外资买方
Hudson River Trading (HRT)
Hudson River Trading (HRT) is a quantitative trading firm headquartered in New York City and founded in 2002. In 2014, it accounted for about 5% of all trading in the United States. HRT employs over 800 people in offices around the world, including New York, Chicago, Austin, Boulder, London, Singapore, Shanghai, Mumbai and Dublin. The firm focuses on research and development of automated trading algorithms using mathematical techniques, and trades on over 100 markets worldwide.
HRT is a multi-asset class firm that trades across various time horizons. It differs from stereotypical high-frequency trading (HFT) firms in several important ways: it holds about 25% of its trading capital overnight (unlike most HFT firms that hold almost nothing overnight), its average holding time is about five minutes as opposed to the sub-second times observed for some HFT firms, and it does less than 1% of its trading in dark pools, the lightly regulated private trading venues under scrutiny from regulators.
Tower Research Capital
Tower Research Capital LLC, or simply Tower Research, is a high-frequency trading, algorithmic trading, and financial services fund. Tower Research Capital is one of the oldest automated trading firms. It was started by Mark Gorton and Alistair Brown in February 1998.
Tower's internal trading teams are independent from one another, enjoying autonomy while accessing shared technology resources such as hardware, software, and connectivity as well as resources such as business management, legal, compliance, and risk management.
At the heart of operations is the core engineering team, which owns the architecture, implementation and optimization of the trading platform itself. This includes developing systems and tools to access market data, perform trend analysis, run trading simulations, order entry and management, real-time trade support, risk management and post-trade services.
Working together, Tower builds technology and deploys diverse automated and quantitative strategies across a broad range of asset classes in global markets around the clock.
Tower is staffed by employees proficient in diverse backgrounds such as mathematics, computer programming, physics, law, economics, engineering, finance, and more. As of 2022, Tower has over 1,000 employees in its global staff. services fund.
Jump Trading
Jump Trading LLC is a proprietary trading firm with a focus on algorithmic and high-frequency trading strategies. The firm has over 700 employees in Chicago, New York, Austin, London, Tel Aviv, Singapore, Shanghai, Bristol, Gurgaon, Gandhinagar, Sydney, Amsterdam, Hong Kong, and Paris and is active in futures, options, cryptocurrency, and equities markets worldwide. Jump has been privately funded throughout its existence.
The company is a member of the Principal Traders Group, an advisory group formed by the Futures Industry Association (FIA) to represent principal traders (i.e. independent proprietary trading firms that trade only on their own accounts).
Virtual Financial
Virtu Financial is an American company that provides financial services, trading products and market making services. Virtu provides product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology and two-sided quotations and trades in equities, commodities, currencies, options, fixed income, and other securities on over 230 exchanges, markets, and dark pools. Virtu uses proprietary technology to trade large volumes of securities. The company went public on the Nasdaq in 2015.
Virtu has offices in New York City (headquarters), Austin, Los Angeles, Boston, Chicago, London, Sydney, Dublin, and Singapore. It expanded its European headquarters to Dublin in September, 2013. Virtu Financial Ireland Limited is regulated by the Central Bank of Ireland.
Virtu operates on more than 235 exchanges, markets and dark pools in 36 countries. Some of these exchanges include NYSE Euronext, NASDAQ and the Chicago Mercantile Exchange. The company is a designated market maker on the NYSE and NYSE Amex. Virtu makes markets by providing passive quotations to buyers and sellers in more than 12,000 securities and other financial instruments.
Quantlab
Quantlab is an American quantitative proprietary trading firm headquartered in Houston, Texas. It has additional offices in New York, Chicago, Boston, Austin, Denver and Singapore.
Quantlab was founded on 1998 by Wilbur "Ed" Bosarge, Jr. a former Rice University mathematics professor and Bruce Eames, a former Boston Consulting Group associate and businessman from Wisconsin. During the first few years, the firm hired several Math PhDs as employees. The team wrote algorithms to perform high-frequency trading and tailored the code to help Quantlab expand into new asset classes and markets. For more than a decade through 2015, Quantlab was a major player in high-frequency trading which on some days accounted for 3% of The New York Stock Exchange's trading volume. During that period it generated more than $3 billion in cumulative profits where more than 70% of those profits went to Bosarge.
Tradebot Systems, Inc.
Tradebot Systems, Inc. is a high-frequency equity trading firm in the US. Based in Kansas City, Missouri, they regularly account for 5% of the total trading volume in the US stock market. According to the founder, Dave Cummings, as of 2008, the firm "typically held stocks for 11 seconds", and "had not had a losing day in 4 years". That streak continued uninterrupted until 2017.
