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 Research Team 


TAC voluntarily keeps a light structure but can complement its expertise with the recourse to other specialised consultants or through association with other consulting firms.


Thierry APOTEKER, CEO and Chief Economist

Thierry graduated from the top French school of management HEC and obtained a Doctorate in monetary economics from the University of Paris Dauphine. He started as a junior economist in a French think tank (B.I.P.E.) and then moved to Banque Indosuez (now Credit Agricole Indosuez / Calyon/ CACIB) where he set up the country risk division before becoming the bank's chief economist and head of the Research Department. Thierry left the bank in 1990 to create the consultancy group that bears his name. He taught banking and financial economics at the University of Rennes as an Associate Professor until 1997, is a frequent lecturer on international economics in many academic institutions (HEC, IGR, ENSAI), and is a speaker at many international conferences on banking as well as on country risk.



Sylvain BARTHELEMY, Executive Director and Head of Research

Sylvain is coordinating and overseeing all TAC's research work. He joined TAC in 1995 with a pre-doctoral degree in Monetary Economics from Rennes University, and started at TAC as a quantitative expert. He pioneered TAC's quantitative work in the field of non-linear modeling and has been the key architect of all quantitative developments at TAC. Sylvain is a lecturer at Rennes University and is a member of many different scientific committees in accademic / international conferences in the fields of quantitative economics and finance.



Isabelle LEGRAND, Senior Economist, head of project management

Isabelle joined TAC in July 2001, and she started as one of our key quantitative analyst and economist. After these years of highly technical work, Isabelle moved to a management position with the responsibility of developing TAC's business in the area of project management. She oversees TAC's overall activities in this area, from the tendering process to the final approval of the work undertaken. Isabelle is also responsible of our knowledge base, i.e. all the inputs (quantitative as well as qualitative) that the team is using in its research and studies. She graduated from Rennes University with a pre-doctoral degree in econometrics and data mining techniques. Isabelle is a lecturer at Rennes University, and she continues to participate in econometric research at TAC.

Email: leg@tac-financial.com



Laurence FEDERICI, Finance and Administration Manager

Laurence has been with TAC since the beginning, dealing with all our administrative and management items. Laurence has a pre-doctoral degree in applied linguistics from Paris University, and started her interest with economics when doing translation of economic bulletins for international banking institutions back in the 80s. All administrative, payment and purchase matters have to be dealt with her.

Email: fede@tac-financial.com



Sandrine LUNVEN, Quantitative Economist

Sandrine LUNVEN joined TAC in April 2007 to work on an in-depth research on contagion effects in emerging markets. She completed her Master’s Degree in econometrics and data mining with a specialization in cyclical / economic analysis and forecasting at Rennes University. In parallel to her work at TAC as a quantiative economist, Sandrine is currently doing her PhD in economics at the University of Aix-Marseille under the guidance of Pr. Girardin.

Email: lunven@tac-financial.com



Matthieu PAUTONNIER, Quantitative Economist

Matthieu joined us in April 2008 first as an intern to work on an in-depth research involving the improvement of our quantitative tool of country risk analysis. Matthieu has completed his Master’s Degree in econometrics and data mining techniques, with a specialization in cyclical analysis and forecasts, at Rennes University, and he obtained the highest award for his research work in september 2008. He is now a member of our quantitative research team, especially in the field of complex modeling.

Email: matthieu.pautonnier@tac-financial.com



Benjamin TREMPONT, Quantitative Economist

Benjamin joined us in April 2010 to work on short-term oil prices modeling for his internship project, and he stayed withus after completing his Master's degree in econometrics and data mining techniques, with a specialization in cyclical analysis and forecasts, at Rennes University. He is now working as a quantitative economist in the field of complex modeling.

Email: benjamin.trempont@tac-financial.com



Catherine DENIS, Senior Database Manager

Catherine joined TAC in June 2007 as a quantitative analyst. She is in charge of the data management and updating for our RiskMonitor service and supports all quantitative development and research at TAC. She has a Master’s Degree in econometrics and statistics from Rennes University and has worked for the past few years as a statistical analyst in a French pension fund before joining TAC.

Email: catherine.denis@tac-financial.com



Jocelyne VAUBOURG, Customer Relation Manager

Jocelyne joined TAC in 1999 after working for many years in the international marketing department of a multinational electronic group. Jocelyne is in charge of commercial development and customer relations. Do not hesitate to contact her for any question on TAC's services.

Email: vau@tac-financial.com

  Jean-Pierre PATAT, Special Advisor

After graduating from the Paris Institute for Political Studies, Jean-Pierre Patat started his career at the Banque de France in the early 60s. He afterwards held different positions at INSEE, at the Fed New York and at the French Planning Commission. He returned to the French central bank as a Director of Monetary Studies and Statistics and moved up to the top position of Director General, at the Banque de France, in charge of research and international relations, and was named Honorary Director General when retiring in December 2001. Jean-Pierre authored many books on money and finance, and is lecturing at many prestigious French institutions. At TAC, Jean-Pierre provides high calibre advisory services, and brings a wealth of knowledge and experience on both banking and monetary issues, as well as on Sub-Saharan Africa.



