Bill Fung, PhD, is a trustee of the CFA Institute Research Foundation. He earned a PhD in mathematics from London University and a PhD in finance from the University of Manchester. Prior to joining the investment banking industry in the mid 1980s, he held visiting as well as permanent faculty positions at both UK and US universities. Fung joined the hedge fund industry in the early 1990s as a hedge fund partner and subsequently as co-CEO of a fund of hedge funds. He maintained his research interest and co-authored several awarding winning papers on hedge fund strategies (with David A. Hsieh) including a Graham and Dodd Scroll Award and the CAIA 2015 Research Excellence Award. Fung served on the editorial board of the Financial Analyst Journal prior to his retirement and continues to referee papers for the Journal.