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Prof. Dr. Peter Schwendner

Prof. Dr. Peter Schwendner

Prof. Dr. Peter Schwendner
ZHAW School of Management and Law
Fachstelle für Asset Management
Technoparkstrasse 2
8400 Winterthur

+41 (0) 58 934 78 86

Personal profile

Management role

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)
2003 FRM (Financial Risk Manager)
2012 Commodity-Advisor (ebs/BAI)
2015 CAS Hochschuldidaktik (ZHAW)

Professional milestones

1995-1998 PhD 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 at the Institute for Wealth and Asset Management at ZHAW School of Management and Law, Zurich, Switzerland. His research interests are financial markets, asset management and network analytics. Peter received a PhD in Physics in 1998 for his research at Max Planck Institute in Goettingen. He has 15 years’ work experience in the financial industry as a head of quantitative research at Sal. Oppenheim and as a partner at Fortinbras Asset Management. His specific product expertise are liquid multi-asset products run by systematic trend and carry models.

Peter is an associate editor at Frontiers in Artificial Intelligence in Finance and a reviewer for Journals like Financial Markets and Portfolio Management, Journal of Investment Strategies, Journal of Risk and Financial Management and Journal of Futures Markets.

Membership of networks



Peer-reviewed articles/chapters

  • ; ; ().

    Forecasting Correlation Structures

    : Kongressvortrag.

    In: 2016 International Symposium on Nonlinear Theory and Its Applications. Kongress. (27.11.2016). Yugawara, Japan: International Symposium on Nonlinear Theory and Its Applications. Peer reviewed.

Non-peer-reviewed articles/chapters

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


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

- "Hedge Funds and Alternative Risk Premia", Customized Training for MSc Students from University of Exeter, 2015-2018.

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

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

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

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

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

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


- "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.

- "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.

- “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.

- “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.

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


- 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", e-fundresearch.com, 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 issuu.com/zhaw/docs/zhaw-impact-3216/36

- 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, www.esm.europa.eu/publications/esm-annual-report-2015

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

- Transparency International report on ESM, www.esm.europa.eu/press-releases/esm-welcomes-report-transparency-international , 6.3.2017

- ESM Annual Report 2016, p. 53-55, 15.6.2017, www.esm.europa.eu/sites/default/files/emergingfinancialtechnologybringsesmchallengesandopportunities.pdf

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