Thierry DA, Senior Advisor for Asia

Engineer (Ecole Centrale Paris) and civil servant (ENA), Thierry DA has occupied various positions in French domestic and international institutions. He spent three years in Tokyo as financial attaché at the French Embassy, monitoring Asia for the French Ministry of Economy and Finance, then eight years with Banque Indosuez (now CACIB) as deputy general manager in Japan and Senior vice-president for the Far East at he bank’s headquarters in Paris. After being CEO of the French subsidiary of SEDGWICK, the British insurance broker, for a couple of years, he was then Senior Banker at IXIS Corporate & Investment Bank in charge of some major French Corporates and Institutions in the Middle East and Asia. Thierry is overseeing TAC's development in Asia and he is based in Tokyo.

Email: da@tac-financial.com



Thomas CHOONG, Advisor for Asia

Thomas graduated from the University of Bath (UK) with a BSc Engineering First Class Honours and a PhD in 1982 under the UK Science and Engineering Research Council scholarship. He was with IBM for more than 6 years as the general manager for its emerging network computing business in ASEAN. Then, he spent 2 years with Sun Microsystems since 1997 and was the Managing Director of iPlanet (a Sun/Netscape Alliance in South Asia). Thomas is presently the founder and executive director of Waylion Advisory and Consulting, a business advisory and consulting practice focused on assisting tech, media and services companies in business strategic planning, development and capital access and founded in early 2008. He is also a director of of Elipva Ltd, Ematrix Pte Ltd ( since 2000) and Xi Yan Pte Ltd (since 2005) which were all co-founded by him. Joining TAC as a advisor on Asia, based in Singapore, Thomas is developing our marketing and customer support abilities in Asia.

Email: thomas@waylion.com



David WIGAN, UK Advisor

David is a journalist and entrepreneur interested in issues around quantitative finance, hedge funds, structured finance, derivatives, credit, fixed income and the wider capital markets. He organises conferences, writes and edits around these issues. Joining TAC as an advisor for the United Kingdom and the Republic of Ireland, based in London, David will support our developments in the UK and in the broader capital market areas.

Email: david.wigan@tac-financial.com



Vivien MASSOT, Economist

Vivien joined TAC in January 2009 as an economist, and he worked on our country risk analyses as well as on the specific country studies. Before joining us, Vivien was Financial Attaché in the Embassy of France in India for 2 years, in charge of the economic follow-up of India and South-Asian countries and of development issues in relations with the World Bank and IMF. Vivien has since then returned back to India, and he participates in TAC economic research assignments from there. He is also in charge of structuring and organizing our information flows so that we have a superior ability to find and assess the most relevant information on short notice. Vivien has a Master’s Degree in Economic Theory and Econometrics from Toulouse University, followed by the Third Year Certificate from ENSAE (the top French institution for statistical analysis applied to economics), with a specialization in Forecasting and Economic Policy.

Email: massot@tac-financial.com



Arman AHUNBAEV, Economist

After obtaining his Master’s degree in Economic and Social Policies, Arman obtained a Doctorate in Economics at Grenoble II University. During his doctoral studies, he was in charge of monetary economics seminars at the Economic Faculty and of transition economics course at the Technological University Institute. Arman also managed several Tempus-Tacis projects (European Commission) for Espace Europe Research Institute of Grenoble II University and was an expert for some of them. He joined TAC in April 2010 in order to work on macroeconomics and country risk analyses as well as on specific country studies.

Email: arman.ahunbaev@tac-financial.com



Agneta FORSLUND, Economist

Agneta Forslund joined TAC in April 2010 as an economist. She has a Master’s Degree in economics /econometrics with a specialization in cyclical analysis and forecasting at Rennes University. She works on country risk analyses as well as on specific country studies. Agneta has been working as a consulting engineer in economics for the French National Institute of Agronomic Research (INRA) for the past five years on different research and studies, modelling and analyzing world agricultural and biofuels markets.

Email: agneta.forslund@tac-financial.com



Sofia PESCA, Project Management and Development

Sofia joined TAC in August 2008 to support our developments in project management. Before joining TAC, Sofia was project administrator at the EHESP School of Public Health, and was in charge of international cooperation programmes with Latin America and Eastern European countries, a job that included backstopping activity for missions, logistics and tender preparation. Besides she teaches Spanish at ENSAI and SUPELEC, two French Grandes Ecoles. Sofia graduated from University of Rennes with a pre-Master's degree in Applied Foreign Language.

Email: pesca@tac-financial.com



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