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Prof. Dr. Peter Schwendner

Prof. Dr. Peter Schwendner

Prof. Dr. Peter Schwendner

ZHAW School of Management and Law
Institute of Wealth & Asset Management
Technoparkstrasse 2
8400 Winterthur

+41 (0) 58 934 78 86

Personal profile

Management role

  • Director of Institute, Institute of Wealth & Asset Management
  • Head, Center for Asset Management

Position at the ZHAW

Professor for Banking and Finance

Active Investment Management (BSc Banking and Finance)
Quantitative Strategies and Hedge Funds (MSc Banking and Finance)
Fixed Income Management (MSc Banking and Finance)
Equity Portfolio Management (MSc Banking and Finance)

Research projects together with financial industry

Advising BSc and MSc theses

Expertise and research interests

Asset Management, Investment Management, Risk Management
Product Development, Financial Engineering, Quantitative Strategies
Fixed Income, Equity Derivatives, Multi-Asset Global Macro, Managed Futures
Machine Learning, Index Construction, Correlation Networks,
MATLAB, C#, Python

Educational background

1995 Diplom-Physiker, University of Göttingen
1998 Dr. rer. nat., University of Göttingen
2002 CFA (Chartered Financial Analyst)
2004 FRM (Financial Risk Manager)
2012 Commodity-Advisor (ebs/BAI)
2015 CAS Higher Education (ZHAW)
2019 CAS Foreign Affairs & Applied Diplomacy (ZHAW)

Professional milestones

1995-1998 Ph.D. Student, Max-Planck-Institut Göttingen
1998-2009 Head of Quant Research/Managing Director, Sal. Oppenheim jr. & Cie., Frankfurt
2009-2013 Partner/COO, Fortinbras Asset Management, Eschborn

Peter Schwendner is a Professor and head of the Institute of Wealth & Asset Management at Zurich University of Applied Sciences, School of Management and Law, Switzerland. His interests are financial markets, asset management and machine learning applications. After completing a doctorate in physics in 1998 for his research at Max Planck Institute in Goettingen, he collected 15 years of work experience in the financial industry as an MD and head of quantitative research at Sal. Oppenheim and as a partner at Fortinbras Asset Management. He holds the CFA charter and FRM certification.
With the European Stability Mechanism (ESM), he has been developing analytics for primary and secondary bond markets and tools for optimizing the issuance process. Currently, he is working on transparent quantitative strategies and evidence-based sustainable investing in joint projects with industry and academic partners.
Peter is an associate editor at Digital Finance and Frontiers in Artificial Intelligence in Finance. He serves as a reviewer for research journals and EU project grants. Within the European COST Action «Fintech and AI in Finance», he leads the working group «Transparency into Investment Product Performance for Clients».

Membership of networks



Articles in scientific journal, peer-reviewed
Conference contributions, peer-reviewed
Other publications
Oral conference contributions and abstracts
Publications before appointment at the ZHAW


- Engelmann, Bernd; Fengler, Matthias; Schwendner, Peter (2009). "Hedging under alternative stickiness assumptions: an empirical analysis for barrier options". Journal of Risk, 12

- Engelmann, Bernd; Fengler, Matthias; Nalholm, Morten; Schwendner, Peter (2006). "Static versus Dynamic Hedges: An Empirical Comparison for Barrier Options". Review of Derivatives Research, 9, 3.

- Fengler, Matthias; Schwendner, Peter (2004). "Quoting Multiasset Equity Options in the Presence of Errors from Estimating Correlations. Journal of Derivatives, 11, 4.

- Engelmann, Bernd; Schwendner, Peter (1998). The Pricing of Multi Asset Options using a Fourier Grid Method". Journal of Computational Finance, 1, 4.

- Schwendner, Peter; Beck, Christian; Schinke, Reinhard (1998). “Ladder Climbing and Multiphoton Dissociation of Polyatomic Molecules Excited with Short Pulses: Basic Theory and Applications to HCO. Physical Review A, 58, 3.

- Schwendner, Peter; Seyl, Frank; Schinke, Reinhard (1997). "Photodissociation of Ar_2^+ in Strong Laser Fields". Chemical Physics, 217, 2.


- Fengler, Matthias; Pilz, Kay; Schwendner, Peter (2007). "Basket Volatility and Correlation": Nelken I. (ed.), "Volatility as an Asset Class". London: RISK Books.

