As quant funds compete away alpha in the US, some are looking to foreign markets to bring their craft. The FT highlights how Schonfeld is doing just that.
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US quant fund expands abroad as algos dominate at home
This has spurred Schonfeld to expand outside its home turf. Earlier this year it acquired Folger Hill, a rival hedge fund that has a presence in Asia, and it will open a new office in London by the end of the year, with the aim of boosting its overall share of non-US exposure from about 20 per cent to about 35 per cent during the next two years. “Some of the markets abroad are less-developed, so there’s more opportunity for alpha,” said Ryan Tolkin, Schonfeld’s chief investment officer. “You want to compete against flow that isn’t yours. And here in the US more and more of the flow is systematic.”
