A corollary to the truism that everyone’s a quant now is that everyone’s building robots now. We’ve come a long way from Cliff Asness’ staff cobbling together an algorithmic scratch for the itch of his Warren Buffett fetish, and it’s not just the Ray Dalios of the world anymore putting their brains into silicon immortality. Jeff Bezos, Jamie Dimon, former female bodybuilders-cum-hedge fund managers, even freakin’ Deutsche Bank.
Manny Roman’s no stranger to the allure of the algorithmic; after all, he sold his old hedge fund, GLG Partners, to one of the ur-quants, the Man Group. And he’s spent the last two years refashioning Bill Gross’ old house into his own. Sure, his new Bond King is doing great, but he still needs to eat and shower and will die one day. So Roman’s taking another page from his old home and building a robot of his own: a Bill Gross robot of sorts. But you can be damned sure that he won’t be building in the ability to write or talk, or any eyes with which to make forbidden contact.
Pimco will open a new office in Austin, Texas, later this year to help recruit more tech-savvy workers who might otherwise spurn the bond manager for traditional software companies, people familiar with the matter said…. Many of those new employees will be engineers tasked with modernizing Pimco’s technology systems, from the tools used to harness new databases of information to the platforms that trade bonds electronically….
The firm plans to launch a slate of investment funds driven by trading algorithms….