Master in Finance WorldwideFinancial Times
World-class faculty with 93% of practitioners working in top finance sectors and combining their teaching functions with professional activities in the business world. They create rich and challenging programs thanks to their practical experience and a genuine willingness and desire to share their knowledge.Request Information
The IE Finance faculty is comprised of exceptional individuals with from the finance sector, who help our students to develop their full potential from different perspectives.
World-class faculty with 93% working in the finance sector and combining teaching functions with professional activities in the finance & banking world.
Students will work with interactive and virtual investments with a portfolio, or seek real investment opportunities for an LBO and present these to private equity investors.
Based on case studies, practical and interactive learning processes using multimedia applications, an online investment role playing game using the Blooomberg platform, Matlab (fixed income programming, financial modeling), and Factset.
Graduated from Brown University (USA) with a B.S. in Engineering and B.A. in History. Then went on to obtain an M.A. in Mathematics from Tufts University (USA). Worked in artificial intelligence research while in the U.S. and in the telecommunications sector in Spain. He taught mathematics, applied mathematics and econometrics at various universities in the US and in Spain. He has been teaching in the Operations and Finance Departments of the IE Business School since 2002. He also does some literature work and has worked in some human rights issues.
Alfonso de León
Alfonso de León is a Managing Director at the Propietary Trading Division (Alternative Investment Group) of Mizuho International Plc (London), and is also a Partner and member of the Executive Board at Axon Capital SGECR SA, a Venture Capital and Private Equity Firm based in Madrid. He participates in the Advisory Board or as external consultant of different companies, among others BWIN, the online world leader of interactive entertainment, and has founded several businesses in the asset management. He has more than 15 years of experience in finance, including experience in diverse fields of investment banking (corporate finance, credit structuring and sales, credit trading and principal finance investment) at Citigroup and Deutsche Bank.
Head Of Global Equity Research in BBVA since Nov-2010. Previously, she was Director of Fixed Income and Credit at BBVA and Senior Strategist at Crédit Lyonnais. With 15 years’ experience, she has comprehensive experience not only in advising institutional and corporate clients (at BBVA, CL, CA, and BCH), but also in developing and implementing economic and financial risk management models for corporates and financial institutions Master’s degree in Finance at the Centre for Monetary and Financial Studies at (Bank of Spain Foundation) and M.Sc. (London School of Economics). She has also has previous academic experience, with short collaborations as External Lecturer at Carlos III University, and at ICADE Financial Program.
Central Banks and Monetary Policy
PhD (Econ) is currently a Senior Financial Sector Expert in the Monetary and Capital Markets Department of the IMF. Previously, he worked at the Bank of Spain as a Senior Adviser in the Financial Stability Department. Between 2001 and 2005, Antonio worked as Member of the Secretariat of the Basel Committee on Banking Supervision. Before joining the Basel Committee, he was a Senior Economist at the IMF. In 1988, he started his professional career in the Directorate General of Supervision at the Bank of Spain, position achieved through competitive public examinations, ranked number one. Antonio holds a PhD in Economics from Universidad Rey Juan Carlos (Madrid). He is also a Registered Member of the Spanish Official Register of Auditors.
Fixed Income Derivatives
Currently IE Business School associate Professor, he is also CEO and founder of NETVALUE FORENSIC SLP (www.netvalueforensic.com), a firm that focuses on litigation/arbitration disputes from a financial perspective. He has worked as investment banker banker and financial consultant since 1996: mostly derivatives, fixed income, debt capital markets and corporate finance in the following positions: Managing Director at UBS. European Co-Head of Fixed Income/DCM and Derivatives Sales, Director at Deutsche Bank. Responsible for derivatives structuring. Spain and Portugal, Analyst at Merrill Lynch. Mergers and Acquisitions, Analyst at Banco Santander. Derivatives valuation models.
Financial Accounting & Analysis
Professor Huerta is the Deputy Academic Director of the Master in Finance Programs at IE Business School and Manager at Macro & Financial Structure Division of Telefónica Group. With eleven years experience in financial accounting field (five years in Arthur Andersen), Huerta has been teaching in IE for the last four years creative and financial accounting. Professor Huerta has also published two books and several articles.
Equity Hedge Funds
Professor Richards has been in the Hedge Fund Industry both as an Investor and also as a Broker since 1983 when he first met Julian H Robertson Jr. Professor Richards began investing in Hedge Funds in 1983 and over the past 30 years his family has invested in over 70 hedge funds. He recently joined the Board of a major Hedge Fund based in New York and Sydney Australia. He has lectured on Hedge Funds at Harvard, Yale, Princeton. University of Virginia and many other Universities in the United States. His private Dinners in New York with Hedge Fund CIOs have become legendary and cover a broad range of subjects. Professor Richards came to Wall Street in 1973 after serving as an Infantry Lieutenant in the Unites States Army in Vietnam in 1969 and 1970. He spoke Vietnamese and was an Advisor to the Vietnamese Military. He recently retired from UBS Investment Bank where for he was Managing Director and Senior Hedge Fund Relationship Manager. His travels at UBS took him around the world with Hedge Funds to China, Brazil, and all of Europe. He has a Bachelor of Arts in History and minor in Economics from Denison University in 1967 .He has attended as a Guest both the United States Army War College and the United States Naval War College. He is considered an expert on Long/Short Equity Hedge Funds and knows the Tiger World as well as anyone. This will be the first time he has shared his experience and connections in an academic course.
Creating Value through Corporate Change
Professor Azpilicueta has twenty years of investment banking experience, mostly in mergers and acquisitions, equity capital markets, debt restructurings and principal investing, having been actively involved in the structuring and execution of transactions. Currently Prof. Azpilicueta is a Managing Director of HSBC Global Banking and Markets division. Previously Prof. Azpilicueta was a Director General for Spain in Italian merchant bank Mediobanca, Head of M&A for Iberia at Credit Suisse and Managing Director at UBS in London and Madrid. Prof. Azpilicueta has been involved as a Professor for IE in the last four years, specialized in valuation and value creation analysis.
Advanced Corporate Finance
Professor Bellón is Adjunct Professor at IE Business School and Assistant Professor at Universidad Carlos III de Madrid, where his research focuses on banking markets and the finance of innovation. Professor Bellón holds a Ph.D. in finance and an MBA from the Wharton School of the University of Pennsylvania, as a Law and Business Administration degrees from ICADE. Prior to his academic career, he worked for over four years in the City of London as an Investment Banker and Equity Research Analyst covering the Oil & Gas sector. At Salomon Smith Barney (now Citigroup), he was the valuation expert on a team that advised several European Oil & Gas majors in buy- and sell-side M&A transactions, IPOs and seasoned rights issues. At JP Morgan, he was part of the team ranked #2 in the 2002 Institutional Investor Survey of Global Oil & Gas Equity Research.
As bachelor in economics I applied for a job at MEFF RV, the Spanish Derivatives Exchange in 1994, as a pit Ibex35 options trader. Moved to HSBC Investment Bank, a job at the derivatives sales desk until 1998. One client hired me, Invercaixa Gestión SGIIC to manage US, Swiss, UK, Japanese , TMT, Eurozone & euro funds. CFA Charter 2003, did wealth management for a year and the following six Head of Total Return Investments. Still running!