HAP Capital
HAP Capital's market-making utilizes proprietary applications to make pricing decisions in a consistent, rational, and disciplined manner. It competes for the right to transact with other market participants on the basis of superior price and speed of execution. Acting as a liquidity and efficiency provider to the marketplace, they identify the demand for specific equity and index options.
HAP Capital's individual portfolio managers speed the market price discovery process while extracting expected value in an environment constructed to enable, promote and reward proven alpha and well thought out risk-taking. With over a decade of consistent successes, HAP Capital extracts value and provides efficiency to the markets through market-making and portfolio managers. HAP Capital differentiates itself from most other firms in the space in its internally developed quantitative approach to its trading strategy and business model.
自营交易/做市交易
Citadel Securities
Citadel Securities is an American market making firm headquartered in Miami. It is one of the largest market makers in the world and is active in more than 50 countries. It is the largest designated market maker on the New York Stock Exchange. Citadel Securities is a separate entity from the hedge fund Citadel LLC, although both were founded and are majority owned by American hedge fund manager Kenneth C. Griffin. Citadel Securities is expected to eventually move its headquarters from Chicago to Miami, having bought land there to build its new headquarters.
Citadel Securities automation has resulted in more reliable trading at lower costs and with tighter spreads. In 2015, Barron's ranked Citadel Securities #1 in providing price improvement for investors in both S&P 500 and non-S&P shares. The firm is the largest market maker in options in the U.S., executing about 25 percent of U.S.-listed equity options volume. According to the Wall Street Journal, about one-third of stock orders from individual investors is completed through Citadel, which accounts for about 10 percent of the firm's revenue. Citadel Securities also executes about 13 percent of U.S. consolidated volume in equities and 28 percent of U.S. retail equities volume.
Jane Street Capital
Jane Street Capital, typically referred to as Jane Street, is a global proprietary trading firm. Jane Street Capital employs more than 2,000 people in five offices in New York, London, Hong Kong, Amsterdam, and Singapore. The firm trades a broad range of asset classes on more than 200 venues in 45 countries. The company is one of the largest market-makers, trading more than $17 trillion worth of securities in
- It was considered to have helped keep bond exchange-traded funds (ETFs) liquid during the market turmoil in 2020.
Jane Street is a global liquidity provider and trading firm that uses sophisticated quantitative analysis and a deep understanding of market mechanics to help keep prices consistent and reliable. The firm's capital base is internally funded, which provides strategies with flexibility and longevity throughout market cycles. The Capital Markets Group helps diversify the firm's capital into longer-term, fundamentally driven positions in both private and public companies. The Fundamental Research team is core to the approach, with seasoned analysts providing detailed feedback and valuation views. It prices large, complex transactions by drawing on multidisciplinary expertise.
Optiver
Optiver is a proprietary trading firm and market maker for various exchange-listed financial instruments. Its name derives from the Dutch optieverhandelaar, or "option trader". The company is privately owned. Optiver trades options, futures, equities, FX, fixed income and commodities products on multiple exchanges across the globe. It has over 1,600 employees in offices around the world, including Amsterdam, New York City, Chicago, Taipei, Shanghai, London, Singapore and so on.
Five Rings
Five Rings is a proprietary trading firm founded with a vision of combining strategy, innovation and technology to succeed in today's global markets. Based in New York, it trades in various domestic and international markets, both established and esoteric. Five Rings does not depend on clients or outside investors. The team constantly seeks new opportunities, analyzes their risks and rewards, and creates strategies and tools to capitalize on them. The strength of the firm comes from the talent of the people, and the compensation packages reflect this belief.
Five Rings offers a casual atmosphere, flat structure and great benefits. Education is a priority. The experienced traders and software developers teach new employees extensively, both hands-on and in classroom settings. The young firm is fast-paced and entrepreneurial, and progress can be rapid for those ready to meet the challenges that await them.
IMC Financial Markets
IMC Financial Markets, sometimes referred to as IMC Trading, is a proprietary trading firm and market maker for various financial instruments listed on exchanges throughout the world. Founded in 1989 as International Market makers Combination, the company employs over 1100 people and has offices in Amsterdam, Chicago, Sydney, Hong Kong, Mumbai and other places.
IMC is a technology-driven trading firm active in over 100 trading venues throughout the world and offering liquidity to over 200,000 securities. IMC makes markets in the major exchange-traded instruments -- equities, bonds, commodities, and currencies -- on 100 exchanges worldwide and is a significant liquidity provider on the NYSE Arca, NASDAQ, CBOE, BATS, and CME exchanges.
