The CFA Institute has announced that Bob Litterman will be the recipient of this year’s Nicholas Molodovsky Award.
The award recognizes his work in developing the Black-Litterman Global Asset Allocation Model, a key tool used to produce a set of expected returns within the mean-variance optimization framework.
Litterman is currently head of Goldman Sachs’s risk department. Prior to his current role, he was assistant vice-president in the research department of the Federal Reserve Bank of Minneapolis and an assistant professor in the economics department at the Massachusetts Institute of Technology.
Established in 1968, the Nicholas Molodovsky Award is presented to leaders in the investment profession whose outstanding contributions to the industry are of such significance as to change the direction of the profession and to raise it to higher standards of accomplishment. Molodovsky was the first recipient of the award for his work in providing a blueprint for using the price-to-earnings ratio in the valuation process.
Past winners of the award include Benjamin Graham, William F. Sharpe, Merton H. Miller, and Fischer Black. This year’s awards dinner will be held in Vancouver on May 10, 2008 in advance of the CFA Institute’s Annual Conference at the Vancouver Convention & Exhibition Centre.
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