Lyuben Petrunov

Lyuben Petrunov


Investment analyst with 7 years of cross-over fundamental/quant experience and track record of originating and validating fundamental insights/hypotheses by means of quantitative modeling and strategy backtesting.

Professional skills and background in:

  • Asset management - fixed income/alternative assets fundamental and quantitative analysis, incl. portfolio and security analysis, quant modeling, asset pricing/valuation and risk management.
  • Investment banking - managing private equity M&A deals in South East European emerging markets.

Education and Professional Certifications:

  • Ivy League Finance MBA from the Tuck School of Business at Dartmouth
  • CFA charterholder, Chartered Alternative Investment Analyst and a Certified Financial Risk Manager.

Affiliations and Personal Interests

  • NYSSA - New York Society of Security Analysts member
  • MENSA Bulgaria member
  • Languages: Bulgarian-native, Russian-advanced, Serbian-working knowledge
  • Interests - world travel (visited >45 countries, >220 cities),  history, modern art, photography

Work History

Work History
2006 - 2008

Senior Quant Analyst / Investment Analyst

Hartford Investment Management - a $140bn multi-asset fund

Developed and implemented fundamental and quantitative models used in investment/trading strategies for the generation of quantitative alpha, including:

  • Econometric models for identification of leading macroeconomic indicators, forecasting and analyzing their impact on economic activity, Fed policy/rates, and sector excess returns.
  • Proprietary Merton based credit option-adjusted spread model based on equity option implied volatility, for purposes of corporate debt pricing and relative value trades.
  • Co-integration fair value models for interest rates, HY/IG credit and swap spreads, based on macroeconomic indicators and aggregate company fundamentals.

Developed proprietary asset allocation models for traditional and alternative assets, including:

  • Stochastic asset allocation model in MATLAB, which evaluated and optimized multiple simulated portfolios according to multiple predefined investment mandates or ALM objectives.
  • Resampled efficiency portfolio optimization model allowing for assets with non-normal returns.

Developed performance/risk attribution tools, including:

  • VBA-based proprietary risk analytics reporting tools and ran customized portfolio performance and risk attribution reports in fixed income analytics platforms such as BlackRock, Yield Book and Lehman Point.
  • Customized tools providing alternative risk analytics for the in-house fund of hedge funds.
  • Collaboration with fixed income portfolio managers, strategists and fundamental analysts on project teams. formed to define, acquire/develop, and implement systems, risk models, and processes that enhance risk management, portfolio and security analysis, and various reporting and analytical requirements, with a focus on non-dollar and emerging markets.

Enabled the development of infrastructure for the startup of a dedicated EM Corporate Debt ETF, incl.:

  • Researched and prepared a white paper and sales force/client marketing presentations to make the case for EM Corporate Debt as an up-and-coming sub-asset class.
  • Constructed and optimized model EM Corporate Debt portfolios to achieve target yield/rating
  • Developed automated tools for time series and cross section analysis of EM Corporates' aggregate fundamentals for purposes of debt pricing and relative value recommendations.
2002 - 2004

Senior Associate

Balkan Advisory Company - an investment banking boutique focused on the Balkans

Managed transaction advisory projects for buy/sell-side private equity M&As in South Eastern Europe Project Management Responsibilities:

  • Managed a team that advised the Privatization Agency of Serbia on the privatization of the two largest hotel and tour operators in Serbia. Managed the buy-side advisory teams for the acquisition of the 2nd largest pharmaceutical company and the 2nd largest cosmetics company in Serbia

Financial and M&A Transaction Advisory Responsibilities:

  • Performed financial and operational due diligences; privatization strategy; investor search; valuation and market assessment; preparation of tender documentation; bid evaluation; negotiations support and deal closing

Client Relationship and Business Development Responsibilities:

  • Liaised with high level Bulgarian and Serbian government officials.
  • Pitched project proposals and participated in investor roadshows
  • Established and managed the Serbian office of BAC, including recruitment and training of 2 associates.
1999 - 2002

Analyst/Associate Financial Advisory Services

Deloitte and Touche

Participated in consultant teams that advised the Privatization Agencies of Bulgaria and Romania on the privatization of high profile financial institutions, utilities and industrial companies

  • Performed due diligence, and company valuations using DCF, NAV, and comparable companies
  • Participated on a team that advised the State Ownership Fund of Romania in relation to the accelerated restructuring and privatization of a pool of state owned chemical industry companies.
  • Participated on a team that provided advisory services to the Ministry of Energy and the National Electric Company during the market liberalization and privatization of the Bulgarian national grid
  • Participated in the privatization of the Bulgarian State Savings Bank (DSK) and the Bulgarian State Insurance Institute (DZI), including due diligence, valuation and investor search and selection


2004 - 2006


Tuck School of Business at Dartmouth
1994 - 1999


American University



Portfolio Analysis

Fixed Income/Hedge Funds portfolio analytical platforms: Lehman Point, Yield Book, BlackRock, PerTrac, Bloomberg BLP/API.  

Company and Macro Fundamentals Research

Company and macro fundamentals research platforms Capital IQ, Datastream, MarketQA, Markit.


Hands on programming and back testing experience: VBA/Excel spreadsheet modeling/simulation/optimization - Solver, Crystal Ball, OptQuest derivative pricing - Numerix, math/statistical packages - MATLAB, Stata, SPSS.  



ASA – American Society of Appraisers Level 2/4 Business Valuation Candidate

ASA – American Society of Appraisers -

FRM - Certified Financial Risk Manager

Global Association of Risk Professionals -

CAIA - Chartered Alternative Investment Analyst

Chartered Alternative Investment Analyst Association -

CFA charterholder

CFA Institute -