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The firm will take in between $3b and $5b in the fund over the coming months, with most of the initial capital coming from existing investors. The Cogence fund, which starts trading on Oct. 1, will rely on traders' fundamental analysis to evaluate risk, pricing and timing in markets, betting across stocks and credit trading opportunities globally.
Founded by David E. Shaw in 1988, the firm was one of the earliest to focus on using complex algorithms to trade, later incorporating some human-run investing, private equity and long-oriented wagers. Shaw stepped back from day-to-day management of his eponymous company in the early 2000s, leaving it in the hands of an executive committee.
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