DRW Trading Group
DRW Holdings, LLC, typically referred to as DRW, is a diversified trading firm innovating across traditional and emerging markets. The firm is based in Chicago. The firm was founded in 1992 by Don Wilson, an options trader at the Chicago Mercantile Exchange, and was named after his initials: DRW. The firm trades various financial instruments, including fixed income, options and derivatives, energy and agriculture, and cryptocurrency. DRW has offices in Amsterdam, Austin, Greenwich, Tel Aviv, Chicago, New York City, Houston, London, Montreal, and Singapore. DRW is one of the five largest trading firms in the world.
DRW was founded in 1992 by Don Wilson, an options trader at the Chicago Mercantile Exchange, and was named after his initials: DRW. The firm utilizes a variety of different strategies, including high-frequency trading, and was a notable subject in Michael Lewis's 2014 book Flash Boys, which describes how several trading firms compete with each other to purchase and establish infrastructure that allows trading advantages at the sub-nanosecond level (latency arbitrage). DRW has also been active in the cryptocurrency and blockchain space. In 2018, DRW backed Eris Exchange, a cryptocurrency market that allows trading various cryptocurrencies such as Bitcoin, Ethereum, and Bitcoin Cash. Digital Asset Holdings, which is creating a "blockchain database", was spun out of a Bitcoin trading operation at DRW.
Akuna Capital
Akuna Capital is an American proprietary trading firm specializing in derivatives market making and sophisticated modeling with a commitment to cutting-edge technology. It headquartered in Chicago with additional offices in Boston, Hong Kong, London, Shanghai and Sydney. Akuna Capital is a leading options market maker to successfully enter the industry in recent years with sustainable growth. Akuna Capital has an affiliated broker-dealer named Akuna Securities. According to Bloomberg News, Akuna Capital had one of the highest monthly salaries for internships in the financial sector from 2021 to 2022.
Susquehanna International Group (SIG)
Susquehanna International Group, LLP (SIG) is a privately held global trading and technology firm. It consists of a number of affiliated entities specializing in trading and proprietary investments in equities, fixed income, energy, commodity, index, derivative products, private equity, and venture capital, research, customer trading, and institutional sales. The company is headquartered in Bala Cynwyd, a suburb of Philadelphia, US. The firm employs more than 1,900 people.
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT) is a global quantitative and systematic investment manager, operating in all liquid asset classes across the world. It's a technology and data driven group implementing a scientific approach to investing. Combining data, research, technology and trading expertise has shaped QRT's collaborative mindset which enables us to solve the most complex challenges. QRT's culture of innovation continuously drives its ambition to deliver high quality returns for its investors. Headquartered in London, it has additional offices in Hong Kong, Mumbai, Paris and Singapore.
GTS
GTS is a market maker in equities, ETFs, commodities, futures, foreign exchange and interest rate products. Trading over 10,000 instruments globally and executing millions of trades per day, GTS applies years of responsible, technology-driven trading experience to make financial markets more efficient. GTS operates at the intersection of the capital markets and advanced technology. Its innovations bring better price discovery, trade execution, transparency to investors and efficient pricing to the marketplace. It accounts for 3-5% of daily cash equities volume in the U.S and are the largest Designated Market Maker on the New York Stock Exchange, responsible for over 11 trillion dollars of market capitalization. By investing in the latest technologies and leveraging the experience across market regimes, it brings consistency, efficiency, and transparency to today's markets.
Flow Traders
Flow Traders is a proprietary trading firm. A market maker, it provides liquidity in the securities market by using high frequency and quantitative trading strategies. Originally founded in Amsterdam, Flow Traders also has offices in New York, London, Milan, Paris, Cluj, Shanghai, Singapore, and Hong Kong. Flow Traders continuously quotes bid and ask prices for Exchange Traded Products (ETPs), options, fixed income products, and currencies. In 2019, Flow Traders announced that it would also begin trading cryptocurrencies. As one of the world's largest ETP market makers, it provides liquidity for more than 13,000 ETP listings across North America, Europe, and Asia Pacific. As of 2020, Flow Traders is Europe's largest ETF market maker.
对冲基金
Citadel LLC
Citadel LLC (formerly known as Citadel Investment Group, LLC) is an American multinational hedge fund and financial services company. Founded in 1990 by Ken Griffin, it has more than $62 billion in assets under management as of December 2022. The company has over 2,600 employees, with corporate headquarters in Miami, Florida, and offices throughout North America, Asia, and Europe. Founder, CEO and Co-CIO Griffin owns approximately 85% of the firm. As of December 2022, Citadel is the most successful hedge fund of all time, posting $65.9 billion in net gains since inception in 1990. Citadel LLC is a separate entity from the market maker Citadel Securities, although both were founded and are owned by Griffin. Citadel manages funds across five different investment strategies including equities, commodities, fixed income, quantitative strategies, and credit.