Carlos García de Juana
Carlos García de Juana has a Degree in Law and Degree in Business Administration by ICADE. Carlos is professor in the Facultad de Ciencias Economicas y Empresariales at Universidad Complutense de Madrid (UCM). He worked in the Vega hedge funds as Global Chief Operating Officer and Chief Executive Officer and Director of VegaFund Holdings Agencia de Valores S.A. Prior to Vega Carlos worked in Banco Santander where he was Senior Managing Director in the Wholesale and Investment Banking Division having served as CEO and Director of a number of Santander international operations such as New York, London and Puerto Rico.
Carlos Gila is a frequent lecturer and is widely recognized as one of the Spanish leading financial and operational crisis management professionals. He is a hand-on expert in turnarounds and workouts, with extensive experience in bankruptcy reorganization, the restructuring of troubled businesses, and acquisitions and divestures. He has been highlighted on National media as an authority on restructuring. He began his professional career as a strategic management consultant at Andersen Consulting. After he found and lead Gila&Co. to become the ground breaking Turnaround Firm in Spain for more than a decade. During that time he purchased, turned and sold underperforming companies. He has decades of experience as a CEO, running, advising, investing, purchasing and reviving companies. Carlos Gila has been honored to be the first Spaniard who received the prestigious TMA International Turnaround of the Year Award in 2011 for his turnaround work in La Seda de Barcelona as its Executive Vice Chairman and CRO. Carlos is now Senior Advisor for Oaktree Capital Management and serves as non-executive Director in various company Boards, chairing audit and governance committees.
Carlos Tapia is a highly experienced financial advisor and counselor to Spanish and international business. Carlos‘ work in Corporate Finance at Madrid Inversiones and business management and value creation in Okyaku – a strategy and process consultancy firm – gives him a very wide range in advisory and industrial consulting experience. Co-founder at Integra Estrategia Financiera, a finance and value creation consultancy company and Solchaga Recio Corporate Finance are current high level roles. Carlos holds a degree in Economics for Universidad Complutense de Madrid and a Master in Business Administration from IE Business School of Madrid. He has a BC in Corporate Valuation from New York University and in Value Creation from the Amsterdam Institute of Finance. He has been Finance professor at the IE Business School of Madrid since 2000.
Celia de Anca
Dr. Celia de Anca is currently the Director of the Saudi-Spanish Centre for Islamic Economics and Finance at IE Business School, and the Centre for Diversity in Global Management at IE Business School. She was previously the Director of Corporate Programs at the Euro-Arab Management School (EAMS), Granada. She has also worked for the Fundación Cooperación Internacional y Promoción Ibero-América Europa. (CIPIE) and at the International Division of Banco de Santander. She has a master’s degree from the Fletcher School of Law and Diplomacy (Boston), and from the Universidad Politécnica de Madrid. She holds a degree and PhD from the Universidad Autónoma de Madrid, with a comparative thesis on Islamic, ethical/ecological investment funds and on the London Market. She is the Author of Beyond Tribalism, Palgrave McMillan 2012, and co-author of the Managing Diversity in the Global Organization. Macmillan 2007. She had articles published in specialised journals, in addition to regular articles in the press. She was an external advisor of the Merrill Lynch’s Diversity & Inclusion Council up to 2009.She is a member of the Ethics Committee of InverCaixa’ s Ethics Fund, Spain and a member of the International Scientific Committee of the University Euromed in Marseille, France. She is also member of the Executive Committee at IE Business School. She has received the award of the women executive of the year 2008 by the Business Women Association of Madrid. (ASEME) Ms. de Anca is fluent in Spanish, English, French and Arabic
Constantino Gómez is a partner at Arcano, an independent investment bank that advises on mergers and acquisitions, capital markets, manages private equity funds and advises to high net worth individuals ,as well as a Professor at IE Business School. At Arcano he heads the Capital Markets division. With twenty years’ experience in diverse fields of investment banking (equity capital markets, equity research and sales, equity asset management, private equity and investment consultancy) developed in Credit Lyonnais, Deutsche Bank, Mercer Consulting, La Caixa and Arcano; Gomez joined IE, there years ago, as an associate professor having taught during the last ten years at the IE and IEB for the CFA Institute on matters of debt, performance measurement, private equity and pensions. During the last years Gomez has been a fruitful columnist in the Spanish press and speaker in conferences on pensions and private equity. Holds an Agriculture Engineering degree from the Madrid Polytechnic University and the CFA designation from the CFA Institute.
Real Estate Investment
Professor Reina is Associate Professor at IE Business School in the Masters in Finance and IMBA programs and Senior Manager at Aareal Bank AG. With over 10 year experience in diverse fields of the real estate financing world working for international real estate finance providers, Reina has been involved as a Professor for IE for the last 3 years, teaching Financial Accounting and Real Estate Investment courses. Professor Reina holds an EXMIF (IE) where she ranked first in her class, a Master in Real Estate Management (Universidad Europea), a MA in Law (Carlos III) and a M. Sc. in Business (Carlos III).
Equity Capital Markets
Professor Rubianes is an Executive Director, Head of Equity & Debt Capital Markets and an Executive Committee member at Espírito Santo Investment Bank in Spain. He has fifteen years’ experience in diverse fields of banking (asset management, strategic finance, corporate finance, investment banking and senior management) at BNP Paribas, Ernst & Young and J.P. Morgan. A professor of Capital Markets and Corporate Finance, he holds a BSc in Economics and Business from UCM and the University of Westminster (Madrid, London), a BA in Humanities (Hons) from UOC (Barcelona) and earned an MBA Cum Laude from IE Business School (Madrid). He also possesses accreditations in Financial Investments (CEFA, CIIA Foundation) and Fixed Income (IEB).
Economics for Financial Markets
Daniel Lacalle is an Economist and financial analyst (CIIA title), with a post graduate degree in IESE and a master’s degree in economic investigation (UdV). Mr Lacalle has more than 24 years of experience in the energy and finance sectors, including experience in North Africa, Latin America and the Middle East. Mr Lacalle is currently a fund manager overseeing equities, bonds and commodities. Voted Top 3 Generalist and Number 1 Pan-European Buyside Individual in Oil & Gas in Thomson Reuters’ Extel Survey in 2011, the leading survey among companies and financial institutions.
Author of two best-selling books and regular collaborator with CNBC, El Confidencial, El Mundo, The Commentator, and The Wall Street Journal. Daniel Lacalle is also lecturer for the Master MEMFI at UNED University.
Eduardo López Milagro
Professor López Milagro is currently Controller at Criteria Caixaholding (Grupo Caixa), and member of several Boards of Direction of spanish companies. With eleven years experience at private equity and management portofolios at Corporacion Caja Navarra and Banca Cívica, López Milagro has also been member of the Board and other directive comissions of more than 30 companies, included Isolux Corsan, Fluidra, GAM, T-Solar, Amma Gerogestion, Grupo Recoletos, Oesía Networks… and another listed and non-listed spanish companies and private equity funds, and has been involved as a professor at different fields of finance for 4 years at the Navarra University and others business schools. Professor Lopez Milagro holds an MBA with honours (IE), a PDD (Navarra University), and a degree in Mechanical Engineer (Navarra University)
Debt Capital Markets
As former Treasurer of the Inter-American Development Bank (IADB), from where he retired on April 2007 after a long career, plus his long track record in the practicing and teaching of economics and finance under several graduate programs in Washington, D.C., Eloy García is in a unique position to draw on a long and rich experience to teach financial and treasury management of financial institutions. In his courses he emphasizes the practical applications of financial principles in the context of a globalized framework where contemporary financial executives must operate. The modern CFO, treasurer or finance manager is expected to make decisions in a fluid and volatile environment that calls for the utilization of tools that allow for the hedging of foreign exchange, interest, and market risks, among others. Furthermore, the financial management function of any public corporation has become one that requires constant vigilance to avoid conflicts of interest and to provide the greatest transparency in the completing and reporting of transactions to the outside world. He makes a point of communicating this very clearly to his students.
