The Team

Meet The Team



Chairman and Head of Research


Prof. Dr. Thomas Heidorn is professor for Banking at the Frankfurt-School of Finance & Management. Investment Banking (Risk Management, Capital Markets, Derivatives) and related questions are at the heart of his research interests. He is managing director of the Centre for Practical Quantitative Finance.

Prof. Heidorn was born in 1959 in Hannover. After his High School Diploma (Bloomfield Hills Michigan 1977) and Abitur (A-levels, Hannover 1979), he completed his pre-degree („Vordiplom“) in Economics at the University of Hannover (1981). He continued his studies at the Christian-Albrechts-University in Kiel. Sponsored by a Fulbright-scholarship, he spent one year at the University of Santa Barbara and completed his Master of Arts in Economics (1983). From 1984-1987 he was an assistent at Kiel. During this period, he was also a visiting researcher at the Bundesbank (1985) and at IMF (1986). He obtained his doctoral degree in 1986. In 1989, he joined Dresdner’s as a trainee in Investment Banking. Subsequently, he held positions in the syndication department and as board assistent. Since the foundation of the HfB, he has been a professor for Banking (1991). He holds lectures and seminars on Financial Mathematics, Risk Management, Derivatives and Treasury.

As a consultant, he assists corporates and public-sector institutions in the management of derivatives. Prof. Heidorn is a board member of the Reuters Innovation Award. He is Head of the Academic Advisory Board of the portfolio institutionell Award 2009. Furthermore, he is one of the editors of the Encyclopedia "Knapps Enzyklopädisches Lexikon des Geld-, Bank- und Börsenwesens". He is also a member of DVFA (German Association of Financial Analysis and Asset Management); member of the DVFA Committee Rating Standards; Head of  Expert Group 3: "Ratingmethods for Structured Products". Together with professor Degenhard he is the managing director of the professional training course "Certified Corporate Treasurer" which is a joint venture between the Frankfurt School and the Association of German Treasurers (VDT). Finally, Prof. Heidorn is managing director of the joint training programme of HVB/ Frankfurt School leading to the „HVB Junior Exam Markets and Investment banking“. 

Dr. Christian Schäeffler

Managing Director


Christian has worked with finance, risk and IT divisions in the finance and insurances sector across Europe and America over the past 15 years. His broad experience ranges from regulatory reporting, risk management (market, credit and liquidity) accounting and the (prototypical) IT implementation of the requirements. Before Christian joined the Aspect Advisory family he was a professor of finance and banking at the university of applied science in Munich, co-founder of a German based consulting boutique and partner of a well-established consulting company in Germany. In addition to his consulting activities he work as speaker/lecturer for Frankfurt School of Finance and Management and the Assoziation of German Public Banks.

After an apprenticeship as a bank clerk he obtained the diploma degree in business administration from the University of Augsburg, Germany and his PhD at the Centre for Practical Quantitative Finance at the Frankfurt School of Finance and Management, Germany.

Dr. Christian Schmaltz

Managing Director


Christian has worked with finance and risk divisions in banks across Europe and in South Africa. His broad experience ranges from instrument pricing, limit setting systems for market risk, instrument cash flow analysis and liquidity stress testing, to dynamic capital allocation concepts.Christian is a professor of finance at the Aarhus University in Denmark and a visiting researcher at Deutsche Bundesbank. He lectures frequently at the Frankfurt School of Finance and Management for Bank Controlling and Liquidity Risk Management, and provides training on all aspects of banking regulation, covering all risk types. His research is centred around practical challenges in implementing regulation reflected in publications on Basel III – compliance, liquidity risk management and risk reporting.Apart from participating in research conferences, Christian is also a regular speaker at practitioner conferences.



Managing Director


Stuart has worked extensively with blue chip companies in the finance sector over the past 11 years, including South Africa’s four largest banks, the major development finance institutions, long and short-term insurance houses, asset managers and high net worth service providers.

Stuart specialises in themes affecting corporate finance, specifically those which support group and business strategy through organic and inorganic growth planning, as well as post-merger integration and optimisation. His projects focus deeply on the development of agile, robust and comprehensive enterprise risk management frameworks, including developing proactive regulatory amenability for large entities.

Stuart obtained his Commerce (PPE) and LLB degrees from the University of Cape Town and studied Advanced Corporate Finance at the London School of Economics.



Managing Director


Evan is an associate at Aspect Advisory. His skillset comprises of stochastic analysis and numerical methods in finance with experience covering the design and development of end-to-end, cloud-based data analytics applications. He also has a keen interest in machine learning, blockchain technologies and fintech.

Evan holds a BSc(Eng.) in Civil Engineering and a MPhil. specialising in Mathematical Finance from the University of Cape Town.


Leo-Smith, CFA

Non-Executive Director


Gavin is an associate director at Aspect Advisory. He has extensive experience in portfolio management and equity analysis, with a specific focus on banks and other financial services companies. He is also proficient in the development of various technology applications. Gavin holds a BCom (Hons) degree in Investment Management from the University of Johannesburg and is a CFA charterholder.