CFA Institute Presents Nicholas Molodovsky Award to Gene Fama

Gene Fama, Robert R. McCormick Distinguished Service Professor of Finance, was one of seven leaders in the investment profession who were recognized by the CFA Institute for their outstanding contributions to the financial services industry. He won the Nicholas Molodovsky Award because his work has been so “significant as to change the profession and to raise it to higher standards of accomplishment”.

The CFA Institute cited Fama for his work on portfolio theory and asset pricing. They noted he proposed two crucial concepts (three types of efficiency and the “joint hypothesis problem”) in a 1970 article “Efficient Capital Markets: A Review of Theory and Empirical Work,” that have affected discussions about efficient markets ever since.

Fama is also the director of research of Dimensional Fund Advisors, Inc., an investment advising firm with more than $100 billion under management.

Another CFA award winner was Clifford S. Asness, MBA '91, PhD '94, managing and founding principal of AQR Capital Management, LLC. Asness received the James R. Vertin Award which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Prior to co-founding AQR Capital Management, Asness was at Goldman, Sachs & Co. where he was a Managing Director and Director of Quantitative Research for the Asset Management Division. He was a panelist on “The Future of Hedge Funds”, at the GSB’s 54th Annual Management Conference.

The CFA Institute has more than 82,000 members in 126 countries and territories.