Financing Instruments for Corporates
Enrique Marquina has a long experience in the financial world, having spent the entirety of his 25-year- career in the financial industry. He occupied different senior positions within ING Wholesale Banking, including MD responsible for Clients and Products in Spain until February 2009. In this position, he contributed decisively to grow ING’s franchise in Spain, playing a key role in some of the most outstanding and sizeable transactions formalized in Spain in the last years, including, among others, a variety of debt capital markets transactions, debt restructurings, structured project financing, M&A transactions and acquisition finance.
In early 2010, Enrique joined Matlin Associates, a Madrid-based corporate financing boutique, to found 2 years later EMPG Partners, a corporate finance boutique specialized in cross-border transactions representing various institutional investors in Spain.
Introduction to capital markets
Eusebio Martin has over twenty five years of professional experience in in private equity and banking, during which he has been responsible of 26 equity and debt investments in medium sized companies worth €600. He is currently a founding partner of N+1 Debt Solutions, one of the first private debt firms in Spain. Previously he was a Partner at N+1 Mercapital, the largest private equity firm in Spain, Corporate Manager at Nuter Feed, Senior Banker at the European Bank for Reconstruction and Development, and Senior Manager at Mercapital. Eusebio has a degree in Economics from Universidad Complutense and an MBA from INSEAD.
Institutions of International Financial Stability
Fernando Fernández joined IE Business School as Chair Professor of Economics and the International Financial System in September 2009. His professional development, which reflects his personal interests, has led him to explore all the different Economics’ fields. He started as a scholar fully dedicated to teaching and research; after receiving tenure from Madrid Autónoma University, he went to work in international economic policy at the IMF as a senior economist, in the banking arena as Chief Economist for Santander Group, in international consulting and as Rector of private universities. Dr. Fernández currently serves as Professor of Economics (Macro, International and Financial Systems) at IE Business School, President of Pividal Consultores and International Consultant on macroeconomic, regulatory and financial issues and as an External Advisor to the Strategic Committee of Arcano Financial Group. He has become a leading media analyst on economic issues in Spain and writes two weekly columns in the printed press.
Financial Statement Analysis
Professor Markarian research interests include executive compensation, corporate governance, and insider trading. He received first prize in the Deloitte and Touche American Accounting Association State of Ohio Graduate Student Competition, and shared the Best Paper Award in Corporate Finance at the Eastern Finance Regional Meeting. Additionally, Garen’s papers have been presented both at the European Accounting Association and American Accounting Association annual meetings, and his work has received mention on FT.com. He has taught financial accounting, accounting theory, and managerial accounting at Case Western Reserve University, Concordia University, and Bocconi University.
Strategic Macro Economics for Investors
Professor of Economic Environment, her most recent areas of focus include how the welfare state affects productivity as well as jobs, and what effect immigration flows have on the labour market. She has developed an indicator for employment-protection legislation that covers all of the OECD countries since 1950, and a new indicator for the generosity of unemployment benefits, called the net reservation wage, for the same countries and period. Prof. Allard has also opened a new stream of research on developing countries, particularly those in Africa, and what factors help them to attract foreign investment and promote growth.
Professor of various Masters and Partner of Restructuring in KPMG. Has wide experience in Corporate & Investment Banking, analyzing the economic and financial performance of the companies, their cash flow generation ability and repayment capacity in Corporate Deals as Leverage acquisitions, Syndicated facilities and Structured finance. In the last few years, he has been involved in the refinancing and restructuring of numerous companies offering services as an external consultant for “debtor and lender advisory services”. Professor Gonzalo Montes holds an Executive in Finance (Instituto de Empresa), MBA (Universidad Politécnica de Madrid) and Bachelor of Arts in Economics. (Universidad Carlos III, Madrid)
Guillermo de Haro
Profesor, writer and entrepreneur, Engineer, Dr de Haro holds an MBA Cum Laude at IE Business School, European Doctorate in Business Administration, Certificate Program in Strategic Decision and Risk Management and Award in Achievement in Digital Analytics by UBC and Digital Analytics Association among other academic studies. He has been Strategic Development Manager at Technicolor Entertainment Services, COO at Workcenter SGD, partner at JotDown.es or “The Cosmonaut” and co founder of several projects like Golfradikal.de or LaGeneracionC.com. Writer of “Corleone Business School”, he publish regullarly in academic journals and general media. Speaker in TV and Radio, he teaches about economy, strategy, social media and CRM, with a focus on the impact of Digital Technologies and the Internet.
With a rich experience working in 25 countries, from America, the Middle East, ex-republics of the USSR, to the Far East, in sectors such as energy, healthcare and government administration, Professor Izquierdo Triana learned about management control techniques and their implementation in different countries and businesses, combining his practical experience with the academic.
Professor Izquierdo has complemented his academic experience with the writing of case studies and articles related to the development and implementation of ABC systems and the Balanced Scorecard, as well as relating to the integration of management control systems and internal auditing in organizations, both in business and of a public nature.
Henrik Lumholdt is the founding partner of Inside Economics, a top-down financial consultancy. He was until recently the Chief Investment Strategist for Spain’s largest asset management company, BBVA AM. Previous positions include Chief Economist for Bank of America, Spain, Head of Fixed Income Research at FG/Merrill Lynch, and Senior Economist at Nordea Bank. A member of the work group for international economics of Spain’s think tank, El Real Instituto Elcano, he spends a considerable part of his professional time focused on international economies and markets. Henrik has been as associate professor of finance and economics at the IE since 2001. He holds a B.Sc. Econ. and a M.Sc. Econ. from the Copenhagen School of Economics.
Ignacio de la Torre
Creative Accounting & Advanced Valuation
Profesor de la Torre is the Academic Director of the Master in Finance Programs at IE Business School and Partner of Arcano as co-head of the capital markets business. With seventeen years experience in diverse fields of investment banking (corporate finance, equity research, specialist sales of media stocks, generalist sales of European equities sales at UBS and Deutsche Bank), de la Torre has been involved as a Professor for IE for the last ten years, teaching creative accounting, macroeconomics, finance & valuation courses. Profesor De la Torre holds an MBA (Insead) a Ph. D. in Medieval History (UNED), an MA in Law (UNED) and a M. Sc. in Economics (ICADE).
Ignacio Escudero has been working in the Cash Management field at BBVA for the last six years, where he currently holds the position of Executive Director of Global Sales. Specialized in the large multinationals segment, his role is to analyze complex structures to make liquidity management, payment and collection structures more efficient on a global basis. He also participates as speaker in several international forums like Eurofinance or SIBOS on a regular basis, mainly related to the use of technology in the cash management business. With an engineering background, Mr. Escudero holds both an Executive Master in Finance as well as International MBA at IE Business School. He also has previous experience managing the international department in an industrial company related to the energy sector.
War & Finance – Lessons from History
Professor González-Posada holds an MBA from the IE Business School, is a proud veteran of the Spanish Navy and expert in Military History. He has worked in several companies such as Procter &Gamble, Telefonica, Cogentco or Weathernews. Nowadays he is Business Development Manager at Air Miles Spain. Writer and Speaker on Business and Military Strategy, his first book “How to Win a War” analyses Second World War from the perspective of a businessman and has been published in Spain, Mexico and shortly in Britain.
