New partnership announced by Numerical Algorithms Group
The Numerical Algorithms Group (NAG), which provides a library of algorithms used by financial practitioners globally, has announced a partnership with the HPCFinance network.
Under the deal NAG will provide services, training and software to HPCFinance researchers for computer based financial research. HPCFinance’s network of 8 companies and seven universities aims to train young people to improve the future financial strength of households, banks, pension funds, insurance companies and other financial institutions.
The network is funded by the European Commission with a budget of over €4m. Although focused on academics – NAG’s resources will predominantly target holders of PhDs in quantitative finance – the project overall is also intended to target ‘real life’ challenges faced by the private sector, and project partners such as Scottish Widows Investment Partnership (SWIP).
Erik Vynckier, investment director at SWIP said: “In fact, regulatory initiatives such as Basel III and Solvency II require the financial industry to gear up to more robust standards in real-time and enterprise wide risk management. The HPC Finance initiative aims to help the European financial industry to routinely adopt the most advanced modeling techniques and computational platforms available today.”