Renaissance Technologies
Renaissance Technologies LLC, also known as RenTech or RenTec, is an American hedge fund based in East Setauket, New York, on Long Island, which specializes in systematic trading using quantitative models derived from mathematical and statistical analysis. Their signature Medallion fund is famed for the best record in investing history. Renaissance was founded in 1982 by James Simons, a mathematician who formerly worked as a code breaker during the Cold War.
Renaissance's flagship Medallion fund, which is run mostly for fund employees, is famous for the best track record on Wall Street, returning more than 66 percent annualized before fees and 39 percent after fees over a 30-year span from 1988 to 2018. Renaissance offers two portfolios to outside investors---Renaissance Institutional Equities Fund (RIEF) and Renaissance Institutional Diversified Alpha (RIDA). Because of the success of Renaissance in general and Medallion in particular, Simons has been described as the "best money manager on earth".
D. E. Shaw & Co.
D. E. Shaw & Co., L.P. is a multinational investment management firm founded in 1988 by David E. Shaw and based in New York City. The company is known for developing complicated mathematical models and sophisticated computer programs to exploit anomalies in the financial market. As of June 1, 2021, D. E. Shaw manages $55 billion in AUM, $35 billion of which are alternative investments and the remaining $20 billion long-oriented investments. In 2018, Institutional Investor reported that among hedge funds, D. E. Shaw had delivered the fifth-highest returns in the world since its inception.
The company manages a variety of investment funds that make extensive use of quantitative methods and proprietary computational technology to support fundamental research in the management of its investments. The company also uses qualitative analysis to make private equity investments in technology, wind power, real estate, financial services firms, and distressed company financing. In addition to its financial businesses, D. E. Shaw & Co. has provided private equity capital to technology-related business ventures. Examples include Juno Online Services, an Internet access provider, and Farsight, an online financial services platform that was acquired by Merrill Lynch.
Point72 Asset Management
Point72 Asset Management, is an American hedge fund. It was founded in 2014 by Steve Cohen, after his previous company S.A.C. Capital Advisors pleaded guilty to insider trading charges. In 2018, the company reopened to external investors after a two-year ban and began accepting outside capital. The company's office is located in Stamford, Connecticut. There are satellite offices in New York City, Hong Kong, Tokyo, Singapore, London, Paris, Sydney, Warsaw and Palo Alto. It has business in long/short equity investing(Point72 and Ever Point), systematic investing(Cubist Systematic Strategies), global macro investing and venture capital(Point72 Ventures).
Two Sigma
Two Sigma Investments is a New York City-based hedge fund that uses a variety of technological methods, including artificial intelligence, machine learning, and distributed computing, for its trading strategies. The firm is run by John Overdeck and David Siegel. Two Sigma has been noted in the business press for its unusually high rate of return, comparable to its older and more mature competitors D. E. Shaw & Co. and Renaissance Technologies. In October 2014, Two Sigma had raised $3.3 billion for a macro hedge fund in one of the largest new pools of such capital raised since the 2008 financial crisis. There are a few specialized divisions which focus on private investments, venture capital investments (with a focus on companies operating in the realm of data science), advising institutional clients, and running a high frequency broker-dealer. It has offices in North America, Europe and Asia.
Millennium Management, LLC
Millennium Management is an investment management firm with a multi-strategy hedge fund offering. It is one of the world's largest alternative asset management firms with over $58.9 billion assets under management as of June 2023. The firm operates in America, Europe and Asia. The company has a platform model of investing made up of approximately 280 investment teams with each portfolio manager allocated money "to deploy in a variety of trading strategies. The company has 17 locations including regional offices in London, Singapore, Miami, Bengaluru, Tel Aviv, Tokyo, Dublin, Greenwich and Paris, with its principal office in New York, in addition to operating additional offices in locations around the world. Its four primary strategies include RV Fundamental Equity, Equity Arbitrage, Fixed Income Strategies and Quantitative Strategies.
Bridgewater Associates
Bridgewater Associates, LP (informally known as "Bridgewater") is an American investment management firm founded by Ray Dalio in 1975. The firm serves institutional clients including pension funds, endowments, foundations, foreign governments, and central banks. It utilizes a global macro investing style based on economic trends such as inflation, currency exchange rates, and U.S. gross domestic product. Bridgewater Associates began as an institutional investment advisory service, graduated to institutional investing, and pioneered the risk parity investment approach in 1996. In 1981, the company moved its headquarters from New York City to Westport, Connecticut, and currently employs 1,500 employees.