Ethical Dilemma's in Finance
Ignacio Magro is a founder-partner of FINAE Partners. He has developed his professional career mainly in strategic consulting, working at Bain & Company for more than 12 years. In 2009, he started his own business to help medium-size enterprises raise debt financing. He has 8 years of teaching experience as a professor at ICADE and IE Business School. Ignacio studied business administration at ICADE, Spain and did an MBA at INSEAD, Fontainebleau. He is now completing a Phd program in Finance.
Advanced Corporate Finance
Ignacio Muñoz-Alonso is CEO and Partner of Addax Capital, LLP, a London based financial firm specialised in mergers & acquisitions and fund management. Prior to that Ignacio was Head of Corporate & Investment Banking for the EMEAP region at BBVA. He joined BBVA from Rothschild, where he was a Global Partner and CEO of Rothschild in Spain for 7 years. Before that he spent 7 years at Lehman Brothers, in London and Madrid, where he was a senior banker within the European Media Team. He has 20 years of investment banking experience, having worked mostly in M&A, Debt Financing and Structure Finance, having advised and raised capital for a large number of global Corporates and Sovereign clients as well.
Íñigo Serrats Recarte
CFA is Director of Financial Institutions for Spain & Latin America at Robeco Asset Management. Previously, he was a Senior Portfolio Manager and resposible for Ethical and Socially Responsible Investments at InverCaixa. He also used to work for BBVA where he held multiple positions as Investor Relations Executive and Portfolio Manager. Mr. Serrats is a Board Member at CFA Spain, Member of the External Ethical Comission of the Ethical Funds at InverCaixa, Associate Professor at IE (Finance at PS Lobby & Advocacy; Socially Responsible Investments (Master in Finance, Master in Advanced Finance) and CFA Exam Preparation Course), Associate Professor at CUNEF (M&A, Financial Markets) and CFA Spain Professor (Quantitative Methods). He is a CFA Charterholder, Masters Degree on Asset Management and Private Banking (BBVA School of Finance), Bachelor on Business Administration (CUNEF) and Bachelor on Actuarial and Financial Sciences (ICADE).
Historical Episodes in Financial Market
James Macmillan-Scott has 30 years of banking and capital markets experience running investment banking, equity and fund management platforms in the US and Europe. From the 1970s James started at Merrill Lynch, London moving to New York as CEO of Swiss Bank Savory Milln returning to Merrill Lynch running International Equity Distribution, N.America. Then Deutsche Bank as Head of Equity, Americas, Board Member of Deutsche Bank Securities , DB’s American Investment Bank, DB’s Global Equity Management board and CEO of DB’s NYSE listed $1bn Mutual Funds. He moved to Paris as CEO of technology bank Hambrecht and Quist – later sold to JPMorgan – when he became CEO of FBR’s European investment bank. After September 11 FBR withdrew and James founded Augusta & Co, a mid-market structured finance merchant bank. He is now President of cultural charity Factum Foundation, a partner in The Principal Alliance and the Saturn System, both family office advisories and a visiting professor at the IE Business School.
Javier Bernad is a communication and marketing executive with experience in higher management positions (Managing Director, Marketing Director, Development Director) in FMCG companies (Procter & Gamble, BAT, Buongiorno) and in Communications and Media agencies (MediaCom, Mediaedge:cia). He has led teams of 100+ people, while managing some of the largest advertising accounts in Spain. Javier is a professor of Advertising and Marketing at Universidad Europea de Madrid. Founder of Speak & Span, a Public Speaking training center, he has trained managers in companies such as HP, Airbus, Credit Suisse, Bankia, Credit Agricole, Philip Morris, Pernot Ricard, and KPMG. Javier holds a degree in Law and in Business Administration from ICADE E-3.
Javier Fernández González
Portfolio Management Competition
Professor Fernández teaches portfolio management at the Master in International Finance and he is the Iberia Market Business Manager for Julius Baer. Since 1993 he has worked for companies such as SNL Financial in New York or Citibank, Morgan Stanley and Merrill Lynch in Madrid. Javier, a CFA Charterholder, holds a Bachelor of Business Administration from the College of William and Mary in Williamsburg, Virginia (U.S.A.), and an MBA degree from IESE, in Barcelona, where he was part of the exchange program with the Booth School of the University of Chicago. He joined IE in 2013, with more than 11 years of teaching experience.
Jean-Marc Bonnefous is the founder and managing partner of Tellurian Capital Management LLP, an investment management firm specialising in energy & commodity investment strategies. Prior to that he was the Global head of Commodity Derivatives at BNP Paribas until 2006, based in New York and London. He built and managed the commodity derivative trading business at BNP Paribas across a wide range of commodity assets including oil, natural gas, power, emissions, coal, metals and agricultural commodities. Mr. Bonnefous has been involved in commodity derivatives trading throughout his career and participated in the development of the OTC derivative market in oil, natural gas and base metals from the early 1990’s. He hold a degree from the Institut d’Etudes Politiques de Paris (SciencesPo) as well as a master in law from the University of Paris-Assas and a DESS in Banking and Finance from the University of Paris-Dauphine.
Jeffrey R. Geygan
Professor Geygan is the President and CEO of Milwaukee Private Wealth Management, Inc. an SEC registered investment advisory firm, and co-founder and President of Atlas Investment Partners, LLC a closely held private equity fund. Geygan’s investment career spans nearly 25 years, including positions at UBS Financial (Sr. Vice-President Investments) and Salomon Smith Barney (First Vice-President, Senior Portfolio Manager). He is a frequent guest lecturer at both the University of Wisconsin – Milwaukee and Madison. Geygan is a 1983 graduate of the University of Wisconsin – Madison holding a BA in Economics.
Portfolio Management Competition
Over 20 years direct fund management experience with direct responsibility for multi-billion pound fund ex deputy CIO FTSE 100 pension schemeDirector/partner of fund management company with £15bn AUM. John is CFA member, he has wide experience of running not only multi-regional equity & bond funds but also hedge funds (long/short & market neutral).
Mr. Siska advises on wealth management, investment policy, risk governance, and process design. He has a broad international experience with leading global financial institutions. On the institutional sell side, Mr. Siska has been Head of Equities at Instinet in London, and Managing Director of ABN AMRO Equities in Madrid. On the buy side, Mr. Siska has been Chief Investment Officer – Equities in Santander Asset Management, where he created and ran asset management units in Luxembourg and Dublin, and earned the “Award to the Financial Innovation”. He also run the consulting business of Santander Noble Lowndes in Spain. As a commercial and investment banker, he has worked in Madrid, Mexico, and Chicago with Continental Bank and First Chicago. As a NED, he chairs the audit committee of the BlackRock Absolute Return Strategies Fund, a hedge fund of funds listed in the London Stock Exchange. Mr. Siska has formerly been Trustee of the Reuters Pension Fund, member of KPMG´s Investment Management Advisory Board in Spain, member of the Board of Directors of the International Society of Financial Analysts, Founding member of the Global Council of the CFA Institute and Founding President of the CFA Institute in Spain. Mr. Siska is a CFA and holds a MSc from Northern Illinois University and a BA degree from ICADE in Madrid. Mr. Siska is coauthor of “Investment Securities Program Guide” published by McGraw Hill in the USA.
