Machine learning has done magic, such as beating human chess champions. But in finance, expectations for the technology may need to come down a notch or two, according to quantitative firm AQR.
Founded in 1988 by former Columbia University computer science professor, David Shaw, above a bookstore in New York’s Union Square, The DE Shaw Group is now reported to manage over $50 billion in assets. LCH Investments ranks it as the fourth-highest grossing hedge fund group of all time; among the ranks of the likes of Soros, Bridgewater, and Citadel.
Balyasny Asset Management, a Chicago-based hedge fund that shed $4 billion in assets last year and cut 20% of its staff, was back in positive territory for the first half of this year, suggesting its massive overhaul might be paying off, analysts said.