The International Association of Financial Engineers and SunGard today announced Robert Litzenberger, Professor Emeritus at the Wharton School of the University of Pennsylvania, a Director at RGM Advisors, and a retired Goldman Sachs partner, has been named the 2012 IAFE/SunGard Financial Engineer of the Year (FEOY). The award will be presented to Dr. Litzenberger on February 7, 2013, at the newly opened Museum of Mathematics in New York City during the IAFE/SunGard FEOY Award Gala Dinner.
Commenting on his 2012 FEOY award, Dr. Litzenberger said, "It is an unexpected honor to receive this recognition. Interaction with many academic and professional colleagues as well as students has nurtured and enriched my academic and professional life. I am particularly pleased to follow in the footsteps of so many of my former colleagues at Stanford, Wharton and Goldman Sachs."
Brian Traquair, group segment president of SunGard's capital markets business, said, "Robert Litzenberger's work in the area of derivatives has been heavily influential in establishing the form in which the Black-Scholes-Merton (BSM) frameworks have been used in practice. Naming him the 2012 Financial Engineer of the Year recognizes this significant contribution to the industry. SunGard has sponsored this award for many years, and we continue to be very proud to play a part in recognizing the work of pioneers such as Dr. Litzenberger."
The annual IAFE/SunGard FEOY Award, established in 1993, recognizes individual contributions to the advancement of financial engineering technology. Nominations are submitted by a nominating committee of approximately 100 people, consisting of all the IAFE governing boards. They are then reviewed in a two step process by a selection committee of 25 members, including the IAFE board of directors and senior fellows. This year's selection committee was chaired by Dr. Peter Carr, an IAFE senior fellow and the 2010 FEOY award winner.