Activist hedge fund Elliott Investment Management has stepped up its artificial intelligence strategy with the appointment of former Blackstone executive Teresa Sweeney to lead its global research and data science group, according to a report by Bloomberg.
Sweeney joined the approximately $80bn hedge fund manager this month and is expected to play a central role in expanding the firm’s use of AI across research, due diligence and investment processes, according to people familiar with the matter.
The hire underscores how leading hedge funds are increasingly investing in proprietary AI capabilities as they seek to gain an edge in idea generation, research and portfolio management.
At Elliott, Sweeney will oversee a team of around 40 research professionals and three data scientists. The firm is working to create a centralised repository for its research and data that can be accessed across the organisation and enhanced through AI tools. Elliott also plans to deploy AI to help scale and extract value from its proprietary research and investment insights.
The firm’s global research and data science unit supports investment teams through data procurement, expert network management, third-party data analysis and background investigations on potential investment targets.
Sweeney joins Elliott after nearly four years at Blackstone, where she helped oversee strategy for the alternative asset manager’s data science function and served as chief operating officer of the team, according to her LinkedIn profile. Prior to Blackstone, she worked with private equity clients at expert network and consulting firm GLG.
The appointment highlights the growing competition among hedge funds and alternative asset managers to attract specialist AI and data talent as firms race to embed machine learning and generative AI technologies into their investment workflows.
Elliott has also been investing directly in the AI ecosystem. The firm is part of a multibillion-dollar investment in chip-design software company Synopsys, where it has reportedly sought operational and strategic changes, reflecting the fund’s broader conviction in AI-related opportunities.
