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Man Group, the world’s largest listed hedge fund firm, has developed ManGPT, a new portal that allows anyone in the business to access OpenAI’s GPT model in a “safe and controlled fashion”, according to a report by Financial News.
The report cites Chief Technology Officer Gary Collier as saying that the firm is looking at leveraging artificial intelligence to assist with idea formation and information management and summarisation.
And while the use of artificial intelligence by Man Group and other hedge fund firms, pre-dates the advent of ChatGPT in December 2022, Collier, who has been with Man Group for more
Several senior staff in $13bn multi-strategy hedge fund firm Schonfeld’s technology and recruitment teams have recently left the business even as the company continues on a big recruitment drive that started earlier this year, according to a report by Business Insider.
Hedge funds are betting on July being the last in the US Federal Reserve’s current programme of aggressive rate hikes aimed at bringing inflation under control, and are moving back into the gold market as a result, according to a report by Kitco News.
Digital asset investment products saw minor outflows totaling $6.5m last week, following four weeks of inflows that totaled a combined $742m, according to the latest Digital Assets Fund Flows Weekly report from CoinShares.
Bitcoin was the primary investor focus, as has recently been the case, seeing $13m of outflows, while short bitcoin investment products saw outflows for the 13th consecutive week totaling $5.5m.
Ether topped the inflows leaderboard last week, attracting $6.6m inflows, suggesting sentiment for the cryptocurrency, which has been poor this year despite the so-called Merge in September 2022 when ether switched from a proof-of-work to a proof-of-stake
Hedge funds are helping drive prime brokerage revenues higher among investment banks such as Goldman Sachs, Morgan Stanley and Bank of America this year, according to a report by the Financial Times.
Goldman Sachs’ equities, fixed income, commodities and currencies market-financing prime brokerage business is on track to make $8 billion this year, with hedge fund clients By comparison, the division netted $2.6 billion in 2013.
Meanwhile, Bank of America saw a decline in Q2 equities market revenues, but this was “partially offset by an increase in client financing activities”, it said in its second-quarter presentation.
Hedge funds have become
Activist hedge fund TMR Capital is plotting a bid for The Restaurant Group in a move that would break up the FTSE 250-listed hospitality company behind Wagamama, according to a report by the Daily Telegraph.
The British Virgin Islands-based manager, which has built up a 1.75% stake in The Restaurant Group, is reportedly considering a bid for the company’s Brunning & Price pub division and its casual dining chains, which include Frankie & Benny’s and Chiquito.
The two divisions operate more than 100 sites across the UK, and a purchase would leave The Restaurant Group with just Wagamama and a
Man Numeric, the quantitative investment arm of Man Group, says macro themes and nation subsets are outdated, with ever-increasing volumes of data from emerging markets now seen as key to peer-beating returns instead, according to a report by Bloomberg.
Ori Ben-Akiva, director of portfolio management at Boston-based Man Numeric, says the firm’s core emerging market funds are largely ditching the traditional country-by-country approach when it comes to trading portfolios and building investment themes.
Instead, its strategies are now trawling social media accounts, e-commerce websites and other sources to inform choices from around 5,000 developing-nation companies.
The number of models the
The Canada Pension Plan Investment Board, Canada’s largest pension fund, will seed more startup hedge funds this year as part of a plan to diversify its investments, according to a report by the Financial Post.
The CPPIB, which manages $570 billion in assets, will spread funding among more firms as part of its emerging manager programme by reducing the starting amount they invest with each fund. Each will receive amounts starting from US$50 million, down from US$100 million, a person familiar with the matter said.
The move comes as startup hedge funds face an increasingly launch environment, with larger multi-strategy
Equity markets are trading above their fair value and could see a sudden pull-back, according to Fundstrat Global Advisors managing partner and hedge fund veteran Tom Lee.
In an interview with CNBC, Lee warned that the stock market is currently overbought, at 13% above the 200-day moving average, making it more vulnerable to negative developments and a potential sharp correction. negative developments.
Yet Lee indicated that the weakness may ultimately prove to be shallow, with any correction likely to be a phase of market consolidation, during which investors may shift their capital towards other stocks that have yet to experience
Total hedge fund assets increased for the third consecutive quarter in Q2, as investors allocated new capital to equity hedge and event driven strategies, according to Hedge Fund Research.
