This story requires our BI Prime membership. To read the full article,Hedge funds' margins are under pressure as fees decrease and expensive alternative data becomes table stakes.
Yet as margins shrink and outflows continue, some large hedge funds like Winton Group and Brevan Howard are spinning out companies focusing on artificial intelligence and data collection. The underlying reality of these businesses is that they are recruiting their parent companies' competitors to be their clients — a sticky situation for both sides.
Mitchell's company has gotten funding from Barclays and Fidelity International, and uses machine learning and"crowdsourced human intelligence" to make complex datasets understandable. Other examples of spun-off companies D.E. Shaw's Arcesium, a back-office technology firm, and Brevan Howard's Aim2, an artificial intelligence platform that Nomura is using on its trading desk. Point72 founder and billionaire Steve Cohen invested in
Opimas said in a report it expects funds to resell"their information that they have gathered through web-scraping" though there doesn't appear to be any fund that is doing this or has expressed interest in it — yet.Information has always been the name of the game for hedge funds that constantly are under pressure to squeeze every possible basis point out of every trade.
"Data is the lifeblood of a quant system," said Frey, who doesn't see the benefit to the fund in selling data.Hedge funds are spending billions to get an edge through access to satellite images and credit-card transactions. Now they fear a crackdown's coming.
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