News in Brief

Franklin Allen and Richard Herring:

Co-Directors of Wharton's Financial Institutions Center


The Wharton School of the University of Pennsylvania today announced the appointment of Franklin Allen and Richard Herring as co-directors of the Wharton Financial Institutions Center. They replace former director Dr. Anthony M. Santomero, (Almanac July 18) who was recently named president of the Federal Reserve Bank of Philadelphia.

Dr. Franklin Allen, Nippon Life Professor of Finance and Economics, has spent 20 years as a member of the Wharton faculty. He formerly served as vice dean and director of Wharton Doctoral Programs and has served in various editorial capacities at several of the world's top academic journals for finance and economics. A frequent winner of Wharton teaching awards, Dr. Allen's research has focused on corporate finance, asset pricing and the economics of information. His work includes the comparison of financial systems across countries, and financial crises. He is currently President of the American Finance Association. Dr. Allen received his D.Phil. from the University of Oxford.

Dr. Richard Herring, Jacob Safra Professor of International Banking and professor of finance, joined the Wharton faculty in 1972. Previously vice dean and director of the Wharton Undergraduate Division, he served as founding director of the Financial Institutions Center from 1992 to 1995, and is currently director of Wharton's Joseph H. Lauder Institute of Management and International Studies. He is a leading expert in the study of international banking and finance and has been a member of the Shadow Financial Regulatory Committee since 1990. In addition, he is co-chairman of the biennial multi-national banking seminar. He received his Ph.D. from Princeton University.

The Financial Institutions Center brings industry executives together with Wharton scholars and academics who are creating new concepts and approaches to the management of financial services. Recognizing that today's most critical issues cut across traditional industry segments, the Center's mission focuses on studying the financial services industry collectively.

The research agenda is organized around the three broad themes of improving productivity and performance, managing financial risks and assessing the competitive structure of markets and institutions. The resulting findings have been published through the Center's working paper series, respected journals and books, as well as through an active program of industry and academic conferences.

"Through hard work and effective leadership, Tony Santomero has elevated the Financial Institutions Center into one of the premier research centers of its kind," said Allen. "Dick Herring and I look forward to working with the Center's managing director, Peter Burns, in continuing on this path of excellence."

Providing a multidisciplinary research approach to understanding and managing financial services companies is a core undertaking of the Center. "Both Franklin and Dick have been longstanding and important contributors to the Center's research agenda," said Burns. "Their familiarity with our programs and history with our industry advisory board will assure a smooth transition. At the same time, their own unique perspectives will move us forward in important areas of research."

"I couldn't be more pleased that these longtime colleagues will be contributing their unique academic leadership capabilities to the Financial Institutions Center," said Dr. Santomero, the Center's previous director.

Established in 1992 through a series of grants from the Alfred P. Sloan Foundation, the Financial Institutions Center also enjoys generous financial support from its many industry partners.

Posted 7/26/2000