According to Ray Dalio, Bridgewater Associates is a "global macro firm". It uses "quantitative" investment methods to identify new investments while avoiding unrealistic historical models. Its goal is to structure portfolios with uncorrelated investment returns based on risk allocations rather than asset allocations. Additionally, the company is reported to accept funds from only institutional clients such as pension funds, foundations, endowments, and central banks rather than private investors.
Balyasny Asset Management
Balyasny Asset Management is an American investment management firm headquartered in Chicago. Outside the U.S., it has additional offices in Canada, London and Asia. Balyasny Asset Management was founded in 2001 in Chicago by Dmitry Balyasny, Scott Schroeder and Taylor O'Malley. It traded mostly long/short equity which today still accounts for 70% of the firm's risk. For the first 16 years of its existence, it rarely lost money and delivered an annualized return of 12%.
Capula Investment Management
Capula Investment Management LLP is a British hedge fund, the fourth largest in Europe, with assets under management (AUM) of about $23 billion as of H2 2020. It is headquartered at 7 Clarges Street, in Mayfair, London with affiliated entities in Hong Kong, Japan, Singapore and the US. The firm manages absolute return, enhanced fixed income, macro and crisis alpha strategies.
AQR Capital
AQR Capital Management (short for Applied Quantitative Research) is a global investment management firm based in Greenwich, Connecticut, United States. The firm, which was founded in 1998 by Cliff Asness, David Kabiller, John Liew, and Robert Krail, offers a variety of quantitatively driven alternative and traditional investment vehicles to both institutional clients and financial advisors. The firm is primarily owned by its founders and principals. AQR has additional offices in Boston, Chicago, Los Angeles, Bangalore, Hong Kong, London, Sydney, and Tokyo.
AQR employs a research-based "systematic and consistent approach" to portfolio construction. This disciplined approach of identifying long-term, repeatable sources of return means "having a high conviction in the process, but not a high conviction in any particular stock". The firm is a strong proponent of diversification within portfolios, as well as adding strategies with low correlation to traditional asset classes as a complement to existing portfolios.
AQR was an early adopter of style, or factor, investing given the strategy's academic roots. Although the four styles --- value, momentum, defensive and carry --- have been well-known and used in quantitative investing for decades, AQR has long advocated for using these styles together, citing their diversifying qualities.
AQR is perhaps best known for its alternative investment strategies, which aim to offer low correlation to traditional, equity-dominated portfolios. AQR was one of the first investment managers to offer a risk parity strategy, which aims to balance allocations based on underlying risk rather than asset classes. The firm also offers managed futures, a trend-following strategy that is "uncorrelated with other asset classes" and supported by over a century of academic evidence.
Man Group
Man Group plc is an active investment management business listed on the London Stock Exchange. It provides a range of funds across liquid and private markets for institutional and private investors globally and is the world's largest publicly traded hedge fund company, reporting $151.4 billion in funds under management as of March 2022. The firm is headquartered at Riverbank House in London and employs over 1,400 people in various locations worldwide. The company was a sponsor of the Man Booker Prize from 2002 to 2019.
Man Group has five investment engines that offer a broad range of alternative and long-only strategies, run on a systematic and discretionary basis across liquid and private markets. It employs over 500 quants and technologists, offers over 75 investment strategies across a variety of investment approaches, styles and asset classes and trades in over 800 markets around the world.
Davidson Kempner Capital Management
Davidson Kempner Capital Management LP (often known by the short form Davidson Kempner) is a global institutional alternative investment management firm with over $36 billion in assets under management. Davidson Kempner is headquartered in New York City, with additional offices in London, Hong Kong, Dublin, Philadelphia, Shenzhen and Mumbai. The firm is led by Anthony A. Yoseloff who serves as Executive Managing Member and Chief Investment Officer. As of June 30, 2022, Davidson Kempner was ranked as the 8th largest hedge fund in the world. Davidson Kempner has approximately 500 employees in the firm's seven offices. The firm is headquartered at 520 Madison Avenue in New York, New York.
Davidson Kempner employs a bottom-up, fundamental method of investing with an event driven focus and a multi-strategy approach. The firm invests globally in a variety of credit and equity strategies as well as real assets.
Farallon Capital
Farallon Capital Management, L.L.C. is an American multi-strategy hedge fund headquartered in San Francisco, California. Founded by Tom Steyer in 1986, the firm employs approximately 230 professionals in eight countries around the world. Farallon primarily manages capital for university endowments, foundations, and high-net-worth individuals. The company manages assets reportedly worth $39 billion.
Farallon claims to have pioneered absolute return investing, a model focusing on potential returns as well as risk adjusted returns. Farallon invests in various asset classes including value investments, credit investments, merger arbitrage, real estate related investments, and direct investments in both developed and emerging markets. Farallon also practices "event driven" international investing, finding distressed international companies and helping the businesses restructure.
