Skip to Content
News and Events

From time to time, Hillsdale is in the news. Our partners often speak at conferences or other events, and our accomplishments are covered in the financial media.

AIMA & Hillsdale Winner Announced

Winner of 2010 AIMA Canada – Hillsdale Research Award Announced

Toronto, April 19, 2011- The Alternative Investment Management Association-Canada Inc. (AIMA Canada) and Hillsdale Investment Management Inc. (Hillsdale) are pleased to announce that the winners of the 2010 AIMA Canada-Hillsdale Research Award (ACHRA) are Alexandre Hocquard, Sunny Ng and Nicolas Papageorgiou of Brockhouse Cooper and HEC Montreal.

The winning paper, entitled ‘A Constant Volatility Framework for Managing Tail Risk’, presents research which suggests that strategic asset allocation based on Modern Portfolio Theory is neither a sufficient nor reliable risk-management tool during crises. The authors’ research shows that the failure of strategic asset allocation as the sole risk management technique can largely be attributed to the fact that volatility is not stable over time and historical correlations between asset classes tend to break down during periods of market stress. Conventional tail-risk hedging techniques such as the use of options, swaps, and other insurance instruments can be costly and implicitly create a drag on portfolio performance. In response, the authors demonstrate that investors can better manage tail risk and improve risk-adjusted returns by seeking to maintain a constant level of volatility. This can be achieved by using futures contracts to dynamically adjust their portfolio’s exposure in response to changes in the prevailing level of market volatility.

Hocquard, Ng and Papageorgiou will share the cash prize of $10,000 for their submission, which was selected among entries from both Canadian investment professionals and academics. The winning submission was determined by an independent adjudication panel chaired by Paul Bates, Dean of the DeGroote School of Business at McMaster University. The panel consisted of leading academic faculty from business schools across Canada. In addition to receiving the cash award, a condensed version of the winners’ paper will be published by Canadian Investment Review and made available on its website at The full paper is available on both the AIMA Canada and Hillsdale websites.

In congratulating this year’s recipients, we are reminded of the increasingly high standard set by ACHRA award winners in each of its six years. The award was created to encourage and recognize high-quality applied research in the field of alternative investments in Canada. As such, we welcome future contributions from academics, students and practitioners who are either Canadian residents or Canadian citizens living abroad. We look forward to another round of high-quality ACHRA submissions for 2011.

AIMA Canada and Hillsdale entered into a partnership in December 2008 to ensure the continuity and success of this prestigious and important research award. The award was originally established in 2004 and, in recognition or the Hillsdale partnership, is now known as the AIMA Canada- Hillsdale Research Award.

About the Alternative Investment Management Association (AIMA) 
AIMA is the hedge fund industry’s global, not-for-profit trade association with over 1,200 corporate members (with over 5,000 individual contacts) in more than 40 countries worldwide.

Members include hedge fund managers, fund of hedge funds managers, prime brokers, legal and accounting firms, investors, fund administrators and independent fund directors. They all benefit from AIMA’s active influence in policy development, its leadership in industry initiatives, including education and sound practice manuals and its excellent reputation with regulators.

AIMA Canada, the Canadian chapter of the Alternative Investment Management Association (AIMA), was formed in March 2003 to act as the voice of the alternative investment industry in Canada. AIMA Canada now has over 65 corporate members. Additional information on AIMA Canada is available at

About Hillsdale Investment Management Inc. 
Founded in 1996, Hillsdale is an independent Canadian investment boutique providing a full range of traditional equity and alternative investment strategies to both institutional and individual investors. Hillsdale manages a spectrum of long only, long/short and custom designed strategies employing a core investment style carefully implemented using an adaptive multi-strategy, risk controlled process. Additional information on Hillsdale is available at

For further inquiries:

Media Contacts: 
Francis Communications 
Barry Francis

Hillsdale Investment Management Inc. 
Harry Marmer