Luca-Lucian Frumuselu
| MSc Finance student at UCL | Asset Management & Hedge Fund Research | Bucharest → Lyon → Seoul → London → Sydney (soon) |
About
My name is Luca-Lucian Frumuselu, and I am a 21-year-old Romanian finance professional and a recent graduate of the dual degree in Global Business Administration at emlyon Business School and Sungkyunkwan University in Seoul, before starting my MSc in Finance programme at University College London in September 2026.
My work sits at the intersection of macroeconomic analysis and macro investment strategy by building financial models, forming structured and forward-looking market positions, and publishing independent research. I speak Romanian, French, English, Italian, and Korean, and I have lived and studied across three countries.
Outside of finance, I train six days a week at the gym, follow global football closely (supporting France, Romania, and Australia), and Formula One (favourite team being Mercedes), while also aiming at building a career trajectory toward a long-term base in Sydney.
Publications & Articles
Hedge Funds and Macroeconomic Resilience — Working Paper, SSRN, 2026
Investigated the performance dynamics of Macro and Event-Driven hedge fund strategies across three macroeconomic regimes (Expansion, Transitional, Crisis) spanning January 2018 to December 2025. Using HFRI index data, OLS regression, and Markov Chain transition matrices, I identified Event-Driven strategies as crisis-resilient (Sharpe 1.09 vs. -0.22 for Macro during Crisis regimes) and constructed an optimal 57/43 portfolio allocation achieving a Sharpe of 0.58.
ASX 200 Macroeconomic Outlook — Independent Research, 2026
- Forecast the Reserve Bank of Australia’s rate decision for May 2026 (realised 5 May) and structured Bull/Base/Bear scenarios with an index range of AUD$8,400–8,800.
- Flagged copper and gold miners as tactically overweight given BHP’s 50% EBITDA copper exposure, and A-REITs as underweight following a 10% YTD index decline.
3-months - Outlook on ASX 200 — Independent Research, 2026
- Previous report’s central call of a hike at 4.35% by the RBA proved right, with the index proving more resilient, though, trading near 9,900 against a base-case of 8,800.
- Forecasted the upcoming Reserve Bank of Australia’s rate decision for 29 September.
- Structured Bull/Base/Bear scenarios, with an index range of AUD$8,550-9,200 based on dynamics across government bond yields, commodity prices, evolution of the A-VIX, and external factors, including Chinese PMI and the conflict in the Middle East
- Identified financials and real estate indexes as being the most pressured sectors, materials as the main swinging factor, and driven by external factors rather than internal data readings.
FTSE 100 UK Outlook — Independent Research, 2026
- Analysed the implications of the Bank of England’s June 2026 rate decision (7-2 MPC vote split) through a risk-scenario framework.
- Identified pharma and defence as the primary capital gains driver at 15% of FTSE 100 H1 2026 gains, driven by structural European defence spending increases and uncertainty in the Middle East.
Romania M&A Market and Macro Outlook — Independent Research, 2026
- Analysed the macroeconomic environment of Romania during H1 2026, including its inflation rate, GDP growth, EUR/RON FX rate, and the ongoing political uncertainty, as well as the major dynamics across Romania’s M&A market valued at EUR 5.28 billion, incorporating a fully probability-weighted forecast of EUR 6.95 billion end-of-year M&A value, and showing a CEE market maturity framework showing Romania’s M&A-to-GDP ratio at 5.4%, the highest in the region.
OMV AG — LBO / DCF Valuation Model — Independent Research, 2026
- Built a fully linked 13-sheet LBO/DCF model on OMV AG (Vienna SE), covering income statement, balance sheet, PPE schedule, debt schedule, WACC (4.2% — live Vienna beta), DCF (Equity Value EUR 24.9B), FCFE, and LBO analysis (base 3% IRR, distressed 66% IRR at 3.0x entry)
Equity Report - Macquarie Group Ltd. (MQG) — Independent Research, 2026
- Analysed the financial statements of Macquarie Group Ltd. across the S&P ASX 200 between 2022 and 2026; built a modelled DCF structure to identify Terminal Value, Enterprise Value, Equity Value and DCF per share across three scenarios (Bull, Base, Bear) by combining sectorial analysis, divisional analysis, impact of FX mechanisms in the AUD, integrating the latest PMI Industrial data for China, and evaluating potential macroeconomic scenarios around the Reserve Bank of Australia.
- Identified a BUY Target at a probability-weighted value of AUD 276 per share, with price target set at AUD 280 per share.
Education
University College London — MSc Finance (London, September 2026 – June 2027)
- Relevant Coursework: Portfolio Management, Derivatives, Hedge Fund Strategies, Quantitative Methods, Finance Research Project
Università Bocconi — Summer School, Equity and Venture Capital Financing (Milan, June–July 2025)
- Engineered a DCF model and income statement for Mercado Bitcoin, deriving an equity value of €3.12B across stressed WACC and terminal value scenarios
Sungkyunkwan University & emlyon Business School — Global Business Administration, Dual Degree (Seoul – Lyon, September 2022 – June 2026)
- GPA: 4.0/4.0 — Dean’s List, 90%
- Relevant Coursework: Banking and Financial Intermediation (A+), Behavioural Finance and Fintech (A+), Mathematics and Statistics Applied to Business (A+), Intermediate Corporate Finance (A), Intermediate Investments (A)
Experience
SES Satellites — Fixed Asset Accounting & Financial Analyst (Bucharest, March–July 2024)
- Built full LBO and DCF models for SES Satellites’ €3.09B acquisition of Intelsat, covering capital structure, WACC, EV, IRR, and equity distribution; stress-tested assumptions across WACC, revenue, and E/D ratio scenarios against €2.6B FY2025 revenue and 45.5% adjusted EBITDA
- Automated financial reporting across 15 European departments using Python and VBA, reconciling valuation gaps between physical purchases and SAP records, and improving reporting accuracy by 35%
Sogéco Proriol — Auditing Intern (Saint-Étienne, May–July 2023)
- Prepared financial statements, including balance sheets, income statements, and audit reports for a portfolio of 15 French SMEs with a combined Net Operating Income of €10 million
- Built an automated Excel dashboard to streamline invoice reporting and cost structuring, improving reporting by 25%
Leadership
SWIFT — Sungkyunkwan Worldwide International & Finance Team — Co-founder (Seoul, November 2024 – Present)
- Represented Sungkyunkwan University at the 2025 CFA Korea Research Challenge, conducting fundamental equity analysis on BGF Retail
- Organised conferences with professionals from BNP Paribas Asset Management, CFA Korea, and London Business School, attracting 30+ participants
- Co-founded the first international finance association at Sungkyunkwan University, comprising 15 members
Skills
Technical: Financial Modelling, LBO, DCF, Portfolio Construction, Excel (Advanced), VBA, Python, C++
Certifications: Bloomberg Finance Fundamentals, Bloomberg Market Concepts, Bloomberg Spreadsheet Analysis
Languages: English (fluent — IELTS 8.0), Romanian (native), French (fluent), Italian and Korean (intermediate)
Contact
LinkedIn · GitHub · lucalucian.frumuselu@gmail.com · luca.frumuselu.26@ucl.ac.uk
Currently based in Romania. Relocating to London by September 2026.