José Antonio Larraz
Mergers & Acquitisions
José Antonio Larraz is a partner in Capital Alianza, a Spanish private equity management firm focused in the middle market. He also worked for 4 years in the investment banking division of Lehman Brothers in New York and London. He was a member of the M&A team where he participated in more than 10 transactions including mergers, buy-side and sell-side mandates
José Ignacio Morales
He is currently the Corporate CFO of Sener Group. With more than fifteen years of experience in diverse fields of finance (auditing, corporate finance, equity research and real economy investments), Morales has been involved professionally in the process of developing and analyzing investment opportunities which required complex modeling exercises. He is a board member of companies in the sectors of Renewable Energy, Aerospace, Industrial Goods, Engineering and Construction. Morales held different financial positions in Spain, Switzerland and USA and he has years of experience in accounting, corporate finance, modeling and valuation courses. Mr. Morales holds a Bachelor in Business Administration, an Executive MBA and a Ph.D. in Economics (thesis in valuation and financing of renewable energy investments).
José Luis Albert
Corporate Equity Derivatives
José Luis Albert is Head of Corporate Equity Derivatives Europe at Banco Santander, where he joined in 2009 to set up the Corporate Equity Derivatives team and started Convertible Origination as a joint venture with Equity Capital Markets. From 2004 to 2009 he was Deputy Head of Corporate Equity Derivatives Europe at Merrill Lynch. Prior to Merrill Lynch, Jose Luis had worked for JPMorgan for 13 years, where he had been responsible for Fixed Income Research for Spain, Product Manager for Spanish Government Bonds, Head of Swaps Marketing for Spain, Head of Equity Derivatives Institutional Marketing Iberia and, from 2001, he was one of the founding members of the Corporate Equity Derivatives team, with responsibility for Iberia. Jose Luis holds an MBA with Distinction by Carnegie Mellon University, a Chemical Engineering Degree (IQS) and a Chemistry Degree (Ramon Llull)
José María García-Casado
Professor García-Casado holds more than 14 years of experience in venture capital, banking and corporate finance, having worked with 3i, Credit Agricole IB and other financial institutions. He also has experience as entrepreneur and angel investor. He co-founded WittPic.com, a social network start-up. Currently he is Country Manager for Spain at 4Finance, a multinational finance company, for which he led the launching of operations in the Spanish market. He enjoys broad experience in structuring of LBOs, MBOs and corporate transactions, both from the principal and lending side. García Casado has served in several Boards of Directors and has a particular interest in the field of portfolio management at private equity funds. Prof. Casado holds an MBA from INSEAD Fontainebleau -including an exchange program with Wharton School-, a degree in finance and economics, and has extensive teaching experience combined with lectures and specialized articles.
More than 14 years of experience in investment banking, private equity and hedge fund industry. Former Head of Research at Cygnus Asset Management, Europe Event Driven Hedge Fund, where he was ranked among the Top 20 Best Analysts by Extel
Financing Entrepreneurial New Ventures
Professor Díaz-Andreu has been teaching at IE since 2000 and is an expert in Business Development and Talent Recruiting in Technology companies. In the last years, he has focused on value creation in the IT arena. He works since 2010 in the Executive Search firm Norman Broadbent. Professor Díaz-Andreu also has extensive experience in business development, corporate finance, budgeting, strategic planning, and project management in Amadeus, Repsol Group (Enagas), Banco Santander, Grupo Multitel (ONO,Uni2,etc.), BNP, JPMorgan and Banco de España. At IE Juan has been teaching for more than 10 years “Entrepreneurship” class to the executive education groups, “Neworking” tecniques to many groups and Information Systems for 5 years in the International MBA program.
Dr. Toro holds a PhD in Economics from the European University Institute (2001). Currently, he is director manager of Arfima Trading, SL., which is a subsidiary of GFI Group. He previously was director manager at Transmarket Spain S.L., being responsible for devising and monitoring all trading operations and trader training. He was head of Research for Transmarket Group S.L., focusing on the global government bond and equity markets. Prior career includes various research and consulting positions at London Business School, Brazilian Ministry of Finance, Fundación CENTRA (Sevilla), and Oxford University. He has teaching experience at the European University Institute (Florence), Nuffield College (Oxford) and Oxford University. He has publications of numerous academic articles, working papers, and book reviews.
Julio Urgel works as professor of finance and negotiation at IE Business School. In addition he manages to find time to serve as Director of EQUIS and Quality Services at the EFMD in Brussels. EQUIS is the leading international accreditation system for business schools around the globe. In both his teaching and his consulting work, where he specialises in mergers and acquisitions, this former IE Business School Dean enjoys exploring the skills that lie between negotiation and corporate finance. Prof Urgel’s areas of focus include financial analysis, cash and credit management, global risk management, valuation and real options.
Asset Pricing, M&A and Typical Mistakes
Dr. Kevin Spellman began his investment career in 1993 and has taught at the university level since 2000. Spellman’s investment experience crosses all asset classes, types of analyses, and investment philosophies. He has managed multi-billion dollar portfolios for public and private (mutual fund) institutional firms, led a large analyst team as director of research, and performed research for Wall Street brokerage firms. Spellman has taught at several respected universities and directed several investment programs. He is currently the director of the Investment Management Certificate Program at the University of Wisconsin-Milwaukee, and is Adjunct Professor (periodic) at IE Business School. His research is in investment strategy, behavioral finance, and asset pricing. He consults in the areas of behavioral finance and strategy. Spellman earned a PhD in behavioral finance from Durham University in the UK and a MS-Finance degree from the University of Wisconsin-Madison. He is a CFA charterholder.
Professor Rial is the CEO of Balneario de Mondariz and the Executive Director of the Advanced Management Program of Galicia at IE Business School. With nineteen years of experience in several enterprises (Caterpillar Financial, ALSA Grupo, IE Business School, etc) he has been involved as a Professor for IE for the last nineteen years too. He holds a degree in Economics and Business (Universidad de Navarra) and an MBA cum laude (IE Business School). He is author of several books, about excel business solutions, and the blog La Rebotica de Excel.
Professor Torralba, Economist, with over sixteen years experience in Ahorro Corporación (leading Spanish Investment Bank). This professional period began with 8 years analyzing Spanish and European banks as Equity Research Analyst. The last 8 years have been characterized by the study of global and local trends in commercial and investment banking, focusing on Spanish savings banks, with an approach intended to facilitate strategic decision-making to Ahorro Corporación Senior Management. Additionally, in October 2009, everis Foundation awarded a book written with two other professors from IE, entitled “The end of the crisis? “, which addresses the crisis from many angles. Moreover, apart from being Associate Professor in IE Business School from 2009 to present, has written several technical notes and given some lectures related to Banking. Finally, he combines his professional work with the publication of occasional articles in the leading financial website El Confidencial.