Elliott Investment Management
Elliott Investment Management is an American investment management firm. It is also one of the largest activist funds in the world. It is the management affiliate of American hedge funds Elliott Associates L.P. and Elliott International Limited. The Elliott Corporation was founded by Paul Singer, who is CEO of the management company, based in New York City. As of the first quarter of 2015, Elliott's portfolio is worth over $8 billion. The firm is currently closed to new investors. As of mid-2008, Elliott counted 175 employees in New York City, London, Tokyo and Hong Kong[16] and is one of the oldest hedge funds under continuous management.
Squarepoint Capital
Squarepoint Capital ("Squarepoint") is a global investment management firm headquartered in New York City with additional offices in Europe and Asia. The firm is known for its quantitative finance approach to investing. Its investments are diversified across multiple asset classes, trading frequencies and global markets. The majority of investments are based on backtests performed on historical market data.
PDT Partners
PDT Partners (Process Driven Trading Partners) is a hedge fund company, led by quantitative trader Peter Muller, that was founded in 1993 as part of Morgan Stanley's trading division and spun out as an independent business in 2012. It has around 250 employees in offices across New York City and London. The organization is comprised of three different teams: Research, Tech, and Business Operations. Research constructs complex mathematical models that seek to predict market movements. Tech brings those models to life on automated trading systems and provides the physical and virtual platforms on which the company depends. Business Operations ensures PDT runs on a resilient, efficient, and ethical foundation.
TGS Management
TGS Management (TGS) is an American quantitative investment management firm founded in 1989 that has offices in Princeton, New Jersey and Irvine, California. It is known to maintain a very low profile. TGS is known to be highly selective and hires individuals from quantitative backgrounds which include software engineers and PhDs.
WorldQuant
WorldQuant, LLC is an international hedge fund and quantitative investment management firm headquartered in Old Greenwich, Connecticut. Founded in 2007, the firm is currently managing approximately $9 billion in assets under management for Millennium Management via quantitative trading and other methods of quantitative investing. WorldQuant operated the WorldQuant Challenge, where participants compete in the field of quantitative finance, and WorldQuant Accelerator, an independent portfolio manager platform. With headquarters in Old Greenwich, Connecticut, WorldQuant has more than 20 offices worldwide. By April 2017 WorldQuant had more than 500 employees, as well as 450 paid research consultants. WorldQuant LLC is a hedge fund and a quantitative investment management firm, providing related services such as portfolio management, market research, and trading.
资产管理
BlackRock
BlackRock, Inc. is an American multinational investment company based in New York City. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with US$8.59 trillion in assets under management as of December 31, 2022. BlackRock operates globally with 70 offices in 30 countries, and clients in 100 countries. BlackRock is the manager of the iShares group of exchange-traded funds, and along with The Vanguard Group and State Street, it is considered to be one of the Big Three index fund managers. Its Aladdin software keeps track of investment portfolios for many major financial institutions and its BlackRock Solutions division provides financial risk management services. BlackRock is ranked 184th on the Fortune 500 list of the largest United States corporations by revenue.
BlackRock has sought to position itself as an industry leader in environmental, social, and corporate governance (ESG). It has been criticized by some for investing in companies that are involved in fossil fuels, the arms industry, and human rights violations in China. Others have scrutinized BlackRock for its efforts to reduce its investments in companies that contribute to climate change and gun violence and its promotion of gender diversity; the U.S. states of West Virginia, Florida, and Louisiana have divested money away from or refuse to do business with the firm because of its ESG policies. The company has also faced criticism for its close ties with the Federal Reserve during the COVID-19 pandemic and for anti-competitive practices due to its significant ownership stakes in many companies.
The Vanguard Group
The Vanguard Group, Inc. is an American registered investment advisor based in Malvern, Pennsylvania, with about $7.7 trillion in global assets under management, as of April 2023. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds (ETFs) in the world after BlackRock's iShares. In addition to mutual funds and ETFs, Vanguard offers brokerage services, educational account services, financial planning, asset management, and trust services. Several mutual funds managed by Vanguard are ranked at the top of the list of US mutual funds by assets under management. Along with BlackRock and State Street, Vanguard is considered to be one of the Big Three index fund managers that play a dominant role in corporate America.
Vanguard offers two classes of most of its funds: investor shares and admiral shares. Admiral shares have slightly lower expense ratios but require a higher minimum investment, often between $3,000 and $100,000 per fund. Vanguard's corporate headquarters is in Malvern, a suburb of Philadelphia. It has satellite offices in Charlotte, North Carolina, Dallas, Texas, Washington D.C., and Scottsdale, Arizona. The company also has offices in Canada, Australia, Asia, and Europe.
