Jason Hsu
About Jason Hsu
Jason Hsu, PhD, MS (age 51) has served as an independent director of Immix Biopharma since 2013. He is founder, chairman, and CEO of Rayliant Global Advisors (since 2016), Chief Economist of East West Bank (Nasdaq: EWBC) (since 2023), and an adjunct professor of finance at UCLA; he holds a BS from Caltech, MS in finance from Stanford, and PhD in finance from UCLA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Research Affiliates | Co-founder and Chief Investment Officer | 2002–2015 | Led quantitative fund manager to >$200B AUM; extensive publications and awards |
| UCLA Anderson School of Management | Board of Advisors | Not specified | Advisory role to school leadership |
| UCLA | Adjunct Professor of Finance | Since 2008 | Academic teaching and research |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Rayliant Global Advisors | Founder, Chairman & CEO | Since 2016 | Oversees $27B in strategies across equity, fixed income, alternatives |
| East West Bank (EWBC) | Chief Economist | Since 2023 | Macroeconomic leadership; public company affiliation (not a directorship) |
| UC Irvine, National Taiwan Chengchi Univ., Kyoto Univ., Tsinghua Univ. | Visiting positions | Not specified | Academic engagements |
Board Governance
- Independence: The Board determined Jason Hsu is independent under SEC and Nasdaq rules .
- Committee assignments: Member of the Compensation Committee (Magda Marquet, Chair; Jane Buchan member) .
- Attendance: In 2024, the Board met 4 times; Compensation Committee met 3 times; no director attended fewer than 75% of aggregate Board/committee meetings .
- Lead Independent Director: Helen Adams serves as Lead Independent Director with authority over agendas, executive sessions, and advisor retention .
- Executive sessions: Independent directors meet separately without management on a regular basis .
- Board size/composition: Eight directors; six are independent .
Fixed Compensation
| Component | 2024 Amount (USD) | Notes |
|---|---|---|
| Cash fees (annual retainer + committee fees) | $42,250 | Earned as non-employee director |
| Other cash | $0 | No meeting fees disclosed; reimbursed expenses only |
| Total fixed cash | $42,250 |
Performance Compensation
| Grant Type | Grant Date | # Options | Grant-date Fair Value (USD) | Exercise Price | Vesting | Expiration |
|---|---|---|---|---|---|---|
| Stock options | Jun 11, 2024 | 33,000 | $51,726 | $2.04/share | Monthly over 1 year; fully vested on Jun 11, 2025, continuous service required | 10 years from grant |
- No RSUs/PSUs or performance metrics tied to director compensation were disclosed; options vest time-based, not performance-based .
Other Directorships & Interlocks
| Company | Role | Status |
|---|---|---|
| East West Bank (EWBC) | Chief Economist | External public company affiliation; not a board seat |
| Other public company boards | — | Not disclosed for Jason Hsu in proxy biography |
Expertise & Qualifications
- Quantitative investing and finance: Founder/CEO of Rayliant; co-founder/CIO of Research Affiliates; >40 journal publications, multiple industry awards .
- Academic credentials: BS (Caltech), MS (Stanford – Finance), PhD (UCLA – Finance); adjunct professor since 2008 .
- Capital markets and macroeconomics: Chief Economist at EWBC .
Equity Ownership
| Holder | Shares | Notes |
|---|---|---|
| Jason Hsu (direct) | 893,000 | |
| Veritas Liberabit Vos, LLC | 3,915,913 | Sole member: Jason Hsu; voting/disposition control |
| Signature Collection Properties, LLC | 50,000 | Sole member: Jason Hsu; voting/disposition control |
| Stock options (exercisable within 60 days of record date) | 116,099 | Included in beneficial ownership per SEC rules |
| Total beneficial ownership | 4,975,012 shares (17.9% of outstanding) | Based on 27,830,901 shares outstanding |
- Hedging/pledging: Company prohibits hedging/shorts; pledging requires pre-clearance; as of Dec 31, 2024, no director or officer had pledged shares .
- Ownership guidelines: Not disclosed in proxy; 2021 Plan includes clawback provisions (amended and restated in 2023, expanded in 2024) .
Governance Assessment
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Alignment: Significant ownership (17.9%) aligns incentives with shareholders; absence of pledging is positive for alignment and risk control .
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Independence & committee role: Board deems Hsu independent and he serves on the Compensation Committee; FW Cook engaged as independent consultant with no conflicts found, which mitigates compensation risk .
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Attendance/engagement: Board and committee attendance at least 75% in 2024; indicates adequate engagement; independent directors meet in executive session regularly .
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Potential conflicts/related-party exposure: Company merged Nexcella into IMMX with equity issued to officers/directors; firm has a policy requiring disinterested Board approval for related party transactions. No specific Jason Hsu related transactions beyond ownership were disclosed .
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RED FLAGS: None disclosed regarding legal proceedings, hedging/pledging, or option repricing; no director attendance shortfalls noted . Equity grants to directors are time-based options; no performance-linked director comp metrics disclosed .
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Compensation structure signals:
- Director cash/equity mix in 2024: Cash $42,250; option grant fair value $51,726, reflecting balanced at-risk equity component; no RSUs or meeting fees indicated .
- Plan governance: 2021 Omnibus Plan expanded in 2024 with evergreen and clawbacks; clawbacks strengthen governance though evergreen increases dilution risk and warrants investor monitoring .
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Committee composition and consultant oversight:
- Compensation Committee: Marquet (Chair), Buchan, Hsu; FW Cook retained, reports to committee, assessed independent (no conflicts) .
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Board leadership and risk oversight: Combined Chair/CEO with Lead Independent Director providing counterbalance; risk oversight distributed across full Board and committees .