lynch win First Place overall, November 2005.
The Daniel Wagner Prize for Excellence in Operations Research Practice: Technical lead of team that won with the entry: “Liquidity Risk of Revolving Credit Lines at Merrill Lynch”, October 2004.
Franz Edelman Competition: Member of group that won 1st Prize for Merrill Lynch, May 2001. Finalist with Maritrans Shipping, April 1998.
George E. Nicholson Student Paper Competition: Finalist, May 1993.
NATO Fellow: 1991-93.
Greek State Prize for Academic Excellence: 1982-83, 1983-84, 1984-85, and 1986-87.
The Daniel Wagner Prize for Excellence in Operations Research Practice: Technical lead of team that won with the entry: “Liquidity Risk of Revolving Credit Lines at Merrill Lynch”, October 2004.
Franz Edelman Competition: Member of group that won 1st Prize for Merrill Lynch, May 2001. Finalist with Maritrans Shipping, April 1998.
George E. Nicholson Student Paper Competition: Finalist, May 1993.
NATO Fellow: 1991-93.
Greek State Prize for Academic Excellence: 1982-83, 1983-84, 1984-85, and 1986-87.
Professional Societies
- GARP – Global Association of Risk Professionals Member
- The CFA Institute – The Chartered Financial Analysts Institute Member
- GARP – Global Association of Risk Professionals Member
- GARP – Global Association for Risk Professionals Member
- The CFA Institute – The Chartered Financial Analysts Institute Member
- CFA – CFA Institute Member
- INFORMS – The Institute of Operations Research and the Management Sciences Member
- INFORMS – The Institute of Operations Research and the Management Sciences Member
Patents and Inventions
Systems and Methods for Incentive-Based Compensation: US Patent and Trademark Office Application Number: 13/873,984. Filed on April 30, 2013. Pending.
Selected Publications
Bank of America Merrill Lynch White Paper
- Hatzakis, E. (2022). Understanding Strategies for Managing Concentrated Stock.
- Hatzakis, E. (2020). Understanding strategies for managing concentrated stock.
Stevens / CAPCO White Paper
- Hatzakis, E.; Xie, J.; Pham, M.; Norris, R.; Kerkel, P.; Sharma, N. (2021). How Wealth Management Firms Can Win in Turbulent Times. New York, NY: CAPCO / A Wipro Company.
www.capco.com.
Courses
1. Investment Management, Master's Level Finance Course, Stevens (2019 - present)
2. Derivatives, Master's Level Finance Course, Stevens (2019 - present)
3. Wealth Management: Principles and Practices, Stevens (2022 - present)
4. Supply Chain Finance, Master's Level Course, Rutgers (2012 - 2013)
5. Production and Operations Management, Master's Level Course, ALBA (1997 - 1998)
6. Operations Management, Master's Level Course, Wharton (1992 - 1993)
2. Derivatives, Master's Level Finance Course, Stevens (2019 - present)
3. Wealth Management: Principles and Practices, Stevens (2022 - present)
4. Supply Chain Finance, Master's Level Course, Rutgers (2012 - 2013)
5. Production and Operations Management, Master's Level Course, ALBA (1997 - 1998)
6. Operations Management, Master's Level Course, Wharton (1992 - 1993)