CFA Institute Research Foundation Honors Nobel Prize Winner Harry Markowitz with James R. Vertin Research Award

The CFA Institute Research Foundation, a research arm of CFA Institute that sponsors independent, in-depth research on investment management issues, announces Harry Markowitz as the recipient of the 2022 James R. Vertin Award for outstanding research and commitment to the education of investment professionals. This award was established in 1996 to honor James R. Vertin for his leadership and excellence in research and education. 2022 marked the 26^th anniversary of the distinction.

Harry Max Markowitz (born August 24, 1927) is an American economist who received the 1989 John von Neumann Theory Prize and the 1990 Nobel Memorial Prize in Economic Sciences. Markowitz is a professor of finance at the Rady School of Management at the University of California, San Diego (UCSD). He is best known for his pioneering work in modern portfolio theory, studying the effects of asset risk, return, correlation, and diversification on probable investment portfolio returns.

“Congratulations to Harry Markowitz for earning the Vertin Award, a high honor awarded to an esteemed investment professional educator each year,” said Margaret Franklin, CFA, President and CEO, CFA Institute. “Markowitz has had a storied career, one that has defined so much of the way we approach modern finance, most notably portfolio optimization. His influence reaches far beyond the bounds of investment theory, and practitioners throughout the world leverage his work on a daily basis. We are proud to recognize the contributions of investment luminaries each year and appreciate their work to educate investment professionals whose work will continue to shape our industry.”

Bud Haslett, CFA, CFA Institute Research Foundation Executive Director, comments: “Markowitz changed the investment industry forever and is widely known as the ‘Father of Portfolio Theory,’ a critically important investment concept that the Vertin Award winner developed.”