- Andreas, Annette; Engelmann, Bernd; Schwendner, Peter; Wystup, Uwe (2002). "Fast Fourier Method for the Valuation of Options on Several Correlated Currencies": Hakala J. (Ed.), U. Wystup (Ed.): Foreign Exchange Risk. London: RISK Books.

- Schwendner, Peter; Engelmann, Bernd (2001). "Effizientes Pricing und Hedging von Multi-Asset Optionen": Eller, R. (Ed.), W. Gruber (Ed), C. Reif (Ed): Handbuch Gesamtbanksteuerung. Frankfurt: Schäffer-Poeschel.


- Schwendner, Peter; Martin, Stephan; Papies, Simon (2002). "Transparentes Monte-Carlo-Verfahren zur Risikosteuerung im Aktienderivatebereich". Die Bank, 1

- Schwendner, Peter; Engelmann, Bernd (2001). "Electronic Tools for Retail Hedging". Equity Risk Special Report, RISK, 1

- Schwendner, Peter; Turudic, Ivana (2001). "Protect- und Break-Aktienanleihen: Aktieninvestment mit Schutzengel". Handelsblatt

- Schwendner, Peter (2001). "Transparente Investmentstrategie durch konsistente Handelssysteme". Die Bank, 5


- "Interpretable Machine Learning for Diversified Portfolio Construction" at Financial Evolution: AI, Machine Learning & Sentiment Analysis, UNICOM Conference, 3.11.2021

- "Interpretable Machine Learning for Diversified Portfolio Construction" at GARP Switzerland Chapter Meeting, 9.6.2021

- Moderating Panel Discussion on "Transparency of investments products" at "1st International Conference on Economics and FinTech", Athens, 12.2.2021.

- "Machine Learning for Diversified Portfolio Construction by Explainable AI" at "Artificial Intelligence in Asset Management", Global Markets Media, January 15, 2021.

- "Understanding Machine Learning for Diversified Portfolio Construction by Explainable AI" at "Online Workshop on AI in Finance", Horizon 2020 FINTECH project, October 27, 2020.

- "Convergence and Divergence in European Bond Correlations" at "Online Workshop on AI in Finance", Horizon 2020 FINTECH project, October 26, 2020.

- Moderating ZHAW Finance Circle "Sparen – Anlegen – Vorsorgen im Negativzins-Umfeld", September 28, 2020.

- "Sentiment Analysis in European Bonds" at Financial Evolution - Sentiment Analysis, AI and Machine Learning, UNICOM Online Conference, September 25, 2020.

- "‘Fear, Greed and Irrational Exuberance’ The Psychological Backdrop of Corona Virus and its spillover across the Markets", Online Panel Discussion, UNICOM Seminars, June 10, 2020.

- "Future of Money: Neobanking", Online Panel Discussion, Swissnex Shanghai, May 20, 2020.

- "Convergence and Divergence in European Bond Correlations" at "4th Regtech Workshop on AI in Finance", WU Vienna, February 26, 2020.

- Moderator, Panel Discussion at Finanzmesse Zürich, January 21, 2020.

- Moderator, Panel Discussion at Swiss Fund Day, November 21, 2019.

- "Current European sovereign bond dynamics", Centre for Financial Markets (CFM) Research Seminar, Michael Smurfit Graduate Business School, University College Dublin, October 31, 2019.

- "Current European bond market dynamics" at "Zurich Volatility Investing", Zurich, October 24, 2019.

- "Convergence and Divergence in European Sovereign Bonds" at "1st European Workshop on ML-Based Solutions in Finance", Winterthur, September 4, 2019.

- "Financial Application of Network Analysis" at "Big Data Analytics Knowledge Exchange Platform", Horizon 2020 FIN-TECH project, Copenhagen, August 26, 2019.

- "Correlation Influence Networks for Sentiment Analysis in European Sovereign Bonds" at Financial Revolution - Sentiment Analysis, AI and Machine Learning, London, June 25, 2019.

- "Hedge Funds and Alternative Risk Premia", Customized Training for MSc Students from University of Exeter, 2015-2019.

- "European Sovereign Bond Network Dynamics", Humboldt-University Berlin, April 18, 2019.

- "Active risk-taking in investment management", International Week, ISCTE Business School Lisbon, April 1-4, 2019.

