J. Richard Zecher is the Director of the Institute. He provides overall guidance and supervision of the Institute's research and programs. A steering committee that advises on research topics is composed of Institute Fellows, many of whom are associated with IA and its affiliated companies. The IA Fellows' areas of research expertise include economics, finance, physics, computer science, and mathematical modeling and benefits from such names as renowned economist Arthur Laffer and the recognized authority in credit risk management, Charles Smithson.
J. Richard Zecher (Richard) is active in the management of two companies he co-founded: P/E Investments (a hedge fund) and Investor Analytics LLC, which provides risk management and related services to asset management firms. He also serves on the board of Oxigene INC, a cancer drug company with several drugs in human testing phases. Prior to these activities, he was President and CEO of UBS Asset Management, Inc., and of its predecessor, Chase Investors Management Corporation. From 1986 to 1990, Mr. Zecher held the positions of Treasurer and Global Risk Manager at the Chase Manhattan Bank, N.A., and from 1981 to 1986 he was the Chief Economist at Chase. Mr. Zecher served as a Public Director on the Chicago Board Options Exchange from 1979 through 1997, and was Chairman of its Audit Committee from 1988 through 1997. Prior to moving to the financial sector, Mr. Zecher held the following positions: Dean of the Business College, University of Iowa (1978 to 1981); Director of Policy Research at the United States Securities and Exchange Commission (1976 to 1978); Associate Professor of Economics at Tulane University (1973 to 1976); Senior Staff Economist at the Council of Economic Advisors to the President (1974 to 1975); and Assistant Professor of Economics at the University of Chicago (1968 to 1973). Mr. Zecher received his BA from the Ohio State University in 1963, an MA from the University of Delaware in 1964, and a Ph.D. from the Ohio State University in 1969. Mr. Zecher is married to Joan Zecher (Née MacCallum), and has four children and four stepchildren.
Wolfgang Bauer, Ph.D. is Chairman of the Department of Physics and Astronomy at Michigan State University. Wolfgang is an expert in the study of complexity theory and applies his talents beyond the traditional disciplines of physics. He holds a patent for a "Method and System for Detection of Biological Materials Using Fractal Dimensions." Wolfgang has performed extensive research in nuclear theory, winning several awards including the Alexander-von-Humboldt Foundation Distinguished Senior U.S. Scientist Award. Further information about Wolfgang is available at http://www.pa.msu.edu/~bauer/. Prior to founding IA he was with Deloitte Consulting Group where he specialized in the Financial Services practice. Damian is an expert in numeric modeling and analysis and has authored numerous publications in the areas of financial risk analysis and physics.
Ronald Liesching is a founding member and Chief Research Officer of Pareto Partners. He has over 20 years of experience in quantitative modeling and currency management and was an adviser to the U.S. Risk Standards Working Group. Ronald regularly lectures at universities and Central Bank meetings and is the editor of the recently published book entitled Risk Budgeting.
Dr. Francesco Mainolfi is a Managing Director, Co-Chief Executive Officer and the Chief Investment Officer of The Richcourt Group. Dr. Mainolfi also serves on the firm's Investment Committee. Prior to joining Richcourt, Dr. Mainolfi was a Principal Investment Officer and Head of Hedge Fund Investments at The World Bank Pension Fund. Dr. Mainolfi is the co-developer of BFAM, a quantitative hedge fund rating methodology. He has also led the industry in decomposing risk factors from hedge fund returns streams and has applied such knowledge to innovatively construct portfolios.
Jose Mario (Pepe) Quintana, Ph.D. is Chairman and Founder of BEST (Bayesian Enhanced Strategic Trading LLC). Concurrently, Pepe is Portfolio Manager at The Nikko Securities Co. International, Inc. Previously, he was Managing Director and co-head of the Global Dynamic Asset Allocation Group for CDC Investments. As Head of Quantitative Research at Bankers Trust, Pepe developed global asset allocation strategies. He is widely published and his research focuses on Bayesian Forecasting and Optimal Decision Making in the investment management context.
Charles Smithson, Ph.D. is an economist and President of RutterAssociates, a credit risk management firm. Charles is known as an expert in financial risk management, currently specializing in credit risk management.
He has held positions in academe as the Director of the Ph.D. program at University of North Texas and in government at both the Federal Trade Commission and the Consumer Products Safety Commission. Charles has authored several books, including Credit Portfolio Management.
Wolfgang Bauer, Ph.D. is Chairman of the Department of Physics and Astronomy at Michigan State University. Wolfgang is an expert in the study of complexity theory and applies his talents beyond the traditional disciplines of physics. He holds a patent for a "Method and System for Detection of Biological Materials Using Fractal Dimensions." Wolfgang has performed extensive research in nuclear theory, winning several awards including the Alexander-von-Humboldt Foundation Distinguished Senior U.S. Scientist Award. Further information about Wolfgang is available at 
Prior to founding IA he was with Deloitte Consulting Group where he specialized in the Financial Services practice. Damian is an expert in numeric modeling and analysis and has authored numerous publications in the areas of financial risk analysis and physics. 
Ronald Liesching is a founding member and Chief Research Officer of Pareto Partners. He has over 20 years of experience in quantitative modeling and currency management and was an adviser to the U.S. Risk Standards Working Group. Ronald regularly lectures at universities and Central Bank meetings and is the editor of the recently published book entitled Risk Budgeting.
Dr. Francesco Mainolfi is a Managing Director, Co-Chief Executive Officer and the Chief Investment Officer of The Richcourt Group. Dr. Mainolfi also serves on the firm's Investment Committee. Prior to joining Richcourt, Dr. Mainolfi was a Principal Investment Officer and Head of Hedge Fund Investments at The World Bank Pension Fund. Dr. Mainolfi is the co-developer of BFAM, a quantitative hedge fund rating methodology. He has also led the industry in decomposing risk factors from hedge fund returns streams and has applied such knowledge to innovatively construct portfolios.
Jose Mario (Pepe) Quintana, Ph.D. is Chairman and Founder of BEST (Bayesian Enhanced Strategic Trading LLC). Concurrently, Pepe is Portfolio Manager at The Nikko Securities Co. International, Inc. Previously, he was Managing Director and co-head of the Global Dynamic Asset Allocation Group for CDC Investments. As Head of Quantitative Research at Bankers Trust, Pepe developed global asset allocation strategies. He is widely published and his research focuses on Bayesian Forecasting and Optimal Decision Making in the investment management context. 
Charles Smithson, Ph.D. is an economist and President of RutterAssociates, a credit risk management firm. Charles is known as an expert in financial risk management, currently specializing in credit risk management.
