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Qube Research & Technologies

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Qube Research & Technologies Limited
Company typePrivate
IndustryInvestment management
PredecessorCredit Suisse Quantitative and Systematic Asset Management
Founded2016; 8 years ago (2016)
FoundersPierre-Yves Morlat
Laurent Laizet
Headquarters
London
,
United Kingdom
Key people
Pierre-Yves Morlat (CEO)
Laurent Laizet (CIO)
ProductsHedge funds
Quantitative finance
AUMUS$20 billion (April 2024)[1]
Number of employees
1,100 (April 2024)
ParentTrident Capital Holdings
Websitewww.qube-rt.com
Footnotes / references
[2]

Qube Research & Technologies (QRT) is a global quantitative investment management firm headquartered in London with additional offices in Europe and Asia.

Background

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In late 2016, the Qube Fund was formed and managed by Credit Suisse's Quantitative and Systematic Asset Management unit in London. The fund used computer models to trade stocks and was staffed by proprietary traders. In 2017, it was announced that the fund would be spun off from Credit Suisse due to regulations like the Volcker Rule which restricted banks from performing proprietary trading activities. In 2018, its management team led a management buyout resulting in the unit to become an independent entity and was renamed to Qube Research & Technologies.[2][3][4][5]

According to accounts released by QRT in 2017, it had 87 employees and paid them an average of £323,000 while in 2018, it had 92 employees and paid them an average of £257,000 which was a decline of 21%. At the same time, its costs of data and technology rose 30%, from £19 million to £25 million.[6] In 2022, it paid £272 million in wages and related benefits to 343 employees.[7]

In February 2023, QRT stated it planned to hand over some of its capital to be managed by external parties.[2][8]

On 17 November 2023, according to a FCA filing, QRT had taken a £670 million short position against HSBC. It occurred after HSBC reported a decline in Q3 profit and the position equated to 0.57% of HSBC's market capitalisation making it one of the biggest short positions against a big four UK bank. However QRT later stated that the FCA filing was made erroneously due to a technical issue and it held no short position against HSBC.[7][9]

QRT 's two largest funds posted returns over 20% for the year 2022. In 2023, its largest fund also had a return over 20%. [10]

In January 2024, QRT disclosed it had taken a short position of more than $1 billion against German companies. Its largest short positions were on Volkswagen, Rheinmetall, Siemens Energy and Deutsche Bank.[11]

In March 2024, QRT disclosed it had built a short position of £200 million on Barclays. It equated to 0.73% of Barclay's issued share capital making it the largest disclosed short position against the bank in history. [12]

References

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  1. ^ Morrell, Alex. "London quant hedge fund Qube's assets swell to $20 billion after hot start in 2024". Business Insider.
  2. ^ a b c "Hedge Fund That Traces Roots to Credit Suisse Plans to Hand Cash to External Managers". Bloomberg.com. 10 February 2023.
  3. ^ "Credit Suisse to Start Quant Funds in Asset Management Push". Bloomberg.com. 18 October 2016. Retrieved 13 May 2023.
  4. ^ "Credit Suisse Plans to Spin Out a $1 Billion Quant Hedge Fund". Bloomberg.com. 1 August 2017. Retrieved 13 May 2023.
  5. ^ KIRAKOSIAN, MARGARYTA (2 August 2017). "Credit Suisse $1bn quant hedge fund to split from AM business". citywire.com. Retrieved 13 May 2023.
  6. ^ Butcher, Sarah (2 October 2019). "Quant hedge funds crimp pay as data costs rise". eFinancialCareers.
  7. ^ a b Morris, Stephen; Mourselas, Costas (17 November 2023). "Hedge fund Qube denies making £670mn short bet against HSBC". Financial Times. Retrieved 21 November 2023.
  8. ^ "Credit Suisse spin-out Qube to make big cash allocation to external managers". Hedgeweek. 13 February 2023.
  9. ^ White, Lawrence (17 November 2023). "Hedge fund Qube blames 'technical issue' for erroneous filing on HSBC shares". Reuters. Retrieved 21 November 2023.
  10. ^ Saacks, Bradley. "London-based quant firm Qube is killing it this year, following up a strong 2022". Business Insider. Retrieved 10 February 2024.
  11. ^ Callanan, Neil (24 January 2024). "Hedge Fund Qube Built a $1 Billion Short Bet Against Top German Companies". Bloomberg News. Retrieved 30 January 2024.
  12. ^ Martin, Ben (21 March 2024). "Hedge fund builds Barclays short position". ISSN 0140-0460. Retrieved 21 March 2024.
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