- "Drawdown Management Concepts", Panel Discussion at Finanzmesse Zürich, January 23, 2019.

- "Correlation Influence Networks for Sentiment Analysis in European Sovereign Bonds" at Financial Revolution - Sentiment Analysis, AI and Machine Learning, Zurich, October 30, 2018.

- "Sentiment in European Sovereign Bonds" at 3rd COST conference for Artificial Intelligence in Industry and Finance, Winterthur, September 6, 2018.

- "Data-driven risk analytics" at 26th McKinsey / FIRM Risk Management Innovation Platform, Frankfurt, November 23, 2017.

- "Network Analytics of Sovereign Bond Dynamics" at Frankfurt Summit on Network Analysis, October 26, 2017.

- "Sovereign Bond Dynamics" at International Monetary Fund (IMF), Washington DC, August 2017.

- "Sovereign Bond Dynamics" at "Forschungscluster Data Science", Hochschule Darmstadt, June 2017.

- "Sovereign Bond Network Dynamics" at "Mathfinance Conference", Frankfurt, April 2017.

- "European Government Bond Dynamics and Stability Policies: Taming Contagion Risks" at "Risk-Sharing Mechanisms for the European Union" Workshop, European University Institute, Florence, May 2016.

- "Fixed Income Securities", MSc Block Course at Toulouse Business School (TBS), Barcelona Campus, May 2016.

- "European Government Bond Dynamics and Stability Policies: Taming Contagion Risks" at "9th Financial Risks International Forum", Bachelier Institute, Paris, March 2016.

- "European Government Bond Dynamics and Stability Policies: Taming Contagion Risks", European Seminar on Bayesian Econometrics, Gerzensee, October 2015.

- "Case Study: Global Macro Correlation Dynamics in 2015", TradeTech FX, London, September 2015.

- "European Government Bond Dynamics and Stability Policies: Taming Contagion Risks", Financial Risk and Network Theory, Cambridge, September 2015.

- "Currency correlations in various timeframes and what this means for trading strategies", TradeTech FX, London, September 2014.

- "Tail-Risiko-Absicherung mit aktiven Strategien", Investor Circle, Zurich, Juni 2014.

- “Tail-risk protection trading strategies”, Poster Presentation at 8th World Congress of the Bachelier Finance Society, Brussels, June 2014.

- "Multi-asset correlation dynamics: Impact for specific investment strategies and portfolio risk", TSAM Europe Performance Measurement & Investment Risk, London, March 2014.

- "Stress-Szenarien für Risk Parity-Portfolien", Investor Circle, Zurich, December 2013.

- "New Methodological Answers to the New Normal in Risk and Investment Management", PRMIA Event, Frankfurt, November 2013.

- "Understanding the changing relationships in asset class correlation and the impact for trading FX", Trade Tech FX, London, September 2013.

- "Case study for a systematic multi-asset investment process", Trade Tech DACH, Frankfurt, July 2012.

- “Selecting the underlying in your structured products portfolio”, Structured Products Europe, Frankfurt, November 2011.

- “Selecting the underlying in your structured products portfolio”, Structured Products Nordic Region, Stockholm, October 2011.

- “Case study: FX positioning as a value driver within a multiasset managed futures portfolio”, Terrapinn FX Investment World, London, Juni 2011.

- “Correlation Products”, Banca d’Italia, Rom, September 2007.

- “Equity Correlation Products”, Summer School “Correlation Trading and Asset Management”, University of Bologna, September 2007.

- "Pricing Structured Products“, RISK Training, London, March 2007.

- “Volatility Management of Barrier Options”, IQPC Volatility Trading Conference, London, November 2006.

- “Empirical hedging analysis of the local volatility model for barrier options”, Quant Congress Europe, London, September 2006.

- “Hedging Equity Correlation Products in Different Market Environments”, Quant Congress Europe, London, September 2006.

- “Mastering Correlation and Volatility Trading”, Marcus Evans Training, Singapore, August 2006.

- “Better than its Reputation: Hedging with the Local Volatility Model”, Poster Presentation at 4th World Congress of the Bachelier Finance Society, Tokyo, August 2006.

- “Hedging Equity Correlation Derivatives”, IQPC Correlation Trading Conference, London, April 2006.

- “Advanced Correlation Modelling and Analysis”, RISK Training, London, December 2005.