Professor Leis Mayán is Lawyer from University of Santiago de Compostela and received his Master in Corporate Legal Advice from IE LAW SCHOOL of Madrid. At this time, he is Managing Partner of GV ABOGADOS, S.A., a prestigious consulting firm of Madrid. He teaches Local Taxes, Corporate Tax in PSAF and LLM, and International Taxation in MIM
Investing in Emerging Markets
Professor Maldonado is currently Managing Director of the PwC-IE Business School Financial Sector Center. He has devoted most of his career to understanding the forces that drive changes in the World at large and individual country economic environments. On the way, he has become passionate about the so called “emerging countries”. In the field of research, he has focused on capital flows as the driving force explaining the growing importance of emerging markets. More recently, he has studied in depth global financial sector challenges and the opportunities arising in different regions, namely Europe and Latin America. With missions as an International Monetary Fund official to more than fifty countries, he has seen policy makers in action around the Globe, as well as the most diverse business climates. He has also participated in key international meetings, such as: trade talks within the WTO in Doha and Cancun; IMF, World Bank, Interamerican Development Bank (IDB), EBRD, European Investment Bank (EIB) meeting; G-7 and G-20 gatherings; and European discussions at the Ecofin and Eurogroup. Professor Maldonado holds a PhD in Economics (Alcalá University), a Certificate in Business Administration (Georgetown University), an MA in Law (ICADE) and an M.Sc. in Economics (ICADE). He is also State Economist of the Government of Spain (Técnico Comercial y Economista del Estado)
Holistic Finance and Investing
Luke Fairborn has nine years of equity research experience at Artisan Partners, where he was the lead sector analyst for the industrials, energy, and materials sectors. In that role, Luke managed hundreds of millions of equity capital and established a track record of consistently exceeding relevant benchmarks. Prior to Artisan, Luke worked for over four years as a civil engineer for GeoSyntec Consultants, a geotechnical and environmental engineering firm. Upon leaving Artisan in 2011, Luke worked in Investor Relations at First Solar, one of the world’s largest solar companies, where he was part of a team that the sell-side voted best Investor Relations program in Alternative Energy. Currently, Luke is a Managing Director for Belle Camp Associates, a consulting firm focused on helping mid-market companies. Luke has held the Chartered Financial Analyst (CFA) designation since 2004. Luke holds a B.S. in civil engineering from the University of Notre Dame, an M.S. in civil engineering from Northwestern University, and an M.B.A. from the Kellogg School of Management.
High Yield and Leveraged Finance
Professor Mendivil is the Fund Manager of a European credit investment vehicle and the Partner in charge of credit investments at Grupo Arcano. Previously he worked for 11 years at Merrill Lynch both in New York and London, most recently as Managing Director in charge of the Asset Finance and Principal Investments for Europe, with responsibilities over several large size credit portfolios for Merrill Lynch’s proprietary account. Investment instruments included loans, high yield bonds, mezzanine, equity, warrants, securitizations and consumer finance assets across several countries. He has been a member of the Board of Directors of several companies in the UK, France and Italy. Prior to this, he worked as a Director in the Leveraged Finance Group at Merrill Lynch both in New York and London and at Santander Investment within the emerging markets fixed income department.
Derivatives & Risk Management
Professor Moreno holds a Ph. D. in Economics by University Carlos III de Madrid and a B. Sc. in Mathematics by Universidad Complutense de Madrid. He is currently Associate Professor of Finance at Universidad Castilla-La Mancha, Adjunct Professor at the IE Business School, and Associate Editor of the journal Studies in Economics and Finance. He is also coordinator of the Official Master in Banking and Quantitative Finance and of the Ph. D. Program in Banking and Quantitative Finance), and director of the Course on Advanced Financial Advice and Planning, all of them at Universidad de Castilla-La Mancha. He has previously held teaching and research positions at the Financial Option Research Centre (Warwick Business School), IESE Business School, Universidad Carlos III (Madrid) and Universidad Pompeu Fabra (Barcelona). In the past, he was the Founder and Co-Director of the Master Sc. in Finance at Universidad Pompeu Fabra (Barcelona), Associate Editor of Revista de Economía Financiera and Co-President of the Scientific Committee at the XIV Meeting of the Spanish Finance Association. Instructor in several “in company” courses in institutions, as for instance, Caixa Catalunya, Endesa or Banco Popular. He has published extensively in leading scientific journals as, for example, European Journal of Operational Research, Review of Derivatives Research, Australian Journal of Management as well as in several professional volumes. He has been awarded different prizes including being nominated for “Best Professor of the Year IE Business School Prize 2011” in full-time Masters. Included in the Top 3 of the professors in the course 2010-11, nine Prizes of Teaching Excellence in Instituto de Empresa Business School and the Barclays Global Investors Australia Research Award.
Manuel Romera is professor of financial management at IE, he is an expert in accounting analysis and the valuation of firms, where he is renowned for his knowledge of financial engineering. In his own words, “ I have also channeled my efforts into Basilea II, whereby I train risk managers in large banks”. Romera considers the valuation of risks to be the main vertebra of financial entities. He holds a master in stock market analysis form the University of Chuo (Japan) a master in
financial marketing form Tulane University (USA), and has participated in diverse international projects, such as a market management project for Mercasur, and analyses of Tokyo stock markets. Before dedicating to teaching activities, he was analyst of Rent 4 and financial director of Alfa Training. At the moment he also does consulting in company valuations, being also adviser of Lincoln International Investment Bank and another four companies.
Financial Accounting & Analysis
Professor of Accounting and Management Control and Vice-dean of Research at IE Business School in Madrid (Spain). He holds an M.Phil. and a D.Phil. in Economics from the University of Oxford (UK), a doctorate in Public Economics from the University of Pavia (Italy) and a “Laurea” degree in Economic and Social Sciences from “L. Bocconi” University (Milan – Italy). Before joining IE Business School he held academic positions at Carlos III University (Spain), the University of Oxford (UK) and at the London School of Economics (UK). He teaches accounting to master, MBA and doctoral students. He has held visiting positions at the University of Chicago GSB (U.S.A.) and at “L. Bocconi” University in Milan (Italy). Marco’s research interests center on the economic analysis of accounting and auditing regulation and on the theoretical and empirical analysis of disclosure. His work has been published, for example, in the Journal of Economic Behavior and Organizations, Accounting and Business Research, European Accounting Review, Journal of Accounting and Public Policy and the Journal of Business Finance and Accounting
Microfinance in Ghana
Executive Director of Financieros sin Fronteras. Professional experience focused primarily on the launch of business projects. Ran her own company and previously worked as an immigration consultant in the business creation department in Australia & New Zealand Migration Bureau, in Amsterdam, helping entrepreneurs develop their business projects. Extensive knowledge of microfinance and economic development and its area of research related with the BOP business and CSR policies of private companies.
Degree in European Business Administration from the Hogeschool voor Economische Studies, Rotterdam, The Netherlands. Studied the Master of International Relations at IE Business School.
Fixed Income Capital Markets
Professor Aldama has spent more than 20 years in the investment banking industry holding a variety of positions in Corporate Finance, Fixed Income Sales and debt Capital markets. He has worked in prestigious institutions such as JP Morgan, Dresdner Kleinwort, Deutsche Bank ,UBS and RBS. He is currently an Independent Financial Advisor. Professor Aldama holds a Law Degree from ICADE E-1 and an MBA from the Carroll Graduate School of business at Boston College.
Miguel Angel Muñoz de Luna
Private Banking & Managing of private wealth
Miguel Angel Muñoz de Luna has worked during the last 16 years at Deutsche Bank, where he has held the positions of Director of Marketing and Distribution of X-markets Spain (listed structured products), Private Banking Segment Director, Regional Director of Private Banking, and HNWI Group Director. He has also worked as Investment Funds Management Director at GesNatWest (NatWest Bank Group). Previously he was Deputy General Manager – Finance at Caja Cantabria and Portfolio Management Director in charge of individual portfolios, mutual funds, pension funds in Banco Santander. He has also worked as Finance Officer and Credit Account Officer at Bank of America. He previously worked as an engineer and construction Project Manager for The Austin Company. His academic background includes an International MBA from IESE, a Master of Science degree in Civil Engineering from the Ohio State University, and a Bachelor of Science degree in Civil Engineering from the University of Massachusetts.
