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Bill Fung

Visiting Research Professor at the Centre for Hedge Fund Research and Education, London Business School. Serves on the board of  financial services companies in Europe and North America and is currently Chairman of the Board of Directors of the Maple Financial Group, Canada.

Homepage/Contact Information (LBS)
Research (SSRN)
BNP Paribas Hedge Fund Centre
Relevant Postings (

Fung & Hsieh: Someone definitely yelled “Fire!” in the theater. The question is: what movie were they watching?

August 20th, 2007 | Filed under: Alternative Beta & Hedge Fund Replication

Anecdotal evidence suggests quant funds were all sitting together when pandemonium recently broke out.Read More

Bill Fung’s Alpha/Beta Slides from Last Year’s GAIM Conference

January 21st, 2007 | Filed under: Alternative Beta & Hedge Fund Replication

While some of you get ready for a week of “hard work” in Boca Raton at the 2007 GAIM USA Conference, those of you staying put might be interested in reading Professor Bill Fung’s slides from last years event (entitled “The Search for Alpha“).  Naturally, they don’t make a ton of sense without hisRead More

Options: When Skewness is Not on the To Do List

August 29th, 2019 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Hedge Funds, Structure of the Hedge Funds Industry

Which options do hedge funds employ in their portfolios? A recent paper concludes that hedge funds as a trader/investor class prefer liquid high-embedded leverage options without lottery-like skewness. The paper also finds that they are good at what they do. Their equity options plays “deliver superior performance unobtainable by tradingRead More

‘There You Go Again’

May 6th, 2019 | Filed under: Newly Added, What about beta?, Private Equity, Debt Types of Private Equity, Hedge Funds, Equity Types of Private Equity, Guest Posts, Other Issues in Private Investments, Alternative Investments in Context, Private Investments

By Bill Kelly, CEO, CAIA Association This now famous line was uttered by then citizen Ronald Reagan almost 40 years ago in a presidential debate with the incumbent Jimmy Carter. It was a simple and clever turn of a phrase acting as a counter-punch to Carter’s excoriation of Reagan’s priorRead More