Fidelity Investments
Fidelity Investments, commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts. The company was established in 1946 and is one of the largest asset managers in the world with $4.3 trillion in assets under management, and, as of December 2022, their assets under administration amount to $10.3 trillion. Fidelity Investments operates a brokerage firm, manages a large family of mutual funds, provides fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance.
FMR has three fund divisions: Equity (headquartered in Boston, Massachusetts), High-Income (headquartered in Boston) and Fixed-Income (headquartered in Merrimack, New Hampshire). The company's largest equity mutual fund is Fidelity Contrafund, which has $107.4 billion in assets, making it the largest non-indexed fund in the U.S. and the largest fund managed by an individual. William Danoff has managed Contrafund since 1990.
State Street Global Advisors
State Street Global Advisors (SSGA) is the investment management division of State Street Corporation and the world's fourth largest asset manager, with nearly $4.14 trillion (USD) in assets under management as of 31 December 2021.The company services financial clients by creating and managing investment strategies for governments, corporations, endowments, non-profit foundations, corporate treasurers and CFOs, asset managers, financial advisors and other intermediaries around the world. SSGA employs 2,500 people in 28 countries.
SSGA creates customized investment strategies for institutions. SSGA manages the assets for clients by setting up commingled funds (otherwise known as common trust funds). In addition to institutional products, SSGA has 46 ETF investment products in the US market, as of March 2007. The ETFs track international and domestic indices based on market capitalization, investment style, sector, industry, or commodity. ETF products are also available in other parts of the world such as Belgium, France, Hong Kong, and Singapore under the streetTracks brand. SSGA has 26 Mutual Fund products divided by investment type: money markets, bonds, equities, and diversified funds of funds (also known as life style funds).
PIMCO
PIMCO (officially Pacific Investment Management Company LLC) is an American investment management firm focusing on active fixed income management worldwide. PIMCO manages investments in many asset classes such as fixed income, equities, commodities, asset allocation, ETFs, hedge funds, and private equity. PIMCO is one of the largest investment managers, actively managing more than $2 trillion in assets for central banks, sovereign wealth funds, pension funds, corporations, foundations and endowments, and individual investors around the world. PIMCO's headquarters are in Newport Beach, California; the firm has over 3,100 employees working in 22 offices throughout the Americas, Europe, and Asia. PIMCO and Allianz Global Investors manage around €2.5 trillion of third-party assets.
Invesco
Invesco Ltd. is an American independent investment management company that is headquartered in Atlanta, Georgia, with additional branch offices in 20 countries. Its common stock is a constituent of the S&P 500 and trades on the New York stock exchange. Invesco operates under the Invesco, Trimark, Invesco Perpetual, WL Ross & Co and Powershares brand names.
AllianceBernstein
AllianceBernstein Holding L.P. (AB) is a global asset management firm providing investment management and research services worldwide to institutional, high-net-worth and retail investors. AllianceBernstein's global headquarters are located in Nashville, TN at the Fifth and Broadway development, having recently moved from Midtown Manhattan in New York City. AllianceBernstein has offices in 46 locations across 22 countries. It has approximately US$779 billion in assets under management as of 31 December 2021.
AllianceBernstein provides investment services for institutions. The retail part of AllianceBernstein provides financial professionals and individual investors with investments, research and tools that cover mutual funds, Managed Accounts, College Saving, Retirement Saving, and Insurance Services. Sell-side research and brokerage services are provided by wholly owned subsidiary Sanford C. Bernstein, also known as Bernstein Research. Bernstein Wealth Management, part of AllianceBernstein, provides investment and wealth-planning services for high-net-worth clients in the Americas.
Arrowstreet Capital
Arrowstreet Capital is a Boston-based investment manager that provides global and international equity investment strategies and fund products to institutional investors such as pension plans, endowments, foundations, and registered/unregistered commingled investment funds. Arrowstreet Capital manages approximately $100 billion for over 200 client relationships in North America, the United Kingdom, Europe and the Asia-Pacific regions.
It offers a select range of global equity investment strategies managed as long-only, alpha extension and long/short utilizing a broad range of instruments, including swaps and futures. Its investment process utilizes quantitative methods that focus on identifying and incorporating investment signals into proprietary return, risk and transaction cost models. Its investment approach involves creating and investing in diversified equity portfolios. They utilize a structured investment process that attempts to add value relative to a client specific benchmark. This involves identifying opportunities across companies, sectors and countries by evaluating a diverse set of fundamental and market-based predictive factors. Portfolios are constructed through the use of a mean variance optimizer and proprietary risk and transaction cost models.
