Investment management firm Quantopian Quantopian has allocated hundreds of millions of dollars to algorithms sourced from thousands of freelance programmer-members. Quantopian intends to ramp up both the size and the number of allocations on a monthly basis. The Steve Cohen -backed company hopes the strategy will disrupt the ailing hedge-fund industry. The Boston -based business said the investment would increase to tens of millions of dollars in the last year . The firm offers a free algorithm development tool on its website and licenses the ones it thinks looks most promising, paying 10 percent 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.
Investment management firm Quantopian Quantopian has allocated hundreds 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. The Boston -based business said the investment would increase to tens of millions of dollars in the last year . The firm offers a free algorithm development tool on its website and licenses the ones it thinks looks most promising, paying 10 percent 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.