Traditional stock-pickers in the hedge fund world have been struggling to justif...
BEVERLY HILLS, Calif. - Traditional stock-pickers in the hedge fund world have been struggling to justify their expenses and weak returns in recent years, as low-cost algorithmic funds have done better. Now, human managers are starting to embrace the technologies employed by their robot rivals to improve results.
They insisted it is not a cost-cutting strategy to replace human managers. Rather, they are trying to improve performance with the help of technology. That evolution was a key focus of hedge fund panels and a hot topic on the sidelines at the Milken event. Managers at firms including D.E. Shaw & Co and Citadel, plus big U.S. and global pension funds, said it is a watershed moment for the industry, driven by market trends that have put enormous pressure on active fund managers.
The mood worsened last year, as stock-oriented hedge funds lost about 7 percent, compared with a 4 percent decline in the Standard & Poor’s 500 Index. People are “looking at the hedge fund industry as a giant poker table and asking themselves who is going to lose,” said Ilana Weinstein, chief executive of the IDW Group which recruits employees for Wall Street’s top hedge funds.
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