PanAgora Asset Management
PanAgora Asset Management is a quantitative investment manager whose proprietary approach is designed to capitalize on inefficiencies across market cycles and to deliver relative and absolute returns through distinct and innovative equity, multi-asset and risk premia strategies. PanAgora's approach combines the firm's fundamental investment philosophy and original research with an advanced quantitative framework. These elements come together in an open, collaborative environment that builds upon the intellectual versatility of its team and leverages their complementary strengths --- essential to serving the evolving objectives of institutional investors worldwide.
PanAgora was founded in 1989 and is based in Boston, MA. Shareholders include the Firm's employees and Great-West Life of Canada, a member of the Power Financial Corporation Group of Companies.
Winton Group
Winton Group, Ltd (which includes Winton Capital Management) is a British investment management firm founded by David Harding. In the United States, Winton is registered with the Securities and Exchange Commission as an investment advisor and with the Commodity Futures Trading Commission as a CTA, and is authorised by the Financial Conduct Authority in the UK. The company trades on more than 100 global futures markets in a wide variety of asset classes and on global equity markets. The firm was launched with $1.6 million in 1997, reached a peak of $28.5 billion in assets under advisement, before dropping to $7.3 billion by late 2020. Winton Group has six offices around the world: London, New York, Hong Kong, Shanghai, Sydney, and Abu Dhabi.
Winton uses research and quantitative data analysis to identify favourable trends in the market and its focus on research differentiates it from its industry companions. In recent years, Winton has further developed its statistical research, focusing on big data. Winton's trading is automated and systematic and uses computer algorithms to trade futures in financial assets including equities, currencies, bonds, commodities, livestock and energy in over 100 futures markets worldwide. Winton uses a mix of long-term and short-term trading as part of its strategy and combines uncorrelated strategies to maximize their risk-return ratio. According to the firm, it uses the same mathematical tools, for research, statistical data analysis, stock selection, and futures investments.
Research Affiliates
Research Affiliates, LLC, is a global leader in smart beta and asset allocation. Dedicated to creating value for investors, it aspires to be a leading source of insights and products transforming the global investment community. Its investment strategies are built on a strong research base and are led by Rob Arnott and Chris Brightman. It delivers solutions in partnership with some of the world's leading financial institutions, through their offerings of mutual funds, ETFs, separately managed accounts, and/or commingled accounts. Research Affiliates was founded in 2002 and is based in Newport Beach, California.
Acadian Asset Management
Acadian is a global investment manager that applies fundamental insights with a systematic lens to find attractive, unique investment opportunities across multi-asset class, ESG, alternative alpha, managed volatility, and long-only strategies. The firm is noted for its usage of Quantitative analysis and strategies when making investment decisions. Its decisions are made using a cutting-edge array of disciplined, data-driven investment and portfolio construction techniques across stock-specific, macro, and peer forecasting models. In a world of data proliferation, meaningful conclusions can be difficult to reach. Its time-tested insights are built on over three decades of data and engineering, underpinned by the understanding that well documented, recurring behavioral errors drive irrational actions in financial markets. Structural challenges also limit market efficiency. Together, these factors create mispricing on a global scale.
GMO LLC
GMO LLC (also known as GMO and Grantham, Mayo, Van Otterloo & Co. LLC) is an American investment management firm headquartered in Boston. The firm takes a contrarian investing and generally bearish approach to the markets and holds the views that assets will revert to the mean. As a result, the firm has successfully called economic bubbles. At its peak in 2007, the firm had $155 billion in assets under management (AUM) although it has declined since. Outside Boston, the firm has offices in Amsterdam, London, San Francisco, Singapore, Sydney and Tokyo. GMO is comprised of a collection of investment teams with focused specialties. All are grounded in a long-term, valuation-based investment philosophy -- an approach we believe provides the best risk-adjusted returns.
Dimensional Fund Advisors
Dimensional Fund Advisors, L.P. (branded Dimensional abbreviated DFA) is a private investment firm headquartered in Austin, Texas. Dimensional was founded in Chicago in 1981 by David Booth, Rex Sinquefield and Larry Klotz. The company has affiliates within 13 offices in the U.S., Canada, U.K., Germany, Netherlands, Australia, Singapore, and Japan. Dimensional maintains U.S. offices in Charlotte, North Carolina and Santa Monica, California and has affiliate offices globally. The company is owned by its employees, board members and outside investors.
Dimensional was one of the earliest firms to offer passive investing and "runs the oldest small-cap index fund" in the United States. However, DFA's versions of index funds skew towards smaller company stocks and value stocks, and thus operate differently from most index funds which are weighted by market capitalization. This strategy results in regulators, such as the SEC, and some analysts describing the funds as actively managed. The company offers equity and fixed income mutual funds and Exchange-traded funds.