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Jason Hsu 許仲翔, PhD

Chairman & Chief Investment Officer

Jason Hsu is the founder and chairman of Rayliant Global Advisors. Throughout his accomplished career, Jason’s commitment to academic rigor and investor advocacy have led him to research, develop, and bring to market investment strategies that create significant value for investors. At Rayliant, Jason is continuing that commitment by educating investors and offering products to transform the investment ecosystem in Asia and beyond. Prior to his current role, Jason was the co-founder and vice chairman of Research Affiliates.

Jason is at the forefront of the smart beta revolution and is one the world’s most recognized thought leaders in that space. Building on his pioneering work on the RAFI™ Fundamental Index™ approach to investing with Rob Arnott in 2005, he has published numerous articles on the topic, notably his articles “A Survey of Alternative Equity Index Strategies,” which won a 2011 Graham and Dodd Scroll Award and the Readers’ Choice Award from CFA Institute; and “The Surprising Alpha from Malkiel’s Monkey and Upside-Down Strategies,” which won the 2013 Bernstein Fabozzi/Jacobs Levy Award for Outstanding Paper in the Journal of Portfolio Management. In 2015, Jason received the Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for “A Study of Low-Volatility Portfolio Construction Methods” published in the Journal of Portfolio Management. He has twice received the William F. Sharpe Award for Best New Index Research (2005 and 2013), which is awarded by Institutional Investor Journals.

Jason is a member of the board of directors at the Anderson School of Management at UCLA, as well as a professor in finance. For his service to UCLA’s Anderson School, he received the 2009 Outstanding Service Award. He has also held visiting professorships at Tsinghua University, Kyoto University and Taiwan National Chengchi University.

Jason has authored more than 40 peer-reviewed articles. He is an associate editor for Journal of Investment Management, and also serves on the editorial board for several publications including Journal of Index Investing, Journal of Investment Consulting, and Journal of Investment Management.

Jason graduated with a BS (summa cum laude) in physics from the California Institute of Technology, was awarded an MS in finance from Stanford University, and earned his Ph.D. in finance from UCLA, where he conducted research on the equity premium, business cycles, and portfolio allocations.

Awards & Recognition

  • 2019 CFA Institute Graham and Dodd Top Award for “What is Quality?”
  • 2018 Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for “Does Past Performance Matter in Investment Manager Selection?” Journal of Portfolio Management
  • 2016 CFA Institute Graham and Dodd Scroll Award for “Will your Factor Deliver? An Examination of Factor Robustness and Implementation Costs”
  • 2015 Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for “A Study of Low-Volatility Portfolio Construction Methods” Journal of Portfolio Management
  • 2015 William F. Sharpe Award – ETF/Indexing Paper of the Year for “A Framework for Assessing Factors and Implementing Smart Beta Strategies”
  • 2013 Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for “The Surprising Alpha from Malkiel’s Monkey and Upside-Down Strategies” Journal of Portfolio Management
  • 2013 William F. Sharpe Award – ETF/Indexing Paper of the Year for “A Framework for Examining Asset Allocation Alpha”
  • 2011 CFA Institute Graham and Dodd Scroll Award for “A Survey of Alternative Equity Index Strategies”
  • 2011 Financial Analyst Journal Readers’ Choice Award for “A Survey of Alternative Equity Index Strategies”
  • 2009 Outstanding Service to UCLA Anderson School of Management
  • 2008 Institutional Investor 20 Rising Stars of Hedge Fund Award
  • 2005 William F. Sharpe Award – Best Index Research for “Fundamental Indexation”

Meet the Team

Mike Bowers 鮑蔚誠, MBA

Senior Managing Director
Chief Operating Officer

Broken Tuan 段嘉尚, PhD

Senior Managing Director
Head of Greater China

Phillip Wool 沃飛流, PhD

Senior Managing Director
Global Head of Research

David Scott, CFA

Senior Managing Director
Chief Financial Officer