Wing Cheung

Dr Wing Cheung

  • wcheung at bournemouth dot ac dot uk
  • Senior Lecturer in Finance
  • EBC401,
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I have 15 years of financial industry practitioner-scholar experiences in leading quantitative finance research, research-led industry executive education and consulting, financial technology (FinTech) innovation and entrepreneurship. I published extensively in the quant methodology arena. My Behaviour-Consistent Portfolio Theory has influenced hundreds of professional fund managers around the world and enabled multiple inventions which won top FinTech awards in UK, Hong Kong, Singapore, China, and recognitions by Accenture, UBS, Alibaba etc. Previously, I headed investment-banking quant teams (No.1 in 2010 Institutional Investor (II) European “Quantitative Research” Survey) in London. While a practitioner, I spoke at professional and academic research conferences; taught at financial institutions and graduate schools; supervised PhD-level researchers; and peer-reviewed for academic journals and funding etc. I hold a PhD from Cambridge University, where I specialised in mathematical financial modelling.


My research interests cover investment decision-making rationale, philosophy, behaviour and ethics; behaviour-consistent portfolio theorisation, optimisation and engineering; holistic factor and risk management; unified and cognitive investment decision process; investor skill versus luck; decision performance attribution (DPA); transparency, regulation and RegTech innovations; asset management and WealthTech innovations; and risk-neutral valuation of contingent opportunities etc.

Expertise related to UN Sustainable Development Goals

In 2015, UN member states agreed to 17 global Sustainable Development Goals (SDGs) to end poverty, protect the planet and ensure prosperity for all. This person's work contributes towards the following SDGs:

Quality education

"Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all"

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Industry, innovation and infrastructure

"Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation"

more information

Journal Articles

  • Cheung, W., 2012. The Augmented Black-Litterman Model: A Ranking-Free Approach to Factor-Based Portfolio Construction and Beyond. Quantitative Finance, 13 (2), 301-316.
  • Cheung, W., 2010. The Black-Litterman Model Explained. The Journal of Asset Management, 11 (4), 229-243.



  • Cheung, W., 2006. Credit Risk Modelling with Default-Triggered Acquisition. PhD Thesis. Department of Economics, University of Cambridge.

Profile of Teaching PG

  • International Investment Management (L7)
  • Risk Management / Derivatives (L7)
  • Portfolio Construction and Theory (PCT)

Profile of Teaching UG

  • Investment Management (L6)

Invited Lectures

  • FinTech: Fantasy and Fallacy, London, 01 Jan 2022 more
  • How to Construct Your Optimal Portfolio?, Cardiff, 01 Jan 2021 more
  • AI and Machine Learning in Finance, Hong Kong, 01 Jan 2019 more
  • Real-Timer Personalisable Robo-Advisor 2.0, Hong Kong, 26 Feb 2018 more
  • FinTech and Digital Wealth Management, Hong Kong, 01 Jan 2018 more
  • View-Driven Robo-Advisor, Hong Kong, 01 Jan 2018 more
  • General-Purpose Robo-Advisor, Hong Kong, 01 Jan 2017 more
  • Next Generation Portfolio Analytics and Its Potent, Hong Kong, 01 Jan 2016 more
  • Transparent & Precise Portfolio Decision Making, Hong Kong, 01 Jan 2016 more
  • A Unified Bayesian Allocation Framework, Cass Business School, London, 01 Jan 2011 more

Journal Reviewing/Refereeing

  • The Journal of Asset Management, 01 Jan 2013
  • Quantitative Finance, 01 Jan 2012

Conference Presentations

  • Nomura Investment Forum Asia, Sit Tight, General-Purpose Robo-Advisor is Coming!, 06 Jun 2017, Singapore
  • INQUIRE Practitioner Seminar, Elegant Portfolio Discovery: From ‘Invisible & Fuzzy’ to ‘Transparent & Precise’ Investment Decision Making, 20 Jan 2016, London
  • Nomura Global Quantitative Equity Conference, Elegant Factor Combination, 20 May 2010, London
  • 5th CARISMA Conference, Crowded Trades: A Potential Bayesian Remedy, 02 Feb 2010, London
  • London Quant Group 22nd Annual Investment Seminar, A Unified Bayesian Allocation Framework, 13 Sep 2009, Cambridge
  • INQUIRE UK Autumn Seminar, Transparent Augmented Black-Litterman Allocation: Simple and Unified Framework for Strategy Combination, Factor Mimicking, Hedging and Stock-Specific Alpha, 06 Sep 2009, Leeds
  • Nomura Global Quantitative Equity Conference, Portfolio Construction and Risk Management, 09 Mar 2009, Zurich, Paris, Frankfurt, London, Milan


  • PhD in Economics (University of Cambridge, 2006)
  • Certificate in Investments in Securities & Financial Derivatives (Securities & Investment institute (SII), UK, 2005)
  • FSA Financial Professional Qualification in Financial Practices (Financial Services Authority (FSA) (FCA today), 2005)


  • Global FinTech Hackcelerator Top20 (Monetary Authority of Singapore (MAS), 2018)
  • China FinTech Innovation Competition Top30 (China FinTech Innovation Competition Committee, 2017)
  • No.1 Team of HNWI Client Poll (UBS Disruptive Tech CEO Summit, 2017)
  • UBS Future of Finance Challenge Top9 (UBS, 2017)
  • Best FinTech Gold Award (Hong Kong ICT Awards, 2016)
  • HotTen (The FinTech50, 2016)
  • Top8 (Accenture FinTech Innovation Lab, 2016)
  • FinTech Grand Award (UK Trade and Investment (UKTI), 2015)
  • No. 1 Team, European Quantitative Research Survey (Institutional Investor (II), 2010)
  • Fellow of Cambridge Overseas Society (Prince Philip Graduate Exhibition (Cambridge Overseas Trust), 2003)
  • ADB Scholar (Asian Development Bank, 1996)

External Media and Press