Miguel Pérez Somalo
Introduction to capital markets
Miguel Pérez Somalo is Partnerand Vice President of LF CASTAÑEDA EAFI, SL – independent financial advisors registered in the Spanish financial regulating commission (Comisión Nacional del Mercado de Valores (CNMV). With more than 30 years of experience, he has held numerous senior positions in the financial sector. General Manager and Advisor for Interrmoney, SA (company focused on financial analysis, macroeconomic monitoring, consulting, financial assessments and training for financial institutions. Dates: 2006-2009. General Manager and Advisor for Intermoney Gestión S.G.IIC, S.A. (company focused on creation of management companies (Mutual Companies, SICAVs and management of investment funds, SICAV´s) and portfolios. General Treasurer and Member of the Executive Managament of Banco Popular. Member of the Committee of Assets and Liabilities and Committee of Investors in Europensions of Grupo Banco Popular. 1997-1999.
Geopolitics and Investing
Dr. JONES is founder of Inveniam Strategy, a member of the private equity network “The Enterprise 100”, and a non-Executive Director at firms in the US and Spain. Milo has worked as a consultant for Accenture and Citibank Emerging Markets Group in London, as a broker at Morgan Stanley Dean Witter in New York (NASD licensed Series 7, 31, 63, 65 and Rule 144/Cashless Options Specialist), and served four years as an officer in the US Marines. He is a Fellow of the Salzburg Global Seminar, a member of the International Association for Intelligence Education, and a member of the Association of Former Intelligence Officers. At IE he teaches Geopolitics for MIAFs, The Multinational Firm and Geostrategy for MIMs, and Business Government and Society (an integrated strategy course) for IMBAs. He has a BA from Northwestern University, an MBA from LBS, and an MA and PhD from the University of Kent.
Oliver Steinki is currently setting up an algorithmic trading house based on academic research in Geneva, Switzerland. Previous roles include multi-asset-class derivatives trading at Stigma Partners, a systematic global macro hedge fund in Geneva, research at MSCI (Morgan Stanley Capital Intl.) and corporate banking with Commerzbank in Germany. Oliver has also co-founded several successful start-ups in Germany.
Oliver obtained his doctoral degree in Financial Mathematics from the University of Manchester and graduated as a top 3 student from the Master in Financial Management at IE Business School in Madrid. . Oliver is also a CFA and FRM charterholder
Regulation of Financial Markets
Pablo Sanz started his career in the Internal Audit department of Banco Santander in 1997 where he worked for 5 years, the last 2 in the New York office. He worked as CFO in Impala Capital, a private equity firm, for 6 years. In 2007 he joined JB Capital Markets, a Spanish broker dealer firm, as a Managing Director. He is currently responsible of Operations, Risk Management, Finance, Legal and Compliance and IT.
He has a strong background in risk management and controls implementation at local and international level, having experience interacting with regulators (Reserva Federal, FSA, CNMV) as well as stock exchange agents. His approach to risk management is based in the concept that controls are critical for financial entities sustainability and that a value added approach to controls and regulation should substitute the idea of regulation as a procedure burden.
He has an Executive MBA in IE, a bachelor in Business Administration and a Degree in Law.
Investing in China
Paolo Giancane is currently a Managing Director at a Hong Kong based Corporate Finance Advisory firm. He has been the Deputy GM of Unicredit’s corporate finance team in Beijing and Hong Kong from the establishment of the practice in 2005 through 2009, participating in several equity financings on behalf of Chinese clients. He also advised European clients in prospective investments in China and divestitures of European assets to Chinese buyers. Prior to joining UniCredit in 2002, Paolo worked at Lehman Brothers in Milan, London and New York in the corporate finance and leveraged finance groups. He was exposed to mergers & acquisitions, equity and debt transactions in Continental Europe, United States and emerging markets. Mr. Giancane holds a BA Degree from Università Bocconi in Milan and a MSc in Finance from London Business School.
Professor de l’Etraz began his career as an investment Banker at UBS Securities in NY and London and then went on to become Managing Director of M&A at ABN AMRO in London and Amsterdam. After 21 years in M&A he decided to become an entrepreneur and angel investor creating 5 startups in the last 10 years before settling into an Academic career after completing his PhD. Since 1999, Paris also received 7 patents in the world of CRM and social networking. Today Paris teaches entrepreneurship at IE and runs the Venture Lab as well as his investment banking boutique www.Amazinglab.com on a part-time basis.
Equity Derivatives & Volatility
Professor García-Loygorri is Executive Director, Head of Delta1 Equity Trading at BBVA. With fourteen years experience in diverse fields of investment banking (equity research, derivatives research, equity cash and derivatives sales). As Equity Research Analyst, he developed the Pan-European Research team in BBVA, and headed the TMT sector, being personally responsible for coverage of several technological and Internet companies. In 2003, he was given the mandate to build an Equity Derivatives Research team, which he run for the following three years, to develop plain vanilla and structured Equity product ideas for BBVA’s institutional clients. Between 2006 and 2009 he leaded the Equity Flow Sales team covering institutional clients in Spain and Europe and he was responsible for the deployment and development of BBVA´s sales force across Europe. He was appointed Head of Delta1 Equity Trading in 2009.
Professor Melero has a dilative experienced as quantitative advisor to Spanish and multinational companies. Pedro holds an Industry Engineering degree from the Madrid Polytechnic University and belongs to the Engineering Corporation of the Spanish Industry Minister.
Phil Roth retired after 46 years as a Technical Market Analyst. He produced daily and weekly written commentaries for the retail and institutional markets for a number of major brokerage firms. He was voted number one in charting and technical analysis in the Reuters poll, and was in top five among all Morgan Stanley analysts by retail sales force for three years in a row, 1998-2000. Phil appeared regularly on CNBC and Bloomberg TV for expert market opinion and frequent market opinions in the print media. He was President and board member of the Market Technicians Association (MTA) and is currently Treasurer of the MTA Education Foundation. Adjunct Professor in Technical Analysis at Fordham University Graduate School of Business Administration for 10 years. Analysis combines top down and bottom-up approaches utilizing more than 150 indicators, including many proprietary tools. Phil was among the first recipients of the Chartered Market Technicians (CMT) designation in 1989.
An expert in strategic alliances and legal negotiations, María del Pilar Galeote combines extensive experience in both teaching and business. She is a member of the Legal Counsel Department at Telefónica Intercontinental where she worked in UMTS tenders. She later worked at Clifford Chance, where she specialized in aspects related with negotiations processes in mergers and acquisitions. She has written her doctoral thesis about the vote agreements in corporate companies.
Since 1999, she has taught negotiation in different masters, development and executive education programmes at IE, where she is also Associate Director of the Centre for Negotiation.
Rafael Gonzalo Peces
Rafael Gonzalo Peces launched in 2003 the Spanish operations of LINK Financial where he is Managing Director and Board Member. LINK is one of the leading funds in Europe investing in distressed consumer receivables. He has extensive experience in strategic and management consulting and in the financial sector, advising senior management of major Spanish, Latin American and European companies and private equity groups on strategic issues, focusing primarily on M&A, competitive dynamics, growth opportunities, and sales and marketing strategies. He has worked for Bain & Company, Merrill Lynch, PwC and Banco Español de Crédito. In 2000, Rafael participated, as Chief Investment Officer, in the set up a venture capital fund (DOING), focusing primarily in broadband-related technology and content projects. In addition, he is member of the advisory board for Spain & Portugal at Wolters Kluwer, member of the academic counsel at FIDE Foundation and advisor and board member in different companies. At IE, he lectures in the MIAF, EXMDF and EXMBA programs and previously, he has been, at Bain & Company, continued trainer at worldwide training programs (associate consultants, consultants and managers) and member of its worldwide Professional Standards Committee.