- “Correlation Risk Premia for Multi-Asset Equity Options”, 10. Jahrestreffen der "Deutschen Gesellschaft für Finanzwirtschaft“, Mainz, October 2003.

- "Derivate: Einführung, Risikomanagement und Produktion", Lehrauftrag im Rahmen des Kontaktstudiums "Finanzökonom" des LIFBA, Königstein, 2001-2003.

- “Efficient Price Caching for Derivatives Pricing: Fast Pricing of American Equity Options“, Computational Finance Workshop, Humboldt-Universität Berlin, August 2002.

- “Quantitative Aspects of Equity Derivatives Trading”, Mathfinance Workshop, Frankfurt, April 2002.

- "Wie produziert und verkauft man (Retail)-Derivate?“, Humboldt-Universität Berlin, November 2001.


- Michael Ferber, "Die Entzauberung der «Risikokontroll-Fonds»", NZZ, 20.6.2014

- Emmanuel Garessus, "Regain d'intérêt pour le contrôle du risque", Le Temps, 13.10.2014

- "Systematische Handelsstrategien in Zeiten von QE & Co",, 27.11.2014

- Michael Ferber, "Geringes Ansteckungsrisiko eines «Grexit»?", NZZ, 21.3.2015

- Matei Rosca, "Credit risk in focus as experts say ECB's QE may fuel excessive leverage", S&P Global Market Intelligence, 25.3.2016

- Thomas Müller, "Seismograph für die Eurozone", Impact Dossier "Europäisch", March 2016

- Kaspar Wolfensberger, "Würde die Schweiz von einem Brexit profitieren?", 20 Minuten, 25.4.2016

- Charlotte Theile, "Vorbild Schweiz - Last und Lust, ein Aussenseiter zu sein", Süddeutsche Zeitung, 10.5.2016

- ESM Annual Report 2015, p. 59/60, 16.6.2016,

- Moritz Kaufmann, "Banken im Stresstest - Ist das schon die neue Finanzkrise", SonntagsBlick, 17.7.2016

- Transparency International report on ESM, , 6.3.2017

- ESM Annual Report 2016, p. 53-55, 15.6.2017,

- Dietegen Müller, "Zusammenhänge durch vernetzte Analyse aufdecken - Buy Side erprobt Künstliche-Intelligenz Anwendungen, Finanzstabilitätsrat warnt vor neuen Risiken", Börsen-Zeitung, 3.11.2017

- Michael Ferber, "Hedge-Funds haben ihren Nimbus verloren", NZZ, 24.12.2018

- Michael Stauffer, "Die dritte Arbeitskraft, mein Geld", Hörspiel, SRF 2 Kultur, 19.5.2019

- Gabriel Callsen, "Big Data in securities markets", ICMA Quarterly Report, 11.7.2019: "The quant team of ESM is developing, in cooperation with the Zurich University of Applied Sciences, a machine learning based application to predict investor demand for syndicated bond issuances."

- Michael Schäfer, "Durchwachsenes Zeugnis für die «Magiere der Märkte»", NZZ, 12.8.2020

Other contributions

Fernando De Meer Pardo, Peter Schwendner, Marcus Wunsch (2021): "Tackling the exponential scaling of signature-based GANs for high-dimensional financial time series generation".

Hillebrand, Martin and Schwendner, Peter (19.1.2021): "Showing how EU solidarity calmed markets over Brexit". ESM Blog

Hillebrand, Martin and Schwendner, Peter (2020): "Contribution of Greek financial assistance programmes to reduce spillover risks." Technical Appendix (p.39-43) of: "Lessons from Financial Assistance to Greece." Report from the Independent Evaluator Joaquín Almunia, European Stability Mechanism (ESM).

Peter Schwendner: "Book review of Marcos Lopez de Prado: Advances in Financial Machine Learning". Quantitative Finance 20:2 (2020)

Jaeger, Markus and Krügel, Stephan and Papenbrock, Jochen and Schwendner, Peter (2021): "'Adaptive Seriational Risk Parity' and other Extensions for Heuristic Portfolio Construction using Machine Learning and Graph Theory". The Journal of Financial Data Science 3 (4).

Schwendner, Peter: "Wie Eurobonds Sinn machen könnten (How Eurobonds Could Make Sense)" (May 19, 2019). Available at SSRN: