When analysis becomes cheap, judgement is what clients pay for.

The Banker and the Machine

Private banking in the age of artificial intelligence. The machine now does the analysis that advisers once sold; what remains scarce is trust, and a judgement someone is prepared to stand behind. The book draws on a research monograph, Swiss banks' flows after trust shocks, Eurosystem data on 84,755 households, the publicly announced uses of AI at 33 wealth managers, and three decades of practice.

In preparation. [Add publisher and date once agreed.]

• 2026

  Private Banking in the Age of Artificial Intelligence Monograph

  Частното банкиране в ерата на изкуствения интелект. UNWE, Sofia. [status and publisher to confirm]

  Argues that the value of advice has two components: analysis, which AI is commoditising, and behavioural trust, which it cannot supply. Tests the claim on a coded review of 451 sources, client flows around trust shocks, a decade of private-bank results and household survey data.

• 2017

  Valuing Investments under Uncertainty through Stochastic Modelling and Real Options PhD thesis

  Оценяване на инвестиции в условия на несигурност посредством стохастично моделиране и използване на реални опции. UNWE, Sofia. Supervisor: Emil Harsev.

  Builds a stochastic DCF in which sales growth and margins follow random processes, tests alternative distributions, and feeds the resulting volatility into real-options lattices. The closing argument: value the business as it stands, then add the value of management's flexibility.

• 2012

  The Conte Marlo Method Article

  M. Dimov, M. Kamenarova and Z. Sarastov. Annual of the University of Mining and Geology "St. Ivan Rilski", vol. 55, part IV, pp. 68–73.

  A simplified Monte Carlo extension of the discounted cash-flow model that runs in an ordinary spreadsheet, shown on a hypothetical mining company. Born in a real negotiation, where a range of simulated futures settled a price that point estimates could not.

• Ongoing

  Where new wealth is managed; what AI does for established banks Working papers

  Two research articles in preparation.

  The first follows new fortunes in China, India and the Gulf and where they choose to be managed. The second asks whether AI turns into productivity, and client money, for the incumbents in Zurich, London and the other established centres.

[Add further publications, conference papers and the ResearchGate link.]

I advise owners, families and investors on decisions where the analysis is the easy part: selling or valuing a business, raising private capital, structuring cross-border investments and protecting creditors in a restructuring. Every engagement is confidential; I do not name clients.

• 2007–

  Corporate finance and private placements

  Amfora Capital, Benefin Capital, Eurodaxx SA: disposals, capital raising, holding structures and investment in Central and Eastern Europe for wealthy clients in Europe's financial centres.

• 2018–19

  Chief financial officer, tokenised share offering

  CFO of the company behind a regulated, tokenised share offering, with an investor roadshow across Asia and the Gulf. [Confirm naming and wording.]

• 2005–07

  Chief executive, Bulgaria Air

  Led the national carrier through liberalisation and privatisation.

• 2003–05

  Co-founder, Moneyport

  A UK money-transfer firm offering narrower spreads and faster transfers than the incumbents.

• 2000–02

  Corporate finance, HSBC Investment Bank, London

  Technology origination team: valuing business models that had never existed before.

• 1991–96

  Modeller, then partner

  Valuation models in Sofia from 1991; partner at 22 in a merchant finance house; board member of a new investment bank.

Spreadsheet models for valuation under uncertainty

Working models that accompany my research and teaching, built to run in plain Excel without add-ins.

For research, speaking or advisory enquiries.