Mr. Pfändler worked for 15 years at Dresdner Kleinwort Wasserstein, the former investment bank of Dresdner Bank, where he was responsible for interest rate strategy, G10 economic analysis, asset allocation and commodity strategy. He started his career in the mid-1990s as an analyst at the trading desk for German government bonds. Daniel Pfändler studied risk management and insurance at the University of St. Gallen in Switzerland and the Université Catholique de Louvain la Neuve in Belgium. He also holds a CEMS Master's degree in International Management (CEMS MIM).