Analysis and selection of funds
Rafael Hurtado is Chief Investment Officer (CIO) of Allianz Popular Asset Management. He has been involved as a Professor for IE for the last nine years, teaching finance in several programs (master’s degrees and executive education). Hurtado´s research is focused on finance, asset management, private banking and alternative investments.
Rafael Martins de Lima Ferreira
Fixed Income Fundamentals
Rafael Martins de Lima Ferreira is Managing Partner of SAT Capital, where works in M&A, Capital and Debt transactions and Real Estate. In addition to that he frequently defends reports on International Courts of Arbitrage about Financial Products, Investments, Valuations & Renewable Energy. Prior to that , he has been CEO of Hera W2R (Waste to Resource), company dedicated to produce energy or other resources from waste as well as producing and trading of Carbon Emission Rights. At the same time he is Professor of Finance of IE at Madrid. Earlier, he has been Managing Director of Grupo Santander, having worked in fields as Corporate Finance, Capital Markets, Risk Management and Consumer Finance, for America, North Africa, and Europe Divisions. Previously he has been Business Development Manager of Amadeus Global Travel Distribution, Consultant at McKinsey & Co and System Analyst of Procter & Gamble.
Portfolio Management Competition
Ramón Carrasco has a long experience in financial markets with 15 years of professional activity in different areas, not only in the sell-side but also in the buy-side, such as: equity research, portfolio management, corporate and IPOs. Currently, he works in ANDBANK Luxembourg as Senior Account Manager. He has also worked in BNP Paribas Wealth Management. Academically he has been working as associated professor during the last six years is several business school and universities focused on valuation method, asset classes and portfolio management.
Professor Portela is a Managing Director at Morgan Stanley Investment Banking Division, where he currently heads the Financial Institutions practice for Iberia. Mr. Portela has 15 years of experience in investment banking, and has worked in more than fifty successfully completed M&A and capital markets transactions. Prior to Morgan Stanley, Professor Portela worked in Deutsche Bank. He holds and MSc in Economics by ICADE. On the academic front, besides his relationship with IE, Mr. Portela is also a professor of Mergers and Acquisition in ICADE and a frequent speaker in the courses related to the financial sector in IESE.
Economics for Financial Markets
Associate Professor, Master in Finance Program at IE Business School and President of Edgewater Advisors Ltd., a Corporate Finance and M&A Advisory firm based in Canada. Mr. Howard has over 25 years of experience in corporate finance, banking, wealth management and brokerage, and has worked in Canada, the U.S. and throughout Latin America. Mr. Howard holds a Bachelors Degree and a Masters Degree in Economics and has an MBA in Finance. He is a graduate of Wharton’s Advanced Management Program at the University of Pennsylvania.
Introduction to capital markets
Sandrine Naslin has 20 years of experience in international capital markets, first as a top ranked equity research analyst across various European sectors, later as CEO and head of equities of UBS investment bank in Madrid. Having worked in London, Paris and Madrid, dealing with institutional clients and companies across the globe has been the most enriching side of her professional experience. “This is what I find particularly attractive about collaborating with IE business school; its international programmes provide me with the opportunity to share experiences with students from a wide range of cultures and sectors”.
Santiago García de Juana
Professor García de Juana has a long and proven experience in the structured finance, investment banking and private equity industries, and in the management of companies. He has more than 24 years of experience having dedicated most of his life to the banking industry (corporate finance, structured finance and wealth management) and to the private equity and management. Santiago led in 2011 a MBO of a company with an Enterprise Value of more than € 200 mio, in which he currently is a shareholder and CFO. Previously, he was a Managing Director of UBS and member of the Executive Committee of UBS Bank, S.A. (Spain) and Head of Project Finance in The Chase Manhattan Bank.
Sara Farooqi is an Associate Professor at IE Business School where she teaches courses in Quantitative Methods, Finance & the Capital Markets. Previous to IE, Sara worked in investment banking in Goldman Sachs (London) and JP Morgan Chase, where she was focused mainly in the Natural Resources & Commodities sector. Sara holds an MSc. from the London School of Economics in Decision Sciences (Operational Research) and a BA from Vassar College, New York where she studied Economics and Mathematics
Private Equity & Corporate Analytic
Specialist in developing bespoke financial models that are used by key decision makers in some of the largest private equity firms and international corporations to evaluate multi-billion dollar transactions.
Tri-Artisan Partners Europe LLP – Co-Managing Partner (2006–2013) Investment banking advisory and merchant banking boutique focused on the leading global private equity funds and selected sovereign wealth investors, with offices in London and New York. Services included: idea generation, CEO operating executive input and active financial modelling/deal execution support. Managing Partner/MD relationships at Apollo Management, Blackstone Group, KKR, Oaktree Capital, TowerBrook Capital, H.I.G. and Oak Hill.
Asset Liability Management
Victor Morillo began his career in Wachovia Bank, US. working in capital markets and corporate finance. After two years he moved to consulting with PwC. He was manager of several risk management related projects, centered in Ias 39/Fas133 implementation, credit risk under Basel II and asset-management. He became the Head of ALM in Banesto, a commercial bank in Spain, managing interest rate and liquidity risk for the balance sheet. He recently joined the Santander Group as the Global Head for Basel III implementation. His skills area are derived from both industry and consulting experience of treasury and risk management tools and techniques as well as consideration of strategic and organizational issues.
Portfolio Management Competition
Vikas has over 20 years of capital markets experience, having worked in London and New York at UBS, Credit Suisse First Boston, Deutsche Bank and HSBC. He was named one of the three most influential analysts in emerging markets by Reuters and became the number one ranked emerging markets strategists in the 1990s.
In 2004, Vikas co-founded an emerging markets hedge fund, which managed about 800M USD, before going on to become CEO of Exotix, a frontiers markets-focused investment bank owned by ICAP and its management. He is currently a senior advisor to Axon Partners Group, a Madrid-based private equity and consulting firm. He also advises other corporates and investment companies on capital markets.
His prior teaching experience was as lecturer in the management department of the Wharton School. Vikas has an undergraduate degree from the Sri Ram College of Commerce in Delhi and an MBA from the Wharton School in Philadelphia.
Walter de Luna
Associate professor at IE since 2001 in several finance programs of IE Business School. He has 25 years of experience in finance and real estate business as well as corporate finance experience in several industrial sectors. He has held general management positions for the last 18 years in compnies like Sareb and ING Real Estate. Professor De Luna holds a Msc in Economiccs, Msc in Law (ICADE) and a PhD in business economics and finance (UCM). He has co-authored 4 books on valuation, corporate finance, real options and real estate markets and published several articles in journals
The Master in Finance has been consistently ranked in the top 8 by the Financial Times´ Global Masters in Finance rankings in the past four years. It is also ranked No.1 worldwide by eFinancialCareers, a ranking that measures the number of students who got jobs in top investment banks.
Master in Finance WorldwideFinancial Times
Master in Finance for getting a job in hedge funds, private equity and asset managementE-Financial Careers
European Business SchoolFinancial Times