Established in 1996, Parallax Volatility Advisers specializes in trading volatility as an asset class and developing strategies with low correlations to other asset classes. Parallax has approximately 60 employees and currently offers two funds: Parallax Master Fund and Cygnus Alpha. Parallax Master Fund is a global relative value volatility trading strategy that was launched in 1996 and has approximately $2.7 billion in AUM. Cygnus Alpha is a systematic hedging strategy that capitalizes on relative value opportunities in skew and term structure within index options markets. Cygnus was launched in April 2018 and has roughly $300 million in AUM. Parallax Volatility Advisers is managed and owned by William Bartlett, Dan Hutchison and Jill Armstrong.