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Monday, December 19, 2011

AQR Shakes Up Investing

News summary by MFWire's editors

The editors at Fortune are on to the success story coming out of AQR Capital Management [profile]. The magazine calls founder Cliff Asness a "high achiever" even for the "brainiac" hedge fund manager set, before detailing the build-out of Asness' $5.5-billion, nine-mutual-fund mini-empire.

"Empire" is Fortune's term. By hedge fund standards (if not by those of mutual funds), AQR has grown into a major player with $42 billion in AUM just 13 years after Asness turned the switch on the hedge fund shop. $42 billion of assets under management (AUM) may not be a giant in the asset management world where the largest players lay claim to a trillion dollars give or take, but it does place AQR among the largest half-dozen hedge fund specialists, states the magazine.

Fortune adds that Asness' push into mutual funds could "could reshape the investing world in two important ways."

One way would be to "spawn a wave of imitators" as other hedgies realize the potential for hedge fund like mutual funds. Fortune seems not to realize that this trend is already well underway, though the pub does acknowledge the seven mutual funds sponsored by J.P. Morgan Chase's Highbridge Capital arm.

The second way Asness is shaking things up is by offering his firm's services at fees below those of his rivals.

The article explains that Asness also finds that the mutual fund industry is a platform where he can apply "momentum investing." The idea is, stocks that have done well recently will continue to do well for short periods.

Those who want to learn more about Asness' investing strategy or what AQR stands for should click over to the article where there is a lot more. 

Edited by: HFD

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