Investment management firm Quantopian has allocated tens of millions of dollars to algorithms sourced from thousands of freelance programmer-members. The Steve Cohen-backed company hopes the strategy will disrupt the ailing hedge-fund industry. In a recent interview, CEO and co-founder Michael Novogratz said that his team is working on an algorithm called “Quantopian,” which he says can be used by hedge funds to make better The firm offers a free algorithm development tool on its website and licenses the ones it thinks looks most promising, paying 10% of the net profit earned from each piece of code to its author. “Our research and educational platform for algorithm authors is now matched by a state-of-the-art trading system to provide high quality trade execution services for investors,” Fawcett said. More than 120,000 members from 180 countries have so far used its platform.
Investment management firm Quantopian has allocated tens of millions of dollars to algorithms sourced from thousands of freelance programmer-members. The Steve Cohen-backed company hopes the strategy will disrupt the ailing hedge-fund industry. In a recent interview, CEO and co-founder Michael Novogratz said that his team is working on an algorithm called “Quantopian,” which he says can be used by hedge funds to make better The firm offers a free algorithm development tool on its website and licenses the ones it thinks looks most promising, paying 10% of the net profit earned from each piece of code to its author. More than 120,000 members from 180 countries have so far used its platform.