Technology
Fortress CTO leaves to start own fund
-
The chief technology and information of $41 billion
Fortress Investment Group is leaving the firm. -
Hylton Socher, a long-time exec at Fortress, is
starting his own investment management firm that’ll focus on
data and machine learning.
Hylton Socher, the chief technology and information officer of
Fortress Investment Group, the $41 billion hedge fund, is leaving
the fund to start his own venture, Business Insider has
learned.
Socher, whose career at Fortress spans a decade, fell down the
rabbit hole of big data and other new-wave technologies sweeping
Wall Street, he said in an interview.
LinkedIn
Socher’s firm, which he expects to be up-and-running by the first
quarter of 2019, will focus on algorithmic trading leveraging
artificial intelligence and machine learning. He’s calling it
VaraQuest, which stands for valuable relationship
awareness.
“I will be looking to take huge amounts of data, and connecting
them, and then squeeze alpha out of that,” Socher said. “The
example everyone knows: watching the traffic in the Walmart
parking lot to see where the stock will go … you want to look
at those non-obvious connections.”
He’s now in the early stages of getting the firm off the ground,
he said, without giving specifics about the size or structure of
the fund.
Socher, who joined Fortress in March 2008, previously served as
chief information officer of trading firm Susquehanna
International Group.
Socher’s fund would join a string of other high profile hedge
fund launches this year, including
those from billionaire
Steve Cohen , ex-Millennium
head Mike Gelband and former Viking
Global chief
investment officer Dan
Sundheim .
See also:
-
Business7 days ago
Xaira, an AI drug discovery startup, launches with a massive $1B, says it’s ‘ready’ to start developing drugs
-
Entertainment5 days ago
Summer Movie Preview: From ‘Alien’ and ‘Furiosa’ to ‘Deadpool and Wolverine’
-
Business6 days ago
Petlibro’s new smart refrigerated wet food feeder is what your cat deserves
-
Entertainment4 days ago
What’s on the far side of the moon? Not darkness.
-
Business5 days ago
How Rubrik’s IPO paid off big for Greylock VC Asheem Chandna
-
Business5 days ago
Thoma Bravo to take UK cybersecurity company Darktrace private in $5B deal
-
Business4 days ago
TikTok faces a ban in the US, Tesla profits drop and healthcare data leaks
-
Business6 days ago
Zomato’s quick commerce unit Blinkit eclipses core food business in value, says Goldman Sachs